0001144204-13-021719.txt : 20130415 0001144204-13-021719.hdr.sgml : 20130415 20130415112305 ACCESSION NUMBER: 0001144204-13-021719 CONFORMED SUBMISSION TYPE: 10-K PUBLIC DOCUMENT COUNT: 11 CONFORMED PERIOD OF REPORT: 20121231 FILED AS OF DATE: 20130415 DATE AS OF CHANGE: 20130415 FILER: COMPANY DATA: COMPANY CONFORMED NAME: KIWA BIO-TECH PRODUCTS GROUP CORP CENTRAL INDEX KEY: 0001159275 STANDARD INDUSTRIAL CLASSIFICATION: AGRICULTURE CHEMICALS [2870] IRS NUMBER: 870448400 STATE OF INCORPORATION: DE FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 10-K SEC ACT: 1934 Act SEC FILE NUMBER: 000-33167 FILM NUMBER: 13760393 BUSINESS ADDRESS: STREET 1: 415 W. FOOTHILL BOULEVARD STREET 2: SUITE 206 CITY: CLAREMONT STATE: CA ZIP: 91711 BUSINESS PHONE: 909-626-2358 MAIL ADDRESS: STREET 1: 415 W. FOOTHILL BOULEVARD STREET 2: SUITE 206 CITY: CLAREMONT STATE: CA ZIP: 91711 FORMER COMPANY: FORMER CONFORMED NAME: TINTIC GOLD MINING CO DATE OF NAME CHANGE: 20010918 10-K 1 v337740_10k.htm FORM 10-K

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 10-K

x	ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the fiscal year ended December 31, 2012

¨	TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the Transition Period from ______ to ______

Commission file number: 000-33167

KIWA BIO-TECH PRODUCTS GROUP CORPORATION

(Exact name of registrant as specified in its charter)

Delaware		77-0632186
(State or other jurisdiction of incorporation or organization)		(I.R.S. Employer Identification No.)
	310 N. Indian Hill Blvd., #702 Claremont, California 91711
	(Address of principal executive offices)
	(626) 715-5855
	(Registrant’s telephone number, including area code)
Securities registered pursuant to Section 12(b) of the Act:		Securities registered pursuant to Section 12(g) of the Act: (Title of Each Class)
None		Common Stock, $0.001 par value

Indicate by check mark if the registrant is a well-known seasoned issuer, as defined in Rule 405 of the Securities Act.¨Yes xNo

Indicate by check mark if the registrant is not required to file reports pursuant to Section 13 or Section 15(d) of the Act.¨Yes xNo

Indicate by check mark whether the Registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.xYes¨No

Indicate by check mark whether the registrant has submitted electronically and posted on its corporate Web site, if any, every Interactive Data File required to be submitted and posted pursuant to Rule 405 of Regulation S-T (§ 232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit and post such files). xYes ¨No

Indicate by check mark if disclosure of delinquent filers pursuant to Item 405 of Regulation S-K is not contained herein, and will not be contained, to the best of registrant’s knowledge, in definitive proxy or information statements incorporated by reference in Part III of this Form 10-K or any amendment to this Form 10-K. ¨Yes xNo

Indicate by check mark whether the Registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer or a smaller reporting company. See definitions of “large accelerated filer,” “accelerated filer” and “smaller reporting company” in Rule 12b-2 of the Exchange Act.

Large accelerated filer ¨	Accelerated filer ¨
Non-accelerated filer ¨	Smaller reporting company x

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). oYes xNo

The aggregate market value of voting and non-voting common stock held by non-affiliates of the registrant, based upon the closing bid quotation for the registrant’s common stock, as reported on the OTC Bulletin Board quotation service, as of June 30, 2012, the last business day of the registrant’s most recently completed second fiscal quarter, was approximately $280,000.

The number of shares of registrant’s common stock outstanding as of April 15, 2013 was 400,000,000.

Annual Report on Form 10-K

For the Fiscal Year Ended December 31, 2012

INDEX

TABLE OF CONTENTS

Part I	1
ITEM 1. Business	1
ITEM 1A.Risk Factors	9
ITEM 1B. Unresolved Staff Comments	18
ITEM 2. Properties	18
ITEM 3. Legal Proceedings	19
ITEM 4. Mine Safety Disclosures	19
Part II	20
ITEM 5. Market for Registrants’ Common Equity, Related Stockholder Matters and Issuer Purchasers of Equity Securities	20
ITEM 6. Selected Financial Data	20
ITEM 7. Management’s Discussion and Analysis of Financial Condition and Results of Operations	21
ITEM 8. Financial Statements and Supplementary Data	28
ITEM 9. Changes in and Disagreements with Accountants on Accounting and Financial Disclosure	29
ITEM 9A. Controls and Procedures	29
ITEM 9B. Other Information	30
Part III	31
ITEM 10. Directors, Executive Officers and Corporate Governance	31
ITEM 11. Executive Compensation	34
ITEM 12. Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters	36
ITEM 13. Certain Relationships and Related Transactions, and Director Independence	37
ITEM 14. Principal Accountant Fees and Services	38
Part IV	40
ITEM 15. Exhibits and Financial Statement Schedules	40
Signatures	42
Index to Consolidated Financial Statements	43

Part I

Special Note Regarding Forward-Looking Statements

On one or more occasions, we may make forward-looking statements in this Annual Report on Form 10-K regarding our assumptions, projections, expectations, targets, intentions or beliefs about future events. Words or phrases such as “anticipates,” “may,” “will,” “should,” “believes,” “estimates,” “expects,” “intends,” “plans,” “predicts,” “projects,” “targets,” “will likely result,” “will continue” or similar expressions identify forward-looking statements. These forward-looking statements are only our predictions and involve numerous assumptions, risks and uncertainties, including, but not limited to those listed below and those business risks and factors described elsewhere in this report and our other Securities and Exchange Commission filings.

We undertake no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise. However, your attention is directed to any further disclosures made on related subjects in our subsequent annual and periodic reports filed with the Securities and Exchange Commission on Forms 10-K, 10-Q and 8-K and Proxy Statements on Schedule 14A.

References herein to “we,” “us,” “our” or “the Company” refer to Kiwa Bio-Tech Products Group Corporation and its wholly-owned and majority-owned subsidiaries unless the context specifically states or implies otherwise.

ITEM 1. Business

The Company

We are the result of a share exchange transaction completed in March 2004 between the shareholders of Tintic Gold Mining Company (“Tintic”), a corporation originally incorporated in the state of Utah on June 14, 1933 to perform mining operations in Utah, and the shareholders of Kiwa Bio-Tech Products Group Ltd. (“Kiwa BVI”), a company originally organized under the laws of the British Virgin Islands on June 5, 2002. The share exchange resulted in a change of control of Tintic, with former Kiwa BVI stockholders owning approximately 89% of Tintic on a fully diluted basis and Kiwa BVI surviving as a wholly-owned subsidiary of Tintic. Subsequent to the share exchange transaction, Tintic changed its name to Kiwa Bio-Tech Products Group Corporation. On July 21, 2004, we completed our reincorporation in the State of Delaware.

We established our subsidiary in China, Kiwa Bio-Tech Products (Shandong) Co., Ltd. (“Kiwa Shandong”) in 2002 and (2) Tianjin Kiwa Feed Co., Ltd. (“Kiwa Tianjin”) in July 2006. Effective on July 11, 2012, the Company dissolved Kiwa Tianjin. The following chart summarizes our organizational and ownership structure.

We develop, manufacture, distribute and market innovative, cost-effective and environmentally safe bio-technological products for agriculture. Our products are designed to enhance the quality of human life by increasing the value, quality and productivity of crops and decreasing the negative environmental impact of chemicals and other wastes.

Bio-fertilizers

We have developed a number of bio-fertilizers and are continuing to develop new products in this area. In 2002, Kiwa BVI chartered Kiwa Shandong, a wholly-owned subsidiary organized under the laws of the PRC, as its offshore fertilizer manufacturing base to capitalize on low cost, high quality manufacturing advantages available in China. In October 2003, Kiwa Shandong completed the first phase of construction of its manufacturing facility in Shandong Province, China. In November 2003, Kiwa Shandong began shipping its bio-fertilizer products to the agricultural market in China. Since then, we have been devoted to expanding our market share.

In June 2008, Kiwa Shandong received approval from the Ministry of Commerce of the PRC to sell fertilizer products of other manufacturers on a wholesale basis, including chemical fertilizers, complex fertilizers, and compound fertilizers. Based on applicable tax laws in China, these products will be exempt from value-added tax.

Bio-enhanced Feed

On July 11, 2006, we entered into a joint venture with Tianjin Challenge Feed Co., Ltd. (“Challenge Feed”) to develop, manufacture, and market biologically enhanced feed for livestock. Pursuant to the joint venture agreement between the Company and Challenge Feed, we formed Tianjin Kiwa Feed Co., Ltd. (“Kiwa Tianjin”), a company organized and operating under the laws of the PRC, and the Company invested $480,000 in cash in return for an 80% equity share of Kiwa Tianjin and Challenge Feed invested machinery and equipment used in one of Kiwa Tianjin’s two bio-enhanced feed production lines with an agreed value of $120,000 for the remaining 20% equity. We also leased another production line from Challenge Feed.

On December 22, 2009, Kiwa Tianjin filed a lawsuit against Challenge Feed in the local court of Wuqing District, Tianjin, where Kiwa Tianjin is domiciled. In the lawsuit, Kiwa Tianjin asserted that Challenge Feed unlawfully disposed of the assets held by Kiwa Tianjin, such assets include:

(1) Machinery and equipment. Challenge Feed entered into a settlement agreement with one of its creditors, in accordance with which Challenge Feed agreed to transfer title of the machinery and equipment, which had been assigned to Kiwa Tianjin in 2006 in connection with the establishment of Kiwa Tianjin as a joint venture between the Company and Challenge feed, to repay Challenge Feed’s debt. Challenge Feed did not obtain Kiwa Tianjin’s consent nor inform Kiwa Tianjin of such transfer.

(2) Inventories. Kiwa Tianjin had a long standing agreement to lease Challenge Feed’s factory facilities and warehouse for storage of its inventory. Challenge Feed disposed of Kiwa Tianjin’s inventories including raw materials, packages and finished goods stored in the factory to repay Challenge Feed’s debt without permission from Kiwa Tianjin.

The local court of Wuqing District ruled that the local court would not examine the lawsuit against Challenge Feed since Challenge Feed entered into bankruptcy proceedings and that all related matters would be solved during Challenge Feed’s bankruptcy proceedings.

At the end of 2009, Kiwa Tianjin could no longer use these assets, which included machinery and inventory, in the normal course of operations. In addition, because Kiwa Tianjin has no offices or assets it has not been able to register as a feed manufacturer with the applicable regulatory authorities and is also unable to meet the annual inspection requirements, which could result in a revocation of Kiwa Tianjin's business license.

On December 27, 2011, Challenge Feed’s bankruptcy administrator informed the Company the bankruptcy court had agreed on the Company’s request of repossessing machinery and equipment and Kiwa Tianjin’s bio-enhanced feed production lines that were positioned in Challenge Feed’s domicile before December 31, 2011. On February 9, 2012, the Company sold such machinery and equipment for $8,000.

Effective on July 11, 2012, the Company dissolved Kiwa Tianjin. The Company recorded a gain of approximately $113,000 during the year ended December 31, 2012 based on the discharge of the excess liabilities over the assets of the Kiwa Tianjin.

Strategies

With the world’s largest population to feed, China’s demand for agricultural products is immense. Problems with pollution and soil contamination have increased pressure on the Chinese government to conserve land and enhance environmental protection. Serious diseases such as H5N1 avian flu are spreading around the world and have threatened animal husbandry. More critically, such diseases have threatened the health and safety of humans through possible bird to human and human to human transmission. China thus faces an urgent need to improve unit land yield, prevent and treat such diseases, and reduce pollution. We plan to address this need through the development of our ag-biotech inputs which may resolve many of these problems in environmentally friendly ways. To exploit this opportunity, our core strategies are as follows:

General Operational Strategy

Build a platform for world-class biotechnological research and development results to be commercialized into products for applications in agriculture;

Invest in mature technologies that will not require substantial research and development to commercialize;

Utilize proprietary technology to supply ag-biotech inputs to the market at lower cost than our competitors;

Construct or acquire new production facilities, and improve existing facilities to improve our manufacturing capability in China;

Build and strengthen our “KIWA” brand which will increase our ability to become one of the leading companies in China’s “biological, safe and environment-friendly” agricultural inputs industry;

Establish strategic alliances for research and development, sales and distribution and customer acquisition with complimentary entities in the biological-agriculture industry; and

Enhance our overall management systems, operational structure and corporate governance.

Sales Strategy

Our sales strategy involves utilizing both a direct sales force and distribution networks. Our distribution efforts are expected to include the following:

Choosing green food/organic food planting bases or other demonstrative agricultural products producers, carrying out regional field tests, fanning out from a point to an area, cultivating market network;

Leveraging government and industrial organizations (such as “China Green Food Association”) to strengthen existing sales networks in rural areas, thereby reaching end-users in a more cost-effective manner; cut off selling expenses incurred during middle tiers of supply chain to boost end-user’s value;

Cooperating with special agricultural production materials distributors who also help farmers resell their products; focusing on large-to-medium size wholesalers of agricultural production materials at provincial and municipal levels;

Establishing a three-level distribution network consisting of a company-centralized sales office, prefectural representative offices, and direct distributors in villages and towns; and

Leveraging existing sales channels and network of affiliates’ products to save costs of building the network from scratch.

Strategy Regarding Customers

Our targeted customers include major agricultural companies and growers that can realize significant financial benefits from using our products including:

Chinese agricultural products producers that provide high value-added agricultural products (such as fruits, vegetables, meat, eggs that meet the requirements of green food/organic food) ;

Agricultural products producers located in China who are exporting to Japan, Korea, Europe, US, and other regional markets of the world;

Chinese agricultural products producers who have generated internal needs of ag-biotech inputs to solve the problems of soil-caused diseases, anti-biotic drug tolerance, leftover and others; and

“Green” or organic growers throughout the world.

Given the global trend of customers favoring environmentally safe green food and organically grown food, producers’ needs for higher yields and better quality, we also foresee strong market needs in other international markets including East Asia and Southeast Asia. We plan to explore these markets when the time is right.

Intellectual Property and Product Lines

Our goal is to build a platform to commercialize bio-technological research and development results for applications in agriculture and environmental protection. In this respect, we are working on developing cooperative research relationships with several universities and institutions in China. When our liquidity position improves, we also intend to continue to acquire technologies to reduce research and development costs and shorten commercialization cycles.

Bio-fertilizers

We have developed six bio-fertilizer products with bacillus spp and/or photosynthetic bacteria as core ingredients. Some of our products contain ingredients of both photosynthesis and bacillus bacteria. Bacillus spp is a species of bacteria that interacts with plants and promotes biological processes. It is highly effective for promoting plant growth, enhancing yield, improving quality and elevating resistances. Photosynthetic bacteria are a group of green and purple bacteria. Bacterial photosynthesis differs from green plant photosynthesis in that bacterial photosynthesis occurs in an anaerobic environment and does not produce oxygen. Photosynthetic bacteria can enhance the photosynthetic capacity of green plants by increasing the utilization of sunlight, which helps keep the photosynthetic process at a vigorous level, enhances the capacity of plants to transform inorganic materials to organic products, and boosts overall plant health and productivity.

Our bacillus bacteria based fertilizers are protected by patents. In 2004, we acquired patent no. ZL 93101635.5 entitled “Highly Effective Composite Bacteria for Enhancing Yield and the Related Methodology for Manufacturing” from China Agricultural University (“CAU”) for the aggregate purchase of $480,411, consisting of $60,411 in cash and 1,000,000 shares of our common stock, valued at $0.42 per share (aggregate value of $420,000). Our photosynthetic bacteria based fertilizers are also protected by trade secret laws.

The patent acquired from CAU covers six different species of bacillus which have been tested as bio-fertilizers to enhance yield and plant health. The production methods of the six species are also patented. The patent has expired on February 19, 2013.There are no limitations under this agreement on our exclusive use of the patent. Pursuant to our agreement with CAU, the University agreed to provide research and technology support services at no additional cost to us in the event we decide to use the patent to produce commercial products. These research and technology support services include: (1) furnishing faculty or graduate-level researchers to help bacteria culturing, sampling, testing, trial production and production formula adjustment; (2) providing production technology and procedures to turn the products into powder form while keeping live required bacteria in the products; (3) establishing quality standards and quality control systems; (4) providing testing and research support for us to obtain necessary sale permits from the Chinese government; and (5) cooperation in developing derivative products.

On January 5, 2011, the State Intellectual Property Office of the PRC (“Intellectual Property Office”) granted Kiwa Shandong two Certificates of Patent of Invention for (1) “A cucumber dedicated composite anti-continuous cropping effect probiotics and their specific strains with related application” with patent number of “ZL 2008 1 0144492.6”; and (2) “Cotton dedicated composite anti-continuous cropping effect probiotics and their special strains with related application” with patent number of “ZL 2008 1 0144491.1” These two patents have been developed by Kiwa-CAU R&D Center. These two patents will expire on August 5, 2028.

We have obtained five fertilizer registration certificates from the Chinese government - four covering our bacillus bacteria fertilizer and one covering our photosynthetic bacteria fertilizer. The five registration certificates are: (1) Microorganism Microbial Inoculum Fertilizer Registration Certificate issued by the PRC Ministry of Agriculture; (2) Photosynthetic Bacteria Fertilizer Registration Certificate issued by the PRC Ministry of Agriculture; (3) Amino Acid Foliar Fomular Fertilizer Registration Certificate issued by the PRC Ministry of Agriculture; (4) Organic Fertilizer Registration Certificate issued by Agriculture Department of Shandong Province; and (5) Organic Matter-Decomposing Inoculants Registration Certificate issued by the PRC Ministry of Agriculture on February 16, 2008. Protected by these five fertilizer registration certificates and five trademarks under the names of “KANGTAN” (Chinese translation name for Kiwa), “ZHIGUANGYOU,” “PUGUANGFU,” “JINWA” and “KANGGUAN,” we have developed six series of bio-fertilizer products with bacillus spp and/or photosynthetic bacteria as core ingredients.

Kiwa-CAU Research and Development Center

In July 2006, we established a new research center with CAU through our subsidiary, Kiwa Shandong, which known as Kiwa-CAU Bio-Tech Research & Development Center (the “Kiwa-CAU R&D Center”). Pursuant to an agreement between CAU and Kiwa Shandong dated November 14, 2006, Kiwa Shandong agreed to contribute RMB 1 million (approximately $160,500) each year to fund research at Kiwa-CAU R&D Center. Under the above agreement, the Kiwa-CAU R&D Center is responsible for fulfilling the overall research-and-development functions of Kiwa Shandong, including: (1) development of new technologies and new products (which will be shared by Kiwa and CAU); (2) subsequent perfection of existing product-related technologies; and (3) training quality-control personnel and technicians and technical support for marketing activities. The Company has spent $159,059 and $166,716 for its research and development activities during the years ended December 31, 2012 and 2011, respectively. The costs incurred by Company’s research and development activities are not borne directly by customers.

During fiscal 2012, Kiwa-CAU R&D Center concentrated on the following activities:

Screening of growth-promoting bacteria;

Screening of bio-control bacteria;

Screening of environmental microbiology; and

Studying on fermentation technology and related production process.

During fiscal 2012, Kiwa-CAU R&D Center had successfully isolated several strains of endophytic bacillus from plants. A number of strains had been observed to have the capability of boosting crop yield and dispelling chemical pesticide residual from soil. These strains could be used for developing not only new biological preparation but also environmental protection preparation.

During 2011, Intellectual Property Office granted Kiwa Shandong two Certificates of Patent of Invention for (1) “A cucumber dedicated composite anti-continuous cropping effect probiotics and their specific strains with related application” with patent number of “ZL 2008 1 0144492.6”; and (2) “Cotton dedicated composite anti-continuous cropping effect probiotics and their special strains with related application” with patent number of “ZL 2008 1 0144491.1” These two patents have been developed by Kiwa CAU R&D developed by Kiwa-CAU R&D Center. These two patents will expire on August 5, 2028.

Market Overview

Modern agricultural practices largely rely on heavy use of chemical fertilizers, pesticides and veterinary drugs that can cause tremendous harm to the environment, soils and human health. Such practices have been under an increasing public scrutiny across the world, leading to an increased consumer demand for agricultural practices that are more environmentally friendly. China has only 9.26% of the world’s arable land but needs to feed over 1.3 billion people, or approximately 22.9% of the world’s population. If the situation continues unchanged, the largest population in the world could potentially face severe food and water shortages and an increasingly polluted living environment. One solution to the environmental problem is to develop environmentally friendly fertilizers, veterinary drugs and animal feed.

China’s agricultural production has steadily increased for more than 20 years due to agricultural policy reform, improved agricultural technology and recent government support programs, including price supports, export incentives, direct payment and tax incentives. The following table shows the increase in output of major agriculture products between 1970 and 2010:

Data item	2010		2009		2008		2007		2006		2005		2004		2003		2002		2001		2000		1999		1990		1980		1970
Corn		177,250		163,974		165,910		152,300		145,482		139,365		130,287		115,830		121,310		114,094		106,001		128,084		96,821		62,600		33,030
Cotton		5,961		6,377		7,492		7,624		6,746		5,714		6,324		4,860		4,916		5,324		4,417		3,829		4,508		2,707		2,277
Early rice		N/A		33,354		31,595		31,515		31,868		31,873		32,217		29,484		30,288		34,002		37,623		40,973		51,649		49,140		37,410
Late rice		N/A		35,143		34,161		33,513		34,669		34,614		32,959		31,903		35,244		41,754		41,423		48,120		50,438		36,710		26,320
Middle rice		N/A		126,606		126,140		121,005		116,034		114,104		113,914		99,268		109,007		101,382		108,861		109,394		89,661		44,410		39,320
Wheat		115,180		115,115		112,460		109,298		104,467		97,445		91,952		86,488		90,290		93,874		99,637		113,879		98,220		55,210		29,185

(All in thousand tons)

Source: ERS-United States Department of Agriculture

In response to the increasingly severe deterioration in food safety, environment pollution, rural area stability and other challenges, the Chinese government attaches high importance to the problems of farmers, rural areas, and agriculture. On January 1, 2006, the agricultural tax was abolished. Since 2004, the Central People’s Government of the PRC has continuously issued “Number One Document” regarding rural areas of China. The latest “Number One Document” issued on December 31, 2012, contains a wide-range policies promoting the development of sustainable agriculture methods, for examples, improving the income level of hundreds of millions of farmers, strengthening supervision of farm inputs, and actively developing green-food and organic food production.

Bio-fertilizer Market

To increase overall crop yield, farmers in China use vast amounts of chemical fertilizers. According to the U.S. Department of Agriculture, the use of chemical fertilizers in China skyrocketed from 10,863,000 tons in 1979 to 52,390,000 tons in 2008, underpinning a compound annual growth rate of 5.58%. However, notwithstanding the continuous growth of total fertilizer consumption, the way that Chinese farmers apply fertilizer is beginning to change. From 1979 to 2008, the percentage of nitrogenous fertilizer application to total amount of fertilizer consumption decreased gradually from 76% to 43.9%. Meanwhile, the percentage of phosphate fertilizer and potash fertilizer increased steadily. More importantly, whereas in 1976, 100% of China’s fertilizer consumption was chemical fertilizer (including nitrogenous fertilizer, phosphate fertilizer and potash fertilizer); in 2008, the rate decreased to 69%. Other fertilizers, including bio-fertilizer, have begun to be accepted by Chinese farmers. (Source: ERS-United States Department of Agriculture)

The excessive use of chemical fertilizers in China is also reflected by the China-to-U.S. rate of chemical fertilizer application. According to data from the U.S. Department of Agriculture, in 2005 Chinese farmers applied 2.05 times the nitrogen fertilizer and 1.8 times the phosphate fertilizer compared to their U.S. counterparts.

Use of chemical fertilizer in China is now higher than it has ever been. This increase in use of chemical fertilizers has led to a series of severe problems including degradation of the soil structure, natural biodiversity, and ecological system instability. Promoting the use of bio-fertilizer together with chemical fertilizer is one of the solutions to solve these problems.

Our serial commercialized products, with bacillus and/or Photosynthesis Biological Catalyst as core ingredients, capitalize on this market trend and we hope to become one of the leaders in developing green technologies for productive, more sustainable agriculture in China.

Competition

Bio-fertilizer

The Company believes that there are about 400 producers of microbial fertilizers in China, most of which are small-scale, workshop producing enterprises with backward equipment and production processes and poor quality. Some of the producers over-exaggerate product effectiveness, employ improper artifice and even produce fake and shoddy products, all of which have caused losses to farmers and lowered the reputation of bio-fertilizer.

Due to the unique products that we offer and the very early stage of the bio-fertilizer market in China, we believe there is a limited direct competition for our products in the Chinese marketplace. We believe that we have product differentiation and cost advantages (cost to customer) which will enable us to be more profitable than our competitors for the following reasons, among others:

Highly effective in boosting crop yield and quality while being environmentally friendly;

Lower price point and higher return on investment to end users; and

Complimentary to existing use of chemical fertilizer which will help minimize switching costs for end users.

In addition, we face competition from large chemical fertilizer manufacturers in China. These chemical fertilizer manufacturers have provided chemical fertilizers to farmers in China for more than twenty years and customers are more accustomed to using their established products as compared to our products.

Raw Materials and Suppliers

The key raw materials used in manufacturing of our products are available from a wide variety of supply sources. Historically, we have not experienced any difficulties in procuring adequate quantities of raw materials for use in our bio-fertilizer and biologically enhanced livestock feed production. We do not have long-term agreements with our suppliers due to the availability of other numerous suppliers that have the ability to supply our required raw materials to us on fairly short notice. We typically place purchase orders when we need raw material supplies.

The major raw materials for our bio-fertilizer production can be divided into two categories: (1) growth media such as sodium acetate, glucose and turf for culturing bacillus spp., and (2) photosynthetic and bacillus bacteria, which are the core ingredients for our finished products. Some other main ingredients include urea, aminophenol, humus, diammonium phosphate, and dipotassium hydrogen phosphate. Prior to the completion of our bacillus manufacturing facility upgrade in Shandong, we had purchased semi-manufactured bacillus goods.

In fiscal 2012, we did not purchase any raw materials from any suppliers.

Customers

Our principal business generated no revenue during 2012 and 2011, thus as of December 31, 2012 and 2011, we had no customers.

Seasonality

Our operating results are expected to be subject to seasonal trends if we successfully develop new products and acquire customers. This trend is dependent on numerous factors, including the markets in which we operate, growing seasons, climate, economic conditions, and numerous other factors beyond our control. Generally, we expect the second and third quarters to be stronger than the first and fourth quarters, primarily because the second and third quarters correspond with the growing seasons in our primary markets in China. It is during those growing seasons when application of our products by our customers would be most beneficial and we therefore expect greater demand for our products during those periods. There can be no assurance that these operating patterns will occur or continue.

Employees

We currently employ 10 full-time employees in China, including seven management staff, and one employee in the United States.

Available Information

The Company files or furnishes Annual Reports on Form 10-K, Quarterly Reports on Form 10-Q, registration statements, and other items with the Securities and Exchange Commission (SEC). The Company provides access free of charge to all of these SEC filings, as soon as reasonably practicable after filing or furnishing, on its Internet site located at http://www.kiwabiotech.com/tuoziy.htm?eid=12. The Company will also make available to any stockholder, without charge, copies of its Annual Report on Form 10-K as filed with the SEC.

The public may read and copy any materials and files with the SEC at the SEC’s Public Reference Room at 100 F Street, N.E., Washington, DC 20549, on official business days during the hours of 10 a.m. to 3 p.m. The public may obtain information on the operation of the Public Reference Room by calling the SEC at 1-800-SEC-0330. The SEC maintains an Internet site (www.sec.gov) that contains reports, proxy and information statements, and other information regarding issuers that file electronically with the SEC.

Regulatory Concerns

Our production must comply with bio-fertilizer, livestock feed production, and testing procedure standards promulgated by the PRC Ministry of Agriculture and local administrative authorities. We have complied with the applicable PRC government standard production and testing procedures. The amount of costs incurred in connection with compliance with environmental laws during fiscal 2012 and 2011 was immaterial.

Environmental Matters

Our manufacturing facilities, Kiwa Shandong, have passed environmental impact assessments by local environmental authorities. Photosynthesis bacteria, bacillus ssp, and actinomycetes are environmentally friendly and are not known to cause any environmental problems.

ITEM 1A. Risk Factors

We operate in a market environment that is difficult to predict and involves significant risks and uncertainties, many of which are beyond our control. The following risk factors and other information included in this annual report should be carefully considered. The risks and uncertainties described below are not the only ones we face. Additional risks and uncertainties not presently known to us or that we currently deem immaterial also may impair our business operations. If any of the following risks occur, our business, financial condition, operating results, and cash flows could be materially adversely affected.

(1) Risks Related to Our Business

We have not yet generated any profits and if we do not become profitable or obtain additional funding to implement our business plan our ability to continue as a going concern is in doubt.

The Company’s ability to continue as a going concern is in doubt. We expect to continue to have operating losses for the foreseeable future as we are still in the process of exploring new markets and conducting further research and product tests. We will require additional capital to implement our business plan and continue operating. To the extent that we are unable to successfully raise the capital necessary to fund our future cash requirements on a timely basis and under acceptable terms and conditions, we will not have sufficient cash resources to maintain operations, and may have to curtail or cease operations and consider a formal or informal restructuring or reorganization.

We did not have any customers in 2012 and 2011and we are still in the initial stage of market development.

We do not have long-term contracts with any of our customers. Generally, we intend to sign an annual distribution agreement with each customer and purchases should in most cases occur on an order-by-order basis. Relationships exist as long as there is a perceived benefit to both parties. A decision by a major customer, whether motivated by competitive considerations, financial difficulties and economic conditions or otherwise, to decrease its purchases from us or to change its manner of doing business with us, could adversely affect our business and financial condition.

During fiscal 2012 and 2011, our principal business did not generate any sales revenue. We did not have any customers during both periods.

We are still in the initial stage of market development and need more time to construct a robust customer base. If we successfully develop new products and gain customers, there can be no assurance that we will be able to retain these customers. Our inability to generate new customers and retain old customers could negatively impact our business and our ability to continue as a going concern.

If we successfully develop new products and gain customers, our business is expected to be subject to seasonal fluctuations.

Our operating results are expected to be subject to seasonal trends. This trend is dependent on numerous factors, including the markets in which we operate, growing seasons, climate, economic conditions and numerous other factors beyond our control.

Our operating results may fluctuate significantly, which may result in volatility or have an adverse effect on the market price of our common stock.

We expect to experience, substantial variation in our net sales and operating results from quarter to quarter. Our business is expected to be subject to seasonal fluctuations due to growing seasons in different markets. We believe the factors that influence this variability of quarterly results include:

the timing and size of orders from major customers;

budgeting and purchasing cycles of customers;

the timing of enhancements to products or new products introduced by us or our competitors;

changes in pricing policies made by us, our competitors or suppliers, including possible decreases in average selling prices of products in response to competitive pressures;

fluctuations in general economic conditions;

the status of operating cash flow; and

natural disasters and contagious animal diseases.

We may also choose to reduce prices or increase spending in response to competition or pursue new market opportunities. Due to fluctuations in our revenue and operating expenses, we believe that period-to-period comparisons of our results of operations are not a good indication of our future performance. It is possible that in some future quarter or quarters our operating results will be below the expectations of securities analysts or investors. In that case, our stock price could fluctuate significantly or decline.

From January 1, 2012 to December 31, 2012, the market close price for our common stock as quoted on the OTC Bulletin Board has ranged from a low of $0.0003 to a high of $0.0038 per share. High volatility in the market price of our common stock may result in lower prices for our common stock, making it more difficult for us to obtain equity financing on terms and conditions which are favorable to us, if at all. We expect to continue to incur losses in the future as we develop and market our initial products. As a result, we will be dependent on additional debt or equity financing to fund our operations. If such financing is not available on terms which are acceptable to us, we may have to delay development of new products and/or reduce sales and marketing efforts for our existing products. Such actions may have an adverse effect on our results of operations. In addition, uncertainties with respect to our ability to raise additional capital would make operational planning more difficult for management.

Our success depends in part on our successful development and sale of products which are currently in the research and development stage.

Some of our product candidates are still in the research and development stage. The successful development of new products is uncertain and subject to a number of significant risks. Potential products that appear to be promising at early stages of development may not reach the market for a number of reasons, including but not limited to, the cost and time of development. Potential products may be found to be ineffective or cause harmful side effects, fail to receive necessary regulatory approvals, be difficult to manufacture on a large scale or be uneconomical or fail to win market acceptance. Our failure to develop and sell new products may delay or eliminate future acquisition plans and would most likely slow our development. Our plans to introduce additional proprietary products may not be realized as expected, if at all.

As above mentioned, the China bio-fertilizer market is still in a very early stage and is very fragmented with many potential customers, but with no single producer or small group of producers dominating the market. To some extent, however, we also face competition from large chemical fertilizer manufacturers in China. These chemical fertilizer manufacturers have provided chemical fertilizers to farmers in China for over twenty years and customers are more accustomed to using their established products as compared with new products.

There can be no assurance that any of our intended products will be successfully developed or that we will achieve significant revenues from such products even if they are successfully developed. Our success is dependent upon our ability to develop and market our products on a timely basis. There can be no assurance that we will be successful in developing or marketing such products or taking advantage of the perceived demand for such products. In addition, there can be no assurance that products or technologies developed by others will not render our products or technologies non-competitive or obsolete.

Failure to adequately expand to address expanding market opportunities could have a material adverse effect on our business and results of operations.

We anticipate that a significant expansion of operations will be required to address potential market opportunities. There can be no assurance that we will expand our operations in a timely or sufficiently large manner to capitalize on these market opportunities. The anticipated substantial growth is expected to place a significant strain on our managerial, operational and financial resources and systems. While management believes it must implement, improve and effectively use our operational, management, research and development, marketing, financial and employee training systems to manage anticipated substantial growth, there can be no assurance that these practices will be successful.

Our success depends in part upon our ability to retain and recruit key personnel.

Our success is highly dependent upon the continued services of our executive officers, key product development and scientific personnel. Given the intense competition for qualified management and product development personnel in our industry, the loss of the services of any key management or product development personnel may significantly and detrimentally affect our business and prospects. We maintain employment agreements with all members of management or key personnel. Pursuant to our joint agreement with CAU, it must make available at least six R&D staff to join the Kiwa-CAU R&D Center, at least three of which must have professor or doctorate degrees, and at least two must have master degrees. There can be no assurance that we will be able to retain these personnel, and it may be time-consuming and costly to recruit qualified personnel replacement.

We currently do not have sufficient revenues to support our business activities, expect operating losses continue, and will require additional financing which we may not be able to secure.

We require substantial working capital to fund our business. In the short term, we still need to continue building out our bio-fertilizer manufacturing facility, adjust our product formula to improve product stability and optimize our product offerings, expand our sales and marketing efforts in China, expand our distribution base in China, maintain the Kiwa-CAU R&D Center operation, introduce new veterinary drug products and acquire a small or medium sized biotechnology company or a factory with GMP qualification for this new product. In the long term, we plan to become a commercialization platform for world-class biotechnological research and development results for applications in agriculture, natural resources conservation and environment protection, launch our products in the Southeast Asia, United States and other markets, continue our introduction of new products, create formal strategic alliances with selected United States companies to co-develop and/or co-market products in the United States and China, and form an international biotechnology research center in China for the research and development of agricultural, environmental and medical applications.

During fiscal 2012 and 2011, our sales revenue was $nil, and we are continuing to experience losses. We currently do not have sufficient revenues to support our business activities and we expect operating losses to continue. We will require additional capital to fund our operations and finance our research and development activities. Funding, whether from a public or private offering of debt or equity, a bank loan or a collaborative agreement, may not be available when needed or on favorable terms. Further, any significant equity or debt financing will require us to give priority to holders of the 6% secured convertible notes (“6% Notes”) under the terms of a securities purchase agreement dated June 29, 2006, which may raise the difficulty level of completing a financing. (For more details regarding the 6% Notes see Note 8 to consolidated financial statements under Item 8, Part II.) If we are unable to obtain necessary financing in the amounts and on terms deemed acceptable, we will have to limit, delay, scale back or eliminate our research and development activities or future operations. Any of the foregoing may adversely affect our business and cause us to discontinue as a going concern.

The risks associated with raising capital through collaborations and licensing agreements could adversely affect our business.

We will be required to raise additional capital to fund our operations and finance our research and development activities through collaborative and/or licensing agreements. Under these agreements, we may be subject to various restrictive covenants which could significantly limit our operating and financial flexibility and may limit our ability to respond to changes in our business or competitive environment. If we are unable to obtain necessary financing in the amounts and on terms deemed acceptable, we may have to limit, delay, scale back or eliminate our research and development activities or future operations. Any of the foregoing may adversely affect our business.

Restrictions on currency exchange may limit our ability to effectively receive and use our revenue.

Since most of our future revenues may be in the form of China Renminbi, any future restrictions on currency exchanges may limit our ability to use revenue generated in Renminbi to fund our business activities outside China or to make dividend or other payments in U.S. Dollars. Although the Chinese government introduced regulations since 1996 to allow greater convertibility of Renminbi, for current account transactions, significant restrictions still remain, including primarily the restriction that foreign invested enterprises may only buy, sell and/or remit foreign currencies at those banks authorized to conduct foreign exchange business after providing valid commercial documents. In addition, conversion of Renminbi for capital account items, including direct investment and loans, is subject to governmental approval in China, and companies are required to open and maintain separate foreign exchange accounts for capital account items. We cannot be certain that the Chinese regulatory authorities will not impose more stringent restrictions on the convertibility of Renminbi, especially with respect to foreign exchange transactions.

We may also be subject to foreign exchange risk and foreign ownership restrictions. The Chinese government is loosening its control on foreign exchange transactions, and has steadily appreciated Renminbi relative to the U.S. dollar since July 2005. However, there can be no assurance that this policy will continue. More liberal foreign exchange policies will reduce our foreign exchange risk by increasing the liquidity of revenues generated in Renminbi. Fluctuations in the exchange rate of Renminbi against the U.S. Dollar could adversely affect our results of operations by affecting our reported earnings for any given period. In addition, foreign ownership restrictions could also impact our ability to expand our business through investment and acquisition opportunities. If we are unable to pursue such strategic opportunities due to foreign ownership regulations, the growth of our business could be limited.

Changes in China’s political, social, economic or legal systems could materially harm our business.

All of our manufacturing and production as well as the majority of our sales occur in China. Consequently, an investment in our common stock may be adversely affected by the political, social and economic environment in China. Under its current leadership, China has been pursuing economic reform policies, including the encouragement of private economic activities and greater economic decentralization. There can be no assurance, however, that the Chinese government will continue to pursue such policies, that such policies will be successful if pursued, or that such policies will not be significantly altered from time to time.

Our business and prospects are dependent upon agreements and regulatory approval with various entities controlled by Chinese governmental instrumentalities. Historically, our operations in China have received relatively favorable treatment from these instrumentalities as a result of the Chinese government’s policies of encouraging economic development and innovation, especially in underdeveloped regions. However, our operations and prospects would be materially and adversely affected by a change in China’s economic policies, which could make it more difficult for us to obtain necessary approvals from governmental authorities and to obtain economic incentives from governmental authorities. In addition, if the Chinese government elects not to honor certain contracts as a result of political change, it might be difficult to enforce these contracts against such governmental entities in China. In addition, the legal system of China relating to foreign investments is both new and continually evolving, and currently there can be no certainty as to the application of its laws and regulations in particular instances.

A slow-down in the Chinese economy may adversely affect our growth and profitability.

The growth of the Chinese economy has been uneven across geographic regions and economic sectors. There can be no assurance that growth of the Chinese economy will be steady or that any recessionary conditions will not have a negative effect on our business. To the extent that there is a slow-down in the Chinese economy, the agricultural industry may be adversely affected. Consequently, the growth and profitability of our bio-fertilizer business and bio-enhanced feed business may slow down. The financial meltdown has significantly slowed down the growth of the world economy. There can be no assurance that Chinese economy and our growth and profitability will not be affected.

Our ability to generate revenues could suffer if the Chinese ag-biotechnology market does not develop as anticipated.

The agriculture-biotechnology market in China, the primary market in which we do business, is in the early stages of development. While we believe the market opportunity looks promising, we expect that the market will take several years to develop. While it is difficult to project exactly how long it will take to develop the ag-biotechnology industry in China, we anticipate that it will take at least ten years to reach a level of development that is similar to the current state of the industry in the United States. Successful development of the ag-biotechnology market in China depends on the following: (1) continuation of governmental and consumer trends favoring the use of products and technologies designed to create sustainable agriculture; (2) educating the Chinese agricultural community and consumers about the uses of ag-biotechnology products; and (3) certain institutional developments such as governmental agricultural subsidies designed to promote the use of environmentally friendly ag-biotechnological products.

There are no assurance that these trends will continue, governmental subsidies will be offered, or that the Chinese agricultural community and consumers will be successfully educated about the uses of ag-biotechnology products. The conduct of business in the ag-biotechnology market involves high risks. There can be no assurance that the ag-biotechnology market in China will develop sufficiently to facilitate our profitable operation. While we believe that we will benefit from our first-mover advantage in a growing market, existing competitors and new entrants in the ag-biotechnology market are expected to create fierce competition in the future as the market evolves. Competitors and new entrants may introduce new products into the market that may detrimentally affect sales of our existing products, and consequently our revenues. We intend to fund operations through sales, debt and equity financings until such time as the ag-biotechnology market in China is sufficiently developed to support our profitable operation.

We may not be able to adequately protect our intellectual property rights, and may be exposed to infringement claims from third parties.

Our success will depend in part on our ability to obtain patent protection for our technology, preserve our trade secrets, and operate without infringing on the proprietary rights of third parties. We have several trademarks registered in China, which will be protected by the trademark laws in China for ten years and are renewable at the expiration of the initial ten-year term.

We may also file patents with the PRC Intellectual Property Bureau and/or the U.S. Patent and Trademark Office as we deem appropriate, or buy other patents. There can be no assurance that the patents applied for will be reviewed in a timely manner, that any additional patents will be issued or that any patents issued will afford meaningful protection against competitors with similar technology or that any patents issued will not be challenged by third parties. There also can be no assurance that others will not independently develop similar technologies, duplicate our technologies or design around our technologies whether or not patented. There also can be no assurance that we will have sufficient resources to maintain a patent infringement lawsuit should anyone be found or believed to be infringing our patents. There also can be no assurance that the technology ultimately used by us will be covered in any additional patent applications that we may file. We do not believe that our technology infringes on the patent rights of third parties. However, there can be no assurance that certain aspects of our technology will not be challenged by the holders of other patents or that we will not be required to license or otherwise acquire from third parties the right to use additional technology. The failure to overcome such challenges or obtain such licenses or rights on acceptable terms could have a material adverse impact on our results of operations and financial condition.

The processes and know-how of importance to our technology are dependent upon the skills, knowledge and experience of our technical personnel, consultants and advisors and such skills, knowledge and experience are not patentable. To help protect our rights, we require employees, significant consultants and advisors with access to proprietary information to enter into confidentiality and proprietary rights agreements. There can be no assurance, however, that these agreements will provide adequate protection for our trade secrets, know-how or proprietary information in the event of any unauthorized use or disclosure. There can be no assurance that we will be able to obtain a license for any technology that we may require to conduct our business or that, if obtainable, such technology can be licensed at a reasonable cost. The cost of obtaining and enforcing patent protection and of protecting proprietary technology may involve a substantial commitment of our resources. Any such commitment may divert resources from other areas of our operations. We may be required to license or sublicense certain technology or patents in order to commence operations. There can be no assurance that we will be able to obtain any necessary licenses or to do so on satisfactory terms. In addition, we could incur substantial costs in defending ourselves against suits brought by other parties for infringement of intellectual property rights and there can be no assurance that we will have the resources to do so.

We may become involved in intellectual property litigation, the defense of which could adversely impact our business operations.

Currently we have two patents in China (1) “A cucumber dedicated composite anti-continuous cropping effect probiotics and their specific strains with related application” (Patent Number: ZL 2008 1 0144492.6), which will expire on August 5, 2028; and (2) “Cotton dedicated composite anti-continuous cropping effect probiotics and their special strains with related application” (Patent Number: ZL 2008 1 0144491.1), which will expire on August 5, 2028.

While we have not received any allegations, complaints or threats of litigation relating to any intellectual property rights, we may, from time to time, become involved in litigation regarding patent and other intellectual property rights. From time to time, we may receive notices from third parties of potential infringement and claims of potential infringement. Defending these claims could be costly and time consuming and would divert the attention of management and key personnel from other business issues. The complexity of the technology involved and the uncertainty of intellectual property litigation increase these risks. Claims of intellectual property infringement also might require us to enter into costly royalty or license agreements. However, we may be unable to obtain royalty or license agreements on terms acceptable to us, or at all. In addition, third parties may attempt to appropriate the confidential information and proprietary technologies and processes used in our business, which we may be unable to prevent and which would harm the businesses and our prospects.

We face technical risks associated with commercializing our technology which could have a material adverse impact on our business results and operations.

A key to our future success is the ability to produce our planned animal flu disinfector, livestock feed and bacillus series of products at lower costs than our competitors. Although we are currently utilizing our proprietary technology to produce such products at lower costs, our method for producing such products on a commercial basis has only recently begun. Further, although results from recent independent tests and our early production results have been encouraging, the ability of our technology to commercially produce such products at consistent levels is still being evaluated. There can be no assurance that we will be able to produce products at lower costs than our competitors, or that our technology will be able to commercially produce such products at consistent levels.

We have no business insurance coverage.

We do not have any business liability insurance coverage for our operations. Any business disruption, litigation or natural disaster might result in substantial costs and diversion of resources.

If we fail to maintain an effective system of internal controls, we may not be able to accurately report our financial results. As a result, current and potential stockholders could lose confidence in our financial reporting, which would harm our business and the trading price of our stock.

As a public company, we are subject to report on our internal control structure and procedures for financial reporting in our annual reports on Form 10-K, as a requirement of Section 404 of the U.S. Sarbanes-Oxley Act of 2002 by the U.S. Securities and Exchange Commission (the “SEC”). The report must contain an assessment by management about the effectiveness of our internal controls over financial reporting.

As required by Section 404 of the U.S. Sarbanes-Oxley Act, our management has concluded that our internal controls over our financial reporting are ineffective as of December 31, 2012. Any failure to implement and maintain improvements in the controls over our financial reporting, or difficulties encountered in the implementation of any improvements in our controls, could cause us to fail to meet our reporting obligations. Any failure to improve our internal controls to address these identified weaknesses could also cause investors to lose confidence in our reported financial information, which could have a negative impact on the trading price of our stock.

(2) Risk Related to Our Common Stock

If an active trading market for our securities does not remain in existence, the market price of our securities may decline and stockholders’ liquidity may be reduced.

Our common stock is quoted on the OTC QB; however, trading volume is very limited. We cannot guarantee that we will develop sufficient trading volumes to sustain a regular trading market. The OTC Bulletin Board is an inter-dealer, over-the-counter market that provides significantly less liquidity than the NASDAQ’s automated quotation system. Market prices for our common stock will be influenced by a number of factors, including but not limited to: (1) the issuance of new equity securities; (2) changes in interest rates; (3) competitive developments, including announcements by competitors of new products or services or significant contracts, acquisitions, strategic partnerships, joint ventures or capital commitments; (4) variations in quarterly operating results; (5) change in financial estimates by securities analysts; (6) the depth and liquidity of the market for our common stock; (7) investor perceptions of our company and the ag-biotechnology industry generally; and (8) general economic and other conditions.

The designation of our common stock as “penny stock” could impact the trading market for our common stock due to broker-dealer requirements imposed by the designation of our common stock as “penny stock.”

Our common stock is a “penny stock” as defined in Rules 15g-2 through 15g-6 promulgated under Section 15(g) of the Securities Exchange Act of 1934, as amended, as it meets the following definitions: (i) the stock trades at a price less than $5.00 per share; (ii) it is not traded on a “recognized” national exchange, or even if so, has a price less than $5.00 per share; and (iii) is issued by a company with net tangible assets less than $2.0 million, if in business more than a continuous three years, or with average revenues of less than $6.0 million for the past three years. The principal result or effect of being designated as a “penny stock” is that securities broker-dealers cannot recommend the stock but must trade in it on an unsolicited basis.

Section 15(g) of the Securities Exchange Act of 1934, as amended, and Rule 15g-2 promulgated thereunder by the SEC require broker-dealers dealing in penny stocks to provide potential investors with a document disclosing the risks of penny stocks and obtain a manually signed and dated written receipt of the document before effecting any transaction in a penny stock for the investor’s account.

Potential investors in our common stock are urged to obtain and read such disclosure carefully before purchasing any shares that are deemed to be “penny stock.” Moreover, Rule 15g-9 requires broker-dealers in penny stocks to approve the account of any investor for transactions in such stocks before selling any penny stock to that investor. This procedure requires the broker-dealer to (i) obtain from the investor information concerning his or her financial situation, investment experience and investment objectives; (ii) reasonably determine, based on that information, that transactions in penny stocks are suitable for the investor and that the investor has sufficient knowledge and experience as to be reasonably capable of evaluating the risks of penny stock transactions; (iii) provide the investor with a written statement setting forth the basis on which the broker-dealer made the determination in (ii) above; and (iv) receive a signed and dated copy of such statement from the investor, confirming that it accurately reflects the investor’s financial situation, investment experience and investment objectives. Compliance with these requirements may make it more difficult for holders of our common stock to resell their shares to third parties or to otherwise dispose of them in the market or otherwise.

Provisions in our charter and the corporate law of our state of incorporation could deter or prevent an acquisition or change of control.

Provisions of our certificate of incorporation may deter or prevent a change in control of management. Specifically, our certificate of incorporation allows our Board of Directors to issue 20,000,000 shares of preferred stock, in one or more series and with such rights and preferences including voting rights, without further stockholder approval. In the event that the Board of Directors designates additional series of preferred stock with rights and preferences, including super-majority voting rights, and issues such preferred stock, the preferred stock could make our acquisition by means of a tender offer, a proxy contest or otherwise, more difficult, and could also make the removal of incumbent officers and directors more difficult. As a result, these provisions may have an anti-takeover effect. The preferred stock authorized in our certificate of incorporation may inhibit changes of control.

In addition, we are subject to the provisions of Section 203 of the Delaware General Corporation Law. That section provides, with some exceptions, that a Delaware corporation may not engage in any of a broad range of business combinations with a person or affiliate, or associate of the person, who is an “interested stockholder” for a period of three years from the date that the person became an interested stockholder unless: (i) the transaction resulting in a person becoming an interested stockholder, or the business combination, is approved by the Board of Directors of the corporation before the person becomes an interested stockholder; (ii) the interested stockholder acquires 85% or more of the outstanding voting stock of the corporation in the same transaction that makes it an interested stockholder, excluding shares owned by persons who are both officers and directors of the corporation, and shares held by some employee stock ownership plans; or (iii) on or after the date the person becomes an interested stockholder, the business combination is approved by the corporation’s Board of Directors and by the holders of at least 66 2/3% of the corporation’s outstanding voting stock at an annual or special meeting, excluding shares owned by the interested stockholder. An “interested stockholder” is defined as any person that is (a) the owner of 15% or more of the outstanding voting stock of the corporation or (b) an affiliate or associate of the corporation and was the owner of 15% or more of the outstanding voting stock of the corporation at any time within the three-year period immediately prior to the date on which it is sought to be determined whether the person is an interested stockholder.

These provisions could also limit the price that future investors might be willing to pay in the future for our common stock. This could have the effect of delaying, deferring or preventing a change in control of our Company and/or a change in the members our Board of Directors. The issuance of preferred stock could also effectively limit or dilute the voting power of our stockholders. Accordingly, such provisions of our certificate of incorporation, as amended, may discourage or prevent an acquisition or disposition of our business that could otherwise be in the best interest of our stockholders.

Investors should not rely on an investment in our common stock for dividend income as we do not intend to pay dividends in the foreseeable future.

We do not anticipate paying any cash dividends on our common stock in the foreseeable future. We intend to retain any earnings to finance the growth of our business. We cannot assure you that we will ever pay cash dividends. Therefore, investors should not rely on an investment in our common stock if they require dividend income. The only income in the foreseeable future such investors will receive from an investment in our common stock will come from increases in the market price of our common stock. There can be no assurance that the market price of our common stock will increase or continue to increase, and such increases will most likely be uncertain and unpredictable. Whether we pay any cash dividends in the future will depend on the financial condition, results of operations and other factors that the Board of Directors will consider.

Entering into equity or debt financings could result in dilution to existing stockholders.

We will be required to raise additional capital to fund our operations and finance our research and development activities through a public or private offering of debt or equity securities. Any equity financing could result in dilution to the existing stockholders as a direct result of our issuance of additional shares of our capital stock. Debt financings will result in interest expense and likely subject us to negative covenants that would limit our operational flexibility, and if convertible into equity, could also dilute then-existing stockholders.

For example, we issued $2,450,000 of convertible notes (6% Notes) in 2006, of which $931,829 of principal have been converted into 318,398,409 shares and the balance of $1,518,171 and unpaid balance of 2% Notes of $112,917 may be converted into an estimated 1,772,921,739 shares of our common stock based on the average price of three lowest prices within 20 trading days before December 31, 2012. We also have outstanding 6% Note Warrants to purchase 12,250,000 shares of common stock. The conversion ratio of the 6% Notes and 2% Notes is based on the market price of our stock at any given point in time. Consequently, the number of shares of common stock issuable upon conversion of the outstanding 6% Notes and 2% Notes and certain of our other outstanding convertible notes will increase if the market price of our stock declines. Such debt financings may cause immediate and substantial dilution to our existing stockholders.

The shares of common stock allocated for conversion of the 6% Notes are not adequate and we are required to amend our certificate of incorporation to increase our authorized shares of common stock. We may incur substantial costs in connection therewith. Since the annual meeting of stockholders did not approve a proposed amendment to our certificate of incorporation, we cannot repay the 6% Notes by issuing shares of common stocks.

Pursuant to the securities purchase agreement in connection with the 6% Notes, we must reserve for purposes of issuance a number of shares of common stock that is no less than 110% of the number of shares of common stock issuable upon full conversion of the 6% Notes based on the average conversion price of the 6% Notes and full exercise of the 6% Note Warrants based on the average exercise price of the 6% Note Warrants. Based on our current market price and the potential decrease in our market price as a result of the issuance of shares upon conversion of the 6% Notes, we have made a good faith estimate as to the amount of shares of common stock that we are required to allocate for conversion of the 6% Notes. The annual meeting of stockholders of the Company for 2012 did not approve a proposed amendment of certificate of incorporation increasing the authorized shares from 400,000,000 to 800,000,000. Given the fact that as of December 31, 2012, the Company had issued 400,000,000 shares of common stock, the Company could not repay outstanding 6% Notes by further issuing shares of common stock. As of December 31, 2012, the amount of authorized shares does not meet the requirements as set forth by the security purchase agreement in connection with the 6% Notes.

In the future, we may have to further amend our certificate of incorporation to increase the number of authorized common stock, which could incur substantial costs.

Future sales by our stockholders may negatively affect our stock price and our ability to raise funds in new stock offerings.

Sales of our common stock in the public market could lower the market price of our common stock. Sales may also make it more difficult for us to sell equity securities or equity-related securities in the future at a time and price that our management deems acceptable or at all. As of December 31, 2012, we had 400,000,000 shares of common stock outstanding, most of which we estimate have been held more than two years and are freely tradable under Rule 144. In the Form SB-2 declared effective on October 30, 2006, we registered up to 27,685,365 shares of common stock for resale, which may be sold without restriction under securities laws. In November 2007, the SEC adopted significant amendments to Rule 144, pursuant to which holding period of non-affiliates before resale of restricted shares of a reporting company has been shortened to six months. The sale of these shares may adversely affect the market price of our common stock.

The sale of our stock under the Securities Purchase Agreement could encourage short sales by third parties, which could contribute to the future decline of our stock price.

In many circumstances, the provision of financing based on the distribution of equity/convertible notes for companies that are quoted on the OTC QB has the potential to cause a significant downward pressure on the price of common stock. Since the registration statement for this offering is effective, the number of freely tradable shares will significantly increase, thus there is a possibility that the balance of sell side pressure would overwhelmingly exceed that of the buy side. Consequently, the price of shares will drop considerably. This is especially the case if the shares being placed into the market exceed the market’s ability to take up the increased stock or if we have not performed in such a manner to show that the equity funds raised will be used to grow our business. Such an event could place further downward pressure on the price of our common stock.

During fiscal 2012, the lowest trading price of our common stocks was $0.0003. There is no assurance that the share price will not further decrease.

If there are significant short sales of stock, the price decline that would result from this activity will cause the share price to decline more so which in turn may cause long holders of the stock to sell their shares thereby contributing to sales of stock in the market. If there is an imbalance on the sell side of the market for the stock, the price will decline significantly and quickly. It is not possible to predict if the circumstances exist under which short sales could materialize or to what level our stock price could decline. In some cases where companies have been subjected to short sales, their stock prices have dropped to near zero.

ITEM 1B. Unresolved Staff Comments

None.

ITEM 2. Properties

In June 2002, Kiwa Shandong entered into an agreement with Zoucheng Municipal Government granting us the use of at least 15.7 acres in Shandong Province, China at no cost for 10 years to construct a manufacturing facility. Under the agreement, we have the option to pay a fee of approximately RMB 480,000 (approximately $77,000) per acre for the land use right at the expiration of the 10-year period. We may not transfer or pledge the temporary land use right. In the same agreement, we have also committed to invest approximately $18 million to $24 million for developing the manufacturing and research facilities in Zoucheng, Shandong Province. As of December 31, 2012, we had invested approximately $1.91 million in plant and equipment for the project. The Company is in negotiation with Zoucheng Municipal Government to renew the agreement. However, there is no assurance that the Company will successfully renew the agreement with Zoucheng Municipal Government. In the future, the Company may consider moving the primary location of Kiwa Shandong’s operation to other locations in China.

From January 1, 2007, China central government adopted a series of policies to strengthen land management, including doubling the tenure tax to $3,320 per acre. In February 2008, the Ministry of Land and Resources of China issued “Controlling Indexes of Construction Land Use for Industrial Projects,” which requires that the building coverage be not less than 30%. Up to now, the current situation in Kiwa Shandong does not meet this requirement. As a company operating ag-biotech business, the building coverage may differ from that of typical manufacturers in other industries. However, there is no assurance that local authorities would not take back a portion of the land granted to us.

The core ingredient of our bio-fertilizer products is bacillus spp. Photosynthetic bacteria is one of the ingredients used in some of our products. However, the upgrade of bio-fertilizer production facilities was not fully completed due to capital shortage.

ITEM 3. Legal Proceedings

On December 22, 2009, Tianjin Kiwa filed a lawsuit against Challenge Feed in the local court of Wuqing District, Tianjin, where Kiwa Tianjin is domiciled. In the lawsuit, Kiwa Tianjin asserted that Challenge Feed unlawfully disposed of the assets held by Kiwa Tianjin, such assets include:

(1) Machinery and equipment. Challenge Feed entered into a settlement agreement with one of its creditors, in accordance with which Challenge Feed agreed to transfer title of the machinery and equipment, which had been assigned to Kiwa Tianjin in 2006 in connection with the establishment of Kiwa Tianjin as a joint venture between the Company and Challenge Feed, to repay Challenge Feed’s debt. Challenge Feed did not obtain Kiwa Tianjin’s consent nor inform Kiwa Tianjin of such transfer.

(2) Inventories. Kiwa Tianjin had a long standing agreement to lease Challenge Feed’s factory facilities and warehouse for the storage of its inventory. Challenge Feed disposed of Kiwa Tianjin’s inventories including raw materials, packaging and finished goods stored in the factory to repay Challenge Feed’s debt without the permission of Kiwa Tianjin.

On December 27, 2011, Challenge Feed’s bankruptcy administrator informed the Company that the bankruptcy court has granted the Company’s request to repossess the machinery and equipment and Kiwa Tianjin’s bio-enhanced feed production lines that was positioned in Challenge Feed’s domicile. If the Company fails to repossess such machinery and equipment before December 31, 2011, the Company would then be responsible for losses resulting from any damages to the machinery and equipment after such date. On February 9, 2012, the Company sold such machinery and equipment for $8,000.

Effective on July 11, 2012, the Company formally dissolved Kiwa Tianjin.

ITEM 4. Mine Safety Disclosures

Not applicable.

Part II

ITEM 5. Market for Registrants’ Common Equity, Related Stockholder Matters and Issuer Purchasers of Equity Securities

Market Information

The Company’s common stock has been quoted on the OTC QB of the NASD under the symbol “KWBT.OB” since March 30, 2004. During fiscal 2012, the market price for our common stock has ranged from $0.0003 to $0.0038.

The following table sets forth the high and low bid quotations per share of our common stock as reported on the OTC Bulletin Board for the periods indicated. The high and low bid quotations reflect inter-dealer prices, without retail mark-up, mark-down or commission and may not necessarily represent actual transactions.

Fiscal Year 2012	High		Low
First Quarter	$	0.0019	$	0.0005
Second Quarter	$	0.0014	$	0.0006
Third Quarter	$	0.0018	$	0.0003
Fourth Quarter	$	0.0038	$	0.0004

Fiscal Year 2011	High		Low
First Quarter	$	0.0045	$	0.0021
Second Quarter	$	0.004	$	0.0022
Third Quarter	$	0.0042	$	0.0015
Fourth Quarter	$	0.0027	$	0.0003

Holders

As of April 15, 2013, there were approximately 435 shareholders of record of our common shares.

Dividend Policy

We have not paid any dividends on our common shares since our inception and do not anticipate that dividends will be paid at any time in the immediate future.

Equity Compensation Plan Information

The information required by Item 5 regarding securities authorized for issuance under equity compensation plans is included in Item 12 of this report.

ITEM 6. Selected Financial Data

Not required.

ITEM 7. Management’s Discussion and Analysis of Financial Condition and Results of Operations

This Annual Report on Form 10-K for the fiscal year ended December 31, 2012 contains “forward-looking” statements within the meaning of Section 21E of the Securities and Exchange Act of 1934, as amended, including statements that include the words “believes,” “expects,” “anticipates,” or similar expressions. These forward-looking statements include, among others, statements concerning our expectations regarding our working capital requirements, financing requirements, business, growth prospects, competition and results of operations, and other statements of expectations, beliefs, future plans and strategies, anticipated events or trends, and similar expressions concerning matters that are not historical facts. The forward-looking statements in this Annual Report on Form 10-K for the fiscal year ended December 31, 2012 involve known and unknown risks, uncertainties and other factors (described in “Business-Risk Factors” under Item 1) that could cause our actual results, performance or achievements to differ materially from those expressed in or implied by the forward-looking statements contained herein.

Overview

The Company took its present corporate form in March 2004 when the shareholders of Tintic Gold Mining Company, a Utah public corporation (“Tintic”), entered into a share exchange transaction with the shareholders of Kiwa BVI, a privately-held British Virgin Islands corporation that left the shareholders of Kiwa BVI owning a majority of Tintic and Kiwa BVI a wholly-owned subsidiary of Tintic, see “Business - The Company” under Item 1. For accounting purposes this transaction was treated as an acquisition of Tintic Gold Mining Company by Kiwa BVI in the form of a reverse triangular merger and a recapitalization of Kiwa BVI and its wholly owned subsidiary, Kiwa Shandong. On July 21, 2004, we completed our reincorporation in the State of Delaware.

We have established a subsidiary in China, Kiwa Shandong in 2002, a wholly-owned subsidiary. At the end of 2009, our former subsidiary, Kiwa Tianjin, discontinued its business operations, because it lost possession of its primary assets including machinery and inventory, necessary to its business operations due to an unsettled dispute. See “Legal Proceedings under Item 3. As a result, the Company has classified the bio-enhanced feed business as discontinued operations. Effective on July 11, 2012, the Company formally dissolved Kiwa Tianjin.

We generated no revenue in fiscal years 2012 and 2011. We incurred a net loss of $1,342,432 and $1,691,319 during fiscal 2012 and 2011, respectively.

Due to our limited revenues and continuous losses, we have relied on the proceeds from loans from both unrelated and related parties to provide the resources necessary to fund the development of our business plan and operations. Our financing activities generated $236,412 and $448,880 during fiscal 2012 and 2011, respectively. These funds are insufficient to execute our business plan as currently contemplated, which may result in the risks described in “Risk Factors” under Item 1-Business.

Going Concern

Overview of the Company’s Financial Condition as of December 31, 2012

As of December 31, 2012, the Company had an accumulated deficit of $21,704,464, of which, $1,342,432 and $1,691,319 were incurred during the years ended December 31, 2012 and 2011, respectively.

As of December 31, 2012, we had cash and cash equivalents of $4,493 and total current assets of $26,081; at the same time, we had current liabilities of $12,002,449, denoting a current ratio (current assets divided by current liabilities) of 0.002 and a quick ratio (cash divided by current liabilities) of 0.0004. At the end of fiscal 2012, we also had long-term liabilities of $1,845,878.

On June 29, 2006, the Company entered into a securities purchase agreement with six institutional investors (the “Purchasers”) for the issuance and sale of (1) 6% secured convertible notes, due three years from the date of issuance, in the aggregate principal amount of $2,450,000, convertible into shares of the Company’s common stock (the “6% Notes”), and (2) warrants to purchase 12,250,000 shares of the Company’s common stock (the “Warrants”). As of December 31, 2012, the outstanding principal of 6% Notes was $1,518,171. On June 29, 2009, the 6% Notes were due. The Company has informed the Purchasers of its inability to repay the outstanding balance on the due date. Therefore, the 6% Notes are in default.

On January 31, 2008, the Company entered into three Callable Secured Convertible Notes Agreements (“2% Notes”) with four of the Company’s 6% Notes purchasers converting their unpaid interest of $112,917 in total, into principal with an interest rate of 2% per annum, which fell due on January 31, 2011. Other terms of the 2% Notes are similar to the 6% Notes. No principal of the 2% Notes has been converted so far. The outstanding principal balance on the 2% Notes was $112,917 as of December 31, 2012. On January 31, 2011, the 2% Notes were due and the Company failed to make repayment for outstanding balances. Thus, the 2% Notes are in default.

To the extent that we are unable to successfully raise the capital necessary to fund our future cash requirements on a timely basis and under acceptable terms and conditions, we will not have sufficient cash resources to maintain operations and repay our liabilities, and may have to curtail or cease operations and consider a formal or informal restructuring or reorganization.

Overview of the Company’s Operating Results for the Years Ended December 31, 2012 and 2011

During the years ended December 31, 2012 and 2011, our sales revenue were $nil. The Company did not generate any gross profit during both periods. During fiscal years 2012 and 2011, the Company’s net losses were $1,342,432 and $1,691,319, respectively.

Overview of the Company’s Cash flow Status for the Years Ended December 31, 2012 and 2011

During fiscal years ended December 31, 2012 and 2011, the net cash used in our operating activities was $242,708 and $499,807, respectively. We did not invest in purchasing property and equipment for the fiscal years ended December 31, 2012 and 2011, respectively. Although the net cash provided by our financing activities was $236,412 and $448,880 in the fiscal years of 2012 and 2011, respectively, we had cash of only $4,493 and $16,307 on December 31, 2012 and 2011, respectively.

The Company’s Ability of Raising New Financing

Three factors have significantly impaired the Company’s ability to raise additional financing. They are: i) no revenue, ii) continuous losses, and iii) a low share price. In addition, the Company does not have assets to secure the obligations of new debt. As of December 31, 2012, the closing price of our common stock reported by on the OTC Bulletin Board was $0.0017 and the market value of the Company was $680,000. The Company’s obligations under the 6% Notes and the Warrants are secured by a first priority security interest in the Company’s intellectual property pursuant to an Intellectual Property Security Agreement with the Purchasers, and by a first priority security interest in all of the Company’s other assets pursuant to a Security Agreement with the Purchasers. In addition, the Company’s Chief Executive Officer has pledged all of his common stock of the Company as collateral security for the Company’s obligations under the 6% Notes and the Warrants.

Moreover, the 6% Notes require the Company to obtain the Purchaser’s consent to take certain actions including paying dividends, repurchasing stock, incurring debt, guaranteeing obligations, merging or restructuring the Company, or selling significant assets. As a result of these restrictions, our ability to raise new financing is severely limited.

Conclusion

Our independent auditors have added an explanatory paragraph to their audit opinion issued in connection with our financial statements for the latest nine fiscal years, which states that the financial statements raise substantial doubt as to our ability to continue as a going concern. Our ability to make operations profitable or obtain additional funding will determine our ability to continue as a going concern. The company plans to rely on the proceeds from loans from both unrelated and related parties to provide the resources necessary to fund the development of our business plan and operations. The Company also plans to raise funds from domestic and foreign banks and/or financial institutions to increase working capital in order to meet capital demands.

Trends and Uncertainties in Regulation and Government Policy in China

Foreign Exchange Policy Changes

China is considering allowing its currency to be freely exchangeable for other major currencies. This change will result in greater liquidity for revenues generated in Renminbi (“RMB”). We would benefit by having easier access to and greater flexibility with capital generated in and held in the form of RMB. The majority of our assets are located in China and most of our earnings are currently generated in China, and are therefore denominated in RMB. Changes in the RMB-U.S. Dollar exchange rate will impact our reported results of operations and financial condition. In the event that RMB appreciates over the next year as compared to the U.S. Dollar, our earnings will benefit from the appreciation of the RMB. However, if we have to use U.S. Dollars to invest in our Chinese operations, we will suffer from the depreciation of U.S. Dollars against the RMB. On the other hand, if the value of the RMB were to depreciate compared to the U.S. Dollar, then our reported earnings and financial condition would be adversely affected when converted to U.S. Dollars.

On July 21, 2005, the People’s Bank of China announced it would appreciate the RMB, increasing the RMB-U.S. Dollar exchange rate from approximately US$1.00 = RMB8.28 to approximately US$1.00 = RMB8.11. So far the trend of such appreciation continues; the exchange rate of U.S. Dollar against RMB on December 31, 2012 was US$1.00 = RMB6.2301.

Critical Accounting Policies and Estimates

We prepared our consolidated financial statements in accordance with accounting principles generally accepted in the United States of America. The preparation of these financial statements requires the use of estimates and assumptions that affect the reported amounts of assets and liabilities and the disclosure of contingent assets and liabilities at the date of the financial statements and the reported amount of revenues and expenses during the reporting period. Management periodically evaluates the estimates and judgments made. Management bases its estimates and judgments on historical experience and on various factors that are believed to be reasonable under current circumstances. Actual results may differ from these estimates as a result of different assumptions or conditions.

The following critical accounting policies affect the more significant judgments and estimates used in the preparation of our consolidated financial statements. In addition, you should refer to our accompanying audited balance sheets as of December 31, 2012 and 2011, and the audited statements of operations, equity movement and cash flows for the fiscal years ended December 31, 2012 and 2011, and the related notes thereto, for further discussion of our accounting policies.

Accounts Receivable

The Company performs ongoing credit evaluations of its customers and establishes an allowance for doubtful accounts when amounts are not considered fully collectable. According to the Company’s credit policy, the Company generally provides a 100% bad debt provision for the amounts outstanding over 365 days after the deduction of the amount subsequently settled after the balance sheet date, which management believes is consistent with industry practice in the China region.

Terms of our sales vary from cash on delivery to a credit term of up to three to twelve months. Ordinarily, we require our customers to pay between 20% and 60% of the purchase price of an order placed, depending on the results of our credit investigations, prior to shipment. The remaining balance is due within twelve months, unless other terms are approved by management. As stated in the “Business - Risk Factors” under Item 1, the agriculture-biotechnology market in China is in the early stages of development and we are still in the process of exploring the new market. We may also distribute our bio-products to special wholesalers with favorable payment terms with a focus on the future. We maintain a policy that all sales are final and we do not allow returns. However, in the event of defective products, we may allow customers to exchange the defective products for new products within the quality guarantee period. In the event of any exchange, the customers pay all transportation expenses.

Impairment of Long-Lived Assets

Our long-lived assets consist of property, equipment, and intangible assets. As of December 31, 2012, the net value of property and equipment and intangible assets was $15,965 and $nil, respectively, which represented approximately 38% and 0% of our total assets, respectively.

We periodically evaluate our investment in long-lived assets, including property and equipment, for recoverability whenever events or changes in circumstances indicate the net carrying amount may not be recoverable. Our judgments regarding potential impairment are based on legal factors, market conditions and operational performance indicators, among others. In assessing the impairment of property and equipment, we make assumptions regarding the estimated future cash flows and other factors to determine the fair value of the respective assets.

Based on our analysis, we charged $nil as loss from impairment of long-lived assets during the years ended December 31, 2012 and 2011, respectively.

Fair value of warrants and options

We have adopted ASC Topic 815, “Accounting for Derivative Instruments and Hedging Activities” to recognize warrants relating to loans and warrants issued to consultants as compensation as derivative instruments in our consolidated financial statements.

We also adopted ASC Topic 718, “Share Based Payment” to recognize options granted to employees as derivative instruments in our consolidated financial statements.

We calculate the fair value of the warrants and options using the Black-Scholes Model.

Revenue Recognition

The Company recognizes revenue for our products in accordance with FASB ASC Topic 605, “Revenue Recognition.” Sales represent the invoiced value of goods, net of value added tax, supplied to customers. Sales are recognized upon delivery of goods to customers when a formal arrangement exists, the price is fixed or determinable, the delivery is completed, and 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 advances from customers.

Income Taxes

The Company accounts for income taxes under the provisions of FASB ASC Topic 740, “Income Tax,” which requires recognition of deferred tax assets and liabilities for the expected future tax consequences of events that have been included in the consolidated financial statements or tax returns. Deferred tax assets and liabilities are recognized for the future tax consequence attributable to the difference between the tax bases of assets and liabilities and their reported amounts in the financial statements. Deferred tax assets and liabilities are measured using the enacted tax rate expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. The effect on deferred tax assets and liabilities of a change in tax rates is recognized in income in the period that includes the enactment date. The Company establishes a valuation when it is more likely than not that the assets will not be recovered.

ASC Topic 740.10.30 clarifies the accounting for uncertainty in income taxes recognized in an enterprise’s financial statements and prescribes a recognition threshold and measurement attribute for the financial statement recognition and measurement of a tax position taken or expected to be taken in a tax return. ASC Topic 740.10.40 provides guidance on derecognition, classification, interest and penalties, accounting in interim periods, disclosure, and transition. We have no material uncertain tax positions for any of the reporting periods presented.

Major Customers and Suppliers

Bio-fertilizer products

During 2012 and 2011, our principal business did not generate any sales revenue, thus we had no customers.

During 2012 and 2011, we did not purchase any raw materials; hence we had no suppliers for 2012 and 2011.

Results of Operations

Net Sales

Net sales were $nil for the years ended December 31, 2012 and 2011, respectively.

Cost of Sales

Cost of sales was $nil for the years ended December 31, 2012 and 2011, respectively.

Gross Profit/Loss

Gross profit for fiscal 2012 and 2011 was $nil, the Company had not been able to recognize any sales revenue during 2012 and 2011.

General and Administrative

General and administrative expenses were $1,043,202 and $1,256,073 for the years ended December 31, 2012 and 2011, respectively, a decrease of $212,871 or 17%. General and administrative expenses include professional fees, officers’ compensation, depreciation and amortization, salaries, travel and entertainment, rent, office expense and telephone expense. The decrease mainly resulted from the reduction of our operating activities, which led to a decrease in rent, salaries, travel expenses and office expenses. During fiscal 2012, we charged $12,474 into general and administrative expenses for other receivables that are considered no longer collectable. We also charged $606,702 and $547,835 of liquidated damages in connection with the 6% Notes and 2% Notes to general and administrative expenses during the years ended December 31, 2012 and 2011, respectively (see Note 8 to the Consolidated Financial Statements).

Selling Expenses

During 2012 and 2011, selling expenses were $nil. Resulting from the lack of operating activities, the Company incurred no selling expenses during 2012 and 2011.

Research and Development

Research and development expenses decreased by $7,657 or 5% to $159,059 for the year ended December 31, 2012, compared to $166,716 for the prior comparable period. The research and development expense mainly consists of the expenses of maintaining Kiwa-CAU R&D Centre, which began operation in July 2006 (see “Business-Intellectual Property and Product Lines- Kiwa-CAU R&D Center” under Item 1 in Part I).

Net Interest Expenses

Net interest expense was $253,189 and $268,530 in the fiscal years of 2012 and 2011, respectively, representing a decrease of $15,341 or 6%. The decrease in interest expenses was due to decreased amount of interest on credit cards and bank charges.

Gain on disposition of subsidiary

Gain on disposition of subsidiary for the years ended December 31, 2012 and 2011 was $113,018 and $nil, respectively. The Company recorded a gain of $113,018 during the year ended December 31, 2012 based on the discharge of the excess liabilities over the assets of Kiwa Tianjin.

Net Loss

Net loss for fiscal 2012 and 2011 was $1,342,432 and $1,691,319, representing a decrease of $348,887 or 21%. This decrease resulted from the net effect of the following factors: (1) the decrease in operating expenses of $220,528 or 15% from the fiscal year of 2011 to the fiscal year 2012; (2) the decrease in interest expenses of $15,341 or 6% from the fiscal year of 2011 to the fiscal year of 2012; (3) gain on disposition of subsidiary of $113,018 and $nil, respectively.

Comprehensive Loss

Comprehensive loss decreased by $511,825 or 26% to $1,460,843 for the year ended December 31, 2012, compared to $1,972,668 for the comparable period of 2011. The decrease was due to a decrease of $348,887 in net loss and a decrease of $162,938 in other comprehensive loss.

Liquidity and Capital Resources

Since inception of our ag-biotech business in 2002, we have relied on the proceeds from the sale of our equity securities and loans from both unrelated and related parties to provide the resources necessary to fund our operations and the execution of our business plan. During fiscal 2012 and 2011, we raised $236,412 and $448,880 in total from related parties. To some extent, these advances improved our short-term liquidity; however as of December 31, 2012, our current liabilities exceeded current assets by $11,976,368, reflecting a current ratio of 0.002:1, whereas current liabilities exceeded current assets by $10,550,849, reflecting a current ratio 0.004:1, as of December 31, 2011. The downturn in our short-term liquidity was mainly due to continuous losses, which resulted in a decrease of $16,596 of current assets and an increase in current liabilities of $1,408,923 as of December 31, 2012 compared to the same date of 2011. During the year ended December 31, 2012 and 2011, we did not issue any shares resulting from the conversion of principal of the 6% Notes and 2% Notes into our common stock. Since the Company does not have sufficient financial capability to repay the 6% Notes and 2% Notes and had issued all of its 400,000,000 authorized shares, the Company cannot issue additional shares to repay the 6% Notes and 2% Notes, unless the Company can obtain stockholder approval to amend its certificate of incorporation to increase the authorized shares of common stock (see Note 8 to the Consolidated Financial Statements).

As of December 31, 2012 and 2011, we had cash of $4,493 and $16,307, respectively. The change is outlined as follows.

During the fiscal year of 2012, the net cash used in our operating activities was $242,708, compared to $499,807 for the comparable period of 2011. Such cash was mainly used for maintaining operations of a public company and working capital for our bio-fertilizer business.

During the fiscal years of 2012 and 2011, we did not invest in acquiring property and equipment.

During the year ended December 31, 2012, we generated cash inflow of $236,412 from financing activities. During the year ended December 31, 2011, we generated cash inflow of $448,880 from financing activities.

As of December 31, 2012, we had an accumulated deficit of $21,704,464, which was made up in part of a net loss of $1,342,432 and $1,691,319 during 2012 and 2011. We do not anticipate generating sufficient positive operating cash inflow to fund our planned operations.

In 2013, we plan to focus on expanding our bio-fertilizer sales. We will concentrate on (1) adjusting our product mix to increase the proportion of high-margin products, (2) improving our current equipment, and (3) setting up new production lines.

Currently we have insufficient cash resources to accomplish our objectives. We will need to seek additional funding to sustain our operations. In the next year, we intend to raise additional capital through the issuance of debt or equity securities to fund the development of our planned business operations, although there can be no assurance that we will be successful in obtaining this financing. Various factors listed below significantly harm our ability to obtain this financing.

Given the facts that:

(1)	Extremely low share price. The price of the Company’s common stock ranged from $0.0003 to $0.0038 per share during fiscal 2012;

(2)	Continued losses. As of December 31, 2012, we had an accumulated deficit of $21,704,464, which was made up in part of a net loss of $1,342,432 during 2012 and $1,691,319 during 2011;

(3)	Deteriorating financial situation. As of December 31, 2012 and 2011, the Company had total assets of $42,046 and $62,999, respectively, and total liabilities of $13,848,327 and $12,408,437, respectively; and

(4)

Outstanding 6% and 2% Notes. As of December 31, 2012, the amount of outstanding 6% and 2% Notes was $1,518,171, and $112,917, respectively. The 6% Notes and the 2% Notes have been in default since June 2009 and January 2011, respectively. The Company had also accrued $2,240,852 as a penalty in connection with the 6% Notes and 2% Notes.

To the extent that we are unable to successfully raise the capital necessary to fund our future cash requirements on a timely basis and under acceptable terms and conditions, we will not have sufficient cash resources to maintain operations, and may have to curtail operations and consider a formal or informal restructuring or reorganization.

Contractual Obligations

(1)

Operating lease commitments

The Company leased an office in Beijing on July 15, 2007. The operating lease agreement will expired at January 14, 2012. The monthly rental payment for the office is RMB 80,324 (approximately $12,000). Although the operating lease agreement expired by its term on January 14, 2012, the parties elected to terminate the lease in June 30, 2011.

On June 30, 2011, the Company entered into an agreement with Kangtai pursuant to which Kangtai will sublease a portion of its offices to the Company for a monthly rental of $1,000. The sublease expired on June 30, 2012 and both parties agreed to extend the lease for another one year.

The Company’s commitments for minimum lease payments under the operating lease for the next five years and thereafter as of December 31, 2012 are as follows:

Fiscal Year	Amount
2013	$	6,000
Total	$	6,000

(2)

Technology acquisition

On May 8, 2006 we entered into a Technology Transfer Agreement (“TTA”) with Jinan Kelongboao Bio-Tech Co. Ltd. (“JKB”). Pursuant to the agreement, JKB agreed to transfer its AF-01 Anti-viral Aerosol technology for veterinary medicines to us. Pursuant to the agreement we will pay JKB a transfer fee of RMB10 million (approximately $1.52 million), of which RMB 6 million will be paid in cash and RMB 4 million will be paid in stock. The cash portion will be paid in installments, the first installment RMB 3 million was set for May 23, 2006 initially, of which RMB 1 million has been paid and both parties have agreed to extend the remaining RMB 2 million to the date when the application for new veterinary drug certificate is accepted. Three other installments of RMB 1 million are due upon the achievement of certain milestones, the last milestone being the issuance by the PRC Ministry of Agriculture of a new medicine certificate in respect of the technology. The RMB 4 million stock payment will be due 90 days after the AF-01 technology is approved by the appropriate PRC department for use as a livestock disinfector for preventing bird flu. The agreement will become effective when the first installment has been fully paid.

As of December 31, 2012, we had paid one-third of the first installment, or RMB1,000,000 (or $160,600) to JKB. However, due to the difficulties of obtaining additional funds, the Company has determined to discontinue this project.

(3)

Operation of Kiwa-CAU R&D Center

Pursuant to the agreement on joint incorporation of the research and development center between CAU and Kiwa Shandong dated November 14, 2006, Kiwa Shandong agrees to invest RMB1 million (approximately $160,600) each year to fund research at the R&D Center. The term of this agreement is ten years starting from July 1, 2006. Prof. Qi Wang, who became one of our directors in July 2007, has acted as Director of Kiwa-CAU R&D Center since July 2006.

(4)

Investment in manufacturing and research facilities in Zoucheng, Shandong Province in China

According to the Project Agreement with Zoucheng Municipal Government in 2002, we have committed to investing approximately $18 million to $24 million for developing the manufacturing and research facilities in Zoucheng, Shandong Province. As of December 31, 2012, we had invested approximately $1.91 million for the project.

Off-Balance Sheet Arrangements

At December 31, 2012, we did not have any relationships with unconsolidated entities or financial partnerships, such as entities often referred to as structured finance or special purpose entities, established for the purpose of facilitating off-balance sheet arrangements or other contractually narrow or limited purposes. As such, we are not exposed to any financing, liquidity, market or credit risk that could arise had we engaged in such relationships.

Recent Accounting Pronouncements

See Note 2 to the Consolidated Financial Statements under Item 8, Part II.

ITEM 8. Financial Statements and Supplementary Data

The full text of our audited consolidated financial statements as of December 31, 2012 and 2011 begins on page F-2 of this annual report.

ITEM 9. Changes in and Disagreements with Accountants on Accounting and Financial Disclosure

None.

ITEM 9A. Controls and Procedures

Disclosure Controls and Procedures

Our management, under the supervision and with the participation of our Chief Executive Officer (“CEO”) and Chief Financial Officer (“CFO”), has evaluated the effectiveness of our disclosure controls and procedures as defined in SEC Rules 13a-15(e) and 15d-15(e) as of the end of the period covered by this Annual Report. Our disclosure controls and procedures are designed to ensure that information required to be disclosed in the reports we file or submit under the Securities Exchange Act of 1934 (“Exchange Act”) is recorded, processed, summarized, and reported within the time periods specified in the SEC’s rules and forms, and that such information is accumulated and communicated to our management including our CEO and CFO, to allow timely decisions regarding required disclosures. Based on their evaluation, our CEO and CFO have concluded that, as of December 31, 2012, our disclosure controls and procedures were ineffective.

Management Report on Internal Control over Financial Reporting

Our management is responsible for establishing and maintaining adequate internal control over financial reporting, as such term is defined in Exchange Act Rules 13a-15(f) and 15d-15(f). Our internal control over financial reporting was designed to provide reasonable assurance to the Company’s management and board of directors regarding the preparation and fair presentation of published consolidated financial statements. Internal control over financial reporting is promulgated under the Exchange Act as a process designed by, or under the supervision of, the Company’s principal executive and principal financial officers and effected by the Company’s board of directors, management and other personnel, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles. Internal control over financial reporting, no matter how well designed, has inherent limitations and may not prevent or detect misstatements. Therefore, even effective internal control over financial reporting can only provide reasonable assurance with respect to the financial statement preparation and presentation.

Our management has conducted, with the participation of our CEO and CFO, an assessment, including testing of the effectiveness, of our internal control over financial reporting as of December 31, 2012. Management’s assessment of internal control over financial reporting was conducted using the criteria in Internal Control over Financial Reporting - Guidance for Smaller Public Companies issued by the Committee of Sponsoring Organizations of the Treadway Commission (“COSO”). Based on such evaluation, management identified deficiencies that were determined to be a material weakness.

A material weakness is a deficiency, or a combination of deficiencies, in internal control over financial reporting, such that there is a reasonable possibility that a material misstatement of the company’s annual or interim financial statements will not be prevented or detected on a timely basis. Because of the material weakness described below, management concluded that our internal control over financial reporting was ineffective as of December 31, 2012.

The specific material weakness identified by the Company’s management as of December 31, 2012 is described as follows:

•

The Company did not have sufficient and skilled accounting personnel with an appropriate level of technical accounting knowledge and experience in the application of accounting principles generally accepted in the United States of America commensurate with the Company’s financial reporting requirements, which resulted in a number of internal control deficiencies that were identified as being significant. The Company’s management determined that the number and nature of these significant deficiencies, when aggregated, constituted a material weakness.

•

The Company lacks qualified resources to perform the internal audit functions properly. In addition, the scope and effectiveness of the Company’s internal audit function are yet to be developed.

•

We currently do not have an audit committee.

Remediation Initiative

•

We are committed to establishing the internal audit functions but due to limited qualified resources in the region, we were not able to hire sufficient internal audit resources before the end of 2013. However, internally we established a central management center to recruit more senior qualified people in order to improve our internal control procedures. Externally, we are looking forward to engaging an accounting firm to assist the Company in improving the Company’s internal control system based on COSO Framework.

•

We intend to establish an audit committee of the board of directors as soon as practicable. We envision that the audit committee will be primarily responsible for reviewing the services performed by our independent auditors, evaluating our accounting policies and our system of internal controls.

Conclusion

Despite the material weakness and deficiencies reported above, the Company’s management believes that its consolidated financial statements included in this report fairly present in all material respects the Company’s financial condition, results of operations and cash flows for the periods presented and that this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report.

This Annual Report does not include an attestation report of the Company’s registered public accounting firm regarding internal control over financial reporting. Management’s report was not subject to attestation by the Company’s registered public accounting firm pursuant to temporary rules of the SEC that permit the Company to provide only management's report in this Annual Report.

Changes in Internal Control over Financial Reporting

There were no changes in our internal control over financial reporting during the fiscal year ended December 31, 2012 that materially affected, or are reasonably likely to materially affect, our internal control over financial reporting.

ITEM 9B. Other Information

None.

Part III

ITEM 10. Directors, Executive Officers and Corporate Governance

Directors and Executive Officers

Set forth below are the names of our directors and executive officers, their ages, their offices with us, if any, their principal occupations or employment for the past five years. The directors listed below will serve until the Company’s next annual meeting of the stockholders:

Name	Age	Position	Director Since
Wei Li	52	Chief Executive Officer, Chief Financial Officer (from January 4, 2009 to February 17, 2009) and Chairman of the Board of Directors	2004
Steven Ning Ma	56	Chief Financial Officer and Chief Operating Officer (from February 18, 2009)
Lianjun Luo	43	Director	2004
Xucheng Hu	50	Director	2008
Qi Wang	46	Director and Vice President - Technical	2007
Yvonne Wang	34	Corporate Secretary

Wei Li became our Chief Executive Officer and Chairman of the Board of Directors on March 12, 2004. Mr. Li was appointed as Chief Financial Officer on January 4, 2009 by the Board of Directors. From January 1, 2004 to the time of the Tintic/Kiwa merger, Mr. Li was the acting Chief Executive Officer of Kiwa Bio-Tech Products Group Ltd. Mr. Li founded Kiwa Bio-Tech Products Group Ltd. to capitalize on the growth of the ag-biotechnology industry in China. Prior to founding Kiwa Bio-Tech Products Group Ltd., Mr. Li founded China Star, an entity which provides integrated financial services and/or venture investments to growth businesses in China. Mr. Li served as President of China Star from June 1993 to January 2004. In 1989, Mr. Li founded Xinhua International Market Development Co. Ltd., a company which engaged in investing in China’s high tech, pharmaceutical, medical device, media, entertainment and real estate industries. Mr. Li holds a B.S. in Finance from Hunan Finance and Economics University. Mr. Li has a wealth of experience in running businesses in China, with broad management expertise and a knowledge and understanding of business issues in China, and is able to provide the Board of Directors with his insights and experience in running businesses in China.

Steven Ning Ma became our Chief Financial Officer and Chief Operating Officer on February 18, 2009. Prior to joining the Company, Mr. Ma served as Managing Director of SAS Conserve de Provence from 2006 to 2008. Prior to that, Mr. Ma was the Senior Managing Partner of HJV (Hejun) Consulting (Ltd.) from 2004 to 2005. Mr. Ma received his Master degree in Economics/Finance from the Graduate School of Chinese Academy of Sciences. He is also a Ph.D. Candidate in Financial Economics from Wageningen University, Netherlands.

Lianjun Luo became one of our directors on March 27, 2004 and he previously served as our Chief Financial Officer from March 12, 2004, until the expiration of his employment agreement as the Company’s CFO on December 31, 2008. Mr. Luo served as the Chief Executive Officer of Kiwa Bio-Tech Products Group Ltd. from October 2002 to December 2003. From January 2002 to October 2002, Mr. Luo served as the Chief Financial Officer of China Star. From August 2000 to December 2001, Mr. Luo served as manager of Security Department and Assistant to President at Jilin Hengfa Group Ltd., a Chinese drug manufacturing company, responsible for the company’s preparation for an aborted IPO and for merger and acquisition activities. From May 1998 to July 2000, Mr. Luo worked as manager of Investment Department and Associate General Manager for Hongli Enterprise Ltd., a Chinese investment company on merger and acquisition transactions. Mr. Luo obtained his law degree from China University of Political Science and Law in 1993. Mr. Luo is a certified public accountant and lawyer in China. Mr. Luo’s expertise in the field of accounting and law enables him to provide the Company’s Board of Directors with insight and information related to the Company’s financial, accounting and SEC reporting issues.

Xucheng Hu has been serving as one of our directors since December 30, 2008. Since August 2003, he has been the Executive Director of New Capital International Investment Limited, a listed company on the Hong Kong Stock Exchange. Prior to that engagement, Mr. Hu acted as Executive Director of China Property Development (Holdings) Limited and Asia Director of ING Real Estate. Over the past 10 years, he has been working with the Beijing International Trade Association and the Beijing International Trade Research Institute, during which period his responsibilities included performing financial and economic research and providing professional advice on the Beijing municipal government’s cross-provincial investments and foreign investments, participating in the decision-making process for granting export rights to Beijing government-owned enterprises, evaluating investment proposals, and supervising sino-foreign investments in Beijing. Mr. Hu graduated with a bachelor degree in economics from Beijing Economics College in 1983. Mr. Xu’s experience working with public companies in China enables him to provide the Board with an understanding of the operation of other boards of directors.

Qi Wang became our Vice President - Technical on July 19, 2005 and was elected as one of our directors of the Company on July 18, 2007. Prof. Wang has also acted as Director of Kiwa-CAU R&D Center since July 2006. Prof. Wang served as a Professor and Advisor for Ph.D. students in the Department of Plant Pathology, China Agricultural University (“CAU”) since January 2005. Prior to that, he served as an assistant professor and lecturer of CAU since June 1997. He obtained his master degree and Ph.D. in agricultural science from CAU in July 1994 and July 1997, respectively. Prof. Wang received his bachelor’s degree of science from Inner Mongolia Agricultural University in July 1989. He is a committee member of various scientific institutes in China, including the National Research and Application Center for Increasing-Yield Bacteria, Chinese Society of Plant Pathology, Chinese Association of Animal Science and Veterinary Medicine. Prof. Wang’s unique expertise in the field of agriculture offers significant knowledge and experience to the Board of Directors when making critical operational decisions.

Yvonne Wang became our Secretary in September 2005. Prior to that, she served as an executive assistant and a manager of the Company’s U.S. office between April 2003 and September 2005. She obtained her B.S. degree of Business Administration in July 2001 from University of Phoenix. She is also a California Realtor, and a certified Notary Public.

Family Relationships

There are no family relationships among our directors or executive officers.

Involvement in Certain Legal Proceedings

None of our directors or executive officers has, during the past ten years:

(a)	Had any bankruptcy petition filed by or against any business of which such person was a general partner or executive officer either at the time of the bankruptcy or within two years prior to that time;

(b)	Been convicted in a criminal proceeding or subject to a pending criminal proceeding;

(c)

Been subject to any order, judgment, or decree, not subsequently reversed, suspended or vacated, of any court of competent jurisdiction or any federal or state authority, permanently or temporarily enjoining, barring, suspending or otherwise limiting his involvement in any type of business, securities, futures, commodities or banking activities; and

(d)	Been found by a court of competent jurisdiction (in a civil action), the Securities and Exchange Commission or the Commodity Futures Trading Commission to have violated a federal or state securities or commodities law, and the judgment has not been reversed, suspended, or vacated.

Section 16(a) Beneficial Ownership Compliance

Section 16(a) of the Securities Exchange Act of 1934 requires our officers, directors and certain persons holding more than 10 percent of a registered class of our common stock to file with the SEC initial reports of ownership and reports of changes in ownership of our common stock. Officers, directors and certain other shareholders are required by the SEC to furnish the Company with copies of all Section 16(a) forms they file. To the best of the Company’s knowledge, based solely upon a review of the copies of such reports. The Company’s annual report on Form 10-K for the year ended December 31, 2011 was filed with the SEC on April 6, 2012, all other required filings were made on a timely basis.

Code of Ethics

We have adopted a Code of Business Conduct and Ethics (the “Code”) that is applicable to all employees, consultants and members of the Board of Directors, including the Chief Executive Officer, Chief Financial Officer and Secretary. This Code embodies our commitment to conduct business in accordance with the highest ethical standards and applicable laws, rules and regulations. We will provide any person a copy of the Code, without charge, upon written request to the Company’s Secretary. Requests should be addressed in writing to Ms. Yvonne Wang; 310 N. Indian Hill Blvd., #702 Claremont, California 91711.

Director Nominees Recommended by Stockholders

We have not implemented any changes to the procedures by which stockholders may recommend nominees to our board of directors since we last disclosed those procedures in our most recent proxy statement filed with the SEC on November 10, 2012.

Board Composition; Audit Committee and Financial Expert

Our Board of Directors is currently composed of four members: Wei Li, Lianjun Luo, Xucheng Hu and Qi Wang. All board actions require the approval of a majority of the directors in attendance at a meeting at which a quorum is present.

We currently do not have an audit committee. We intend, however, to establish an audit committee of the board of directors as soon as practicable. We envision that the audit committee will be primarily responsible for reviewing the services performed by our independent auditors, evaluating our accounting policies and our system of internal controls. Currently such functions are performed by our Board of Directors.

The Board has determined that at least one person on the Board, Lianjun Luo, qualifies as a “financial expert” as defined by SEC rules implementing Section 407 of the Sarbanes-Oxley Act. Mr. Luo does not meet the definition of an “independent” director set forth in Rule 4200(a)(15) of the Market Place Rules of the Nasdaq Stock Market, which is the independence standard that we have chosen to report under.

Board meetings and committees; annual meeting attendance.

During fiscal year 2012, the Board of Directors did not have meeting. All members of the Board of Directors are required to attend the annual meetings of securities holders. On December 18, 2012, all members of the Board of Directors attended the annual meetings of securities holders for 2012.

ITEM 11. Executive Compensation

We currently have no Compensation Committee. The Board of Directors is currently performing the duties and responsibilities of Compensation Committee. In addition, we have no formal compensation policy. We decide on our executives’ compensation based on average compensation levels of similar companies in the U.S. or China, depending on consideration of many factors such as where the executive works. Our Chief Executive Officer’s compensation is approved by the Board of Directors. Other named executive officers’ compensation are proposed by our Chief Executive Officer and approved by the Board of Directors.

Our Stock Incentive Plan is administered by the Board of Directors. Any amendment to our Stock Incentive Plan requires majority approval of the stockholders of the Company.

The Company had no officers or directors whose total compensation during either 2012 or 2011 exceeded $100,000.

Currently, the main forms of compensation provided to each of our executive officers are: (1) annual salary; (2) non-equity Incentive Plan; and (3) the granting of incentive stock options subject to approval by our Board of Directors.

Summary Compensation Table

Summary Compensation Table

Name and principal
position

Year

Salary
($)

Bonus
($)

Stock
Awards
($)

Option
Awards
($)

Non-Equity
Incentive Plan
Compensation
($)

Nonqualified
Deferred
Compensation
Earnings ($)

All Other
Compensation
($)

Total
($)

(a)

(b)

(c)

(d)

(e)

(f)

(g)

(h)

(i)

(j)

Wei Li, CEO

2012

72,000

Nil

72,000

Wei Li, CEO

2011

72,000

Nil

72,000

Steven Ning Ma, CFO

2012

74,400

Nil

74,400

Steven Ning Ma, CFO

2011

74,400

Nil

74,400

Employment Contracts and Termination of Employment and Change of Control Arrangements

On February 2, 2009, we entered into an employment agreement with our Chief Executive Officer and Chief Financial Officer, Wei Li, for a three-year term, commencing on January 1, 2009. Pursuant to this agreement, Mr. Li receives a salary at the rate of $96,000 per annum, of which $72,000 will be paid in equal monthly installments of $6,000 during the period of employment, prorated for any partial employment period, and $24,000 is paid as an annual performance bonus in three months after each employment year. Mr. Li may receive such annual increases in salary as may be determined by our Board of Directors at our annual meeting. Mr. Li is also entitled to an annual grant of stock options under our employee stock option plan as determined by the Board of Directors. Mr. Li is entitled to three-month’s severance if his employment is terminated without cause.

On February 2, 2009, the Company and Mr. Steven Ning Ma entered into an employment agreement with the Company. Pursuant to the employment agreement, Mr. Ma is entitled to annual salary of RMB636,000 (approximately US$93,000), among which RMB42,400 (approximately US$6,200) payable monthly and RMB127,200 (approximately $18,600) in one lump sum, as a performance bonus, three months following the anniversary of his employment provided that Mr. Ma meets all goals and objectives set by the Company. Mr. Ma’s employment may be terminated at any time for cause or with thirty days’ written notice without cause. The employment agreement is automatically terminated upon death or permanent disability. Upon termination without cause, Mr. Ma is entitled to severance payment equal to three months’ salary including all non-cash benefits, if the termination is due to death or permanent disability; Mr. Ma is entitled to six months’ salary. The employment agreement also contains confidentiality provisions and provisions against competition with the Company and solicitation of customers for 12 months following termination of employment.

On February 6, 2012, we entered into a new Employment Agreement between the Company and Mr. Wei Li, President and Chief Executive Officer of the Company for a term of three years beginning January 1, 2012. Pursuant to the Agreement Mr. Li is entitled to an annual salary of $72,000 and a performance bonus of $24,000. If Mr. Li is terminated without cause, he is entitled to a lump sum payment equal to three months’ salary.

On February 6, 2012, we entered into a new Employment Agreement between the Company and Mr. Steven Ning Ma, Chief Financial Officer of the Company for a term of three years beginning January 1, 2012. Pursuant to the Agreement Mr. Ma is entitled to an annual salary of $70,000.

There are no compensatory plans or arrangements with respect to a named executive officer that would result in payments or installments in excess of $100,000 upon the resignation, retirement or other termination of such executive officer's employment with us or from a change-in-control.

Stock Incentive Plan and Option Grants

2004 Stock Incentive Plan

On May 10, 2004, our Board of Directors approved equity incentive awards to our certain directors, officers and employees and/or consultants and adopted, subject to stockholder approval, our 2004 Stock Incentive Plan (the “Plan”). Our stockholders approved the Plan on June 3, 2004, and an amendment to the Plan on September 12, 2006. There are 3,047,907 shares reserved for issuance of options and other stock awards under the Plan. The number of shares that may be granted to any participant in a fiscal year is 500,000. Options issued under the Plan will expire not more than ten years from the date of grant.

The Plan is a key aspect of our compensation program, designed to attract, retain, and motivate the highly qualified individuals required for our long-term success.

Stock Option Grants

On December 12, 2006, our Board of Directors granted 2,000,000 options under the Plan, of which 823,700 shares were granted to the current executive officers and directors. The exercise price was $0.175, equal to the closing price of our common stock on December 12, 2006. Pursuant to the approval of Board of Directors, after each of the first and second anniversaries of the grant date, 33% percent of the options will become exercisable. After the third anniversary of the grant date, 34% of the options will become exercisable.

No options were granted under the Plan during 2012.

Outstanding Equity Awards at 2012 Fiscal Year-End

The following table sets forth the status of all outstanding equity awards of the Company as of December 31, 2012.

Outstanding Equity Awards at Fiscal Year-End

Option Awards

Stock Awards

Name

Number of
Securities
Underlying
Unexercised
Options (#)
Exercisable

Number of
Securities
Underlying
Unexercised
Options (#)
Unexercisable

Equity
Incentive
Plan
Awards:
Number of
Securities
Underlying
Unexercised
Unearned
Options (#)

Option
Exercise
Price ($)

Option
Expiration
Date

Number
of
Shares
or Units
of
Stock
That
Have
Not
Vested
(#)

Value
of
Shares
or
Units
of
Stock
That
Have
Not
Vested
($)

Equity
Incentive
Plan
Awards:
Number
of
Unearned
Shares,
Units or
Other
Rights
That
Have Not
Vested
(#)

Equity
Incentive
Plan
Awards:
Market
or Payout
Value of
Unearned
Shares,
Units or
Other
Rights
That
Have Not
Vested
(#)

(a)

(b)

(c)

(d)

(e)

(f)

(g)

(h)

(i)

(j)

Wei Li

182,800

Nil

182,800

0.175

12/04/16

Nil

Steven Ning Ma

Nil

N/A

Nil

(1)	See information contained in subheading entitled “Stock Option Grant” under heading “2004 Stock Incentive Plan.”

Option Exercises and Stock Vested

No stock options were exercised by any officers or directors during 2012 and 2011. We did not adjust or amend the exercise price of any stock options previously awarded to any named executive officers during 2012 and 2011.

Option Exercises and Stock Vested

	Option Awards		Stock Awards
Name	Number of Shares Acquired on Exercise (#)	Value Realized on Exercise ($)	Number of Shares Acquired on Vesting (#)	Value Realized on Vesting ($)
(a)	(b)	(c)	(d)	(e)
Wei Li	Nil	Nil	Nil	Nil
Steven Ning Ma	Nil	Nil	Nil	Nil

Director Compensation for 2012

We currently have no policy in effect for providing compensation to our directors for their services on our Board of Directors, and did not compensate our directors in 2012 for services performed as directors.

ITEM 12. Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters

The following table sets forth as of December 31, 2012 certain information with respect to the beneficial ownership of our common stock by (i) each of our executive officers, (ii) each person who is known by us to beneficially own more than 5% of our outstanding common stock, and (iii) all of our directors and executive officers as a group. Percentage ownership is calculated based on 400,000,000 shares of our common stock outstanding as of April 15, 2013. None of the shares listed below are issuable pursuant to stock options or warrants of the Company.

Title of class	Name and Address of Beneficial Ownership	Amount and Nature of Beneficial Owner		Percentage of class
Common Stock	Wei Li(1)		13,064,794		3.3	%
Common Stock	Steven Ning Ma		-		-
Common Stock	Qi Wang		-		-

Common Stock	All officers and directors as a group		13,064,794		3.3	%

(1)

Consists of 12,356,672 shares of common stock (3.1% of all shares outstanding) held by All Star Technology Inc., a British Virgin Islands international business company. Wei Li exercises voting and investment control over the shares held by All Star Technology Inc. Wei Li is a principal stockholder of All Star Technology Inc. and may be deemed to beneficially own such shares, but disclaims beneficial ownership in such shares held by All Star Technology Inc. except to the extent of his pecuniary interest therein. Mr. Li has pledged all of his common stock of the Company as collateral security for the Company’s obligations under the 6% Notes (See Note 7 to Consolidated Financial Statements).

Under the terms of the 6% Notes and 6% Note Warrants, the notes and warrants are exercisable by any holder only to the extent that the number of shares of common stock issuable pursuant to such securities, together with the number of shares of common stock owned by such holder and its affiliates (but not including shares of common stock underlying unconverted shares of callable secured convertible notes or unexercised portions of the warrants) would not exceed 4.99% of the then outstanding common stock as determined in accordance with Section 13(d) of the Exchange Act. Therefore, the table above does not include beneficial ownership information of the following holders of the 6% Notes and 6% Note Warrants of the Company: AJW Partners, LLC, AJW Offshore, Ltd., AJW Qualified Partners, LLC, New Millennium Capital Partners II, LLC, Double U Master Fund LP, and Nite Capital LP.

Equity Compensation Plan Information

The following table sets forth certain information as of December 31, 2012 about our equity compensation plans under which our equity securities are authorized for issuance.

Equity Compensation Plan Information

Plan category	Number of securities to be issued upon exercise of outstanding options, warrants and rights		Weighted-average exercise price of outstanding options, warrants and rights		Number of securities remaining available for future issuance under equity compensation plans (excluding securities reflected in column (a))
	(a)		(b)		(c)
Equity compensation plans approved by security holders		1,232,600	$	0.175		767,400
Equity compensation plans not approved by security holders		-		-
Total		1,232,600		-		767,400

Change in Control

None.

ITEM 13. Certain Relationships and Related Transactions, and Director Independence

For description of transactions with related parties, see Note 6 to Consolidated Financial Statements under Item 8 in Part II.

Under the independence standard set forth in Rule 4200(a) (15) of the Market Place Rules of the Nasdaq Stock Market, which is the independence standard that we have chosen to report under, none of the members of the Board of Directors are independent.

The relationships between our directors and the Company are as follows:

Mr. Wei Li is a principal stockholder of All Star Technology Inc., which holds 12,356,672 shares of our common stock. Mr. Li may be deemed to beneficially own such shares and exercises voting and investment control over such shares. Mr. Li is also Chief Executive Officer of the Company.

Prof. Qi Wang is the Director of Kiwa-CAU R&D center and also Vice President of the Company.

ITEM 14. Principal Accountant Fees and Services

Fees Paid to Independent Public Accountants for 2012 and 2011.

Audit Fees

Paritz& Company, P.A. audited our financial statements for year-end 2012 and 2011, and reviewed our quarterly reports on Form 10-Q for the three months ended September 30, 2012, June 30, 2012 and March 31, 2012. Since we do not have a formal audit committee, our entire Board of Directors serves as our audit committee. We have not adopted pre-approval policies and procedures with respect to the Company’s accountants, but our board of directors approved the engagement of Paritz & Company, P.A. before engaging its services. All of the services described below were approved by our board of directors prior to performance of such services. The board of directors has determined that the payments made to its independent accountants for these services are compatible with maintaining such auditor's independence.

The aggregate audit fees for 2012 paid and payable to Paritz & Company, P.A. were approximately $58,000. The amounts include: (1) fees for professional services rendered by Paritz & Company, P.A. in connection with the audit of our consolidated financial statements for the 2012 fiscal year; (2) reviews of our quarterly reports on the Form 10-Q for the first, second and third quarters of 2012 fiscal year.

Paritz & Company, P.A. audited our financial statements for year-end 2011, and reviewed our quarterly reports on Form 10-Q for the three months ended September 30, 2011 and June 30, 2011. Since we do not have a formal audit committee, our board of directors approved the engagement of Paritz & Company, P.A. before engaging its services. All of the services described below were approved by our board of directors prior to performance of such services.

The aggregate audit fees for 2011 paid and payable to Paritz & Company, P.A. were approximately $67,000. The amounts include: (1) fees for professional services rendered by Paritz & Company, P.A. in connection with the audit of our consolidated financial statements for the 2011 fiscal year; (2) reviews of our quarterly reports on the Form 10-Q for the second and third quarters of 2011 fiscal year.

Crowe Horwath (HK) CPA Limited (“Crowe Horwath”) audited our financial statements for year-end 2010, and reviewed our quarterly reports on Form 10-Q for the three months ended March 31, 2011. The aggregate review fees for 2011 paid to Crowe Horwath were approximately $13,000, which were fees for professional services rendered by Crowe Horwath in connection with review of our quarterly reports on the Form 10-Q for the first quarter of 2011.

Audit-Related Fees

Audit-related fees for 2012 and 2011 were $nil.

Tax Fees

Tax service fees billed by a tax consultant for 2012 and 2011 were $4,500 in each year.

All Other Fees

None.

Policy on Audit Committee Pre-Approval of Audit and Permissible Non-Audit Services of Independent Auditors

Since we did not have a formal audit committee, our board of directors served as our audit committee. We have not adopted pre-approval policies and procedures with respect to our accountants in 2012. All of the services provided and fees charged by our independent registered accounting firms in 2012 were approved by the board of directors.

Part IV

ITEM 15. Exhibits and Financial Statement Schedules

Exhibit No.	Description	Incorporated by Reference in Document	Exhibit No. in Incorporated Document
3.1	Certificate of Incorporation, effective as of July 21, 2004	Form 8-K filed on July 23, 2004	3.1
3.2	Bylaws, effective as of July 22, 2004	Form 8-K filed on July 23, 2004	3.2
3.3	Certificate of Amendment to Certificate of Incorporation, effective as of January 9, 2009	Form 10-K filed on May 18, 2009	3.3
10.1	Advance Agreement by and between Wei Li and the Company dated January 10, 2008	Form 8-K filed on January 11, 2008	10.01
10.2	Stock Purchase Agreement between Kiwa Bio-Tech Products Group Corporation and Yuxin Zhou dated February 19, 2008	Form 8-K filed on February 22, 2008	10.01
10.3	Consulting Agreement between the Company and Robert Schechter dated January 10, 2008	Form 10-Q filed on August 11, 2008	10.1
10.4	Contract for Joint Venture between the Company and Hebei Huaxing Pharmaceuticals Co., Ltd. dated May 22, 2008	Form 8-K filed on May 27, 2008	10.1
10.5	Term Sheet for Redemption Convertible Notes dated September 25, 2008 between the Company and AJW Offshore Ltd., AJW Qualified Partners LLC, AJW Partners LLC, and New Millennium Capital Partners II LLC	Form 10-Q filed on November 12, 2008	10.3
10.6	Term Sheet for Redemption Convertible Notes dated September 25, 2008 between the Company and FirsTrust Group, Inc. dated October 7, 2008	Form 10-Q filed on November 12, 2008	10.4
10.7	2004 Stock Incentive Plan, amended in 2006	Form Pre 14A filed on July 28, 2006	Appendix A
10.8	Employment Agreement dated July 31, 2006, between the Company and Lianjun Luo	Form 8-K filed on August 7, 2006	10.02
10.9	Employment Agreement dated February 2, 2009 by and between the Company and Wei Li.	Form 8-K filed on February 2, 2009	10.1
10.10	Employment Agreement dated February 18, 2009 by and between the Company and Steven Ning Ma.	Form 8-K filed on February 19, 2009	10.1
10.11	Letter from Mao & Company, CPAs, Inc. dated June 7, 2009 to the Securities and Exchange Commission	Form 8-K filed on June 8, 2009	16.1
10.12	Letter of AGCA, Inc., dated July 19, 2010	Form 8-K filed on July 20, 2010	16.1
10.13	Letter of Crowe Horwath (HK) CPA Limited, dated June 16, 2011	Form 8-K filed on June 16, 2011	16.1
10.14	Letter of Commitment	Form 10-Q filed on August 10, 2011	10.1
10.15	Letter of Commitment	Form 10-Q filed on August 10, 2011	10.2
10.16	Lease Agreement	Form 10-Q filed on November 8, 2011	10.1
10.17	Employment Agreement dated February 6, 2012 by and between the Company and Wei Li.	Form 8-K filed on February 6, 2012	10.1
10.18	Employment Agreement dated February 6, 2012 by and between the Company and Steven Ning Ma	Form 8-K filed on February 6, 2012	10.2

14	Code of Ethics	Form 10-K filed on May 18, 2009	14.1
21	List of Subsidiaries	Form 10-KSB filed on April 2, 2007	21
31.1	Certification of Chief Executive Officer pursuant to Rule 13a-14(a)/15d-14(a) of the Securities Exchange Act of 1934	Filed herewith.
31.2	Certification of Chief Financial Officer pursuant to Rule 13a-14(a)/15d-14(a) of the Securities Exchange Act of 1934	Filed herewith.
32.1	Certification of Chief Executive Officer and Chief Financial Officer, pursuant to 18 U.S.C. 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002	Filed herewith.

Kiwa Bio-Tech Products Group Corporation

Signatures

Pursuant to the requirements of Section 13 or 15(d) of the Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

Date: April 15, 2013

	KIWA BIO-TECH PRODUCTS GROUP CORPORATION.

	By:	/s/ Wei Li
		Wei Li
		Chief Executive Officer
		(Principal Executive Officer)

	By:	/s/ Steven Ning Ma
		Steven Ning Ma
		Chief Financial Officer
		(Principal Financial and Accounting Officer)

Pursuant to the requirements of Section 13 or 15(d) of the Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf of the registrant and in the capacities and on the dates indicated.

	Chief Executive Officer and
	Chairman of the Board of Directors
	(Principal
/s/ Wei Li	Executive Officer)	April 15, 2013
Wei Li

	Chief Financial Officer
/s/ Steven Ning Ma	(Principal Financial and Accounting Officer)	April 15, 2013
Steven Ning Ma

/s/ Xucheng Hu	Director	April 15, 2013
Xucheng Hu

/s/ Lianjun Luo	Director	April 15, 2013
Lianjun Luo

/s/ Qi Wang	Director	April 15, 2013
Qi Wang

Kiwa Bio-Tech Products Group Corporation

Index to Consolidated Financial Statements

Reports of Independent Registered Public Accounting Firms	F-1
Consolidated Balance Sheets	F-2
Consolidated Statements of Operations and Comprehensive Income	F-3
Consolidated Statements of Stockholders’ Deficiency	F-4
Consolidated Statements of Cash Flows	F-5
Notes to Consolidated Financial Statements	F-6

REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

To Board of Directors and the Stockholders of

Kiwa Bio-Tech Products Group Corporation

We have audited the accompanying consolidated balance sheets of Kiwa Bio-Tech Products Group Corporations as of December 31, 2012 and 2011 and the related consolidated statements of operations and other comprehensive loss, changes in stockholders’ deficiency and cash flows for the years then ended. These financial statements are the responsibility of the Company's management. Our responsibility is to express an opinion on these consolidated financial statements based on our audits.

We conducted our audit in accordance with standards of the Public Company Accounting Oversight Board (United States). Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. The Company is not required to have, nor were we engaged to perform an audit of its internal control over financial reporting. Our audit included consideration of internal control over financial reporting as a basis for designing audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the Company’s internal control over financial reporting. Accordingly, we express no such opinion. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements, assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. We believe that our audit provides a reasonable basis for our opinion.

In our opinion, the consolidated financial statements referred to above present fairly, in all material respects, the financial position of Kiwa Bio-Tech Products Group Corporation as of December 31, 2012 and 2011, and the results of its operations and its cash flows for the years then ended in conformity with accounting principles generally accepted in the United States of America.

The accompanying financial statements have been prepared assuming that the Company will continue as a going concern. As shown in Note 3 to the accompanying consolidated financial statements, the Company’s current liabilities substantially exceeded its current assets by $11,976,368 at December 31, 2012. The Company has suffered recurring losses from operations and incurred an accumulated deficit of $21,704,464 since inception and has stockholders’ deficiency of $13,806,281 as of December 31, 2012. These circumstances, among others, raise substantial doubt about the Company’s ability to continue as a going concern. The financial statements do not include any adjustments that might result from the outcome of this uncertainty.

/s/ Paritz & Company, P.A.

Hackensack, New Jersey

March 18, 2013

F-1

KIWA BIO-TECH PRODUCTS GROUP CORPORATION

CONSOLIDATED BALANCE SHEETS

	December 31,
	2012			2011
ASSETS
Current assets
Cash and cash equivalents	$	4,493		$	16,307
Deposits and other receivables		21,588			25,954
Current assets of discontinued operation		-			416
Total current assets		26,081			42,677
Property, plant and equipment - net		15,965			20,322
Total assets	$	42,046		$	62,999

LIABILITIES AND STOCKHOLDERS’ DEFICIENCY
Current liabilities
Accounts payable	$	312,580		$	307,322
Advances from customers		14,366			14,125
Construction costs payable		284,952			280,172
Due to related parties - trade		690,198			552,364
Due to related parties - non-trade		3,803,034			3,514,898
Convertible notes payable		1,631,088			1,631,088
Salary payable		1,127,070			919,875
Taxes payable		309,145			242,120
Penalty payable		2,240,852			1,634,150
Interest payable		1,009,563			764,229
Other payable		579,601			619,477
Current liabilities of discontinued operation		-			113,706
Total current liabilities		12,002,449			10,593,526

Unsecured loans payable		1,845,878			1,814,911
Total liabilities		13,848,327			12,408,437

Stockholders’ deficiency
Common stock - $0.001 par value Authorized 400,000,000 shares. Issued and outstanding 400,000,000 at December 31, 2012 and 2011, respectively		400,000			400,000
Preferred stock - $0.001 par value Authorized 20,000,000 shares, none issued		-			-
Additional paid-in capital		8,093,337			8,093,337
Accumulated deficit		(21,704,464	)		(20,362,032	)
Accumulated other comprehensive deficiency		(595,154	)		(476,743	)
Total stockholders’ deficiency		(13,806,281	)		(12,345,438	)
Total liabilities and stockholders' deficiency	$	42,046		$	62,999

The accompanying notes are an integral part of these consolidated financial statements.

F-2

KIWA BIO-TECH PRODUCTS GROUP CORPORATION

CONSOLIDATED STATEMENTS OF OPERATIONS AND OTHER COMPREHENSIVE LOSS

	Years Ended December 31,
	2012			2011
Revenue	$	-		$	-

Operating expenses
General and administrative		1,043,202			1,256,073
Research and development		159,059			166,716
Total operating expenses		1,202,261			1,422,789
Operating loss		(1,202,261	)		(1,422,789	)

Interest expense		(253,189	)		(268,530	)
Net loss from continuing operation		(1,455,450	)		(1,691,319	)

Income from discontinued operation
Gain on disposition of subsidiary		113,018			-
Net loss before income tax		(1,342,432	)		(1,691,319	)

Income tax		-			-
Net loss		(1,342,432	)		(1,691,319	)

Other comprehensive loss
Translation adjustment		(118,411	)		(281,349	)
Total comprehensive loss	$	(1,460,843	)	$	(1,972,668	)

Net loss per common share - basic and diluted	$	(0.003	)	$	(0.005	)
Weighted average number of common shares outstanding-basic and diluted		400,000,000			400,000,000

The accompanying notes are an integral part of these consolidated financial statements.

F-3

KIWA BIO-TECH PRODUCTS GROUP CORPORATION

CONSOLIDATED STATEMENTS OF STOCKHOLDERS' DEFICIENCY

	Kiwa Stockholders
	Common Stock				Additional Paid-in		Accumulated			Other Comprehensive			Non-controlling
	Shares		Amount		Capital		Deficits			Deficiency			interest		Total
Balance, December 31, 2010		400,000,000	$	400,000	$	8,093,337	$	(18,670,713	)	$	(195,394	)	$	-	$	(10,372,770	)
Net loss		-		-		-	$	(1,691,319	)		-			-	$	(1,691,319	)
Foreign currency translation adjustments		-		-		-		-		$	(281,349	)	$	-	$	(281,349	)
Balance, December 31, 2011		400,000,000	$	400,000	$	8,093,337	$	(20,362,032	)	$	(476,743	)	$	-	$	(12,345,438	)
Net loss		-		-		-	$	(1,342,432	)		-			-	$	(1,342,432	)
Foreign currency translation adjustments		-		-		-		-		$	(118,411	)		-	$	(118,411	)
Balance, December 30, 2012		400,000,000	$	400,000		8,093,337	$	(21,704,464	)	$	(595,154	)	$	-	$	(13,806,281	)

The accompanying notes are an integral part of these consolidated financial statements.

F-4

KIWA BIO-TECH PRODUCTS GROUP CORPORATION

CONSOLIDATED STATEMENTS OF CASH FLOWS

	Years Ended December 31,
	2012			2011
Cash flows from operating activities:
Net loss	$	(1,342,432	)	$	(1,691,319	)
Net income from discontinued operations, net of income taxes		(113,018	)		-
Adjustments to reconcile net loss to net cash used in operating activities:
Depreciation and amortization		4,702			6,771
Writen-off other receivables		12,474			-
Provision for penalty payable		606,702			547,835
Interest payable on convertible notes		245,334			243,416
Changes in operating assets and liabilities:
Deposit and other receivables		(7,665	)		50,144
Accounts payable		-			(26,404	)
Salary payable		201,668			180,186
Taxes payable		62,894			68,353
Due to related parties-trade		128,409			110,473
Other payable		(41,776	)		10,738
Net cash used in operating activities		(242,708	)		(499,807	)

Cash flows from financing activities:
Proceeds from related parties, net of payments to related parties		236,412			448,880
Net cash provided by financing activities		236,412			448,880

Effect of exchange rate change		(5,518	)		34,418

Cash and cash equivalents:
Net decrease		(11,814	)		(16,509	)
Balance at beginning of year		16,307			32,816
Balance at end of year	$	4,493		$	16,307

Supplemental Disclosures of Cash flow Information:
Cash paid for interest	$	-		$	-
Cash paid for income taxes	$	-		$	-

The accompanying notes are an integral part of these consolidated financial statements.

F-5

Kiwa Bio-Tech Products Group Corporation

Notes to Consolidated Financial Statements

Description of Business and Organization

Organization – Kiwa Bio-Tech Products Group Corporation (“the Company”) is the result of a share exchange transaction accomplished on March 12, 2004 between the shareholders of Kiwa Bio-Tech Products Group Ltd. (“Kiwa BVI”), a company originally organized under the laws of the British Virgin Islands on June 5, 2002 and Tintic Gold Mining Company (“Tintic”), a corporation originally incorporated in the state of Utah on June 14, 1933 to perform mining operations in Utah. The share exchange resulted in a change of control of Tintic, with former Kiwa BVI stockholders owning approximately 89% of Tintic on a fully diluted basis and Kiwa BVI surviving as a wholly-owned subsidiary of Tintic. Subsequent to the share exchange transaction, Tintic changed its name to Kiwa Bio-Tech Products Group Corporation. On July 21, 2004, the Company completed its reincorporation in the State of Delaware.

The Company has established a subsidiary in China, Kiwa Bio-Tech Products (Shandong) Co., Ltd. (“Kiwa Shandong”) in 2002. The following chart summarizes the Company’s organizational and ownership structure.

Business – The Company’s business plan is to develop, manufacture, distribute and market innovative, cost-effective and environmentally safe bio-technological products for agriculture markets located primarily in China. The Company has acquired technologies to produce and market bio-fertilizer.

Summary of Significant Accounting Policies

Principle of Consolidation - These consolidated financial statements include the financial statements of the Company and its wholly-owned subsidiaries, Kiwa BVI and Kiwa Bio-Tech Products (Shandong) Co., Ltd. (“Kiwa Shandong”), and also its former majority-owned subsidiary, Tianjin Kiwa Feed Co., Ltd. (“Kiwa Tianjin”). Effective on July 11, 2012, the Company dissolved Kiwa Tianjin. All significant inter-company balances or transactions are eliminated on consolidation.

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, 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. Significant accounting estimates include the bad debt provision, impairment of inventory and long-lived assets, depreciation and amortization of long-lived assets and fair value of warrants and options.

Certain of our estimates, including evaluating the collectability of accounts receivable and the fair market value of long-lived assets, could be affected by external conditions, including those unique to our industry, and general economic conditions. It is possible that these external factors could have an effect on our estimates that could cause actual results to differ from our estimates. We re-evaluate all of our accounting estimates annually based on these conditions and record adjustments when necessary.

Cash - Cash includes cash in hand and cash in time deposits, certificates of deposits and all highly liquid debt instruments with original maturities of three months or less.

F-6

Kiwa Bio-Tech Products Group Corporation

Notes to Consolidated Financial Statements

The Company maintains cash with financial institutions in the People’s Republic of China (“PRC”) which are not insured or otherwise protected. Should any of these institutions holding the Company’s cash become insolvent, or if the Company is unable to withdraw funds for any reason, the Company could lose the cash on deposit with that institution.

Accounts Receivables - Accounts receivables represent customer accounts receivables. The allowance for doubtful accounts is based on a combination of current sales, historical charge offs and specific accounts identified as high risk. Uncollectible accounts receivable are charged against the allowance for doubtful accounts when all reasonable efforts to collect the amounts due have been exhausted. Such allowances, if any, would be recorded in the period the impairment is identified.

Inventories - Inventories are stated at the lower of cost, determined on the weighted average method, and net realizable value. Work in progress and finished goods are composed of direct material, direct labor and a portion of manufacturing overhead. Net realizable value is the estimated selling price in the ordinary course of business, less estimated costs to complete and dispose.

Property, plant and equipment - Property, plant and equipment are stated at cost less accumulated depreciation and accumulated impairment losses, if any. Gains or losses on disposals are reflected as gain or loss in the year of disposal. The cost of improvements that extend the life of property, plant and equipment are capitalized. These capitalized costs may include structural improvements, equipment and fixtures. All ordinary repair and maintenance costs are expensed as incurred. Depreciation for financial reporting purposes is provided using the straight-line method over the estimated useful lives of the assets as follows:

		Useful Life
		(In years)
Buildings		30 - 35
Machinery and equipment		5 - 10
Automobiles		8
Office equipment		2 - 5
Computer software		3

Impairment of Long-Lived Assets - The Company’s long-lived assets consist of property, equipment and intangible assets. The Company evaluates its investment in long-lived assets, including property and equipment, for recoverability whenever events or changes in circumstances indicate the net carrying amount may not be recoverable. Judgments regarding potential impairment are based on legal factors, market conditions and operational performance indicators, among others. In assessing the impairment of property and equipment, the Company makes assumptions regarding the estimated future cash flows and other factors to determine the fair value of the respective assets.

Fair value of warrants and options - The Company adopted ASC Topic 815, “Accounting for Derivative Instruments and Hedging Activities” to recognize warrants relating to loans and warrants issued to consultants as compensation as derivative instruments in our consolidated financial statements. The Company also adopted ASC Topic 718, “Share Based Payment” to recognize options granted to employees as derivative instruments in our consolidated financial statements. The Company calculates the fair value of the warrants and options using the Black-Scholes Model.

Revenue Recognition – The Company recognizes revenue for our products in accordance with FASB ASC Topic 605, “Revenue Recognition.” Sales represent the invoiced value of goods, net of value added tax, supplied to customers. Sales are recognized upon delivery of goods to customers when a formal arrangement exists, the price is fixed or determinable, the delivery is completed, and 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 advances from customers.

F-7

Kiwa Bio-Tech Products Group Corporation

Notes to Consolidated Financial Statements

Shipping and Handling Costs - Substantially all costs of shipping and handling of products to customers are included in selling. Shipping and handling costs for the years ended December 31, 2012 and 2011 were both $nil.

Income Taxes - The Company accounts for income taxes under the provisions of FASB ASC Topic 740, “Income Tax,” which requires recognition of deferred tax assets and liabilities for the expected future tax consequences of events that have been included in the consolidated financial statements or tax returns. Deferred tax assets and liabilities are recognized for the future tax consequence attributable to the difference between the tax bases of assets and liabilities and their reported amounts in the financial statements. Deferred tax assets and liabilities are measured using the enacted tax rate expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. The effect on deferred tax assets and liabilities of a change in tax rates is recognized in income in the period that includes the enactment date. The Company establishes a valuation when it is more likely than not that the assets will not be recovered.

Foreign Currency Translation and Other Comprehensive Income - The Company uses United States dollars (“US Dollar” or “US$” or “$”) for financial reporting purposes. However, the Company maintains the books and records in its functional currency, Chinese Renminbi (“RMB”), being the primary currency of the economic environment in which its operations are conducted. In general, the Company translates its assets and liabilities into U.S. dollars using the applicable exchange rates prevailing at the balance sheet date, and the statement of income and the statement of cash flow are translated at average exchange rates during the reporting period. Equity accounts are translated at historical rates. Adjustments resulting from the translation of the Company’s financial statements are recorded as accumulated other comprehensive income.

Other comprehensive loss for the year ended December 31, 2012 and 2011 represented foreign currency translation adjustments and were included in the consolidated statements of income and comprehensive income.

The exchange rates used to translate amounts in RMB into U.S. Dollars for the purposes of preparing the consolidated financial statements were as follows:

	As of December 31,
	2012		2011
Balance sheet items, except for equity accounts		6.2301		6.3364

	Year ended December 31,
	2012		2011
Items in the statements of income		6.3093		6.4653

Advertising Costs - The Company charges all advertising costs to expense as incurred. The total amounts of advertising costs charged to selling, general and administrative expense were both $nil for the years ended December 31, 2012 and 2011, respectively.

Research and Development Costs - Research and development costs are charged to expense as incurred. During the years ended December 31, 2012 and 2011, research and development costs were $159,059 and $166,716, respectively.

F-8

Kiwa Bio-Tech Products Group Corporation

Notes to Consolidated Financial Statements

Net Loss Per Common Share - Basic loss per common share is calculated by dividing net loss attributable to Kiwa stockholders by the weighted-average number of shares of common stock outstanding during the period. Diluted loss per common share includes dilutive effect of dilutive securities (stock options, warrants, convertible debt, stock subscription and other stock commitments issuable). These potentially dilutive securities were not included in the calculation of loss per share for the periods presented because the Company incurred a loss during such periods and thus the effect would have been anti-dilutive. Accordingly, basic and diluted loss per common share is the same for all periods presented. As of December 31, 2012 and 2011, potentially dilutive securities aggregated 2,164,782,738 and 9,228,310,626 shares of common stock, respectively.

Fair value measurements

ASC Topic 820, Fair Value Measurement and Disclosures, defines fair value as the exchange price that would be received for an asset or paid to transfer a liability (an exit price) in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants on the measurement date. This topic also establishes a fair value hierarchy which requires classification based on observable and unobservable inputs when measuring fair value. There are three levels of inputs that may be used to measure fair value:

Level 1 - Quoted prices in active markets for identical assets or liabilities.

Level 2 - Observable inputs other than Level 1 prices such as quoted prices for similar assets or liabilities; quoted prices in markets that are not active; or other inputs that are observable or can be corroborated by observable market data for substantially the full term of the assets or liabilities.

Level 3 - Unobservable inputs that are supported by little or no market activity and that are significant to the fair value of the assets or liabilities.

The carrying values of cash and cash equivalents, trade receivables and payables, and short-term debts approximate their fair values due to their short maturities.

Recent accounting pronouncements adopted

In July 2012, the FASB issued Accounting Standards Update No. 2012-02 Intangibles — Goodwill and Other (Topic 350): The amendments in this update will allow an entity to first assess qualitative factors to determine whether it is necessary to perform a quantitative impairment test. Under these amendments, an entity would not be required to calculate the fair value of an indefinite-lived intangible asset unless the entity determines, based on a qualitative assessment, that it is not more likely than not, the indefinite-lived intangible asset is impaired. The amendments include a number of events and circumstances for an entity to consider in conducting the qualitative assessment. The amendments are effective for annual and interim impairment tests performed for fiscal years beginning after September 15, 2012. Early adoption is permitted, including for annual and interim impairment tests performed as of a date before July 27, 2012, if a public entity’s financial statements for the most recent annual or interim period have not yet been issued. The Company does not expect the adoption of the provisions in this update will have a significant impact on its consolidated financial statements.

In February 2013, the FASB issued Accounting Standards Update No. 2013-02 Comprehensive Income (Topic 220): The objective of this update is to improve the reporting of reclassifications out of accumulated other comprehensive income. The amendments in this update seek to attain that objective by requiring an entity to report the effect of significant reclassifications out of accumulated other comprehensive income on the respective line items in net income if the amount being reclassified is required under U.S. generally accepted accounting principles (GAAP) to be reclassified in its entirety to net income. For other amounts that are not required under U.S. GAAP to be reclassified in their entirety to net income in the same reporting period, an entity is required to cross-reference other disclosures required under U.S. GAAP that provide additional detail about those amounts. This would be the case when a portion of the amount reclassified out of accumulated other comprehensive income is reclassified to a balance sheet account (for example, inventory) instead of directly to income or expense in the same reporting period. For public entities, the amendments are effective prospectively for reporting periods beginning after December 15, 2012. The Company does not expect the adoption of the provisions in this update will have a significant impact on its consolidated financial statements.

F-9

Kiwa Bio-Tech Products Group Corporation

Notes to Consolidated Financial Statements

Other accounting standards that have been issued or proposed by the FASB or other standards-setting bodies that do not require adoption until a future date are not expected to have a material impact on the Company’s consolidated financial statements upon adoption.

Going Concern

The consolidated financial statements have been prepared assuming that the Company will continue as a going concern, which contemplates the realization of assets and the satisfaction of liabilities in the normal course of business.

As of December 31, 2012, the Company’s current liabilities substantially exceeded its current assets. The Company had no sales during the year ended December 31, 2012, had an accumulated deficit and stockholders’ deficiency. These circumstances, among others, raise substantial doubt about the Company’s ability to continue as a going concern. The financial statements do not include any adjustments that might result from the outcome of this uncertainty. The financial statements also do not include any adjustments relating to the recoverability and classification of recorded asset amounts, or amounts and classifications of liabilities that might be necessary should the Company be unable to continue as a going concern. The company plans to rely on the proceeds from loans from both unrelated and related parties to provide the resources necessary to fund the development of our business plan and operations. The Company also plans to raise funds from domestic and foreign banks and/or financial institutions to increase working capital in order to meet capital demands.

Property, Plant and Equipment

Property, plant and equipment, net consisted of the following:

	December 31, 2012			December 31, 2011
Property, Plant and Equipment
Buildings	$	1,362,481		$	1,339,622
Machinery and equipment		620,060			609,660
Automobiles		89,288			87,791
Office equipment		109,147			107,317
Computer software		23,219			22,830
Property, plant and equipment - total	$	2,204,195		$	2,167,220
Less: accumulated depreciation		(781,044	)		(763,319	)
Less: impairment on long-lived assets		(1,407,186	)		(1,383,579	)
Property, plant and equipment - net	$	15,965		$	20,322

The building is on a piece of land the use right of which was granted to Kiwa Bio-Tech Products (Shandong) Co., Ltd. by local government free for 10 years and then for another 20 years on a fee calculated according to Kiwa Shandong's net profit. Since Kiwa Shandong did not generate any net profit, no fee is payable.

Depreciation expense was $4,642 and $6,771 for the years ended December 31, 2012 and 2011, respectively.

Impairment on long-lived assets was $nil for the years ended December 31, 2012 and 2011, respectively.

All of our property, plant and equipment have been held as collateral to secure the 6% Notes (see Note 8).

F-10

Kiwa Bio-Tech Products Group Corporation

Notes to Consolidated Financial Statements

Construction Costs Payable

Construction costs payable represents remaining amounts to be paid for the first phase of construction of bio-fertilizer facility in Shandong. The balance of construction costs payable as of December 31, 2012 and 2011 was $284,952 and $280,172, respectively.

Related Party Transactions

Amounts due to related parties consisted of the following as of December 31, 2012 and December 31, 2011:

Item	Nature		Notes
					December 31, 2012			December 31, 2011
Mr. Wei Li ("Mr. Li")		Non-trade		(1)	$	3,412,284		$	3,203,190
Kangtai International Logistics (Beijing) Co., Ltd. ("Kangtai")		Non-trade		(2)		(13,250	)		(12,792	)
Ms. Yvonne Wang ("Ms. Wang")		Non-trade		(3)		404,000			324,500
Subtotal						*3,803,034*			3,514,898

Kiwa-CAU R&D Center		Trade		(4)		690,198			552,364
Subtotal						690,198			552,364
Total					$	4,493,232		$	4,067,262

(1) Mr. Li

Mr. Li is the Chairman of the Board, Chief Executive Officer of the Company.

Advances and Loans

As of December 31, 2012, the balance due to Mr. Li for advances made was $3,412,284. During the year ended December 31, 2012, Mr. Li advanced $209,094 to the Company. As of December 31, 2011, the balance due to Mr. Li was $3,203,190. Mr. Li has agreed that the Company may repay the balance when its cash flow circumstance allows.

Guarantees for the Company

Mr. Li has pledged without any compensation from the Company all of his common stock of the Company as collateral for the Company’s obligations under the 6% Notes (see Note 8 below).

(2) Kangtai

Kangtai, formerly named China Star Investment Management Co., Ltd., Kangtai International Logistics (Beijing) Co., Ltd., is a private company, 28% owned by Mr. Li. Mr. Li is the Chairman of Kangtai.

On December 31, 2012, the amount due from Kangtai was $13,250. The balance due from Kangtai on December 31, 2011 was $12,792.

(3) Ms. Wang

Ms. Wang is the Secretary of the Company.

On December 31, 2012, the amount due to Ms. Wang was $404,000. During the year ended December 31, 2012, Ms. Wang advanced $79,500 to the Company. As of December 31, 2011, the amount due to Ms. Wang was $324,500. Ms. Wang has agreed that the Company may repay the balance when its cash flow circumstance allows.

(4) Kiwa-CAU R&D Center

In November 2006, Kiwa and China Agricultural University (the “CAU”) agreed to jointly establish a new research and development center, named Kiwa-CAU R&D Center. The term of the agreement was ten years commencing July 1, 2006.

Pursuant to the agreement, Kiwa agree to invest RMB 1 million (approximately $160,600) each year to fund research at Kiwa-CAU R&D Center. Prof. Qi Wang, a director of the Company, is also the director of Kiwa-CAU R&D Center.

F-11

Kiwa Bio-Tech Products Group Corporation

Notes to Consolidated Financial Statements

During the year ended December 31, 2012 and 2011, $159,059 and $166,716 was charged to research and development expenses under the agreement with Kiwa-CAU R&D Center. The Company paid $32,100 and $47,345 to Kiwa-CAU R&D Center in the year 2012 and 2011, respectively.

Unsecured Loans Payable

The balance of unsecured loans payable was $1,845,878 and $1,814,911 as of December 31, 2012 and December 31, 2011, respectively. The change in the balances at December 31, 2012 to December 31, 2011 arose from the effect of changes in the exchange rates prevailing at the balance sheet dates. Unsecured loans payable consisted of the following as of December 31, 2012 and December 31, 2011:

Item	December 31, 2012		December 31, 2011
Unsecured loan payable to Zoucheng Municipal Government, non-interest bearing, becoming due within three years from Kiwa Shandong’s first profitable year on a formula basis, interest has not been imputed due to the undeterminable repayment date	$	1,444,600	$	1,420,365
Unsecured loan payable to Zoucheng Science & Technology Bureau, non-interest bearing, it is due in Kiwa Shandong’s first profitable year, interest has not been imputed due to the undeterminable repayment date		401,278		394,546
Total	$	1,845,878	$	1,814,911

The Company qualifies for non-interest bearing loans under a Chinese government sponsored program to encourage economic development in certain industries and locations in China. To qualify for the favorable loan terms, a company must meet the following criteria: (1) be a technology company with innovative technology or product (as determined by the Science Bureau of the central Chinese government); (2) operate in specific industries that the Chinese government has determined are important to encourage development, such as agriculture, environmental, education, and others; and (3) be located in an undeveloped area such as Zoucheng, Shandong Province, where the manufacturing facility of the Company is located.

According to the Company’s project agreement, Zoucheng Municipal Government granted the Company use of at least 15.7 acres in Shandong Province, China at no cost for 10 years to construct a manufacturing facility. Under the agreement, the Company has the option to pay a fee of RMB480,000 ($77,100) per acre for the land use right after the 10-year period until May 2012. The Company may not transfer or pledge the temporary land use right. The Company also committed to invest approximately $18 million to $24 million for developing the manufacturing and research facilities in Zoucheng, Shandong Province. As of December 31, 2012, the Company invested approximately $2 million for the property, plant and equipment of the project and these assets were impaired as of December 31, 2012.

Convertible Notes Payable

On June 29, 2006, the Company entered into a securities purchase agreement (the “Purchase Agreement”) with six institutional investors (collectively, the “Purchasers”) for the issuance and sale of (1) 6% secured convertible notes, due three years from the date of issuance, in the aggregate principal amount of $2,450,000 (the “6% Notes”), convertible into shares of the Company’s common stock, and (2) warrants (the “Warrants”) to purchase 12,250,000 shares of the Company’s common stock.

In conjunction with the sale and issuance of the 6% Notes, the Company entered into a Registration Rights Agreement, amended in October 2006, the requirements of which the Company met by filing its registration statement on Form SB-2 on August 11, 2006 and subsequently amended on October 20, 2006 and June 29, 2007.

F-12

Kiwa Bio-Tech Products Group Corporation

Notes to Consolidated Financial Statements

Closings for the sale of the 6% Notes occurred on June 29, August 15 and October 31, 2006 for $857,500, $735,000 and $857,500 principal amount, respectively. The Company received $2,450,000 in aggregate from the three sales of the 6% Notes.

The conversion price of the 6% Notes is based on a 40% discount to the average of the trading price of the Company’s common stock on the OTC Bulletin Board over a 20-day trading period. The conversion price is also adjusted for certain subsequent issuances of equity securities of the Company at prices below the conversion price then in effect. The 6% Notes contain a volume limitation that prohibits the holder from further converting the 6% Notes if doing so would cause the holder and its affiliates to hold more than 4.99% of the Company’s outstanding common stock. In addition, each holder of the 6% Notes agrees that they may not convert more than their pro-rata share (based on original principal amount) of the greater of $120,000 principal amount of the 6% Notes per calendar month or the average daily dollar volume calculated during the 10 business days prior to a conversion, per conversion. This conversion limit has since been eliminated pursuant to an agreement by the Company and the Purchasers (see discussion below).

The exercise price of the Warrants is $0.45 per share, subject to anti-dilution adjustments pursuant to a broad-based weighted average formula for subsequent issues of equity securities by the Company below the trading price of the shares. The Purchase Agreement requires the Company to maintain a reserve of authorized common stock equal to 110% of the number of shares issuable upon full conversion of the 6% Notes and exercise of the Warrants. The Purchase Agreement imposes financial penalties in cash (equal to 2% of the number of shares that the Purchaser is entitled to multiplied by the market price for each day) if the authorized number of shares of common stock is insufficient to satisfy the reserve requirements. The 6% Notes and the Warrants also impose financial penalties on the Company if it fails to timely deliver common stock upon conversion of the 6% Notes and exercise of the Warrants, respectively.

To enable reservation of a sufficient amount of authorized shares that may be issued pursuant to conversion of the 6% Notes and exercise of the Warrants, the Purchase Agreement required the Company to amend its Certificate of Incorporation to increase the number of authorized shares of common stock. At the annual meeting for 2006, which was held on September 12, 2006, a proposal to amend the Company’s Certificate of Incorporation to increase the number of authorized shares of common stock, from 100,000,000 shares to 200,000,000 shares was approved by the required vote of its stockholders. At the annual meeting held for 2008 on December 30, 2008 the Company further amended its Certificate of Incorporation by increasing the number of authorized shares of common stock from 200,000,000 to 400,000,000. At the annual meeting for 2009, which was held on December 28, 2009, the proposal of further amend the Certificate of Incorporation to increase the number of authorized shares from 400,000,000 to 800,000,000 was not approved by stockholders. At the annual meeting for 2010, which was held on December 15, 2010, the proposal of further amend the Certificate of Incorporation to increase the number of authorized shares from 400,000,000 to 800,000,000 was not approved by stockholders. At the annual meeting for 2011, which was held on December 16, 2011, the proposal of further amend the Certificate of Incorporation to increase the number of authorized shares from 400,000,000 to 800,000,000 was not approved by stockholders. At the annual meeting for 2012, which was held on December 18, 2012, the proposal of further amend the Certificate of Incorporation to increase the number of authorized shares from 400,000,000 to 800,000,000 was not approved by stockholders.

The Company incurs a financial penalty in cash or shares at the option of the Company (equal to 2% of the outstanding amount of the Notes per month plus accrued and unpaid interest on the Notes, prorated for partial months) if it breaches this or other affirmative covenants in the Purchase Agreement, including a covenant to maintain a sufficient number of authorized shares under its Certificate of Incorporation to cover at least 110% of the stock issuable upon full conversion of the Notes and the Warrants. Pursuant to the relevant provisions for liquidated damages in the Purchase Agreement, as of December 31, 2012 and December 31, 2011, the Company has accrued a penalty of $2,240,852 and $1,634,150, respectively, of which $606,702 and $547,835 was included in general and administrative expenses for the twelve months ended December 31, 2012 and 2011, respectively.

The 6% Notes require the Company to procure the Purchaser’s consent prior to taking certain actions including the payment of dividends, repurchasing stock, incurring debt, guaranteeing obligations, merging or restructuring the Company, or selling significant assets.

F-13

Kiwa Bio-Tech Products Group Corporation

Notes to Consolidated Financial Statements

The Company’s obligations under the 6% Notes and the Warrants are secured by a first priority security interest in the Company’s intellectual property pursuant to an Intellectual Property Security Agreement with the Purchasers, and by a first priority security interest in all of the Company’s other assets pursuant to a Security Agreement with the Purchasers. In addition, the Company’s Chief Executive Officer has pledged all of his common stock of the Company as collateral for the Company’s obligations under the 6% Notes and the Warrants. The Purchasers are accredited investors as defined under the Securities Act and the 6% Notes and the Warrants and the underlying common stock upon conversion and exercise will be issued without registration under the Securities Act in reliance on the exemption provided by Rule 506 under Regulation D under the Securities Act. The intellectual property pledged had a cost of $592,901 which carrying value of $179,897 was fully impaired during the year ended December 31, 2009.

The fair value of the Warrants underlying the three sales of the 6% Notes (amounting to 4,287,500 shares, 3,675,000 shares and 4,287,500 shares respectively) at the time of their issuance was determined to be $545,477, $416,976 and $505,503 calculated pursuant to the Black-Scholes option pricing model. The fair value was recorded as a reduction to the 6% Notes payable and was charged to operations as interest expense in accordance with effective interest method within the period of the 6% Notes. Significant assumptions used in calculating fair value of outstanding warrants are as follows.

Black and Scholes Model Assumption							Details of Outstanding Warrants
Expected dividend	Expected volatility			Risk- free rate of interest			Expected term (year)	Exercise price		Underlying Number of shares		Closing price December 31, 2012		Fair value of warrants/options determined by Black and Scholes model
-		65	%		0.31	%	0.5	$	0.45		12,250,000	$	0.0003		-

The expected volatility was determined based on the historic quoted market price of the common stock over the last 12 months. Risk free interest rate was determined based on the quoted US treasury rate under the same expected term with each corresponding financial instrument. Based on the calculation, the fair value of outstanding warrants was zero.

The Purchasers of the 6% Notes and Warrants were introduced to the Company by an investment bank pursuant to an engagement letter agreement with the Company. Pursuant to the engagement letter, the investment bank received a cash fee equal to 8% of the aggregate proceeds raised in the financing and to warrants in the quantity equal to 8% of the securities issued in the financing. The Company recorded the cash fee and other direct costs incurred for the issuance of the convertible loan in aggregate of $30,000 as deferred debt issuance costs. Debt issuance costs were amortized on the straight-line method over the term of the 6% Notes, with the amounts amortized being recognized as interest expense. As of June 30, 2009 the debt issuance costs were fully amortized.

The warrants issued to the investment bank in connection with each tranche of the 6% Notes (amounting to 343,000 shares, 294,000 shares and 343,000 shares) are exercisable for three years and have an exercise price equal to $0.2598. The fair value of these warrants at the time of their issuance was determined to be $94,005, $60,324 and $77,214 calculated pursuant to the Black-Scholes option pricing model. As of June 29, 2009, warrants issued to the investment bank had expired.

F-14

Kiwa Bio-Tech Products Group Corporation

Notes to Consolidated Financial Statements

On September 25 and October 7, 2008, the Company entered into an agreement with the Purchasers to redeem all of the 6% Notes and the 2% Notes. Under the redemption agreement, the Purchasers agreed to waive their participation right with respect to any new financing that closes before October 31, 2008, and suspend conversions of principal and interest under the 6% Notes and the 2% Notes from September 25 to October 31, 2008. The Company agreed to redeem the notes for a specified price if a new financing was completed before October 31, 2008. Under the redemption agreement, if the Company failed to redeem the notes by October 31, 2008, the 6% Notes and the 2% Notes would be automatically amended to remove limitations on the Purchasers’ right to convert under the 6% Notes and the 2% Notes no more than (1) $120,000 per calendar month; and (2) the average daily dollar volume calculated during the ten (10) business days prior to a conversion, per conversion.

On October 27, 2008, the Company had informed the Purchasers that the Company would not be able to redeem the 6% Notes and the 2% Notes due to failure to close an anticipated new financing. Therefore, the amendment to the 6% Notes and the 2% Notes took effect and the Purchasers resumed conversion.

On June 29, 2009, the 6% Notes were due. The Company informed the Purchasers of its inability to repay the outstanding balance on the due date. Therefore, the 6% Notes are in default and the default interest rate of 15% per annum is being charged on the 6% Notes.

During the twelve months ended December 31, 2012, the Purchasers converted nil principal and nil interest into shares of common stock. As of December 31, 2012, the face amount of the 6% Notes outstanding was $1,518,171.

During the year ended December 31, 2012, interest of $228,350 and $16,984 was accrued on the 6% Notes and the 2% Notes, respectively. During twelve months ended December 31, 2011, interest of $227,726 and $15,691 was accrued on the 6% Notes and the 2% Notes, respectively.

Unpaid interest of $1,009,560 and $764,229 was included in other payable on the balance sheet as of December 31, 2012 and 2011, respectively.

On January 31, 2011, the 2% Notes were also due. The Company informed the Purchasers of its inability to repay the outstanding balance on the due date. Therefore, the 2% Notes are in default and the default interest rate of 15% per annum is being charged on the 2% Notes.

Stock-based Compensation

On December 12, 2006, the Company granted options for 2,000,000 shares of its common stock under its 2004 Stock Incentive Plan. Summary of options issued and outstanding at December 31, 2012 and 2011 and the movements during the years then ended are as follows:

F-15

Kiwa Bio-Tech Products Group Corporation

Notes to Consolidated Financial Statements

	Number of underlying shares		Weighted- Average Exercise Price Per Share		Aggregate Intrinsic Value (1)		Weighted- Average Contractual Life Remaining in Years

Outstanding at December 31, 2010		1,232,600	$	0.175	$	-		7
Exercised		-		-				-
Expired		-		-				-
Forfeited		-		-				-
Outstanding at December 31, 2011		1,232,600	$	0.175	$	-		6
Exercised		-		-
Expired		-		-				-
Forfeited		-		-				-
Outstanding at December 31, 2012		1,232,600	$	0.175	$	-		5
Exercisable at December 31, 2012		1,232,600	$	0.175	$	-		5

(1)

The market value of the Company’s common stock at December 31, 2012 was $0.0003 per share. The outstanding options had no intrinsic value at December 31, 2012.

The Company has adopted ASC Topic 718 effective as of January 1, 2006. The fair value of the options granted at the grant date was determined to be $320,154 (approximately $0.16 per share), calculated pursuant to the Black-Scholes option pricing model. The calculated fair value is recognized as expense over the applicable vesting periods, using the straight-line attribution method. Unamortized fair value of stock options granted to those who separated from the Company has been charged to expense, while the options returned to the Company. During the years ended December 31, 2012 and 2011, $nil was charged to expense.

10.

Income Tax

In accordance with the current tax laws in China, Kiwa Shandong and Kiwa Tianjin would normally be subject to a corporate income tax rate of 25% on its taxable income. However, after the Enterprise Income Tax Law of the PRC promulgated on March 16, 2007 took effect on January 1, 2008, Kiwa Shandong and Kiwa Tianjin have continued to be entitled to a preferential tax treatment: an EIT holiday for the two years ended December 31, 2008 and 2009 and a 50% reduction on the EIT rate for the three years ended December 31, 2010, 2011 and 2012. Fiscal years 2008 and 2009 will be regarded as the first and second profitable years for determining eligibility of these benefits even if Kiwa Shandong or Kiwa Tianjin have not been profitable in 2008 or 2009. Kiwa Shandong and Kiwa Tianjin have not provided for any corporate income taxes since they had no taxable income for the years ended December 31, 2011 and 2010.

No provision for other overseas taxes is made as the Company has no taxable income in the U.S. In accordance with the relevant tax laws in the British Virgin Islands, Kiwa BVI, as an International Business Company, is exempt from income taxes.

A reconciliation of the provision for income taxes determined at the local income tax rate to the Company’s effective income tax rate is as follows:

	Year ended December 31,
	2012			2011

Pre-tax loss	$	(1,342,432	)	$	(1,691,319	)

U.S. federal corporate income tax rate		34	%		34	%
Income tax computed at U.S. federal corporate income tax rate		456,427			575,048
Reconciling items:
Rate differential for PRC earnings		(60,492	)		(51,608	)
Loss not recognized as deferred tax assets		(355,135	)		(477,945	)
Non-deductible expenses and non-reportable income		(40,800	)		(45,495	)
Effective tax expense	$	-		$	-

F-16

Kiwa Bio-Tech Products Group Corporation

Notes to Consolidated Financial Statements

The Company had deferred tax assets as follows:

	December 31 2012			December 31 2011

Net operating losses carried forward	$	5,459,835		$	5,314,283
Less: Valuation allowance		(5,459,835	)		(5,314,283	)

Net deferred tax assets	$	-		$	-

As of December 31, 2012 and 2011, the Company had approximately $16,000,000 and $17,500,000 net operating loss carryforwards available to reduce future taxable income. Net operating loss of the Company could be carried forward and taken against any taxable income for a period of not more than twenty years from the year of the initial loss pursuant to Section 172 of the Internal Revenue Code of 1986, as amended. The net operating loss of Kiwa Shandong and Kiwa Tianjin could be carried forward for a period of not more than five years from the year of the initial loss pursuant to relevant PRC tax laws and regulations. It is more-likely-than-not that the deferred tax assets cannot be utilized in the future because there will not be significant future earnings from the entity which generated the net operating loss. Therefore, the Company recorded a full valuation allowance on its deferred tax assets.

As of December 31, 2012 and 2011, the Company has no material unrecognized tax benefits which would favorably affect the effective income tax rate in future periods and does not believe that there will be any significant increases or decreases of unrecognized tax benefits within the next twelve months. No interest or penalties relating to income tax matters have been imposed on the Company during the two years ended December 31, 2012 and 2011, and no provision for interest and penalties is deemed necessary as of December 31, 2012 and 2011.

According to the PRC Tax Administration and Collection Law, the statute of limitations is three years if the underpayment of taxes is due to computational errors made by the taxpayer or its withholding agent. The statute of limitations extends to five years under special circumstances, which are not clearly defined. In the case of a related party transaction, the statute of limitation is ten years. There is no statute of limitation in the case of tax evasion.

11.

Commitments and Contingencies

The Company has the following material contractual obligations:

(1)

Operating lease commitments

The Company leased an office in Beijing on July 15, 2007. The operating lease agreement will expire on January 14, 2012. The monthly rental payment for the office is RMB 80,324 (approximately $12,000). Rent expense under the operating lease for the nine months ended September, 2011 and 2010 was $102,247 and $143,897, respectively. Although the operating lease agreement expired by its term on January 14, 2012, the parties elected to terminate the lease on June 30, 2011.

The Company’s commitments for minimum lease payments under the operating lease for the next five years and thereafter as of December 31, 2012 are as follows:

Fiscal Year	Amount
2013	$	6,000
Total	$	6,000

F-17

Kiwa Bio-Tech Products Group Corporation

Notes to Consolidated Financial Statements

(2)

Technology acquisition

(3)

Operation of Kiwa-CAU R&D Center

(4)

Investment in manufacturing and research facilities in Zoucheng, Shandong Province in China

12.

Discontinued Operation

The consolidated balance sheets at December 31, 2012 and 2011 reflected the assets and liabilities of the bio-enhanced feed business segment as a discontinued operation. The following table summarizes the assets and liabilities of the discontinued operation, excluding intercompany balances eliminated in consolidation, at December 31, 2012 and 2011, respectively:

Assets	December 31, 2012		December 31, 2011
Cash and cash equivalents	$	-	$	416
Total assets	$	-	$	416

Liabilities
Due to related parties-trade	$	-	$	34,515
Salary payable		-		79,191
Total liabilities	$	-	$	113,706

F-18

Kiwa Bio-Tech Products Group Corporation

Notes to Consolidated Financial Statements

During the year ended December 31, 2009, Challenge Feed, the 20% minority shareholder of Kiwa Tianjin, without our prior permission, transferred titles to machinery, equipment and inventory of Kiwa Tianjin to its own creditors to settle its own debts. On December 22, 2009, Kiwa Tianjin filed a lawsuit against Challenge Feed in the local court of Wuqing District, Tianjin, where Kiwa Tianjin is domiciled. In the lawsuit, Kiwa Tianjin asserted that Challenge Feed unlawfully disposed of the assets held by Kiwa Tianjin. The local court of Wuqing District ruled that the local court would not examine the lawsuit against Challenge Feed since Challenge Feed entered into bankruptcy proceedings and that all related matters would be solved during Challenge Feed’s bankruptcy proceedings.

F-19

EX-31.1 2 v337740_ex31-1.htm EXHIBIT 31.1

EXHIBIT 31.1

CERTIFICATION PURSUANT TO RULES 13a-14(a) AND 15d-14(a), AS

ADOPTED PURSUANT TO SECTION 302 OF THE SARBANES-OXLEY ACT OF 2002

I, Wei Li, certify that:

I have reviewed this Annual Report on Form 10-K of Kiwa Bio-Tech Products Group Corporation for the fiscal year ended December 31, 2012;

Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;

The registrant's other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:

Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the registrant's most recent fiscal quarter (the registrant's fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and

The registrant's other certifying officer(s) and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):

All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize and report financial information; and

Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.

Date:	April 15, 2013

By:	/s/ Wei Li
	Wei Li
	Principal Executive Officer

EX-31.2 3 v337740_ex31-2.htm EXHIBIT 31.2

EXHIBIT 31.2

CERTIFICATION PURSUANT TO RULES 13a-14(a) AND 15d-14(a), ASADOPTED
PURSUANT TO SECTION 302 OF THE SARBANES-OXLEY ACT OF 2002

I, Steven Ning Ma, certify that:

I have reviewed this Annual Report on Form 10-K of Kiwa Bio-Tech Products Group Corporation for the fiscal year ended December 31, 2012;

Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.

Date:	April 15, 2013

By:	/s/ Steven Ning Ma
	Steven Ning Ma
	Principal Financial and Accounting Officer

EX-32.1 4 v337740_ex32-1.htm EXHIBIT 32.1

EXHIBIT 32.1

CERTIFICATIONS PURSUANT TO SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002

(18 U.S.C. SECTION 1350)

In connection with the Annual Report of Kiwa Bio-Tech Products Group Corporation (the “Company”), on Form 10-K for the year ended December 31, 2012, as filed with the Securities and Exchange Commission (the “Report”), Wei Li, Chief Executive Officer and Steven Ning Ma, Chief Financial Officer of the Company, do hereby certify, pursuant to § 906 of the Sarbanes-Oxley Act of 2002 (18 U.S.C. § 1350), that:

The Report fully complies with the requirements of section 13(a) or 15(d) of the Securities Exchange Act of 1934; and

The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company.

Date:	April 15, 2013

By:	/s/ Wei Li
	Wei Li
	Principal Executive Officer

By:	/s/ Steven Ning Ma
	Steven Ning Ma
	Principal Financial and Accounting Officer

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style="vertical-align: top;"> <td style="width: 21pt;">1.</td> <td>Description of Business and Organization</td> </tr> </table>   Organization – Kiwa Bio-Tech Products Group Corporation (“the Company”) is the result of a share exchange transaction accomplished on March 12, 2004 between the shareholders of Kiwa Bio-Tech Products Group Ltd. (“Kiwa BVI”), a company originally organized under the laws of the British Virgin Islands on June 5, 2002 and Tintic Gold Mining Company (“Tintic”), a corporation originally incorporated in the state of Utah on June 14, 1933 to perform mining operations in Utah. The share exchange resulted in a change of control of Tintic, with former Kiwa BVI stockholders owning approximately 89% of Tintic on a fully diluted basis and Kiwa BVI surviving as a wholly-owned subsidiary of Tintic. Subsequent to the share exchange transaction, Tintic changed its name to Kiwa Bio-Tech Products Group Corporation. On July 21, 2004, the Company completed its reincorporation in the State of Delaware.   The Company has established a subsidiary in China, Kiwa Bio-Tech Products (Shandong) Co., Ltd. (“Kiwa Shandong”) in 2002. The following chart summarizes the Company’s organizational and ownership structure.   Business – The Company’s business plan is to develop, manufacture, distribute and market innovative, cost-effective and environmentally safe bio-technological products for agriculture markets located primarily in China. The Company has acquired technologies to produce and market bio-fertilizer. <table style="margin-top: 0pt; width: 100%; font: bold 10pt times new roman, times, serif; margin-bottom: 0pt;" cellspacing="0" cellpadding="0"> <tr style="vertical-align: top;"> <td style="width: 21pt;">2.</td> <td>Summary of Significant Accounting Policies</td> </tr> </table>   Principle of Consolidation - These consolidated financial statements include the financial statements of the Company and its wholly-owned subsidiaries, Kiwa BVI and Kiwa Bio-Tech Products (Shandong) Co., Ltd. (“Kiwa Shandong”), and also its former majority-owned subsidiary, Tianjin Kiwa Feed Co., Ltd. (“Kiwa Tianjin”). Effective on July 11, 2012, the Company dissolved Kiwa Tianjin. All significant inter-company balances or transactions are eliminated on consolidation.   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, 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. Significant accounting estimates include the bad debt provision, impairment of inventory and long-lived assets, depreciation and amortization of long-lived assets and fair value of warrants and options.   Certain of our estimates, including evaluating the collectability of accounts receivable and the fair market value of long-lived assets, could be affected by external conditions, including those unique to our industry, and general economic conditions. It is possible that these external factors could have an effect on our estimates that could cause actual results to differ from our estimates. We re-evaluate all of our accounting estimates annually based on these conditions and record adjustments when necessary.   Cash - Cash includes cash in hand and cash in time deposits, certificates of deposits and all highly liquid debt instruments with original maturities of three months or less.   The Company maintains cash with financial institutions in the People’s Republic of China (“PRC”) which are not insured or otherwise protected. Should any of these institutions holding the Company’s cash become insolvent, or if the Company is unable to withdraw funds for any reason, the Company could lose the cash on deposit with that institution.   Accounts Receivables - Accounts receivables represent customer accounts receivables. The allowance for doubtful accounts is based on a combination of current sales, historical charge offs and specific accounts identified as high risk. Uncollectible accounts receivable are charged against the allowance for doubtful accounts when all reasonable efforts to collect the amounts due have been exhausted. Such allowances, if any, would be recorded in the period the impairment is identified.   The Company performs ongoing credit evaluations of its customers and establishes an allowance for doubtful accounts when amounts are not considered fully collectable.  According to the Company’s credit policy, the Company generally provides a 100% bad debt provision for the amounts outstanding over 365 days after the deduction of the amount subsequently settled after the balance sheet date, which management believes is consistent with industry practice in the China region.   Inventories - Inventories are stated at the lower of cost, determined on the weighted average method, and net realizable value. Work in progress and finished goods are composed of direct material, direct labor and a portion of manufacturing overhead. Net realizable value is the estimated selling price in the ordinary course of business, less estimated costs to complete and dispose.   Property, plant and equipment - Property, plant and equipment are stated at cost less accumulated depreciation and accumulated impairment losses, if any. Gains or losses on disposals are reflected as gain or loss in the year of disposal. The cost of improvements that extend the life of property, plant and equipment are capitalized. These capitalized costs may include structural improvements, equipment and fixtures. All ordinary repair and maintenance costs are expensed as incurred. Depreciation for financial reporting purposes is provided using the straight-line method over the estimated useful lives of the assets as follows:   <table style="width: 85%; border-collapse: collapse; font: 10pt times new roman, times, serif;" cellspacing="0" cellpadding="0"> <tr style="vertical-align: top;"> <td style="width: 78%;" nowrap="nowrap"> </td> <td style="text-align: center; width: 2%;" nowrap="nowrap"> </td> <td style="text-align: center; width: 20%;" nowrap="nowrap">Useful Life</td> </tr> <tr style="vertical-align: top;"> <td nowrap="nowrap"> </td> <td style="text-align: center;" nowrap="nowrap"> </td> <td style="border-bottom: windowtext 1pt solid; text-align: center;" nowrap="nowrap">(In years)</td> </tr> <tr style="background-color: #ccffcc; vertical-align: top;"> <td>Buildings</td> <td style="text-align: center;"> </td> <td style="text-align: center;">30 - 35</td> </tr> <tr style="background-color: white; vertical-align: top;"> <td>Machinery and equipment</td> <td style="text-align: center;"> </td> <td style="text-align: center;">5 - 10</td> </tr> <tr style="background-color: #ccffcc; vertical-align: top;"> <td>Automobiles</td> <td style="text-align: center;"> </td> <td style="text-align: center;">8</td> </tr> <tr style="background-color: white; vertical-align: top;"> <td>Office equipment</td> <td style="text-align: center;"> </td> <td style="text-align: center;">2 - 5</td> </tr> <tr style="background-color: #ccffcc; vertical-align: top;"> <td>Computer software</td> <td style="text-align: center;"> </td> <td style="text-align: center;">3</td> </tr> </table>   Impairment of Long-Lived Assets - The Company’s long-lived assets consist of property, equipment and intangible assets.  The Company evaluates its investment in long-lived assets, including property and equipment, for recoverability whenever events or changes in circumstances indicate the net carrying amount may not be recoverable.  Judgments regarding potential impairment are based on legal factors, market conditions and operational performance indicators, among others.  In assessing the impairment of property and equipment, the Company makes assumptions regarding the estimated future cash flows and other factors to determine the fair value of the respective assets.   Fair value of warrants and options - The Company adopted ASC Topic 815, “Accounting for Derivative Instruments and Hedging Activities” to recognize warrants relating to loans and warrants issued to consultants as compensation as derivative instruments in our consolidated financial statements. The Company also adopted ASC Topic 718, “Share Based Payment” to recognize options granted to employees as derivative instruments in our consolidated financial statements. The Company calculates the fair value of the warrants and options using the Black-Scholes Model.   Revenue Recognition – The Company recognizes revenue for our products in accordance with FASB ASC Topic 605, “Revenue Recognition.” Sales represent the invoiced value of goods, net of value added tax, supplied to customers. Sales are recognized upon delivery of goods to customers when a formal arrangement exists, the price is fixed or determinable, the delivery is completed, and 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 advances from customers.    Shipping and Handling Costs - Substantially all costs of shipping and handling of products to customers are included in selling. Shipping and handling costs for the years ended December 31, 2012 and 2011 were both $nil.   Income Taxes - The Company accounts for income taxes under the provisions of FASB ASC Topic 740, “Income Tax,” which requires recognition of deferred tax assets and liabilities for the expected future tax consequences of events that have been included in the consolidated financial statements or tax returns. Deferred tax assets and liabilities are recognized for the future tax consequence attributable to the difference between the tax bases of assets and liabilities and their reported amounts in the financial statements. Deferred tax assets and liabilities are measured using the enacted tax rate expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. The effect on deferred tax assets and liabilities of a change in tax rates is recognized in income in the period that includes the enactment date. The Company establishes a valuation when it is more likely than not that the assets will not be recovered.   ASC Topic 740.10.30 clarifies the accounting for uncertainty in income taxes recognized in an enterprise’s financial statements and prescribes a recognition threshold and measurement attribute for the financial statement recognition and measurement of a tax position taken or expected to be taken in a tax return. ASC Topic 740.10.40 provides guidance on derecognition, classification, interest and penalties, accounting in interim periods, disclosure, and transition. We have no material uncertain tax positions for any of the reporting periods presented.   Foreign Currency Translation and Other Comprehensive Income - The Company uses United States dollars (“US Dollar” or “US$” or “$”) for financial reporting purposes. However, the Company maintains the books and records in its functional currency, Chinese Renminbi (“RMB”), being the primary currency of the economic environment in which its operations are conducted. In general, the Company translates its assets and liabilities into U.S. dollars using the applicable exchange rates prevailing at the balance sheet date, and the statement of income and the statement of cash flow are translated at average exchange rates during the reporting period. Equity accounts are translated at historical rates. Adjustments resulting from the translation of the Company’s financial statements are recorded as accumulated other comprehensive income.   Other comprehensive loss for the year ended December 31, 2012 and 2011 represented foreign currency translation adjustments and were included in the consolidated statements of income and comprehensive income.   The exchange rates used to translate amounts in RMB into U.S. Dollars for the purposes of preparing the consolidated financial statements were as follows:   <table style="width: 100%; border-collapse: collapse; font: 10pt times new roman, times, serif;" cellspacing="0" cellpadding="0"> <tr style="vertical-align: bottom;"> <td style="padding-bottom: 1pt;"> </td> <td style="padding-bottom: 1pt;"> </td> <td style="border-bottom: black 1pt solid; text-align: center;" colspan="6">As of December 31,</td> <td style="padding-bottom: 1pt;"> </td> </tr> <tr style="vertical-align: bottom;"> <td style="padding-bottom: 1pt;"> </td> <td style="padding-bottom: 1pt;"> </td> <td style="border-bottom: black 1pt solid; text-align: center;" colspan="2">2012</td> <td style="padding-bottom: 1pt;"> </td> <td style="padding-bottom: 1pt;"> </td> <td style="border-bottom: black 1pt solid; text-align: center;" colspan="2">2011</td> <td style="padding-bottom: 1pt;"> </td> </tr> <tr style="background-color: #ccffcc; vertical-align: bottom;"> <td style="text-align: left; width: 70%;">Balance sheet items, except for equity accounts</td> <td style="width: 1%;"> </td> <td style="text-align: left; width: 1%;"> </td> <td style="text-align: right; width: 12%;">6.2301</td> <td style="text-align: left; width: 1%;"> </td> <td style="width: 1%;"> </td> <td style="text-align: left; width: 1%;"> </td> <td style="text-align: right; width: 12%;">6.3364</td> <td style="text-align: left; width: 1%;"> </td> </tr> </table>   <table style="width: 100%; border-collapse: collapse; font: 10pt times new roman, times, serif;" cellspacing="0" cellpadding="0"> <tr style="vertical-align: bottom;"> <td nowrap="nowrap"> </td> <td style="padding-bottom: 1pt;" nowrap="nowrap"> </td> <td style="border-bottom: black 1pt solid; text-align: center;" colspan="6" nowrap="nowrap">Year ended December 31,</td> <td style="padding-bottom: 1pt;" nowrap="nowrap"> </td> </tr> <tr style="vertical-align: bottom;"> <td nowrap="nowrap"> </td> <td style="padding-bottom: 1pt;" nowrap="nowrap"> </td> <td style="border-bottom: black 1pt solid; text-align: center;" colspan="2" nowrap="nowrap">2012</td> <td style="padding-bottom: 1pt;" nowrap="nowrap"> </td> <td style="padding-bottom: 1pt;" nowrap="nowrap"> </td> <td style="border-bottom: black 1pt solid; text-align: center;" colspan="2" nowrap="nowrap">2011</td> <td style="padding-bottom: 1pt;" nowrap="nowrap"> </td> </tr> <tr style="background-color: #ccffcc; vertical-align: bottom;"> <td style="text-align: left; width: 70%;">Items in the statements of income</td> <td style="width: 1%;"> </td> <td style="text-align: left; width: 1%;"> </td> <td style="text-align: right; width: 12%;">6.3093</td> <td style="text-align: left; width: 1%;"> </td> <td style="width: 1%;"> </td> <td style="text-align: left; width: 1%;"> </td> <td style="text-align: right; width: 12%;">6.4653</td> <td style="text-align: left; width: 1%;"> </td> </tr> </table>   Advertising Costs - The Company charges all advertising costs to expense as incurred. The total amounts of advertising costs charged to selling, general and administrative expense were both $nil for the years ended December 31, 2012 and 2011, respectively.   Research and Development Costs - Research and development costs are charged to expense as incurred.  During the years ended December 31, 2012 and 2011, research and development costs were $159,059 and $166,716, respectively.   Net Loss Per Common Share - Basic loss per common share is calculated by dividing net loss attributable to Kiwa stockholders by the weighted-average number of shares of common stock outstanding during the period. Diluted loss per common share includes dilutive effect of dilutive securities (stock options, warrants, convertible debt, stock subscription and other stock commitments issuable). These potentially dilutive securities were not included in the calculation of loss per share for the periods presented because the Company incurred a loss during such periods and thus the effect would have been anti-dilutive. Accordingly, basic and diluted loss per common share is the same for all periods presented. As of December 31, 2012 and 2011, potentially dilutive securities aggregated 2,164,782,738 and 9,228,310,626 shares of common stock, respectively.   Fair value measurements   ASC Topic 820, Fair Value Measurement and Disclosures, defines fair value as the exchange price that would be received for an asset or paid to transfer a liability (an exit price) in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants on the measurement date. This topic also establishes a fair value hierarchy which requires classification based on observable and unobservable inputs when measuring fair value. There are three levels of inputs that may be used to measure fair value:   Level 1 - Quoted prices in active markets for identical assets or liabilities.   Level 2 - Observable inputs other than Level 1 prices such as quoted prices for similar assets or liabilities; quoted prices in markets that are not active; or other inputs that are observable or can be corroborated by observable market data for substantially the full term of the assets or liabilities.   Level 3 - Unobservable inputs that are supported by little or no market activity and that are significant to the fair value of the assets or liabilities.   The carrying values of cash and cash equivalents, trade receivables and payables, and short-term debts approximate their fair values due to their short maturities.   Recent accounting pronouncements adopted   In July 2012, the FASB issued Accounting Standards Update No. 2012-02 Intangibles — Goodwill and Other (Topic 350): The amendments in this update will allow an entity to first assess qualitative factors to determine whether it is necessary to perform a quantitative impairment test. Under these amendments, an entity would not be required to calculate the fair value of an indefinite-lived intangible asset unless the entity determines, based on a qualitative assessment, that it is not more likely than not, the indefinite-lived intangible asset is impaired. The amendments include a number of events and circumstances for an entity to consider in conducting the qualitative assessment. The amendments are effective for annual and interim impairment tests performed for fiscal years beginning after September 15, 2012. Early adoption is permitted, including for annual and interim impairment tests performed as of a date before July 27, 2012, if a public entity’s financial statements for the most recent annual or interim period have not yet been issued. The Company does not expect the adoption of the provisions in this update will have a significant impact on its consolidated financial statements.   In February 2013, the FASB issued Accounting Standards Update No. 2013-02 Comprehensive Income (Topic 220): The objective of this update is to improve the reporting of reclassifications out of accumulated other comprehensive income. The amendments in this update seek to attain that objective by requiring an entity to report the effect of significant reclassifications out of accumulated other comprehensive income on the respective line items in net income if the amount being reclassified is required under U.S. generally accepted accounting principles (GAAP) to be reclassified in its entirety to net income. For other amounts that are not required under U.S. GAAP to be reclassified in their entirety to net income in the same reporting period, an entity is required to cross-reference other disclosures required under U.S. GAAP that provide additional detail about those amounts. This would be the case when a portion of the amount reclassified out of accumulated other comprehensive income is reclassified to a balance sheet account (for example, inventory) instead of directly to income or expense in the same reporting period. For public entities, the amendments are effective prospectively for reporting periods beginning after December 15, 2012. The Company does not expect the adoption of the provisions in this update will have a significant impact on its consolidated financial statements.    Other accounting standards that have been issued or proposed by the FASB or other standards-setting bodies that do not require adoption until a future date are not expected to have a material impact on the Company’s consolidated financial statements upon adoption.   Other accounting standards that have been issued or proposed by the FASB or other standards-setting bodies that do not require adoption until a future date are not expected to have a material impact on the Company’s consolidated financial statements upon adoption. <table style="margin-top: 0pt; width: 100%; font: bold 10pt times new roman, times, serif; margin-bottom: 0pt;" cellspacing="0" cellpadding="0"> <tr style="vertical-align: top;"> <td style="width: 0px;"></td> <td style="width: 21pt;">3.</td> <td>Going Concern</td> </tr> </table>   The consolidated financial statements have been prepared assuming that the Company will continue as a going concern, which contemplates the realization of assets and the satisfaction of liabilities in the normal course of business.   As of December 31, 2012, the Company’s current liabilities substantially exceeded its current assets. The Company had no sales during the year ended December 31, 2012, had an accumulated deficit and stockholders’ deficiency. These circumstances, among others, raise substantial doubt about the Company’s ability to continue as a going concern. The financial statements do not include any adjustments that might result from the outcome of this uncertainty. The financial statements also do not include any adjustments relating to the recoverability and classification of recorded asset amounts, or amounts and classifications of liabilities that might be necessary should the Company be unable to continue as a going concern. The company plans to rely on the proceeds from loans from both unrelated and related parties to provide the resources necessary to fund the development of our business plan and operations. The Company also plans to raise funds from domestic and foreign banks and/or financial institutions to increase working capital in order to meet capital demands. <table style="margin-top: 0pt; width: 100%; font: bold 10pt times new roman, times, serif; margin-bottom: 0pt;" cellspacing="0" cellpadding="0"> <tr style="vertical-align: top;"> <td style="width: 0px;"></td> <td style="width: 21pt;">4.</td> <td>Property, Plant and Equipment</td> </tr> </table>   Property, plant and equipment, net consisted of the following:   <table style="width: 80%; border-collapse: collapse; font: 10pt times new roman, times, serif;" cellspacing="0" cellpadding="0"> <tr style="vertical-align: bottom;"> <td nowrap="nowrap"> </td> <td style="padding-bottom: 1pt; font-weight: bold;" nowrap="nowrap"> </td> <td style="border-bottom: black 1pt solid; text-align: center; font-weight: bold;" colspan="2" nowrap="nowrap">December 31, 2012</td> <td style="padding-bottom: 1pt; font-weight: bold;" nowrap="nowrap"> </td> <td style="padding-bottom: 1pt;" nowrap="nowrap"> </td> <td style="border-bottom: black 1pt solid; text-align: center;" colspan="2" nowrap="nowrap">December 31, 2011</td> <td style="padding-bottom: 1pt;" nowrap="nowrap"> </td> </tr> <tr style="background-color: #ccffcc; vertical-align: bottom;"> <td style="text-align: left;">Property, Plant and Equipment</td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;"> </td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;"> </td> <td style="text-align: left;"> </td> </tr> <tr style="background-color: white; vertical-align: bottom;"> <td style="padding-left: 0.125in; width: 70%;">Buildings</td> <td style="width: 1%; font-weight: bold;"> </td> <td style="text-align: left; width: 1%; font-weight: bold;">$</td> <td style="text-align: right; width: 12%; font-weight: bold;">1,362,481</td> <td style="text-align: left; width: 1%; font-weight: bold;"> </td> <td style="width: 1%;"> </td> <td style="text-align: left; width: 1%;">$</td> <td style="text-align: right; width: 12%;">1,339,622</td> <td style="text-align: left; width: 1%;"> </td> </tr> <tr style="background-color: #ccffcc; vertical-align: bottom;"> <td style="text-align: left; padding-left: 0.125in;">Machinery and equipment</td> <td style="font-weight: bold;"> </td> <td style="text-align: left; font-weight: bold;"> </td> <td style="text-align: right; font-weight: bold;">620,060</td> <td style="text-align: left; font-weight: bold;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">609,660</td> <td style="text-align: left;"> </td> </tr> <tr style="background-color: white; vertical-align: bottom;"> <td style="padding-left: 0.125in;">Automobiles</td> <td style="font-weight: bold;"> </td> <td style="text-align: left; font-weight: bold;"> </td> <td style="text-align: right; font-weight: bold;">89,288</td> <td style="text-align: left; font-weight: bold;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">87,791</td> <td style="text-align: left;"> </td> </tr> <tr style="background-color: #ccffcc; vertical-align: bottom;"> <td style="text-align: left; padding-left: 0.125in;">Office equipment</td> <td style="font-weight: bold;"> </td> <td style="text-align: left; font-weight: bold;"> </td> <td style="text-align: right; font-weight: bold;">109,147</td> <td style="text-align: left; font-weight: bold;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">107,317</td> <td style="text-align: left;"> </td> </tr> <tr style="background-color: white; vertical-align: bottom;"> <td style="text-align: left; padding-bottom: 1pt; padding-left: 0.125in;">Computer software</td> <td style="padding-bottom: 1pt; font-weight: bold;"> </td> <td style="border-bottom: black 1pt solid; text-align: left; font-weight: bold;"> </td> <td style="border-bottom: black 1pt solid; text-align: right; font-weight: bold;">23,219</td> <td style="text-align: left; padding-bottom: 1pt; font-weight: bold;"> </td> <td style="padding-bottom: 1pt;"> </td> <td style="border-bottom: black 1pt solid; text-align: left;"> </td> <td style="border-bottom: black 1pt solid; text-align: right;">22,830</td> <td style="text-align: left; padding-bottom: 1pt;"> </td> </tr> <tr style="background-color: #ccffcc; vertical-align: bottom;"> <td style="text-align: left;">Property, plant and equipment - total</td> <td style="font-weight: bold;"> </td> <td style="text-align: left; font-weight: bold;">$</td> <td style="text-align: right; font-weight: bold;">2,204,195</td> <td style="text-align: left; font-weight: bold;"> </td> <td> </td> <td style="text-align: left;">$</td> <td style="text-align: right;">2,167,220</td> <td style="text-align: left;"> </td> </tr> <tr style="background-color: white; vertical-align: bottom;"> <td style="text-align: left; padding-left: 0.125in;">Less: accumulated depreciation</td> <td style="font-weight: bold;"> </td> <td style="text-align: left; font-weight: bold;"> </td> <td style="text-align: right; font-weight: bold;">(781,044</td> <td style="text-align: left; font-weight: bold;">)</td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">(763,319</td> <td style="text-align: left;">)</td> </tr> <tr style="background-color: #ccffcc; vertical-align: bottom;"> <td style="text-align: left; padding-bottom: 1pt; padding-left: 0.125in;">Less: impairment on long-lived assets</td> <td style="padding-bottom: 1pt; font-weight: bold;"> </td> <td style="border-bottom: black 1pt solid; text-align: left; font-weight: bold;"> </td> <td style="border-bottom: black 1pt solid; text-align: right; font-weight: bold;">(1,407,186</td> <td style="text-align: left; padding-bottom: 1pt; font-weight: bold;">)</td> <td style="padding-bottom: 1pt;"> </td> <td style="border-bottom: black 1pt solid; text-align: left;"> </td> <td style="border-bottom: black 1pt solid; text-align: right;">(1,383,579</td> <td style="text-align: left; padding-bottom: 1pt;">)</td> </tr> <tr style="background-color: white; vertical-align: bottom;"> <td style="text-align: left; padding-bottom: 1pt;">Property, plant and equipment - net</td> <td style="padding-bottom: 1pt; font-weight: bold;"> </td> <td style="border-bottom: black 1pt solid; text-align: left; font-weight: bold;">$</td> <td style="border-bottom: black 1pt solid; text-align: right; font-weight: bold;">15,965</td> <td style="text-align: left; padding-bottom: 1pt; font-weight: bold;"> </td> <td style="padding-bottom: 1pt;"> </td> <td style="border-bottom: black 1pt solid; text-align: left;">$</td> <td style="border-bottom: black 1pt solid; text-align: right;">20,322</td> <td style="text-align: left; padding-bottom: 1pt;"> </td> </tr> </table>   The building is on a piece of land the use right of which was granted to Kiwa Bio-Tech Products (Shandong) Co., Ltd. by local government free for 10 years and then for another 20 years on a fee calculated according to Kiwa Shandong's net profit.  Since Kiwa Shandong did not generate any net profit, no fee is payable.   Depreciation expense was $4,642 and $6,771 for the years ended December 31, 2012 and 2011, respectively.   Impairment on long-lived assets was $nil for the years ended December 31, 2012 and 2011, respectively.   All of our property, plant and equipment have been held as collateral to secure the 6% Notes (see Note 8). <table style="margin-top: 0pt; width: 100%; font: bold 10pt times new roman, times, serif; margin-bottom: 0pt;" cellspacing="0" cellpadding="0"> <tr style="vertical-align: top;"> <td style="width: 0px;"></td> <td style="width: 21pt;">5.</td> <td>Construction Costs Payable</td> </tr> </table>   Construction costs payable represents remaining amounts to be paid for the first phase of construction of bio-fertilizer facility in Shandong. The balance of construction costs payable as of December 31, 2012 and 2011 was $284,952 and $280,172, respectively. <table style="margin-top: 0pt; width: 100%; font: bold 10pt times new roman, times, serif; margin-bottom: 0pt;" cellspacing="0" cellpadding="0"> <tr style="vertical-align: top;"> <td style="width: 0px;"></td> <td style="width: 21pt;">6.</td> <td>Related Party Transactions</td> </tr> </table>   Amounts due to related parties consisted of the following as of December 31, 2012 and December 31, 2011:   <table style="width: 100%; border-collapse: collapse; font: 10pt times new roman, times, serif;" cellspacing="0" cellpadding="0"> <tr style="vertical-align: bottom;"> <td style="border-bottom: black 1pt solid; text-align: center;" nowrap="nowrap">Item</td> <td style="padding-bottom: 1pt;" nowrap="nowrap"> </td> <td style="border-bottom: black 1pt solid; text-align: center;" colspan="2" nowrap="nowrap">Nature</td> <td style="padding-bottom: 1pt;" nowrap="nowrap"> </td> <td style="padding-bottom: 1pt;" nowrap="nowrap"> </td> <td style="border-bottom: black 1pt solid; text-align: center;" colspan="2" nowrap="nowrap">Notes</td> <td style="padding-bottom: 1pt;" nowrap="nowrap"> </td> <td style="padding-bottom: 1pt;" nowrap="nowrap"> </td> <td style="text-align: right; padding-bottom: 1pt;" colspan="2" nowrap="nowrap"> </td> <td style="padding-bottom: 1pt;" nowrap="nowrap"> </td> <td style="padding-bottom: 1pt;" nowrap="nowrap"> </td> <td style="text-align: right; padding-bottom: 1pt;" colspan="2" nowrap="nowrap"> </td> <td style="padding-bottom: 1pt;" nowrap="nowrap"> </td> </tr> <tr style="vertical-align: bottom;"> <td style="padding-bottom: 1pt;" nowrap="nowrap"> </td> <td style="padding-bottom: 1pt;" nowrap="nowrap"> </td> <td style="text-align: center; padding-bottom: 1pt;" colspan="2" nowrap="nowrap"> </td> <td style="padding-bottom: 1pt;" nowrap="nowrap"> </td> <td style="padding-bottom: 1pt;" nowrap="nowrap"> </td> <td style="text-align: center; padding-bottom: 1pt;" colspan="2" nowrap="nowrap"> </td> <td style="padding-bottom: 1pt;" nowrap="nowrap"> </td> <td style="padding-bottom: 1pt; font-weight: bold;" nowrap="nowrap"> </td> <td style="border-bottom: black 1pt solid; text-align: center; font-weight: bold;" colspan="2" nowrap="nowrap">December 31, 2012</td> <td style="padding-bottom: 1pt; font-weight: bold;" nowrap="nowrap"> </td> <td style="padding-bottom: 1pt;" nowrap="nowrap"> </td> <td style="border-bottom: black 1pt solid; text-align: center;" colspan="2" nowrap="nowrap">December 31, 2011</td> <td style="padding-bottom: 1pt;" nowrap="nowrap"> </td> </tr> <tr style="background-color: #ccffcc; vertical-align: bottom;"> <td style="text-align: left; width: 40%;">Mr. Wei Li ("Mr. Li")</td> <td style="width: 1%;"> </td> <td style="text-align: center; width: 1%;"> </td> <td style="text-align: center; width: 12%;">Non-trade</td> <td style="text-align: left; width: 1%;"> </td> <td style="width: 1%;"> </td> <td style="text-align: center; width: 1%;"> </td> <td style="text-align: center; width: 12%;">(1)</td> <td style="text-align: left; width: 1%;"> </td> <td style="width: 1%; font-weight: bold;"> </td> <td style="text-align: left; width: 1%; font-weight: bold;">$</td> <td style="text-align: right; width: 12%; font-weight: bold;">3,412,284</td> <td style="text-align: left; width: 1%; font-weight: bold;"> </td> <td style="width: 1%;"> </td> <td style="text-align: left; width: 1%;">$</td> <td style="text-align: right; width: 12%;">3,203,190</td> <td style="text-align: left; width: 1%;"> </td> </tr> <tr style="background-color: white; vertical-align: bottom;"> <td style="text-align: left;">Kangtai International Logistics (Beijing) Co., Ltd. ("Kangtai")</td> <td> </td> <td style="text-align: center;"> </td> <td style="text-align: center;">Non-trade</td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: center;"> </td> <td style="text-align: center;">(2)</td> <td style="text-align: left;"> </td> <td style="font-weight: bold;"> </td> <td style="text-align: left; font-weight: bold;"> </td> <td style="text-align: right; font-weight: bold;">(13,250</td> <td style="text-align: left; font-weight: bold;">)</td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">(12,792</td> <td style="text-align: left;">)</td> </tr> <tr style="background-color: #ccffcc; vertical-align: bottom;"> <td style="text-align: left; padding-bottom: 1pt;">Ms. Yvonne Wang ("Ms. Wang")</td> <td style="padding-bottom: 1pt;"> </td> <td style="text-align: center; padding-bottom: 1pt;"> </td> <td style="text-align: center; padding-bottom: 1pt;">Non-trade</td> <td style="text-align: left; padding-bottom: 1pt;"> </td> <td style="padding-bottom: 1pt;"> </td> <td style="text-align: center; padding-bottom: 1pt;"> </td> <td style="text-align: center; padding-bottom: 1pt;">(3)</td> <td style="text-align: left; padding-bottom: 1pt;"> </td> <td style="padding-bottom: 1pt; font-weight: bold;"> </td> <td style="border-bottom: black 1pt solid; text-align: left; font-weight: bold;"> </td> <td style="border-bottom: black 1pt solid; text-align: right; font-weight: bold;">404,000</td> <td style="text-align: left; padding-bottom: 1pt; font-weight: bold;"> </td> <td style="padding-bottom: 1pt;"> </td> <td style="border-bottom: black 1pt solid; text-align: left;"> </td> <td style="border-bottom: black 1pt solid; text-align: right;">324,500</td> <td style="text-align: left; padding-bottom: 1pt;"> </td> </tr> <tr style="background-color: white; vertical-align: bottom;"> <td style="font-style: italic;">Subtotal</td> <td> </td> <td style="text-align: center;"> </td> <td style="text-align: center;"> </td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: center;"> </td> <td style="text-align: center;"> </td> <td style="text-align: left;"> </td> <td style="font-style: italic; font-weight: bold;"> </td> <td style="text-align: left; font-style: italic; font-weight: bold;"> </td> <td style="text-align: right; font-style: italic; font-weight: bold;">3,803,034</td> <td style="text-align: left; font-style: italic; font-weight: bold;"> </td> <td style="font-style: italic;"> </td> <td style="text-align: left; font-style: italic;"> </td> <td style="text-align: right; font-style: italic;">3,514,898</td> <td style="text-align: left; font-style: italic;"> </td> </tr> <tr style="background-color: #ccffcc; vertical-align: bottom;"> <td> </td> <td> </td> <td style="text-align: center;"> </td> <td style="text-align: center;"> </td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: center;"> </td> <td style="text-align: center;"> </td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;"> </td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;"> </td> <td style="text-align: left;"> </td> </tr> <tr style="background-color: white; vertical-align: bottom;"> <td style="padding-bottom: 1pt;">Kiwa-CAU R&D Center</td> <td style="padding-bottom: 1pt;"> </td> <td style="text-align: center; padding-bottom: 1pt;"> </td> <td style="text-align: center; padding-bottom: 1pt;">Trade</td> <td style="text-align: left; padding-bottom: 1pt;"> </td> <td style="padding-bottom: 1pt;"> </td> <td style="text-align: center; padding-bottom: 1pt;"> </td> <td style="text-align: center; padding-bottom: 1pt;">(4)</td> <td style="text-align: left; padding-bottom: 1pt;"> </td> <td style="padding-bottom: 1pt; font-weight: bold;"> </td> <td style="border-bottom: black 1pt solid; text-align: left; font-weight: bold;"> </td> <td style="border-bottom: black 1pt solid; text-align: right; font-weight: bold;">690,198</td> <td style="text-align: left; padding-bottom: 1pt; font-weight: bold;"> </td> <td style="padding-bottom: 1pt;"> </td> <td style="border-bottom: black 1pt solid; text-align: left;"> </td> <td style="border-bottom: black 1pt solid; text-align: right;">552,364</td> <td style="text-align: left; padding-bottom: 1pt;"> </td> </tr> <tr style="background-color: #ccffcc; vertical-align: bottom;"> <td style="padding-bottom: 1pt; font-style: italic;">Subtotal</td> <td style="padding-bottom: 1pt;"> </td> <td style="text-align: center; padding-bottom: 1pt;"> </td> <td style="text-align: center; padding-bottom: 1pt;"> </td> <td style="text-align: left; padding-bottom: 1pt;"> </td> <td style="padding-bottom: 1pt;"> </td> <td style="text-align: center; padding-bottom: 1pt;"> </td> <td style="text-align: center; padding-bottom: 1pt;"> </td> <td style="text-align: left; padding-bottom: 1pt;"> </td> <td style="padding-bottom: 1pt; font-style: italic; font-weight: bold;"> </td> <td style="border-bottom: black 1pt solid; text-align: left; font-style: italic; font-weight: bold;"> </td> <td style="border-bottom: black 1pt solid; text-align: right; font-style: italic; font-weight: bold;">690,198</td> <td style="text-align: left; padding-bottom: 1pt; font-style: italic; font-weight: bold;"> </td> <td style="padding-bottom: 1pt; font-style: italic;"> </td> <td style="border-bottom: black 1pt solid; text-align: left; font-style: italic;"> </td> <td style="border-bottom: black 1pt solid; text-align: right; font-style: italic;">552,364</td> <td style="text-align: left; padding-bottom: 1pt; font-style: italic;"> </td> </tr> <tr style="background-color: white; vertical-align: bottom;"> <td style="padding-bottom: 1pt;">Total</td> <td style="padding-bottom: 1pt;"> </td> <td style="text-align: center; padding-bottom: 1pt;"> </td> <td style="text-align: center; padding-bottom: 1pt;"> </td> <td style="text-align: left; padding-bottom: 1pt;"> </td> <td style="padding-bottom: 1pt;"> </td> <td style="text-align: center; padding-bottom: 1pt;"> </td> <td style="text-align: center; padding-bottom: 1pt;"> </td> <td style="text-align: left; padding-bottom: 1pt;"> </td> <td style="padding-bottom: 1pt; font-weight: bold;"> </td> <td style="border-bottom: black 1pt solid; text-align: left; font-weight: bold;">$</td> <td style="border-bottom: black 1pt solid; text-align: right; font-weight: bold;">4,493,232</td> <td style="text-align: left; padding-bottom: 1pt; font-weight: bold;"> </td> <td style="padding-bottom: 1pt;"> </td> <td style="border-bottom: black 1pt solid; text-align: left;">$</td> <td style="border-bottom: black 1pt solid; text-align: right;">4,067,262</td> <td style="text-align: left; padding-bottom: 1pt;"> </td> </tr> </table>   (1) Mr. Li Mr. Li is the Chairman of the Board, Chief Executive Officer of the Company.   Advances and Loans As of December 31, 2012, the balance due to Mr. Li for advances made was $3,412,284. During the year ended December 31, 2012, Mr. Li advanced $209,094 to the Company. As of December 31, 2011, the balance due to Mr. Li was $3,203,190.  Mr. Li has agreed that the Company may repay the balance when its cash flow circumstance allows.   Guarantees for the Company Mr. Li has pledged without any compensation from the Company all of his common stock of the Company as collateral for the Company’s obligations under the 6% Notes (see Note 8 below).   (2) Kangtai Kangtai, formerly named China Star Investment Management Co., Ltd., Kangtai International Logistics (Beijing) Co., Ltd., is a private company, 28% owned by Mr. Li. Mr. Li is the Chairman of Kangtai.   On December 31, 2012, the amount due from Kangtai was $13,250. The balance due from Kangtai on December 31, 2011 was $12,792.   (3) Ms. Wang Ms. Wang is the Secretary of the Company.   On December 31, 2012, the amount due to Ms. Wang was $404,000. During the year ended December 31, 2012, Ms. Wang advanced $79,500 to the Company. As of December 31, 2011, the amount due to Ms. Wang was $324,500. Ms. Wang has agreed that the Company may repay the balance when its cash flow circumstance allows.   (4) Kiwa-CAU R&D Center In November 2006, Kiwa and China Agricultural University (the “CAU”) agreed to jointly establish a new research and development center, named Kiwa-CAU R&D Center.  The term of the agreement was ten years commencing July 1, 2006.   <table style="margin-top: 0pt; width: 100%; font: 10pt times new roman, times, serif; margin-bottom: 0pt;" cellspacing="0" cellpadding="0"> <tr style="vertical-align: top;"> <td style="width: 0.5in;"></td> <td style="width: 0.5in;">·</td> <td>Pursuant to the agreement, Kiwa agree to invest RMB 1 million (approximately $160,600) each year to fund research at Kiwa-CAU R&D Center. Prof. Qi Wang, a director of the Company, is also the director of Kiwa-CAU R&D Center.</td> </tr> </table>   During the year ended December 31, 2012 and 2011, $159,059 and $166,716 was charged to research and development expenses under the agreement with Kiwa-CAU R&D Center. The Company paid $32,100 and $47,345 to Kiwa-CAU R&D Center in the year 2012 and 2011, respectively. <table style="margin-top: 0pt; width: 100%; font: bold 10pt times new roman, times, serif; margin-bottom: 0pt;" cellspacing="0" cellpadding="0"> <tr style="vertical-align: top;"> <td style="width: 21pt;">7.</td> <td>Unsecured Loans Payable</td> </tr> </table>   The balance of unsecured loans payable was $1,845,878 and $1,814,911 as of December 31, 2012 and December 31, 2011, respectively. The change in the balances at December 31, 2012 to December 31, 2011 arose from the effect of changes in the exchange rates prevailing at the balance sheet dates. Unsecured loans payable consisted of the following as of December 31, 2012 and December 31, 2011:   <table style="width: 100%; border-collapse: collapse; font: 10pt times new roman, times, serif;" cellspacing="0" cellpadding="0"> <tr style="vertical-align: bottom;"> <td style="border-bottom: black 1pt solid; text-align: center;" nowrap="nowrap">Item</td> <td style="padding-bottom: 1pt; font-weight: bold;" nowrap="nowrap"> </td> <td style="border-bottom: black 1pt solid; text-align: right; font-weight: bold;" colspan="2" nowrap="nowrap">December 31, 2012</td> <td style="padding-bottom: 1pt; font-weight: bold;" nowrap="nowrap"> </td> <td style="padding-bottom: 1pt;" nowrap="nowrap"> </td> <td style="border-bottom: black 1pt solid; text-align: right;" colspan="2" nowrap="nowrap">December 31, 2011</td> <td style="padding-bottom: 1pt;" nowrap="nowrap"> </td> </tr> <tr style="background-color: #ccffcc; vertical-align: bottom;"> <td style="text-align: left; width: 70%;">Unsecured loan payable to Zoucheng Municipal Government, non-interest bearing, becoming due within three years from Kiwa Shandong’s first profitable year on a formula basis, interest has not been imputed due to the undeterminable repayment date</td> <td style="width: 1%; font-weight: bold;"> </td> <td style="text-align: left; width: 1%; font-weight: bold;">$</td> <td style="text-align: right; width: 12%; font-weight: bold;">1,444,600</td> <td style="text-align: left; width: 1%; font-weight: bold;"> </td> <td style="width: 1%;"> </td> <td style="text-align: left; width: 1%;">$</td> <td style="text-align: right; width: 12%;">1,420,365</td> <td style="text-align: left; width: 1%;"> </td> </tr> <tr style="background-color: white; vertical-align: bottom;"> <td style="text-align: left; padding-bottom: 1pt;">Unsecured loan payable to Zoucheng Science & Technology Bureau, non-interest bearing, it is due in Kiwa Shandong’s first profitable year, interest has not been imputed due to the undeterminable repayment date</td> <td style="padding-bottom: 1pt; font-weight: bold;"> </td> <td style="border-bottom: black 1pt solid; text-align: left; font-weight: bold;"> </td> <td style="border-bottom: black 1pt solid; text-align: right; font-weight: bold;">401,278</td> <td style="text-align: left; padding-bottom: 1pt; font-weight: bold;"> </td> <td style="padding-bottom: 1pt;"> </td> <td style="border-bottom: black 1pt solid; text-align: left;"> </td> <td style="border-bottom: black 1pt solid; text-align: right;">394,546</td> <td style="text-align: left; padding-bottom: 1pt;"> </td> </tr> <tr style="background-color: #ccffcc; vertical-align: bottom;"> <td style="padding-bottom: 1pt;">Total</td> <td style="padding-bottom: 1pt; font-weight: bold;"> </td> <td style="border-bottom: black 1pt solid; text-align: left; font-weight: bold;">$</td> <td style="border-bottom: black 1pt solid; text-align: right; font-weight: bold;">1,845,878</td> <td style="text-align: left; padding-bottom: 1pt; font-weight: bold;"> </td> <td style="padding-bottom: 1pt;"> </td> <td style="border-bottom: black 1pt solid; text-align: left;">$</td> <td style="border-bottom: black 1pt solid; text-align: right;">1,814,911</td> <td style="text-align: left; padding-bottom: 1pt;"> </td> </tr> </table>   The Company qualifies for non-interest bearing loans under a Chinese government sponsored program to encourage economic development in certain industries and locations in China. To qualify for the favorable loan terms, a company must meet the following criteria: (1) be a technology company with innovative technology or product (as determined by the Science Bureau of the central Chinese government); (2) operate in specific industries that the Chinese government has determined are important to encourage development, such as agriculture, environmental, education, and others; and (3) be located in an undeveloped area such as Zoucheng, Shandong Province, where the manufacturing facility of the Company is located.   According to the Company’s project agreement, Zoucheng Municipal Government granted the Company use of at least 15.7 acres in Shandong Province, China at no cost for 10 years to construct a manufacturing facility. Under the agreement, the Company has the option to pay a fee of RMB480,000 ($77,100) per acre for the land use right after the 10-year period until May 2012. The Company may not transfer or pledge the temporary land use right. The Company also committed to invest approximately $18 million to $24 million for developing the manufacturing and research facilities in Zoucheng, Shandong Province. As of December 31, 2012, the Company invested approximately $2 million for the property, plant and equipment of the project and these assets were impaired as of December 31, 2012. <table style="margin-top: 0pt; width: 100%; font: bold 10pt times new roman, times, serif; margin-bottom: 0pt;" cellspacing="0" cellpadding="0"><tr style="vertical-align: top;"><td style="width: 0px;"></td><td style="width: 21pt;">8.</td><td>Convertible Notes Payable</td></tr></table> On June 29, 2006, the Company entered into a securities purchase agreement (the “Purchase Agreement”) with six institutional investors (collectively, the “Purchasers”) for the issuance and sale of (1) 6% secured convertible notes, due three years from the date of issuance, in the aggregate principal amount of $2,450,000 (the “6% Notes”), convertible into shares of the Company’s common stock, and (2) warrants (the “Warrants”) to purchase 12,250,000 shares of the Company’s common stock. In conjunction with the sale and issuance of the 6% Notes, the Company entered into a Registration Rights Agreement, amended in October 2006, the requirements of which the Company met by filing its registration statement on Form SB-2 on August 11, 2006 and subsequently amended on October 20, 2006 and June 29, 2007. Closings for the sale of the 6% Notes occurred on June 29, August 15 and October 31, 2006 for $857,500, $735,000 and $857,500 principal amount, respectively. The Company received $2,450,000 in aggregate from the three sales of the 6% Notes. The conversion price of the 6% Notes is based on a 40% discount to the average of the trading price of the Company’s common stock on the OTC Bulletin Board over a 20-day trading period. The conversion price is also adjusted for certain subsequent issuances of equity securities of the Company at prices below the conversion price then in effect. The 6% Notes contain a volume limitation that prohibits the holder from further converting the 6% Notes if doing so would cause the holder and its affiliates to hold more than 4.99% of the Company’s outstanding common stock. In addition, each holder of the 6% Notes agrees that they may not convert more than their pro-rata share (based on original principal amount) of the greater of $120,000 principal amount of the 6% Notes per calendar month or the average daily dollar volume calculated during the 10 business days prior to a conversion, per conversion. This conversion limit has since been eliminated pursuant to an agreement by the Company and the Purchasers (see discussion below). The exercise price of the Warrants is $0.45 per share, subject to anti-dilution adjustments pursuant to a broad-based weighted average formula for subsequent issues of equity securities by the Company below the trading price of the shares. The Purchase Agreement requires the Company to maintain a reserve of authorized common stock equal to 110% of the number of shares issuable upon full conversion of the 6% Notes and exercise of the Warrants. The Purchase Agreement imposes financial penalties in cash (equal to 2% of the number of shares that the Purchaser is entitled to multiplied by the market price for each day) if the authorized number of shares of common stock is insufficient to satisfy the reserve requirements. The 6% Notes and the Warrants also impose financial penalties on the Company if it fails to timely deliver common stock upon conversion of the 6% Notes and exercise of the Warrants, respectively. To enable reservation of a sufficient amount of authorized shares that may be issued pursuant to conversion of the 6% Notes and exercise of the Warrants, the Purchase Agreement required the Company to amend its Certificate of Incorporation to increase the number of authorized shares of common stock. At the annual meeting for 2006, which was held on September 12, 2006, a proposal to amend the Company’s Certificate of Incorporation to increase the number of authorized shares of common stock, from 100,000,000 shares to 200,000,000 shares was approved by the required vote of its stockholders. At the annual meeting held for 2008 on December 30, 2008 the Company further amended its Certificate of Incorporation by increasing the number of authorized shares of common stock from 200,000,000 to 400,000,000. At the annual meeting for 2009, which was held on December 28, 2009, the proposal of further amend the Certificate of Incorporation to increase the number of authorized shares from 400,000,000 to 800,000,000 was not approved by stockholders. At the annual meeting for 2010, which was held on December 15, 2010, the proposal of further amend the Certificate of Incorporation to increase the number of authorized shares from 400,000,000 to 800,000,000 was not approved by stockholders. At the annual meeting for 2011, which was held on December 16, 2011, the proposal of further amend the Certificate of Incorporation to increase the number of authorized shares from 400,000,000 to 800,000,000 was not approved by stockholders. At the annual meeting for 2012, which was held on December 18, 2012, the proposal of further amend the Certificate of Incorporation to increase the number of authorized shares from 400,000,000 to 800,000,000 was not approved by stockholders. The Company incurs a financial penalty in cash or shares at the option of the Company (equal to 2% of the outstanding amount of the Notes per month plus accrued and unpaid interest on the Notes, prorated for partial months) if it breaches this or other affirmative covenants in the Purchase Agreement, including a covenant to maintain a sufficient number of authorized shares under its Certificate of Incorporation to cover at least 110% of the stock issuable upon full conversion of the Notes and the Warrants. Pursuant to the relevant provisions for liquidated damages in the Purchase Agreement, as of December 31, 2012 and December 31, 2011, the Company has accrued a penalty of $2,240,852 and $1,634,150, respectively, of which $606,702 and $547,835 was included in general and administrative expenses for the twelve months ended December 31, 2012 and 2011, respectively. The 6% Notes require the Company to procure the Purchaser’s consent prior to taking certain actions including the payment of dividends, repurchasing stock, incurring debt, guaranteeing obligations, merging or restructuring the Company, or selling significant assets. The Company’s obligations under the 6% Notes and the Warrants are secured by a first priority security interest in the Company’s intellectual property pursuant to an Intellectual Property Security Agreement with the Purchasers, and by a first priority security interest in all of the Company’s other assets pursuant to a Security Agreement with the Purchasers. In addition, the Company’s Chief Executive Officer has pledged all of his common stock of the Company as collateral for the Company’s obligations under the 6% Notes and the Warrants. The Purchasers are accredited investors as defined under the Securities Act and the 6% Notes and the Warrants and the underlying common stock upon conversion and exercise will be issued without registration under the Securities Act in reliance on the exemption provided by Rule 506 under Regulation D under the Securities Act. The intellectual property pledged had a cost of $592,901 which carrying value of $179,897 was fully impaired during the year ended December 31, 2009. The fair value of the Warrants underlying the three sales of the 6% Notes (amounting to 4,287,500 shares, 3,675,000 shares and 4,287,500 shares respectively) at the time of their issuance was determined to be $545,477, $416,976 and $505,503 calculated pursuant to the Black-Scholes option pricing model. The fair value was recorded as a reduction to the 6% Notes payable and was charged to operations as interest expense in accordance with effective interest method within the period of the 6% Notes. Significant assumptions used in calculating fair value of outstanding warrants are as follows. <table style="width: 100%; border-collapse: collapse; font: 10pt times new roman, times, serif;" cellspacing="0" cellpadding="0"><tr style="vertical-align: bottom;"><td style="border-bottom: black 1pt solid; text-align: center;" colspan="9" nowrap="nowrap">Black and Scholes Model Assumption</td><td style="padding-bottom: 1pt;" nowrap="nowrap"> </td><td style="border-bottom: black 1pt solid; text-align: center;" colspan="17" nowrap="nowrap">Details of Outstanding Warrants</td></tr><tr style="vertical-align: bottom;"><td style="border-bottom: black 1pt solid; text-align: center;" nowrap="nowrap">Expected dividend</td><td style="padding-bottom: 1pt;" nowrap="nowrap"> </td><td style="border-bottom: black 1pt solid; text-align: center;" colspan="2" nowrap="nowrap">Expected volatility</td><td style="padding-bottom: 1pt;" nowrap="nowrap"> </td><td style="padding-bottom: 1pt;" nowrap="nowrap"> </td><td style="border-bottom: black 1pt solid; text-align: center;" colspan="2" nowrap="nowrap">Risk- free rate of interest</td><td style="padding-bottom: 1pt;" nowrap="nowrap"> </td><td style="padding-bottom: 1pt;" nowrap="nowrap"> </td><td style="border-bottom: black 1pt solid; text-align: center;" nowrap="nowrap">Expected term (year)</td><td style="padding-bottom: 1pt;" nowrap="nowrap"> </td><td style="border-bottom: black 1pt solid; text-align: center;" colspan="2" nowrap="nowrap">Exercise price</td><td style="padding-bottom: 1pt;" nowrap="nowrap"> </td><td style="padding-bottom: 1pt;" nowrap="nowrap"> </td><td style="border-bottom: black 1pt solid; text-align: center;" colspan="2" nowrap="nowrap">Underlying Number of shares</td><td style="padding-bottom: 1pt;" nowrap="nowrap"> </td><td style="padding-bottom: 1pt;" nowrap="nowrap"> </td><td style="border-bottom: black 1pt solid; text-align: center;" colspan="2" nowrap="nowrap">Closing price December 31, 2012</td><td style="padding-bottom: 1pt;" nowrap="nowrap"> </td><td style="padding-bottom: 1pt;" nowrap="nowrap"> </td><td style="border-bottom: black 1pt solid; text-align: center;" colspan="2" nowrap="nowrap">Fair value of warrants/options determined by Black and Scholes model</td><td style="padding-bottom: 1pt;" nowrap="nowrap"> </td></tr><tr style="background-color: #ccffcc; vertical-align: bottom;"><td style="text-align: right; width: 14%;">-</td><td style="width: 1%;"> </td><td style="text-align: left; width: 1%;"> </td><td style="text-align: right; width: 12%;">65</td><td style="text-align: left; width: 1%;">%</td><td style="width: 1%;"> </td><td style="text-align: left; width: 1%;"> </td><td style="text-align: right; width: 12%;">0.31</td><td style="text-align: left; width: 1%;">%</td><td style="width: 1%;"> </td><td style="text-align: center; width: 14%;">0.5</td><td style="width: 1%;"> </td><td style="text-align: left; width: 1%;">$</td><td style="text-align: right; width: 12%;">0.45</td><td style="text-align: left; width: 1%;"> </td><td style="width: 1%;"> </td><td style="text-align: left; width: 1%;"> </td><td style="text-align: right; width: 12%;">12,250,000</td><td style="text-align: left; width: 1%;"> </td><td style="width: 1%;"> </td><td style="text-align: left; width: 1%;">$</td><td style="text-align: right; width: 12%;">0.0003</td><td style="text-align: left; width: 1%;"> </td><td style="width: 1%;"> </td><td style="text-align: left; width: 1%;"> </td><td style="text-align: right; width: 12%;">    -</td><td style="text-align: left; width: 1%;"> </td></tr></table> The expected volatility was determined based on the historic quoted market price of the common stock over the last 12 months. Risk free interest rate was determined based on the quoted US treasury rate under the same expected term with each corresponding financial instrument. Based on the calculation, the fair value of outstanding warrants was zero. The Purchasers of the 6% Notes and Warrants were introduced to the Company by an investment bank pursuant to an engagement letter agreement with the Company. Pursuant to the engagement letter, the investment bank received a cash fee equal to 8% of the aggregate proceeds raised in the financing and to warrants in the quantity equal to 8% of the securities issued in the financing. The Company recorded the cash fee and other direct costs incurred for the issuance of the convertible loan in aggregate of $30,000 as deferred debt issuance costs. Debt issuance costs were amortized on the straight-line method over the term of the 6% Notes, with the amounts amortized being recognized as interest expense. As of June 30, 2009 the debt issuance costs were fully amortized. The warrants issued to the investment bank in connection with each tranche of the 6% Notes (amounting to 343,000 shares, 294,000 shares and 343,000 shares) are exercisable for three years and have an exercise price equal to $0.2598. The fair value of these warrants at the time of their issuance was determined to be $94,005, $60,324 and $77,214 calculated pursuant to the Black-Scholes option pricing model. As of June 29, 2009, warrants issued to the investment bank had expired. On January 31, 2008, the Company entered into three Callable Secured Convertible Notes Agreements (“2% Notes”) with four of the Company’s 6% Notes purchasers converting their unpaid interest of $112,917 in total, into principal with an interest rate of 2% per annum, which fell due on January 31, 2011. Other terms of the 2% Notes are similar to the 6% Notes. No principal of the 2% Notes has been converted so far. The outstanding principal balance on the 2% Notes was $112,917 as of December 31, 2011. On September 25 and October 7, 2008, the Company entered into an agreement with the Purchasers to redeem all of the 6% Notes and the 2% Notes. Under the redemption agreement, the Purchasers agreed to waive their participation right with respect to any new financing that closes before October 31, 2008, and suspend conversions of principal and interest under the 6% Notes and the 2% Notes from September 25 to October 31, 2008. The Company agreed to redeem the notes for a specified price if a new financing was completed before October 31, 2008. Under the redemption agreement, if the Company failed to redeem the notes by October 31, 2008, the 6% Notes and the 2% Notes would be automatically amended to remove limitations on the Purchasers’ right to convert under the 6% Notes and the 2% Notes no more than (1) $120,000 per calendar month; and (2) the average daily dollar volume calculated during the ten (10) business days prior to a conversion, per conversion. On October 27, 2008, the Company had informed the Purchasers that the Company would not be able to redeem the 6% Notes and the 2% Notes due to failure to close an anticipated new financing. Therefore, the amendment to the 6% Notes and the 2% Notes took effect and the Purchasers resumed conversion. On June 29, 2009, the 6% Notes were due. The Company informed the Purchasers of its inability to repay the outstanding balance on the due date. Therefore, the 6% Notes are in default and the default interest rate of 15% per annum is being charged on the 6% Notes. During the twelve months ended December 31, 2012, the Purchasers converted nil principal and nil interest into shares of common stock. As of December 31, 2012, the face amount of the 6% Notes outstanding was $1,518,171. During the year ended December 31, 2012, interest of $228,350 and $16,984 was accrued on the 6% Notes and the 2% Notes, respectively. During twelve months ended December 31, 2011, interest of $227,726 and $15,691 was accrued on the 6% Notes and the 2% Notes, respectively. Unpaid interest of $1,009,560 and $764,229 was included in other payable on the balance sheet as of December 31, 2012 and 2011, respectively. On January 31, 2011, the 2% Notes were also due. The Company informed the Purchasers of its inability to repay the outstanding balance on the due date. Therefore, the 2% Notes are in default and the default interest rate of 15% per annum is being charged on the 2% Notes. <table style="margin-top: 0pt; width: 100%; font: bold 10pt times new roman, times, serif; margin-bottom: 0pt;" cellspacing="0" cellpadding="0"> <tr style="vertical-align: top;"> <td style="width: 21pt;">9.</td> <td>Stock-based Compensation</td> </tr> </table>   On December 12, 2006, the Company granted options for 2,000,000 shares of its common stock under its 2004 Stock Incentive Plan. Summary of options issued and outstanding at December 31, 2012 and 2011 and the movements during the years then ended are as follows:   <table align="center" style="width: 80%; border-collapse: collapse; font: 10pt times new roman, times, serif;" cellspacing="0" cellpadding="0"> <tr style="vertical-align: bottom;"> <td nowrap="nowrap"> </td> <td style="font-weight: bold;" nowrap="nowrap"> </td> <td style="text-align: center; font-weight: bold;" colspan="2" nowrap="nowrap">Number of underlying shares</td> <td style="font-weight: bold;" nowrap="nowrap"> </td> <td style="font-weight: bold;" nowrap="nowrap"> </td> <td style="text-align: center; font-weight: bold;" colspan="2" nowrap="nowrap">Weighted- Average Exercise Price Per Share</td> <td style="font-weight: bold;" nowrap="nowrap"> </td> <td style="font-weight: bold;" nowrap="nowrap"> </td> <td style="text-align: center; font-weight: bold;" colspan="2" nowrap="nowrap">Aggregate Intrinsic Value (1)</td> <td style="font-weight: bold;" nowrap="nowrap"> </td> <td style="font-weight: bold;" nowrap="nowrap"> </td> <td style="text-align: center; font-weight: bold;" colspan="2" nowrap="nowrap">Weighted- Average Contractual Life Remaining in Years</td> <td style="font-weight: bold;" nowrap="nowrap"> </td> </tr> <tr style="vertical-align: bottom;"> <td> </td> <td> </td> <td colspan="2"> </td> <td> </td> <td> </td> <td colspan="2"> </td> <td> </td> <td> </td> <td colspan="2"> </td> <td> </td> <td> </td> <td colspan="2"> </td> <td> </td> </tr> <tr style="background-color: #ccffcc; vertical-align: bottom;"> <td style="width: 40%;">Outstanding at December 31, 2010</td> <td style="width: 1%;"> </td> <td style="text-align: left; width: 1%;"> </td> <td style="text-align: right; width: 12%;">1,232,600</td> <td style="text-align: left; width: 1%;"> </td> <td style="width: 1%;"> </td> <td style="text-align: left; width: 1%;">$</td> <td style="text-align: right; width: 12%;">0.175</td> <td style="text-align: left; width: 1%;"> </td> <td style="width: 1%;"> </td> <td style="text-align: left; width: 1%;">$</td> <td style="text-align: right; width: 12%;">    -</td> <td style="text-align: left; width: 1%;"> </td> <td style="width: 1%;"> </td> <td style="text-align: left; width: 1%;"> </td> <td style="text-align: right; width: 12%;">      7</td> <td style="text-align: left; width: 1%;"> </td> </tr> <tr style="background-color: white; vertical-align: bottom;"> <td>Exercised</td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">-</td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">-</td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;"> </td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">-</td> <td style="text-align: left;"> </td> </tr> <tr style="background-color: #ccffcc; vertical-align: bottom;"> <td>Expired</td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">-</td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">-</td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;"> </td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">-</td> <td style="text-align: left;"> </td> </tr> <tr style="background-color: white; vertical-align: bottom;"> <td>Forfeited</td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">-</td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">-</td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;"> </td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">-</td> <td style="text-align: left;"> </td> </tr> <tr style="background-color: #ccffcc; vertical-align: bottom;"> <td>Outstanding at December 31, 2011</td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">1,232,600</td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;">$</td> <td style="text-align: right;">0.175</td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;">$</td> <td style="text-align: right;">-</td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">6</td> <td style="text-align: left;"> </td> </tr> <tr style="background-color: white; vertical-align: bottom;"> <td>Exercised</td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">-</td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">-</td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;"> </td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;"> </td> <td style="text-align: left;"> </td> </tr> <tr style="background-color: #ccffcc; vertical-align: bottom;"> <td>Expired</td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">-</td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">-</td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;"> </td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">-</td> <td style="text-align: left;"> </td> </tr> <tr style="background-color: white; vertical-align: bottom;"> <td>Forfeited</td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">-</td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">-</td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;"> </td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">-</td> <td style="text-align: left;"> </td> </tr> <tr style="background-color: #ccffcc; vertical-align: bottom;"> <td style="font-weight: bold;">Outstanding at December 31, 2012</td> <td style="font-weight: bold;"> </td> <td style="text-align: left; font-weight: bold;"> </td> <td style="text-align: right; font-weight: bold;">1,232,600</td> <td style="text-align: left; font-weight: bold;"> </td> <td> </td> <td style="text-align: left;">$</td> <td style="text-align: right;">0.175</td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;">$</td> <td style="text-align: right;">-</td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">5</td> <td style="text-align: left;"> </td> </tr> <tr style="background-color: white; vertical-align: bottom;"> <td style="font-weight: bold;">Exercisable at December 31, 2012</td> <td style="font-weight: bold;"> </td> <td style="text-align: left; font-weight: bold;"> </td> <td style="text-align: right; font-weight: bold;">1,232,600</td> <td style="text-align: left; font-weight: bold;"> </td> <td> </td> <td style="text-align: left;">$</td> <td style="text-align: right;">0.175</td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;">$</td> <td style="text-align: right;">-</td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">5</td> <td style="text-align: left;"> </td> </tr> </table>   <table style="margin-top: 0pt; width: 100%; font: 10pt times new roman, times, serif; margin-bottom: 0pt;" cellspacing="0" cellpadding="0"> <tr style="vertical-align: top;"> <td style="width: 0px;"></td> <td style="width: 0.5in;">(1)</td> <td>The market value of the Company’s common stock at December 31, 2012 was $0.0003 per share. The outstanding options had no intrinsic value at December 31, 2012.</td> </tr> </table>   The Company has adopted ASC Topic 718 effective as of January 1, 2006. The fair value of the options granted at the grant date was determined to be $320,154 (approximately $0.16 per share), calculated pursuant to the Black-Scholes option pricing model.  The calculated fair value is recognized as expense over the applicable vesting periods, using the straight-line attribution method.  Unamortized fair value of stock options granted to those who separated from the Company has been charged to expense, while the options returned to the Company.  During the years ended December 31, 2012 and 2011, $nil was charged to expense. <table style="margin-top: 0pt; width: 100%; font: bold 10pt times new roman, times, serif; margin-bottom: 0pt;" cellspacing="0" cellpadding="0"> <tr style="vertical-align: top;"> <td style="width: 0px;"></td> <td style="width: 21pt;">10.</td> <td>Income Tax</td> </tr> </table>   In accordance with the current tax laws in China, Kiwa Shandong and Kiwa Tianjin would normally be subject to a corporate income tax rate of 25% on its taxable income. However, after the Enterprise Income Tax Law of the PRC promulgated on March 16, 2007 took effect on January 1, 2008, Kiwa Shandong and Kiwa Tianjin have continued to be entitled to a preferential tax treatment: an EIT holiday for the two years ended December 31, 2008 and 2009 and a 50% reduction on the EIT rate for the three years ended December 31, 2010, 2011 and 2012. Fiscal years 2008 and 2009 will be regarded as the first and second profitable years for determining eligibility of these benefits even if Kiwa Shandong or Kiwa Tianjin have not been profitable in 2008 or 2009. Kiwa Shandong and Kiwa Tianjin have not provided for any corporate income taxes since they had no taxable income for the years ended December 31, 2011 and 2010.   No provision for other overseas taxes is made as the Company has no taxable income in the U.S. In accordance with the relevant tax laws in the British Virgin Islands, Kiwa BVI, as an International Business Company, is exempt from income taxes.   A reconciliation of the provision for income taxes determined at the local income tax rate to the Company’s effective income tax rate is as follows:   <table style="width: 100%; border-collapse: collapse; font: 10pt times new roman, times, serif;" cellspacing="0" cellpadding="0"> <tr style="vertical-align: bottom;"> <td nowrap="nowrap"> </td> <td style="font-weight: bold;" nowrap="nowrap"> </td> <td style="text-align: center; font-weight: bold;" colspan="6" nowrap="nowrap">Year ended December 31,</td> <td style="font-weight: bold;" nowrap="nowrap"> </td> </tr> <tr style="vertical-align: bottom;"> <td nowrap="nowrap"> </td> <td style="padding-bottom: 1pt; font-weight: bold;" nowrap="nowrap"> </td> <td style="border-bottom: black 1pt solid; text-align: center; font-weight: bold;" colspan="2" nowrap="nowrap">2012</td> <td style="padding-bottom: 1pt; font-weight: bold;" nowrap="nowrap"> </td> <td style="padding-bottom: 1pt; font-weight: bold;" nowrap="nowrap"> </td> <td style="border-bottom: black 1pt solid; text-align: center; font-weight: bold;" colspan="2" nowrap="nowrap">2011</td> <td style="padding-bottom: 1pt; font-weight: bold;" nowrap="nowrap"> </td> </tr> <tr style="vertical-align: bottom;"> <td nowrap="nowrap"> </td> <td nowrap="nowrap"> </td> <td colspan="2" nowrap="nowrap"> </td> <td nowrap="nowrap"> </td> <td nowrap="nowrap"> </td> <td colspan="2" nowrap="nowrap"> </td> <td nowrap="nowrap"> </td> </tr> <tr style="background-color: #ccffcc; vertical-align: bottom;"> <td style="padding-bottom: 2.5pt; width: 70%;">Pre-tax loss</td> <td style="padding-bottom: 2.5pt; width: 1%;"> </td> <td style="border-bottom: black 2.5pt double; text-align: left; width: 1%;">$</td> <td style="border-bottom: black 2.5pt double; text-align: right; width: 12%;">(1,342,432</td> <td style="text-align: left; padding-bottom: 2.5pt; width: 1%;">)</td> <td style="padding-bottom: 2.5pt; width: 1%;"> </td> <td style="border-bottom: black 2.5pt double; text-align: left; width: 1%;">$</td> <td style="border-bottom: black 2.5pt double; text-align: right; width: 12%;">(1,691,319</td> <td style="text-align: left; padding-bottom: 2.5pt; width: 1%;">)</td> </tr> <tr style="background-color: white; vertical-align: bottom;"> <td> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;"> </td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;"> </td> <td style="text-align: left;"> </td> </tr> <tr style="background-color: #ccffcc; vertical-align: bottom;"> <td style="text-align: left;">U.S. federal corporate income tax rate</td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">34</td> <td style="text-align: left;">%</td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">34</td> <td style="text-align: left;">%</td> </tr> <tr style="background-color: white; vertical-align: bottom;"> <td style="text-align: left;">Income tax computed at U.S. federal corporate income tax rate</td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">456,427</td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">575,048</td> <td style="text-align: left;"> </td> </tr> <tr style="background-color: #ccffcc; vertical-align: bottom;"> <td style="text-align: left;">Reconciling items:</td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;"> </td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;"> </td> <td style="text-align: left;"> </td> </tr> <tr style="background-color: white; vertical-align: bottom;"> <td style="text-align: left;">Rate differential for PRC earnings</td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">(60,492</td> <td style="text-align: left;">)</td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">(51,608</td> <td style="text-align: left;">)</td> </tr> <tr style="background-color: #ccffcc; vertical-align: bottom;"> <td style="text-align: left;">Loss not recognized as deferred tax assets</td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">(355,135</td> <td style="text-align: left;">)</td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">(477,945</td> <td style="text-align: left;">)</td> </tr> <tr style="background-color: white; vertical-align: bottom;"> <td style="text-align: left; padding-bottom: 1pt;">Non-deductible expenses and non-reportable income</td> <td style="padding-bottom: 1pt;"> </td> <td style="border-bottom: black 1pt solid; text-align: left;"> </td> <td style="border-bottom: black 1pt solid; text-align: right;">(40,800</td> <td style="text-align: left; padding-bottom: 1pt;">)</td> <td style="padding-bottom: 1pt;"> </td> <td style="border-bottom: black 1pt solid; text-align: left;"> </td> <td style="border-bottom: black 1pt solid; text-align: right;">(45,495</td> <td style="text-align: left; padding-bottom: 1pt;">)</td> </tr> <tr style="background-color: #ccffcc; vertical-align: bottom;"> <td style="text-align: left; padding-bottom: 2.5pt;">Effective tax expense</td> <td style="padding-bottom: 2.5pt;"> </td> <td style="border-bottom: black 2.5pt double; text-align: left;">$</td> <td style="border-bottom: black 2.5pt double; text-align: right;">-</td> <td style="text-align: left; padding-bottom: 2.5pt;"> </td> <td style="padding-bottom: 2.5pt;"> </td> <td style="border-bottom: black 2.5pt double; text-align: left;">$</td> <td style="border-bottom: black 2.5pt double; text-align: right;">-</td> <td style="text-align: left; padding-bottom: 2.5pt;"> </td> </tr> </table>   The Company had deferred tax assets as follows:   <table style="width: 100%; border-collapse: collapse; font: 10pt times new roman, times, serif;" cellspacing="0" cellpadding="0"> <tr style="vertical-align: bottom;"> <td nowrap="nowrap"> </td> <td style="padding-bottom: 1pt; font-weight: bold;" nowrap="nowrap"> </td> <td style="border-bottom: black 1pt solid; text-align: center; font-weight: bold;" colspan="2" nowrap="nowrap">December 31 2012</td> <td style="padding-bottom: 1pt; font-weight: bold;" nowrap="nowrap"> </td> <td style="padding-bottom: 1pt; font-weight: bold;" nowrap="nowrap"> </td> <td style="border-bottom: black 1pt solid; text-align: center; font-weight: bold;" colspan="2" nowrap="nowrap">December 31 2011</td> <td style="padding-bottom: 1pt; font-weight: bold;" nowrap="nowrap"> </td> </tr> <tr style="vertical-align: bottom;"> <td> </td> <td> </td> <td colspan="2"> </td> <td> </td> <td> </td> <td colspan="2"> </td> <td> </td> </tr> <tr style="background-color: #ccffcc; vertical-align: bottom;"> <td style="text-align: left; width: 70%;">Net operating losses carried forward</td> <td style="width: 1%;"> </td> <td style="text-align: left; width: 1%;">$</td> <td style="text-align: right; width: 12%;">5,459,835</td> <td style="text-align: left; width: 1%;"> </td> <td style="width: 1%;"> </td> <td style="text-align: left; width: 1%;">$</td> <td style="text-align: right; width: 12%;">5,314,283</td> <td style="text-align: left; width: 1%;"> </td> </tr> <tr style="background-color: white; vertical-align: bottom;"> <td style="text-align: left; padding-bottom: 1pt;">Less: Valuation allowance</td> <td style="padding-bottom: 1pt;"> </td> <td style="border-bottom: black 1pt solid; text-align: left;"> </td> <td style="border-bottom: black 1pt solid; text-align: right;">(5,459,835</td> <td style="text-align: left; padding-bottom: 1pt;">)</td> <td style="padding-bottom: 1pt;"> </td> <td style="border-bottom: black 1pt solid; text-align: left;"> </td> <td style="border-bottom: black 1pt solid; text-align: right;">(5,314,283</td> <td style="text-align: left; padding-bottom: 1pt;">)</td> </tr> <tr style="background-color: #ccffcc; vertical-align: bottom;"> <td> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;"> </td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;"> </td> <td style="text-align: left;"> </td> </tr> <tr style="background-color: white; vertical-align: bottom;"> <td style="text-align: left; padding-bottom: 2.5pt;">Net deferred tax assets</td> <td style="padding-bottom: 2.5pt;"> </td> <td style="border-bottom: black 2.5pt double; text-align: left;">$</td> <td style="border-bottom: black 2.5pt double; text-align: right;">-</td> <td style="text-align: left; padding-bottom: 2.5pt;"> </td> <td style="padding-bottom: 2.5pt;"> </td> <td style="border-bottom: black 2.5pt double; text-align: left;">$</td> <td style="border-bottom: black 2.5pt double; text-align: right;">-</td> <td style="text-align: left; padding-bottom: 2.5pt;"> </td> </tr> </table>   As of December 31, 2012 and 2011, the Company had approximately $16,000,000 and $17,500,000 net operating loss carryforwards available to reduce future taxable income. Net operating loss of the Company could be carried forward and taken against any taxable income for a period of not more than twenty years from the year of the initial loss pursuant to Section 172 of the Internal Revenue Code of 1986, as amended. The net operating loss of Kiwa Shandong and Kiwa Tianjin could be carried forward for a period of not more than five years from the year of the initial loss pursuant to relevant PRC tax laws and regulations. It is more-likely-than-not that the deferred tax assets cannot be utilized in the future because there will not be significant future earnings from the entity which generated the net operating loss. Therefore, the Company recorded a full valuation allowance on its deferred tax assets.   As of December 31, 2012 and 2011, the Company has no material unrecognized tax benefits which would favorably affect the effective income tax rate in future periods and does not believe that there will be any significant increases or decreases of unrecognized tax benefits within the next twelve months. No interest or penalties relating to income tax matters have been imposed on the Company during the two years ended December 31, 2012 and 2011, and no provision for interest and penalties is deemed necessary as of December 31, 2012 and 2011.   According to the PRC Tax Administration and Collection Law, the statute of limitations is three years if the underpayment of taxes is due to computational errors made by the taxpayer or its withholding agent. The statute of limitations extends to five years under special circumstances, which are not clearly defined. In the case of a related party transaction, the statute of limitation is ten years. There is no statute of limitation in the case of tax evasion. <table style="margin-top: 0pt; width: 100%; font: bold 10pt times new roman, times, serif; margin-bottom: 0pt;" cellspacing="0" cellpadding="0"> <tr style="vertical-align: top;"> <td style="width: 21pt;">11.</td> <td>Commitments and Contingencies</td> </tr> </table>   The Company has the following material contractual obligations:   <table style="margin-top: 0pt; width: 100%; font: 10pt times new roman, times, serif; margin-bottom: 0pt;" cellspacing="0" cellpadding="0"> <tr style="vertical-align: top;"> <td style="width: 0.25in;"></td> <td style="width: 0.25in;">(1)</td> <td>Operating lease commitments</td> </tr> </table>   The Company leased an office in Beijing on July 15, 2007. The operating lease agreement will expire on January 14, 2012. The monthly rental payment for the office is RMB 80,324 (approximately $12,000). Rent expense under the operating lease for the nine months ended September, 2011 and 2010 was $102,247 and $143,897, respectively. Although the operating lease agreement expired by its term on January 14, 2012, the parties elected to terminate the lease on June 30, 2011.   On June 30, 2011, the Company entered into an agreement with Kangtai pursuant to which Kangtai will sublease a portion of its offices to the Company for a monthly rental of $1,000. The sublease expired on June 30, 2012 and both parties agreed to extend the lease for another one year.   The Company’s commitments for minimum lease payments under the operating lease for the next five years and thereafter as of December 31, 2012 are as follows:   <table align="center" style="width: 60%; border-collapse: collapse; font: 10pt times new roman, times, serif;" cellspacing="0" cellpadding="0"> <tr style="vertical-align: bottom;"> <td style="text-align: center;">Fiscal Year</td> <td> </td> <td style="text-align: center;" colspan="2">Amount</td> <td> </td> </tr> <tr style="background-color: #ccffcc; vertical-align: bottom;"> <td style="text-align: center; padding-bottom: 1pt; width: 75%;">2013</td> <td style="padding-bottom: 1pt; width: 1%;"> </td> <td style="border-bottom: black 1pt solid; text-align: left; width: 1%;">$</td> <td style="border-bottom: black 1pt solid; text-align: right; width: 22%;">6,000</td> <td style="text-align: left; padding-bottom: 1pt; width: 1%;"> </td> </tr> <tr style="background-color: white; vertical-align: bottom;"> <td style="text-align: center; padding-bottom: 2.5pt;">Total</td> <td style="padding-bottom: 2.5pt;"> </td> <td style="border-bottom: black 2.5pt double; text-align: left;">$</td> <td style="border-bottom: black 2.5pt double; text-align: right;">6,000</td> <td style="text-align: left; padding-bottom: 2.5pt;"> </td> </tr> </table>   <table style="margin-top: 0pt; width: 100%; font: 10pt times new roman, times, serif; margin-bottom: 0pt;" cellspacing="0" cellpadding="0"> <tr style="vertical-align: top;"> <td style="width: 0.25in;"></td> <td style="width: 0.25in;">(2)</td> <td>Technology acquisition</td> </tr> </table>   On May 8, 2006 we entered into a Technology Transfer Agreement (“TTA”) with Jinan Kelongboao Bio-Tech Co. Ltd. (“JKB”). Pursuant to the agreement, JKB agreed to transfer its AF-01 Anti-viral Aerosol technology for veterinary medicines to us. Pursuant to the agreement we will pay JKB a transfer fee of RMB10 million (approximately $1.52 million), of which RMB 6 million will be paid in cash and RMB 4 million will be paid in stock. The cash portion will be paid in installments, the first installment RMB 3 million was set for May 23, 2006 initially, of which RMB 1 million has been paid and both parties have agreed to extend the remaining RMB 2 million to the date when the application for new veterinary drug certificate is accepted.  Three other installments of RMB 1 million are due upon the achievement of certain milestones, the last milestone being the issuance by the PRC Ministry of Agriculture of a new medicine certificate in respect of the technology.  The RMB 4 million stock payment will be due 90 days after the AF-01 technology is approved by the appropriate PRC department for use as a livestock disinfector for preventing bird flu. The agreement will become effective when the first installment has been fully paid.   As of December 31, 2012, we had paid one-third of the first installment, or RMB1,000,000 (or $160,600) to JKB. However, due to the difficulties of obtaining additional funds, the Company has determined to discontinue this project.   <table style="margin-top: 0pt; width: 100%; font: 10pt times new roman, times, serif; margin-bottom: 0pt;" cellspacing="0" cellpadding="0"> <tr style="vertical-align: top;"> <td style="width: 0.25in;"></td> <td style="width: 0.25in;">(3)</td> <td>Operation of Kiwa-CAU R&D Center</td> </tr> </table>   Pursuant to the agreement on joint incorporation of the research and development center between CAU and Kiwa Shandong dated November 14, 2006, Kiwa Shandong agrees to invest RMB1 million (approximately $160,600) each year to fund research at the R&D Center. The term of this agreement is ten years starting from July 1, 2006. Prof. Qi Wang, who became one of our directors in July 2007, has acted as the Director of Kiwa-CAU R&D Center since July 2006.   <table style="margin-top: 0pt; width: 100%; font: 10pt times new roman, times, serif; margin-bottom: 0pt;" cellspacing="0" cellpadding="0"> <tr style="vertical-align: top;"> <td style="width: 0.25in;"></td> <td style="width: 0.25in;">(4)</td> <td>Investment in manufacturing and research facilities in Zoucheng, Shandong Province in China</td> </tr> </table>   According to the Project Agreement with Zoucheng Municipal Government in 2002, we have committed to investing approximately $18 million to $24 million for developing the manufacturing and research facilities in Zoucheng, Shandong Province. As of December 31, 2012, we had invested approximately $1.91 million for the project. <table style="margin-top: 0pt; width: 100%; font: bold 10pt times new roman, times, serif; margin-bottom: 0pt;" cellspacing="0" cellpadding="0"> <tr style="vertical-align: top;"> <td style="width: 0px;"></td> <td style="width: 21pt;">12.</td> <td>Discontinued Operation</td> </tr> </table>   The consolidated balance sheets at December 31, 2012 and 2011 reflected the assets and liabilities of the bio-enhanced feed business segment as a discontinued operation. The following table summarizes the assets and liabilities of the discontinued operation, excluding intercompany balances eliminated in consolidation, at December 31, 2012 and 2011, respectively:   <table style="width: 70%; border-collapse: collapse; font: 10pt times new roman, times, serif;" cellspacing="0" cellpadding="0"> <tr style="vertical-align: bottom;"> <td style="font-weight: bold;" nowrap="nowrap">Assets</td> <td style="padding-bottom: 1pt; font-weight: bold;" nowrap="nowrap"> </td> <td style="border-bottom: black 1pt solid; text-align: center; font-weight: bold;" colspan="2" nowrap="nowrap">December 31, 2012</td> <td style="padding-bottom: 1pt; font-weight: bold;" nowrap="nowrap"> </td> <td style="padding-bottom: 1pt;" nowrap="nowrap"> </td> <td style="border-bottom: black 1pt solid; text-align: center;" colspan="2" nowrap="nowrap">December 31, 2011</td> <td style="padding-bottom: 1pt;" nowrap="nowrap"> </td> </tr> <tr style="background-color: #ccffcc; vertical-align: bottom;"> <td style="text-align: left; padding-bottom: 1pt; padding-left: 0.125in; width: 70%;">Cash and cash equivalents</td> <td style="padding-bottom: 1pt; width: 1%; font-weight: bold;"> </td> <td style="border-bottom: black 1pt solid; text-align: left; width: 1%; font-weight: bold;">$</td> <td style="border-bottom: black 1pt solid; text-align: right; width: 12%;">          -</td> <td style="text-align: left; padding-bottom: 1pt; width: 1%; font-weight: bold;"> </td> <td style="padding-bottom: 1pt; width: 1%;"> </td> <td style="border-bottom: black 1pt solid; text-align: left; width: 1%;">$</td> <td style="border-bottom: black 1pt solid; text-align: right; width: 12%;">416</td> <td style="text-align: left; padding-bottom: 1pt; width: 1%;"> </td> </tr> <tr style="background-color: white; vertical-align: bottom;"> <td style="text-align: left; font-weight: bold;">Total assets</td> <td style="font-weight: bold;"> </td> <td style="text-align: left; font-weight: bold;">$</td> <td style="text-align: right; font-weight: bold;">-</td> <td style="text-align: left; font-weight: bold;"> </td> <td> </td> <td style="text-align: left;">$</td> <td style="text-align: right;">416</td> <td style="text-align: left;"> </td> </tr> <tr style="background-color: #ccffcc; vertical-align: bottom;"> <td style="text-align: left; font-weight: bold;"> </td> <td style="font-weight: bold;"> </td> <td style="text-align: left; font-weight: bold;"> </td> <td style="text-align: right; font-weight: bold;"> </td> <td style="text-align: left; font-weight: bold;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;"> </td> <td style="text-align: left;"> </td> </tr> <tr style="background-color: white; vertical-align: bottom;"> <td style="font-weight: bold;">Liabilities</td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;"> </td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;"> </td> <td style="text-align: left;"> </td> </tr> <tr style="background-color: #ccffcc; vertical-align: bottom;"> <td style="text-align: left; padding-left: 0.125in;">Due to related parties-trade</td> <td style="font-weight: bold;"> </td> <td style="text-align: left; font-weight: bold;">$</td> <td style="text-align: right; font-weight: bold;">-</td> <td style="text-align: left; font-weight: bold;"> </td> <td> </td> <td style="text-align: left;">$</td> <td style="text-align: right;">34,515</td> <td style="text-align: left;"> </td> </tr> <tr style="background-color: white; vertical-align: bottom;"> <td style="text-align: left; padding-bottom: 1pt; padding-left: 0.125in;">Salary payable</td> <td style="padding-bottom: 1pt; font-weight: bold;"> </td> <td style="border-bottom: black 1pt solid; text-align: left; font-weight: bold;"> </td> <td style="border-bottom: black 1pt solid; text-align: right;">-</td> <td style="text-align: left; padding-bottom: 1pt; font-weight: bold;"> </td> <td style="padding-bottom: 1pt;"> </td> <td style="border-bottom: black 1pt solid; text-align: left;"> </td> <td style="border-bottom: black 1pt solid; text-align: right;">79,191</td> <td style="text-align: left; padding-bottom: 1pt;"> </td> </tr> <tr style="background-color: #ccffcc; vertical-align: bottom;"> <td style="text-align: left; padding-bottom: 2.5pt; font-weight: bold;">Total liabilities</td> <td style="padding-bottom: 2.5pt; font-weight: bold;"> </td> <td style="border-bottom: black 2.5pt double; text-align: left; font-weight: bold;">$</td> <td style="border-bottom: black 2.5pt double; text-align: right;">-</td> <td style="text-align: left; padding-bottom: 2.5pt; font-weight: bold;"> </td> <td style="padding-bottom: 2.5pt;"> </td> <td style="border-bottom: black 2.5pt double; text-align: left;">$</td> <td style="border-bottom: black 2.5pt double; text-align: right;">113,706</td> <td style="text-align: left; padding-bottom: 2.5pt;"> </td> </tr> </table>   During the year ended December 31, 2009, Challenge Feed, the 20% minority shareholder of Kiwa Tianjin, without our prior permission, transferred titles to machinery, equipment and inventory of Kiwa Tianjin to its own creditors to settle its own debts. On December 22, 2009, Kiwa Tianjin filed a lawsuit against Challenge Feed in the local court of Wuqing District, Tianjin, where Kiwa Tianjin is domiciled. In the lawsuit, Kiwa Tianjin asserted that Challenge Feed unlawfully disposed of the assets held by Kiwa Tianjin. The local court of Wuqing District ruled that the local court would not examine the lawsuit against Challenge Feed since Challenge Feed entered into bankruptcy proceedings and that all related matters would be solved during Challenge Feed’s bankruptcy proceedings.   On December 27, 2011, Challenge Feed’s bankruptcy administrator informed the Company the bankruptcy court had agreed on the Company’s request of repossessing machinery and equipment and Kiwa Tianjin’s bio-enhanced feed production lines that were positioned in Challenge Feed’s domicile before December 31, 2011. On February 9, 2012, the Company sold such machinery and equipment for $8,000.   Effective on July 11, 2012, the Company dissolved Kiwa Tianjin. The Company recorded a gain of approximately $113,000 during the year ended December 31, 2012 based on the discharge of the excess liabilities over the assets of the Kiwa Tianjin. <div style="margin: 0pt 0px; font: 10pt times new roman, times, serif;">Principle of Consolidation - These consolidated financial statements include the financial statements of the Company and its wholly-owned subsidiaries, Kiwa BVI and Kiwa Bio-Tech Products (Shandong) Co., Ltd. (“Kiwa Shandong”), and also its former majority-owned subsidiary, Tianjin Kiwa Feed Co., Ltd. (“Kiwa Tianjin”). Effective on July 11, 2012, the Company dissolved Kiwa Tianjin. All significant inter-company balances or transactions are eliminated on consolidation.</div> 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, 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. Significant accounting estimates include the bad debt provision, impairment of inventory and long-lived assets, depreciation and amortization of long-lived assets and fair value of warrants and options.   Certain of our estimates, including evaluating the collectability of accounts receivable and the fair market value of long-lived assets, could be affected by external conditions, including those unique to our industry, and general economic conditions. It is possible that these external factors could have an effect on our estimates that could cause actual results to differ from our estimates. We re-evaluate all of our accounting estimates annually based on these conditions and record adjustments when necessary. Cash - Cash includes cash in hand and cash in time deposits, certificates of deposits and all highly liquid debt instruments with original maturities of three months or less.    The Company maintains cash with financial institutions in the People’s Republic of China (“PRC”) which are not insured or otherwise protected. Should any of these institutions holding the Company’s cash become insolvent, or if the Company is unable to withdraw funds for any reason, the Company could lose the cash on deposit with that institution. Accounts Receivables - Accounts receivables represent customer accounts receivables. The allowance for doubtful accounts is based on a combination of current sales, historical charge offs and specific accounts identified as high risk. Uncollectible accounts receivable are charged against the allowance for doubtful accounts when all reasonable efforts to collect the amounts due have been exhausted. Such allowances, if any, would be recorded in the period the impairment is identified. The Company performs ongoing credit evaluations of its customers and establishes an allowance for doubtful accounts when amounts are not considered fully collectable.  According to the Company’s credit policy, the Company generally provides a 100% bad debt provision for the amounts outstanding over 365 days after the deduction of the amount subsequently settled after the balance sheet date, which management believes is consistent with industry practice in the China region. Inventories - Inventories are stated at the lower of cost, determined on the weighted average method, and net realizable value. Work in progress and finished goods are composed of direct material, direct labor and a portion of manufacturing overhead. Net realizable value is the estimated selling price in the ordinary course of business, less estimated costs to complete and dispose. Property, plant and equipment - Property, plant and equipment are stated at cost less accumulated depreciation and accumulated impairment losses, if any. Gains or losses on disposals are reflected as gain or loss in the year of disposal. The cost of improvements that extend the life of property, plant and equipment are capitalized. These capitalized costs may include structural improvements, equipment and fixtures. All ordinary repair and maintenance costs are expensed as incurred. Depreciation for financial reporting purposes is provided using the straight-line method over the estimated useful lives of the assets as follows:   <table style="width: 85%; border-collapse: collapse; font: 10pt times new roman, times, serif;" cellspacing="0" cellpadding="0"> <tr style="vertical-align: top;"> <td style="width: 78%;" nowrap="nowrap"> </td> <td style="text-align: center; width: 2%;" nowrap="nowrap"> </td> <td style="text-align: center; width: 20%;" nowrap="nowrap">Useful Life</td> </tr> <tr style="vertical-align: top;"> <td nowrap="nowrap"> </td> <td style="text-align: center;" nowrap="nowrap"> </td> <td style="border-bottom: windowtext 1pt solid; text-align: center;" nowrap="nowrap">(In years)</td> </tr> <tr style="background-color: #ccffcc; vertical-align: top;"> <td>Buildings</td> <td style="text-align: center;"> </td> <td style="text-align: center;">30 - 35</td> </tr> <tr style="background-color: white; vertical-align: top;"> <td>Machinery and equipment</td> <td style="text-align: center;"> </td> <td style="text-align: center;">5 - 10</td> </tr> <tr style="background-color: #ccffcc; vertical-align: top;"> <td>Automobiles</td> <td style="text-align: center;"> </td> <td style="text-align: center;">8</td> </tr> <tr style="background-color: white; vertical-align: top;"> <td>Office equipment</td> <td style="text-align: center;"> </td> <td style="text-align: center;">2 - 5</td> </tr> <tr style="background-color: #ccffcc; vertical-align: top;"> <td>Computer software</td> <td style="text-align: center;"> </td> <td style="text-align: center;">3</td> </tr> </table> Impairment of Long-Lived Assets - The Company’s long-lived assets consist of property, equipment and intangible assets.  The Company evaluates its investment in long-lived assets, including property and equipment, for recoverability whenever events or changes in circumstances indicate the net carrying amount may not be recoverable.  Judgments regarding potential impairment are based on legal factors, market conditions and operational performance indicators, among others.  In assessing the impairment of property and equipment, the Company makes assumptions regarding the estimated future cash flows and other factors to determine the fair value of the respective assets. Fair value of warrants and options - The Company adopted ASC Topic 815, “Accounting for Derivative Instruments and Hedging Activities” to recognize warrants relating to loans and warrants issued to consultants as compensation as derivative instruments in our consolidated financial statements. The Company also adopted ASC Topic 718, “Share Based Payment” to recognize options granted to employees as derivative instruments in our consolidated financial statements. The Company calculates the fair value of the warrants and options using the Black-Scholes Model. Revenue Recognition – The Company recognizes revenue for our products in accordance with FASB ASC Topic 605, “Revenue Recognition.” Sales represent the invoiced value of goods, net of value added tax, supplied to customers. Sales are recognized upon delivery of goods to customers when a formal arrangement exists, the price is fixed or determinable, the delivery is completed, and 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 advances from customers. Shipping and Handling Costs - Substantially all costs of shipping and handling of products to customers are included in selling. Shipping and handling costs for the years ended December 31, 2012 and 2011 were both $nil. Income Taxes - The Company accounts for income taxes under the provisions of FASB ASC Topic 740, “Income Tax,” which requires recognition of deferred tax assets and liabilities for the expected future tax consequences of events that have been included in the consolidated financial statements or tax returns. Deferred tax assets and liabilities are recognized for the future tax consequence attributable to the difference between the tax bases of assets and liabilities and their reported amounts in the financial statements. Deferred tax assets and liabilities are measured using the enacted tax rate expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. The effect on deferred tax assets and liabilities of a change in tax rates is recognized in income in the period that includes the enactment date. The Company establishes a valuation when it is more likely than not that the assets will not be recovered. ASC Topic 740.10.30 clarifies the accounting for uncertainty in income taxes recognized in an enterprise’s financial statements and prescribes a recognition threshold and measurement attribute for the financial statement recognition and measurement of a tax position taken or expected to be taken in a tax return. ASC Topic 740.10.40 provides guidance on derecognition, classification, interest and penalties, accounting in interim periods, disclosure, and transition. We have no material uncertain tax positions for any of the reporting periods presented. Foreign Currency Translation and Other Comprehensive Income - The Company uses United States dollars (“US Dollar” or “US$” or “$”) for financial reporting purposes. However, the Company maintains the books and records in its functional currency, Chinese Renminbi (“RMB”), being the primary currency of the economic environment in which its operations are conducted. In general, the Company translates its assets and liabilities into U.S. dollars using the applicable exchange rates prevailing at the balance sheet date, and the statement of income and the statement of cash flow are translated at average exchange rates during the reporting period. Equity accounts are translated at historical rates. Adjustments resulting from the translation of the Company’s financial statements are recorded as accumulated other comprehensive income.   Other comprehensive loss for the year ended December 31, 2012 and 2011 represented foreign currency translation adjustments and were included in the consolidated statements of income and comprehensive income.   The exchange rates used to translate amounts in RMB into U.S. Dollars for the purposes of preparing the consolidated financial statements were as follows:   <table style="width: 100%; border-collapse: collapse; font: 10pt times new roman, times, serif;" cellspacing="0" cellpadding="0"> <tr style="vertical-align: bottom;"> <td style="padding-bottom: 1pt;"> </td> <td style="padding-bottom: 1pt;"> </td> <td style="border-bottom: black 1pt solid; text-align: center;" colspan="6">As of December 31,</td> <td style="padding-bottom: 1pt;"> </td> </tr> <tr style="vertical-align: bottom;"> <td style="padding-bottom: 1pt;"> </td> <td style="padding-bottom: 1pt;"> </td> <td style="border-bottom: black 1pt solid; text-align: center;" colspan="2">2012</td> <td style="padding-bottom: 1pt;"> </td> <td style="padding-bottom: 1pt;"> </td> <td style="border-bottom: black 1pt solid; text-align: center;" colspan="2">2011</td> <td style="padding-bottom: 1pt;"> </td> </tr> <tr style="background-color: #ccffcc; vertical-align: bottom;"> <td style="text-align: left; width: 70%;">Balance sheet items, except for equity accounts</td> <td style="width: 1%;"> </td> <td style="text-align: left; width: 1%;"> </td> <td style="text-align: right; width: 12%;">6.2301</td> <td style="text-align: left; width: 1%;"> </td> <td style="width: 1%;"> </td> <td style="text-align: left; width: 1%;"> </td> <td style="text-align: right; width: 12%;">6.3364</td> <td style="text-align: left; width: 1%;"> </td> </tr> </table>   <table style="width: 100%; border-collapse: collapse; font: 10pt times new roman, times, serif;" cellspacing="0" cellpadding="0"> <tr style="vertical-align: bottom;"> <td nowrap="nowrap"> </td> <td style="padding-bottom: 1pt;" nowrap="nowrap"> </td> <td style="border-bottom: black 1pt solid; text-align: center;" colspan="6" nowrap="nowrap">Year ended December 31,</td> <td style="padding-bottom: 1pt;" nowrap="nowrap"> </td> </tr> <tr style="vertical-align: bottom;"> <td nowrap="nowrap"> </td> <td style="padding-bottom: 1pt;" nowrap="nowrap"> </td> <td style="border-bottom: black 1pt solid; text-align: center;" colspan="2" nowrap="nowrap">2012</td> <td style="padding-bottom: 1pt;" nowrap="nowrap"> </td> <td style="padding-bottom: 1pt;" nowrap="nowrap"> </td> <td style="border-bottom: black 1pt solid; text-align: center;" colspan="2" nowrap="nowrap">2011</td> <td style="padding-bottom: 1pt;" nowrap="nowrap"> </td> </tr> <tr style="background-color: #ccffcc; vertical-align: bottom;"> <td style="text-align: left; width: 70%;">Items in the statements of income</td> <td style="width: 1%;"> </td> <td style="text-align: left; width: 1%;"> </td> <td style="text-align: right; width: 12%;">6.3093</td> <td style="text-align: left; width: 1%;"> </td> <td style="width: 1%;"> </td> <td style="text-align: left; width: 1%;"> </td> <td style="text-align: right; width: 12%;">6.4653</td> <td style="text-align: left; width: 1%;"></td> </tr> </table> Advertising Costs - The Company charges all advertising costs to expense as incurred. The total amounts of advertising costs charged to selling, general and administrative expense were both $nil for the years ended December 31, 2012 and 2011, respectively. Research and Development Costs - Research and development costs are charged to expense as incurred.  During the years ended December 31, 2012 and 2011, research and development costs were $159,059 and $166,716, respectively. Net Loss Per Common Share - Basic loss per common share is calculated by dividing net loss attributable to Kiwa stockholders by the weighted-average number of shares of common stock outstanding during the period. Diluted loss per common share includes dilutive effect of dilutive securities (stock options, warrants, convertible debt, stock subscription and other stock commitments issuable). These potentially dilutive securities were not included in the calculation of loss per share for the periods presented because the Company incurred a loss during such periods and thus the effect would have been anti-dilutive. Accordingly, basic and diluted loss per common share is the same for all periods presented. As of December 31, 2012 and 2011, potentially dilutive securities aggregated 2,164,782,738 and 9,228,310,626 shares of common stock, respectively. Fair value measurements   ASC Topic 820, Fair Value Measurement and Disclosures, defines fair value as the exchange price that would be received for an asset or paid to transfer a liability (an exit price) in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants on the measurement date. This topic also establishes a fair value hierarchy which requires classification based on observable and unobservable inputs when measuring fair value. There are three levels of inputs that may be used to measure fair value:   Level 1 - Quoted prices in active markets for identical assets or liabilities.   Level 2 - Observable inputs other than Level 1 prices such as quoted prices for similar assets or liabilities; quoted prices in markets that are not active; or other inputs that are observable or can be corroborated by observable market data for substantially the full term of the assets or liabilities.   Level 3 - Unobservable inputs that are supported by little or no market activity and that are significant to the fair value of the assets or liabilities.   The carrying values of cash and cash equivalents, trade receivables and payables, and short-term debts approximate their fair values due to their short maturities. Recent accounting pronouncements adopted   In July 2012, the FASB issued Accounting Standards Update No. 2012-02 Intangibles — Goodwill and Other (Topic 350): The amendments in this update will allow an entity to first assess qualitative factors to determine whether it is necessary to perform a quantitative impairment test. Under these amendments, an entity would not be required to calculate the fair value of an indefinite-lived intangible asset unless the entity determines, based on a qualitative assessment, that it is not more likely than not, the indefinite-lived intangible asset is impaired. The amendments include a number of events and circumstances for an entity to consider in conducting the qualitative assessment. The amendments are effective for annual and interim impairment tests performed for fiscal years beginning after September 15, 2012. Early adoption is permitted, including for annual and interim impairment tests performed as of a date before July 27, 2012, if a public entity’s financial statements for the most recent annual or interim period have not yet been issued. The Company does not expect the adoption of the provisions in this update will have a significant impact on its consolidated financial statements.   In February 2013, the FASB issued Accounting Standards Update No. 2013-02 Comprehensive Income (Topic 220): The objective of this update is to improve the reporting of reclassifications out of accumulated other comprehensive income. The amendments in this update seek to attain that objective by requiring an entity to report the effect of significant reclassifications out of accumulated other comprehensive income on the respective line items in net income if the amount being reclassified is required under U.S. generally accepted accounting principles (GAAP) to be reclassified in its entirety to net income. For other amounts that are not required under U.S. GAAP to be reclassified in their entirety to net income in the same reporting period, an entity is required to cross-reference other disclosures required under U.S. GAAP that provide additional detail about those amounts. This would be the case when a portion of the amount reclassified out of accumulated other comprehensive income is reclassified to a balance sheet account (for example, inventory) instead of directly to income or expense in the same reporting period. For public entities, the amendments are effective prospectively for reporting periods beginning after December 15, 2012. The Company does not expect the adoption of the provisions in this update will have a significant impact on its consolidated financial statements.    Other accounting standards that have been issued or proposed by the FASB or other standards-setting bodies that do not require adoption until a future date are not expected to have a material impact on the Company’s consolidated financial statements upon adoption.   Other accounting standards that have been issued or proposed by the FASB or other standards-setting bodies that do not require adoption until a future date are not expected to have a material impact on the Company’s consolidated financial statements upon adoption. <div>All ordinary repair and maintenance costs are expensed as incurred. Depreciation for financial reporting purposes is provided using the straight-line method over the estimated useful lives of the assets as follows:</div>   <table style="width: 85%; border-collapse: collapse; font: 10pt times new roman, times, serif;" cellspacing="0" cellpadding="0"> <tr style="vertical-align: top;"> <td style="width: 78%;" nowrap="nowrap"> </td> <td style="text-align: center; width: 2%;" nowrap="nowrap"> </td> <td style="text-align: center; width: 20%;" nowrap="nowrap">Useful Life</td> </tr> <tr style="vertical-align: top;"> <td nowrap="nowrap"> </td> <td style="text-align: center;" nowrap="nowrap"> </td> <td style="border-bottom: windowtext 1pt solid; text-align: center;" nowrap="nowrap">(In years)</td> </tr> <tr style="background-color: #ccffcc; vertical-align: top;"> <td>Buildings</td> <td style="text-align: center;"> </td> <td style="text-align: center;">30 - 35</td> </tr> <tr style="background-color: white; vertical-align: top;"> <td>Machinery and equipment</td> <td style="text-align: center;"> </td> <td style="text-align: center;">5 - 10</td> </tr> <tr style="background-color: #ccffcc; vertical-align: top;"> <td>Automobiles</td> <td style="text-align: center;"> </td> <td style="text-align: center;">8</td> </tr> <tr style="background-color: white; vertical-align: top;"> <td>Office equipment</td> <td style="text-align: center;"> </td> <td style="text-align: center;">2 - 5</td> </tr> <tr style="background-color: #ccffcc; vertical-align: top;"> <td>Computer software</td> <td style="text-align: center;"> </td> <td style="text-align: center;">3</td> </tr> </table>   The exchange rates used to translate amounts in RMB into U.S. Dollars for the purposes of preparing the consolidated financial statements were as follows:   <table style="width: 100%; border-collapse: collapse; font: 10pt times new roman, times, serif;" cellspacing="0" cellpadding="0"> <tr style="vertical-align: bottom;"> <td style="padding-bottom: 1pt;"> </td> <td style="padding-bottom: 1pt;"> </td> <td style="border-bottom: black 1pt solid; text-align: center;" colspan="6">As of December 31,</td> <td style="padding-bottom: 1pt;"> </td> </tr> <tr style="vertical-align: bottom;"> <td style="padding-bottom: 1pt;"> </td> <td style="padding-bottom: 1pt;"> </td> <td style="border-bottom: black 1pt solid; text-align: center;" colspan="2">2012</td> <td style="padding-bottom: 1pt;"> </td> <td style="padding-bottom: 1pt;"> </td> <td style="border-bottom: black 1pt solid; text-align: center;" colspan="2">2011</td> <td style="padding-bottom: 1pt;"> </td> </tr> <tr style="background-color: #ccffcc; vertical-align: bottom;"> <td style="text-align: left; width: 70%;">Balance sheet items, except for equity accounts</td> <td style="width: 1%;"> </td> <td style="text-align: left; width: 1%;"> </td> <td style="text-align: right; width: 12%;">6.2301</td> <td style="text-align: left; width: 1%;"> </td> <td style="width: 1%;"> </td> <td style="text-align: left; width: 1%;"> </td> <td style="text-align: right; width: 12%;">6.3364</td> <td style="text-align: left; width: 1%;"> </td> </tr> </table>   <table style="width: 100%; border-collapse: collapse; font: 10pt times new roman, times, serif;" cellspacing="0" cellpadding="0"> <tr style="vertical-align: bottom;"> <td style="padding-bottom: 1pt;"> </td> <td style="padding-bottom: 1pt;"> </td> <td style="border-bottom: black 1pt solid; text-align: center;" colspan="6">Year ended December 31,</td> <td style="padding-bottom: 1pt;"> </td> </tr> <tr style="vertical-align: bottom;"> <td style="padding-bottom: 1pt;"> </td> <td style="padding-bottom: 1pt;"> </td> <td style="border-bottom: black 1pt solid; text-align: center;" colspan="2">2012</td> <td style="padding-bottom: 1pt;"> </td> <td style="padding-bottom: 1pt;"> </td> <td style="border-bottom: black 1pt solid; text-align: center;" colspan="2">2011</td> <td style="padding-bottom: 1pt;"> </td> </tr> <tr style="background-color: #ccffcc; vertical-align: bottom;"> <td style="text-align: left; width: 70%;">Items in the statements of income</td> <td style="width: 1%;"> </td> <td style="text-align: left; width: 1%;"> </td> <td style="text-align: right; width: 12%;">6.3093</td> <td style="text-align: left; width: 1%;"> </td> <td style="width: 1%;"> </td> <td style="text-align: left; width: 1%;"> </td> <td style="text-align: right; width: 12%;">6.4653</td> <td style="text-align: left; width: 1%;"></td> </tr> </table> Property, plant and equipment, net consisted of the following:   <table style="width: 80%; border-collapse: collapse; font: 10pt times new roman, times, serif;" cellspacing="0" cellpadding="0"> <tr style="vertical-align: bottom;"> <td nowrap="nowrap"> </td> <td style="padding-bottom: 1pt; font-weight: bold;" nowrap="nowrap"> </td> <td style="border-bottom: black 1pt solid; text-align: center; font-weight: bold;" colspan="2" nowrap="nowrap">December 31, 2012</td> <td style="padding-bottom: 1pt; font-weight: bold;" nowrap="nowrap"> </td> <td style="padding-bottom: 1pt;" nowrap="nowrap"> </td> <td style="border-bottom: black 1pt solid; text-align: center;" colspan="2" nowrap="nowrap">December 31, 2011</td> <td style="padding-bottom: 1pt;" nowrap="nowrap"> </td> </tr> <tr style="background-color: #ccffcc; vertical-align: bottom;"> <td style="text-align: left;">Property, Plant and Equipment</td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;"> </td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;"> </td> <td style="text-align: left;"> </td> </tr> <tr style="background-color: white; vertical-align: bottom;"> <td style="padding-left: 0.125in; width: 70%;">Buildings</td> <td style="width: 1%; font-weight: bold;"> </td> <td style="text-align: left; width: 1%; font-weight: bold;">$</td> <td style="text-align: right; width: 12%; font-weight: bold;">1,362,481</td> <td style="text-align: left; width: 1%; font-weight: bold;"> </td> <td style="width: 1%;"> </td> <td style="text-align: left; width: 1%;">$</td> <td style="text-align: right; width: 12%;">1,339,622</td> <td style="text-align: left; width: 1%;"> </td> </tr> <tr style="background-color: #ccffcc; vertical-align: bottom;"> <td style="text-align: left; padding-left: 0.125in;">Machinery and equipment</td> <td style="font-weight: bold;"> </td> <td style="text-align: left; font-weight: bold;"> </td> <td style="text-align: right; font-weight: bold;">620,060</td> <td style="text-align: left; font-weight: bold;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">609,660</td> <td style="text-align: left;"> </td> </tr> <tr style="background-color: white; vertical-align: bottom;"> <td style="padding-left: 0.125in;">Automobiles</td> <td style="font-weight: bold;"> </td> <td style="text-align: left; font-weight: bold;"> </td> <td style="text-align: right; font-weight: bold;">89,288</td> <td style="text-align: left; font-weight: bold;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">87,791</td> <td style="text-align: left;"> </td> </tr> <tr style="background-color: #ccffcc; vertical-align: bottom;"> <td style="text-align: left; padding-left: 0.125in;">Office equipment</td> <td style="font-weight: bold;"> </td> <td style="text-align: left; font-weight: bold;"> </td> <td style="text-align: right; font-weight: bold;">109,147</td> <td style="text-align: left; font-weight: bold;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">107,317</td> <td style="text-align: left;"> </td> </tr> <tr style="background-color: white; vertical-align: bottom;"> <td style="text-align: left; padding-bottom: 1pt; padding-left: 0.125in;">Computer software</td> <td style="padding-bottom: 1pt; font-weight: bold;"> </td> <td style="border-bottom: black 1pt solid; text-align: left; font-weight: bold;"> </td> <td style="border-bottom: black 1pt solid; text-align: right; font-weight: bold;">23,219</td> <td style="text-align: left; padding-bottom: 1pt; font-weight: bold;"> </td> <td style="padding-bottom: 1pt;"> </td> <td style="border-bottom: black 1pt solid; text-align: left;"> </td> <td style="border-bottom: black 1pt solid; text-align: right;">22,830</td> <td style="text-align: left; padding-bottom: 1pt;"> </td> </tr> <tr style="background-color: #ccffcc; vertical-align: bottom;"> <td style="text-align: left;">Property, plant and equipment - total</td> <td style="font-weight: bold;"> </td> <td style="text-align: left; font-weight: bold;">$</td> <td style="text-align: right; font-weight: bold;">2,204,195</td> <td style="text-align: left; font-weight: bold;"> </td> <td> </td> <td style="text-align: left;">$</td> <td style="text-align: right;">2,167,220</td> <td style="text-align: left;"> </td> </tr> <tr style="background-color: white; vertical-align: bottom;"> <td style="text-align: left; padding-left: 0.125in;">Less: accumulated depreciation</td> <td style="font-weight: bold;"> </td> <td style="text-align: left; font-weight: bold;"> </td> <td style="text-align: right; font-weight: bold;">(781,044</td> <td style="text-align: left; font-weight: bold;">)</td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">(763,319</td> <td style="text-align: left;">)</td> </tr> <tr style="background-color: #ccffcc; vertical-align: bottom;"> <td style="text-align: left; padding-bottom: 1pt; padding-left: 0.125in;">Less: impairment on long-lived assets</td> <td style="padding-bottom: 1pt; font-weight: bold;"> </td> <td style="border-bottom: black 1pt solid; text-align: left; font-weight: bold;"> </td> <td style="border-bottom: black 1pt solid; text-align: right; font-weight: bold;">(1,407,186</td> <td style="text-align: left; padding-bottom: 1pt; font-weight: bold;">)</td> <td style="padding-bottom: 1pt;"> </td> <td style="border-bottom: black 1pt solid; text-align: left;"> </td> <td style="border-bottom: black 1pt solid; text-align: right;">(1,383,579</td> <td style="text-align: left; padding-bottom: 1pt;">)</td> </tr> <tr style="background-color: white; vertical-align: bottom;"> <td style="text-align: left; padding-bottom: 1pt;">Property, plant and equipment - net</td> <td style="padding-bottom: 1pt; font-weight: bold;"> </td> <td style="border-bottom: black 1pt solid; text-align: left; font-weight: bold;">$</td> <td style="border-bottom: black 1pt solid; text-align: right; font-weight: bold;">15,965</td> <td style="text-align: left; padding-bottom: 1pt; font-weight: bold;"> </td> <td style="padding-bottom: 1pt;"> </td> <td style="border-bottom: black 1pt solid; text-align: left;">$</td> <td style="border-bottom: black 1pt solid; text-align: right;">20,322</td> <td style="text-align: left; padding-bottom: 1pt;"></td> </tr> </table> Amounts due to related parties consisted of the following as of December 31, 2012 and December 31, 2011:   <table style="width: 100%; border-collapse: collapse; font: 10pt times new roman, times, serif;" cellspacing="0" cellpadding="0"> <tr style="vertical-align: bottom;"> <td style="border-bottom: black 1pt solid; text-align: center;" nowrap="nowrap">Item</td> <td style="padding-bottom: 1pt;" nowrap="nowrap"> </td> <td style="border-bottom: black 1pt solid; text-align: center;" colspan="2" nowrap="nowrap">Nature</td> <td style="padding-bottom: 1pt;" nowrap="nowrap"> </td> <td style="padding-bottom: 1pt;" nowrap="nowrap"> </td> <td style="border-bottom: black 1pt solid; text-align: center;" colspan="2" nowrap="nowrap">Notes</td> <td style="padding-bottom: 1pt;" nowrap="nowrap"> </td> <td style="padding-bottom: 1pt;" nowrap="nowrap"> </td> <td style="text-align: right; padding-bottom: 1pt;" colspan="2" nowrap="nowrap"> </td> <td style="padding-bottom: 1pt;" nowrap="nowrap"> </td> <td style="padding-bottom: 1pt;" nowrap="nowrap"> </td> <td style="text-align: right; padding-bottom: 1pt;" colspan="2" nowrap="nowrap"> </td> <td style="padding-bottom: 1pt;" nowrap="nowrap"> </td> </tr> <tr style="vertical-align: bottom;"> <td style="padding-bottom: 1pt;" nowrap="nowrap"> </td> <td style="padding-bottom: 1pt;" nowrap="nowrap"> </td> <td style="text-align: center; padding-bottom: 1pt;" colspan="2" nowrap="nowrap"> </td> <td style="padding-bottom: 1pt;" nowrap="nowrap"> </td> <td style="padding-bottom: 1pt;" nowrap="nowrap"> </td> <td style="text-align: center; padding-bottom: 1pt;" colspan="2" nowrap="nowrap"> </td> <td style="padding-bottom: 1pt;" nowrap="nowrap"> </td> <td style="padding-bottom: 1pt; font-weight: bold;" nowrap="nowrap"> </td> <td style="border-bottom: black 1pt solid; text-align: center; font-weight: bold;" colspan="2" nowrap="nowrap">December 31, 2012</td> <td style="padding-bottom: 1pt; font-weight: bold;" nowrap="nowrap"> </td> <td style="padding-bottom: 1pt;" nowrap="nowrap"> </td> <td style="border-bottom: black 1pt solid; text-align: center;" colspan="2" nowrap="nowrap">December 31, 2011</td> <td style="padding-bottom: 1pt;" nowrap="nowrap"> </td> </tr> <tr style="background-color: #ccffcc; vertical-align: bottom;"> <td style="text-align: left; width: 40%;">Mr. Wei Li ("Mr. Li")</td> <td style="width: 1%;"> </td> <td style="text-align: center; width: 1%;"> </td> <td style="text-align: center; width: 12%;">Non-trade</td> <td style="text-align: left; width: 1%;"> </td> <td style="width: 1%;"> </td> <td style="text-align: center; width: 1%;"> </td> <td style="text-align: center; width: 12%;">(1)</td> <td style="text-align: left; width: 1%;"> </td> <td style="width: 1%; font-weight: bold;"> </td> <td style="text-align: left; width: 1%; font-weight: bold;">$</td> <td style="text-align: right; width: 12%; font-weight: bold;">3,412,284</td> <td style="text-align: left; width: 1%; font-weight: bold;"> </td> <td style="width: 1%;"> </td> <td style="text-align: left; width: 1%;">$</td> <td style="text-align: right; width: 12%;">3,203,190</td> <td style="text-align: left; width: 1%;"> </td> </tr> <tr style="background-color: white; vertical-align: bottom;"> <td style="text-align: left;">Kangtai International Logistics (Beijing) Co., Ltd. ("Kangtai")</td> <td> </td> <td style="text-align: center;"> </td> <td style="text-align: center;">Non-trade</td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: center;"> </td> <td style="text-align: center;">(2)</td> <td style="text-align: left;"> </td> <td style="font-weight: bold;"> </td> <td style="text-align: left; font-weight: bold;"> </td> <td style="text-align: right; font-weight: bold;">(13,250</td> <td style="text-align: left; font-weight: bold;">)</td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">(12,792</td> <td style="text-align: left;">)</td> </tr> <tr style="background-color: #ccffcc; vertical-align: bottom;"> <td style="text-align: left; padding-bottom: 1pt;">Ms. Yvonne Wang ("Ms. Wang")</td> <td style="padding-bottom: 1pt;"> </td> <td style="text-align: center; padding-bottom: 1pt;"> </td> <td style="text-align: center; padding-bottom: 1pt;">Non-trade</td> <td style="text-align: left; padding-bottom: 1pt;"> </td> <td style="padding-bottom: 1pt;"> </td> <td style="text-align: center; padding-bottom: 1pt;"> </td> <td style="text-align: center; padding-bottom: 1pt;">(3)</td> <td style="text-align: left; padding-bottom: 1pt;"> </td> <td style="padding-bottom: 1pt; font-weight: bold;"> </td> <td style="border-bottom: black 1pt solid; text-align: left; font-weight: bold;"> </td> <td style="border-bottom: black 1pt solid; text-align: right; font-weight: bold;">404,000</td> <td style="text-align: left; padding-bottom: 1pt; font-weight: bold;"> </td> <td style="padding-bottom: 1pt;"> </td> <td style="border-bottom: black 1pt solid; text-align: left;"> </td> <td style="border-bottom: black 1pt solid; text-align: right;">324,500</td> <td style="text-align: left; padding-bottom: 1pt;"> </td> </tr> <tr style="background-color: white; vertical-align: bottom;"> <td style="font-style: italic;">Subtotal</td> <td> </td> <td style="text-align: center;"> </td> <td style="text-align: center;"> </td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: center;"> </td> <td style="text-align: center;"> </td> <td style="text-align: left;"> </td> <td style="font-style: italic; font-weight: bold;"> </td> <td style="text-align: left; font-style: italic; font-weight: bold;"> </td> <td style="text-align: right; font-style: italic; font-weight: bold;">3,803,034</td> <td style="text-align: left; font-style: italic; font-weight: bold;"> </td> <td style="font-style: italic;"> </td> <td style="text-align: left; font-style: italic;"> </td> <td style="text-align: right; font-style: italic;">3,514,898</td> <td style="text-align: left; font-style: italic;"> </td> </tr> <tr style="background-color: #ccffcc; vertical-align: bottom;"> <td> </td> <td> </td> <td style="text-align: center;"> </td> <td style="text-align: center;"> </td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: center;"> </td> <td style="text-align: center;"> </td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;"> </td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;"> </td> <td style="text-align: left;"> </td> </tr> <tr style="background-color: white; vertical-align: bottom;"> <td style="padding-bottom: 1pt;">Kiwa-CAU R&D Center</td> <td style="padding-bottom: 1pt;"> </td> <td style="text-align: center; padding-bottom: 1pt;"> </td> <td style="text-align: center; padding-bottom: 1pt;">Trade</td> <td style="text-align: left; padding-bottom: 1pt;"> </td> <td style="padding-bottom: 1pt;"> </td> <td style="text-align: center; padding-bottom: 1pt;"> </td> <td style="text-align: center; padding-bottom: 1pt;">(4)</td> <td style="text-align: left; padding-bottom: 1pt;"> </td> <td style="padding-bottom: 1pt; font-weight: bold;"> </td> <td style="border-bottom: black 1pt solid; text-align: left; font-weight: bold;"> </td> <td style="border-bottom: black 1pt solid; text-align: right; font-weight: bold;">690,198</td> <td style="text-align: left; padding-bottom: 1pt; font-weight: bold;"> </td> <td style="padding-bottom: 1pt;"> </td> <td style="border-bottom: black 1pt solid; text-align: left;"> </td> <td style="border-bottom: black 1pt solid; text-align: right;">552,364</td> <td style="text-align: left; padding-bottom: 1pt;"> </td> </tr> <tr style="background-color: #ccffcc; vertical-align: bottom;"> <td style="padding-bottom: 1pt; font-style: italic;">Subtotal</td> <td style="padding-bottom: 1pt;"> </td> <td style="text-align: center; padding-bottom: 1pt;"> </td> <td style="text-align: center; padding-bottom: 1pt;"> </td> <td style="text-align: left; padding-bottom: 1pt;"> </td> <td style="padding-bottom: 1pt;"> </td> <td style="text-align: center; padding-bottom: 1pt;"> </td> <td style="text-align: center; padding-bottom: 1pt;"> </td> <td style="text-align: left; padding-bottom: 1pt;"> </td> <td style="padding-bottom: 1pt; font-style: italic; font-weight: bold;"> </td> <td style="border-bottom: black 1pt solid; text-align: left; font-style: italic; font-weight: bold;"> </td> <td style="border-bottom: black 1pt solid; text-align: right; font-style: italic; font-weight: bold;">690,198</td> <td style="text-align: left; padding-bottom: 1pt; font-style: italic; font-weight: bold;"> </td> <td style="padding-bottom: 1pt; font-style: italic;"> </td> <td style="border-bottom: black 1pt solid; text-align: left; font-style: italic;"> </td> <td style="border-bottom: black 1pt solid; text-align: right; font-style: italic;">552,364</td> <td style="text-align: left; padding-bottom: 1pt; font-style: italic;"> </td> </tr> <tr style="background-color: white; vertical-align: bottom;"> <td style="padding-bottom: 1pt;">Total</td> <td style="padding-bottom: 1pt;"> </td> <td style="text-align: center; padding-bottom: 1pt;"> </td> <td style="text-align: center; padding-bottom: 1pt;"> </td> <td style="text-align: left; padding-bottom: 1pt;"> </td> <td style="padding-bottom: 1pt;"> </td> <td style="text-align: center; padding-bottom: 1pt;"> </td> <td style="text-align: center; padding-bottom: 1pt;"> </td> <td style="text-align: left; padding-bottom: 1pt;"> </td> <td style="padding-bottom: 1pt; font-weight: bold;"> </td> <td style="border-bottom: black 1pt solid; text-align: left; font-weight: bold;">$</td> <td style="border-bottom: black 1pt solid; text-align: right; font-weight: bold;">4,493,232</td> <td style="text-align: left; padding-bottom: 1pt; font-weight: bold;"> </td> <td style="padding-bottom: 1pt;"> </td> <td style="border-bottom: black 1pt solid; text-align: left;">$</td> <td style="border-bottom: black 1pt solid; text-align: right;">4,067,262</td> <td style="text-align: left; padding-bottom: 1pt;"> </td> </tr> </table>   (1) Mr. Li Mr. Li is the Chairman of the Board, Chief Executive Officer of the Company.   Advances and Loans As of December 31, 2012, the balance due to Mr. Li for advances made was $3,412,284. During the year ended December 31, 2012, Mr. Li advanced $209,094 to the Company. As of December 31, 2011, the balance due to Mr. Li was $3,203,190.  Mr. Li has agreed that the Company may repay the balance when its cash flow circumstance allows.   Guarantees for the Company Mr. Li has pledged without any compensation from the Company all of his common stock of the Company as collateral for the Company’s obligations under the 6% Notes (see Note 8 below).   (2) Kangtai Kangtai, formerly named China Star Investment Management Co., Ltd., Kangtai International Logistics (Beijing) Co., Ltd., is a private company, 28% owned by Mr. Li. Mr. Li is the Chairman of Kangtai.   On December 31, 2012, the amount due from Kangtai was $13,250. The balance due from Kangtai on December 31, 2011 was $12,792.   (3) Ms. Wang Ms. Wang is the Secretary of the Company.   On December 31, 2012, the amount due to Ms. Wang was $404,000. During the year ended December 31, 2012, Ms. Wang advanced $79,500 to the Company. As of December 31, 2011, the amount due to Ms. Wang was $324,500. Ms. Wang has agreed that the Company may repay the balance when its cash flow circumstance allows.   (4) Kiwa-CAU R&D Center In November 2006, Kiwa and China Agricultural University (the “CAU”) agreed to jointly establish a new research and development center, named Kiwa-CAU R&D Center.  The term of the agreement was ten years commencing July 1, 2006.   <table style="margin-top: 0pt; width: 100%; font: 10pt times new roman, times, serif; margin-bottom: 0pt;" cellspacing="0" cellpadding="0"> <tr style="vertical-align: top;"> <td style="width: 0.5in;"></td> <td style="width: 0.5in;">·</td> <td>Pursuant to the agreement, Kiwa agree to invest RMB 1 million (approximately $160,600) each year to fund research at Kiwa-CAU R&D Center. Prof. Qi Wang, a director of the Company, is also the director of Kiwa-CAU R&D Center.</td> </tr> </table> <div>Unsecured loans payable consisted of the following as of December 31, 2012 and December 31, 2011:</div>   <table style="width: 100%; border-collapse: collapse; font: 10pt times new roman, times, serif;" cellspacing="0" cellpadding="0"> <tr style="vertical-align: bottom;"> <td style="border-bottom: black 1pt solid; text-align: center;" nowrap="nowrap">Item</td> <td style="padding-bottom: 1pt; font-weight: bold;" nowrap="nowrap"> </td> <td style="border-bottom: black 1pt solid; text-align: right; font-weight: bold;" colspan="2" nowrap="nowrap">December 31, 2012</td> <td style="padding-bottom: 1pt; font-weight: bold;" nowrap="nowrap"> </td> <td style="padding-bottom: 1pt;" nowrap="nowrap"> </td> <td style="border-bottom: black 1pt solid; text-align: right;" colspan="2" nowrap="nowrap">December 31, 2011</td> <td style="padding-bottom: 1pt;" nowrap="nowrap"> </td> </tr> <tr style="background-color: #ccffcc; vertical-align: bottom;"> <td style="text-align: left; width: 70%;">Unsecured loan payable to Zoucheng Municipal Government, non-interest bearing, becoming due within three years from Kiwa Shandong’s first profitable year on a formula basis, interest has not been imputed due to the undeterminable repayment date</td> <td style="width: 1%; font-weight: bold;"> </td> <td style="text-align: left; width: 1%; font-weight: bold;">$</td> <td style="text-align: right; width: 12%; font-weight: bold;">1,444,600</td> <td style="text-align: left; width: 1%; font-weight: bold;"> </td> <td style="width: 1%;"> </td> <td style="text-align: left; width: 1%;">$</td> <td style="text-align: right; width: 12%;">1,420,365</td> <td style="text-align: left; width: 1%;"> </td> </tr> <tr style="background-color: white; vertical-align: bottom;"> <td style="text-align: left; padding-bottom: 1pt;">Unsecured loan payable to Zoucheng Science & Technology Bureau, non-interest bearing, it is due in Kiwa Shandong’s first profitable year, interest has not been imputed due to the undeterminable repayment date</td> <td style="padding-bottom: 1pt; font-weight: bold;"> </td> <td style="border-bottom: black 1pt solid; text-align: left; font-weight: bold;"> </td> <td style="border-bottom: black 1pt solid; text-align: right; font-weight: bold;">401,278</td> <td style="text-align: left; padding-bottom: 1pt; font-weight: bold;"> </td> <td style="padding-bottom: 1pt;"> </td> <td style="border-bottom: black 1pt solid; text-align: left;"> </td> <td style="border-bottom: black 1pt solid; text-align: right;">394,546</td> <td style="text-align: left; padding-bottom: 1pt;"> </td> </tr> <tr style="background-color: #ccffcc; vertical-align: bottom;"> <td style="padding-bottom: 1pt;">Total</td> <td style="padding-bottom: 1pt; font-weight: bold;"> </td> <td style="border-bottom: black 1pt solid; text-align: left; font-weight: bold;">$</td> <td style="border-bottom: black 1pt solid; text-align: right; font-weight: bold;">1,845,878</td> <td style="text-align: left; padding-bottom: 1pt; font-weight: bold;"> </td> <td style="padding-bottom: 1pt;"> </td> <td style="border-bottom: black 1pt solid; text-align: left;">$</td> <td style="border-bottom: black 1pt solid; text-align: right;">1,814,911</td> <td style="text-align: left; padding-bottom: 1pt;"></td> </tr> </table> <div>The fair value was recorded as a reduction to the 6% Notes payable and was charged to operations as interest expense in accordance with effective interest method within the period of the 6% Notes. Significant assumptions used in calculating fair value of outstanding warrants are as follows.</div>   <table style="width: 100%; border-collapse: collapse; font: 10pt times new roman, times, serif;" cellspacing="0" cellpadding="0"> <tr style="vertical-align: bottom;"> <td style="border-bottom: black 1pt solid; text-align: center;" colspan="9" nowrap="nowrap">Black and Scholes Model Assumption</td> <td style="padding-bottom: 1pt;" nowrap="nowrap"> </td> <td style="border-bottom: black 1pt solid; text-align: center;" colspan="17">Details of Outstanding Warrants</td> </tr> <tr style="vertical-align: bottom;"> <td style="border-bottom: black 1pt solid; text-align: center;" nowrap="nowrap">Expected dividend</td> <td style="padding-bottom: 1pt;" nowrap="nowrap"> </td> <td style="border-bottom: black 1pt solid; text-align: center;" colspan="2" nowrap="nowrap">Expected volatility</td> <td style="padding-bottom: 1pt;" nowrap="nowrap"> </td> <td style="padding-bottom: 1pt;" nowrap="nowrap"> </td> <td style="border-bottom: black 1pt solid; text-align: center;" colspan="2" nowrap="nowrap">Risk- free rate of interest</td> <td style="padding-bottom: 1pt;" nowrap="nowrap"> </td> <td style="padding-bottom: 1pt;" nowrap="nowrap"> </td> <td style="border-bottom: black 1pt solid; text-align: center;" nowrap="nowrap">Expected term (year)</td> <td style="padding-bottom: 1pt;" nowrap="nowrap"> </td> <td style="border-bottom: black 1pt solid; text-align: center;" colspan="2" nowrap="nowrap">Exercise price</td> <td style="padding-bottom: 1pt;" nowrap="nowrap"> </td> <td style="padding-bottom: 1pt;" nowrap="nowrap"> </td> <td style="border-bottom: black 1pt solid; text-align: center;" colspan="2" nowrap="nowrap">Underlying Number of shares</td> <td style="padding-bottom: 1pt;" nowrap="nowrap"> </td> <td style="padding-bottom: 1pt;" nowrap="nowrap"> </td> <td style="border-bottom: black 1pt solid; text-align: center;" colspan="2" nowrap="nowrap">Closing price December 31, 2012</td> <td style="padding-bottom: 1pt;" nowrap="nowrap"> </td> <td style="padding-bottom: 1pt;" nowrap="nowrap"> </td> <td style="border-bottom: black 1pt solid; text-align: center;" colspan="2">Fair value of warrants/options determined by Black and Scholes model</td> <td style="padding-bottom: 1pt;" nowrap="nowrap"> </td> </tr> <tr style="background-color: #ccffcc; vertical-align: bottom;"> <td style="text-align: center; width: 14%;">-</td> <td style="width: 1%;"> </td> <td style="text-align: left; width: 1%;"> </td> <td style="text-align: right; width: 12%;">65</td> <td style="text-align: left; width: 1%;">%</td> <td style="width: 1%;"> </td> <td style="text-align: left; width: 1%;"> </td> <td style="text-align: right; width: 12%;">0.31</td> <td style="text-align: left; width: 1%;">%</td> <td style="width: 1%;"> </td> <td style="text-align: center; width: 14%;">0.5</td> <td style="width: 1%;"> </td> <td style="text-align: left; width: 1%;">$</td> <td style="text-align: right; width: 12%;">0.45</td> <td style="text-align: left; width: 1%;"> </td> <td style="width: 1%;"> </td> <td style="text-align: left; width: 1%;"> </td> <td style="text-align: right; width: 12%;">12,250,000</td> <td style="text-align: left; width: 1%;"> </td> <td style="width: 1%;"> </td> <td style="text-align: left; width: 1%;">$</td> <td style="text-align: right; width: 12%;">0.0003</td> <td style="text-align: left; width: 1%;"> </td> <td style="width: 1%;"> </td> <td style="text-align: left; width: 1%;"> </td> <td style="text-align: right; width: 12%;">-</td> <td style="text-align: left; width: 1%;"> </td> </tr> </table> On December 12, 2006, the Company granted options for 2,000,000 shares of its common stock under its 2004 Stock Incentive Plan. Summary of options issued and outstanding at December 31, 2012 and 2011 and the movements during the years then ended are as follows:   <table align="center" style="width: 80%; border-collapse: collapse; font: 10pt times new roman, times, serif;" cellspacing="0" cellpadding="0"> <tr style="vertical-align: bottom;"> <td nowrap="nowrap"> </td> <td style="font-weight: bold;" nowrap="nowrap"> </td> <td style="text-align: center; font-weight: bold;" colspan="2" nowrap="nowrap">Number of underlying shares</td> <td style="font-weight: bold;" nowrap="nowrap"> </td> <td style="font-weight: bold;" nowrap="nowrap"> </td> <td style="text-align: center; font-weight: bold;" colspan="2" nowrap="nowrap">Weighted- Average Exercise Price Per Share</td> <td style="font-weight: bold;" nowrap="nowrap"> </td> <td style="font-weight: bold;" nowrap="nowrap"> </td> <td style="text-align: center; font-weight: bold;" colspan="2" nowrap="nowrap">Aggregate Intrinsic Value (1)</td> <td style="font-weight: bold;" nowrap="nowrap"> </td> <td style="font-weight: bold;" nowrap="nowrap"> </td> <td style="text-align: center; font-weight: bold;" colspan="2" nowrap="nowrap">Weighted- Average Contractual Life Remaining in Years</td> <td style="font-weight: bold;" nowrap="nowrap"> </td> </tr> <tr style="vertical-align: bottom;"> <td> </td> <td> </td> <td colspan="2"> </td> <td> </td> <td> </td> <td colspan="2"> </td> <td> </td> <td> </td> <td colspan="2"> </td> <td> </td> <td> </td> <td colspan="2"> </td> <td> </td> </tr> <tr style="background-color: #ccffcc; vertical-align: bottom;"> <td style="width: 40%;">Outstanding at December 31, 2010</td> <td style="width: 1%;"> </td> <td style="text-align: left; width: 1%;"> </td> <td style="text-align: right; width: 12%;">1,232,600</td> <td style="text-align: left; width: 1%;"> </td> <td style="width: 1%;"> </td> <td style="text-align: left; width: 1%;">$</td> <td style="text-align: right; width: 12%;">0.175</td> <td style="text-align: left; width: 1%;"> </td> <td style="width: 1%;"> </td> <td style="text-align: left; width: 1%;">$</td> <td style="text-align: right; width: 12%;">    -</td> <td style="text-align: left; width: 1%;"> </td> <td style="width: 1%;"> </td> <td style="text-align: left; width: 1%;"> </td> <td style="text-align: right; width: 12%;">      7</td> <td style="text-align: left; width: 1%;"> </td> </tr> <tr style="background-color: white; vertical-align: bottom;"> <td>Exercised</td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">-</td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">-</td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;"> </td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">-</td> <td style="text-align: left;"> </td> </tr> <tr style="background-color: #ccffcc; vertical-align: bottom;"> <td>Expired</td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">-</td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">-</td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;"> </td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">-</td> <td style="text-align: left;"> </td> </tr> <tr style="background-color: white; vertical-align: bottom;"> <td>Forfeited</td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">-</td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">-</td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;"> </td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">-</td> <td style="text-align: left;"> </td> </tr> <tr style="background-color: #ccffcc; vertical-align: bottom;"> <td>Outstanding at December 31, 2011</td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">1,232,600</td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;">$</td> <td style="text-align: right;">0.175</td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;">$</td> <td style="text-align: right;">-</td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">6</td> <td style="text-align: left;"> </td> </tr> <tr style="background-color: white; vertical-align: bottom;"> <td>Exercised</td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">-</td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">-</td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;"> </td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;"> </td> <td style="text-align: left;"> </td> </tr> <tr style="background-color: #ccffcc; vertical-align: bottom;"> <td>Expired</td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">-</td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">-</td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;"> </td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">-</td> <td style="text-align: left;"> </td> </tr> <tr style="background-color: white; vertical-align: bottom;"> <td>Forfeited</td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">-</td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">-</td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;"> </td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">-</td> <td style="text-align: left;"> </td> </tr> <tr style="background-color: #ccffcc; vertical-align: bottom;"> <td style="font-weight: bold;">Outstanding at December 31, 2012</td> <td style="font-weight: bold;"> </td> <td style="text-align: left; font-weight: bold;"> </td> <td style="text-align: right; font-weight: bold;">1,232,600</td> <td style="text-align: left; font-weight: bold;"> </td> <td> </td> <td style="text-align: left;">$</td> <td style="text-align: right;">0.175</td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;">$</td> <td style="text-align: right;">-</td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">5</td> <td style="text-align: left;"> </td> </tr> <tr style="background-color: white; vertical-align: bottom;"> <td style="font-weight: bold;">Exercisable at December 31, 2012</td> <td style="font-weight: bold;"> </td> <td style="text-align: left; font-weight: bold;"> </td> <td style="text-align: right; font-weight: bold;">1,232,600</td> <td style="text-align: left; font-weight: bold;"> </td> <td> </td> <td style="text-align: left;">$</td> <td style="text-align: right;">0.175</td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;">$</td> <td style="text-align: right;">-</td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">5</td> <td style="text-align: left;"> </td> </tr> </table>   <table style="margin-top: 0pt; width: 100%; font: 10pt times new roman, times, serif; margin-bottom: 0pt;" cellspacing="0" cellpadding="0"> <tr style="vertical-align: top;"> <td style="width: 0px;"></td> <td style="width: 0.5in;">(1)</td> <td>The market value of the Company’s common stock at December 31, 2012 was $0.0003 per share. The outstanding options had no intrinsic value at December 31, 2012.</td> </tr> </table> A reconciliation of the provision for income taxes determined at the local income tax rate to the Company’s effective income tax rate is as follows:   <table style="width: 100%; border-collapse: collapse; font: 10pt times new roman, times, serif;" cellspacing="0" cellpadding="0"> <tr style="vertical-align: bottom;"> <td nowrap="nowrap"> </td> <td style="font-weight: bold;" nowrap="nowrap"> </td> <td style="text-align: center; font-weight: bold;" colspan="6" nowrap="nowrap">Year ended December 31,</td> <td style="font-weight: bold;" nowrap="nowrap"> </td> </tr> <tr style="vertical-align: bottom;"> <td nowrap="nowrap"> </td> <td style="padding-bottom: 1pt; font-weight: bold;" nowrap="nowrap"> </td> <td style="border-bottom: black 1pt solid; text-align: center; font-weight: bold;" colspan="2" nowrap="nowrap">2012</td> <td style="padding-bottom: 1pt; font-weight: bold;" nowrap="nowrap"> </td> <td style="padding-bottom: 1pt; font-weight: bold;" nowrap="nowrap"> </td> <td style="border-bottom: black 1pt solid; text-align: center; font-weight: bold;" colspan="2" nowrap="nowrap">2011</td> <td style="padding-bottom: 1pt; font-weight: bold;" nowrap="nowrap"> </td> </tr> <tr style="vertical-align: bottom;"> <td nowrap="nowrap"> </td> <td nowrap="nowrap"> </td> <td colspan="2" nowrap="nowrap"> </td> <td nowrap="nowrap"> </td> <td nowrap="nowrap"> </td> <td colspan="2" nowrap="nowrap"> </td> <td nowrap="nowrap"> </td> </tr> <tr style="background-color: #ccffcc; vertical-align: bottom;"> <td style="padding-bottom: 2.5pt; width: 70%;">Pre-tax loss</td> <td style="padding-bottom: 2.5pt; width: 1%;"> </td> <td style="border-bottom: black 2.5pt double; text-align: left; width: 1%;">$</td> <td style="border-bottom: black 2.5pt double; text-align: right; width: 12%;">(1,342,432</td> <td style="text-align: left; padding-bottom: 2.5pt; width: 1%;">)</td> <td style="padding-bottom: 2.5pt; width: 1%;"> </td> <td style="border-bottom: black 2.5pt double; text-align: left; width: 1%;">$</td> <td style="border-bottom: black 2.5pt double; text-align: right; width: 12%;">(1,691,319</td> <td style="text-align: left; padding-bottom: 2.5pt; width: 1%;">)</td> </tr> <tr style="background-color: white; vertical-align: bottom;"> <td> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;"> </td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;"> </td> <td style="text-align: left;"> </td> </tr> <tr style="background-color: #ccffcc; vertical-align: bottom;"> <td style="text-align: left;">U.S. federal corporate income tax rate</td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">34</td> <td style="text-align: left;">%</td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">34</td> <td style="text-align: left;">%</td> </tr> <tr style="background-color: white; vertical-align: bottom;"> <td style="text-align: left;">Income tax computed at U.S. federal corporate income tax rate</td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">456,427</td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">575,048</td> <td style="text-align: left;"> </td> </tr> <tr style="background-color: #ccffcc; vertical-align: bottom;"> <td style="text-align: left;">Reconciling items:</td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;"> </td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;"> </td> <td style="text-align: left;"> </td> </tr> <tr style="background-color: white; vertical-align: bottom;"> <td style="text-align: left;">Rate differential for PRC earnings</td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">(60,492</td> <td style="text-align: left;">)</td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">(51,608</td> <td style="text-align: left;">)</td> </tr> <tr style="background-color: #ccffcc; vertical-align: bottom;"> <td style="text-align: left;">Loss not recognized as deferred tax assets</td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">(355,135</td> <td style="text-align: left;">)</td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">(477,945</td> <td style="text-align: left;">)</td> </tr> <tr style="background-color: white; vertical-align: bottom;"> <td style="text-align: left; padding-bottom: 1pt;">Non-deductible expenses and non-reportable income</td> <td style="padding-bottom: 1pt;"> </td> <td style="border-bottom: black 1pt solid; text-align: left;"> </td> <td style="border-bottom: black 1pt solid; text-align: right;">(40,800</td> <td style="text-align: left; padding-bottom: 1pt;">)</td> <td style="padding-bottom: 1pt;"> </td> <td style="border-bottom: black 1pt solid; text-align: left;"> </td> <td style="border-bottom: black 1pt solid; text-align: right;">(45,495</td> <td style="text-align: left; padding-bottom: 1pt;">)</td> </tr> <tr style="background-color: #ccffcc; vertical-align: bottom;"> <td style="text-align: left; padding-bottom: 2.5pt;">Effective tax expense</td> <td style="padding-bottom: 2.5pt;"> </td> <td style="border-bottom: black 2.5pt double; text-align: left;">$</td> <td style="border-bottom: black 2.5pt double; text-align: right;">-</td> <td style="text-align: left; padding-bottom: 2.5pt;"> </td> <td style="padding-bottom: 2.5pt;"> </td> <td style="border-bottom: black 2.5pt double; text-align: left;">$</td> <td style="border-bottom: black 2.5pt double; text-align: right;">-</td> <td style="text-align: left; padding-bottom: 2.5pt;"></td> </tr> </table> The Company had deferred tax assets as follows:   <table style="width: 100%; border-collapse: collapse; font: 10pt times new roman, times, serif;" cellspacing="0" cellpadding="0"> <tr style="vertical-align: bottom;"> <td nowrap="nowrap"> </td> <td style="padding-bottom: 1pt; font-weight: bold;" nowrap="nowrap"> </td> <td style="border-bottom: black 1pt solid; text-align: center; font-weight: bold;" colspan="2" nowrap="nowrap">December 31 2012</td> <td style="padding-bottom: 1pt; font-weight: bold;" nowrap="nowrap"> </td> <td style="padding-bottom: 1pt; font-weight: bold;" nowrap="nowrap"> </td> <td style="border-bottom: black 1pt solid; text-align: center; font-weight: bold;" colspan="2" nowrap="nowrap">December 31 2011</td> <td style="padding-bottom: 1pt; font-weight: bold;" nowrap="nowrap"> </td> </tr> <tr style="vertical-align: bottom;"> <td> </td> <td> </td> <td colspan="2"> </td> <td> </td> <td> </td> <td colspan="2"> </td> <td> </td> </tr> <tr style="background-color: #ccffcc; vertical-align: bottom;"> <td style="text-align: left; width: 70%;">Net operating losses carried forward</td> <td style="width: 1%;"> </td> <td style="text-align: left; width: 1%;">$</td> <td style="text-align: right; width: 12%;">5,459,835</td> <td style="text-align: left; width: 1%;"> </td> <td style="width: 1%;"> </td> <td style="text-align: left; width: 1%;">$</td> <td style="text-align: right; width: 12%;">5,314,283</td> <td style="text-align: left; width: 1%;"> </td> </tr> <tr style="background-color: white; vertical-align: bottom;"> <td style="text-align: left; padding-bottom: 1pt;">Less: Valuation allowance</td> <td style="padding-bottom: 1pt;"> </td> <td style="border-bottom: black 1pt solid; text-align: left;"> </td> <td style="border-bottom: black 1pt solid; text-align: right;">(5,459,835</td> <td style="text-align: left; padding-bottom: 1pt;">)</td> <td style="padding-bottom: 1pt;"> </td> <td style="border-bottom: black 1pt solid; text-align: left;"> </td> <td style="border-bottom: black 1pt solid; text-align: right;">(5,314,283</td> <td style="text-align: left; padding-bottom: 1pt;">)</td> </tr> <tr style="background-color: #ccffcc; vertical-align: bottom;"> <td> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;"> </td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;"> </td> <td style="text-align: left;"> </td> </tr> <tr style="background-color: white; vertical-align: bottom;"> <td style="text-align: left; padding-bottom: 2.5pt;">Net deferred tax assets</td> <td style="padding-bottom: 2.5pt;"> </td> <td style="border-bottom: black 2.5pt double; text-align: left;">$</td> <td style="border-bottom: black 2.5pt double; text-align: right;">-</td> <td style="text-align: left; padding-bottom: 2.5pt;"> </td> <td style="padding-bottom: 2.5pt;"> </td> <td style="border-bottom: black 2.5pt double; text-align: left;">$</td> <td style="border-bottom: black 2.5pt double; text-align: right;">-</td> <td style="text-align: left; padding-bottom: 2.5pt;"></td> </tr> </table> The Company’s commitments for minimum lease payments under the operating lease for the next five years and thereafter as of December 31, 2012 are as follows:   <table align="center" style="width: 60%; border-collapse: collapse; font: 10pt times new roman, times, serif;" cellspacing="0" cellpadding="0"> <tr style="vertical-align: bottom;"> <td style="text-align: center;">Fiscal Year</td> <td> </td> <td style="text-align: center;" colspan="2">Amount</td> <td> </td> </tr> <tr style="background-color: #ccffcc; vertical-align: bottom;"> <td style="text-align: center; padding-bottom: 1pt; width: 75%;">2013</td> <td style="padding-bottom: 1pt; width: 1%;"> </td> <td style="border-bottom: black 1pt solid; text-align: left; width: 1%;">$</td> <td style="border-bottom: black 1pt solid; text-align: right; width: 22%;">6,000</td> <td style="text-align: left; padding-bottom: 1pt; width: 1%;"> </td> </tr> <tr style="background-color: white; vertical-align: bottom;"> <td style="text-align: center; padding-bottom: 2.5pt;">Total</td> <td style="padding-bottom: 2.5pt;"> </td> <td style="border-bottom: black 2.5pt double; text-align: left;">$</td> <td style="border-bottom: black 2.5pt double; text-align: right;">6,000</td> </tr> </table> <div>The following table summarizes the assets and liabilities of the discontinued operation, excluding intercompany balances eliminated in consolidation, at December 31, 2012 and 2011, respectively:</div>   <table style="width: 70%; border-collapse: collapse; font: 10pt times new roman, times, serif;" cellspacing="0" cellpadding="0"> <tr style="vertical-align: bottom;"> <td style="font-weight: bold;" nowrap="nowrap">Assets</td> <td style="padding-bottom: 1pt; font-weight: bold;" nowrap="nowrap"> </td> <td style="border-bottom: black 1pt solid; text-align: center; font-weight: bold;" colspan="2" nowrap="nowrap">December 31, 2012</td> <td style="padding-bottom: 1pt; font-weight: bold;" nowrap="nowrap"> </td> <td style="padding-bottom: 1pt;" nowrap="nowrap"> </td> <td style="border-bottom: black 1pt solid; text-align: center;" colspan="2" nowrap="nowrap">December 31, 2011</td> <td style="padding-bottom: 1pt;" nowrap="nowrap"> </td> </tr> <tr style="background-color: #ccffcc; vertical-align: bottom;"> <td style="text-align: left; padding-bottom: 1pt; padding-left: 0.125in; width: 70%;">Cash and cash equivalents</td> <td style="padding-bottom: 1pt; width: 1%; font-weight: bold;"> </td> <td style="border-bottom: black 1pt solid; text-align: left; width: 1%; font-weight: bold;">$</td> <td style="border-bottom: black 1pt solid; text-align: right; width: 12%;">          -</td> <td style="text-align: left; padding-bottom: 1pt; width: 1%; font-weight: bold;"> </td> <td style="padding-bottom: 1pt; width: 1%;"> </td> <td style="border-bottom: black 1pt solid; text-align: left; width: 1%;">$</td> <td style="border-bottom: black 1pt solid; text-align: right; width: 12%;">416</td> <td style="text-align: left; padding-bottom: 1pt; width: 1%;"> </td> </tr> <tr style="background-color: white; vertical-align: bottom;"> <td style="text-align: left; font-weight: bold;">Total assets</td> <td style="font-weight: bold;"> </td> <td style="text-align: left; font-weight: bold;">$</td> <td style="text-align: right; font-weight: bold;">-</td> <td style="text-align: left; font-weight: bold;"> </td> <td> </td> <td style="text-align: left;">$</td> <td style="text-align: right;">416</td> <td style="text-align: left;"> </td> </tr> <tr style="background-color: #ccffcc; vertical-align: bottom;"> <td style="text-align: left; font-weight: bold;"> </td> <td style="font-weight: bold;"> </td> <td style="text-align: left; font-weight: bold;"> </td> <td style="text-align: right; font-weight: bold;"> </td> <td style="text-align: left; font-weight: bold;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;"> </td> <td style="text-align: left;"> </td> </tr> <tr style="background-color: white; vertical-align: bottom;"> <td style="font-weight: bold;">Liabilities</td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;"> </td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;"> </td> <td style="text-align: left;"> </td> </tr> <tr style="background-color: #ccffcc; vertical-align: bottom;"> <td style="text-align: left; padding-left: 0.125in;">Due to related parties-trade</td> <td style="font-weight: bold;"> </td> <td style="text-align: left; font-weight: bold;">$</td> <td style="text-align: right; font-weight: bold;">-</td> <td style="text-align: left; font-weight: bold;"> </td> <td> </td> <td style="text-align: left;">$</td> <td style="text-align: right;">34,515</td> <td style="text-align: left;"> </td> </tr> <tr style="background-color: white; vertical-align: bottom;"> <td style="text-align: left; padding-bottom: 1pt; padding-left: 0.125in;">Salary payable</td> <td style="padding-bottom: 1pt; font-weight: bold;"> </td> <td style="border-bottom: black 1pt solid; text-align: left; font-weight: bold;"> </td> <td style="border-bottom: black 1pt solid; text-align: right;">-</td> <td style="text-align: left; padding-bottom: 1pt; font-weight: bold;"> </td> <td style="padding-bottom: 1pt;"> </td> <td style="border-bottom: black 1pt solid; text-align: left;"> </td> <td style="border-bottom: black 1pt solid; text-align: right;">79,191</td> <td style="text-align: left; padding-bottom: 1pt;"> </td> </tr> <tr style="background-color: #ccffcc; vertical-align: bottom;"> <td style="text-align: left; padding-bottom: 2.5pt; font-weight: bold;">Total liabilities</td> <td style="padding-bottom: 2.5pt; font-weight: bold;"> </td> <td style="border-bottom: black 2.5pt double; text-align: left; font-weight: bold;">$</td> <td style="border-bottom: black 2.5pt double; text-align: right;">-</td> <td style="text-align: left; padding-bottom: 2.5pt; font-weight: bold;"> </td> <td style="padding-bottom: 2.5pt;"> </td> <td style="border-bottom: black 2.5pt double; text-align: left;">$</td> <td style="border-bottom: black 2.5pt double; text-align: right;">113,706</td> <td style="text-align: left; padding-bottom: 2.5pt;"></td> </tr> </table>   0.20 0.28 0.89 P35Y P30Y P10Y P5Y P8Y P5Y P2Y P3Y 6.3364 6.4653 6.2301 6.3093 1.00 0 0 0 0 9228310626 2164782738 2167220 1339622 609660 87791 107317 22830 2204195 1362481 620060 89288 109147 23219 763319 781044 1383579 1407186 P10Y 6771 4642 0.02 0.15 0.15 0.06 4067262 3514898 552364 3203190 -12792 324500 552364 4493232 3803034 690198 3412284 404000 690198 2006-07-01 P10Y 209094 79500 15.7 77100 480000 2000000 0.00 0.65 0.0031 P6M 0.45 0.2598 0.0003 0 120000 112917 1518171 0.0499 1.10 592901 179897 545477 416976 505503 100000000 200000000 400000000 400000000 400000000 400000000 200000000 400000000 800000000 800000000 800000000 800000000 0.08 30000 0.06 227726 15691 228350 16984 2450000 112917 120000 1232600 1232600 1232600 0 0 0 0 0 0 1232600 0.175 0.175 0.175 0 0 0 0 0 0 0.175 0 0 0 0 P7Y P6Y P5Y P0Y P0Y P0Y P0Y P0Y P5Y 2000000 320154 0.25 575048 456427 51608 60492 -477945 -355135 45495 40800 5314283 5459835 5314283 5459835 0 0 0.50 0.50 0.50 17500000 16000000 6000 The Company leased an office in Beijing on July 15, 2007. The operating lease agreement will expire on January 14, 2012. 143897 102247 On June 30, 2011, the Company entered into an agreement with Kangtai pursuant to which Kangtai will sublease a portion of its offices to the Company for a monthly rental of $1,000. The sublease expired on June 30, 2012 and both parties agreed to extend the lease for another one year. 1000 Ten years 1910000 6000000 4000000 1000000 On May 8, 2006 we entered into a Technology Transfer Agreement ("TTA") with Jinan Kelongboao Bio-Tech Co. Ltd. ("JKB"). Pursuant to the agreement, JKB agreed to transfer its AF-01 Anti-viral Aerosol technology for veterinary medicines to us. Pursuant to the agreement we will pay JKB a transfer fee of RMB10 million (approximately $1.52 million), of which RMB 6 million will be paid in cash and RMB 4 million will be paid in stock. The cash portion will be paid in installments, the first installment RMB 3 million was set for May 23, 2006 initially, of which RMB 1 million has been paid and both parties have agreed to extend the remaining RMB 2 million to the date when the application for new veterinary drug certificate is accepted. Three other installments of RMB 1 million are due upon the achievement of certain milestones, the last milestone being the issuance by the PRC Ministry of Agriculture of a new medicine certificate in respect of the technology. The RMB 4 million stock payment will be due 90 days after the AF-01 technology is approved by the appropriate PRC department for use as a livestock disinfector for preventing bird flu. The agreement will become effective when the first installment has been fully paid. 0 113018 8000 113000 -1691319 -1342432 0 12474 6000 Mr. Li Mr. Li is the Chairman of the Board, Chief Executive Officer of the Company. Advances and Loans As of December 31, 2012, the balance due to Mr. Li for advances made was $3,412,284. During the year ended December 31, 2012, Mr. Li advanced $209,094 to the Company. As of December 31, 2011, the balance due to Mr. Li was $3,203,190. Mr. Li has agreed that the Company may repay the balance when its cash flow circumstance allows. Guarantees for the Company Mr. Li has pledged without any compensation from the Company all of his common stock of the Company as collateral for the Company's obligations under the 6% Notes (see Note 8 below). Kangtai Kangtai, formerly named China Star Investment Management Co., Ltd., Kangtai International Logistics (Beijing) Co., Ltd., is a private company, 28% owned by Mr. Li. Mr. Li is the Chairman of Kangtai. On December 31, 2012, the amount due from Kangtai was $13,250. The balance due from Kangtai on December 31, 2011 was $12,792. Ms. Wang Ms. Wang is the Secretary of the Company. On December 31, 2012, the amount due to Ms. Wang was $404,000. During the year ended December 31, 2012, Ms. Wang advanced $79,500 to the Company. As of December 31, 2011, the amount due to Ms. Wang was $324,500. Ms. Wang has agreed that the Company may repay the balance when its cash flow circumstance allows. Kiwa-CAU R&D Center In November 2006, Kiwa and China Agricultural University (the "CAU") agreed to jointly establish a new research and development center, named Kiwa-CAU R&D Center. The term of the agreement was ten years commencing July 1, 2006. Pursuant to the agreement, Kiwa agree to invest RMB 1 million (approximately $160,600) each year to fund research at Kiwa-CAU R&D Center. Prof. Qi Wang, a director of the Company, is also the director of Kiwa-CAU R&D Center. During the year ended December 31, 2012 and 2011, $159,059 and $166,716 was charged to research and development expenses under the agreement with Kiwa-CAU R&D Center. The Company paid $32,100 and $47,345 to Kiwa-CAU R&D Center in the year 2012 and 2011, respectively. The market value of the Company's common stock at December 31, 2012 was $0.0003 per share. The outstanding options had no intrinsic value at December 31, 2012. 0 The building is on a piece of land the use right of which was granted to Kiwa Bio-Tech Products (Shandong) Co., Ltd. by local government free for 10 years and then for another 20 years on a fee calculated according to Kiwa Shandong's net profit. 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Issued and outstanding 400,000,000 at December 31, 2012 and 2011, respectively Preferred Stock, Value, Issued Preferred stock - $0.001 par value Authorized 20,000,000 shares, none issued Additional Paid In Capital, Common Stock Additional paid-in capital Retained Earnings (Accumulated Deficit) Accumulated deficit Accumulated Other Comprehensive Income (Loss), Net Of Tax Accumulated other comprehensive deficiency Stockholders' Equity Attributable To Parent Total stockholders' deficiency Balance Balance Liabilities and Equity Total liabilities and stockholders' deficiency Total liabilities and stockholders' deficiency Consolidated Balance Sheets [Parenthetical] [Abstract] Consolidated Balance Sheets [Parenthetical] [Abstract] Common Stock, Par Or Stated Value Per Share Common Stock, Par or Stated Value Per Share (in dollars per share) Common Stock, Shares Authorized Common Stock, Shares Authorized Common Stock, Shares, Issued Common Stock, Shares, Issued Common Stock, Shares, Outstanding Common Stock, Shares, Outstanding Preferred Stock, Par Or Stated Value Per Share Preferred Stock, Par or Stated Value Per Share (in dollars per share) Preferred Stock, Shares Authorized Preferred Stock, Shares Authorized Preferred Stock, Shares Issued Preferred Stock, Shares Issued Consolidated Statements Of Operations and Other Comprehensive Loss [Abstract] Consolidated Statements Of Operations and Other Comprehensive Loss [Abstract] Revenues Revenue Operating Expenses [Abstract] Operating expenses General and Administrative Expense General and administrative General and administrative Research and Development Expense Research and development Research and development Operating Expenses Operating expenses Total operating expenses Total operating expenses Operating Income (Loss) Operating loss Interest Expense Interest expense Interest expense Income (Loss) From Continuing Operations Before Income Taxes, Extraordinary Items, Noncontrolling Interest Pre-tax loss Net loss from continuing operation Income (Loss) From Discontinued Operations, Net Of Tax, Including Portion Attributable To Noncontrolling Interest [Abstract] Income from discontinued operation Income from discontinued operation Equity Method Investment, Realized Gain (Loss) On Disposal Gain on disposition of subsidiary Gain on disposition of subsidiary Income Loss From Continuing and Discontinuing Operations Before Income Taxes Extraordinary Items Non Controlling Interest Net loss before income tax Pre-tax loss Net loss before income tax This element represents the income or loss from continuing and discontinuing operations attributable to the economic entity which may also be defined as revenue less expenses from ongoing operations, after income or loss from equity method investments, but before income taxes, extraordinary items, and noncontrolling interest. Income Tax Expense (Benefit) Effective tax expense Income tax Net Income (Loss), Including Portion Attributable To Noncontrolling Interest Net loss Net loss Net loss Comprehensive Income (Loss), Net Of Tax, Attributable To Parent [Abstract] Other comprehensive loss Other Comprehensive Income (Loss), Foreign Currency Transaction and Translation Adjustment, Net Of Tax Translation adjustment Comprehensive Income (Loss), Net Of Tax, Attributable To Parent Total comprehensive loss Total comprehensive loss Earnings Per Share, Basic and Diluted Net loss per common share - basic and diluted (in dollars per share) Weighted Average Number Of Shares Outstanding, Basic and Diluted Weighted average number of common shares outstanding-basic and diluted (in shares) Statement Of Stockholders' Equity [Abstract] Foreign currency translation difference Equity Components [Axis] Equity Components [Axis] Equity Component [Domain] Equity Component [Domain] Common Stock [Member] Additional Paid-In Capital [Member] Retained Earnings [Member] Accumulated Other Comprehensive Income (Loss) [Member] Noncontrolling Interest [Member] Shares, Outstanding Balance (in shares) Balance (in shares) Balance (In Shares) Net Income (Loss) Attributable To Parent Net loss Other Comprehensive Income (Loss), Foreign Currency Transaction and Translation Adjustment, Net Of Tax, Portion Attributable To Parent Foreign currency translation adjustments Consolidated Statements Of Cash Flows [Abstract] Consolidated Statements Of Cash Flows [Abstract] Net Cash Provided By (Used In) Operating Activities [Abstract] Cash flows from operating activities: Income (Loss) From Discontinued Operations, Net Of Tax, Attributable To Parent Net income from discontinued operations, net of income taxes Net loss from discontinued operations attributable to Kiwa stockholders Net income from discontinued operations, net of income taxes Adjustments To Reconcile Net Income (Loss) To Cash Provided By (Used In) Operating Activities [Abstract] Adjustments to reconcile net loss to net cash used in operating activities: Depreciation, Depletion and Amortization Depreciation and amortization Provision For Penalty Payable Provision for penalty payable Amount of provision for penalty charged to the earnings in the period which is adjusted in calculating cash flows from operating activities. Provision for penalty payable Provision for penalty payable Increase (Decrease) In Interest Payable, Net Interest payable on convertible notes Increase (Decrease) In Operating Capital [Abstract] Changes in operating assets and liabilities: Increase Decrease In Deposits and Other Receivables Deposit and other receivables The increase (decrease) during the reporting period in deposits and other receivables. 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Related Party Transactions [Abstract] Related Party Transactions [Abstract] Related Party Transactions Disclosure [Text Block] Related Party Transactions Disclosure [Text Block] Unsecured Loans Payable [Abstract] Unsecured Loans Payable [Abstract] Unsecured Loans Payable [Text Block] Unsecured Loans Payable [Text Block] Reflects the disclosure of unsecured loans payable by the entity. Convertible Notes Payable [Abstract] Convertible Notes Payable [Abstract] Convertible Notes Payable [Text Block] Convertible Notes Payable [Text Block] The entire disclosure for convetible notes payable. Disclosure Of Compensation Related Costs, Share-Based Payments [Abstract] Disclosure of Compensation Related Costs, Share-based Payments [Abstract] Disclosure Of Compensation Related Costs, Share-Based Payments [Text Block] Disclosure of Compensation Related Costs, Share-based Payments [Text Block] Income Tax Disclosure [Abstract] Income Tax Disclosure [Abstract] Income Tax Disclosure [Text Block] Income Tax Disclosure [Text Block] Commitments and Contingencies Disclosure [Abstract] Commitments and Contingencies Disclosure [Abstract] Commitments and Contingencies Disclosure [Text Block] Commitments and Contingencies Disclosure [Text Block] Discontinued Operations and Disposal Groups [Abstract] Discontinued Operations and Disposal Groups [Abstract] Disposal Groups, Including Discontinued Operations, Disclosure [Text Block] Disposal Groups, Including Discontinued Operations, Disclosure [Text Block] Consolidation, Policy [Policy Text Block] Consolidation, Policy [Policy Text Block] Use Of Estimates, Policy [Policy Text Block] Basis Of Preparation [Policy Text Block] Cash and Cash Equivalents, Policy [Policy Text Block] Cash and Cash Equivalents, Policy [Policy Text Block] Trade and Other Accounts Receivable, Policy [Policy Text Block] Trade and Other Accounts Receivable, Policy [Policy Text Block] Inventory, Policy [Policy Text Block] Inventory, Policy [Policy Text Block] Property, Plant and Equipment, Policy [Policy Text Block] Property, Plant and Equipment, Policy [Policy Text Block] Impairment Or Disposal Of Long-Lived Assets, Policy [Policy Text Block] Impairment or Disposal of Long-Lived Assets, Policy [Policy Text Block] Fair Value Of Financial Instruments, Policy [Policy Text Block] Fair Value of Financial Instruments, Policy [Policy Text Block] Revenue Recognition, Policy [Policy Text Block] Revenue Recognition, Policy [Policy Text Block] Shipping and Handling Cost, Policy [Policy Text Block] Shipping and Handling Cost, Policy [Policy Text Block] Income Tax, Policy [Policy Text Block] Income Tax, Policy [Policy Text Block] Foreign Currency Transactions and Translations Policy [Policy Text Block] Foreign Currency Transactions and Translations Policy [Policy Text Block] Advertising Costs, Policy [Policy Text Block] Advertising Costs, Policy [Policy Text Block] Research and Development Expense, Policy [Policy Text Block] Research and Development Expense, Policy [Policy Text Block] Earnings Per Share, Policy [Policy Text Block] Earnings Per Share, Policy [Policy Text Block] Fair Value Measurement, Policy [Policy Text Block] Fair Value Measurement, Policy [Policy Text Block] New Accounting Pronouncements, Policy [Policy Text Block] New Accounting Pronouncements, Policy [Policy Text Block] Property Plant and Equipment Useful Lives [Table Text Block] Property, Plant and Equipment [Table Text Block] Tabular disclosure of the useful life of property plant and equipment. 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Shipping, Handling and Transportation Costs Shipping, Handling and Transportation Costs Advertising Expense Advertising Expense Antidilutive Securities Excluded From Computation Of Earnings Per Share, Amount Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount Property, Plant and Equipment, Gross Property, plant and equipment - total Property, plant and equipment - net Accumulated Depreciation, Depletion and Amortization, Property, Plant, and Equipment Less: accumulated depreciation Less: accumulated depreciation Impairment Of Long-Lived Assets Held-For-Use Less: impairment on long-lived assets Less: impairment on long-lived assets Number Of Years For Free Use Of Land Right Number Of Years For Free Use Of Land Right Represents the number of years the landuse right is available for free use. Depreciation Depreciation Debt Instrument, Interest Rate, Stated Percentage Debt Instrument, Interest Rate, Stated Percentage Biofertilizer Facility [Member] Mrwei Li [Member] Mr.Wei Li [Member] Kangtai International Logistics (Beijing) Co Ltd [Member] Ms Yvonne Wang [Member] Ms.Yvonne Wang [Member] Kiwa Cau R and D Center [Member] Kiwa(Cau R&d Center) [Member] Nature Of Transaction [Axis] Nature Of Transaction [Axis] Nature Of Transaction axis Nature Of Transaction [Domain] Nature Of Transaction [Domain] Non Trade [Member] Trade [Member] Due To Related Parties Due to Related Parties Kangtai New Agricutual Technologies Development Beijing Co Ltd [Member] Kiwa Biotech [Member] Commencement Date Of Agreement Commencement Date Of Agreement It defines the date of commencement of lease agreement. Term Of Agreement Term Of Agreement Represents the terms of the agreement entered into by the entity. Due To Related Parties, Current Due to Related Parties, Current Advances Received From Related Parties Advances Received From Related Parties It defines that the cash in flow from the related parties. Funding Research and Development Funding Research and Development It defines funding towards the research and devlopment. Zoucheng Municipal Government [Member] Zoucheng Science Technology Bureau [Member] Credit Facility [Axis] Credit Facility [Axis] Credit Facility [Domain] Credit Facility [Domain] Shandong Province China [Member] Area Of Land Area of Land Fee Payable For Number Of Years After Free Use Of Land Right Fee Payable For Number Of Years After Free Use Of Land Right Reflects the amount of fees payable after the expiry of free use of landuse rights. Minimum Prospective Investment Minimum Prospective Investment The minimum amount of investment for future project. Maximum Prospective Investment Maximum Prospective Investment The maximum limit of investment. Payments To Acquire Property, Plant, and Equipment Payments to Acquire Property, Plant, and Equipment Fair Value Assumptions, Expected Dividend Rate Expected dividend Fair Value Assumptions, Expected Volatility Rate Expected volatility Fair Value Assumptions Risk Free Interest Rate Risk-free rate of interest Fair Value Assumptions, Expected Term Expected term (year) Class Of Warrant Or Right, Exercise Price Of Warrants Or Rights Exercise price Exercise Price Class Of Warrant Or Right, Number Of Securities Called By Warrants Or Rights Underlying Number of shares (in shares) Class of Warrant or Right, Number of Securities Called by Warrants or Rights Warrant Closing Price Closing price December 31, 2012 (in dollars per share) Represents the closing price of warrants Warrants Fair Value Fair value of warrants/options determined by Black and Scholes model Fair value of warrants. Debt Instrument [Axis] Debt Instrument [Axis] Debt Instrument, Name [Domain] Debt Instrument, Name [Domain] Six Percentage Notes [Member] Conversion Principal Amount [Member] Two Percentage Notes [Member] Note One Six Percentage [Member] Note Two Six Percentage [Member] Note Three Six Percentage [Member] Finite-Lived Intangible Assets By Major Class [Axis] Finite-Lived Intangible Assets by Major Class [Axis] Finite-Lived Intangible Assets, Major Class Name [Domain] Finite-Lived Intangible Assets, Major Class Name [Domain] Intellectual Property [Member] Amendment [Axis] Amendment [Axis] Amendment [Domain] Amendment [Domain] Before Amendment [Member] After Amendment [Member] Debt Instrument, Face Amount Debt Instrument, Face Amount Debt Instrument Expiration Period Debt Instrument Expiration Period Number of years in which debt instrument expires. Proceeds From Issuance Of Debt Proceeds from Issuance of Debt Debt Instrument Conversion Price Terms Debt Instrument Conversion Price Terms Description of debt instrument conversion price terms. Common Stock Percentage Common Stock Percentage Percentage of common stock. Percentage Of Reserve To Be Maintained On Authorized Common Stock Percentage Of Reserve To Be Maintained On Authorized Common Stock Percentage of reserve to be maintained on authorized common stock under the purchase agreement. Debt Instrument Conversion Penalty Terms Debt Instrument Conversion Penalty Terms Description of debt instrument conversion penalty terms. Proposed Increase In Common Stock Authorized Proposed Increase In Common Stock Authorized Pledged Assets, Not Separately Reported, Other Pledged Assets, Not Separately Reported, Other Impairment Of Intangible Assets, Finite-Lived Impairment of Intangible Assets, Finite-lived Class Of Warrant Or Right, Outstanding Class of Warrant or Right, Outstanding Warrants Not Settleable In Cash, Fair Value Disclosure Warrants Not Settleable in Cash, Fair Value Disclosure Investment Warrants Expiration Date Investment Warrants Expiration Date Long-Term Debt, Gross Long-term Debt, Gross Proposed Common Stock Shares Authorized Before Amendment Proposed Common Stock Shares Authorized Before Amendment Represents the common stock shares authorized before amendment. Proposed Common Stock Shares Authorized After Amendment Proposed Common Stock Shares Authorized After Amendment Represents the Proposed Common Stock Shares Authorized After Amendment. Fee Percentage Received From Proceeds Of Financing Fee Percentage Received From Proceeds Of Financing The fee received from the proceeds of financing. Debt Issuance Cost Debt Issuance Cost Debt Conversion, Converted Instrument, Shares Issued Debt Conversion, Converted Instrument, Shares Issued Warrants Issued During Period Grant Date Fair Value Warrants Issued During Period Grant Date Fair Value Number of warrants issued during the period which granted date of fair value. Debt Conversion, Converted Instrument, Issuance Date, Month and Year Debt Conversion, Converted Instrument, Issuance Date, Month and Year Debt Conversion, Original Debt, Due Date, Year Debt Conversion, Original Debt, Due Date, Year Debt Conversion, Converted Instrument, Rate Debt Conversion, Converted Instrument, Rate Interest Expense, Medium-Term Notes Interest Expense, Medium-term Notes Interest Payable, Current Interest Payable, Current Debt Conversion, Converted Instrument, Amount Debt Conversion, Converted Instrument, Amount Debt Instrument, Increase, Accrued Interest Debt Instrument, Increase, Accrued Interest Convertible Notes Payable Convertible Notes Payable Share-Based Compensation Arrangement By Share-Based Payment Award, Options, Outstanding, Number Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Number Number of underlying shares Outstanding biginning of the period Number of underlying shares Outstanding ending of the period Share-Based Compensation Arrangement By Share-Based Payment Award, Options, Exercises In Period Number of underlying shares Exercised Share-Based Compensation Arrangement By Share-Based Payment Award, Options, Expirations In Period Number of underlying shares Expired Share-Based Compensation Arrangement By Share-Based Payment Award, Options, Forfeitures In Period Number of underlying shares Forfeited Share-Based Compensation Arrangement By Share-Based Payment Award, Options, Exercisable, Number Number of underlying shares Exercisable at September 30, 2012 Number of underlying shares Exercisable ending of the period Share-Based Compensation Arrangement By Share-Based Payment Award, Options, Outstanding, Weighted Average Exercise Price Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Weighted Average Exercise Price Weighted Average Exercise Price Per Share Outstanding beginning of the period Weighted Average Exercise Price Per Share Outstanding ending of the period Share-Based Compensation Arrangements By Share-Based Payment Award, Options, Exercises In Period, Weighted Average Exercise Price Weighted Average Exercise Price Per Share Exercised Share-Based Compensation Arrangements By Share-Based Payment Award, Options, Expirations In Period, Weighted Average Exercise Price Weighted Average Exercise Price Per Share Expired Share-Based Compensation Arrangements By Share-Based Payment Award, Options, Forfeitures In Period, Weighted Average Exercise Price Weighted Average Exercise Price Per Share Forfeited Share-Based Compensation Arrangement By Share-Based Payment Award, Options, Exercisable, Weighted Average Exercise Price Weighted Average Exercise Price Per Share Exercisable Weighted Average Exercise Price Per Share Exercisable at September 30, 2012 Share-Based Compensation Arrangement By Share-Based Payment Award, Options, Outstanding, Intrinsic Value Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Intrinsic Value Aggregate Intrinsic Value (1) Outstanding beginning of the period Aggregate Intrinsic Value (1) Outstanding ending of the peiod Share-Based Compensation Arrangement By Share-Based Payment Award, Options, Exercisable, Intrinsic Value Aggregate Intrinsic Value (1) Exercisable at September 30, 2012 Aggregate Intrinsic Value (1) Exercisable ending of the peiod Share Based Compensation Options Outstanding Weighted Average Remaining Contractual Term Share Based Compensation Options Outstanding Weighted Average Remaining Contractual Term Weighted Average Contractual Life Remaining in Years Outstanding beginning of the period Weighted Average Contractual Life Remaining in Years Outstanding ending of the period Stock based compensaton options outstanding weighted average contractual life remaining in years as on the date. Share-Based Compensation Arrangement By Share-Based Payment Award, Options, Exercisable, Weighted Average Remaining Contractual Term Weighted Average Contractual Life Remaining in Years Exercised Weighted Average Contractual Life Remaining In Years Expired Weighted Average Contractual Life Remaining In Years Expired Represents the weighted average contractual term of expiry of the options outstanding. Weighted Average Contractual Life Remaining In Years Forfeited Weighted Average Contractual Life Remaining In Years Forfeited Represents the weighted average contractual term of outstanding options forfeitured. Share Based Compensation Options Outstanding Weighted Average Exercisable Remaining Contractual Term Share Based Compensation Options Outstanding Weighted Average Exercisable Remaining Contractual Term ending of the period Stock based compensaton options outstanding weighted average contractual life Exercisable in years as on the date. Award Type [Axis] Award Type [Axis] Award Type [Domain] Award Type [Domain] Stock Incentive Plan 2004 [Member] Share-Based Compensation Arrangement By Share-Based Payment Award, Options, Grants In Period, Net Of Forfeitures Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Net of Forfeitures Stock Granted During Period, Value, Share-Based Compensation, Gross Stock Granted During Period, Value, Share-based Compensation, Gross Share-Based Compensation Arrangement By Share-Based Payment Award, Fair Value Assumptions, Exercise Price Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Exercise Price Effective Income Tax Rate Reconciliation, At Federal Statutory Income Tax Rate U.S. federal corporate income tax rate Income Tax Reconciliation, Income Tax Expense (Benefit), At Federal Statutory Income Tax Rate Income tax computed at U.S. federal corporate income tax rate Income Tax Reconciliation, Other Reconciling Items [Abstract] Reconciling items: Income Tax Reconciliation, Foreign Income Tax Rate Differential Rate differential for PRC earnings Rate differential for PRC earnings Loss Not Recogniszed As Deferred Tax Asset Loss not recognized as deferred tax assets Loss not recognized as deferred tax assets Reflects the amount of loss recognised as deferred tax assets. Income Tax Reconciliation, Nondeductible Expense Non-deductible expenses and non-reportable income Non-deductible expenses and non-reportable income Deferred Tax Assets, Operating Loss Carryforwards Net operating losses carried forward Deferred Tax Assets, Valuation Allowance Less: Valuation allowance Less: Valuation allowance Deferred Tax Assets, Net Of Valuation Allowance Net deferred tax assets Net deferred tax assets Kiwa Tianjin [Member] Legal Entity [Axis] Legal Entity [Axis] Entity [Domain] Entity [Domain] Kiwa Shandong [Member] Reduction In Effective Income Tax Rate Reduction In Effective Income Tax Rate It defines the reduction rate percentage on EIT. Operating Loss Carryforwards Operating Loss Carryforwards Operating Leases, Future Minimum Payments, Due In Two Years 2013 Operating Leases, Future Minimum Payments, Due in Two Years Operating Leases, Future Minimum Payments Due Total Total Jinan Kelongboao Bio Tech Co Ltd [Member] Geographical [Axis] Geographical [Axis] Segment, Geographical [Domain] Segment, Geographical [Domain] Zoucheng, Shandong Province [Member] Real Estate, Type Of Property [Axis] Real Estate, Type of Property [Axis] Real Estate, Property Type [Domain] Real Estate, Property Type [Domain] Office Building [Member] Kangtai Pursuant [Member] Operating Lease Agreement Desription Operating Lease Agreement Desription It defines the desriction about operating lease agreement. Operating Leases, Rent Expense Operating Leases, Rent Expense Sublease Agreement Description Sublease Agreement Description It defines the desription about the sublease agreement. Sub Lease Expiration Date Sub Lease Expiration Date Date which sub-lease or group of sub-leases is set to expire, in CCYY-MM-DD format. Sublease Rental Income Monthly Sublease Rental Income Monthly The amount which is collected from the sublease during the period for monthly Basis. Commited To Investment In Research and Development Commited To Investment In Research and Development Represesnts the amount commited to the investment in research and development. Long-Term Purchase Commitment, Time Period Long-term Purchase Commitment, Time Period Commited To Investments Commited To Investments Planning for estimated investment in future. Investment Owned, At Cost Investment Owned, at Cost Technology Rights Purchase Price Technology Rights Purchase Price Represents the purchase price of the rights Technology Purchase Price Cash Paid Technology Purchase Price Cash Paid Reflects the amount of purchase price paid in cash Technology Rights Agreed To Be Paid In Cash Technology Rights Agreed To Be Paid In Stock Technology Rights Agreed To Be Paid In Stock Reflects the value of technology rights agreed to be paid in stock. Technology Rights Amount Paid Technology Rights Amount Paid Represents the amount of technology rights paid Technology Rights Payable In Instalments Upon Acheivement Of Milestones Instalment Amount Technology Rights Payable In Instalments Upon Acheivement Of Milestones Instalment Amount Reflects the single installment amount payable on technology rights as agreed upon acheivement of milestones agreed by the parties involved. Technology Rights Agreement Description Technology Rights Agreement Description Represents the disclosure of technology agreements entered into and the terms of agreement Related Party Transaction, Due From (To) Related Party Related Party Transaction, Due from (to) Related Party Statement, Operating Activities Segment [Axis] Statement, Operating Activities Segment [Axis] Segment, Operating Activities [Domain] Segment, Operating Activities [Domain] Segment, Discontinued Operations [Member] Discontinued Operation Liabilities [Abstract] Liabilities Challenge Feed [Member] Proceeds From Sale Of Machinery and Equipment Proceeds from Sale of Machinery and Equipment Discontinued Operation, Gain (Loss) From Disposal Of Discontinued Operation, Before Income Tax Discontinued Operation, Gain (Loss) from Disposal of Discontinued Operation, before Income Tax Land Use Right Description Describes about land use rights. Proceeds From Issuance Of Convertable Notes Amounts received from issuance of convertable notes. Investment Bank [Member] Common Stock Market Value Common stock market value for per share. Common Stock Market Value (in dollars per share) Related Party Transaction, Amounts of Transaction Lease And Rental Expense Per Month Operating Leases, Rent Expense Per Month It represents operating rental expense per month. Commitment To Invest In Developing Manufacturing And Research Facilities Amount committed to invest in developing the manufacturing and research facilities. Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Weighted Average Grant Date Fair Value Writen Off Other Receivables The Reduction of carrying amount of other receivable during the finacial period. Writen-off other receivables EX-101.PRE 11 kwbt-20121231_pre.xml XBRL TAXONOMY EXTENSION PRESENTATION LINKBASE XML 12 R39.htm IDEA: XBRL DOCUMENT v2.4.0.6

Unsecured Loans Payable (Details Textual)
12 Months Ended 12 Months Ended

Dec. 31, 2012

Dec. 31, 2012

Minimum [Member]

Zoucheng, Shandong Province [Member]

USD ($)

Dec. 31, 2012

Maximum [Member]

Zoucheng, Shandong Province [Member]

USD ($)

Dec. 31, 2012

Shandong Province China [Member]

USD ($)

acre

Dec. 31, 2012

Shandong Province China [Member]

CNY

acre

Area of Land 15.7 15.7

Number Of Years For Free Use Of Land Right 10 years

Fee Payable For Number Of Years After Free Use Of Land Right $ 77,100 480,000

Payments to Acquire Property, Plant, and Equipment 2,000,000

Commitment To Invest In Developing Manufacturing And Research Facilities $ 18,000,000 $ 24,000,000

- Definition

The cash outflow associated with the acquisition of long-lived, physical assets that are used in the normal conduct of business to produce goods and services and not intended for resale; includes cash outflows to pay for construction of self-constructed assets.

+ References+ Details

XML 13 R48.htm IDEA: XBRL DOCUMENT

Commitments and Contingencies (Details Textual)	0 Months Ended		12 Months Ended		1 Months Ended	12 Months Ended	9 Months Ended		12 Months Ended					12 Months Ended
Commitments and Contingencies (Details Textual)	May 08, 2006 USD ($)	May 08, 2006 CNY	Dec. 31, 2012 USD ($)	Dec. 31, 2012 CNY	Jun. 30, 2011 Kangtai Pursuant [Member] USD ($)	Dec. 31, 2011 Kangtai Pursuant [Member]	Sep. 30, 2011 Office Building [Member] USD ($)	Sep. 30, 2010 Office Building [Member] USD ($)	Dec. 31, 2011 Office Building [Member] USD ($)	Dec. 31, 2011 Office Building [Member] CNY	Dec. 31, 2012 Zoucheng, Shandong Province [Member] USD ($)	Dec. 31, 2012 Minimum [Member] Zoucheng, Shandong Province [Member] USD ($)	Dec. 31, 2012 Maximum [Member] Zoucheng, Shandong Province [Member] USD ($)	Dec. 31, 2012 Kiwa Cau R and D Center [Member] USD ($)	Dec. 31, 2012 Kiwa Cau R and D Center [Member] CNY
Operating Lease Agreement Desription									The Company leased an office in Beijing on July 15, 2007. The operating lease agreement will expire on January 14, 2012.	The Company leased an office in Beijing on July 15, 2007. The operating lease agreement will expire on January 14, 2012.
Operating Leases, Rent Expense							$ 102,247	$ 143,897
Sublease Agreement Description						On June 30, 2011, the Company entered into an agreement with Kangtai pursuant to which Kangtai will sublease a portion of its offices to the Company for a monthly rental of $1,000. The sublease expired on June 30, 2012 and both parties agreed to extend the lease for another one year.
Sublease Rental Income Monthly					1,000
Long-term Purchase Commitment, Time Period														Ten years	Ten years
Investment Owned, at Cost											1,910,000
Technology Rights Purchase Price	1,520,000	10,000,000
Technology Rights Agreed To Be Paid In Cash		6,000,000
Technology Rights Agreed To Be Paid In Stock		4,000,000
Technology Rights Amount Paid			160,600	1,000,000
Technology Rights Payable In Instalments Upon Acheivement Of Milestones Instalment Amount		1,000,000
Technology Rights Agreement Description	On May 8, 2006 we entered into a Technology Transfer Agreement ("TTA") with Jinan Kelongboao Bio-Tech Co. Ltd. ("JKB"). Pursuant to the agreement, JKB agreed to transfer its AF-01 Anti-viral Aerosol technology for veterinary medicines to us. Pursuant to the agreement we will pay JKB a transfer fee of RMB10 million (approximately $1.52 million), of which RMB 6 million will be paid in cash and RMB 4 million will be paid in stock. The cash portion will be paid in installments, the first installment RMB 3 million was set for May 23, 2006 initially, of which RMB 1 million has been paid and both parties have agreed to extend the remaining RMB 2 million to the date when the application for new veterinary drug certificate is accepted. Three other installments of RMB 1 million are due upon the achievement of certain milestones, the last milestone being the issuance by the PRC Ministry of Agriculture of a new medicine certificate in respect of the technology. The RMB 4 million stock payment will be due 90 days after the AF-01 technology is approved by the appropriate PRC department for use as a livestock disinfector for preventing bird flu. The agreement will become effective when the first installment has been fully paid.	On May 8, 2006 we entered into a Technology Transfer Agreement ("TTA") with Jinan Kelongboao Bio-Tech Co. Ltd. ("JKB"). Pursuant to the agreement, JKB agreed to transfer its AF-01 Anti-viral Aerosol technology for veterinary medicines to us. Pursuant to the agreement we will pay JKB a transfer fee of RMB10 million (approximately $1.52 million), of which RMB 6 million will be paid in cash and RMB 4 million will be paid in stock. The cash portion will be paid in installments, the first installment RMB 3 million was set for May 23, 2006 initially, of which RMB 1 million has been paid and both parties have agreed to extend the remaining RMB 2 million to the date when the application for new veterinary drug certificate is accepted. Three other installments of RMB 1 million are due upon the achievement of certain milestones, the last milestone being the issuance by the PRC Ministry of Agriculture of a new medicine certificate in respect of the technology. The RMB 4 million stock payment will be due 90 days after the AF-01 technology is approved by the appropriate PRC department for use as a livestock disinfector for preventing bird flu. The agreement will become effective when the first installment has been fully paid.
Related Party Transaction, Amounts of Transaction														160,600	1,000,000
Operating Leases, Rent Expense Per Month									12,000	80,324
Commitment To Invest In Developing Manufacturing And Research Facilities												$ 18,000,000	$ 24,000,000

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Income Tax (Details Textual) (USD $)	1 Months Ended	12 Months Ended
Income Tax (Details Textual) (USD $)	Jan. 31, 2008	Dec. 31, 2012	Dec. 31, 2011	Dec. 31, 2010
U.S. federal corporate income tax rate		34.00%	34.00%
Operating Loss Carryforwards		16,000,000	17,500,000
Kiwa Tianjin [Member] \| Kiwa Shandong [Member]
Reduction In Effective Income Tax Rate		50.00%	50.00%	50.00%
U.S. federal corporate income tax rate	25.00%

- Definition

The domestic federal statutory tax rate applicable under enacted tax laws to the Company's pretax income from continuing operations for the period. The "statutory" tax rate is the regular tax rate if there are alternative tax systems.

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Property, Plant and Equipment (Details) (USD $)	12 Months Ended
Property, Plant and Equipment (Details) (USD $)	Dec. 31, 2012	Dec. 31, 2011
Property, plant and equipment - total	$ 2,204,195	$ 2,167,220
Less: accumulated depreciation	(781,044)	(763,319)
Less: impairment on long-lived assets	(1,407,186)	(1,383,579)
Property, plant and equipment - net	15,965	20,322
Building [Member]
Property, plant and equipment - total	1,362,481	1,339,622
Other Machinery and Equipment [Member]
Property, plant and equipment - total	620,060	609,660
Automobiles [Member]
Property, plant and equipment - total	89,288	87,791
Office Equipment [Member]
Property, plant and equipment - total	109,147	107,317
Software [Member]
Property, plant and equipment - total	$ 23,219	$ 22,830

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The cumulative amount of depreciation, depletion and amortization (related to property, plant and equipment, but not including land) that has been recognized in the income statement.

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The aggregate amount of write-downs for impairments recognized during the period for long lived assets held for use (including those held for disposal by means other than sale).

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Gross amount of long-lived physical assets used in the normal conduct of business and not intended for resale. Examples include, but are not limited to, land, buildings, machinery and equipment, office equipment, furniture and fixtures, and computer equipment.

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Amount, net of accumulated depreciation, depletion and amortization, of long-lived physical assets used in the normal conduct of business and not intended for resale. Examples include, but are not limited to, land, buildings, machinery and equipment, office equipment, furniture and fixtures, and computer equipment.

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Stock-based Compensation (Tables)

12 Months Ended

Dec. 31, 2012

Disclosure Of Compensation Related Costs, Share-Based Payments [Abstract]

Disclosure of Share-based Compensation Arrangements by Share-based Payment Award [Table Text Block]

	Number of underlying shares		Weighted- Average Exercise Price Per Share		Aggregate Intrinsic Value (1)		Weighted- Average Contractual Life Remaining in Years

Outstanding at December 31, 2010		1,232,600	$	0.175	$	-		7
Exercised		-		-				-
Expired		-		-				-
Forfeited		-		-				-
Outstanding at December 31, 2011		1,232,600	$	0.175	$	-		6
Exercised		-		-
Expired		-		-				-
Forfeited		-		-				-
Outstanding at December 31, 2012		1,232,600	$	0.175	$	-		5
Exercisable at December 31, 2012		1,232,600	$	0.175	$	-		5

(1)

The market value of the Company’s common stock at December 31, 2012 was $0.0003 per share. The outstanding options had no intrinsic value at December 31, 2012.

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Tabular disclosure of components of a stock option or other award plan under which equity-based compensation is awarded to employees, typically comprised of the amount of unearned compensation (deferred compensation cost), compensation expense, and changes in the quantity and fair value of the shares (or other type of equity) granted, exercised, forfeited, and issued and outstanding pertaining to that plan. Disclosure may also include nature and general terms of such arrangements that existed during the period and potential effects of those arrangements on shareholders, effect of compensation cost arising from equity-based payment arrangements on the income statement, method of estimating the fair value of the goods or services received, or the fair value of the equity instruments granted, during the period, cash flow effects resulting from equity-based payment arrangements and, for registrants that accelerate vesting of out of the money share options, reasons for the decision to accelerate.

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Discontinued Operation (Details Textual) (USD $)	0 Months Ended	12 Months Ended
Discontinued Operation (Details Textual) (USD $)	Feb. 09, 2012	Dec. 31, 2012	Dec. 31, 2009 Challenge Feed [Member]
Proceeds from Sale of Machinery and Equipment	$ 8,000
Equity Method Investment, Ownership Percentage			20.00%
Discontinued Operation, Gain (Loss) from Disposal of Discontinued Operation, before Income Tax		$ 113,000

- Definition

Amount of gain (loss), before tax expense or benefit and not previously recognized, resulting from the sale of a business component.

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The percentage of ownership of common stock or equity participation in the investee accounted for under the equity method of accounting.

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The cash inflow from sale of machinery and equipment.

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XML 19 R42.htm IDEA: XBRL DOCUMENT

Stock-based Compensation (Details) (USD $)

12 Months Ended

Dec. 31, 2012

Dec. 31, 2011

Number of underlying shares Outstanding biginning of the period

1,232,600

Number of underlying shares Exercised

Number of underlying shares Expired

Number of underlying shares Forfeited

Number of underlying shares Outstanding ending of the period

1,232,600

Number of underlying shares Exercisable ending of the period

1,232,600

Weighted Average Exercise Price Per Share Outstanding beginning of the period

$ 0.175

Weighted Average Exercise Price Per Share Exercised

$ 0

Weighted Average Exercise Price Per Share Expired

$ 0

Weighted Average Exercise Price Per Share Forfeited

$ 0

Weighted Average Exercise Price Per Share Outstanding ending of the period

$ 0.175

Weighted Average Exercise Price Per Share Exercisable at September 30, 2012

$ 0.175

Aggregate Intrinsic Value (1) Outstanding beginning of the period

$ 0

^[1]

$ 0

^[1]

Aggregate Intrinsic Value (1) Outstanding ending of the peiod

^[1]

Aggregate Intrinsic Value (1) Exercisable ending of the peiod

$ 0

^[1]

Weighted Average Contractual Life Remaining in Years Outstanding beginning of the period

6 years

7 years

Weighted Average Contractual Life Remaining in Years Exercised

0 years

Weighted Average Contractual Life Remaining In Years Expired

0 years

Weighted Average Contractual Life Remaining In Years Forfeited

0 years

Weighted Average Contractual Life Remaining in Years Outstanding ending of the period

5 years

6 years

Share Based Compensation Options Outstanding Weighted Average Exercisable Remaining Contractual Term ending of the period

5 years

[1]	The market value of the Company's common stock at December 31, 2012 was $0.0003 per share. The outstanding options had no intrinsic value at December 31, 2012.

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Related Party Transactions (Details Textual)	12 Months Ended				12 Months Ended
Related Party Transactions (Details Textual)	Dec. 31, 2012 USD ($)	Dec. 31, 2011 USD ($)	Jan. 31, 2011	Oct. 07, 2008	Dec. 31, 2012 Mr.Wei Li [Member] USD ($)	Dec. 31, 2012 Ms.Yvonne Wang [Member] USD ($)	Dec. 31, 2012 Kiwa(Cau R&d Center) [Member] USD ($)	Dec. 31, 2012 Kiwa(Cau R&d Center) [Member] CNY	Dec. 31, 2011 Kiwa(Cau R&d Center) [Member] USD ($)	Dec. 31, 2012 Kiwa Biotech [Member] USD ($)	Dec. 31, 2011 Kiwa Biotech [Member] USD ($)
Debt Instrument, Interest Rate, Stated Percentage	6.00%		15.00%	2.00%
Equity Method Investment, Ownership Percentage					28.00%
Commencement Date Of Agreement							Jul. 01, 2006	Jul. 01, 2006
Term Of Agreement							10 years	10 years
Advances Received From Related Parties					$ 209,094	$ 79,500
Research and development	159,059	166,716					159,059		166,716	32,100	47,345
Related Party Transaction, Amounts of Transaction							$ 160,600	1,000,000

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The percentage of ownership of common stock or equity participation in the investee accounted for under the equity method of accounting.

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Amount of transactions with related party during the financial reporting period.

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- Definition

The aggregate costs incurred (1) in a planned search or critical investigation aimed at discovery of new knowledge with the hope that such knowledge will be useful in developing a new product or service, a new process or technique, or in bringing about a significant improvement to an existing product or process; or (2) to translate research findings or other knowledge into a plan or design for a new product or process or for a significant improvement to an existing product or process whether intended for sale or the entity's use, during the reporting period charged to research and development projects, including the costs of developing computer software up to the point in time of achieving technological feasibility, and costs allocated in accounting for a business combination to in-process projects deemed to have no alternative future use.

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Commitments and Contingencies (Details) (USD $)	Dec. 31, 2012
2013	$ 6,000
Total	$ 6,000

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Amount of required minimum rental payments for leases having an initial or remaining non-cancelable letter-terms in excess of one year.

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Amount of required minimum rental payments maturing in the second fiscal year following the latest fiscal year for operating leases having an initial or remaining non-cancelable letter-terms in excess of one year.

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Going Concern

12 Months Ended

Dec. 31, 2012

Going Concern [Abstract]

Going Concern [Text Block]

Going Concern

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Stock-based Compensation (Details Textual) (USD $)	12 Months Ended	0 Months Ended
Stock-based Compensation (Details Textual) (USD $)	Dec. 31, 2012	Dec. 12, 2006 Stock Incentive Plan 2004 [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Net of Forfeitures		2,000,000
Stock Granted During Period, Value, Share-based Compensation, Gross	$ 320,154
Common Stock Market Value (in dollars per share)	$ 0.0003
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Weighted Average Grant Date Fair Value	$ 0.16

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Description of Business and Organization (Details Textual) (Kiwa Bvi [Member])	Dec. 31, 2012
Kiwa Bvi [Member]
Equity Method Investment, Ownership Percentage	89.00%

- Definition

The percentage of ownership of common stock or equity participation in the investee accounted for under the equity method of accounting.

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Discontinued Operation (Tables)

12 Months Ended

Dec. 31, 2012

Discontinued Operations and Disposal Groups [Abstract]

Assets And Liabilities Discontinued Operation Excluding Intercompany Balances Eliminated In Consolidation [Table Text Block]

The following table summarizes the assets and liabilities of the discontinued operation, excluding intercompany balances eliminated in consolidation, at December 31, 2012 and 2011, respectively:

Assets	December 31, 2012		December 31, 2011
Cash and cash equivalents	$	-	$	416
Total assets	$	-	$	416

Liabilities
Due to related parties-trade	$	-	$	34,515
Salary payable		-		79,191
Total liabilities	$	-	$	113,706

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Income Tax (Details) (USD $)	12 Months Ended
Income Tax (Details) (USD $)	Dec. 31, 2012	Dec. 31, 2011
Pre-tax loss	$ (1,342,432)	$ (1,691,319)
U.S. federal corporate income tax rate	34.00%	34.00%
Income tax computed at U.S. federal corporate income tax rate	456,427	575,048
Reconciling items:
Rate differential for PRC earnings	(60,492)	(51,608)
Loss not recognized as deferred tax assets	(355,135)	(477,945)
Non-deductible expenses and non-reportable income	(40,800)	(45,495)
Effective tax expense	$ 0	$ 0

- Definition

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The sum of the current income tax expense or benefit and the deferred income tax expense or benefit pertaining to continuing operations.

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- Definition

The portion of the difference, between total income tax expense or benefit as reported in the Income Statement for the period and the expected income tax expense or benefit computed by applying the domestic federal statutory income tax rates to pretax income from continuing operations, that is attributable to total foreign income tax expense or benefit. The foreign income tax expense or benefit difference represents the income tax expense or benefit at applicable domestic statutory income tax rates applied to foreign earnings or loss for the period versus the foreign income tax expense or benefit calculated by applying the appropriate foreign tax rates.

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The amount of income tax expense or benefit for the period computed by applying the domestic federal statutory tax rates to pretax income from continuing operations.

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Summary of Significant Accounting Policies (Details)	12 Months Ended
Summary of Significant Accounting Policies (Details)	Dec. 31, 2012
Building [Member] \| Maximum [Member]
Property, Plant and Equipment, Useful Life	35 years
Building [Member] \| Minimum [Member]
Property, Plant and Equipment, Useful Life	30 years
Other Machinery and Equipment [Member] \| Maximum [Member]
Property, Plant and Equipment, Useful Life	10 years
Other Machinery and Equipment [Member] \| Minimum [Member]
Property, Plant and Equipment, Useful Life	5 years
Automobiles [Member]
Property, Plant and Equipment, Useful Life	8 years
Office Equipment [Member] \| Maximum [Member]
Property, Plant and Equipment, Useful Life	5 years
Office Equipment [Member] \| Minimum [Member]
Property, Plant and Equipment, Useful Life	2 years
Software [Member]
Property, Plant and Equipment, Useful Life	3 years

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Summary of Significant Accounting Policies (Details 1)	Dec. 31, 2012	Dec. 31, 2011
Balance Sheet Items, Except For Equity Accounts [Member]
Foreign Currency Exchange Rate, Translation	6.2301	6.3364
Items In Statements Of Income [Member]
Foreign Currency Exchange Rate, Translation	6.3093	6.4653

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Summary of Significant Accounting Policies

12 Months Ended

Dec. 31, 2012

Accounting Policies [Abstract]

Basis of Presentation and Significant Accounting Policies [Text Block]

2.	Summary of Significant Accounting Policies

Cash - Cash includes cash in hand and cash in time deposits, certificates of deposits and all highly liquid debt instruments with original maturities of three months or less.

		Useful Life
		(In years)
Buildings		30 - 35
Machinery and equipment		5 - 10
Automobiles		8
Office equipment		2 - 5
Computer software		3

The exchange rates used to translate amounts in RMB into U.S. Dollars for the purposes of preparing the consolidated financial statements were as follows:

	As of December 31,
	2012		2011
Balance sheet items, except for equity accounts		6.2301		6.3364

	Year ended December 31,
	2012		2011
Items in the statements of income		6.3093		6.4653

Fair value measurements

Level 1 - Quoted prices in active markets for identical assets or liabilities.

Level 3 - Unobservable inputs that are supported by little or no market activity and that are significant to the fair value of the assets or liabilities.

The carrying values of cash and cash equivalents, trade receivables and payables, and short-term debts approximate their fair values due to their short maturities.

Recent accounting pronouncements adopted

XML 31 R32.htm IDEA: XBRL DOCUMENT

Summary of Significant Accounting Policies (Details Textual) (USD $)	12 Months Ended
	Dec. 31, 2012	Dec. 31, 2011
Percentage Provision For Bad Debt	100.00%
Shipping, Handling and Transportation Costs	$ 0	$ 0
Advertising Expense	0	0
Research and development	$ 159,059	$ 166,716
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount	2,164,782,738	9,228,310,626

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Securities (including those issuable pursuant to contingent stock agreements) that could potentially dilute basic earnings per share (EPS) or earnings per unit (EPU) in the future that were not included in the computation of diluted EPS or EPU because to do so would increase EPS or EPU amounts or decrease loss per share or unit amounts for the period presented.

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Cost incurred during the reporting period in transporting goods and services to customers. Includes freight-out costs.

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Convertible Notes Payable (Details) (USD $)	12 Months Ended
Convertible Notes Payable (Details) (USD $)	Dec. 31, 2012
Expected dividend	0.00%
Expected volatility	65.00%
Risk-free rate of interest	0.31%
Expected term (year)	6 months
Exercise price	$ 0.45
Underlying Number of shares (in shares)	12,250,000
Closing price December 31, 2012 (in dollars per share)	$ 0.0003
Fair value of warrants/options determined by Black and Scholes model	$ 0

XML 33 R2.htm IDEA: XBRL DOCUMENT

CONSOLIDATED BALANCE SHEETS (USD $)	Dec. 31, 2012	Dec. 31, 2011
ASSETS
Cash and cash equivalents	$ 4,493	$ 16,307
Deposits and other receivables	21,588	25,954
Current assets of discontinued operation	0	416
Total current assets	26,081	42,677
Property, plant and equipment - net	15,965	20,322
Total assets	42,046	62,999
LIABILITIES AND STOCKHOLDERS' DEFICIENCY
Accounts payable	312,580	307,322
Advances from customers	14,366	14,125
Construction costs payable	284,952	280,172
Due to related parties - trade	690,198	552,364
Due to related parties - non-trade	3,803,034	3,514,898
Convertible notes payable	1,631,088	1,631,088
Salary payable	1,127,070	919,875
Taxes payable	309,145	242,120
Penalty payable	2,240,852	1,634,150
Interest payable	1,009,563	764,229
Other payable	579,601	619,477
Current liabilities of discontinued operation	0	113,706
Total current liabilities	12,002,449	10,593,526
Unsecured loans payable	1,845,878	1,814,911
Total liabilities	13,848,327	12,408,437
Stockholders' deficiency
Common stock - $0.001 par value Authorized 400,000,000 shares. Issued and outstanding 400,000,000 at December 31, 2012 and 2011, respectively	400,000	400,000
Preferred stock - $0.001 par value Authorized 20,000,000 shares, none issued	0	0
Additional paid-in capital	8,093,337	8,093,337
Accumulated deficit	(21,704,464)	(20,362,032)
Accumulated other comprehensive deficiency	(595,154)	(476,743)
Total stockholders' deficiency	(13,806,281)	(12,345,438)
Total liabilities and stockholders' deficiency	$ 42,046	$ 62,999

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Income Tax (Details 1) (USD $)	Dec. 31, 2012	Dec. 31, 2011
Net operating losses carried forward	$ 5,459,835	$ 5,314,283
Less: Valuation allowance	(5,459,835)	(5,314,283)
Net deferred tax assets	$ 0	$ 0

- Definition

Amount before allocation of valuation allowances of deferred tax asset attributable to deductible operating loss carryforwards.

+ References+ Details

- Definition

Amount of deferred tax assets for which it is more likely than not that a tax benefit will not be realized.

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CONSOLIDATED STATEMENTS OF CASH FLOWS (USD $)	12 Months Ended
CONSOLIDATED STATEMENTS OF CASH FLOWS (USD $)	Dec. 31, 2012	Dec. 31, 2011
Cash flows from operating activities:
Net loss	$ (1,342,432)	$ (1,691,319)
Net income from discontinued operations, net of income taxes	(113,018)	0
Adjustments to reconcile net loss to net cash used in operating activities:
Depreciation and amortization	4,702	6,771
Writen-off other receivables	12,474	0
Provision for penalty payable	606,702	547,835
Interest payable on convertible notes	245,334	243,416
Changes in operating assets and liabilities:
Deposit and other receivables	(7,665)	50,144
Accounts payable	0	(26,404)
Salary payable	201,668	180,186
Taxes payable	62,894	68,353
Due to related parties-trade	128,409	110,473
Other payable	(41,776)	10,738
Net cash used in operating activities	(242,708)	(499,807)
Cash flows from financing activities:
Proceeds from related parties, net of payments to related parties	236,412	448,880
Net cash provided by financing activities	236,412	448,880
Effect of exchange rate change	(5,518)	34,418
Cash and cash equivalents:
Net decrease	(11,814)	(16,509)
Balance at beginning of year	16,307	32,816
Balance at end of year	4,493	16,307
Supplemental Disclosures of Cash flow Information:
Cash paid for interest	0	0
Cash paid for income taxes	$ 0	$ 0

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Construction Costs Payable (Details Textual) (USD $)	Dec. 31, 2012	Dec. 31, 2011
Construction costs payable	$ 284,952	$ 280,172

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Related Party Transactions (Tables)

12 Months Ended

Dec. 31, 2012

Amounts due to related parties consisted of the following as of December 31, 2012 and December 31, 2011:

Item	Nature		Notes
					December 31, 2012			December 31, 2011
Mr. Wei Li ("Mr. Li")		Non-trade		(1)	$	3,412,284		$	3,203,190
Kangtai International Logistics (Beijing) Co., Ltd. ("Kangtai")		Non-trade		(2)		(13,250	)		(12,792	)
Ms. Yvonne Wang ("Ms. Wang")		Non-trade		(3)		404,000			324,500
Subtotal						*3,803,034*			3,514,898

Kiwa-CAU R&D Center		Trade		(4)		690,198			552,364
Subtotal						690,198			552,364
Total					$	4,493,232		$	4,067,262

(1) Mr. Li

Mr. Li is the Chairman of the Board, Chief Executive Officer of the Company.

Advances and Loans

Guarantees for the Company

Mr. Li has pledged without any compensation from the Company all of his common stock of the Company as collateral for the Company’s obligations under the 6% Notes (see Note 8 below).

(2) Kangtai

Kangtai, formerly named China Star Investment Management Co., Ltd., Kangtai International Logistics (Beijing) Co., Ltd., is a private company, 28% owned by Mr. Li. Mr. Li is the Chairman of Kangtai.

On December 31, 2012, the amount due from Kangtai was $13,250. The balance due from Kangtai on December 31, 2011 was $12,792.

(3) Ms. Wang

Ms. Wang is the Secretary of the Company.

(4) Kiwa-CAU R&D Center

XML 38 R36.htm IDEA: XBRL DOCUMENT

Related Party Transactions (Details) (USD $)

Dec. 31, 2012

Dec. 31, 2011

Due to Related Parties

$ 4,493,232

$ 4,067,262

Non Trade [Member]

Due to Related Parties

3,803,034

3,514,898

Trade [Member]

Due to Related Parties

690,198

552,364

Mr.Wei Li [Member] | Non Trade [Member]

Due to Related Parties

3,412,284

^[1]

3,203,190

^[1]

Kangtai International Logistics (Beijing) Co Ltd [Member] | Non Trade [Member]

Due to Related Parties

(13,250)

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(12,792)

^[2]

Ms.Yvonne Wang [Member] | Non Trade [Member]

Due to Related Parties

404,000

^[3]

324,500

^[3]

Kiwa(Cau R&d Center) [Member] | Trade [Member]

Due to Related Parties

$ 690,198

^[4]

$ 552,364

^[4]

[1]	Mr. Li Mr. Li is the Chairman of the Board, Chief Executive Officer of the Company. Advances and Loans As of December 31, 2012, the balance due to Mr. Li for advances made was $3,412,284. During the year ended December 31, 2012, Mr. Li advanced $209,094 to the Company. As of December 31, 2011, the balance due to Mr. Li was $3,203,190. Mr. Li has agreed that the Company may repay the balance when its cash flow circumstance allows. Guarantees for the Company Mr. Li has pledged without any compensation from the Company all of his common stock of the Company as collateral for the Company's obligations under the 6% Notes (see Note 8 below).
[2]	Kangtai Kangtai, formerly named China Star Investment Management Co., Ltd., Kangtai International Logistics (Beijing) Co., Ltd., is a private company, 28% owned by Mr. Li. Mr. Li is the Chairman of Kangtai. On December 31, 2012, the amount due from Kangtai was $13,250. The balance due from Kangtai on December 31, 2011 was $12,792.
[3]	Ms. Wang Ms. Wang is the Secretary of the Company. On December 31, 2012, the amount due to Ms. Wang was $404,000. During the year ended December 31, 2012, Ms. Wang advanced $79,500 to the Company. As of December 31, 2011, the amount due to Ms. Wang was $324,500. Ms. Wang has agreed that the Company may repay the balance when its cash flow circumstance allows.
[4]	Kiwa-CAU R&D Center In November 2006, Kiwa and China Agricultural University (the "CAU") agreed to jointly establish a new research and development center, named Kiwa-CAU R&D Center. The term of the agreement was ten years commencing July 1, 2006. Pursuant to the agreement, Kiwa agree to invest RMB 1 million (approximately $160,600) each year to fund research at Kiwa-CAU R&D Center. Prof. Qi Wang, a director of the Company, is also the director of Kiwa-CAU R&D Center. During the year ended December 31, 2012 and 2011, $159,059 and $166,716 was charged to research and development expenses under the agreement with Kiwa-CAU R&D Center. The Company paid $32,100 and $47,345 to Kiwa-CAU R&D Center in the year 2012 and 2011, respectively.

- Definition

Carrying amount as of the balance sheet date of obligations due all related parties.

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Convertible Notes Payable (Tables)

12 Months Ended

Dec. 31, 2012

Convertible Notes Payable [Abstract]

Schedule Of Significant Assumptions Used In Calculating Fair Value Of Outstanding Warrants [Table Text Block]

The fair value was recorded as a reduction to the 6% Notes payable and was charged to operations as interest expense in accordance with effective interest method within the period of the 6% Notes. Significant assumptions used in calculating fair value of outstanding warrants are as follows.

Black and Scholes Model Assumption							Details of Outstanding Warrants
Expected dividend	Expected volatility			Risk- free rate of interest			Expected term (year)	Exercise price		Underlying Number of shares		Closing price December 31, 2012		Fair value of warrants/options determined by Black and Scholes model
-		65	%		0.31	%	0.5	$	0.45		12,250,000	$	0.0003		-

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Description of Business and Organization

12 Months Ended

Dec. 31, 2012

Business Description Abstract [Abstract]

Business Description [Text Block]

1.	Description of Business and Organization

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CONSOLIDATED BALANCE SHEETS [Parenthetical] (USD $)	Dec. 31, 2012	Dec. 31, 2011
Common Stock, Par or Stated Value Per Share (in dollars per share)	$ 0.001	$ 0.001
Common Stock, Shares Authorized	400,000,000	400,000,000
Common Stock, Shares, Issued	400,000,000	400,000,000
Common Stock, Shares, Outstanding	400,000,000	400,000,000
Preferred Stock, Par or Stated Value Per Share (in dollars per share)	$ 0.001	$ 0.001
Preferred Stock, Shares Authorized	20,000,000	20,000,000
Preferred Stock, Shares Issued	0	0

- Definition

Number of shares of common stock outstanding. Common stock represent the ownership interest in a corporation.

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Face amount or stated value per share of nonredeemable preferred stock (or preferred stock redeemable solely at the option of the issuer); generally not indicative of the fair market value per share.

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Commitments and Contingencies

12 Months Ended

Dec. 31, 2012

Commitments and Contingencies Disclosure [Abstract]

Commitments and Contingencies Disclosure [Text Block]

11.	Commitments and Contingencies

The Company has the following material contractual obligations:

(1)

Operating lease commitments

The Company’s commitments for minimum lease payments under the operating lease for the next five years and thereafter as of December 31, 2012 are as follows:

Fiscal Year	Amount
2013	$	6,000
Total	$	6,000

(2)

Technology acquisition

(3)

Operation of Kiwa-CAU R&D Center

(4)

Investment in manufacturing and research facilities in Zoucheng, Shandong Province in China

- Definition

The entire disclosure for commitments and contingencies.

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DOCUMENT AND ENTITY INFORMATION (USD $)	12 Months Ended
DOCUMENT AND ENTITY INFORMATION (USD $)	Dec. 31, 2012	Apr. 15, 2013	Jun. 30, 2012
Entity Registrant Name	KIWA BIO-TECH PRODUCTS GROUP CORP
Entity Central Index Key	0001159275
Current Fiscal Year End Date	--12-31
Entity Filer Category	Smaller Reporting Company
Trading Symbol	kwbt
Entity Common Stock, Shares Outstanding		400,000,000
Document Type	10-K
Amendment Flag	false
Document Period End Date	Dec. 31, 2012
Document Fiscal Period Focus	FY
Document Fiscal Year Focus	2012
Entity Well-Known Seasoned Issuer	No
Entity Voluntary Filers	No
Entity Current Reporting Status	Yes
Entity Public Float			$ 280,000

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Discontinued Operation

12 Months Ended

Dec. 31, 2012

Discontinued Operations and Disposal Groups [Abstract]

Disposal Groups, Including Discontinued Operations, Disclosure [Text Block]

12.

Discontinued Operation

Assets	December 31, 2012		December 31, 2011
Cash and cash equivalents	$	-	$	416
Total assets	$	-	$	416

Liabilities
Due to related parties-trade	$	-	$	34,515
Salary payable		-		79,191
Total liabilities	$	-	$	113,706

- Definition

The entire disclosure for the facts and circumstances leading to the completed or expected disposal, manner and timing of disposal, the gain (loss) recognized in the income statement and the income statement caption that includes that gain (loss), amounts of revenues and pretax profit or loss reported in discontinued operations, the segment in which the disposal group was reported, and the classification (whether sold or classified as held for sale) and carrying value of the assets and liabilities comprising the disposal group. Includes all disposal groups, including those classified as components of the entity (discontinued operations).

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CONSOLIDATED STATEMENTS OF OPERATIONS AND OTHER COMPREHENSIVE LOSS (USD $)
12 Months Ended

Dec. 31, 2012

Dec. 31, 2011

Revenue $ 0 $ 0

Operating expenses

General and administrative 1,043,202 1,256,073

Research and development 159,059 166,716

Total operating expenses 1,202,261 1,422,789

Operating loss (1,202,261) (1,422,789)

Interest expense (253,189) (268,530)

Net loss from continuing operation (1,455,450) (1,691,319)

Income from discontinued operation

Gain on disposition of subsidiary 113,018 0

Net loss before income tax (1,342,432) (1,691,319)

Income tax 0 0

Net loss (1,342,432) (1,691,319)

Other comprehensive loss

Translation adjustment (118,411) (281,349)

Total comprehensive loss $ (1,460,843) $ (1,972,668)

Net loss per common share - basic and diluted (in dollars per share) $ (0.003) $ (0.005)

Weighted average number of common shares outstanding-basic and diluted (in shares) 400,000,000 400,000,000

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Related Party Transactions
12 Months Ended

Dec. 31, 2012

Related Party Transactions [Abstract]

Related Party Transactions Disclosure [Text Block]

6. Related Party Transactions

Amounts due to related parties consisted of the following as of December 31, 2012 and December 31, 2011:

Item Nature Notes

December 31, 2012 December 31, 2011

Mr. Wei Li ("Mr. Li") Non-trade (1) $ 3,412,284 $ 3,203,190

Kangtai International Logistics (Beijing) Co., Ltd. ("Kangtai") Non-trade (2) (13,250 ) (12,792 )

Ms. Yvonne Wang ("Ms. Wang") Non-trade (3) 404,000 324,500

Subtotal 3,803,034 3,514,898

Kiwa-CAU R&D Center Trade (4) 690,198 552,364

Subtotal 690,198 552,364

Total $ 4,493,232 $ 4,067,262

(1) Mr. Li

Mr. Li is the Chairman of the Board, Chief Executive Officer of the Company.

Advances and Loans

As of December 31, 2012, the balance due to Mr. Li for advances made was $3,412,284. During the year ended December 31, 2012, Mr. Li advanced $209,094 to the Company. As of December 31, 2011, the balance due to Mr. Li was $3,203,190. Mr. Li has agreed that the Company may repay the balance when its cash flow circumstance allows.

Guarantees for the Company

Mr. Li has pledged without any compensation from the Company all of his common stock of the Company as collateral for the Company’s obligations under the 6% Notes (see Note 8 below).

(2) Kangtai

Kangtai, formerly named China Star Investment Management Co., Ltd., Kangtai International Logistics (Beijing) Co., Ltd., is a private company, 28% owned by Mr. Li. Mr. Li is the Chairman of Kangtai.

On December 31, 2012, the amount due from Kangtai was $13,250. The balance due from Kangtai on December 31, 2011 was $12,792.

(3) Ms. Wang

Ms. Wang is the Secretary of the Company.

On December 31, 2012, the amount due to Ms. Wang was $404,000. During the year ended December 31, 2012, Ms. Wang advanced $79,500 to the Company. As of December 31, 2011, the amount due to Ms. Wang was $324,500. Ms. Wang has agreed that the Company may repay the balance when its cash flow circumstance allows.

(4) Kiwa-CAU R&D Center

In November 2006, Kiwa and China Agricultural University (the “CAU”) agreed to jointly establish a new research and development center, named Kiwa-CAU R&D Center. The term of the agreement was ten years commencing July 1, 2006.

· Pursuant to the agreement, Kiwa agree to invest RMB 1 million (approximately $160,600) each year to fund research at Kiwa-CAU R&D Center. Prof. Qi Wang, a director of the Company, is also the director of Kiwa-CAU R&D Center.

During the year ended December 31, 2012 and 2011, $159,059 and $166,716 was charged to research and development expenses under the agreement with Kiwa-CAU R&D Center. The Company paid $32,100 and $47,345 to Kiwa-CAU R&D Center in the year 2012 and 2011, respectively.

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Construction Costs Payable
12 Months Ended

Dec. 31, 2012

Construction Costs Payable [Abstract]

Construction Costs Payable [Text Block]

5. Construction Costs Payable

Construction costs payable represents remaining amounts to be paid for the first phase of construction of bio-fertilizer facility in Shandong. The balance of construction costs payable as of December 31, 2012 and 2011 was $284,952 and $280,172, respectively.

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Unsecured Loans Payable (Tables)
12 Months Ended

Dec. 31, 2012

Unsecured Loans Payable [Abstract]

Unsecured Loans Payable [Table Text Block]
Unsecured loans payable consisted of the following as of December 31, 2012 and December 31, 2011:

Item December 31, 2012 December 31, 2011

Unsecured loan payable to Zoucheng Municipal Government, non-interest bearing, becoming due within three years from Kiwa Shandong’s first profitable year on a formula basis, interest has not been imputed due to the undeterminable repayment date $ 1,444,600 $ 1,420,365

Unsecured loan payable to Zoucheng Science & Technology Bureau, non-interest bearing, it is due in Kiwa Shandong’s first profitable year, interest has not been imputed due to the undeterminable repayment date 401,278 394,546

Total $ 1,845,878 $ 1,814,911

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Summary of Significant Accounting Policies (Policies)
12 Months Ended

Dec. 31, 2012

Accounting Policies [Abstract]

Consolidation, Policy [Policy Text Block]
Principle of Consolidation - These consolidated financial statements include the financial statements of the Company and its wholly-owned subsidiaries, Kiwa BVI and Kiwa Bio-Tech Products (Shandong) Co., Ltd. (“Kiwa Shandong”), and also its former majority-owned subsidiary, Tianjin Kiwa Feed Co., Ltd. (“Kiwa Tianjin”). Effective on July 11, 2012, the Company dissolved Kiwa Tianjin. All significant inter-company balances or transactions are eliminated on consolidation.

Use Of Estimates, Policy [Policy Text Block]
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, 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. Significant accounting estimates include the bad debt provision, impairment of inventory and long-lived assets, depreciation and amortization of long-lived assets and fair value of warrants and options.

Certain of our estimates, including evaluating the collectability of accounts receivable and the fair market value of long-lived assets, could be affected by external conditions, including those unique to our industry, and general economic conditions. It is possible that these external factors could have an effect on our estimates that could cause actual results to differ from our estimates. We re-evaluate all of our accounting estimates annually based on these conditions and record adjustments when necessary.

Cash and Cash Equivalents, Policy [Policy Text Block]
Cash - Cash includes cash in hand and cash in time deposits, certificates of deposits and all highly liquid debt instruments with original maturities of three months or less.

The Company maintains cash with financial institutions in the People’s Republic of China (“PRC”) which are not insured or otherwise protected. Should any of these institutions holding the Company’s cash become insolvent, or if the Company is unable to withdraw funds for any reason, the Company could lose the cash on deposit with that institution.

Trade and Other Accounts Receivable, Policy [Policy Text Block]
Accounts Receivables - Accounts receivables represent customer accounts receivables. The allowance for doubtful accounts is based on a combination of current sales, historical charge offs and specific accounts identified as high risk. Uncollectible accounts receivable are charged against the allowance for doubtful accounts when all reasonable efforts to collect the amounts due have been exhausted. Such allowances, if any, would be recorded in the period the impairment is identified.

The Company performs ongoing credit evaluations of its customers and establishes an allowance for doubtful accounts when amounts are not considered fully collectable. According to the Company’s credit policy, the Company generally provides a 100% bad debt provision for the amounts outstanding over 365 days after the deduction of the amount subsequently settled after the balance sheet date, which management believes is consistent with industry practice in the China region.

Inventory, Policy [Policy Text Block]
Inventories - Inventories are stated at the lower of cost, determined on the weighted average method, and net realizable value. Work in progress and finished goods are composed of direct material, direct labor and a portion of manufacturing overhead. Net realizable value is the estimated selling price in the ordinary course of business, less estimated costs to complete and dispose.

Property, Plant and Equipment, Policy [Policy Text Block]
Property, plant and equipment - Property, plant and equipment are stated at cost less accumulated depreciation and accumulated impairment losses, if any. Gains or losses on disposals are reflected as gain or loss in the year of disposal. The cost of improvements that extend the life of property, plant and equipment are capitalized. These capitalized costs may include structural improvements, equipment and fixtures. All ordinary repair and maintenance costs are expensed as incurred. Depreciation for financial reporting purposes is provided using the straight-line method over the estimated useful lives of the assets as follows:

Useful Life

(In years)

Buildings 30 - 35

Machinery and equipment 5 - 10

Automobiles 8

Office equipment 2 - 5

Computer software 3

Impairment or Disposal of Long-Lived Assets, Policy [Policy Text Block]
Impairment of Long-Lived Assets - The Company’s long-lived assets consist of property, equipment and intangible assets. The Company evaluates its investment in long-lived assets, including property and equipment, for recoverability whenever events or changes in circumstances indicate the net carrying amount may not be recoverable. Judgments regarding potential impairment are based on legal factors, market conditions and operational performance indicators, among others. In assessing the impairment of property and equipment, the Company makes assumptions regarding the estimated future cash flows and other factors to determine the fair value of the respective assets.

Fair Value of Financial Instruments, Policy [Policy Text Block]
Fair value of warrants and options - The Company adopted ASC Topic 815, “Accounting for Derivative Instruments and Hedging Activities” to recognize warrants relating to loans and warrants issued to consultants as compensation as derivative instruments in our consolidated financial statements. The Company also adopted ASC Topic 718, “Share Based Payment” to recognize options granted to employees as derivative instruments in our consolidated financial statements. The Company calculates the fair value of the warrants and options using the Black-Scholes Model.

Revenue Recognition, Policy [Policy Text Block]
Revenue Recognition – The Company recognizes revenue for our products in accordance with FASB ASC Topic 605, “Revenue Recognition.” Sales represent the invoiced value of goods, net of value added tax, supplied to customers. Sales are recognized upon delivery of goods to customers when a formal arrangement exists, the price is fixed or determinable, the delivery is completed, and 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 advances from customers.

Shipping and Handling Cost, Policy [Policy Text Block]
Shipping and Handling Costs - Substantially all costs of shipping and handling of products to customers are included in selling. Shipping and handling costs for the years ended December 31, 2012 and 2011 were both $nil.

Income Tax, Policy [Policy Text Block]
Income Taxes - The Company accounts for income taxes under the provisions of FASB ASC Topic 740, “Income Tax,” which requires recognition of deferred tax assets and liabilities for the expected future tax consequences of events that have been included in the consolidated financial statements or tax returns. Deferred tax assets and liabilities are recognized for the future tax consequence attributable to the difference between the tax bases of assets and liabilities and their reported amounts in the financial statements. Deferred tax assets and liabilities are measured using the enacted tax rate expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. The effect on deferred tax assets and liabilities of a change in tax rates is recognized in income in the period that includes the enactment date. The Company establishes a valuation when it is more likely than not that the assets will not be recovered.

ASC Topic 740.10.30 clarifies the accounting for uncertainty in income taxes recognized in an enterprise’s financial statements and prescribes a recognition threshold and measurement attribute for the financial statement recognition and measurement of a tax position taken or expected to be taken in a tax return. ASC Topic 740.10.40 provides guidance on derecognition, classification, interest and penalties, accounting in interim periods, disclosure, and transition. We have no material uncertain tax positions for any of the reporting periods presented.

Foreign Currency Transactions and Translations Policy [Policy Text Block]
Foreign Currency Translation and Other Comprehensive Income - The Company uses United States dollars (“US Dollar” or “US$” or “$”) for financial reporting purposes. However, the Company maintains the books and records in its functional currency, Chinese Renminbi (“RMB”), being the primary currency of the economic environment in which its operations are conducted. In general, the Company translates its assets and liabilities into U.S. dollars using the applicable exchange rates prevailing at the balance sheet date, and the statement of income and the statement of cash flow are translated at average exchange rates during the reporting period. Equity accounts are translated at historical rates. Adjustments resulting from the translation of the Company’s financial statements are recorded as accumulated other comprehensive income.

Other comprehensive loss for the year ended December 31, 2012 and 2011 represented foreign currency translation adjustments and were included in the consolidated statements of income and comprehensive income.

The exchange rates used to translate amounts in RMB into U.S. Dollars for the purposes of preparing the consolidated financial statements were as follows:

As of December 31,

2012 2011

Balance sheet items, except for equity accounts 6.2301 6.3364

Year ended December 31,

2012 2011

Items in the statements of income 6.3093 6.4653

Advertising Costs, Policy [Policy Text Block]
Advertising Costs - The Company charges all advertising costs to expense as incurred. The total amounts of advertising costs charged to selling, general and administrative expense were both $nil for the years ended December 31, 2012 and 2011, respectively.

Research and Development Expense, Policy [Policy Text Block]
Research and Development Costs - Research and development costs are charged to expense as incurred. During the years ended December 31, 2012 and 2011, research and development costs were $159,059 and $166,716, respectively.

Earnings Per Share, Policy [Policy Text Block]
Net Loss Per Common Share - Basic loss per common share is calculated by dividing net loss attributable to Kiwa stockholders by the weighted-average number of shares of common stock outstanding during the period. Diluted loss per common share includes dilutive effect of dilutive securities (stock options, warrants, convertible debt, stock subscription and other stock commitments issuable). These potentially dilutive securities were not included in the calculation of loss per share for the periods presented because the Company incurred a loss during such periods and thus the effect would have been anti-dilutive. Accordingly, basic and diluted loss per common share is the same for all periods presented. As of December 31, 2012 and 2011, potentially dilutive securities aggregated 2,164,782,738 and 9,228,310,626 shares of common stock, respectively.

Fair Value Measurement, Policy [Policy Text Block]
Fair value measurements

ASC Topic 820, Fair Value Measurement and Disclosures, defines fair value as the exchange price that would be received for an asset or paid to transfer a liability (an exit price) in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants on the measurement date. This topic also establishes a fair value hierarchy which requires classification based on observable and unobservable inputs when measuring fair value. There are three levels of inputs that may be used to measure fair value:

Level 1 - Quoted prices in active markets for identical assets or liabilities.

Level 2 - Observable inputs other than Level 1 prices such as quoted prices for similar assets or liabilities; quoted prices in markets that are not active; or other inputs that are observable or can be corroborated by observable market data for substantially the full term of the assets or liabilities.

Level 3 - Unobservable inputs that are supported by little or no market activity and that are significant to the fair value of the assets or liabilities.

The carrying values of cash and cash equivalents, trade receivables and payables, and short-term debts approximate their fair values due to their short maturities.

New Accounting Pronouncements, Policy [Policy Text Block]
Recent accounting pronouncements adopted

In July 2012, the FASB issued Accounting Standards Update No. 2012-02 Intangibles — Goodwill and Other (Topic 350): The amendments in this update will allow an entity to first assess qualitative factors to determine whether it is necessary to perform a quantitative impairment test. Under these amendments, an entity would not be required to calculate the fair value of an indefinite-lived intangible asset unless the entity determines, based on a qualitative assessment, that it is not more likely than not, the indefinite-lived intangible asset is impaired. The amendments include a number of events and circumstances for an entity to consider in conducting the qualitative assessment. The amendments are effective for annual and interim impairment tests performed for fiscal years beginning after September 15, 2012. Early adoption is permitted, including for annual and interim impairment tests performed as of a date before July 27, 2012, if a public entity’s financial statements for the most recent annual or interim period have not yet been issued. The Company does not expect the adoption of the provisions in this update will have a significant impact on its consolidated financial statements.

In February 2013, the FASB issued Accounting Standards Update No. 2013-02 Comprehensive Income (Topic 220): The objective of this update is to improve the reporting of reclassifications out of accumulated other comprehensive income. The amendments in this update seek to attain that objective by requiring an entity to report the effect of significant reclassifications out of accumulated other comprehensive income on the respective line items in net income if the amount being reclassified is required under U.S. generally accepted accounting principles (GAAP) to be reclassified in its entirety to net income. For other amounts that are not required under U.S. GAAP to be reclassified in their entirety to net income in the same reporting period, an entity is required to cross-reference other disclosures required under U.S. GAAP that provide additional detail about those amounts. This would be the case when a portion of the amount reclassified out of accumulated other comprehensive income is reclassified to a balance sheet account (for example, inventory) instead of directly to income or expense in the same reporting period. For public entities, the amendments are effective prospectively for reporting periods beginning after December 15, 2012. The Company does not expect the adoption of the provisions in this update will have a significant impact on its consolidated financial statements.



Other accounting standards that have been issued or proposed by the FASB or other standards-setting bodies that do not require adoption until a future date are not expected to have a material impact on the Company’s consolidated financial statements upon adoption.

Other accounting standards that have been issued or proposed by the FASB or other standards-setting bodies that do not require adoption until a future date are not expected to have a material impact on the Company’s consolidated financial statements upon adoption.

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Stock-based Compensation
12 Months Ended

Dec. 31, 2012

Disclosure Of Compensation Related Costs, Share-Based Payments [Abstract]

Disclosure of Compensation Related Costs, Share-based Payments [Text Block]

9. Stock-based Compensation

On December 12, 2006, the Company granted options for 2,000,000 shares of its common stock under its 2004 Stock Incentive Plan. Summary of options issued and outstanding at December 31, 2012 and 2011 and the movements during the years then ended are as follows:

Number of
underlying
shares Weighted-
Average
Exercise Price
Per Share Aggregate
Intrinsic
Value (1) Weighted- Average
Contractual Life
Remaining in Years

Outstanding at December 31, 2010 1,232,600 $ 0.175 $     -       7

Exercised - - -

Expired - - -

Forfeited - - -

Outstanding at December 31, 2011 1,232,600 $ 0.175 $ - 6

Exercised - -

Expired - - -

Forfeited - - -

Outstanding at December 31, 2012 1,232,600 $ 0.175 $ - 5

Exercisable at December 31, 2012 1,232,600 $ 0.175 $ - 5

(1) The market value of the Company’s common stock at December 31, 2012 was $0.0003 per share. The outstanding options had no intrinsic value at December 31, 2012.

The Company has adopted ASC Topic 718 effective as of January 1, 2006. The fair value of the options granted at the grant date was determined to be $320,154 (approximately $0.16 per share), calculated pursuant to the Black-Scholes option pricing model.  The calculated fair value is recognized as expense over the applicable vesting periods, using the straight-line attribution method.  Unamortized fair value of stock options granted to those who separated from the Company has been charged to expense, while the options returned to the Company.  During the years ended December 31, 2012 and 2011, $nil was charged to expense.

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Unsecured Loans Payable
12 Months Ended

Dec. 31, 2012

Unsecured Loans Payable [Abstract]

Unsecured Loans Payable [Text Block]

7. Unsecured Loans Payable

The balance of unsecured loans payable was $1,845,878 and $1,814,911 as of December 31, 2012 and December 31, 2011, respectively. The change in the balances at December 31, 2012 to December 31, 2011 arose from the effect of changes in the exchange rates prevailing at the balance sheet dates. Unsecured loans payable consisted of the following as of December 31, 2012 and December 31, 2011:

Item December 31, 2012 December 31, 2011

Unsecured loan payable to Zoucheng Municipal Government, non-interest bearing, becoming due within three years from Kiwa Shandong’s first profitable year on a formula basis, interest has not been imputed due to the undeterminable repayment date $ 1,444,600 $ 1,420,365

Unsecured loan payable to Zoucheng Science & Technology Bureau, non-interest bearing, it is due in Kiwa Shandong’s first profitable year, interest has not been imputed due to the undeterminable repayment date 401,278 394,546

Total $ 1,845,878 $ 1,814,911

The Company qualifies for non-interest bearing loans under a Chinese government sponsored program to encourage economic development in certain industries and locations in China. To qualify for the favorable loan terms, a company must meet the following criteria: (1) be a technology company with innovative technology or product (as determined by the Science Bureau of the central Chinese government); (2) operate in specific industries that the Chinese government has determined are important to encourage development, such as agriculture, environmental, education, and others; and (3) be located in an undeveloped area such as Zoucheng, Shandong Province, where the manufacturing facility of the Company is located.

According to the Company’s project agreement, Zoucheng Municipal Government granted the Company use of at least 15.7 acres in Shandong Province, China at no cost for 10 years to construct a manufacturing facility. Under the agreement, the Company has the option to pay a fee of RMB480,000 ($77,100) per acre for the land use right after the 10-year period until May 2012. The Company may not transfer or pledge the temporary land use right. The Company also committed to invest approximately $18 million to $24 million for developing the manufacturing and research facilities in Zoucheng, Shandong Province. As of December 31, 2012, the Company invested approximately $2 million for the property, plant and equipment of the project and these assets were impaired as of December 31, 2012.

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Convertible Notes Payable
12 Months Ended

Dec. 31, 2012

Convertible Notes Payable [Abstract]

Convertible Notes Payable [Text Block]
8. Convertible Notes Payable

On June 29, 2006, the Company entered into a securities purchase agreement (the “Purchase Agreement”) with six institutional investors (collectively, the “Purchasers”) for the issuance and sale of (1) 6% secured convertible notes, due three years from the date of issuance, in the aggregate principal amount of $2,450,000 (the “6% Notes”), convertible into shares of the Company’s common stock, and (2) warrants (the “Warrants”) to purchase 12,250,000 shares of the Company’s common stock.

In conjunction with the sale and issuance of the 6% Notes, the Company entered into a Registration Rights Agreement, amended in October 2006, the requirements of which the Company met by filing its registration statement on Form SB-2 on August 11, 2006 and subsequently amended on October 20, 2006 and June 29, 2007.

Closings for the sale of the 6% Notes occurred on June 29, August 15 and October 31, 2006 for $857,500, $735,000 and $857,500 principal amount, respectively. The Company received $2,450,000 in aggregate from the three sales of the 6% Notes.

The conversion price of the 6% Notes is based on a 40% discount to the average of the trading price of the Company’s common stock on the OTC Bulletin Board over a 20-day trading period. The conversion price is also adjusted for certain subsequent issuances of equity securities of the Company at prices below the conversion price then in effect. The 6% Notes contain a volume limitation that prohibits the holder from further converting the 6% Notes if doing so would cause the holder and its affiliates to hold more than 4.99% of the Company’s outstanding common stock. In addition, each holder of the 6% Notes agrees that they may not convert more than their pro-rata share (based on original principal amount) of the greater of $120,000 principal amount of the 6% Notes per calendar month or the average daily dollar volume calculated during the 10 business days prior to a conversion, per conversion. This conversion limit has since been eliminated pursuant to an agreement by the Company and the Purchasers (see discussion below).

The exercise price of the Warrants is $0.45 per share, subject to anti-dilution adjustments pursuant to a broad-based weighted average formula for subsequent issues of equity securities by the Company below the trading price of the shares. The Purchase Agreement requires the Company to maintain a reserve of authorized common stock equal to 110% of the number of shares issuable upon full conversion of the 6% Notes and exercise of the Warrants. The Purchase Agreement imposes financial penalties in cash (equal to 2% of the number of shares that the Purchaser is entitled to multiplied by the market price for each day) if the authorized number of shares of common stock is insufficient to satisfy the reserve requirements. The 6% Notes and the Warrants also impose financial penalties on the Company if it fails to timely deliver common stock upon conversion of the 6% Notes and exercise of the Warrants, respectively.

To enable reservation of a sufficient amount of authorized shares that may be issued pursuant to conversion of the 6% Notes and exercise of the Warrants, the Purchase Agreement required the Company to amend its Certificate of Incorporation to increase the number of authorized shares of common stock. At the annual meeting for 2006, which was held on September 12, 2006, a proposal to amend the Company’s Certificate of Incorporation to increase the number of authorized shares of common stock, from 100,000,000 shares to 200,000,000 shares was approved by the required vote of its stockholders. At the annual meeting held for 2008 on December 30, 2008 the Company further amended its Certificate of Incorporation by increasing the number of authorized shares of common stock from 200,000,000 to 400,000,000. At the annual meeting for 2009, which was held on December 28, 2009, the proposal of further amend the Certificate of Incorporation to increase the number of authorized shares from 400,000,000 to 800,000,000 was not approved by stockholders. At the annual meeting for 2010, which was held on December 15, 2010, the proposal of further amend the Certificate of Incorporation to increase the number of authorized shares from 400,000,000 to 800,000,000 was not approved by stockholders. At the annual meeting for 2011, which was held on December 16, 2011, the proposal of further amend the Certificate of Incorporation to increase the number of authorized shares from 400,000,000 to 800,000,000 was not approved by stockholders. At the annual meeting for 2012, which was held on December 18, 2012, the proposal of further amend the Certificate of Incorporation to increase the number of authorized shares from 400,000,000 to 800,000,000 was not approved by stockholders.

The Company incurs a financial penalty in cash or shares at the option of the Company (equal to 2% of the outstanding amount of the Notes per month plus accrued and unpaid interest on the Notes, prorated for partial months) if it breaches this or other affirmative covenants in the Purchase Agreement, including a covenant to maintain a sufficient number of authorized shares under its Certificate of Incorporation to cover at least 110% of the stock issuable upon full conversion of the Notes and the Warrants. Pursuant to the relevant provisions for liquidated damages in the Purchase Agreement, as of December 31, 2012 and December 31, 2011, the Company has accrued a penalty of $2,240,852 and $1,634,150, respectively, of which $606,702 and $547,835 was included in general and administrative expenses for the twelve months ended December 31, 2012 and 2011, respectively.

The 6% Notes require the Company to procure the Purchaser’s consent prior to taking certain actions including the payment of dividends, repurchasing stock, incurring debt, guaranteeing obligations, merging or restructuring the Company, or selling significant assets.

The Company’s obligations under the 6% Notes and the Warrants are secured by a first priority security interest in the Company’s intellectual property pursuant to an Intellectual Property Security Agreement with the Purchasers, and by a first priority security interest in all of the Company’s other assets pursuant to a Security Agreement with the Purchasers. In addition, the Company’s Chief Executive Officer has pledged all of his common stock of the Company as collateral for the Company’s obligations under the 6% Notes and the Warrants. The Purchasers are accredited investors as defined under the Securities Act and the 6% Notes and the Warrants and the underlying common stock upon conversion and exercise will be issued without registration under the Securities Act in reliance on the exemption provided by Rule 506 under Regulation D under the Securities Act. The intellectual property pledged had a cost of $592,901 which carrying value of $179,897 was fully impaired during the year ended December 31, 2009.

The fair value of the Warrants underlying the three sales of the 6% Notes (amounting to 4,287,500 shares, 3,675,000 shares and 4,287,500 shares respectively) at the time of their issuance was determined to be $545,477, $416,976 and $505,503 calculated pursuant to the Black-Scholes option pricing model. The fair value was recorded as a reduction to the 6% Notes payable and was charged to operations as interest expense in accordance with effective interest method within the period of the 6% Notes. Significant assumptions used in calculating fair value of outstanding warrants are as follows.

Black and Scholes Model
Assumption Details of Outstanding Warrants
Expected
dividend Expected
volatility Risk-
free
rate of
interest Expected
term
(year) Exercise
price Underlying
Number of
shares Closing
price
December
31, 2012 Fair value of
warrants/options
determined by
Black and
Scholes model
- 65 % 0.31 % 0.5 $ 0.45 12,250,000 $ 0.0003     -

The expected volatility was determined based on the historic quoted market price of the common stock over the last 12 months. Risk free interest rate was determined based on the quoted US treasury rate under the same expected term with each corresponding financial instrument. Based on the calculation, the fair value of outstanding warrants was zero.

The Purchasers of the 6% Notes and Warrants were introduced to the Company by an investment bank pursuant to an engagement letter agreement with the Company. Pursuant to the engagement letter, the investment bank received a cash fee equal to 8% of the aggregate proceeds raised in the financing and to warrants in the quantity equal to 8% of the securities issued in the financing. The Company recorded the cash fee and other direct costs incurred for the issuance of the convertible loan in aggregate of $30,000 as deferred debt issuance costs. Debt issuance costs were amortized on the straight-line method over the term of the 6% Notes, with the amounts amortized being recognized as interest expense. As of June 30, 2009 the debt issuance costs were fully amortized.

The warrants issued to the investment bank in connection with each tranche of the 6% Notes (amounting to 343,000 shares, 294,000 shares and 343,000 shares) are exercisable for three years and have an exercise price equal to $0.2598. The fair value of these warrants at the time of their issuance was determined to be $94,005, $60,324 and $77,214 calculated pursuant to the Black-Scholes option pricing model. As of June 29, 2009, warrants issued to the investment bank had expired.

On January 31, 2008, the Company entered into three Callable Secured Convertible Notes Agreements (“2% Notes”) with four of the Company’s 6% Notes purchasers converting their unpaid interest of $112,917 in total, into principal with an interest rate of 2% per annum, which fell due on January 31, 2011. Other terms of the 2% Notes are similar to the 6% Notes. No principal of the 2% Notes has been converted so far. The outstanding principal balance on the 2% Notes was $112,917 as of December 31, 2011.

On September 25 and October 7, 2008, the Company entered into an agreement with the Purchasers to redeem all of the 6% Notes and the 2% Notes. Under the redemption agreement, the Purchasers agreed to waive their participation right with respect to any new financing that closes before October 31, 2008, and suspend conversions of principal and interest under the 6% Notes and the 2% Notes from September 25 to October 31, 2008. The Company agreed to redeem the notes for a specified price if a new financing was completed before October 31, 2008. Under the redemption agreement, if the Company failed to redeem the notes by October 31, 2008, the 6% Notes and the 2% Notes would be automatically amended to remove limitations on the Purchasers’ right to convert under the 6% Notes and the 2% Notes no more than (1) $120,000 per calendar month; and (2) the average daily dollar volume calculated during the ten (10) business days prior to a conversion, per conversion.

On October 27, 2008, the Company had informed the Purchasers that the Company would not be able to redeem the 6% Notes and the 2% Notes due to failure to close an anticipated new financing. Therefore, the amendment to the 6% Notes and the 2% Notes took effect and the Purchasers resumed conversion.

On June 29, 2009, the 6% Notes were due. The Company informed the Purchasers of its inability to repay the outstanding balance on the due date. Therefore, the 6% Notes are in default and the default interest rate of 15% per annum is being charged on the 6% Notes.

During the twelve months ended December 31, 2012, the Purchasers converted nil principal and nil interest into shares of common stock. As of December 31, 2012, the face amount of the 6% Notes outstanding was $1,518,171.

During the year ended December 31, 2012, interest of $228,350 and $16,984 was accrued on the 6% Notes and the 2% Notes, respectively. During twelve months ended December 31, 2011, interest of $227,726 and $15,691 was accrued on the 6% Notes and the 2% Notes, respectively.

Unpaid interest of $1,009,560 and $764,229 was included in other payable on the balance sheet as of December 31, 2012 and 2011, respectively.

On January 31, 2011, the 2% Notes were also due. The Company informed the Purchasers of its inability to repay the outstanding balance on the due date. Therefore, the 2% Notes are in default and the default interest rate of 15% per annum is being charged on the 2% Notes.

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Income Tax
12 Months Ended

Dec. 31, 2012

Income Tax Disclosure [Abstract]

Income Tax Disclosure [Text Block]

10. Income Tax

In accordance with the current tax laws in China, Kiwa Shandong and Kiwa Tianjin would normally be subject to a corporate income tax rate of 25% on its taxable income. However, after the Enterprise Income Tax Law of the PRC promulgated on March 16, 2007 took effect on January 1, 2008, Kiwa Shandong and Kiwa Tianjin have continued to be entitled to a preferential tax treatment: an EIT holiday for the two years ended December 31, 2008 and 2009 and a 50% reduction on the EIT rate for the three years ended December 31, 2010, 2011 and 2012. Fiscal years 2008 and 2009 will be regarded as the first and second profitable years for determining eligibility of these benefits even if Kiwa Shandong or Kiwa Tianjin have not been profitable in 2008 or 2009. Kiwa Shandong and Kiwa Tianjin have not provided for any corporate income taxes since they had no taxable income for the years ended December 31, 2011 and 2010.

No provision for other overseas taxes is made as the Company has no taxable income in the U.S. In accordance with the relevant tax laws in the British Virgin Islands, Kiwa BVI, as an International Business Company, is exempt from income taxes.

A reconciliation of the provision for income taxes determined at the local income tax rate to the Company’s effective income tax rate is as follows:

Year ended December 31,

2012 2011

Pre-tax loss $ (1,342,432 ) $ (1,691,319 )

U.S. federal corporate income tax rate 34 % 34 %

Income tax computed at U.S. federal corporate income tax rate 456,427 575,048

Reconciling items:

Rate differential for PRC earnings (60,492 ) (51,608 )

Loss not recognized as deferred tax assets (355,135 ) (477,945 )

Non-deductible expenses and non-reportable income (40,800 ) (45,495 )

Effective tax expense $ - $ -

The Company had deferred tax assets as follows:

December 31
2012 December 31
2011

Net operating losses carried forward $ 5,459,835 $ 5,314,283

Less: Valuation allowance (5,459,835 ) (5,314,283 )

Net deferred tax assets $ - $ -

As of December 31, 2012 and 2011, the Company had approximately $16,000,000 and $17,500,000 net operating loss carryforwards available to reduce future taxable income. Net operating loss of the Company could be carried forward and taken against any taxable income for a period of not more than twenty years from the year of the initial loss pursuant to Section 172 of the Internal Revenue Code of 1986, as amended. The net operating loss of Kiwa Shandong and Kiwa Tianjin could be carried forward for a period of not more than five years from the year of the initial loss pursuant to relevant PRC tax laws and regulations. It is more-likely-than-not that the deferred tax assets cannot be utilized in the future because there will not be significant future earnings from the entity which generated the net operating loss. Therefore, the Company recorded a full valuation allowance on its deferred tax assets.

As of December 31, 2012 and 2011, the Company has no material unrecognized tax benefits which would favorably affect the effective income tax rate in future periods and does not believe that there will be any significant increases or decreases of unrecognized tax benefits within the next twelve months. No interest or penalties relating to income tax matters have been imposed on the Company during the two years ended December 31, 2012 and 2011, and no provision for interest and penalties is deemed necessary as of December 31, 2012 and 2011.

According to the PRC Tax Administration and Collection Law, the statute of limitations is three years if the underpayment of taxes is due to computational errors made by the taxpayer or its withholding agent. The statute of limitations extends to five years under special circumstances, which are not clearly defined. In the case of a related party transaction, the statute of limitation is ten years. There is no statute of limitation in the case of tax evasion.

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Property, Plant and Equipment (Details Textual) (USD $)
12 Months Ended

Dec. 31, 2012

Dec. 31, 2011

Jan. 31, 2011

Oct. 07, 2008

Number Of Years For Free Use Of Land Right 10 years

Depreciation $ 4,642 $ 6,771

Debt Instrument, Interest Rate, Stated Percentage 6.00% 15.00% 2.00%

Land Use Right Description The building is on a piece of land the use right of which was granted to Kiwa Bio-Tech Products (Shandong) Co., Ltd. by local government free for 10 years and then for another 20 years on a fee calculated according to Kiwa Shandong's net profit. Since Kiwa Shandong did not generate any net profit, no fee is payable.

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Property, Plant and Equipment (Tables)
12 Months Ended

Dec. 31, 2012

Property, Plant and Equipment [Abstract]

Property, Plant and Equipment [Table Text Block]
Property, plant and equipment, net consisted of the following:

December 31, 2012 December 31, 2011

Property, Plant and Equipment

Buildings $ 1,362,481 $ 1,339,622

Machinery and equipment 620,060 609,660

Automobiles 89,288 87,791

Office equipment 109,147 107,317

Computer software 23,219 22,830

Property, plant and equipment - total $ 2,204,195 $ 2,167,220

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Income Tax (Tables)
12 Months Ended

Dec. 31, 2012

Income Tax Disclosure [Abstract]

Schedule of Effective Income Tax Rate Reconciliation [Table Text Block]
A reconciliation of the provision for income taxes determined at the local income tax rate to the Company’s effective income tax rate is as follows:

Year ended December 31,

2012 2011

Pre-tax loss $ (1,342,432 ) $ (1,691,319 )

U.S. federal corporate income tax rate 34 % 34 %

Income tax computed at U.S. federal corporate income tax rate 456,427 575,048

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Rate differential for PRC earnings (60,492 ) (51,608 )

Loss not recognized as deferred tax assets (355,135 ) (477,945 )

Non-deductible expenses and non-reportable income (40,800 ) (45,495 )

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December 31
2012 December 31
2011

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Discontinued Operation (Details) (USD $)

Dec. 31, 2012

Dec. 31, 2011

Dec. 31, 2010

Assets

Cash and cash equivalents $ 4,493 $ 16,307 $ 32,816

Total assets 42,046 62,999

Liabilities

Due to related parties-trade 690,198 552,364

Salary payable 1,127,070 919,875

Total liabilities 13,848,327 12,408,437

Segment, Discontinued Operations [Member]

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Cash and cash equivalents 0 416

Total assets 0 416

Liabilities

Due to related parties-trade 0 34,515

Salary payable 0 79,191

Total liabilities $ 0 $ 113,706

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Convertible Notes Payable (Details Textual) (USD $)
12 Months Ended 12 Months Ended 1 Months Ended 12 Months Ended 1 Months Ended 12 Months Ended

Dec. 31, 2012

Dec. 31, 2011

Dec. 18, 2012

Dec. 16, 2011

Jan. 31, 2011

Dec. 15, 2010

Dec. 28, 2009

Dec. 30, 2008

Oct. 07, 2008

Sep. 12, 2006

Dec. 31, 2009

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Debt Instrument, Interest Rate, Stated Percentage 6.00% 15.00% 2.00% 15.00%

Debt Instrument, Face Amount $ 120,000 $ 1,518,171 $ 112,917

Underlying Number of shares (in shares) 12,250,000 4,287,500 343,000 3,675,000 294,000 4,287,500 343,000

Common Stock Percentage 110.00% 4.99%

Penalty payable 2,240,852 1,634,150

Provision for penalty payable 606,702 547,835

Pledged Assets, Not Separately Reported, Other 592,901

Impairment of Intangible Assets, Finite-lived 179,897

Warrants Not Settleable in Cash, Fair Value Disclosure 545,477 94,005 416,976 60,324 505,503 77,214

Interest payable 1,009,563 764,229

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Proposed Common Stock Shares Authorized After Amendment 800,000,000 800,000,000 800,000,000 800,000,000 400,000,000 200,000,000

Fee Percentage Received From Proceeds Of Financing 8.00%

Debt Issuance Cost 30,000

Exercise Price $ 0.45 $ 0.2598

Debt Conversion, Converted Instrument, Rate 6.00%

Interest Expense, Medium-term Notes 228,350 227,726 16,984 15,691

Debt Conversion, Converted Instrument, Amount 2,450,000

Debt Instrument, Increase, Accrued Interest 112,917

Convertible Notes Payable 120,000

Proceeds From Issuance Of Convertable Notes $ 2,450,000 $ 857,500 $ 735,000 $ 857,500

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CONSOLIDATED STATEMENTS OF STOCKHOLDERS' DEFICIENCY (USD $)
12 Months Ended

Dec. 31, 2012

Dec. 31, 2011

Balance $ (12,345,438) $ (10,372,770)

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Accumulated Other Comprehensive Income (Loss) [Member]

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Balance $ 0 $ 0

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Property, Plant and Equipment
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Dec. 31, 2012

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Property, Plant and Equipment Disclosure [Text Block]

4. Property, Plant and Equipment

Property, plant and equipment, net consisted of the following:

December 31, 2012 December 31, 2011

Property, Plant and Equipment

Buildings $ 1,362,481 $ 1,339,622

Machinery and equipment 620,060 609,660

Automobiles 89,288 87,791

Office equipment 109,147 107,317

Computer software 23,219 22,830

Property, plant and equipment - total $ 2,204,195 $ 2,167,220

Less: accumulated depreciation (781,044 ) (763,319 )

Less: impairment on long-lived assets (1,407,186 ) (1,383,579 )

Property, plant and equipment - net $ 15,965 $ 20,322

The building is on a piece of land the use right of which was granted to Kiwa Bio-Tech Products (Shandong) Co., Ltd. by local government free for 10 years and then for another 20 years on a fee calculated according to Kiwa Shandong's net profit. Since Kiwa Shandong did not generate any net profit, no fee is payable.

Depreciation expense was $4,642 and $6,771 for the years ended December 31, 2012 and 2011, respectively.

Impairment on long-lived assets was $nil for the years ended December 31, 2012 and 2011, respectively.

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Commitment To Invest In Developing Manufacturing And Research Facilities		$ 18,000,000	$ 24,000,000

Convertible Notes Payable (Details Textual) (USD $)	12 Months Ended										12 Months Ended	1 Months Ended	12 Months Ended				1 Months Ended	12 Months Ended
Convertible Notes Payable (Details Textual) (USD $)	Dec. 31, 2012	Dec. 31, 2011	Dec. 18, 2012	Dec. 16, 2011	Jan. 31, 2011	Dec. 15, 2010	Dec. 28, 2009	Dec. 30, 2008	Oct. 07, 2008	Sep. 12, 2006	Dec. 31, 2009 Intellectual Property [Member]	Jun. 29, 2006 Six Percentage Notes [Member]	Dec. 31, 2012 Six Percentage Notes [Member]	Dec. 31, 2011 Six Percentage Notes [Member]	Jun. 29, 2009 Six Percentage Notes [Member]	Oct. 31, 2006 Six Percentage Notes [Member]	Jan. 31, 2008 Two Percentage Notes [Member]	Dec. 31, 2012 Two Percentage Notes [Member]	Dec. 31, 2011 Two Percentage Notes [Member]	Dec. 31, 2012 Note One Six Percentage [Member]	Jun. 29, 2006 Note One Six Percentage [Member]	Jun. 29, 2006 Note One Six Percentage [Member] Investment Bank [Member]	Dec. 31, 2012 Note Two Six Percentage [Member]	Aug. 15, 2006 Note Two Six Percentage [Member]	Aug. 15, 2006 Note Two Six Percentage [Member] Investment Bank [Member]	Dec. 31, 2012 Note Three Six Percentage [Member]	Oct. 31, 2006 Note Three Six Percentage [Member]	Oct. 31, 2006 Note Three Six Percentage [Member] Investment Bank [Member]
Debt Instrument, Interest Rate, Stated Percentage	6.00%				15.00%				2.00%						15.00%
Debt Instrument, Face Amount												$ 120,000	$ 1,518,171						$ 112,917
Underlying Number of shares (in shares)	12,250,000																				4,287,500	343,000		3,675,000	294,000		4,287,500	343,000
Common Stock Percentage	110.00%											4.99%
Penalty payable	2,240,852	1,634,150
Provision for penalty payable	606,702	547,835
Pledged Assets, Not Separately Reported, Other											592,901
Impairment of Intangible Assets, Finite-lived											179,897
Warrants Not Settleable in Cash, Fair Value Disclosure																				545,477		94,005	416,976		60,324	505,503		77,214
Interest payable	1,009,563	764,229
Proposed Common Stock Shares Authorized Before Amendment			400,000,000	400,000,000		400,000,000	400,000,000	200,000,000		100,000,000
Proposed Common Stock Shares Authorized After Amendment			800,000,000	800,000,000		800,000,000	800,000,000	400,000,000		200,000,000
Fee Percentage Received From Proceeds Of Financing	8.00%
Debt Issuance Cost	30,000
Exercise Price	$ 0.45																									$ 0.2598
Debt Conversion, Converted Instrument, Rate	6.00%
Interest Expense, Medium-term Notes													228,350	227,726				16,984	15,691
Debt Conversion, Converted Instrument, Amount												2,450,000
Debt Instrument, Increase, Accrued Interest																	112,917
Convertible Notes Payable									120,000
Proceeds From Issuance Of Convertable Notes																$ 2,450,000					$ 857,500			$ 735,000			$ 857,500

CONSOLIDATED STATEMENTS OF STOCKHOLDERS' DEFICIENCY (USD $)	12 Months Ended
	Dec. 31, 2012	Dec. 31, 2011
Balance	$ (12,345,438)	$ (10,372,770)
Net loss	(1,342,432)	(1,691,319)
Foreign currency translation adjustments	(118,411)	(281,349)
Balance	(13,806,281)	(12,345,438)
Common Stock [Member]
Balance	400,000	400,000
Balance (in shares)	400,000,000	400,000,000
Net loss	0	0
Foreign currency translation adjustments	0	0
Balance	400,000	400,000
Balance (In Shares)	400,000,000	400,000,000
Additional Paid-In Capital [Member]
Balance	8,093,337	8,093,337
Net loss	0	0
Foreign currency translation adjustments	0	0
Balance	8,093,337	8,093,337
Retained Earnings [Member]
Balance	(20,362,032)	(18,670,713)
Net loss	(1,342,432)	(1,691,319)
Foreign currency translation adjustments	0	0
Balance	(21,704,464)	(20,362,032)
Accumulated Other Comprehensive Income (Loss) [Member]
Balance	(476,743)	(195,394)
Net loss	0	0
Foreign currency translation adjustments	(118,411)	(281,349)
Balance	(595,154)	(476,743)
Noncontrolling Interest [Member]
Balance	0	0
Net loss	0	0
Foreign currency translation adjustments	0	0
Balance	$ 0	$ 0

Unsecured Loans Payable (Details) (USD $)	Dec. 31, 2012	Dec. 31, 2011
Unsecured loans payable	$ 1,845,878	$ 1,814,911
Zoucheng Municipal Government [Member]
Unsecured loans payable	1,444,600	1,420,365
Zoucheng Science Technology Bureau [Member]
Unsecured loans payable	$ 401,278	$ 394,546