0001096906-13-001437.txt : 20130828 0001096906-13-001437.hdr.sgml : 20130828 20130828164726 ACCESSION NUMBER: 0001096906-13-001437 CONFORMED SUBMISSION TYPE: 10-K PUBLIC DOCUMENT COUNT: 10 CONFORMED PERIOD OF REPORT: 20130531 FILED AS OF DATE: 20130828 DATE AS OF CHANGE: 20130828 FILER: COMPANY DATA: COMPANY CONFORMED NAME: Huayue Electronics, Inc. CENTRAL INDEX KEY: 0001315756 STANDARD INDUSTRIAL CLASSIFICATION: ELECTRIC LIGHTING & WIRING EQUIPMENT [3640] IRS NUMBER: 202188353 STATE OF INCORPORATION: DE FISCAL YEAR END: 0531 FILING VALUES: FORM TYPE: 10-K SEC ACT: 1934 Act SEC FILE NUMBER: 000-54205 FILM NUMBER: 131066456 BUSINESS ADDRESS: STREET 1: 51 HUILINGXI ROAD, ZHOUHUIZHENG STREET 2: WUJIN DISTRICT CITY: CHANGZHOU, JIANGSU PROVINCE STATE: F4 ZIP: 213022 BUSINESS PHONE: 646-512-5778 MAIL ADDRESS: STREET 1: 40 WALL STREET STREET 2: 28TH FLOOR CITY: NEW YORK STATE: NY ZIP: 10005 FORMER COMPANY: FORMER CONFORMED NAME: HXT HOLDINGS, INC. DATE OF NAME CHANGE: 20071102 FORMER COMPANY: FORMER CONFORMED NAME: China International Enterprises Corp. DATE OF NAME CHANGE: 20050127 10-K 1 huayue.htm HUAYUE ELECTRONICS, INC. huayue.htm
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549

FORM 10-K

(Mark One)

( X )
ANNUAL REPORT PURSUANT TO SECTION 13 or 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934.

FOR THE FISCAL YEAR ENDED MAY 31, 2013

(   )
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 0-54205

HUAYUE ELECTRONICS, INC.
(Name of Registrant in its Charter)
 
Delaware
20-2188353
(State of Other Jurisdiction of incorporation or organization)
(I.R.S. Employer I.D. No.)
 
51 Huilingxi Road, Zhouhuizheng, Wujin District
Changzhou, Jiangsu Province, P.R. China 213022
(Address of Principal Executive Offices)

Issuer's Telephone Number: 86-519-83630688

Securities Registered Pursuant to Section 12(b) of the Exchange Act: NONE

Securities Registered Pursuant to Section 12(g) of the Exchange Act:

COMMON STOCK, $0.001 PAR VALUE
(Title of Class)

Indicate by check mark if the registrant is a well-known seasoned issuer, as defined in Rule 406 of the Securities Act.    Yes __ No √_

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 __ No √_

 
 
 

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Sections 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. Yes  √_   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.)  Yes  √_ No ___

Indicate by check mark if disclosure of delinquent filers pursuant to Item 405 of Regulation S-K (§ 229.405) 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. [X]

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 the definitions of “large accelerated filer,” “accelerated filer” and “smaller reporting company” in Rule 12b-2 of the Exchange Act. (Check One)
 
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). Yes __ No √_

As of November 30, 2012, the last day of the registrant’s most recent fiscal second quarter, the aggregate market value of the common stock held by non-affiliates was $23,920,413 based upon the closing sale price on November 30, 2012 of $3.00 per share.

As of August 28, 2013, there were 31,327,741 shares of common stock outstanding.

Documents incorporated by reference: NONE

 
 
 

PART I

FORWARD-LOOKING STATEMENTS: NO ASSURANCES INTENDED

In addition to historical information, this Annual Report contains forward-looking statements, which are generally identifiable by use of the words “believes,” “expects,” “intends,” “anticipates,” “plans to,” “estimates,” “projects,” or similar expressions. These forward-looking statements represent Management’s belief as to the future of Huayue Electronics, Inc.  Whether those beliefs become reality will depend on many factors that are not under Management’s control.  Many risks and uncertainties exist that could cause actual results to differ materially from those reflected in these forward-looking statements. Factors that might cause such a difference include, but are not limited to, those discussed in Section 1A of this Report, entitled “Risk Factors.” Readers are cautioned not to place undue reliance on these forward-looking statements. We undertake no obligation to revise or publicly release the results of any revision to these forward-looking statements.
 
ITEM 1.        BUSINESS

Huayue Electronics, Inc. is a Delaware corporation that, through a subsidiary, owns all of the registered capital of Changzhou Huayue Electronic Co., Ltd. (“Changzhou Huayue”).  Changzhou Huayue was organized in 1999 under the laws of the People’s Republic of China (“PRC”).  Changzhou Huayue is engaged in the businesses of developing, producing and selling two major product lines:

●
energy efficient lights including high frequency induction lights and LED lights;
   
●
electrolytic capacitors.
 
While revenues in fiscal year 2013 (which ended on May 31, 2013) were split approximately 73%-27% between these two business lines, we anticipate that our future growth will be derived primarily from the lighting business.

History of Changzhou Huayue

Changzhou Huayue was founded in November, 1999 as a corporation under the laws of the PRC by Mr. Shudong Pan.  Initially, Changzhou Huayue was engaged in the business of developing, producing and selling electrolytic capacitors.  In 2008, Changzhou Huayue’s management team decided to expand the company’s activities by entering the business of producing and selling high frequency induction lights.  Towards this end, Changzhou Huayue leased and outfitted a production facility in Changzhou in 2009.

Following its entry into the induction lighting business, Changzhou Huayue obtained the required PRC government certificates and a patent for induction lamps in March, 2009.  During the first half of 2010, the company met certification requirements for compliance with international and European Community standards.  Changzhou Huayue participated in the drafting of three of the PRC National Induction Lighting Efficiency Standards and acted as the principal drafter of two of them. China’s Standardization Administration finally approved three induction standards in late 2012, which means all regulated corporations and government entities can now procure induction lighting from listed companies. Changzhou Huayue, as one of the principle drafters, was listed on all three and ranked number 1 on one of them.  

In 2011, Changzhou Huayue added a full line of LED products to further meet global lighting demand.

 
1
 
 
History of Lighting

Both LED lights and high frequency induction lights represent the fourth generation of lighting products.   The first three generations were incandescent lights, fluorescent lamps and energy-saving lights:
 
●
The incandescent light bulb, invented by Thomas Edison in 1879, creates light by heating a filament inside the tube.  The heat makes the filament white hot, producing visible light.  Because light is created through heat, about 90% of the energy these lamps produce is in the form of heat or infrared radiation.
 
·
In the early 20th Century, conventional fluorescent lights were patented.  In these lamps, mercury vapor or another type of gas in the tube, when excited by an electrode, produces invisible ultraviolet light.  These light waves hit the white powder coating on the inside of the tube, called phosphors, which then produces white visible light.  This method of producing light is more energy efficient than incandescent lighting, producing only about 30% of the heat.
 
·
Energy-saving lamps, such as compact fluorescent lights, were developed to replace standard incandescent bulbs, producing the same amount of light with reduced power use and cost.  However, the presence of electrodes in conventional fluorescent lights imposes many restrictions on lamp design and performance and limits lamp life.

In contrast to traditional lamps, induction lights and LED lights involve neither filaments nor electrodes, and no electrical connection goes on inside the glass tube.   Instead, for induction lights, energy is transferred through the glass tube solely by electromagnetic induction.  Power to create the light is transferred from outside the glass tube by means of a magnetic field.  As with a conventional fluorescent lamp, the power excites mercury or a mercury alloy, producing ultraviolet light which hits the phosphors resulting in visible light.

“LED” is the acronym for light emitting diode, the element of LED lighting that transforms electric current into light. Engineers create diodes by pairing a negatively charged semiconductor. When electric power is connected to the diode, the semiconductors are forced into imbalance and release light as electrons jump to a different energy level.

Types of Induction Lamps and Our Edge

There are two basic types of induction lights:  external induction lamps and internal induction lamps.  In an external induction lamp, electromagnets are wrapped around a part of the tube.   The tube contains mercury atoms which are provided by a pellet of mercury amalgam.  High frequency energy from the ballast is sent through wires which are wrapped in a coil around a ferrite inductor.  This creates a powerful magnetic force, which excites the mercury atoms.  As with the other forms of fluorescent lighting, the mercury emits ultraviolet light which hits the phosphors and produces visible light.

Internal induction lamps resemble incandescent lights in shape.  The bulb contains inert gas, a pellet from a mercury amalgam or alloy, phosphors coating the interior, and a glass tube extending from bottom of the bulb to form a cavity.   This test tube-like cavity contains an induction coil wound around a ferrite shaft.  The inductor is excited by high frequency electric power from an external ballast.  This causes a magnetic field to penetrate the glass and excite the mercury atoms, which emit ultraviolet light.  These waves are converted to visible light by the phosphor coating.

 
2
 
 
The induction technology developed by Huayue enables us to make all our induction lamps internal. There are no stand-alone power components attached.  In addition, we have achieved universal adaptability in our induction lamps, so customers can simply replace conventional bulbs without changing any part of their electric system.

Huayue LED lights and Our Edge

The development of LED lighting by Changzhou Huayue was premised on our expectation that the global cost of diodes will decline as demand widens, so that competition in the LED marketplace will be based on the ability of the lamp manufacturer to efficiently assemble high quality lamps.  Our research and development efforts, therefore, were focused on techniques to reduce manufacturing cost while maintaining product quality. Changzhou Huayue is not a manufacture of the actual light emitting diodes; but our experience in the capacitor industry has provided us the relationships that allow us to purchase high quality diodes at competitive prices. We incorporate these diodes into our proprietary product design to achieve a balance of high quality and low cost.
 
Advantages of LED and Induction Lighting

LED lamps and high frequency induction lamps have a number of advantages over other types of lighting:

●
Longer Life Span.   Electrodes in incandescent and conventional fluorescent lamps decay, producing less light over time, and are generally the limiting factor in the lives of the light.  The average life span of a traditional lamp is no more than one year.  By avoiding the use of electrodes, induction lamps and LED lamps can have life spans of up to 60,000 hours. As a result, we are able to offer five year warranties on our products.  The extended life reduces the frequency and cost of replacement. It also makes our lamps particularly suitable for locations or structures where servicing and light replacement are difficult.
   
●
High Luminous Efficiency.   Electrodes in incandescent or conventional fluorescent lighting give rise to power loss and place limits on the gas pressure and its composition.  These restrictions do not apply to electrodeless LED and induction lighting. As a result, the power rating and light output of the lamps can be significantly increased.
   
●
Quick Start.  Both LED and induction lights can be started or restarted without pre-heating.  Only a low current is necessary to initiate operation.  This enables the size of the distribution box to be reduced, lowering the installation cost.  Their quick start-up makes both technologies particularly well suited for emergency lighting.
   
●
Automatic Brightness Adjustment.   All our products can be designed to incorporate programmable smart cards, which can adjust the level of brightness based on such factors as the time of day or the level of natural light.  The lamps can function at any point down to 30% of their capacity, providing significant flexibility.
   
●
Ballast Efficiency.   High frequency ballasts operate at around 98% efficiency while 10-15% of the energy is wasted by the ballast in traditional lighting designs.  As a result¸ our ballasts reduce energy demand and the related pollution.

●
Energy Efficiency.   Both technologies can save as much as 75% of the energy that would be used in conventional fluorescent lamps.  
   
●
Environmentally Friendly.   Induction lights use amalgams (mercury alloys) instead of liquid mercury.  This difference reduces the amount of pollution that occurs from the disposal of the lamps. LED lamps do not contain mercury.
   
●
High Lighting Quality.   Because they operate at a high frequency, induction lights do not produce glare and do not flicker.  This makes them ideal for use in the workplace, avoiding those lighting effects that can cause migraines. LEDs also emit steady light, producing a very limited amount of flickering under steady current.
 
 
3
 
 
Our Applications

Changzhou Huayue, as of 2013, is targeting the commercial/industrial sector with its induction products. Followings are some of our applications:

●
High Bay Lighting.   Factories with high ceilings often require that the surface brightness of the lighting source be lowered to an indoor natural lighting level.  Induction lamps provide a bright, but more pleasant, lighting source than traditional forms of lighting in these plants.  Where they have been installed, the accident rate has gone down and less energy is consumed.  For these reasons, Chinese factories are increasingly using induction lamps.
   
●
Roadway Lighting.   Induction lamps are well suited for the lighting of roadways, particularly in locations where maintenance is difficult.  For example, the Nanpu Bridge lighting project used induction lamps, which resulted in a 34% reduction in cost from the original lamps.
   
●
Lighting in Tunnels.   Because of their lack of glare, quick start, ability to automatically adjust  brightness, and lower maintenance cost, induction lamps are used in over 100 tunnels in the PRC, such as the Shanghai Waitan Tunnel and all the tunnels on the Wuhan-Guangzhou high-speed railway.
   
●
Lighting for Public Facilities. The ability to adjust the brightness level through programmable smart cards makes induction lamps highly attractive for use in outdoor public locations. Our LED products are particular popular for indoor lighting projects such as public library, hospital and schools.
 
 Marketing of our LED products is focused on the domestic and home office sector.  , Huayue is now actively looking for retail channel both domestically and internationally that will target home/office owners. We believe that LED products will be the engine for our international growth, as our ability to provide quality products at a highly competitive price should permit the Company to penetrate the global market aggressively.

Energy Efficient Lighting:  Competition

The global market for lighting products is dominated by very large multi-national corporations headquartered outside of the PRC, such as Philips, Osram (a subsidiary of Seimens) and General Electric. We believe that, to date, these companies have not made induction lighting a priority. The market for LED lights, on the other hand, is highly competitive as Philips, in particular, has made this market a priority.  We believe that Huayue will be able to compete in this market as the cost-effective design of our products will provide us significant price advantages. In addition, our technological advances are protected by 88 patents issued in the PRC. Nevertheless, the multi-national giants have many times the resources of Changzhou Huayue; so the competitive situation could be daunting. 

 
4
 
 
For induction lighting, we also have numerous domestic competitors in the market for induction lighting.  Most of these companies have targeted the low power segment, as opposed to the high frequency products that are Changzhou Huayue’s focus.  We believe that those competitors that have attempted to develop high power induction lighting have encountered serious problems, including low research productivity, unsophisticated product design, unstable quality control, and limited product applicability.

Huayue believes it has significant competitive advantages over these local enterprises.  Along with having our technology protected by international patents, our products benefit from representing high quality at a low cost.  The incorporation of smart cards into our lamps provides constant power control and the ability to automatically adjust brightness.  We have the facilities to mass produce 300 watt induction lamps with long lives that do not require frequent maintenance, as demonstrated by our warranties.

We also have substantial equity in our brand name.  Our electrolytic capacitors achieved widespread domestic popularity and became internationally known through their export to ten countries.  Since our entry into the efficient lighting market, we have won a number of awards and have been appointed to serve important industry functions by the PRC government.

Huayue further believes that it derives a meaningful distribution and transportation advantages from its location in a central area for lighting companies in the town of Zouqu in Changzhou City.  Changzhou City is located in the “Yangtze River Golden Triangle” within drivable distance from two of the PRC’s largest cities, Shanghai and Nanjing.  In addition, the Shanghai-Nanjing Railway, the Shanghai-Nanjing highway and the Beijing-Hangzhou Grand Canal run through the city of Changzhou.

Marketing and Distribution

Huayue believes that the annual market demand for all types of industrial lighting in China is 400 billion Chinese Renminbi (“RMB”), or $62.7 billion, with the lighting of public facilities and high bays accounting for 300 billion RMB of this amount and the remaining 100 billion RMB relating to the lighting of private property.  Huayue has targeted the former segment of this market.  The market for induction lighting in the PRC has been estimated to be as large as 100 billion RMB.  Our entry into the international market will further expand our sales potential.
 
We recently changed our domestic distribution strategy for induction lights.  Prior to fiscal 2012 our target market for lighting products had been end users, to whom our in-house sales staff marketed directly.  During fiscal 2012 we added an emphasis on developing customer relationships with regional distributors of lighting products and construction materials. This method has proved successful, being one of the main drivers for our revenue increase. Our sales transactions with distributors are not significantly different than our sales transactions with end users:  none of our distributors has been given an exclusive territory, their purchases are based on the same price list as we give to end users, and our revenue recognition policies are the same for each type of sale.  However, the relationship with distributors provides us a cost-effective way of expanding the scope of our marketing.  

The largest contribution to the growth of our sales in fiscal 2013 was our decision to offer installation services along with our lighting products.  Customers who contributed more than 42% of our sales in fiscal 2013 took this option.  The new program also provides a boost to our profitability, as the gross margin on the installation services has been 55%, compared to the 45% gross margin that we realize on sales of lighting products alone.

 
5
 

A growing aspect of our lighting business is our participation in energy management contracts (“EMC”). In this business model, energy efficient equipment is sold to an end user on a payment plan designed to net no cost to the customer: payments by the customer are scheduled to conform to the savings realized from use of the energy efficient equipment.  Changzhou Huayue offers this option to customers directly as well as to contractor as part of a broader EMC program.  Although an EMC sale results in significantly longer payment terms than a conventional net-90 days sale, profit margins on EMC sales are far higher than on conventional sales, as customers are much less price-resistant in the EMC model.
 
Historically, Changzhou Huayue had exported its electrolytic capacitors and related products to the United States, Europe and other countries in Asia, creating global brand awareness.  For our induction lighting products, we have been securing the government approvals necessary to engage in export, and are currently in the process of negotiating terms with prospective international sales agents.  Our plan is to price our products sold internationally at a 20% premium to our domestic sales, in order to provide a margin for adverse currency movements. In addition, once we receive approval for international marketing, we will be eligible to purchase receivables insurance that the Chinese government offers for eligible offshore sales.  Besides significantly reducing the risk of international sales, the government insurance facilitates receivables financing, which is generally difficult in China.

Induction Lighting:  Involvement of the PRC Government

Changzhou Huayue has enjoyed the support of the PRC government.  Leaders within the government as well as specialists from such entities as the Policy Research Center of the Communist Party of China and the Economic Research Office of the State Council visited our site and reviewed our technology in early 2010.  That same year, a group of experts recommended that the induction lighting industry and its technology be further developed as a matter of public policy.  As a result, the PRC government designated induction lamps as high-efficiency products that would be eligible for preferential policies and subsidies.  Among the benefits that we have received from the government’s favorable attitude toward induction lighting are the following:

·
Having qualified for the Chinese government’s incentive program to promote innovation in technology, Changzhou Huayue currently enjoys a 15% income tax rate (reduced from the standard 25% corporate income tax rate) until 2014, at which time we will be eligible to apply for an extension.
 
·
The national government’s policy favoring the use of induction lighting has expanded the market for our products.
 
In cooperation with several of our customers who serve as contractors on projects funded by various governmental ministries and commissions, we have installed induction lamps on the Shengli Oilfield and the Shanghai Middle Ring Highway, and are working on the installation of induction lamps as a part of such projects as Beijing International Airport, Petro China, SinoPec and Saicgroup.  Huayue believes that these projects will improve awareness of our brands and expand our market share.

Electrolytic Capacitors

Changzhou Huayue’s historic business has been the development, manufacture and sale of electrolytic capacitors.  This business contributed approximately 80% of our revenues in the year ended May 31, 2010, 44% of our revenue in the year ended May 31, 2011, and 38% of our revenue in the year ended May 3,1 2012.  This number has further declined to 27% as our revenue from efficient lighting increase in the year ended May31, 2013. We manufacture the electrolytic capacitors in the same facility in Changzhou as the induction lamps, but in a different workshop.  We distribute our capacitors through both domestic retailers in the PRC and international trading companies.  Strong sales and performance of this product line in the past have created good will for Changzhou Huayue and established a global brand.

 
6
 
 
Competition in the market for electrolytic capacitors has been particularly intense in recent years.  A number of firms have entered the industry, many of which are larger and have technology superior to that of Changzhou Huayue.  We have responded by targeting the lower end of the market where we remain competitive on the basis of price, name recognition, and the dependence of clients who have purchased our capacitors in the past.  However, given these difficult competitive conditions and the increasing cost of labor, we have determined, as a strategic matter, not to make significant additional investments in this area.   Moreover, the technology is fairly developed and only 5% of our product development expenditures over the past three years have related to this business.

Raw Materials and Our Suppliers

In connection with our induction lighting business, we purchase glass shells, high temperature cables, power supplies, mercury amalgam, and aluminum blocks.  The key supplies purchased for our electrolytic capacitors are positive and negative foil.

During fiscal year 2013 we significantly revamped our purchasing policies.  In the prior year, ended May 31, 2012, Changzhou Huayue purchased 68% of its materials from Shanghai Mahe Electronics Company, Ltd. (“Shanghai Mahe”).  Shanghai Mahe did not have any other business relationships with either Changzhou Huayue or any of its affiliates.   We also acquired 10% of our materials during the year ended May 31, 2012 from Wujiang Xinfeng Electronics Company, Ltd. (“Wujiang Xinfeng”).  Subsequently, management determined that reliance on purchases from Shanghai Mahe and Wujiang Xinfeng posed risks to our productivity.  For that reason, during the 2013 fiscal year we adding a number of suppliers such as Anhui Tianchangxinlong , Changzhou Ruiqi Electronics, Yangzhou Ruike, and Jiangsu Baoying. As a result, there was no major reliance on suppliers during the fiscal year ended May 31, 2013.

Our Customers

Throughout our history, the bulk of our annual sales have been made to a few major customers.  However, with the growth in our lighting business, the degree of concentration in our customer list has declined.   During the year ended May 31, 2010, when capacitors dominated our sales, our top five customers accounted for 41% of our sales. During the year ended May 31, 2012, when lighting products dominated, the top five non-affiliated customers accounted for 22% of our revenue, with no single non-affiliated customer representing more than 10% of revenue.  

Sales to a single affiliated company, Changzhou Teweile Energy-saving Lighting Tech Co., Ltd. (“Changzhou Teweile”), produced 48% of our revenue during fiscal 2012.  Changzhou Teweile is owned by Li Xinmei, a member of our board of directors and spouse of our CEO.  We utilized this conduit for sales during fiscal 2012 because, prior to the date when Huayue became a public company, Changzhou Teweile had developed an important customer base.  In the first quarter of fiscal 2012, before we became a public company, we sold approximately $1.4 million in goods to Changzhou Teweile at cost.  Since that time, all sales to Changzhou Teweile have been at market prices.

For the 2013 fiscal year, there were two significant accounts which together produced 30% of our revenue. These are project-based contracts in Yinchuan and with Muyang Holding Ltd. We do not anticipate any future reliance or repeated sale with these same customers.

 
7
 
 
Intellectual Property

We have proprietary rights with respect to our technology. We are currently operating with 88 patents and have 30 new applications pending.  We believe that the breadth of description of our patents gives us significant protection.
 
Changzhou Huayue also uses holds registered trademarks for its LED, induction lamp and electrolytic capacitor businesses.

Insurance

Changzhou Huayue maintains the insurance required by the PRC Labor and Social Security Law.  That law mandates that we contribute an amount equal to a percentage of our payroll to several multi-employer welfare programs.  The aggregate contribution is approximately 25% of payroll.  As a result, as our business expands and our payroll increases, our contributions to these programs will increase proportionately.

In addition, we insured certain property against accidents in our commercial insurance policy.  The total annual premium on this policy is 658,600 RMB or $105,000.

Environmental Considerations

Induction lamps, such as those manufactured by Changzhou Huayue, are considered to be highly environmentally friendly and preferable to induction and fluorescent lights on environmental grounds.  Because of their longer life spans, induction lamps need to be discarded much less frequently.  Moreover, the solid mercury amalgam used in induction lamps can be disposed of with reasonable efforts and does not produce either water or ground pollution.

We spent about 800,000 RMB, or $129,000, in the year ended May 31, 2013 on compliance with environmental laws and regulations.  Because we have designed our production with environmental concerns in mind, we do not expect this amount to increase in the coming years.

Employees

We currently have a total of 106 employees.  Of the overall total, 25 employees are in management.  13 employees specialize in research and development and a team of 30 employees are devoted to sales.  The remainder of our employees are in production.

ITEM 1A.                     RISK FACTORS

Investing in our common stock involves risk. You should carefully consider the risks described below together with all of the other information contained in this Report, including the financial statements and the related notes, before deciding whether to purchase any shares of our common stock. If any of the following risks occurs, our business, financial condition or operating results could materially suffer. In that event, the trading price of our common stock could decline and you may lose all or part of your investment.

 
8
 
 
The market for energy efficient lights is highly competitive, which could adversely affect our sales and financial condition.

Several major multi-national enterprises dominate the global market for lighting.   These competitors are much larger than we are and have substantially greater financial resources that allow them to be in a better position to withstand changes in the industry.  Many also have been in the business for a longer period of time and have greater accumulated experience and higher global name recognition.  In addition, our existing competitors may introduce new products based on alternative technologies that may cause us to lose customers which would result in a decline in our sales volume and earnings.  It is also likely that new competitors will enter the lighting market in China.  These entities may broaden or enhance their offerings to provide a product similar to ours or to compete more effectively with our products.  While we currently have advantages over our competitors in certain limited portions of the Chinese market for energy efficient lighting, there can be no assurance we will be able to maintain these advantages over time.  The effort necessary to compete effectively - funding acquisitions, hiring new employees, broadening sales efforts and incurring the other costs of marketing expansion - will increase expenses and thus adversely affect our margins.  Costs incurred in research and development may also increase.  Competition could cause us to lose market share, or increase expenditures or reduce pricing, each of which would have an adverse effect on the results of our operations, cash flows and financial condition.

We have been actively engaged in the energy efficient lighting business, the anticipated source of the enterprise’s growth, only since 2009.  Unless we effectively manage our growth, we may not be profitable.

Although Changzhou Huayue was founded in 1999, until 2009 we were engaged solely in the electrolytic capacitor business, a business that is substantially unrelated to our lighting operations. While we have met with initial success in the development, production and sales of energy efficient lamps, there can be no assurance that this will lead to positive financial results in the future.  Management also anticipates a major expansion of the operations carried on by Changzhou Huayue.  To achieve the objectives in our business plan, we must hire and train additional personnel and will require new equipment, facilities, information technology and other infrastructure resources.  We do not know if we will be able to expand our business rapidly enough or adequately manage this growth.  If we do not accurately predict demand for our products, we may have too much or too little production capacity. If growth is not effectively managed, it may have a substantial negative impact on our operations and profitability.  Also, improvement may be needed in operational, financial and management controls and our reporting systems and procedures.  The complexity of, and intense competition in, this business will cause us to face many challenges, some of which are not foreseeable.  If an ongoing source of financing is not available, the ability to continue ongoing operations could be compromised.

Our expansion into the international market will require capital investment, which may result in dilution of the equity of our present shareholders or significantly increased borrowing costs.

Our business plan contemplates that we will expand our sales both domestically and internationally.  To achieve that aim, we will need capital.  So our business plan contemplates that we will raise $30 million in capital during the next two years in order to build a new production and sales distribution center and implement our growth strategy.  We intend to raise all or a large portion of the necessary funds by selling equity in our company.  At present we have no commitment from any source for those funds.  We cannot determine, therefore, the terms on which we will be able to raise the necessary amounts.  It is possible that we will be required to dilute the value of our current shareholders’ equity in order to obtain the funds.  On the other hand, if we are forced to borrow these amounts, our cost of capital will significantly increase.  But if we are unable to raise the necessary funds, our growth will be limited, as will our ability to compete effectively.

 
9
 
 
The nature of our receivables and the unavailability of receivables financing in China will restrict our cash flows, and may interfere with our ability to fund growth.

Our standard arrangement with customers requires payment for sales 90 days after delivery.  In many situations, however, we afford customers much longer to pay.  For example, when we provide lamps to contractors working on government construction projects, we respect the government practice of paying only after the entire project is inspected by requiring payment 90 days after actual installation of the lamps.  In addition, a growing portion of our business involves entering into energy management contracts with customers or participating in energy management contracts written by contractors, under which the customer is not required to pay until cost savings from the energy efficient lamps are realized.  In these and similar circumstances, our collection of receivables will take place over an extended period of time.  In the meantime, however, the current efforts of China’s government to restrict bank lending and control monetary expansion prevent us from financing our receivables.  As a result, in many cases our cash resources must be used to pay ongoing expenses before the cash revenue arising from those expenses is collected.  This situation limits our cash resources and may, in turn, limit our growth and prevent us from taking advantage of opportunities for expansion and market penetration that present themselves.

Changes in technology could make our products obsolete or uneconomic.

Our proprietary technology for energy efficient induction lamps is a key competitive advantage for us.   Certain aspects of our lamps are protected by patents in the PRC.   However, new developments in the field of lighting are occurring at a rapid pace, and there can be no assurance that such development will not give rise to a different type of lamp that is superior to those offered by Changzhou Huayue.  To the extent that our competitors can take advantage of new technologies, competition in the market for lighting will increase and our revenues could decline.

Our inability to protect our trademarks, patent and trade secrets may prevent us from successfully marketing our products and competing effectively.
 
Failure to protect our intellectual property could harm our brands and our reputation, and adversely affect our ability to compete effectively. Further, enforcing or defending our intellectual property rights, including our trademarks, patents, copyrights and trade secrets, could result in the expenditure of significant financial and managerial resources. We produce, market and sell our products under the brand “Huayue” using a number of trademarks that we have registered.  We cannot provide any assurance that trademark protection will provide adequate protection for our brands. We regard our intellectual property, particularly our trademarks and trade secrets, to be of considerable value and importance to our business and our success. We rely on a combination of trademark, patent, and trade secrecy laws, and contractual provisions to protect our intellectual property rights. There can be no assurance that the steps taken by us to protect these proprietary rights will be adequate or that third parties will not infringe or misappropriate our trademarks, trade secrets or similar proprietary rights. In addition, there can be no assurance that other parties will not assert infringement claims against us, and we may have to pursue litigation against other parties to assert our rights. Any such claim or litigation could be costly and we may lack the resources required to defend against such claims. In addition, any event that would jeopardize our proprietary rights or any claims of infringement by third parties could have a material adverse effect on our ability to market or sell our brands, and profitably exploit our products.

 
10
 
 
We currently benefit from the support of the PRC government and would be adversely affected were the government to change its view.

The PRC government provides Changzhou Huayue with the benefits of preferential policies.  Among the benefits that have had a direct impact on our financial results are grants for technology development and favorable tax rates.  Of perhaps even more importance to our overall financial results is the fact that induction lamps are on the government procurement list and the national government has expressed a policy favoring the use of induction lamps in government funded construction projects.  Projects initiated by government ministries and commissions have increased the demand for our products.  If the government were to change its position on the induction lighting industry in general, or Changzhou Huayue specifically, it would have a material adverse effect on the company.

Our electrolytic capacitor business operates at a disadvantage to certain competitors, and we have not make substantial new investments in this activity, making it highly unlikely that it will generate any meaningful growth in the future.

The market for electrolytic capacitors in the PRC is highly competitive, and the product is mature.   We regard it as a sunset business.   40 of our employees work in this area, and workforce turnover and increased labor costs are significant problems.  Certain of our competitors have advantages in technology and economies of scale.  We have targeted the lower end of the market, where we can continue to compete, but have not, and will not, devote significant additional resources to this business, either for research and development or new facilities.  We hope to maintain the absolute levels of revenue and profit of the electrolytic capacitor business, but do not view it as a source of future growth.

We may have difficulty establishing adequate management and financial controls in the PRC.

The PRC has only recently begun to adopt the management and financial reporting concepts and practices that investors in the United States are familiar with.  This is a significant change for Huayue’s management.  We currently do not have employees who have the experience necessary to implement the kind of management and financial controls that are expected of a U. S. public company and may have difficulty hiring and retaining such employees in the PRC.  If we cannot establish such controls, we may experience difficulty in collecting financial data and preparing financial statements, books of account and corporate records and instituting business practices that meet U.S. standards.

General economic conditions in the PRC, including difficult credit and construction markets, affect demand for our products.

The success of our future sales efforts will to an extent depend on the positive momentum of the Chinese economy and the strength of Chinese public entities and enterprises.  Recent actions by the governmental authorities indicate a desire to slow the acceleration of the economy.  Also, many observers are predicting a significant drop in commercial real estate prices, which would have a material negative impact on the overall economy.  A significant economic slowdown or, more importantly, a recession could substantially hinder our efforts to implement our business plan.

Currency fluctuations may adversely affect our operating results.
 
Changzhou Huayue generates revenues and incurs expenses and liabilities in RMB.  However, Huayue will report its consolidated financial results in the United States in U.S. Dollars.  As a result, our financial results will be subject to the effects of exchange rate fluctuations between these currencies.  From time to time, the PRC government may take action to stimulate the Chinese economy that will have the effect of reducing the value of the RMB.  In addition, international currency markets may cause significant adjustments to occur in the value of the RMB.  Any such events that result in a devaluation of the RMB versus the U.S. Dollar will have an adverse effect on our reported results.  We have not entered into agreements or purchased instruments to hedge our exchange rate risks.

 
11
 
 
Capital outflow policies in China may hamper our ability to pay dividends to shareholders in the United States.

The PRC has adopted currency and capital transfer regulations. These regulations require that we comply with complex regulations for the movement of capital.  Although PRC governmental policies were introduced in 1996 to allow the convertibility of RMB into foreign currency for current account items, conversion of RMB into foreign exchange for capital items, such as foreign direct investment, loans or securities, requires the approval of the State Administration of Foreign Exchange. We may be unable to obtain all of the required conversion approvals necessary for our operations, and the PRC regulatory authorities may impose greater restrictions on the convertibility of the RMB in the future. Because most of our future revenues will be in RMB, any inability to obtain the requisite approvals or any future restrictions on currency exchanges will limit our ability to pay dividends to our shareholders.

We cannot determine whether, under the EIT Law, we may be classified as a “resident enterprise” of China. Such classification would likely result in unfavorable tax consequences to us and our non-PRC stockholders.  Our inability to make the determination will subject our shareholders to uncertainty regarding whether sale of their shares will subject them to taxation in China.

Under the New Income Tax (“EIT”) Law, enterprises established outside the PRC whose “de facto management bodies” are located in the PRC are considered “resident enterprises” and their global income will generally be subject to the uniform 25% enterprise income tax rate. On December 6, 2007, the PRC State Council promulgated the Implementation Regulations on the New Income Tax Law (the “Implementation Regulations”), which define “de facto management bodies” as bodies that have material and overall management control over the business, personnel, accounts and properties of an enterprise. In addition, a recent circular issued by the State Administration of Taxation on April 22, 2009 provides that a foreign enterprise controlled by a PRC company or a PRC company group will be classified as a “resident enterprise” with its “de facto management bodies” located within the PRC if the following requirements are satisfied:
 
i.
the senior management and core management departments in charge of its daily operations function mainly in the PRC;
   
ii.
its financial and human resources decisions are subject to determination or approval by persons or bodies in the PRC;
   
iii.
its major assets, accounting books, company seals, and minutes and files of its board and shareholders' meetings are located or kept in the PRC; and
   
iv.
more than half of the enterprise's directors or senior management with voting rights reside in the PRC.

Because the EIT Law, its implementing rules and the recent circular are relatively new, no official interpretation or application of this new “resident enterprise” classification is available. Therefore, it is unclear how tax authorities will determine tax residency based on the facts of each case.  Because we lack guidance regarding how the PRC tax authorities will interpret and apply the EIT Law, our management has determined that it will not make a decision as to whether Huayue Electronics is a resident enterprise for PRC enterprise income tax purposes unless and until we either plan to remit funds from our Chinese subsidiary to its Delaware shareholder or we plan to pay dividends to the shareholders of our U.S. parent corporation.  In either situation, our determination would be based on interpretations of the EIT Law prevailing at that time.

 
12
 
 
If the PRC tax authorities determine that Huayue Electronics is a “resident enterprise” for PRC enterprise income tax purposes, a number of unfavorable PRC tax consequences could follow:

·
First, we may be subject to the enterprise income tax at a rate of 25% on our worldwide taxable income.  This would mean that any non-China source income would be subject to PRC enterprise income tax at a rate of 25%, the same rate applied to corporate income earned within China.  Currently, however, we have no non-China source income.
   
·
Second, although under the EIT Law and its implementing rules dividends paid to our non-PRC subsidiary from our PRC subsidiary would qualify as “tax-exempt income,” we cannot guarantee that such dividends will not be subject to a 10% withholding tax, as the PRC foreign exchange control authorities, which enforce the withholding tax, have not yet issued guidance with respect to the processing of outbound remittances to entities that are treated as resident enterprises for PRC enterprise income tax purposes.  Currently, neither our U.S. parent corporation nor our Delaware subsidiary has any significant cash resources or liquid assets.  Unless and until our U.S. parent corporation obtains funds from the sale of securities, the funds required to operate our U.S. parent corporation and our Delaware subsidiary must be obtained either from loans by related parties or by dividends paid by our PRC subsidiary.  Imposition of a withholding tax on such dividends could interfere with our ability to finance the operations of our U.S. parent and Delaware subsidiary.
   
·
Third, it is possible that future guidance issued with respect to the new “resident enterprise” classification could result in a situation in which the PRC will attempt to impose a 10% withholding tax on dividends that Huayue Electronics pays to our non-PRC stockholders.
   
·
Finally, it is possible that resident enterprise classification could result in the PRC seeking to tax any gains derived by our non-PRC stockholders from transferring their shares in our company. Although most of our non-PRC shareholders would not be subject to the jurisdiction of the PRC tax authorities, the uncertainty regarding whether they may be liable to pay such a tax could be a burden for some of our shareholders, particularly those who have business or other interests in the PRC.
 
We have limited business insurance coverage.

The insurance industry in the PRC is still at an early stage of development. Insurance companies in China offer limited business insurance products.  Chinese insurance companies do not, to our knowledge, offer business liability insurance.  Other than coverage for certain accidents, we do not have general business liability insurance coverage for our operations.  Moreover, while business disruption insurance is available, we have determined that the risks of disruption and cost of the insurance are such that we do not require it at this time.  Any business disruption, litigation or natural disaster might result in substantial costs and diversion of resources.

Because our funds are held in banks which do not provide insurance, the failure of any bank in which we deposit our funds could affect our ability to continue in business.

Banks and other financial institutions in the PRC do not provide insurance for funds held on deposit.  As a result, in the event of a bank failure, we may not have access to funds on deposit. Depending upon the amount of money we maintain in a bank that fails, our inability to have access to our cash could impair our operations, and, if we are not able to access funds to pay our suppliers, employees and other creditors, we may be unable to continue in business.

 
13
 
 
Failure to comply with PRC regulations relating to the establishment of offshore special purpose companies by PRC residents may subject our PRC resident shareholders to personal liability, limit our ability to acquire PRC companies or to inject capital into our PRC subsidiary, limit our PRC subsidiary’s and affiliate’s ability to distribute profits to us or otherwise materially adversely affect us.
 
In October 2005, SAFE issued the Notice on Relevant Issues in the Foreign Exchange Control over Financing and Return Investment Through Special Purpose Companies by Residents Inside China, generally referred to as Circular 75.  Circular 75 required PRC residents to register with the competent local SAFE branch before establishing or acquiring control over an offshore special purpose company, or SPV, for the purpose of engaging in an equity financing outside of China on the strength of domestic PRC assets originally held by those residents. Internal implementing guidelines issued by SAFE, which became public in June 2007 (known as Notice 106), expanded the reach of Circular 75 by (1) purporting to cover the establishment or acquisition of control by PRC residents of offshore entities which merely acquire “control” over domestic companies or assets, even in the absence of legal ownership; (2) adding requirements relating to the source of the PRC resident’s funds used to establish or acquire the offshore entity; covering the use of existing offshore entities for offshore financings; (3) purporting to cover situations in which an offshore SPV establishes a new subsidiary in China or acquires an unrelated company or unrelated assets in China; and (4) making the domestic affiliate of the SPV responsible for the accuracy of certain documents which must be filed in connection with any such registration, notably, the business plan which describes the overseas financing and the use of proceeds.  Amendments to registrations made under Circular 75 are required in connection with any increase or decrease of capital, transfer of shares, mergers and acquisitions, equity investment or creation of any security interest in any assets located in China to guarantee offshore obligations, and Notice 106 makes the offshore SPV jointly responsible for these filings. Failure to comply with the requirements of Circular 75, as applied by SAFE in accordance with Notice 106, may result in fines and other penalties under PRC laws for evasion of applicable foreign exchange restrictions. Any such failure could also result in the SPV’s affiliates being impeded or prevented from distributing their profits and the proceeds from any reduction in capital, share transfer or liquidation to the SPV, or from engaging in other transfers of funds into or out of China.

We have advised our shareholders who are PRC residents, as defined in Circular 75, to register with the relevant branch of SAFE, as currently required, in connection with their equity interests in us and our acquisitions of equity interests in our PRC subsidiary and affiliate. However, we cannot provide any assurances that their existing registrations have fully complied with, and they have made all necessary amendments to their registration to fully comply with, all applicable registrations or approvals required by Circular 75. Moreover, because of uncertainty over how Circular 75 will be interpreted and implemented, and how or whether SAFE will apply it to us, we cannot predict how it will affect our business operations or future strategies. For example, our present and prospective PRC subsidiary’s and affiliate’s ability to conduct foreign exchange activities, such as the remittance of dividends and foreign currency-denominated borrowings, may be subject to compliance with Circular 75 by our PRC resident beneficial holders. In addition, such PRC residents may not always be able to complete the necessary registration procedures required by Circular 75. We also have little control over either our present or prospective direct or indirect shareholders or the outcome of such registration procedures. A failure by our PRC resident beneficial holders or future PRC resident shareholders to comply with Circular 75, if SAFE requires it, could subject these PRC resident beneficial holders to fines or legal sanctions, restrict our overseas or cross-border investment activities, limit our subsidiary’s and affiliate’s ability to make distributions or pay dividends or affect our ownership structure, which could adversely affect our business and prospects.

 
14
 
 
Failure to comply with the U S. Foreign Corrupt Practices Act could subject us to penalties and other adverse consequences. 

As our ultimate holding company is a U.S. corporation, we are subject to the U.S. Foreign Corrupt Practices Act, which generally prohibits U.S. companies from engaging in bribery or other prohibited payments to foreign officials for the purpose of obtaining or retaining business. Foreign companies, including some that may compete with us, are not subject to these prohibitions. Corruption, extortion, bribery, pay-offs, theft and other fraudulent practices may occur from time-to-time in the PRC. We can make no assurance, however, that our employees or other agents will not engage in such conduct for which we might be held responsible. If our employees or other agents are found to have engaged in such practices, we could suffer severe penalties and other consequences that may have a material adverse effect on our business, financial condition and results of operations.

Uncertainties with respect to the PRC legal system could limit the legal protections available to you and us.
 
We conduct substantially all of our business through our operating subsidiaries in the PRC. Our operating subsidiaries are generally subject to laws and regulations applicable to foreign investments in China and, in particular, laws applicable to foreign-invested enterprises. The PRC legal system is based on written statutes, and prior court decisions may be cited for reference but have limited precedential value. Since 1979, a series of new PRC laws and regulations have significantly enhanced the protections afforded to various forms of foreign investments in China. However, since the PRC legal system continues to evolve, the interpretations of many laws, regulations and rules are not always uniform and enforcement of these laws, regulations and rules involve uncertainties, which may limit legal protections available to us. In addition, any litigation in China may be protracted and result in substantial costs and diversion of resources and management attention.
 
We are a Delaware holding company and most of our assets are located outside of the United States. All of our current operations are conducted in the PRC. In addition, all of our directors and officers are nationals and residents of the PRC. All of the assets of these persons is located outside the United States. As a result, it may be difficult for you to effect service of process within the United States upon these persons. It may also be difficult for you to enforce in U.S. courts judgments on the civil liability provisions of the U.S. federal securities laws against us and our officers and directors, who are not residents in the United States and the substantial majority of whose assets are located outside of the United States. In addition, there is uncertainty as to whether the courts of the PRC would recognize or enforce judgments of U.S. courts. Courts in China may recognize and enforce foreign judgments in accordance with the requirements of the PRC Civil Procedures Law based on treaties between China and the country where the judgment is made or on reciprocity between jurisdictions. China does not have any treaties or other arrangements that provide for the reciprocal recognition and enforcement of foreign judgments with the United States. In addition, according to the PRC Civil Procedures Law, courts in the PRC will not enforce a foreign judgment against us or our directors and officers if they decide that the judgment violates basic principles of PRC law or national sovereignty, security or the public interest. So it is uncertain whether a PRC court would enforce a judgment rendered by a court in the United States.

The Company is not likely to hold annual shareholder meetings in the next few years.
 
Management does not expect to hold annual meetings of shareholders in the next few years, due to the expense involved.  The current members of the Board of Directors were appointed to that position by the previous directors.  If other directors are added to the Board in the future, it is likely that the current directors will appoint them.  As a result, the Company’s shareholders will have no effective means of exercising control over its operations.

 
15
 
 
Our common stock is subject to penny stock rules.
 
Our common stock is subject to Rule 15g-1 through 15g-9 under the Exchange Act, the SEC regulations for “penny stocks.” Penny stocks include any equity security that is not listed on a national exchange and has a market price of less than $5.00 per share, subject to certain exceptions. The regulations impose certain sales practice requirements on broker-dealers which sell penny stock to persons other than established customers and “accredited investors” (generally, individuals with a net worth in excess of $1,000,000 or an annual incomes exceeding $200,000 (or $300,000 together with their spouses)). For transactions covered by this rule, a broker-dealer must make a special suitability determination for the purchaser and have received the purchaser's written consent to the transaction prior to the sale. In addition, prior to any non-exempt buy/sell transaction in a penny stock, a disclosure schedule defined by the SEC relating to the penny stock market must be delivered to the purchaser of such penny stock. This disclosure must include the amount of commissions payable to both the broker-dealer and the registered representative and current price quotations for the common stock. The regulations also require that monthly statements be sent to holders of penny stock that disclose recent price information for the penny stock and information of the limited market for penny stocks. These rules adversely affect the ability of broker-dealers to sell penny stock, and may adversely affect the market liquidity of our common stock if it becomes subject to the penny stock rules.

ITEM 1B                      UNRESOLVED STAFF COMMENTS

Not Applicable.

ITEM 2.                        DESCRIPTION OF PROPERTY

Changzhou Huayue produces both its induction lamps and electrolytic capacitors at a facility in Changzhou City.  This factory has a production base of 15,000 square meters that can generate up to 150 million RMB, or $23.8 million, in revenue per year.  This facility is leased, under an agreement with a 60 month term that began in January, 2011 at a monthly rent of 20,000 RMB, or $3,134.  We also rent our Research Development Center in Shanghai.

We expect that our current facilities will be adequate for our operations for the foreseeable future.

 ITEM 3.                      LEGAL PROCEEDINGS

None.

ITEM 4.                        MINE SAFETY DISCLOSURES

Not Applicable.

 
16
 

PART II
 
 
ITEM 5.                       MARKET FOR REGISTRANT’S COMMON EQUITY, RELATED STOCKHOLDER MATTERS AND ISSUER PURCHASES OF EQUITY SECURITIES.

(a) Market Information
 
Our common stock is currently listed for quotation on the OTCQB Market system under the symbol “HUAY.”  Since July 30, 2010, our common stock has been quoted on either the OTCQB Market or the OTC Bulletin Board.  The following table sets forth for the respective periods indicated the prices of the common stock, as reported by the OTCQB Market or the OTC Bulletin Board.  Such prices are based on inter-dealer bid and asked prices, without markup, markdown, commissions, or adjustments and may not represent actual transactions.
 
   
Bid
  
Quarter Ending
  
High
    
Low
  
August 31, 2011
   $ .60     $ .60  
November 30, 2011
   $ 2.65     $ .60  
February 28, 2012
   $ 2.60     $ 2.50  
May 31, 2012
   $ 2.60     $ 2.35  
                 
August 31, 2012
   $ 2.80     $ 1.25  
November 30, 2012
   $ 3.01     $ 2.80  
February 28, 2013
   $ 3.15     $ 2.00  
May 31, 2013
   $ 3.00     $ .70  

(b) Shareholders
 
On August 18, 2013 there were approximately 130 holders of record of our common stock.

(c)  Dividends
 
Since the Company’s incorporation, no dividends have been paid on our Common Stock. We intend to retain any earnings for use in our business activities, so it is not expected that any dividends on our common stock will be declared and paid in the foreseeable future.

(d)  Securities Authorized for Issuance Under Equity Compensation Plans

The information set forth in the table below regarding equity compensation plans (which include individual compensation arrangements) was determined as of May 31, 2013.

 
17
 
 
   
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
  
Equity compensation plans approved by security holders
     0  
N.A.
     0  
                   
Equity compensation plans not approved by security holders
     0  
N.A.
     0  
                   
Total
     0  
N.A.
     0  
 
(e)  Sale of Unregistered Securities
 
Huayue Electronics did not effect any unregistered sales of equity securities during the quarter ended May 31, 2013.

 (f) Repurchase of Equity Securities
 
Huayue Electronics, Inc. did not repurchase any of its equity securities that were registered under Section 12 of the Securities Act during the quarter ended May 31, 2013.
 

ITEM 6.                        SELECTED FINANCIAL DATA
 
Not applicable.
 
 
18
 
 
ITEM 7.                        MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITIONS AND RESULTS OF OPERATIONS

Results of Operations

The following data is derived from the Company’s Consolidated Statements of Income and Comprehensive Income for the years ended May 31, 2013 and 2012:

   
For The Years Ended May 31,
              
   
2013
    
2012
    
Change
    
Percentage Change
  
                         
Net sales
   $ 14,326,370     $ 8,545,183       5,781,187       68 %
Cost of goods sold
     8,785,610       7,544,520       1,241,090       16 %
Gross profit
     5,540,760       1,000,663       4,540,097       454 %
Gross Profit Margin %
     39 %     12 %     27 %        
Selling expenses
     36,660       27,328       9,332       34 %
General and administrative expenses
     717,292       485,401       231,891       48 %
Income from operations
     4,786,808       487,934       4,298,874       881 %
                                 
Interest income (expense)
     (263,670 )     (367,551 )     103,881       -28 %
Other income (expenses)
     83,619       143,511       (59,892 )     -42 %
Income before income taxes
     4,606,757       263,894       4,342,863       1646 %
Income taxes
     (849,473 )     (15,454 )     (834,019 )     5397 %
Net income
   $ 3,757,284     $ 248,440       3,508,844       1412 %
Basic and diluted earning per common share
   $ 0.12     $ 0.01       0.11       1100 %

Sales

Since 2009 the Company’s operations have gradually refocused from an exclusive involvement in the manufacture and sale of electrolytic capacitors to a primary focus on the sale of energy efficient lighting products.  The continuation of this refocusing during fiscal year 2013 is demonstrated in the following comparison of sales by product for year ended May 31, 2013 and the year ended May 31, 2012:
 
   
For The Years Ended May 31,
              
Product Category
  
2013
    
% of total
sales of 2013
    
2012
    
% of total
sales of 2012
    
Change
    
Percentage Change
  
                                     
Electrolytic capacitors
   $ 3,915,661       27 %   $ 3,490,524       41 %     425,137       12 %
Energy efficient lighting
                                                
        Sales of products only
     4,376,041       31 %     5,054,659       59 %     (678,618 )     -13 %
        Sales of products with installation
     6,034,668       42 %     -       0 %     6,034,668       100 %
Total
   $ 14,326,370       100 %   $ 8,545,183       100 %     5,781,187       68 %
 
 
19
 

          As the table indicates, our traditional capacitor business continued with a respectable 12% increase in revenue.  At the same time, however, our energy efficient lighting business expanded by 106% from fiscal 2012 to fiscal 2013.  The primary causes of the increase were:

·
Late in fiscal 2012 we introduced our line of LED products, which expanded our target market from the government/commercial market we target with induction lighting to include the retail and home office market for which LED lighting is most appropriate.  In fiscal 2013, LED products produced approximately half of our lighting revenues.
   
·
In the middle of fiscal 2012, we changed our distribution strategy, moving from direct sales to the development of regional sales agents.  The use of sales agents to market our products has yielded consecutive and steady progress.
   
·
During fiscal 2013, we introduced a new business model under which we offer installation service to commercial customers when they purchase lighting from us. The revenue from these sales and installation packages were attributable to three major customers, who accounted for more than 42% of our total sales in fiscal year 2013. We expect that the new sales model will become our primary revenue source in the future.
   
·
During fiscal 2013, we expanded our business into new geographic regions in China, particularly in northwest China. The sales to customers in the new regions made up 25.4% of our total revenue for the year.
 
We expect our lighting sales to continue to grow in fiscal 2014 and beyond.  The principal factors that will contribute to the future growth of lighting sales will be:
 
·
Our domestic distribution network continues to grow, particularly for the sale of LED lights, a massive market that we have only recently begun to penetrate.
   
·
We are in the final stages of securing an international distribution network and the governmental approvals necessary for international sales.  We expect international sales to yield a significant portion of our revenue in fiscal 2014.
   
·
A small but growing portion of our lighting sales are now made in connection with an energy management contract (“EMC”).  The EMC extends the payment term for the sale over the period when energy savings will allow the customer to recoup the cost of the lighting.  The EMC, therefore, delays our revenue recognition, but allows us to demand very high margins on EMC sales.  Although we entered into a number of EMC contracts during fiscal 2013, no revenue was recognized during the year as a result of those contracts; rather the revenue will be recognized in future periods.
   
·
Our engineers continue to enhance our existing products and develop new lighting products, each of which opens a new submarket for us.
 
Gross Profit

The profitability of our sales increased significantly in fiscal 2013, during which we achieved a gross margin of 39% compared to 12% gross margin recorded in fiscal 2012.  The primary reasons for the increase were:
 
 
20
 

 
·
The gross margin that we realized on our induction lighting products rose from 3% in fiscal 2012 to 45% in fiscal 2013. Previously, the margins on our induction lighting sales were burdened by the cost of introducing new induction lighting products. Because we tried to rapidly achieve a solid position in the induction lighting market, we had been introducing products while they were still in the final development stages. In 2013, our induction lighting technology was mature and we were selling fully developed new products on larger scale.
 
 
·
Per unit costs decreases as we increase the scale of our manufacturing operations, which leads to lower per unit depreciation and lower labor cost per item.
 
 
·
In fiscal 2013 we introduced the concept of selling installation service coupled with our product sales.  Our gross margin on installation service was approximately 55%.
 
As a result of increased sales and this combination of improvements in margin, gross profit for the year ended May 31, 2013 increased to $5.5 million, an increase of $4.5 million, or 454 %, from $1.0 million recorded in fiscal 2012.
 
Expenses; Operating Income
 
Total operating expenses for the year ended May 31, 2013 were $753,952, an increase of $241,223 or 47%, from $512,729 recorded in fiscal 2012. The primary reason for the increase was an allowance of $224,035 that we recorded in fiscal 2013 to reflect our concern about the continuing utility of certain advances that we previously made to vendors.    In addition, since we have expanded our business, the number of our employees, the average salary per employee, and our contributions to the national pension fund have all increased.   As a result, payroll expense increased by approximately $42,000 in 2013.
 
General and administrative expenses will continue to increase in the coming year, as we assume the obligations attendant to being a U.S. public company, including legal and accounting expenses and other expenses related to the nurturing of our new shareholder base.

As a result of our improved gross profit and the relative stability of our G&A expenses, our income from operations increased from $487,934 in the year ended May 31, 2012 to $4,786,808 in the year ended May 31, 2013.

Net Income

Until recently, the expansion of our business was funded primarily by short-term loans.  As discussed in “Liquidity and Capital Resources” below, our cash flow has in most years been slowed by the relatively lengthy period required to collect many of our receivables.  Interest expense, therefore, has represented a significant reduction in our net income.

Fiscal 2013 was an exception to the pattern discussed above.  From the outset of the year, we made a concerted effort to reduce our current asset balances:  we reduced inventory by $1,045,063; we reduced the balance of our advances to suppliers by $2,130,715, and we collected $1,390,074 owed to us by a related party and an other receivable of $1,008,118.  The result was that we were able to reduce our short-term loans by $3,877,591.  As a result, our interest expense for the year ended May 31, 2013 was only $263,670 compared to interest expense of $367,551 in fiscal 2012.

Although the corporate income tax rate in China is 25%, through November 2014 our Chinese subsidiary will be the beneficiary of a 15% tax rate afforded to high-tech companies in their growth stage.  For that reason, our income tax burden for fiscal 2013 was only $849, 473, resulting in net income of $3,757,284 ($.12 per share), compared to net income of $248,440 ($.01 per share) recorded in fiscal 2012.

 
21
 
 
Our business operates primarily in Chinese Renminbi (“RMB”), but we report our results in our SEC filings in U.S. Dollars.  The conversion of our accounts from RMB to Dollars will result in translation adjustments.  While our net income will be added to the retained earnings on our balance sheet, the translation adjustments will be added to a line item labeled “accumulated other comprehensive income,” since they will be more reflective of changes in the relative values of U.S. and PRC currencies than the success of our business.  The amount added to “accumulated other comprehensive income” was $209,066 during fiscal 2013.  During fiscal 2012, when the dollar-RMB exchange rate was more stable, our accumulated other comprehensive income increased by only $21,835.

Liquidity and Capital Resources

Until recently the operations of the Company had been funded by contributions and short-term loans from our founder, Mr. Shudong Pan, and his family.  In recent periods, however, we have developed bank lending relationships, which are now our primary source of liquidity.  Today, our current liabilities are in large part made up of short term debt and notes payable to Chinese banks. Most of these debts have been guaranteed by related entities or secured by property owned by related parties.  The proceeds of these loans have been utilized primarily to finance the development of our lighting business and the expanded sales effort for the new LED lighting products.

During fiscal 2013, we utilized a combination of cash flows from operations, capital contributions, and proceeds from stock issuance to Mr. Pan’s spouse to pay off a large portion of our outstanding short term bank loans and so decrease our financing cost. Our current liabilities are still in large part made up of short term debt and notes, but the balance has decreased to $4,687,626 as of May 31, 2013 compared to $8,365,559 at May 31, 2012. At the same time, we devoted $7,542,932 from these same sources to put our new manufacturing facility into operation.

As is common in China, all of our bank borrowing is done on a short-term basis. As a result, the entire amount of $4,687,626 that we owed to lending institutions at May 31, 2013 has been classified as short-term debt, although we have every reason to believe that the institutions will replace the loans as they come due. Because all of our debts are classified as short-term and because we invested $7.5 million in property and equipment during the year, as of May 31, 2013 we had $3,512,837 in working capital, an increase of $2,711,719 from the $801,118 as of May 31, 2012.

The largest component of our current assets was our accounts receivable. Accounts receivable of $8,399,472 as of May 31, 2013 are largely relative to recent revenue. In our efforts to achieve a substantial beachhead in the induction lighting market, after we are assured that the customer has the capability and intent to make payment, we offer our customers relatively generous payment terms. Our standard payment terms are 90 days after delivery. However, for particularly attractive customers, with strong credit histories, we apply a variety of payment practices:

·
While the Company’s standard payment policy is 90 days, in many cases the Company has offered customers payment terms beyond 90 days.

·
The Company recognizes that Chinese government bureaucracies often pay for construction only when an entire project is complete and has been inspected. The Company, therefore, has special payment terms that it often provides to government contractors, in which payment is due 90 days after the actual installation of the lighting products on the jobsite.

Our generous payment terms reduce our liquidity to some extent. The practice is harmful to our cash flow, particularly in light of the requirement that we prepay many of our vendors for raw materials and components, as discussed below. But our generous payment terms do help us develop long-term, repeat customers. In addition, the use of EMC arrangements allows us to realize a particularly high margin on those sales.

 
22
 
 
As noted above, during fiscal 2013 we made a concerted effort to reduce the balances of our current assets so as to improve cash flow from operations.  The balance of our advances to supplies decreased by 89% to $258,832 as of May 31, 2013 from $2,389,547 for prior year due to our effort to settle the advance by purchasing the material from the vendors. In 2013, we also lowered our inventory balance by more closely monitoring our inventory and making inventory purchases more frequently in order to have better cash position. Finally, we eliminated related party debts. As of May 31, 2013, no related party receivable was outstanding, compared to $1.4 million related party receivable at May 31, 2012.

As a result of our efforts to reduce our current asset balances, cash provided by operations during the year ended May 31, 2013 was $5,279,721 compared to the cash used in operations during the year ended May 31, 2012 of $296,248.

Cash provided by financing activities during the year ended May 31, 2013 was $2,384,524 compared to the $2,034,796 cash used in financing activities during the year ended May 31, 2012. Our principal shareholders made a $3 million capital contribution and purchased shares for an additional $3.1 million.  This allowed us to reduce our short term bank loans by $4.0 million
.
The net cash from operations and financing was devoted, for the most part, to capital improvements.  During fiscal 2013 we used $7,542,932 to expand our production capacity:  investing $5.4 million investment in building and $1.8 million on machinery equipment for production for energy efficient lighting.

We believe our cash flow is enough for the working capital needs for the next twelve months. We are actively seeking for equity financing in US capital market to further expand our business. If we are forced to finance our capital needs through the issuance of debt or long term borrowing, the interest rates we pay and our interest cost of financing would increase.

We believe growth of our production capacity is critical. If we are unable to raise additional funds through any means, we will be forced to postpone our expansion plans and the growth and profitability of the Company would be reduced.

Critical Accounting Policies and Estimates

In preparing our financial statements we are required to formulate working policies regarding valuation of our assets and liabilities and to develop estimates of those values. In our preparation of the financial statements for the year ended May 31, 2013, there were two estimates made which were (a) subject to a high degree of uncertainty and (b) material to our results. These were:

●
The determination, recorded in Note 3 to our Financial Statements, to make no increase in  our allowance for bad debt. This determination was based on an account-by-account review of our receivables at year-end to assess whether changes in the premises on which we had extended credit to each customer had reduced our assurance of payment.
 
●
The determination, noted in Note 4 to our Financial Statements, that no allowance for impairment of inventory value was warranted at May 31, 2013. The determination was based on our review of the turnover in inventory and the likelihood of realization of the value of the inventory.
 
 
 
23
 
 
Impact of Accounting Pronouncements

There were no recent accounting pronouncements that have had a material effect on the Company’s financial position or results of operations.

Off-Balance Sheet Arrangements

We do not have any off-balance sheet arrangements that have or are reasonably likely to have a current or future effect on our financial condition or results of operations.
 
ITEM 7A                      QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK.
 
Not Applicable.

 
24
 

ITEM 8.                        FINANCIAL STATEMENTS AND SUPPLEMENTARY DATA.

Index to the Consolidated Financial Statements

Page
  
   
F-2
Report of Independent Registered Public Accounting Firm - 2013.
   
F-3
Report of Independent Registered Public Accounting Firm - 2012.
   
F-4
Consolidated Balance Sheets as of May 31, 2013 and 2012.
   
F-5
Consolidated Statements of Income and Comprehensive Income for the Years Ended May 31, 2013 and 2012.
   
F-6
Consolidated Statements of Stockholders’ Equity for the Years Ended May 31, 2013 and 2012.
   
F-7
Consolidated Statements of Cash Flows for the Years Ended May 31, 2013 and 2012.
   
F-8 to F-15
Notes to Consolidated Financial Statements.
 
 
F - 1
 

REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM
 
 
To the Board of Directors and
Stockholders of Huayue Electronics Inc
 
 
We have audited the accompanying consolidated balance sheet of Huayue Electronics Inc. as of May 31 2013, and the related consolidated statements of income and comprehensive income, stockholders’ equity, and cash flows for year ended May 31, 2013. Huayue Electronics Inc.’s management is responsible for these financial statements. Our responsibility is to express an opinion on these financial statements based on our audit.
 
We conducted our audit in accordance with the 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 also 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 financial statements referred to above present fairly, in all material respects, the financial position of Huayue Electronics Inc. as of May 31 2013, and the results of its operations and its cash flows for the year ended May 31, 2013 in conformity with accounting principles generally accepted in the United States of America.
 

 
/s/ Friedman LLP
Friedman LLP
New York, NY

August 28, 2013

 
F - 2
 

 
REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM 
 
 
To the Board of Directors of:
Huayue Electronics, Inc.

We have audited the consolidated balance sheet of Huayue Electronics, Inc. (the “Company”) as of May 31, 2012, and the related statements of operations, stockholders’ equity and cash flows for the period then ended. The management of Huayue Electronics, Inc. is responsible for these financial statements. Our responsibility is to express an opinion on these financial statements based on our audits.

We conducted our audits in accordance with the 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 also 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 audits provide 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 Huayue Electronics, Inc. as of May 31, 2012, and the results of its operations and its cash flows for the year then ended, in conformity with accounting principles generally accepted in the United States of America.

 
 
/s/ GZTY CPA GROUP, LLC
August 22, 2012
Metuchen, NJ        

 
F - 3
 

Huayue Electronics Inc
  
Consolidated Balance Sheets
  
(In US Dollars)
  
             
   
May 31,
  
   
2013
    
2012
  
ASSETS
  
             
CURRENT ASSETS
            
Cash
   $ 269,065     $ 138,740  
Restricted Cash
     969,854       947,044  
Accounts receivable, net
     8,399,472       3,689,990  
Other receivables
     71,047       1,079,165  
Inventory
     940,328       1,985,391  
Due from related parties
     -       1,390,074  
Advances to suppliers
     258,832       2,389,547  
Deferred tax assets
     39,159       38,238  
Total current assets
     10,947,757       11,658,189  
                 
PROPERTY AND EQUIPMENT, net
     8,001,633       549,322  
                 
TOTAL ASSETS
   $ 18,949,390     $ 12,207,511  
                 
                 
LIABILITIES AND STOCKHOLDERS' EQUITY
  
                 
CURRENT LIABILITIES
                
Short term bank loans
   $ 2,909,561     $ 6,787,152  
Notes payable
     1,778,065       1,578,407  
Accounts payable and accrued expenses
     501,238       744,449  
Taxes payable
     1,976,952       241,698  
Advances from customers
     269,104       703,713  
Due to related parties
     -       194,312  
Other payables
     -       607,340  
Total current liabilities
     7,434,920       10,857,071  
                 
TOTAL LIABILITIES
     7,434,920       10,857,071  
                 
COMMITMENT AND  CONTINGENCIES
                
                 
STOCKHOLDERS' EQUITY
                
Common stock
     31,328       30,068  
Additional paid in capital
     6,866,352       669,932  
Statutory Reserves
     406,991       31,263  
Accumulated other comprehensive income
     298,440       89,374  
Retained earnings
     3,911,359       529,803  
Total stockholders' equity
     11,514,470       1,350,440  
                 
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY
   $ 18,949,390     $ 12,207,511  
 
The accompanying notes are an integral part of these consolidated financial statements
 
 
F - 4
 
 
Huayue Electronics Inc
  
Consolidated Statements of Income and Comprehensive Income
  
(In US Dollars)
  
             
   
For The Years Ended May 31,
  
   
2013
    
2012
  
             
Net sales
   $ 14,326,370     $ 8,545,183  
Cost of goods sold
     8,785,610       7,544,520  
Gross profit
     5,540,760       1,000,663  
                 
Selling expenses
     36,660       27,328  
General and administrative expenses
     717,292       485,401  
Total expenses
     753,952       512,729  
                 
Income from operations
     4,786,808       487,934  
                 
Non-operating income (expenses):
                
Interest income (expense)
     (263,670 )     (367,551 )
Other income (expenses)
     83,619       143,511  
                 
Total non-operating income (expenses)
     (180,051 )     (224,040 )
                 
Income before income taxes
     4,606,757       263,894  
                 
Income taxes
     (849,473 )     (15,454 )
                 
Net income
     3,757,284       248,440  
                 
Other comprehensive item
                
Foreign currency translation gain
     209,066       21,835  
                 
Comprehensive Income
   $ 3,966,350     $ 270,275  
                 
Basic and diluted earning per common share
   $ 0.12     $ 0.01  
                 
Weighted average number of common shares
     30,727,083       30,067,741  

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

 
F - 5
 

Huayue Electronics Inc
  
Consolidated Statements of Stockholders' Equity
  
(In US Dollars)
  
                                           
   
Common stock
    
Additional
 paid-in
 capital
    
Statutory Reseves
    
Accumulated other
comprehensive
income
    
Retained earnings
    
Total
  
   
Shares
    
Amount
  
Balance at June 1, 2011
     29,401,500     $ 29,402     $ 670,598     $ 31,263     $ 67,539     $ 281,363       1,080,165  
                                                         
Net income for the year
                             -       -       248,440       248,440  
Acquisition of net assets of HXT Holdings, Inc
     666,241       666       (666 )     -       -       -       -  
Foreign currency translation gain
                             -       21,835       -       21,835  
Balance at May 31, 2012
     30,067,741       30,068       669,932       31,263       89,374       529,803       1,350,440  
                                                         
Common Stock issued
     1,260,000       1,260       3,148,740                               3,150,000  
Capital contribution made by major shareholder
                     3,047,680                               3,047,680  
Net income for the year
                                             3,757,284       3,757,284  
Statutory reserve for current year's profit
                             375,728               (375,728 )     -  
Foreign currency translation gain
                             -       209,066       -       209,066  
                                                         
Balance at May 31, 2013
     31,327,741     $ 31,328     $ 6,866,352     $ 406,991     $ 298,440     $ 3,911,359     $ 11,514,470  

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

 
F - 6
 

Huayue Electronics Inc
  
Consolidated Statements of Cash Flows
  
(In US Dollars)
  
             
   
For The Years Ended May 31,
  
   
2013
    
2012
  
             
CASH FLOWS FROM OPERATING ACTIVITIES:
            
Net income
   $ 3,757,284     $ 248,440  
Adjustments to reconcile net income to net cash provided by (used in) operating activities:
                
Depreciation and amortization
     230,908       98,921  
Provision for doubtful accounts
     224,035          
Deferred tax benefit
     -       (38,238 )
Decrease (increase) in current assets:
                
Accounts receivable
     (4,541,691 )     (1,491,321 )
Other receivable
     1,016,446       (788,497 )
Due from related party
     1,337,408       (412,501 )
Advances to suppliers
     1,988,689       1,170,956  
Prepaid expenses
                
Inventory
     1,074,214       273,806  
Increase (decrease) in current liabilities:
                
Accounts payables and accrued expenses
     (256,681 )     444,639  
Advances from customers
     (443,845 )     199,311  
Taxes payable
     1,699,894       66,123  
Due to related party
     (195,594 )     (40,215 )
Other payables
     (611,346 )     (27,672 )
Net cash provided by (used in) operating activities
     5,279,721       (296,248 )
                 
CASH FLOWS FROM INVESTING ACTIVITIES:
                
Long term investment
     -       38,445  
Acquisition of property and equipment
     (7,542,932 )     (292,012 )
Net cash used in investing activities
     (7,542,932 )     (253,567 )
                 
CASH FLOWS FROM FINANCING ACTIVITIES:
                
Proceeds from (repayments of) bank notes
     158,881       (1,351,657 )
Proceeds from (repayments of) bank loans
     (3,972,037 )     263,904  
Proceeds from stock issuance
     3,150,000       -  
Payment for restricted cash for notes
     -       (947,043 )
Capital contribution by major shareholder
     3,047,680       -  
Net cash provided by (used in) financing activities
     2,384,524       (2,034,796 )
                 
EFFECT OF EXCHANGE RATE CHANGE ON CASH
     9,012       21,835  
                 
NET INCREASE (DECREASE) IN CASH
     130,325       (2,562,776 )
                 
CASH  - beginning of year
     138,740       2,701,516  
                 
CASH - end of year
   $ 269,065     $ 138,740  
                 
SUPPLEMENTAL CASH FLOW DISCLOSURE
                
Income tax paid
   $ -     $ -  
Interest paid
   $ 252,105     $ 367,551  

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

 
F - 7
 

HUAYUE ELECTRONICS, INC.
 
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS



NOTE 1 – ORGANIZATION AND BASIS OF PRESENTATION

Huayue Electronics, Inc. (“Huayue Electronics” or the “Company”) was incorporated under the laws of the State of Delaware on January 13, 2005.  The Company was engaged in providing computer services in the People’s Republic of China (“China” or “PRC”) until September 2011 when it sold that business.

On September 2, 2011, Huayue Electronics acquired all of the outstanding capital stock of China Metal Holding, Inc. (“China Metal”), a privately owned corporation formed in the State of Delaware, United States of America, by merging HXT Acquisition Corp., a newly formed Delaware corporation that was wholly owned by the Company, into China Metal. China Metal is a holding company whose only asset, held through a subsidiary, is 100% of the registered capital of Changzhou Huayue Electronics Company, Limited (“Changzhou Huayue”), a limited liability company organized under the laws of the PRC. Changzhou Huayue is engaged in developing, manufacturing and selling energy efficient lights and electrolytic capacitors. Changzhou Huayue’s offices and manufacturing facilities are located in China.

The consolidated financial statements of the Company are prepared in accordance with accounting principles generally accepted in the United States of America (“US GAAP”). The financial statements reflect the financial position, results of operations and cash flows of the Company and its subsidiary, Changzhou Huayue Electronic Co., Ltd., as of May 31, 2013 and 2012 and for the years then ended.

NOTE 2 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

Principles of consolidation

The consolidated financial statements include the financial statements of the Company, China Metal and Changzhou Huayue. All inter-company transactions and balances are eliminated in 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 and the disclosure of contingent assets and liabilities at the date of the financial statements, as well as the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. Significant accounting estimates reflected in the Company’s consolidated financial statements include: the allowance for bad debt, the valuation of inventory, and estimated useful lives and impairment of property and equipment. Actual results could differ from those estimated by management.

Cash and cash equivalents

For purposes of the statement of cash flow, the Company considers all highly liquid investments with an original maturity of three months or less to be cash equivalents. All cash balances are in bank accounts in PRC and are not insured by the Federal Deposit Insurance Corporation or other programs.

Restricted Cash

Restricted cash represents required cash deposits as a part of collateral for bankers acceptance notes payable and letters of credit. The Company is required to maintain 50% to 100% of the balance of the bank’s acceptance notes payable to ensure future credit availability.
 
 
F - 8
 

HUAYUE ELECTRONICS, INC.
 
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS


Accounts Receivable and Allowance for Doubtful Accounts

Accounts receivable are stated at net realizable value. An allowance for doubtful accounts is established based on the management’s assessment of the recoverability of accounts and other receivables. A considerable amount of judgment is required in assessing the realization of these receivables, including the current credit worthiness of each customer and the related aging analysis. Delinquent account balances are written-off against allowance for doubtful accounts after management has determined that the likelihood of collection is not probable.

Inventory

Inventory is primarily composed of raw materials and packing materials for manufacturing, work in process, and finished goods. Inventories are valued at the lower of cost or market with cost determined on a weighted average basis. Management compares the cost of inventory with the market value and an allowance is made for writing down the inventory to its market value, if lower than cost. As of May 31, 2013 and 2012 no reserve for slow-moving or obsolete inventory is considered necessary

Plant, property and equipment

Plant, property and equipment are stated at cost. The cost of an asset comprises its purchase price and any directly attributable costs of bringing the asset to its present working condition and locations for its intended use. Depreciation is calculated using the straight-line method over the following useful lives:

Buildings
20 years
  
Machinery and equipment
5-10 years
  
Transportation equipment
5 years
  
 
Expenditures for maintenance and repairs are charged to expense as incurred. Additions, renewals and betterments are capitalized.

Revenue recognition

The Company’s revenue is derived from the sale of products. The Company’s revenue recognition policies are in compliance with Accounting Standards Codification (“ASC”) Topic 605, Revenue Recognition. Our determination to recognize revenue is based on the following:

·
Persuasive evidence that an arrangement (sales contract) exists between a willing customer and us that outlines the terms of the sale (including customer information, product specification, quantity of goods, purchase price and payment terms).

·
Delivery is considered to have occurred when the risks, rewards and ownership of the products are transferred from us to our customers.
 
·
Our price to the customer is fixed and determinable as specifically outlined in the sales contract.

·
For customers to whom credit terms are extended, we assess a number of factors to determine whether collection from them is probable, including past transaction history with them and their credit-worthiness. All credit extended to customers is pre-approved by management. If we determine that collection is not reasonably assured, we defer the recognition of revenue until collection becomes reasonably assured, which is generally upon receipt of payment.
 
Payments received before satisfaction of all of the relevant criteria for revenue recognition are recorded as advance from customers.

 
F - 9
 

HUAYUE ELECTRONICS, INC.
 
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS


The Company currently does not offer customers a right of return. Therefore, uncertainty regarding customer acceptance does not exist and delivered elements are not subject to general or customer-specified return or refund privileges.

Impairment of long-lived assets

The Company reviews its long-lived assets for impairment whenever events or changes in circumstances indicate that the carrying amount of an asset may no longer be recoverable. An impairment loss, measured based on the fair value of the asset, is recognized if expected future undiscounted cash flows are less than the carrying amount of the assets. As of May 31, 2013 and 2012, no impairment of long-lived assets is believed to exist.

Income taxes

The Company’s subsidiaries in China are subject to the income tax laws of the PRC. No taxable income was generated outside the PRC for the years ended May 31, 2013 and 2012. The Company accounts for income tax under the asset and liability method as stipulated by ASC Topic 740, , which requires recognition of deferred tax assets and liabilities for the expected future tax consequences of the events that have been included in the financial statements or tax returns. Deferred income taxes will be recognized if significant temporary differences between tax and financial statements occur. Valuation allowances are established against net deferred tax assets when it is more likely than not that some portion or all of the deferred tax asset will not be realized. As of May 31, 2013 and 2012, no valuation allowance is considered necessary.

An uncertain tax position is recognized as a benefit only if it is “more likely than not” that the tax position would be sustained in a tax examination, with a tax examination being presumed to occur. The amount recognized is the largest amount of tax benefit that is greater than 50% likely of being realized on examination. For tax positions not meeting the “more likely than not” test, no tax benefit is recorded. Penalties and interest incurred related to underpayment of income tax are classified as income tax expense in the period incurred. No significant penalties or interest relating to income taxes have been incurred during the years ended May 31, 2013 and 2012.

Value-added tax

Sales revenue represents the invoiced value of goods, net of a Value-Added Tax (“VAT”). All of the Company’s products that are sold in the PRC are subject to a Chinese value-added tax at a rate of 17% of the gross sales price. This VAT may be offset by VAT paid by the Company on raw materials and other materials included in the cost of producing their finished product.

The Company recorded $812,243 and $134,962 VAT payable in the financial statements for the years ended May 31, 2013 and 2012, respectively.

Fair value of financial instruments

ASC Topic 820, “Fair Value Measurements”, which defines fair value, establishes a three-level valuation hierarchy for fair value measurements.

The three levels are defined as follows:

Level 1 - inputs to the valuation methodology are quoted prices (unadjusted) for identical assets or liabilities in active markets.
 
Level 2 - inputs to the valuation methodology include quoted prices for similar assets and liabilities in active markets, quoted market prices for identical or similar assets in markets that are not active, inputs other than quoted prices that are observable, and inputs derived from or corroborated by observable market data.

 
F - 10
 

HUAYUE ELECTRONICS, INC.
 
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

Level 3 - inputs to the valuation methodology are unobservable.

Unless otherwise disclosed, the fair value of the Company’s financial instruments including cash, restricted cash, accounts receivable, due from related parties, loans to third parties, advances to suppliers, accounts payable, due to related parties, customer deposits, accrued expenses, short term bank loans and bankers acceptance notes payable approximates their recorded values due to their short-term maturities.

Foreign currency translation

The functional currency of the U.S. parent company is USD. The functional currency of the Company’s Chinese subsidiary is RMB and its reporting currency is U.S dollars for the purpose of these financial statements.  The accounts of the Chinese subsidiary were translated into USD in accordance with Accounting Standards Codification (“ASC”) Topic 830 “Foreign Currency Matters,” According to Topic 830, all assets and liabilities were translated at the exchange rate on the balance sheet date; stockholders’ equity is translated at historical rates and statement of income items are translated at the weighted average exchange rate for the period. The resulting translation adjustments are reported under other comprehensive income in accordance with ASC Topic 220, “Comprehensive Income.” Gains and losses resulting from the translations of foreign currency transactions and balances are reflected in the statements of income.

Translation adjustments resulting from this process amounted to $209,066 and $21,835 as of May 31, 2013 and 2012, respectively.

The following exchange rates were adopted to translate the amounts from RMB into United States dollars (“USD$”) for the respective years:

    May 31,  
   
2013
    
2012
  
Year End RMB Exchange Rate (RMB/USD$)
    
6.1865
      
6.3355
  
Average Yearly RMB Exchange Rate (RMB/USD$)
    
6.2940
      
6.3589
  

Concentrations of credit risk

Financial instruments which potentially subject the Company to concentrations of credit risk consist principally of cash and trade accounts receivable. All of the Company’s cash is maintained with banks within the People’s Republic of China in which no deposits are covered by insurance. The Company has not experienced any losses in such accounts. A significant portion of the Company's sales are credit sales which are primarily to customers whose ability to pay is dependent upon the industry economics prevailing in these areas. The Company also performs ongoing credit evaluations of its customers to help reduce credit risk.

NOTE 3 – ACCOUNTS RECEIVABLE, NET
 
The Company provides an allowance for doubtful accounts related to its receivables. The receivables and allowance balances at May 31, 2013 and 2012 are as follows:
 
   
The Years Ended May 31,
  
   
2013
    
2012
  
             
Accounts Receivable
  
$
8,667,673
    
$
3,951,883
  
Less: Allowance for Doubtful Accounts
    
(268,201)
      
(261,893)
  
Accounts Receivable, Net
  
$
8,399,472
    
$
3,689,990
  
 
 
F - 11
 

HUAYUE ELECTRONICS, INC.
 
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS


NOTE 4 – INVENTORY

Inventory consists of finished goods, work-in-process, and raw materials. No allowance for inventory was made for the years ended May 31, 2013 and 2012.
 
The components of inventory as of May 31, 2013 and 2012 were as follows:

   
Years Ended May 31,
  
   
2013
    
2012
  
Raw materials
  
$
341,240
    
$
410,729
  
Packaging
    
61,339
      
59,896
  
Work-in-progress
    
224,783
      
720,300
  
Finished goods
    
312,966
      
794,466
  
Total Inventories
  
$
940,328
    
$
1,985,391
  

NOTE 5 – PLANT, PROPERTY AND EQUIPMENT, NET

The components of property and equipment as of May 31, 2013 and 2012 were as follows:
 
   
Years Ended May 31,
  
   
2013
    
2012
  
Machinery Equipment
  
$
2,881,586
    
$
1,106,702
  
Building
    
5,463,509
      
-
  
Electronic Equipment
    
649,150
      
182,934
  
Transportation Equipment
    
291,162
      
283,872
  
Subtotal
    
9,285,407
      
1,573,508
  
Less: Accumulated Depreciation
    
(1,283,774)
      
(1,024,186)
  
    Total plant, property and equipment, net
  
$
8,001,633
    
$
549,322
  

The depreciation expense for the year ended May 31, 2013 and 2012 was $230,908 and $98,921, respectively.
 
NOTE 6 - RELATED PARTY TRANSACTIONS AND BALANCES
 
An individual or entity is considered to be a related party if the person or the entity has the ability, directly or indirectly, to control the other party or exercise significant influence over the other party in making financial and operational decisions. An individual or entity is also considered to be related if the person or the entity is subject to common control or common significant influence.
 
The related parties of the company are as follows: 
 
Name of entity or individual
  
Relationship with the Company
Changzhou Hengchuan Plastics Co, Ltd
  
Entity controlled by Mr. Pan Shudong and His Wife
Changzhou Shiji Jinyue Packaging Co.,Ltd
  
Entity controlled by Mr. Pan Shudong’s Sister
Changzhou Jinyue Electronic Co.,Ltd
  
Entity controlled by Mr. Pan Shudong’s Sister
Changzhou Leyuan International Trade Co.,Ltd
  
Entity controlled by Mr. Pan Shudong’s Sister
Mr. Pan Shudong
  
Controlling Shareholder and CEO of the Company
Ms.Li Xinmei
  
Mr. Pan Shudong’s Wife and Director of  Huayue Electronics, Inc.
Ms. Pan Yile
  
Mr. Pan Shudong’s Daughter and Officer of  Huayue Electronics, Inc.
 
 
F - 12
 

HUAYUE ELECTRONICS, INC.
 
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS


      (i) Due from Related Party: 
 
Due from Related Parties, at May 31, 2013 and 2012, consisted of the following balances:
 
    May 31,  
   
 2013
    
2012
  
Changzhou Hengchuan Plastics Co, Ltd
  
$
-
    
$
3,157
  
Changzhou Hengchuan Plastics Co, Ltd
  
$
-
      
372,177
  
Changzhou Jinyue Electronics Co., Ltd
    
-
      
49,278
  
Changzhou Shiji Jinyue Packaging Co.,Ltd
    
-
      
371,873
  
Changzhou Shiji Jinyue Packaging Co.,Ltd
    
-
      
61,427
  
Ms. Pan Yile
    
-
      
312,630
  
Mr. Pan Shudong
    
-
      
187,156
  
Ms. Xinmei Li
    
-
      
32,376
  
Total due from related parties
  
$
-
    
$
1,390,074
  
  
 (ii) Due to Related Parties
 
Due to Related Parties at May 31, 2013 and 2012 consisted of the follows:
 
   
As of May 31
  
   
2013
    
2012
  
Changzhou Leyuan International Trade Co.,Ltd
  
 $
-
    
 $
114,090
  
Changzhou Hengchuan Plastics Co, Ltd
    
-
      
80,222
  
Total due to related parties
  
 $
-
    
 $
194,312
  

 (ii) Sales to related parties

During the year ended May 31, 2013, the Company sold products for a total of $108,756 to Changzhou Jinyue Electronic Co., Ltd.  During the year ended May 31, 2012, the Company sold products for a total of $18,974 to Changzhou Jinyue Electronic Co., Ltd, and for a total of $845,547 to Changzhou Leyuan International Trade Co, Ltd.
 
NOTE 7 – SHORT-TERM BANK LOANS

The Company’s short term bank loans consisted of the follows:

     May 31,  
   
 2013
    
 2012
  
   
USD
    
USD
  
Loan from China Communication Bank ($0.79 million due on 6/10/2012 with 5.841% annual interest rate; $0.79 million due on 10/17/2012 with 8.528% annual interest rate , $0.95 million due on 12/22/2012 with 8.528% annual interest rate, $0.63 million due on 12/12/2012 with 8.528% annual interest rate)
  
$
-
    
$
3,156,815
  
                 
Loan from China Industrial and Commercial Bank ($0.48 million due on 9/10/2012 with 5.810% annual interest rate and $0.47 million due on 6/10/2012 with 6.560% annual interest rate)
            
947,044
  
                 
Loan from China Industrial and Commercial Bank ($484,927 is due on 1/9/2014 with 6% annual interest rate and $484,927 is due on 11/15/2013 with 6% annual interest rate)
    
969,854
          
                 
Loan from Chinese Bank (6.893% annual interest rate, due on 8/8/2012)
    
-
      
1,420,567
  
                 
Loan from China Merchant Bank (7.68% annual interest rate, due on 8/15/2013)
    
1,131,496
          
                 
Loan from Changzhou Wujinyinfeng Agriculture Credit Union (0% annual interest rate, due on 3/18/2013)
    
-
      
473,522
  
                 
Loan from Changzhou Wujinyinfeng Agriculture Credit Union (0% annual interest rate, due on 6/28/2013)
    
808,211
      
-
  
                 
Loan from Changzhou Wujinyingfeng Agriculture Credit Union (0% annual interest rate, due on 3/18/2013)
    
-
      
789,204
  
                 
Total
  
$
2,909,561
    
$
6,787,152
  
 
 
F - 13
 

HUAYUE ELECTRONICS, INC.
 
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS


NOTE 8 – NOTES PAYABLE

   
As of May 31,
  
   
2013
    
2012
  
Six month notes payable to Huaxian Bank
    
1,616,423
      
1,578,407
  
Six month notes payable to China Industrial and Commercial Bank
    
161,642
      
-
  
Total notes payable
  
 $
1,778,065
    
 $
1,578.407
  

$969,854 and $947,044 was held in bank as restricted cash as of May 31, 2013 and 2012, respectively.

NOTE 9 - TAXES PAYABLE

Taxes payable at May 31, 2013 and 2012 are as follows:
 
   
As of May 31,
  
   
2013
    
2012
  
Corporate Income Tax
  
$
973,163
    
$
106,366
  
Value-Added Tax
    
812,243
      
134,962
  
Other Tax & Fees
    
191,546
      
370
  
Total
  
$
1,976,952
    
$
241,698
  
 
NOTE 10 - INCOME TAXES

Changzhou Huayue Electronics Co., Ltd was registered in the PRC, where the corporate income tax rate is 25%. Changzhou Huayue Electronics Co., Ltd. qualified as a high-tech company and, therefore, is entitled to a preferential tax rate of 15% through November, 2014.

For the years ended May 31, 2013 and 2012, Changzhou Huayue Electronics Co., Ltd recorded income tax provisions of $849,473 and $15,454 respectively.
      
     (i) The components of the income tax benefit (expense) are as follows:
 
   
For the year ended May 31,
  
   
2013
    
2012
  
Current
    
(849,473
)
    
 (53,692
)
Deferred:
    
-
      
 38,238
  
Total Income tax benefit (expense)
    
  (849,473
)
    
  (15,454
)

 (ii) The following table summarizes deferred taxes resulting from differences between financial accounting basis and tax basis of assets and liabilities:
 
   
For the year ended May 31,
  
   
2013
    
2012
  
Current assets and liabilities
            
Accounts receivable allowances
    
39,159
      
38,238
  
Total deferred tax assets
    
39,159
      
38,238
  
   Valuation allowance
    
-
      
-
  
Total deferred tax assets, net
    
39,159
      
38,238
  

 
F - 14
 

HUAYUE ELECTRONICS, INC.
 
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS


Note 11 – CONCENTRATIONS

For the year ended May 31, 2013, three major customers accounted for approximately 22%, 16% and 11% of the total sales, respectively. For the year ended May 31, 2012, one major customer accounted for approximately 48% of the total sales, respectively.

For the year ended May 31, 2013, one major supplier accounted for approximately 10% of the Company’s total purchase. For the year ended May 31, 2012, one major supplier accounted for approximately 68% of the Company’s total purchase.

NOTE 12 - CONTINGENCIES

On March 13, 2013, the Company signed an agreement with China Industry and Commerce Bank under which the Company guaranteed borrowing of Changzhou Hanyu Electronics Inc, a non-related third party, for bank credit (including loans, notes payable, letter of credit and other credit forms) up to 5.1 million RMB, approximately $823,000 USD. The guarantee is effective from March 16, 2013 to March 15, 2015.

NOTE 13 - STOCKHOLDERS’ EQUITY

Stock issuance
On November 21, 2012, the Company’s Board of Directors approved and authorized the sale of 1,260,000 shares at $2.50 per share to Ms. Li Xinmei, a major shareholder of the Company. The Company received total proceeds of $3,150,000 from Ms. Li.

Additional paid in capital
In the year ended May 31, 2013, Ms. Li Xinmei contributed $3,047,681 to the Company.

Statutory Reserve
Corporations organized in the People’s Republic of China are required to contribute to a statutory reserve fund 10% of net income after tax per annum, until aggregate contributions equal  50% of the company’s registered capital. For the year ended May 31, 2013, the Company appropriated USD $375,728 to the statutory reserve.

Shares to be Issued
On March 12, 2013 the Company entered into a letter agreement with Buckman, Buckman & Reid, Inc. (“BB&R”). The agreement provides that for a one year term BB&R will serve as exclusive consultant to the Company in connection with corporate structure, public market strategies and fundraising activities.  In partial compensation for the services of BB&R, the Company committed to sell to BB&R for nominal consideration common stock equal to five percent of the outstanding shares of Company common stock on a fully-diluted basis. The sale has not yet been completed.

 
F - 15
 
 
ITEM 9.                       CHANGES IN AND DISAGREEMENTS WITH ACCOUNTANTS ON ACCOUNTING AND FINANCIAL DISCLOSURE

Not applicable.
 
ITEM 9A.                     CONTROLS AND PROCEDURES

(a)           Evaluation of Disclosure Controls and Procedures.

Evaluation of Disclosure Controls and Procedures.  Our Chief Executive Officer and Chief Financial Officer carried out an evaluation of the effectiveness of the Company’s disclosure controls and procedures (as defined in Rule13a-15(e) promulgated by the Securities and Exchange Commission) as of May 31, 2013.  The evaluation revealed that there are material weaknesses in our disclosure controls, specifically:

·
The relatively small number of employees who are responsible for accounting functions prevents us from segregating duties within our internal control system.
   
·
Our accounting personnel lack expertise in identifying and addressing complex accounting issues under U.S. Generally Accepted Accounting Principles.
 
Based on their evaluation, our Chief Executive Officer and Chief Financial Officer concluded that the Company’s system of disclosure controls and procedures was not effective as of May 31, 2013.

(b)           Changes in Internal Controls.
 
There was no change in internal controls over financial reporting (as defined in Rule 13a-15(f) promulgated under the Securities Exchange Act or 1934) identified in connection with the evaluation described in the preceding paragraph that occurred during the Company’s fourth fiscal quarter that has materially affected or is reasonably likely to materially affect the Company’s internal control over financial reporting.
 
(c)            Management’s Report on Internal Control over Financial Reporting.
 
Management of the Company is responsible for establishing and maintaining adequate internal control over financial reporting as defined in Rule 13a-15(f) under the Securities Exchange Act of 1934.  We have assessed the effectiveness of those internal controls as of June 30, 2013, using the Committee of Sponsoring Organizations of the Treadway Commission (“COSO”) Internal Control – Integrated Framework as a basis for our assessment.
 
Because of inherent limitations, internal control over financial reporting may not prevent or detect misstatements.  Projections of any evaluation of effectiveness to future periods are subject to the risk that controls may become inadequate because of changes in conditions, or that the degree of compliance with the policies and procedures may deteriorate.  All internal control systems, no matter how well designed, have inherent limitations.  Therefore, even those systems determined to be effective can provide only reasonable assurance with respect to financial statement preparation and presentation.
 
A material weakness in internal controls is a deficiency in internal control, or combination of control deficiencies, that adversely affects the Company’s ability to initiate, authorize, record, process, or report external financial data reliably in accordance with accounting principles generally accepted in the United States of America such that there is more than a remote likelihood that a material misstatement of the Company’s annual or interim financial statements that is more than inconsequential will not be prevented or detected. In the course of making our assessment of the effectiveness of internal controls over financial reporting, we identified two material weaknesses in our internal control over financial reporting.  These material weaknesses consisted of:
 
 
25
 

·
The relatively small number of employees who are responsible for accounting functions prevents us from segregating duties within our internal control system.
   
·
Our accounting personnel lack expertise in identifying and addressing complex accounting issued under U.S. Generally Accepted Accounting Principles.

Management is currently reviewing its staffing and their training in order to remedy the weaknesses identified in this assessment.  To date, we are not aware of significant accounting problems resulting from these weaknesses; so we have to weigh the cost of improvement against the benefit of strengthened controls.  However, because of the above conditions, management’s assessment is that the Company’s internal controls over financial reporting were not effective as of May 31, 2013.
 
ITEM 9B.                    OTHER INFORMATION

None.

PART III

ITEM 10.                     DIRECTORS, EXECUTIVE OFFICERS AND CORPORATE GOVERNANCE

The officers and directors of the Company are:

Name
  
Age
  
Positions with the Company
Shudong Pan
  
48
  
Chairman of the Board of Directors and Chief Executive Officer
Li Xinmei
  
49
  
Director
Zhiqiang Zhou
  
38
  
Chief Technical Officer
Han Zhou
  
37
  
Chief Financial Officer
Wenjun Li
  
56
  
Chief Marketing Officer
Yile Pan
  
24
  
Vice President of International Affairs

The following sets forth biographical information regarding the Company’s directors.
 
Shudong Pan is our Chairman of the Board and Chief Executive Officer.  Mr. Pan founded Changzhou Huayue in 1999 in the town of Zouqu, Changzhou and has worked for the company since then.  Prior to founding Yuayue, Mr. Pan was employed for 16 years by the Bureau of Taxation in China.  Mr. Pan holds a Diploma in Accounting awarded by the Changzhou Financial Institute in 1986.  He has served as a researcher for the Economic Research and Development Institute at Hehai University.  In May 2009, Mr. Pan was elected Vice President of the Association of Lighting Devices in the city of Changzhou.  He has participated in drafting the Chinese National Standards for Induction Lights.  Mr. Pan is married to Xinmei Li, the other member of the Board of Directors.

Xinmei Li has been employed by Changzhou Huayue as Chief Financial Officer since 2002.  During the same period, Ms. Li has been employed as Chief Executive Officer of Changzhou Heng Chuan Plastics Co., Ltd.  Prior to 2002, Ms. Li was employed for 21 years in various positions in the banking industry in China.  In 2005 she was awarded a Bachelor’s Degree in Economic Management by Southeastern University in China.   Ms. Li is a certified public accountant in China.  She is married to Shudong Pan, the other member of the Board of Directors.
 
26
 
 
 Zhiqiang Zhou is our Chief Technical Officer.  Mr. Zhou has been employed by Changzhou Huayue in this capacity, researching and designing new product lines, since 2008.  He will lead the induction light research and development team, designing operating systems and hardware and solving technology issues.  Mr. Zhou received a Masters Degree in Electrical Engineering and Information Systems in Canada in 2008.

Han Zhou has been employed since 2010 as chief accounting clerk of Changzhou Huayue, the operating subsidiary of Huayue Electronics, and was elevated to the position of Chief Financial Officer of Huayue Electronics in June 2013. From 2000 to 2010, Mr. Zhou was employed as chief financial officer of Huawei Electronics, which was an affiliate of Changzhou Huayue.  In 2003 Mr. Zhou was awarded a Masters Degree in Industrial Accounting by the Shanghai Unversity of Finance and Economics.

Wenjun Li is our Chief Marketing Officer.  He has been employed as Sales Director by Changzhou Huayue since 2010.  From 2006 to 2010, Mr. Li was the Assistant Sales Manager for Jiangsu Nuoming Light Device Ltd.  He served in the administration of the Shanxi Provincial Bureau of Education between 2000 and 2006.  In 2007, Mr. Li received a Bachelor’s Degree in Chinese literature from China Northwest University and a Certificate in Corporate Management.

Yile (“Lisa”) Pan.  Since 2012 Ms. Pan has been employed as Sales Manager by Changzhou Huayue, the operating subsidiary of Huayue Electronics.  From 2011 to 2012 Ms. Pan was employed by Changzhou Huayue as Assistant to the General Manager.  In 2011 Ms. Pan was awarded a Bachelor of Arts Degree with a major in Economics by the University of British Columbia. Ms. Pan’s parents are Shudong Pan and Xinmei Li, who are the members of the board of directors of Huayue Electronics, Inc.

All of our directors hold offices until the next annual meeting of the shareholders of the Company, and until their successors have been qualified after being elected or appointed.  Officers serve at the discretion of the board of directors.

Audit Committee; Compensation Committee; Nominating Committee

The Board of Directors has not yet appointed an Audit Committee, a Compensation Committee or a Nominating Committee.  The functions that would be performed by such committees are performed by the Board of Directors.  The Board of Directors does not have yet an “audit committee financial expert,” as we have only recently become a U.S. public company.

Procedure for Nominating or Recommending for Nomination Candidates for Director

The Board of Directors will consider candidates recommended by shareholders. However, the Board has no plan to hold an annual meeting of shareholders unless and until the Company’s securities are listed on an exchange.  In the meantime, any shareholder who wishes to recommend a candidate for the Board should address the recommendation in writing to the Chairman of the Board at the Company’s principal executive offices.

Code of Ethics

The Company has not yet adopted a Code of Ethics that applies to its executive officers.  The Board intends to adopt such a code in the coming year.

Section 16(a) Beneficial Ownership Reporting Compliance

None of the officers, directors or beneficial owners of more than 10% of the Company’s common stock failed to file on a timely basis the reports required by Section 16(a) of the Exchange Act during the year ended May 31, 2013.

 
27
 
 
ITEM 11.                      EXECUTIVE COMPENSATION

The following table sets forth all compensation awarded to, earned by, or paid by Changzhou Huayue to Shudong Pan, the Company’s Chief Executive Officer, for services rendered in all capacities to the Company during the years ended May 31, 2013, 2012 and 2011.  There were no other executive officers whose total salary and bonus for the fiscal year ended May 31, 2013 exceeded $100,000.

 
Fiscal
Year
  
Salary
    
Bonus
    
Stock
Awards
    
Option
Awards
    
Other
Compensation
  
Shudong Pan
2013
     2,777       --       --       --       --  
 
2012
     2,777       --       --       --       --  
 
2011
     2,777       --       --       --       --  

Employment Agreements

In connection with the Company’s acquisition of Changzhou Huayue in September 2011, the Company entered into an Entrusted Management Agreement with Pan Shudong and Li Xinmei, who were the two principal managers of Changzhou Huayue.  The Entrusted Management Agreement provides that Mr. Pan and Ms. Li (the “Managers”) will serve as members of the Company’s Board of Directors for a three year term.  They also undertake responsibility for day-to-day management of the Company and its subsidiaries, although they may engage other officers and agent to assist them.  In compensation for their services, the Company has issued to them 20,201,500 shares of restricted common stock.  The shares may not be transferred for three years, and then no more than 4,040,300 may be transferred in any year.  In addition, if the Company’s annual return on equity for the period from September 2, 2011 to September 1, 2014 is less than five percent, the shares will be cancelled.

Compensation of Directors

Shudong Pan and Li Xinmei are the only members of our board of directors.  They receive no compensation for service on the board, other than the compensation that they receive for service as officers of the Company.   
 
Equity Grants

The following tables set forth certain information regarding the stock options acquired by the Company’s Chief Executive Officer during the year ended May 31, 2013 and those options held by him on May 31, 2013.
 
 
28
 
 
Option Grants in the Last Fiscal Year
 
   
Number of
securities
underlying
option
granted
    
Percent
of total
options
granted to
employees
in fiscal
year
    
Exercise
Price
($/share)
    
Expiration
Date
    
Potential realizable
value at assumed
annual rates of appreciation
 for option term
    5 %     10 %  
Shudong Pan
     --       --       --       --       --       --  

The following tables set forth certain information regarding the stock grants received by the executive officer named in the table above during the year ended May 31, 2013 and held by him unvested at May 31, 2013.

              Unvested Stock Awards in the Last  Fiscal Year
 
   
Number of
Shares That
Have Not
Vested
    
Market Value
of Shares That
Have Not
Vested
  
Shudong Pan
     --       --  
 
ITEM 12.                     SECURITY OWNERSHIP OF CERTAIN BENEFICIAL OWNERS AND MANAGEMENT AND RELATED STOCKHOLDER MATTERS

The following table sets forth information known to us with respect to the beneficial ownership of our common stock as of the date of this prospectus by the following:

·
each shareholder known by us to own beneficially more than 5% of our common stock;
   
·
Shudong Pan, our Chief Executive Officer
   
·
each of our directors; and
   
·
all directors and executive officers as a group.

There are 31,327,741 shares of our common stock outstanding on the date of this report.  Except as otherwise indicated, we believe that the beneficial owners of the common stock listed below have sole voting power and investment power with respect to their shares,  subject to community property laws where applicable.  Beneficial ownership is determined in accordance with the rules of the Securities and Exchange Commission.
 
In computing the number of shares beneficially owned by a person and the percent ownership of that person, we include shares of common stock subject to options or warrants held by that person that are currently exercisable or will become exercisable within 60 days. We do not, however, include these “issuable” shares in the outstanding shares when we compute the percent ownership of any other person.
 
 
29
 

Beneficial Owner
  
Amount and Nature
of Beneficial
Ownership(1)
    
Percentage
of Class
  
Pan Shudong(2)
     12,009,000       38.3 %
Li Xinmei(2)
     12,009,000       38.3 %
All officers and directors As a group (6 persons)
     12,012,000       38.3 %
Huakang Zhou(3)
     4,057,930       13.0 %
 
(1)
Except as otherwise noted, all shares are owned of record and beneficially.
   
(2)
Pan Shudong and Li Xinmei are married to each other.  Accordingly, each is a beneficial owner of shares owned of record by the other.  Their record ownership is:  Pan Shudong - 10,809,000; Li Xinmei - 1,200,000.  The shares owned by Pan Shudong and Li Xinmei are restricted by the terms of the Entrusted Management Agreement dated September 2, 2011.  In the event that the Company’s annual return on equity for the three years ended September 2, 2014 is less than five percent, the shares will be cancelled.
   
(3)
Includes 2,000,000 shares owned of record by Moutasia Capital Opportunity Fund, LLC, over which Mr. Zhou exercises voting and dispositional control, 1,000,000 shares owned of record by Mr. Zhou’s spouse, Xiaojin Wang, and 857,930 and 200,000 shares owned by Ying Wang and Lan Wang, respectively, over which Mr. Zhou exercises voting and dispositional control.
 
ITEM 13                      CERTAIN RELATIONSHIPS AND RELATED TRANSACTIONS, AND DIRECTOR INDEPENDENCE
 
Certain Relationships and Related Transactions
 
Changzhou Huayue is one of several entities owned by our CEO, Shudong Pan, and/or members of his family.  Since Changzhou Huayue was organized, the entities have utilized each other as sources of raw materials and as intermediate customers, thereby taking advantage of available cash flows and advantageous relationships. Prior to September 2, 2011, when Huayue Electronics acquired Changzhou Huayue, these transactions were not necessarily equivalent to arms-length.  Since that date, any purchases by Huayue from related parties or sales by Huayue to related parties have been carried out on fair market terms.

 As a result of these recurrent transactions, Changzhou Huayue has throughout its history had amounts due to these related parties and due from these related parties.  As of May 31, 2012 it owed $194,312 to two entities that are related parties, and was owed $1,390,074 by five entities and three persons who are related parties.  All of those obligations were satisfied during the year ended May 31, 2013, and there were no related party obligations at May 31, 2013.

Except as noted above, none of the officers or directors of Huayue Electronics has engaged in any transaction with Huayue Electronics or its subsidiaries during the past two fiscal years or the current fiscal year that had a transaction value in excess of the lesser of $120,000 or one percent of the average of the Company’s total assets as of May 31, 2013.

 
30
 
 
Director Independence
 
There are no members of our Board of Directors who are independent, as “independent” is defined in the rules of the NYSE Amex.

ITEM 14.                      PRINCIPAL ACCOUNTANT FEES AND SERVICES

Friedman LLP was engaged to serve as the Company’s independent registered public accountant in June 2013.  Previously, GZTY CPA Group, LLC served as the Company’s independent registered public accountant.

Audit Fees

Friedman, LLP billed $50,000 to the Company for professional services rendered for the audit of financial statements for the fiscal year ended May 31, 2013.  GZTY CPA Group, LLC billed $35,000 to the Company for professional services rendered for the audit of financial statements for the fiscal year ended May 31, 2012.

Audit-Related Fees

Friedman, LLP billed $5,000 to the Company during fiscal 2013 for assurance and related services that are reasonably related to the performance of the fiscal 2013 audit or review of the quarterly financial statements.  GZTY CPA Group, LLC billed $15,000 to the Company during fiscal 2012 for assurance and related services that are reasonably related to the performance of the fiscal 2012 audit or review of the quarterly financial statements.

Tax Fees

Friedman, LLP billed $0 to the Company during fiscal 2013 for professional services rendered for tax compliance, tax advice and tax planning.  GZTY CPA Group, LLC billed $0 to the Company during fiscal 2012 for professional services rendered for tax compliance, tax advice and tax planning.

All Other Fees

Friedman, LLP billed $0 to the Company in fiscal 2012 for services not described above.  GZTY CPA Group, LLC billed $0 to the Company in fiscal 2012 for services not described above.
 
 It is the policy of the Company that all services other than audit, review or attest services must be pre-approved by the Board of Directors.  No such services have been performed by Friedman, LLP or by GZTY CPA Group, LLC.

Subcontracted Services
 
The hours expended on Friedman, LLP’s engagement to audit the Company’s financial statements for the year ended May 31, 2013 that were attributed to work performed by persons other than full-time permanent employees of Friedman, LLP was not greater than 50% of the total hours expended.

 
31
 
 
ITEM 15                      EXHIBITS AND FINANCIAL STATEMENT SCHEDULES

(a) Exhibit List

3-a
Certificate of Incorporation - filed as an exhibit to the Company’s Registration Statement on Form 8-A on November 19, 2010 and incorporated herein by reference.
 
 
3-a(1)
Certificate of Amendment of Certificate of Incorporation dated August 16, 2006 - filed as an exhibit to the Company’s Registration Statement on Form 8-A on November 19, 2010 and incorporated herein by reference.
   
3-a(2)
Certificate of Amendment of Certificate of Incorporation dated October 17, 2011 - filed as an exhibit to the Company’s Current Report on Form 8-K on November 3, 2011 and incorporated herein by reference.
   
3-b
Bylaws - Filed as an exhibit to the Company’s Registration Statement on Form 8-A on November 19, 2010 and incorporated herein by reference.
   
10-a
Entrusted Management Agreement dated September 31, 2011 among HXT Holdings, Inc., Pan Shudong and Li Xinmei - filed as an exhibit to the Company’s Current Report on Form 8-K on September 2, 2011 and incorporated herein by reference.
   
21
Subsidiaries – China Metal Holding, Inc. a Delaware corporation Changzhou Huayue Electronic Co., Ltd., a joint stock company organized in the People’s Republic of China
   
31.1
Rule 13a-14(a) Certification – CEO
   
31.2
Rule 13a-14(a) Certification - CFO
   
32
Rule 13a-14(b) Certifications
   
101 INS
XBRL Instance Document*
   
101 SCH
XBRL Schema Document*
   
101 CAL
XBRL Calculation Linkbase Document*
   
101 DEF
XBRL Definition Linkbase Document*
   
101 LAB
XBRL Labels Linkbase Document*
   
101 PRE
XBRL Presentation Linkbase Document*

*           The XBRL related information in Exhibit 101 shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended, or otherwise subject to liability of that section and shall not be incorporated by reference into any filing or other document pursuant to the Securities Act of 1933, as amended, except as shall be expressly set forth by specific reference in such filing or document.
 
 
32
 
 
SIGNATURES

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

 
HUAYUE ELECTRONICS, INC.
   
Date: August 28, 2013
By: /s/ Shudong Pan
 
Shudong Pan, Chief Executive Officer

           Pursuant to the requirements of Section 13 or 15(d) of the Securities Exchange Act of 1934, this Report has been signed below by the following persons on behalf of the Registrant and in the capacities and on the dates indicated.

/s/ Shudong Pan
August 28, 2013
Shudong Pan
  
Director, Chief Executive Officer
  
   
/s/ Han Zhou
August 28, 2013
Han Zhou
  
Chief Financial and Accounting Officer
  
   
/s/ Li Xinmei
August 28, 2013
Li Xinmei, Director
  
 
 
 
33
 
 EX-31.1 2 huayueexh311.htm RULE 13A-14(A) CERTIFICATION ? CEO huayueexh311.htm
EXHIBIT 31.1
Rule 13a-14(a) Certification - CEO

I, Shudong Pan, certify that:

1. I have reviewed this annual report on Form 10-K of Huayue Electronics, Inc.;

2. 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;

3. 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;

4. The registrant’s other certifying officers and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-14 and 15d-14) and internal controls over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:

a) 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;

b) Designed such internal controls over financial reporting, or caused such internal controls 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;
 
c) 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

d) Disclosed in this report any change in the registrant’s internal controls 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

5. The registrant’s other certifying officers and I have disclosed, based on our most recent evaluation of internal controls 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):

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

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

Date: August 28, 2013
/s/ Shudong Pan
 
Shudong Pan, Chief Executive Officer
 
 
 
 
 
 EX-31.2 3 huayueexh312.htm RULE 13A-14(A) CERTIFICATION - CFO huayueexh312.htm
EXHIBIT 31.2
 Rule 13a-14(a) Certification - CFO

I, Han Zhou,certify that:

1. I have reviewed this annual report on Form 10-K of Huayue Electronics, Inc.;

2. 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;

3. 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;

4. The registrant’s other certifying officers and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-14 and 15d-14) and internal controls over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:

a) 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;

b) Designed such internal controls over financial reporting, or caused such internal controls 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;
 
c) 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

d) Disclosed in this report any change in the registrant’s internal controls 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

5. The registrant’s other certifying officers and I have disclosed, based on our most recent evaluation of internal controls 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):

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

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

Date: August 28, 2013
/s/ Han Zhou
 
Han Zhou, Chief Financial Officer
 
 
 
 
 
 
 EX-32.1 4 huayueexh321.htm RULE 13A-14(B) CERTIFICATIONS huayueexh321.htm
EXHIBIT 32
 Rule 13a-14(b) Certifications

The undersigned officers certify that this report fully complies with the requirements of Section 13(a) of the Securities Exchange Act of 1934, and that the information contained in the report fairly presents, in all material respects, the financial condition and results of operations of Huayue Electronics, Inc.

A signed original of this written statement required by Section 906 has been provided to Huayue Electronics, Inc. and will be retained by Huayue Electronics, Inc. and furnished to the Securities and Exchange Commission or its staff upon request.

August 28, 2013
/s/ Shudong Pan
 
Shudong Pan (Chief Executive Officer)
   
August 28, 2013
/s/ Han Zhou
 
Han Zhou (Chief Financial Officer)

 
 
 

 
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(&#147;Huayue Electronics&#148; or the &#147;Company&#148;) was incorporated under the laws of the State of Delaware on January 13, 2005.&#160; The Company was engaged in providing computer services in the People&#146;s Republic of China (&#147;China&#148; or &#147;PRC&#148;) until September 2011 when it sold that business.&#160; </p> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp;</p> <p style='margin:0in;margin-bottom:.0001pt'>On September 2, 2011, Huayue Electronics acquired all of the outstanding capital stock of China Metal Holding, Inc. (&#147;China Metal&#148;), a privately owned corporation formed in the State of Delaware, United States of America, by merging HXT Acquisition Corp., a newly formed Delaware corporation that was wholly owned by the Company, into China Metal. China Metal is a holding company whose only asset, held through a subsidiary, is 100% of the registered capital of Changzhou Huayue Electronics Company, Limited (&#147;Changzhou Huayue&#148;), a limited liability company organized under the laws of the PRC. Changzhou Huayue is engaged in developing, manufacturing and selling energy efficient lights and electrolytic capacitors. Changzhou Huayue&#146;s offices and manufacturing facilities are located in China.</p> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp;</p> <p style='margin:0in;margin-bottom:.0001pt'>The consolidated financial statements of the Company are prepared in accordance with accounting principles generally accepted in the United States of America (&#147;US GAAP&#148;). The financial statements reflect the financial position, results of operations and cash flows of the Company and its subsidiary, Changzhou Huayue Electronic Co., Ltd., as of May 31, 2013 and 2012 and for the years then ended.</p> <!--egx--><p style='margin:0in;margin-bottom:.0001pt'><b>NOTE 2 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES</b></p> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp;</p> <p style='margin:0in;margin-bottom:.0001pt'><b><i><u>Principles of consolidation</u></i></b></p> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp;</p> <p style='margin:0in;margin-bottom:.0001pt'>The consolidated financial statements include the financial statements of the Company, China Metal and Changzhou Huayue. All inter-company transactions and balances are eliminated in consolidation.</p> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp;</p> <p style='margin:0in;margin-bottom:.0001pt'><b><i><u>Use of estimates</u></i></b></p> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp;</p> <p style='margin:0in;margin-bottom:.0001pt'>The preparation of financial statements in conformity with US GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and the disclosure of contingent assets and liabilities at the date of the financial statements, as well as the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. Significant accounting estimates reflected in the Company&#146;s consolidated financial statements include: the allowance for bad debt, the valuation of inventory, and estimated useful lives and impairment of property and equipment. Actual results could differ from those estimated by management.</p> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp;</p> <p style='margin:0in;margin-bottom:.0001pt'><b><i><u>Cash and cash equivalents</u></i></b></p> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp;</p> <p style='margin:0in;margin-bottom:.0001pt;text-autospace:none'>For purposes of the statement of cash flow, the Company considers all highly liquid investments with an original maturity of three months or less to be cash equivalents. All cash balances are in bank accounts in PRC and are not insured by the Federal Deposit Insurance Corporation or other programs.</p> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp;</p> <p style='margin:0in;margin-bottom:.0001pt'><b><i><u>Restricted Cash</u></i></b></p> <p style='margin:0in;margin-bottom:.0001pt;line-height:75%'>&nbsp;</p> <p style='margin:0in;margin-bottom:.0001pt'>Restricted cash represents required cash deposits as a part of collateral for bankers acceptance notes payable and letters of credit. The Company is required to maintain 50% to 100% of the balance of the bank&#146;s acceptance notes payable to ensure future credit availability. </p> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp;</p> <p style='margin:0in;margin-bottom:.0001pt'><b><i><u>Accounts Receivable and Allowance for Doubtful Accounts</u></i></b></p> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp;</p> <p style='margin:0in;margin-bottom:.0001pt'>Accounts receivable are stated at net realizable value. An allowance for doubtful accounts is established based on the management&#146;s assessment of the recoverability of accounts and other receivables. A considerable amount of judgment is required in assessing the realization of these receivables, including the current credit worthiness of each customer and the related aging analysis. Delinquent account balances are written-off against allowance for doubtful accounts after management has determined that the likelihood of collection is not probable.</p> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp;</p> <p style='margin:0in;margin-bottom:.0001pt'><b><i><u>Inventory</u></i></b></p> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp;</p> <p style='margin:0in;margin-bottom:.0001pt'>Inventory is primarily composed of raw materials and packing materials for manufacturing, work in process, and finished goods. Inventories are valued at the lower of cost or market with cost determined on a weighted average basis. Management compares the cost of inventory with the market value and an allowance is made for writing down the inventory to its market value, if lower than cost. As of May 31, 2013 and 2012 no reserve for slow-moving or obsolete inventory is considered necessary</p> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp;</p> <p style='margin:0in;margin-bottom:.0001pt'><b><i><u>Plant, property and equipment</u></i></b></p> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp;</p> <p style='margin:0in;margin-bottom:.0001pt'>Plant, property and equipment are stated at cost. The cost of an asset comprises its purchase price and any directly attributable costs of bringing the asset to its present working condition and locations for its intended use. Depreciation is calculated using the straight-line method over the following useful lives:</p> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp;</p> <div align="center"> <table border="0" cellspacing="0" cellpadding="0"> <tr style='height:8.1pt'> <td valign="top" style='padding:0;height:8.1pt'> <p style='margin:0in;margin-bottom:.0001pt'>Buildings</p> </td> <td valign="top" style='padding:0;height:8.1pt'> <p align="right" style='margin:0in;margin-bottom:.0001pt;text-align:right'>20 years</p> </td> </tr> <tr align="left"> <td valign="top" style='padding:0'> <p style='margin:0in;margin-bottom:.0001pt'>Machinery and equipment</p> </td> <td valign="top" style='padding:0'> <p align="right" style='margin:0in;margin-bottom:.0001pt;text-align:right'>5-10 years</p> </td> </tr> <tr align="left"> <td valign="top" style='padding:0'> <p style='margin:0in;margin-bottom:.0001pt'>Transportation equipment</p> </td> <td valign="top" style='padding:0'> <p align="right" style='margin:0in;margin-bottom:.0001pt;text-align:right'>5 years</p> </td> </tr> <tr align="left"> <td style='padding:0'> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp;</p> </td> <td style='padding:0'> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp;</p> </td> </tr> </table> </div> <p style='margin:0in;margin-bottom:.0001pt'>Expenditures for maintenance and repairs are charged to expense as incurred. Additions, renewals and betterments are capitalized.</p> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp;</p> <p style='margin:0in;margin-bottom:.0001pt'><b><i><u>Revenue recognition</u></i></b></p> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp;</p> <p style='margin:0in;margin-bottom:.0001pt'>The Company&#146;s revenue is derived from the sale of products. The Company&#146;s revenue recognition policies are in compliance with Accounting Standards Codification (&#147;ASC&#148;) Topic 605, <i>Revenue Recognition</i>. Our determination to recognize revenue is based on the following:</p> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp;</p> <div align="center"> <table border="0" cellspacing="0" cellpadding="0" width="100%" style='width:100.0%'> <tr align="left"> <td width="96" colspan="2" valign="top" style='width:1.0in;padding:0'></td> <td valign="top" style='padding:0'></td> </tr> <tr align="left"> <td width="48" valign="top" style='width:.5in;padding:0'> <p style='margin:0in;margin-bottom:.0001pt'><font style='font-family:Symbol'>&#183; </font></p> </td> <td colspan="2" valign="top" style='padding:0'> <p style='margin:0in;margin-bottom:.0001pt'>Persuasive evidence that an arrangement (sales contract) exists between a willing customer and us that outlines the terms of the sale (including customer information, product specification, quantity of goods, purchase price and payment terms).</p> </td> </tr> <tr align="left"> <td width="30" style='border:none'></td> <td width="717" style='border:none'></td> <td width="1" style='border:none'></td> </tr> </table> </div> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp;</p> <table border="0" cellspacing="0" cellpadding="0" width="100%" style='width:100.0%'> <tr align="left"> <td width="24" valign="top" style='width:.25in;padding:0'> <p style='margin:0in;margin-bottom:.0001pt'><font style='font-family:Symbol'>&#183; </font></p> </td> <td width="606" valign="top" style='width:454.3pt;padding:0'> <p style='margin:0in;margin-bottom:.0001pt'>Delivery is considered to have occurred when the risks, rewards and ownership of the products are transferred from us to our customers.</p> </td> </tr> <tr align="left"> <td width="24" valign="top" style='width:.25in;padding:0'> <p style='margin:0in;margin-bottom:.0001pt'><font style='font-family:Symbol'>&#183; </font></p> </td> <td width="606" valign="top" style='width:454.3pt;padding:0'> <p style='margin:0in;margin-bottom:.0001pt'>Our price to the customer is fixed and determinable as specifically outlined in the sales contract.</p> </td> </tr> </table> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp;</p> <table border="0" cellspacing="0" cellpadding="0" width="100%" style='width:100.0%'> <tr align="left"> <td width="24" valign="top" style='width:.25in;padding:0'> <p style='margin:0in;margin-bottom:.0001pt'><font style='font-family:Symbol'>&#183; </font></p> </td> <td width="606" valign="top" style='width:454.3pt;padding:0'> <p style='margin:0in;margin-bottom:.0001pt'>For customers to whom credit terms are extended, we assess a number of factors to determine whether collection from them is probable, including past transaction history with them and their credit-worthiness. All credit extended to customers is pre-approved by management. If we determine that collection is not reasonably assured, we defer the recognition of revenue until collection becomes reasonably assured, which is generally upon receipt of payment.</p> </td> </tr> </table> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp;</p> <p style='margin:0in;margin-bottom:.0001pt'>Payments received before satisfaction of all of the relevant criteria for revenue recognition are recorded as advance from customers. </p> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp;</p> <p style='margin:0in;margin-bottom:.0001pt'>The Company currently does not offer customers a right of return. Therefore, uncertainty regarding customer acceptance does not exist and delivered elements are not subject to general or customer-specified return or refund privileges.</p> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp;</p> <p style='margin:0in;margin-bottom:.0001pt'><b><i><u>Impairment of long-lived assets</u></i></b></p> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp;</p> <p style='margin:0in;margin-bottom:.0001pt'>The Company reviews its long-lived assets for impairment whenever events or changes in circumstances indicate that the carrying amount of an asset may no longer be recoverable. An impairment loss, measured based on the fair value of the asset, is recognized if expected future undiscounted cash flows are less than the carrying amount of the assets. As of May 31, 2013 and 2012, no impairment of long-lived assets is believed to exist.</p> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp;</p> <p style='margin:0in;margin-bottom:.0001pt'><b><i><u>Income taxes</u></i></b></p> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp;</p> <p style='margin:0in;margin-bottom:.0001pt'>The Company&#146;s subsidiaries in China are subject to the income tax laws of the PRC. No taxable income was generated outside the PRC for the years ended May 31, 2013 and 2012. The Company accounts for income tax under the asset and liability method as stipulated by ASC Topic 740, , which requires recognition of deferred tax assets and liabilities for the expected future tax consequences of the events that have been included in the financial statements or tax returns. Deferred income taxes will be recognized if significant temporary differences between tax and financial statements occur. Valuation allowances are established against net deferred tax assets when it is more likely than not that some portion or all of the deferred tax asset will not be realized. As of May 31, 2013 and 2012, no valuation allowance is considered necessary.</p> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp;</p> <p style='margin:0in;margin-bottom:.0001pt;text-align:justify'>An uncertain tax position is recognized as a benefit only if it is &#147;more likely than not&#148; that the tax position would be sustained in a tax examination, with a tax examination being presumed to occur. The amount recognized is the largest amount of tax benefit that is greater than 50% likely of being realized on examination. For tax positions not meeting the &#147;more likely than not&#148; test, no tax benefit is recorded. Penalties and interest incurred related to underpayment of income tax are classified as income tax expense in the period incurred. No significant penalties or interest relating to income taxes have been incurred during the years ended May 31, 2013 and 2012. </p> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp;</p> <p style='margin:0in;margin-bottom:.0001pt'><b><i><u>Value-added tax</u></i></b></p> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp;</p> <p style='margin:0in;margin-bottom:.0001pt'>Sales revenue represents the invoiced value of goods, net of a Value-Added Tax (&#147;VAT&#148;). All of the Company&#146;s products that are sold in the PRC are subject to a Chinese value-added tax at a rate of 17% of the gross sales price. This VAT may be offset by VAT paid by the Company on raw materials and other materials included in the cost of producing their finished product.</p> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp;</p> <p style='margin:0in;margin-bottom:.0001pt'>The Company recorded $812,243 and $134,962 VAT payable in the financial statements for the years ended May 31, 2013 and 2012, respectively.</p> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp;</p> <p style='margin:0in;margin-bottom:.0001pt'><b><i><u>Fair value of financial instruments</u></i></b></p> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp;</p> <p style='margin:0in;margin-bottom:.0001pt'>ASC Topic 820, &#147;Fair Value Measurements&#148;, which defines fair value, establishes a three-level valuation hierarchy for fair value measurements.</p> <p style='margin:0in;margin-bottom:.0001pt;line-height:75%'>&nbsp;</p> <p style='margin:0in;margin-bottom:.0001pt'>The three levels are defined as follows:</p> <p style='margin:0in;margin-bottom:.0001pt;line-height:75%'>&nbsp;</p> <p style='margin:0in;margin-bottom:.0001pt'>Level 1 - inputs to the valuation methodology are quoted prices (unadjusted) for identical assets or liabilities in active markets.</p> <p style='margin:0in;margin-bottom:.0001pt'>Level 2 - inputs to the valuation methodology include quoted prices for similar assets and liabilities in active markets, quoted market prices for identical or similar assets in markets that are not active, inputs other than quoted prices that are observable, and inputs derived from or corroborated by observable market data. </p> <p style='margin:0in;margin-bottom:.0001pt'>Level 3 - inputs to the valuation methodology are unobservable.</p> <p style='margin:0in;margin-bottom:.0001pt;line-height:75%'>&nbsp;</p> <p style='margin:0in;margin-bottom:.0001pt'>Unless otherwise disclosed, the fair value of the Company&#146;s financial instruments including cash, restricted cash, accounts receivable, due from related parties, loans to third parties, advances to suppliers, accounts payable, due to related parties, customer deposits, accrued expenses, short term bank loans and bankers acceptance notes payable approximates their recorded values due to their short-term maturities. </p> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp;</p> <p style='margin:0in;margin-bottom:.0001pt'><b><i><u>Foreign currency translation</u></i></b></p> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp;</p> <p style='margin:0in;margin-bottom:.0001pt'>The functional currency of the U.S. parent company is USD. The functional currency of the Company&#146;s Chinese subsidiary is RMB and its reporting currency is U.S dollars for the purpose of these financial statements. &#160;The accounts of the Chinese subsidiary were translated into USD in accordance with Accounting Standards Codification (&#147;ASC&#148;) Topic 830 &#147;Foreign Currency Matters,&#148; According to Topic 830, all assets and liabilities were translated at the exchange rate on the balance sheet date; stockholders&#146; equity is translated at historical rates and statement of income items are translated at the weighted average exchange rate for the period. The resulting translation adjustments are reported under other comprehensive income in accordance with ASC Topic 220, &#147;Comprehensive Income.&#148; Gains and losses resulting from the translations of foreign currency transactions and balances are reflected in the statements of income.</p> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp;</p> <p style='margin:0in;margin-bottom:.0001pt'>Translation adjustments resulting from this process amounted to $209,066 and $21,835 as of May 31, 2013 and 2012, respectively.</p> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp;</p> <p style='margin:0in;margin-bottom:.0001pt'>The following exchange rates were adopted to translate the amounts from RMB into United States dollars (&#147;USD$&#148;) for the respective years:</p> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp;</p> <div align="center"> <table border="0" cellspacing="0" cellpadding="0"> <tr align="left"> <td valign="bottom" style='padding:0in 0in 1.5pt 0in'> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp;</p> </td> <td valign="bottom" style='padding:0in 0in 1.5pt 0in'> <p style='margin:0in;margin-bottom:.0001pt'><b>&nbsp;</b></p> </td> <td colspan="2" valign="bottom" style='border:none;border-bottom:solid black 1.5pt;padding:0in 0in 1.5pt 0in'> <p align="center" style='margin:0in;margin-bottom:.0001pt;text-align:center'><b>May 31,</b></p> </td> <td valign="bottom" style='padding:0in 0in 1.5pt 0in'> <p style='margin:0in;margin-bottom:.0001pt'><b>&nbsp;</b></p> </td> <td valign="bottom" style='padding:0in 0in 1.5pt 0in'> <p style='margin:0in;margin-bottom:.0001pt'><b>&nbsp;</b></p> </td> <td colspan="2" valign="bottom" style='border:none;border-bottom:solid black 1.5pt;padding:0'> <p align="center" style='margin:0in;margin-bottom:.0001pt;text-align:center'><b>May 31,</b></p> </td> <td valign="bottom" style='padding:0in 0in 1.5pt 0in'> <p style='margin:0in;margin-bottom:.0001pt'><b>&nbsp;</b></p> </td> </tr> <tr align="left"> <td valign="bottom" style='padding:0in 0in 1.5pt 0in'> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp;</p> </td> <td valign="bottom" style='padding:0in 0in 1.5pt 0in'> <p style='margin:0in;margin-bottom:.0001pt'><b>&nbsp;</b></p> </td> <td colspan="2" valign="bottom" style='border:none;border-bottom:solid black 1.5pt;padding:0in 0in 1.5pt 0in'> <p align="center" style='margin:0in;margin-bottom:.0001pt;text-align:center'><b>2013</b></p> </td> <td valign="bottom" style='padding:0in 0in 1.5pt 0in'> <p style='margin:0in;margin-bottom:.0001pt'><b>&nbsp;</b></p> </td> <td valign="bottom" style='padding:0in 0in 1.5pt 0in'> <p style='margin:0in;margin-bottom:.0001pt'><b>&nbsp;</b></p> </td> <td colspan="2" valign="bottom" style='border:none;border-bottom:solid black 1.5pt;padding:0'> <p align="center" style='margin:0in;margin-bottom:.0001pt;text-align:center'><b>2012</b></p> </td> <td valign="bottom" style='padding:0in 0in 1.5pt 0in'> <p style='margin:0in;margin-bottom:.0001pt'><b>&nbsp;</b></p> </td> </tr> <tr align="left"> <td valign="bottom" style='background:#CCEEFF;padding:0'> <p style='margin:0in;margin-bottom:.0001pt'><b>Year End RMB Exchange Rate (RMB/USD$)</b></p> </td> <td valign="bottom" style='background:#CCEEFF;padding:0'> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp;</p> </td> <td valign="bottom" style='background:#CCEEFF;padding:0'> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp;</p> </td> <td valign="bottom" style='background:#CCEEFF;padding:0'> <p align="right" style='margin:0in;margin-bottom:.0001pt;text-align:right'>6.1865</p> </td> <td valign="bottom" style='background:#CCEEFF;padding:0'> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp;</p> </td> <td valign="bottom" style='background:#CCEEFF;padding:0'> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp;</p> </td> <td valign="bottom" style='background:#CCEEFF;padding:0'> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp;</p> </td> <td valign="bottom" style='background:#CCEEFF;padding:0'> <p align="right" style='margin:0in;margin-bottom:.0001pt;text-align:right'>6.3355</p> </td> <td valign="bottom" style='background:#CCEEFF;padding:0'> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp;</p> </td> </tr> <tr align="left"> <td valign="bottom" style='background:white;padding:0'> <p style='margin:0in;margin-bottom:.0001pt'><b>Average Yearly RMB Exchange Rate (RMB/USD$)</b></p> </td> <td valign="bottom" style='background:white;padding:0'> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp;</p> </td> <td valign="bottom" style='background:white;padding:0'> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp;</p> </td> <td valign="bottom" style='background:white;padding:0'> <p align="right" style='margin:0in;margin-bottom:.0001pt;text-align:right'>6.2940</p> </td> <td valign="bottom" style='background:white;padding:0'> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp;</p> </td> <td valign="bottom" style='background:white;padding:0'> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp;</p> </td> <td valign="bottom" style='background:white;padding:0'> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp;</p> </td> <td valign="bottom" style='background:white;padding:0'> <p align="right" style='margin:0in;margin-bottom:.0001pt;text-align:right'>6.3589</p> </td> <td valign="bottom" style='background:white;padding:0'> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp;</p> </td> </tr> </table> </div> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp;</p> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp;</p> <p style='margin:0in;margin-bottom:.0001pt'><b><i><u>Concentrations of credit risk</u></i></b></p> <p style='margin:0in;margin-bottom:.0001pt;line-height:75%'>&nbsp;</p> <p style='margin:0in;margin-bottom:.0001pt'>Financial instruments which potentially subject the Company to concentrations of credit risk consist principally of cash and trade accounts receivable. All of the Company&#146;s cash is maintained with banks within the People&#146;s Republic of China in which no deposits are covered by insurance. The Company has not experienced any losses in such accounts. A significant portion of the Company's sales are credit sales which are primarily to customers whose ability to pay is dependent upon the industry economics prevailing in these areas. The Company also performs ongoing credit evaluations of its customers to help reduce credit risk.</p> <!--egx--><p style='margin:0in;margin-bottom:.0001pt'><b>NOTE 3 &#150;&nbsp;ACCOUNTS RECEIVABLE, NET</b></p> <p style='margin:0in;margin-bottom:.0001pt'><b>&nbsp;</b></p> <p style='margin:0in;margin-bottom:.0001pt'>The Company provides an allowance for doubtful accounts related to its receivables. The receivables and allowance balances at May 31, 2013 and 2012 are as follows:</p> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp;</p> <div align="center"> <table border="0" cellspacing="0" cellpadding="0" width="80%" style='width:80.0%'> <tr align="left"> <td width="56%" valign="bottom" style='width:56.0%;padding:0in 0in 1.5pt 0in'> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp; </p> </td> <td width="1%" valign="bottom" style='width:1.0%;padding:0in 0in 1.5pt 0in'> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp; </p> </td> <td width="22%" colspan="6" valign="bottom" style='width:22.0%;border:none;border-bottom:solid black 1.5pt;padding:0'> <p align="center" style='margin:0in;margin-bottom:.0001pt;text-align:center'>The Years Ended May 31,</p> </td> <td width="1%" valign="bottom" style='width:1.0%;padding:0in 0in 1.5pt 0in'> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp; </p> </td> </tr> <tr align="left"> <td width="56%" valign="bottom" style='width:56.0%;padding:0in 0in 1.5pt 0in'> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp; </p> </td> <td width="1%" valign="bottom" style='width:1.0%;padding:0in 0in 1.5pt 0in'> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp; </p> </td> <td width="10%" colspan="2" valign="bottom" style='width:10.0%;border:none;border-bottom:solid black 1.5pt;padding:0'> <p align="center" style='margin:0in;margin-bottom:.0001pt;text-align:center'>2013</p> </td> <td width="1%" valign="bottom" style='width:1.0%;padding:0in 0in 1.5pt 0in'> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp; </p> </td> <td width="1%" valign="bottom" style='width:1.0%;padding:0in 0in 1.5pt 0in'> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp; </p> </td> <td width="10%" colspan="2" valign="bottom" style='width:10.0%;border:none;border-bottom:solid black 1.5pt;padding:0'> <p align="center" style='margin:0in;margin-bottom:.0001pt;text-align:center'>2012</p> </td> <td width="1%" valign="bottom" style='width:1.0%;padding:0in 0in 1.5pt 0in'> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp; </p> </td> </tr> <tr align="left"> <td width="56%" valign="bottom" style='width:56.0%;padding:0'> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp; </p> </td> <td width="1%" valign="bottom" style='width:1.0%;padding:0'> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp; </p> </td> <td width="10%" colspan="2" valign="bottom" style='width:10.0%;padding:0'> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp;</p> </td> <td width="1%" valign="bottom" style='width:1.0%;padding:0'> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp; </p> </td> <td width="1%" valign="bottom" style='width:1.0%;padding:0'> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp; </p> </td> <td width="10%" colspan="2" valign="bottom" style='width:10.0%;padding:0'> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp;</p> </td> <td width="1%" valign="bottom" style='width:1.0%;padding:0'> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp; </p> </td> </tr> <tr align="left"> <td width="56%" valign="bottom" style='width:56.0%;background:#CCEEFF;padding:0'> <p style='margin:0in;margin-bottom:.0001pt'>Accounts Receivable</p> </td> <td width="1%" valign="bottom" style='width:1.0%;background:#CCEEFF;padding:0'> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp; </p> </td> <td width="1%" valign="bottom" style='width:1.0%;background:#CCEEFF;padding:0'> <p style='margin:0in;margin-bottom:.0001pt'>$</p> </td> <td width="9%" valign="bottom" style='width:9.0%;background:#CCEEFF;padding:0'> <p align="right" style='margin:0in;margin-bottom:.0001pt;text-align:right'>8,667,673</p> </td> <td width="1%" valign="bottom" style='width:1.0%;background:#CCEEFF;padding:0'> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp; </p> </td> <td width="1%" valign="bottom" style='width:1.0%;background:#CCEEFF;padding:0'> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp; </p> </td> <td width="1%" valign="bottom" style='width:1.0%;background:#CCEEFF;padding:0'> <p style='margin:0in;margin-bottom:.0001pt'>$</p> </td> <td width="9%" valign="bottom" style='width:9.0%;background:#CCEEFF;padding:0'> <p align="right" style='margin:0in;margin-bottom:.0001pt;text-align:right'>3,951,883</p> </td> <td width="1%" valign="bottom" style='width:1.0%;background:#CCEEFF;padding:0'> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp; </p> </td> </tr> <tr align="left"> <td width="56%" valign="bottom" style='width:56.0%;background:white;padding:0in 0in 1.5pt 0in'> <p style='margin:0in;margin-bottom:.0001pt'>Less: Allowance for Doubtful Accounts</p> </td> <td width="1%" valign="bottom" style='width:1.0%;background:white;padding:0in 0in 1.5pt 0in'> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp; </p> </td> <td width="1%" valign="bottom" style='width:1.0%;border:none;border-bottom:solid black 1.5pt;background:white;padding:0'> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp; </p> </td> <td width="9%" valign="bottom" style='width:9.0%;border:none;border-bottom:solid black 1.5pt;background:white;padding:0'> <p align="right" style='margin:0in;margin-bottom:.0001pt;text-align:right'>(268,201)</p> </td> <td width="1%" valign="bottom" style='width:1.0%;background:white;padding:0in 0in 1.5pt 0in'> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp; </p> </td> <td width="1%" valign="bottom" style='width:1.0%;background:white;padding:0in 0in 1.5pt 0in'> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp; </p> </td> <td width="1%" valign="bottom" style='width:1.0%;border:none;border-bottom:solid black 1.5pt;background:white;padding:0'> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp; </p> </td> <td width="9%" valign="bottom" style='width:9.0%;border:none;border-bottom:solid black 1.5pt;background:white;padding:0'> <p align="right" style='margin:0in;margin-bottom:.0001pt;text-align:right'>(261,893)</p> </td> <td width="1%" valign="bottom" style='width:1.0%;background:white;padding:0in 0in 1.5pt 0in'> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp; </p> </td> </tr> <tr align="left"> <td width="56%" valign="bottom" style='width:56.0%;background:#CCEEFF;padding:0in 0in 3.0pt 0in'> <p style='margin:0in;margin-bottom:.0001pt'>Accounts Receivable, Net</p> </td> <td width="1%" valign="bottom" style='width:1.0%;background:#CCEEFF;padding:0in 0in 3.0pt 0in'> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp; </p> </td> <td width="1%" valign="bottom" style='width:1.0%;border:none;border-bottom:double black 2.25pt;background:#CCEEFF;padding:0'> <p style='margin:0in;margin-bottom:.0001pt'>$</p> </td> <td width="9%" valign="bottom" style='width:9.0%;border:none;border-bottom:double black 2.25pt;background:#CCEEFF;padding:0'> <p align="right" style='margin:0in;margin-bottom:.0001pt;text-align:right'>8,399,472</p> </td> <td width="1%" valign="bottom" style='width:1.0%;background:#CCEEFF;padding:0in 0in 3.0pt 0in'> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp; </p> </td> <td width="1%" valign="bottom" style='width:1.0%;background:#CCEEFF;padding:0in 0in 3.0pt 0in'> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp; </p> </td> <td width="1%" valign="bottom" style='width:1.0%;border:none;border-bottom:double black 2.25pt;background:#CCEEFF;padding:0'> <p style='margin:0in;margin-bottom:.0001pt'>$</p> </td> <td width="9%" valign="bottom" style='width:9.0%;border:none;border-bottom:double black 2.25pt;background:#CCEEFF;padding:0'> <p align="right" style='margin:0in;margin-bottom:.0001pt;text-align:right'>3,689,990</p> </td> <td width="1%" valign="bottom" style='width:1.0%;background:#CCEEFF;padding:0in 0in 3.0pt 0in'> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp; </p> </td> </tr> </table> </div> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp;</p> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp;</p> <!--egx--><p style='margin:0in;margin-bottom:.0001pt'><b>NOTE 4 &#150;&nbsp;INVENTORY</b></p> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp;</p> <p style='margin:0in;margin-bottom:.0001pt'>Inventory consists of finished goods, work-in-process, and raw materials. No allowance for inventory was made for the years ended May 31, 2013 and 2012.</p> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp;</p> <p style='margin:0in;margin-bottom:.0001pt'>The components of inventory as of May 31, 2013 and 2012 were as follows:</p> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp;</p> <div align="center"> <table border="0" cellspacing="0" cellpadding="0" width="80%" style='width:80.0%'> <tr align="left"> <td width="56%" valign="bottom" style='width:56.0%;padding:0in 0in 1.5pt 0in'> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp; </p> </td> <td width="1%" valign="bottom" style='width:1.0%;padding:0in 0in 1.5pt 0in'> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp; </p> </td> <td width="22%" colspan="6" valign="bottom" style='width:22.0%;border:none;border-bottom:solid black 1.5pt;padding:0'> <p align="center" style='margin:0in;margin-bottom:.0001pt;text-align:center'>Years&nbsp;Ended&nbsp;May&nbsp;31,</p> </td> <td width="1%" valign="bottom" style='width:1.0%;padding:0in 0in 1.5pt 0in'> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp; </p> </td> </tr> <tr align="left"> <td width="56%" valign="bottom" style='width:56.0%;padding:0in 0in 1.5pt 0in'> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp; </p> </td> <td width="1%" valign="bottom" style='width:1.0%;padding:0in 0in 1.5pt 0in'> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp; </p> </td> <td width="10%" colspan="2" valign="bottom" style='width:10.0%;border:none;border-bottom:solid black 1.5pt;padding:0'> <p align="center" style='margin:0in;margin-bottom:.0001pt;text-align:center'>2013</p> </td> <td width="1%" valign="bottom" style='width:1.0%;padding:0in 0in 1.5pt 0in'> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp; </p> </td> <td width="1%" valign="bottom" style='width:1.0%;padding:0in 0in 1.5pt 0in'> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp; </p> </td> <td width="10%" colspan="2" valign="bottom" style='width:10.0%;border:none;border-bottom:solid black 1.5pt;padding:0'> <p align="center" style='margin:0in;margin-bottom:.0001pt;text-align:center'>2012</p> </td> <td width="1%" valign="bottom" style='width:1.0%;padding:0in 0in 1.5pt 0in'> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp; </p> </td> </tr> <tr align="left"> <td width="56%" valign="bottom" style='width:56.0%;background:#CCEEFF;padding:0'> <p style='margin:0in;margin-bottom:.0001pt'>Raw materials</p> </td> <td width="1%" valign="bottom" style='width:1.0%;background:#CCEEFF;padding:0'> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp; </p> </td> <td width="1%" valign="bottom" style='width:1.0%;background:#CCEEFF;padding:0'> <p style='margin:0in;margin-bottom:.0001pt'>$</p> </td> <td width="9%" valign="bottom" style='width:9.0%;background:#CCEEFF;padding:0'> <p align="right" style='margin:0in;margin-bottom:.0001pt;text-align:right'>341,240</p> </td> <td width="1%" valign="bottom" style='width:1.0%;background:#CCEEFF;padding:0'> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp; </p> </td> <td width="1%" valign="bottom" style='width:1.0%;background:#CCEEFF;padding:0'> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp; </p> </td> <td width="1%" valign="bottom" style='width:1.0%;background:#CCEEFF;padding:0'> <p style='margin:0in;margin-bottom:.0001pt'>$</p> </td> <td width="9%" valign="bottom" style='width:9.0%;background:#CCEEFF;padding:0'> <p align="right" style='margin:0in;margin-bottom:.0001pt;text-align:right'>410,729</p> </td> <td width="1%" valign="bottom" style='width:1.0%;background:#CCEEFF;padding:0'> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp; </p> </td> </tr> <tr align="left"> <td width="56%" valign="bottom" style='width:56.0%;background:white;padding:0'> <p style='margin:0in;margin-bottom:.0001pt'>Packaging</p> </td> <td width="1%" valign="bottom" style='width:1.0%;background:white;padding:0'> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp; </p> </td> <td width="1%" valign="bottom" style='width:1.0%;background:white;padding:0'> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp; </p> </td> <td width="9%" valign="bottom" style='width:9.0%;background:white;padding:0'> <p align="right" style='margin:0in;margin-bottom:.0001pt;text-align:right'>61,339</p> </td> <td width="1%" valign="bottom" style='width:1.0%;background:white;padding:0'> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp; </p> </td> <td width="1%" valign="bottom" style='width:1.0%;background:white;padding:0'> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp; </p> </td> <td width="1%" valign="bottom" style='width:1.0%;background:white;padding:0'> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp; </p> </td> <td width="9%" valign="bottom" style='width:9.0%;background:white;padding:0'> <p align="right" style='margin:0in;margin-bottom:.0001pt;text-align:right'>59,896</p> </td> <td width="1%" valign="bottom" style='width:1.0%;background:white;padding:0'> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp; </p> </td> </tr> <tr align="left"> <td width="56%" valign="bottom" style='width:56.0%;background:#CCEEFF;padding:0'> <p style='margin:0in;margin-bottom:.0001pt'>Work-in-progress</p> </td> <td width="1%" valign="bottom" style='width:1.0%;background:#CCEEFF;padding:0'> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp; </p> </td> <td width="1%" valign="bottom" style='width:1.0%;background:#CCEEFF;padding:0'> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp; </p> </td> <td width="9%" valign="bottom" style='width:9.0%;background:#CCEEFF;padding:0'> <p align="right" style='margin:0in;margin-bottom:.0001pt;text-align:right'>224,783</p> </td> <td width="1%" valign="bottom" style='width:1.0%;background:#CCEEFF;padding:0'> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp; </p> </td> <td width="1%" valign="bottom" style='width:1.0%;background:#CCEEFF;padding:0'> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp; </p> </td> <td width="1%" valign="bottom" style='width:1.0%;background:#CCEEFF;padding:0'> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp; </p> </td> <td width="9%" valign="bottom" style='width:9.0%;background:#CCEEFF;padding:0'> <p align="right" style='margin:0in;margin-bottom:.0001pt;text-align:right'>720,300</p> </td> <td width="1%" valign="bottom" style='width:1.0%;background:#CCEEFF;padding:0'> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp; </p> </td> </tr> <tr align="left"> <td width="56%" valign="bottom" style='width:56.0%;background:white;padding:0in 0in 1.5pt 0in'> <p style='margin:0in;margin-bottom:.0001pt'>Finished goods</p> </td> <td width="1%" valign="bottom" style='width:1.0%;background:white;padding:0in 0in 1.5pt 0in'> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp; </p> </td> <td width="1%" valign="bottom" style='width:1.0%;border:none;border-bottom:solid black 1.5pt;background:white;padding:0'> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp; </p> </td> <td width="9%" valign="bottom" style='width:9.0%;border:none;border-bottom:solid black 1.5pt;background:white;padding:0'> <p align="right" style='margin:0in;margin-bottom:.0001pt;text-align:right'>312,966</p> </td> <td width="1%" valign="bottom" style='width:1.0%;background:white;padding:0in 0in 1.5pt 0in'> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp; </p> </td> <td width="1%" valign="bottom" style='width:1.0%;background:white;padding:0in 0in 1.5pt 0in'> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp; </p> </td> <td width="1%" valign="bottom" style='width:1.0%;border:none;border-bottom:solid black 1.5pt;background:white;padding:0'> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp; </p> </td> <td width="9%" valign="bottom" style='width:9.0%;border:none;border-bottom:solid black 1.5pt;background:white;padding:0'> <p align="right" style='margin:0in;margin-bottom:.0001pt;text-align:right'>794,466</p> </td> <td width="1%" valign="bottom" style='width:1.0%;background:white;padding:0in 0in 1.5pt 0in'> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp; </p> </td> </tr> <tr align="left"> <td width="56%" valign="bottom" style='width:56.0%;background:#CCEEFF;padding:0in 0in 3.0pt 0in'> <p style='margin:0in;margin-bottom:.0001pt'><b>Total Inventories</b></p> </td> <td width="1%" valign="bottom" style='width:1.0%;background:#CCEEFF;padding:0in 0in 3.0pt 0in'> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp; </p> </td> <td width="1%" valign="bottom" style='width:1.0%;border:none;border-bottom:double black 2.25pt;background:#CCEEFF;padding:0'> <p style='margin:0in;margin-bottom:.0001pt'><b>$</b></p> </td> <td width="9%" valign="bottom" style='width:9.0%;border:none;border-bottom:double black 2.25pt;background:#CCEEFF;padding:0'> <p align="right" style='margin:0in;margin-bottom:.0001pt;text-align:right'><b>940,328</b></p> </td> <td width="1%" valign="bottom" style='width:1.0%;background:#CCEEFF;padding:0in 0in 3.0pt 0in'> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp; </p> </td> <td width="1%" valign="bottom" style='width:1.0%;background:#CCEEFF;padding:0in 0in 3.0pt 0in'> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp; </p> </td> <td width="1%" valign="bottom" style='width:1.0%;border:none;border-bottom:double black 2.25pt;background:#CCEEFF;padding:0'> <p style='margin:0in;margin-bottom:.0001pt'><b>$</b></p> </td> <td width="9%" valign="bottom" style='width:9.0%;border:none;border-bottom:double black 2.25pt;background:#CCEEFF;padding:0'> <p align="right" style='margin:0in;margin-bottom:.0001pt;text-align:right'><b>1,985,391</b></p> </td> <td width="1%" valign="bottom" style='width:1.0%;background:#CCEEFF;padding:0in 0in 3.0pt 0in'> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp; </p> </td> </tr> </table> </div> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp;</p> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp;</p> <!--egx--><p style='margin:0in;margin-bottom:.0001pt'><b>NOTE 5 &#150;&nbsp;PLANT, PROPERTY AND EQUIPMENT, NET</b></p> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp;</p> <p style='margin:0in;margin-bottom:.0001pt'>The components of property and equipment as of May 31, 2013 and 2012 were as follows:</p> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp;</p> <div align="center"> <table border="0" cellspacing="0" cellpadding="0" width="80%" style='width:80.0%'> <tr align="left"> <td width="56%" valign="bottom" style='width:56.0%;padding:0in 0in 1.5pt 0in'> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp; </p> </td> <td width="1%" valign="bottom" style='width:1.0%;padding:0in 0in 1.5pt 0in'> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp; </p> </td> <td width="22%" colspan="6" valign="bottom" style='width:22.0%;border:none;border-bottom:solid black 1.5pt;padding:0'> <p align="center" style='margin:0in;margin-bottom:.0001pt;text-align:center'>Years Ended May 31,</p> </td> <td width="1%" valign="bottom" style='width:1.0%;padding:0in 0in 1.5pt 0in'> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp; </p> </td> </tr> <tr align="left"> <td width="56%" valign="bottom" style='width:56.0%;padding:0in 0in 1.5pt 0in'> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp; </p> </td> <td width="1%" valign="bottom" style='width:1.0%;padding:0in 0in 1.5pt 0in'> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp; </p> </td> <td width="10%" colspan="2" valign="bottom" style='width:10.0%;border:none;border-bottom:solid black 1.5pt;padding:0'> <p align="center" style='margin:0in;margin-bottom:.0001pt;text-align:center'>2013</p> </td> <td width="1%" valign="bottom" style='width:1.0%;padding:0in 0in 1.5pt 0in'> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp; </p> </td> <td width="1%" valign="bottom" style='width:1.0%;padding:0in 0in 1.5pt 0in'> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp; </p> </td> <td width="10%" colspan="2" valign="bottom" style='width:10.0%;border:none;border-bottom:solid black 1.5pt;padding:0'> <p align="center" style='margin:0in;margin-bottom:.0001pt;text-align:center'>2012</p> </td> <td width="1%" valign="bottom" style='width:1.0%;padding:0in 0in 1.5pt 0in'> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp; </p> </td> </tr> <tr align="left"> <td width="56%" valign="bottom" style='width:56.0%;background:#CCEEFF;padding:0'> <p style='margin:0in;margin-bottom:.0001pt'>Machinery Equipment</p> </td> <td width="1%" valign="bottom" style='width:1.0%;background:#CCEEFF;padding:0'> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp; </p> </td> <td width="1%" valign="bottom" style='width:1.0%;background:#CCEEFF;padding:0'> <p style='margin:0in;margin-bottom:.0001pt'>$</p> </td> <td width="9%" valign="bottom" style='width:9.0%;background:#CCEEFF;padding:0'> <p align="right" style='margin:0in;margin-bottom:.0001pt;text-align:right'>2,881,586</p> </td> <td width="1%" valign="bottom" style='width:1.0%;background:#CCEEFF;padding:0'> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp; </p> </td> <td width="1%" valign="bottom" style='width:1.0%;background:#CCEEFF;padding:0'> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp; </p> </td> <td width="1%" valign="bottom" style='width:1.0%;background:#CCEEFF;padding:0'> <p style='margin:0in;margin-bottom:.0001pt'>$</p> </td> <td width="9%" valign="bottom" style='width:9.0%;background:#CCEEFF;padding:0'> <p align="right" style='margin:0in;margin-bottom:.0001pt;text-align:right'>1,106,702</p> </td> <td width="1%" valign="bottom" style='width:1.0%;background:#CCEEFF;padding:0'> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp; </p> </td> </tr> <tr align="left"> <td width="56%" valign="bottom" style='width:56.0%;background:white;padding:0'> <p style='margin:0in;margin-bottom:.0001pt'>Building</p> </td> <td width="1%" valign="bottom" style='width:1.0%;background:white;padding:0'> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp; </p> </td> <td width="1%" valign="bottom" style='width:1.0%;background:white;padding:0'> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp; </p> </td> <td width="9%" valign="bottom" style='width:9.0%;background:white;padding:0'> <p align="right" style='margin:0in;margin-bottom:.0001pt;text-align:right'>5,463,509</p> </td> <td width="1%" valign="bottom" style='width:1.0%;background:white;padding:0'> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp; </p> </td> <td width="1%" valign="bottom" style='width:1.0%;background:white;padding:0'> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp; </p> </td> <td width="1%" valign="bottom" style='width:1.0%;background:white;padding:0'> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp; </p> </td> <td width="9%" valign="bottom" style='width:9.0%;background:white;padding:0'> <p align="right" style='margin:0in;margin-bottom:.0001pt;text-align:right'>-</p> </td> <td width="1%" valign="bottom" style='width:1.0%;background:white;padding:0'> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp; </p> </td> </tr> <tr align="left"> <td width="56%" valign="bottom" style='width:56.0%;background:#CCEEFF;padding:0'> <p style='margin:0in;margin-bottom:.0001pt'>Electronic Equipment</p> </td> <td width="1%" valign="bottom" style='width:1.0%;background:#CCEEFF;padding:0'> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp; </p> </td> <td width="1%" valign="bottom" style='width:1.0%;background:#CCEEFF;padding:0'> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp; </p> </td> <td width="9%" valign="bottom" style='width:9.0%;background:#CCEEFF;padding:0'> <p align="right" style='margin:0in;margin-bottom:.0001pt;text-align:right'>649,150</p> </td> <td width="1%" valign="bottom" style='width:1.0%;background:#CCEEFF;padding:0'> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp; </p> </td> <td width="1%" valign="bottom" style='width:1.0%;background:#CCEEFF;padding:0'> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp; </p> </td> <td width="1%" valign="bottom" style='width:1.0%;background:#CCEEFF;padding:0'> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp; </p> </td> <td width="9%" valign="bottom" style='width:9.0%;background:#CCEEFF;padding:0'> <p align="right" style='margin:0in;margin-bottom:.0001pt;text-align:right'>182,934</p> </td> <td width="1%" valign="bottom" style='width:1.0%;background:#CCEEFF;padding:0'> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp; </p> </td> </tr> <tr align="left"> <td width="56%" valign="bottom" style='width:56.0%;background:white;padding:0in 0in 1.5pt 0in'> <p style='margin:0in;margin-bottom:.0001pt'>Transportation Equipment</p> </td> <td width="1%" valign="bottom" style='width:1.0%;background:white;padding:0in 0in 1.5pt 0in'> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp; </p> </td> <td width="1%" valign="bottom" style='width:1.0%;border:none;border-bottom:solid black 1.5pt;background:white;padding:0'> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp; </p> </td> <td width="9%" valign="bottom" style='width:9.0%;border:none;border-bottom:solid black 1.5pt;background:white;padding:0'> <p align="right" style='margin:0in;margin-bottom:.0001pt;text-align:right'>291,162</p> </td> <td width="1%" valign="bottom" style='width:1.0%;background:white;padding:0in 0in 1.5pt 0in'> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp; </p> </td> <td width="1%" valign="bottom" style='width:1.0%;background:white;padding:0in 0in 1.5pt 0in'> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp; </p> </td> <td width="1%" valign="bottom" style='width:1.0%;border:none;border-bottom:solid black 1.5pt;background:white;padding:0'> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp; </p> </td> <td width="9%" valign="bottom" style='width:9.0%;border:none;border-bottom:solid black 1.5pt;background:white;padding:0'> <p align="right" style='margin:0in;margin-bottom:.0001pt;text-align:right'>283,872</p> </td> <td width="1%" valign="bottom" style='width:1.0%;background:white;padding:0in 0in 1.5pt 0in'> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp; </p> </td> </tr> <tr align="left"> <td width="56%" valign="bottom" style='width:56.0%;background:#CCEEFF;padding:0'> <p style='margin:0in;margin-bottom:.0001pt'>Subtotal</p> </td> <td width="1%" valign="bottom" style='width:1.0%;background:#CCEEFF;padding:0'> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp; </p> </td> <td width="1%" valign="bottom" style='width:1.0%;background:#CCEEFF;padding:0'> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp; </p> </td> <td width="9%" valign="bottom" style='width:9.0%;background:#CCEEFF;padding:0'> <p align="right" style='margin:0in;margin-bottom:.0001pt;text-align:right'>9,285,407</p> </td> <td width="1%" valign="bottom" style='width:1.0%;background:#CCEEFF;padding:0'> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp; </p> </td> <td width="1%" valign="bottom" style='width:1.0%;background:#CCEEFF;padding:0'> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp; </p> </td> <td width="1%" valign="bottom" style='width:1.0%;background:#CCEEFF;padding:0'> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp; </p> </td> <td width="9%" valign="bottom" style='width:9.0%;background:#CCEEFF;padding:0'> <p align="right" style='margin:0in;margin-bottom:.0001pt;text-align:right'>1,573,508</p> </td> <td width="1%" valign="bottom" style='width:1.0%;background:#CCEEFF;padding:0'> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp; </p> </td> </tr> <tr align="left"> <td width="56%" valign="bottom" style='width:56.0%;background:white;padding:0in 0in 1.5pt 0in'> <p style='margin:0in;margin-bottom:.0001pt'>Less: Accumulated Depreciation</p> </td> <td width="1%" valign="bottom" style='width:1.0%;background:white;padding:0in 0in 1.5pt 0in'> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp; </p> </td> <td width="1%" valign="bottom" style='width:1.0%;border:none;border-bottom:solid black 1.5pt;background:white;padding:0'> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp; </p> </td> <td width="9%" valign="bottom" style='width:9.0%;border:none;border-bottom:solid black 1.5pt;background:white;padding:0'> <p align="right" style='margin:0in;margin-bottom:.0001pt;text-align:right'>(1,283,774)</p> </td> <td width="1%" valign="bottom" style='width:1.0%;background:white;padding:0in 0in 1.5pt 0in'> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp; </p> </td> <td width="1%" valign="bottom" style='width:1.0%;background:white;padding:0in 0in 1.5pt 0in'> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp; </p> </td> <td width="1%" valign="bottom" style='width:1.0%;border:none;border-bottom:solid black 1.5pt;background:white;padding:0'> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp; </p> </td> <td width="9%" valign="bottom" style='width:9.0%;border:none;border-bottom:solid black 1.5pt;background:white;padding:0'> <p align="right" style='margin:0in;margin-bottom:.0001pt;text-align:right'>(1,024,186)</p> </td> <td width="1%" valign="bottom" style='width:1.0%;background:white;padding:0in 0in 1.5pt 0in'> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp; </p> </td> </tr> <tr align="left"> <td width="56%" valign="bottom" style='width:56.0%;background:#CCEEFF;padding:0in 0in 3.0pt 0in'> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp;&nbsp;&nbsp;&nbsp;<b>Total plant, property and equipment, net</b></p> </td> <td width="1%" valign="bottom" style='width:1.0%;background:#CCEEFF;padding:0in 0in 3.0pt 0in'> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp; </p> </td> <td width="1%" valign="bottom" style='width:1.0%;border:none;border-bottom:double black 2.25pt;background:#CCEEFF;padding:0'> <p style='margin:0in;margin-bottom:.0001pt'><b>$</b></p> </td> <td width="9%" valign="bottom" style='width:9.0%;border:none;border-bottom:double black 2.25pt;background:#CCEEFF;padding:0'> <p align="right" style='margin:0in;margin-bottom:.0001pt;text-align:right'><b>8,001,633</b></p> </td> <td width="1%" valign="bottom" style='width:1.0%;background:#CCEEFF;padding:0in 0in 3.0pt 0in'> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp; </p> </td> <td width="1%" valign="bottom" style='width:1.0%;background:#CCEEFF;padding:0in 0in 3.0pt 0in'> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp; </p> </td> <td width="1%" valign="bottom" style='width:1.0%;border:none;border-bottom:double black 2.25pt;background:#CCEEFF;padding:0'> <p style='margin:0in;margin-bottom:.0001pt'><b>$</b></p> </td> <td width="9%" valign="bottom" style='width:9.0%;border:none;border-bottom:double black 2.25pt;background:#CCEEFF;padding:0'> <p align="right" style='margin:0in;margin-bottom:.0001pt;text-align:right'><b>549,322</b></p> </td> <td width="1%" valign="bottom" style='width:1.0%;background:#CCEEFF;padding:0in 0in 3.0pt 0in'> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp; </p> </td> </tr> </table> </div> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp;</p> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp;</p> <p style='margin:0in;margin-bottom:.0001pt'>The depreciation expense for the year ended May 31, 2013 and 2012 was $230,908 and $98,921, respectively.</p> <!--egx--><p style='margin:0in;margin-bottom:.0001pt'><b>NOTE 6 - RELATED PARTY TRANSACTIONS AND BALANCES</b></p> <p style='margin:0in;margin-bottom:.0001pt'><b>&nbsp;</b></p> <p style='margin:0in;margin-bottom:.0001pt'>An individual or entity is considered to be a related party if the person or the entity has the ability, directly or indirectly, to control the other party or exercise significant influence over the other party in making financial and operational decisions. An individual or entity is also considered to be related if the person or the entity is subject to common control or common significant influence.</p> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp;</p> <p style='margin:0in;margin-bottom:.0001pt;margin-bottom:6.0pt'>The related parties of the company are as follows:&nbsp;</p> <table border="0" cellspacing="0" cellpadding="0" width="104%"> <tr align="left"> <td width="39%" valign="top" style='width:39.8%;border:none;border-bottom:solid black 1.5pt;padding:0'> <p style='margin:0in;margin-bottom:.0001pt'><b>Name of entity or individual</b></p> </td> <td width="2%" valign="top" style='width:2.68%;padding:0in 0in 1.5pt 0in'></td> <td width="57%" valign="top" style='width:57.52%;border:none;border-bottom:solid black 1.5pt;padding:0'> <p style='margin:0in;margin-bottom:.0001pt'><b>Relationship with the Company</b></p> </td> </tr> <tr align="left"> <td width="39%" valign="top" style='width:39.8%;background:#CCEEFF;padding:0'> <p style='margin:0in;margin-bottom:.0001pt'>Changzhou Hengchuan Plastics Co, Ltd</p> </td> <td width="2%" valign="top" style='width:2.68%;background:#CCEEFF;padding:0'></td> <td width="57%" valign="top" style='width:57.52%;background:#CCEEFF;padding:0'> <p style='margin:0in;margin-bottom:.0001pt'>Entity controlled by Mr. Pan Shudong and His Wife</p> </td> </tr> <tr align="left"> <td width="39%" valign="top" style='width:39.8%;background:white;padding:0'> <p style='margin:0in;margin-bottom:.0001pt'>Changzhou Shiji Jinyue Packaging Co.,Ltd</p> </td> <td width="2%" valign="top" style='width:2.68%;background:white;padding:0'></td> <td width="57%" valign="top" style='width:57.52%;background:white;padding:0'> <p style='margin:0in;margin-bottom:.0001pt'>Entity controlled by Mr. Pan Shudong&#146;s Sister</p> </td> </tr> <tr align="left"> <td width="39%" valign="top" style='width:39.8%;background:#CCEEFF;padding:0'> <p style='margin:0in;margin-bottom:.0001pt'>Changzhou Jinyue Electronic Co.,Ltd</p> </td> <td width="2%" valign="top" style='width:2.68%;background:#CCEEFF;padding:0'></td> <td width="57%" valign="top" style='width:57.52%;background:#CCEEFF;padding:0'> <p style='margin:0in;margin-bottom:.0001pt'>Entity controlled by Mr. Pan Shudong&#146;s Sister</p> </td> </tr> <tr align="left"> <td width="39%" valign="top" style='width:39.8%;background:white;padding:0'> <p style='margin:0in;margin-bottom:.0001pt'>Changzhou Leyuan International Trade Co.,Ltd</p> </td> <td width="2%" valign="top" style='width:2.68%;background:white;padding:0'></td> <td width="57%" valign="top" style='width:57.52%;background:white;padding:0'> <p style='margin:0in;margin-bottom:.0001pt'>Entity controlled by Mr. Pan Shudong&#146;s Sister</p> </td> </tr> <tr align="left"> <td width="39%" valign="top" style='width:39.8%;background:#CCEEFF;padding:0'> <p style='margin:0in;margin-bottom:.0001pt'>Mr. Pan Shudong </p> </td> <td width="2%" valign="top" style='width:2.68%;background:#CCEEFF;padding:0'></td> <td width="57%" valign="top" style='width:57.52%;background:#CCEEFF;padding:0'> <p style='margin:0in;margin-bottom:.0001pt'>Controlling Shareholder and CEO of the Company</p> </td> </tr> <tr align="left"> <td width="39%" valign="top" style='width:39.8%;background:white;padding:0'> <p style='margin:0in;margin-bottom:.0001pt'>Ms.Li Xinmei </p> </td> <td width="2%" valign="top" style='width:2.68%;background:white;padding:0'></td> <td width="57%" valign="top" style='width:57.52%;background:white;padding:0'> <p style='margin:0in;margin-bottom:.0001pt'>Mr. Pan Shudong&#146;s Wife and Director of&#160; Huayue Electronics, Inc.</p> </td> </tr> <tr align="left"> <td width="39%" valign="top" style='width:39.8%;background:#CCEEFF;padding:0'> <p style='margin:0in;margin-bottom:.0001pt'>Ms. Pan Yile</p> </td> <td width="2%" valign="top" style='width:2.68%;background:#CCEEFF;padding:0'></td> <td width="57%" valign="top" style='width:57.52%;background:#CCEEFF;padding:0'> <p style='margin:0in;margin-bottom:.0001pt'>Mr. Pan Shudong&#146;s Daughter and Officer of &#160;Huayue Electronics, Inc.</p> </td> </tr> </table> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp;</p> <p style='margin:0in;margin-bottom:.0001pt;text-indent:27.0pt'><b><i>&nbsp;(i) Due from Related Party:&nbsp;</i></b></p> <p style='margin:0in;margin-bottom:.0001pt'><b>&nbsp;</b></p> <p style='margin:0in;margin-bottom:.0001pt'>Due from Related Parties, at May 31, 2013 and 2012, consisted of the following balances:</p> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp;</p> <div align="center"> <table border="0" cellspacing="0" cellpadding="0" width="80%" style='width:80.0%'> <tr align="left"> <td width="56%" valign="bottom" style='width:56.0%;padding:0in 0in 1.5pt 0in'> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp;</p> </td> <td width="1%" valign="bottom" style='width:1.0%;padding:0in 0in 1.5pt 0in'> <p align="right" style='margin:0in;margin-bottom:.0001pt;text-align:right'>&nbsp;</p> </td> <td width="22%" colspan="6" valign="bottom" style='width:22.0%;border:none;border-bottom:solid black 1.5pt;padding:0'> <p align="center" style='margin:0in;margin-bottom:.0001pt;text-align:center'><b>May 31,</b></p> </td> <td width="1%" valign="bottom" style='width:1.0%;padding:0in 0in 1.5pt 0in'> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp;</p> </td> </tr> <tr align="left"> <td width="56%" valign="bottom" style='width:56.0%;padding:0in 0in 1.5pt 0in'> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp; </p> </td> <td width="1%" valign="bottom" style='width:1.0%;padding:0in 0in 1.5pt 0in'> <p align="right" style='margin:0in;margin-bottom:.0001pt;text-align:right'>&nbsp; </p> </td> <td width="10%" colspan="2" valign="bottom" style='width:10.0%;border:none;border-bottom:solid black 1.5pt;padding:0'> <p align="center" style='margin:0in;margin-bottom:.0001pt;text-align:center'><b>&nbsp;2013</b></p> </td> <td width="1%" valign="bottom" style='width:1.0%;padding:0in 0in 1.5pt 0in'> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp; </p> </td> <td width="1%" valign="bottom" style='width:1.0%;padding:0in 0in 1.5pt 0in'> <p align="right" style='margin:0in;margin-bottom:.0001pt;text-align:right'>&nbsp; </p> </td> <td width="10%" colspan="2" valign="bottom" style='width:10.0%;border:none;border-bottom:solid black 1.5pt;padding:0'> <p align="center" style='margin:0in;margin-bottom:.0001pt;text-align:center'><b>2012</b></p> </td> <td width="1%" valign="bottom" style='width:1.0%;padding:0in 0in 1.5pt 0in'> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp; </p> </td> </tr> <tr align="left"> <td width="56%" valign="bottom" style='width:56.0%;background:#CCEEFF;padding:0'> <p style='margin:0in;margin-bottom:.0001pt'>Changzhou Hengchuan Plastics Co, Ltd</p> </td> <td width="1%" valign="bottom" style='width:1.0%;background:#CCEEFF;padding:0'> <p align="right" style='margin:0in;margin-bottom:.0001pt;text-align:right'>&nbsp; </p> </td> <td width="1%" valign="bottom" style='width:1.0%;background:#CCEEFF;padding:0'> <p style='margin:0in;margin-bottom:.0001pt'>$</p> </td> <td width="9%" valign="bottom" style='width:9.0%;background:#CCEEFF;padding:0'> <p align="right" style='margin:0in;margin-bottom:.0001pt;text-align:right'>-</p> </td> <td width="1%" valign="bottom" style='width:1.0%;background:#CCEEFF;padding:0'> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp; </p> </td> <td width="1%" valign="bottom" style='width:1.0%;background:#CCEEFF;padding:0'> <p align="right" style='margin:0in;margin-bottom:.0001pt;text-align:right'>&nbsp; </p> </td> <td width="1%" valign="bottom" style='width:1.0%;background:#CCEEFF;padding:0'> <p style='margin:0in;margin-bottom:.0001pt'>$</p> </td> <td width="9%" valign="bottom" style='width:9.0%;background:#CCEEFF;padding:0'> <p align="right" style='margin:0in;margin-bottom:.0001pt;text-align:right'>3,157</p> </td> <td width="1%" valign="bottom" style='width:1.0%;background:#CCEEFF;padding:0'> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp; </p> </td> </tr> <tr align="left"> <td width="56%" valign="bottom" style='width:56.0%;background:white;padding:0'> <p style='margin:0in;margin-bottom:.0001pt'>Changzhou Hengchuan Plastics Co, Ltd</p> </td> <td width="1%" valign="bottom" style='width:1.0%;background:white;padding:0'> <p align="right" style='margin:0in;margin-bottom:.0001pt;text-align:right'>&nbsp; </p> </td> <td width="1%" valign="bottom" style='width:1.0%;background:white;padding:0'> <p style='margin:0in;margin-bottom:.0001pt'>$</p> </td> <td width="9%" valign="bottom" style='width:9.0%;background:white;padding:0'> <p align="right" style='margin:0in;margin-bottom:.0001pt;text-align:right'>-</p> </td> <td width="1%" valign="bottom" style='width:1.0%;background:white;padding:0'> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp; </p> </td> <td width="1%" valign="bottom" style='width:1.0%;background:white;padding:0'> <p align="right" style='margin:0in;margin-bottom:.0001pt;text-align:right'>&nbsp; </p> </td> <td width="1%" valign="bottom" style='width:1.0%;background:white;padding:0'> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp; </p> </td> <td width="9%" valign="bottom" style='width:9.0%;background:white;padding:0'> <p align="right" style='margin:0in;margin-bottom:.0001pt;text-align:right'>372,177</p> </td> <td width="1%" valign="bottom" style='width:1.0%;background:white;padding:0'> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp; </p> </td> </tr> <tr align="left"> <td width="56%" valign="bottom" style='width:56.0%;background:#CCEEFF;padding:0'> <p style='margin:0in;margin-bottom:.0001pt'>Changzhou Jinyue Electronics Co., Ltd</p> </td> <td width="1%" valign="bottom" style='width:1.0%;background:#CCEEFF;padding:0'> <p align="right" style='margin:0in;margin-bottom:.0001pt;text-align:right'>&nbsp; </p> </td> <td width="1%" valign="bottom" style='width:1.0%;background:#CCEEFF;padding:0'> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp; </p> </td> <td width="9%" valign="bottom" style='width:9.0%;background:#CCEEFF;padding:0'> <p align="right" style='margin:0in;margin-bottom:.0001pt;text-align:right'>-</p> </td> <td width="1%" valign="bottom" style='width:1.0%;background:#CCEEFF;padding:0'> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp; </p> </td> <td width="1%" valign="bottom" style='width:1.0%;background:#CCEEFF;padding:0'> <p align="right" style='margin:0in;margin-bottom:.0001pt;text-align:right'>&nbsp; </p> </td> <td width="1%" valign="bottom" style='width:1.0%;background:#CCEEFF;padding:0'> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp; </p> </td> <td width="9%" valign="bottom" style='width:9.0%;background:#CCEEFF;padding:0'> <p align="right" style='margin:0in;margin-bottom:.0001pt;text-align:right'>49,278</p> </td> <td width="1%" valign="bottom" style='width:1.0%;background:#CCEEFF;padding:0'> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp; </p> </td> </tr> <tr align="left"> <td width="56%" valign="bottom" style='width:56.0%;background:white;padding:0'> <p style='margin:0in;margin-bottom:.0001pt'>Changzhou Shiji Jinyue Packaging Co.,Ltd</p> </td> <td width="1%" valign="bottom" style='width:1.0%;background:white;padding:0'> <p align="right" style='margin:0in;margin-bottom:.0001pt;text-align:right'>&nbsp; </p> </td> <td width="1%" valign="bottom" style='width:1.0%;background:white;padding:0'> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp; </p> </td> <td width="9%" valign="bottom" style='width:9.0%;background:white;padding:0'> <p align="right" style='margin:0in;margin-bottom:.0001pt;text-align:right'>-</p> </td> <td width="1%" valign="bottom" style='width:1.0%;background:white;padding:0'> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp; </p> </td> <td width="1%" valign="bottom" style='width:1.0%;background:white;padding:0'> <p align="right" style='margin:0in;margin-bottom:.0001pt;text-align:right'>&nbsp; </p> </td> <td width="1%" valign="bottom" style='width:1.0%;background:white;padding:0'> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp; </p> </td> <td width="9%" valign="bottom" style='width:9.0%;background:white;padding:0'> <p align="right" style='margin:0in;margin-bottom:.0001pt;text-align:right'>371,873</p> </td> <td width="1%" valign="bottom" style='width:1.0%;background:white;padding:0'> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp; </p> </td> </tr> <tr align="left"> <td width="56%" valign="bottom" style='width:56.0%;background:#CCEEFF;padding:0'> <p style='margin:0in;margin-bottom:.0001pt'>Changzhou Shiji Jinyue Packaging Co.,Ltd</p> </td> <td width="1%" valign="bottom" style='width:1.0%;background:#CCEEFF;padding:0'> <p align="right" style='margin:0in;margin-bottom:.0001pt;text-align:right'>&nbsp; </p> </td> <td width="1%" valign="bottom" style='width:1.0%;background:#CCEEFF;padding:0'> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp; </p> </td> <td width="9%" valign="bottom" style='width:9.0%;background:#CCEEFF;padding:0'> <p align="right" style='margin:0in;margin-bottom:.0001pt;text-align:right'>-</p> </td> <td width="1%" valign="bottom" style='width:1.0%;background:#CCEEFF;padding:0'> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp; </p> </td> <td width="1%" valign="bottom" style='width:1.0%;background:#CCEEFF;padding:0'> <p align="right" style='margin:0in;margin-bottom:.0001pt;text-align:right'>&nbsp; </p> </td> <td width="1%" valign="bottom" style='width:1.0%;background:#CCEEFF;padding:0'> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp; </p> </td> <td width="9%" valign="bottom" style='width:9.0%;background:#CCEEFF;padding:0'> <p align="right" style='margin:0in;margin-bottom:.0001pt;text-align:right'>61,427</p> </td> <td width="1%" valign="bottom" style='width:1.0%;background:#CCEEFF;padding:0'> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp; </p> </td> </tr> <tr align="left"> <td width="56%" valign="bottom" style='width:56.0%;background:white;padding:0'> <p style='margin:0in;margin-bottom:.0001pt'>Ms. Pan Yile</p> </td> <td width="1%" valign="bottom" style='width:1.0%;background:white;padding:0'> <p align="right" style='margin:0in;margin-bottom:.0001pt;text-align:right'>&nbsp; </p> </td> <td width="1%" valign="bottom" style='width:1.0%;background:white;padding:0'> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp; </p> </td> <td width="9%" valign="bottom" style='width:9.0%;background:white;padding:0'> <p align="right" style='margin:0in;margin-bottom:.0001pt;text-align:right'>-</p> </td> <td width="1%" valign="bottom" style='width:1.0%;background:white;padding:0'> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp; </p> </td> <td width="1%" valign="bottom" style='width:1.0%;background:white;padding:0'> <p align="right" style='margin:0in;margin-bottom:.0001pt;text-align:right'>&nbsp; </p> </td> <td width="1%" valign="bottom" style='width:1.0%;background:white;padding:0'> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp; </p> </td> <td width="9%" valign="bottom" style='width:9.0%;background:white;padding:0'> <p align="right" style='margin:0in;margin-bottom:.0001pt;text-align:right'>312,630</p> </td> <td width="1%" valign="bottom" style='width:1.0%;background:white;padding:0'> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp; </p> </td> </tr> <tr align="left"> <td width="56%" valign="bottom" style='width:56.0%;background:#CCEEFF;padding:0'> <p style='margin:0in;margin-bottom:.0001pt'>Mr. Pan Shudong</p> </td> <td width="1%" valign="bottom" style='width:1.0%;background:#CCEEFF;padding:0'> <p align="right" style='margin:0in;margin-bottom:.0001pt;text-align:right'>&nbsp; </p> </td> <td width="1%" valign="bottom" style='width:1.0%;background:#CCEEFF;padding:0'> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp; </p> </td> <td width="9%" valign="bottom" style='width:9.0%;background:#CCEEFF;padding:0'> <p align="right" style='margin:0in;margin-bottom:.0001pt;text-align:right'>-</p> </td> <td width="1%" valign="bottom" style='width:1.0%;background:#CCEEFF;padding:0'> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp; </p> </td> <td width="1%" valign="bottom" style='width:1.0%;background:#CCEEFF;padding:0'> <p align="right" style='margin:0in;margin-bottom:.0001pt;text-align:right'>&nbsp; </p> </td> <td width="1%" valign="bottom" style='width:1.0%;background:#CCEEFF;padding:0'> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp; </p> </td> <td width="9%" valign="bottom" style='width:9.0%;background:#CCEEFF;padding:0'> <p align="right" style='margin:0in;margin-bottom:.0001pt;text-align:right'>187,156</p> </td> <td width="1%" valign="bottom" style='width:1.0%;background:#CCEEFF;padding:0'> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp; </p> </td> </tr> <tr align="left"> <td width="56%" valign="bottom" style='width:56.0%;background:white;padding:0in 0in 1.5pt 0in'> <p style='margin:0in;margin-bottom:.0001pt'>Ms. Xinmei Li</p> </td> <td width="1%" valign="bottom" style='width:1.0%;background:white;padding:0in 0in 1.5pt 0in'> <p align="right" style='margin:0in;margin-bottom:.0001pt;text-align:right'>&nbsp; </p> </td> <td width="1%" valign="bottom" style='width:1.0%;border:none;border-bottom:solid black 1.5pt;background:white;padding:0'> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp; </p> </td> <td width="9%" valign="bottom" style='width:9.0%;border:none;border-bottom:solid black 1.5pt;background:white;padding:0'> <p align="right" style='margin:0in;margin-bottom:.0001pt;text-align:right'>-</p> </td> <td width="1%" valign="bottom" style='width:1.0%;background:white;padding:0in 0in 1.5pt 0in'> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp; </p> </td> <td width="1%" valign="bottom" style='width:1.0%;background:white;padding:0in 0in 1.5pt 0in'> <p align="right" style='margin:0in;margin-bottom:.0001pt;text-align:right'>&nbsp; </p> </td> <td width="1%" valign="bottom" style='width:1.0%;border:none;border-bottom:solid black 1.5pt;background:white;padding:0'> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp; </p> </td> <td width="9%" valign="bottom" style='width:9.0%;border:none;border-bottom:solid black 1.5pt;background:white;padding:0'> <p align="right" style='margin:0in;margin-bottom:.0001pt;text-align:right'>32,376</p> </td> <td width="1%" valign="bottom" style='width:1.0%;background:white;padding:0in 0in 1.5pt 0in'> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp; </p> </td> </tr> <tr align="left"> <td width="56%" valign="bottom" style='width:56.0%;background:#CCEEFF;padding:0in 0in 3.0pt 0in'> <p style='margin:0in;margin-bottom:.0001pt'><b>Total due from related parties</b></p> </td> <td width="1%" valign="bottom" style='width:1.0%;background:#CCEEFF;padding:0in 0in 3.0pt 0in'> <p align="right" style='margin:0in;margin-bottom:.0001pt;text-align:right'>&nbsp; </p> </td> <td width="1%" valign="bottom" style='width:1.0%;border:none;border-bottom:double black 2.25pt;background:#CCEEFF;padding:0'> <p style='margin:0in;margin-bottom:.0001pt'><b>$</b></p> </td> <td width="9%" valign="bottom" style='width:9.0%;border:none;border-bottom:double black 2.25pt;background:#CCEEFF;padding:0'> <p align="right" style='margin:0in;margin-bottom:.0001pt;text-align:right'><b>-</b></p> </td> <td width="1%" valign="bottom" style='width:1.0%;background:#CCEEFF;padding:0in 0in 3.0pt 0in'> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp; </p> </td> <td width="1%" valign="bottom" style='width:1.0%;background:#CCEEFF;padding:0in 0in 3.0pt 0in'> <p align="right" style='margin:0in;margin-bottom:.0001pt;text-align:right'>&nbsp; </p> </td> <td width="1%" valign="bottom" style='width:1.0%;border:none;border-bottom:double black 2.25pt;background:#CCEEFF;padding:0'> <p style='margin:0in;margin-bottom:.0001pt'><b>$</b></p> </td> <td width="9%" valign="bottom" style='width:9.0%;border:none;border-bottom:double black 2.25pt;background:#CCEEFF;padding:0'> <p align="right" style='margin:0in;margin-bottom:.0001pt;text-align:right'><b>1,390,074</b></p> </td> <td width="1%" valign="bottom" style='width:1.0%;background:#CCEEFF;padding:0in 0in 3.0pt 0in'> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp; </p> </td> </tr> </table> </div> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp;</p> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp;&nbsp;</p> <p style='margin:0in;margin-bottom:.0001pt;text-indent:.5in'><b><i>&#160;(ii) Due to Related Parties</i></b></p> <p style='margin:0in;margin-bottom:.0001pt'><b>&nbsp;</b></p> <p style='margin:0in;margin-bottom:.0001pt'>Due to Related Parties at May 31, 2013 and 2012 consisted of the follows:</p> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp;</p> <div align="center"> <table border="0" cellspacing="0" cellpadding="0" width="80%" style='width:80.0%'> <tr align="left"> <td width="56%" valign="bottom" style='width:56.0%;padding:0in 0in 1.5pt 0in'> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp;</p> </td> <td width="1%" valign="bottom" style='width:1.0%;padding:0in 0in 1.5pt 0in'> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp;</p> </td> <td width="22%" colspan="6" valign="bottom" style='width:22.0%;border:none;border-bottom:solid black 1.5pt;padding:0'> <p align="center" style='margin:0in;margin-bottom:.0001pt;text-align:center'><b>As of May 31</b></p> </td> <td width="1%" valign="bottom" style='width:1.0%;padding:0in 0in 1.5pt 0in'> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp;</p> </td> </tr> <tr align="left"> <td width="56%" valign="bottom" style='width:56.0%;padding:0in 0in 1.5pt 0in'> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp; </p> </td> <td width="1%" valign="bottom" style='width:1.0%;padding:0in 0in 1.5pt 0in'> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp; </p> </td> <td width="10%" colspan="2" valign="bottom" style='width:10.0%;border:none;border-bottom:solid black 1.5pt;padding:0'> <p align="center" style='margin:0in;margin-bottom:.0001pt;text-align:center'><b>2013</b></p> </td> <td width="1%" valign="bottom" style='width:1.0%;padding:0in 0in 1.5pt 0in'> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp; </p> </td> <td width="1%" valign="bottom" style='width:1.0%;padding:0in 0in 1.5pt 0in'> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp; </p> </td> <td width="10%" colspan="2" valign="bottom" style='width:10.0%;border:none;border-bottom:solid black 1.5pt;padding:0'> <p align="center" style='margin:0in;margin-bottom:.0001pt;text-align:center'><b>2012</b></p> </td> <td width="1%" valign="bottom" style='width:1.0%;padding:0in 0in 1.5pt 0in'> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp; </p> </td> </tr> <tr align="left"> <td width="56%" valign="bottom" style='width:56.0%;background:#CCEEFF;padding:0'> <p style='margin:0in;margin-bottom:.0001pt'>Changzhou Leyuan International Trade Co.,Ltd</p> </td> <td width="1%" valign="bottom" style='width:1.0%;background:#CCEEFF;padding:0'> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp; </p> </td> <td width="1%" valign="bottom" style='width:1.0%;background:#CCEEFF;padding:0'> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp;$</p> </td> <td width="9%" valign="bottom" style='width:9.0%;background:#CCEEFF;padding:0'> <p align="right" style='margin:0in;margin-bottom:.0001pt;text-align:right'>-</p> </td> <td width="1%" valign="bottom" style='width:1.0%;background:#CCEEFF;padding:0'> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp; </p> </td> <td width="1%" valign="bottom" style='width:1.0%;background:#CCEEFF;padding:0'> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp; </p> </td> <td width="1%" valign="bottom" style='width:1.0%;background:#CCEEFF;padding:0'> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp;$</p> </td> <td width="9%" valign="bottom" style='width:9.0%;background:#CCEEFF;padding:0'> <p align="right" style='margin:0in;margin-bottom:.0001pt;text-align:right'>114,090</p> </td> <td width="1%" valign="bottom" style='width:1.0%;background:#CCEEFF;padding:0'> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp; </p> </td> </tr> <tr align="left"> <td width="56%" valign="bottom" style='width:56.0%;background:white;padding:0in 0in 1.5pt 0in'> <p style='margin:0in;margin-bottom:.0001pt'>Changzhou Hengchuan Plastics Co, Ltd</p> </td> <td width="1%" valign="bottom" style='width:1.0%;background:white;padding:0in 0in 1.5pt 0in'> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp; </p> </td> <td width="1%" valign="bottom" style='width:1.0%;border:none;border-bottom:solid black 1.5pt;background:white;padding:0'> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp; </p> </td> <td width="9%" valign="bottom" style='width:9.0%;border:none;border-bottom:solid black 1.5pt;background:white;padding:0'> <p align="right" style='margin:0in;margin-bottom:.0001pt;text-align:right'>-</p> </td> <td width="1%" valign="bottom" style='width:1.0%;background:white;padding:0in 0in 1.5pt 0in'> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp; </p> </td> <td width="1%" valign="bottom" style='width:1.0%;background:white;padding:0in 0in 1.5pt 0in'> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp; </p> </td> <td width="1%" valign="bottom" style='width:1.0%;border:none;border-bottom:solid black 1.5pt;background:white;padding:0'> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp; </p> </td> <td width="9%" valign="bottom" style='width:9.0%;border:none;border-bottom:solid black 1.5pt;background:white;padding:0'> <p align="right" style='margin:0in;margin-bottom:.0001pt;text-align:right'>80,222</p> </td> <td width="1%" valign="bottom" style='width:1.0%;background:white;padding:0in 0in 1.5pt 0in'> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp; </p> </td> </tr> <tr align="left"> <td width="56%" valign="bottom" style='width:56.0%;background:#CCEEFF;padding:0in 0in 3.0pt 0in'> <p style='margin:0in;margin-bottom:.0001pt'><b>Total due to related parties</b></p> </td> <td width="1%" valign="bottom" style='width:1.0%;background:#CCEEFF;padding:0in 0in 3.0pt 0in'> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp; </p> </td> <td width="1%" valign="bottom" style='width:1.0%;border:none;border-bottom:double black 2.25pt;background:#CCEEFF;padding:0'> <p style='margin:0in;margin-bottom:.0001pt'><b>&nbsp;$</b></p> </td> <td width="9%" valign="bottom" style='width:9.0%;border:none;border-bottom:double black 2.25pt;background:#CCEEFF;padding:0'> <p align="right" style='margin:0in;margin-bottom:.0001pt;text-align:right'><b>-</b></p> </td> <td width="1%" valign="bottom" style='width:1.0%;background:#CCEEFF;padding:0in 0in 3.0pt 0in'> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp; </p> </td> <td width="1%" valign="bottom" style='width:1.0%;background:#CCEEFF;padding:0in 0in 3.0pt 0in'> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp; </p> </td> <td width="1%" valign="bottom" style='width:1.0%;border:none;border-bottom:double black 2.25pt;background:#CCEEFF;padding:0'> <p style='margin:0in;margin-bottom:.0001pt'><b>&nbsp;$</b></p> </td> <td width="9%" valign="bottom" style='width:9.0%;border:none;border-bottom:double black 2.25pt;background:#CCEEFF;padding:0'> <p align="right" style='margin:0in;margin-bottom:.0001pt;text-align:right'><b>194,312</b></p> </td> <td width="1%" valign="bottom" style='width:1.0%;background:#CCEEFF;padding:0in 0in 3.0pt 0in'> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp; </p> </td> </tr> </table> </div> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp;</p> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp;</p> <p style='margin:0in;margin-bottom:.0001pt;text-indent:.5in'>&nbsp;<b><i>(ii) Sales to related parties</i></b></p> <p style='margin:0in;margin-bottom:.0001pt;text-indent:.5in'>&nbsp;</p> <p style='margin:0in;margin-bottom:.0001pt'>During the year ended May 31, 2013, the Company sold products for a total of $108,756 to Changzhou Jinyue Electronic Co.,Ltd. During the year ended May 31, 2012, the Company sold products for a total of $18,974 to Changzhou Jinyue Electronic Co., Ltd., and for a total of $845,547 to Changzhou Leyuan International Trade Co., Ltd.</p> <!--egx--><p style='margin:0in;margin-bottom:.0001pt'><b>NOTE 7 &#150; SHORT-TERM BANK LOANS </b></p> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp;</p> <p style='margin:0in;margin-bottom:.0001pt'>The Company&#146;s short term bank loans consisted of the follows:</p> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp;</p> <div align="center"> <table border="0" cellspacing="0" cellpadding="0" width="80%" style='width:80.0%'> <tr align="left"> <td width="69%" valign="bottom" style='width:69.0%;padding:0in 0in 1.5pt 0in'> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp;</p> </td> <td width="2%" valign="bottom" style='width:2.0%;padding:0in 0in 1.5pt 0in'> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp;</p> </td> <td width="12%" colspan="6" valign="bottom" style='width:12.0%;border:none;border-bottom:solid black 1.5pt;padding:0'> <p align="center" style='margin:0in;margin-bottom:.0001pt;text-align:center'>&nbsp;May 31,</p> </td> <td width="1%" valign="bottom" style='width:1.0%;padding:0in 0in 1.5pt 0in'> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp;</p> </td> </tr> <tr align="left"> <td width="69%" valign="bottom" style='width:69.0%;padding:0in 0in 1.5pt 0in'> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp; </p> </td> <td width="2%" valign="bottom" style='width:2.0%;padding:0in 0in 1.5pt 0in'> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp; </p> </td> <td width="12%" colspan="2" valign="bottom" style='width:12.0%;border:none;border-bottom:solid black 1.5pt;padding:0'> <p align="center" style='margin:0in;margin-bottom:.0001pt;text-align:center'>&nbsp;2013</p> </td> <td width="1%" valign="bottom" style='width:1.0%;padding:0in 0in 1.5pt 0in'> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp; </p> </td> <td width="1%" valign="bottom" style='width:1.0%;padding:0in 0in 1.5pt 0in'> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp; </p> </td> <td width="12%" colspan="2" valign="bottom" style='width:12.0%;border:none;border-bottom:solid black 1.5pt;padding:0'> <p align="center" style='margin:0in;margin-bottom:.0001pt;text-align:center'>&nbsp;2012</p> </td> <td width="1%" valign="bottom" style='width:1.0%;padding:0in 0in 1.5pt 0in'> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp; </p> </td> </tr> <tr align="left"> <td width="69%" valign="bottom" style='width:69.0%;padding:0'> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp; </p> </td> <td width="2%" valign="bottom" style='width:2.0%;padding:0'> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp; </p> </td> <td width="12%" colspan="2" valign="bottom" style='width:12.0%;padding:0'> <p align="center" style='margin:0in;margin-bottom:.0001pt;text-align:center'><b>USD</b></p> </td> <td width="1%" valign="bottom" style='width:1.0%;padding:0'> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp; </p> </td> <td width="1%" valign="bottom" style='width:1.0%;padding:0'> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp; </p> </td> <td width="12%" colspan="2" valign="bottom" style='width:12.0%;padding:0'> <p align="center" style='margin:0in;margin-bottom:.0001pt;text-align:center'><b>USD</b></p> </td> <td width="1%" valign="bottom" style='width:1.0%;padding:0'> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp; </p> </td> </tr> <tr align="left"> <td width="69%" valign="bottom" style='width:69.0%;background:#CCEEFF;padding:0'> <p style='margin:0in;margin-bottom:.0001pt'>Loan from China Communication Bank ($0.79 million due on 6/10/2012 with 5.841% annual interest rate; $0.79 million due on 10/17/2012 with 8.528% annual interest rate , $0.95 million due on 12/22/2012 with 8.528% annual interest rate, $0.63 million due on 12/12/2012 with 8.528% annual interest rate)</p> </td> <td width="2%" valign="bottom" style='width:2.0%;background:#CCEEFF;padding:0'> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp; </p> </td> <td width="1%" valign="bottom" style='width:1.0%;background:#CCEEFF;padding:0'> <p style='margin:0in;margin-bottom:.0001pt'>$</p> </td> <td width="11%" valign="bottom" style='width:11.0%;background:#CCEEFF;padding:0'> <p align="right" style='margin:0in;margin-bottom:.0001pt;text-align:right'>-</p> </td> <td width="1%" valign="bottom" style='width:1.0%;background:#CCEEFF;padding:0'> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp; </p> </td> <td width="1%" valign="bottom" style='width:1.0%;background:#CCEEFF;padding:0'> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp; </p> </td> <td width="1%" valign="bottom" style='width:1.0%;background:#CCEEFF;padding:0'> <p style='margin:0in;margin-bottom:.0001pt'>$</p> </td> <td width="11%" valign="bottom" style='width:11.0%;background:#CCEEFF;padding:0'> <p align="right" style='margin:0in;margin-bottom:.0001pt;text-align:right'>3,156,815</p> </td> <td width="1%" valign="bottom" style='width:1.0%;background:#CCEEFF;padding:0'> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp; </p> </td> </tr> <tr align="left"> <td width="69%" valign="bottom" style='width:69.0%;background:white;padding:0'> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp;</p> </td> <td width="2%" valign="bottom" style='width:2.0%;background:white;padding:0'> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp;</p> </td> <td width="1%" valign="bottom" style='width:1.0%;background:white;padding:0'> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp;</p> </td> <td width="11%" valign="bottom" style='width:11.0%;background:white;padding:0'> <p align="right" style='margin:0in;margin-bottom:.0001pt;text-align:right'>&nbsp;</p> </td> <td width="1%" valign="bottom" style='width:1.0%;background:white;padding:0'> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp;</p> </td> <td width="1%" valign="bottom" style='width:1.0%;background:white;padding:0'> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp;</p> </td> <td width="1%" valign="bottom" style='width:1.0%;background:white;padding:0'> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp;</p> </td> <td width="11%" valign="bottom" style='width:11.0%;background:white;padding:0'> <p align="right" style='margin:0in;margin-bottom:.0001pt;text-align:right'>&nbsp;</p> </td> <td width="1%" valign="bottom" style='width:1.0%;background:white;padding:0'> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp;</p> </td> </tr> <tr align="left"> <td width="69%" valign="bottom" style='width:69.0%;background:#CCEEFF;padding:0'> <p style='margin:0in;margin-bottom:.0001pt'>Loan from China Industrial and Commercial Bank ($0.48 million due on 9/10/2012 with 5.810% annual interest rate and $0.47 million due on 6/10/2012 with 6.560% annual interest rate)</p> </td> <td width="2%" valign="bottom" style='width:2.0%;background:#CCEEFF;padding:0'> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp; </p> </td> <td width="1%" valign="bottom" style='width:1.0%;background:#CCEEFF;padding:0'> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp; </p> </td> <td width="11%" valign="bottom" style='width:11.0%;background:#CCEEFF;padding:0'> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp; </p> </td> <td width="1%" valign="bottom" style='width:1.0%;background:#CCEEFF;padding:0'> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp; </p> </td> <td width="1%" valign="bottom" style='width:1.0%;background:#CCEEFF;padding:0'> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp; </p> </td> <td width="1%" valign="bottom" style='width:1.0%;background:#CCEEFF;padding:0'> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp; </p> </td> <td width="11%" valign="bottom" style='width:11.0%;background:#CCEEFF;padding:0'> <p align="right" style='margin:0in;margin-bottom:.0001pt;text-align:right'>947,044</p> </td> <td width="1%" valign="bottom" style='width:1.0%;background:#CCEEFF;padding:0'> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp; </p> </td> </tr> <tr align="left"> <td width="69%" valign="bottom" style='width:69.0%;background:white;padding:0'> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp;</p> </td> <td width="2%" valign="bottom" style='width:2.0%;background:white;padding:0'> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp;</p> </td> <td width="1%" valign="bottom" style='width:1.0%;background:white;padding:0'> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp;</p> </td> <td width="11%" valign="bottom" style='width:11.0%;background:white;padding:0'> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp;</p> </td> <td width="1%" valign="bottom" style='width:1.0%;background:white;padding:0'> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp;</p> </td> <td width="1%" valign="bottom" style='width:1.0%;background:white;padding:0'> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp;</p> </td> <td width="1%" valign="bottom" style='width:1.0%;background:white;padding:0'> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp;</p> </td> <td width="11%" valign="bottom" style='width:11.0%;background:white;padding:0'> <p align="right" style='margin:0in;margin-bottom:.0001pt;text-align:right'>&nbsp;</p> </td> <td width="1%" valign="bottom" style='width:1.0%;background:white;padding:0'> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp;</p> </td> </tr> <tr align="left"> <td width="69%" valign="bottom" style='width:69.0%;background:#CCEEFF;padding:0'> <p style='margin:0in;margin-bottom:.0001pt'>Loan from China Industrial and Commercial Bank ($484,927 is due on 1/9/2014 with 6% annual interest rate and $484,927 is due on 11/15/2013 with 6% annual interest rate)</p> </td> <td width="2%" valign="bottom" style='width:2.0%;background:#CCEEFF;padding:0'> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp; </p> </td> <td width="1%" valign="bottom" style='width:1.0%;background:#CCEEFF;padding:0'> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp; </p> </td> <td width="11%" valign="bottom" style='width:11.0%;background:#CCEEFF;padding:0'> <p align="right" style='margin:0in;margin-bottom:.0001pt;text-align:right'>969,854</p> </td> <td width="1%" valign="bottom" style='width:1.0%;background:#CCEEFF;padding:0'> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp; </p> </td> <td width="1%" valign="bottom" style='width:1.0%;background:#CCEEFF;padding:0'> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp; </p> </td> <td width="1%" valign="bottom" style='width:1.0%;background:#CCEEFF;padding:0'> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp; </p> </td> <td width="11%" valign="bottom" style='width:11.0%;background:#CCEEFF;padding:0'> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp; </p> </td> <td width="1%" valign="bottom" style='width:1.0%;background:#CCEEFF;padding:0'> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp; </p> </td> </tr> <tr align="left"> <td width="69%" valign="bottom" style='width:69.0%;background:white;padding:0'> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp;</p> </td> <td width="2%" valign="bottom" style='width:2.0%;background:white;padding:0'> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp;</p> </td> <td width="1%" valign="bottom" style='width:1.0%;background:white;padding:0'> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp;</p> </td> <td width="11%" valign="bottom" style='width:11.0%;background:white;padding:0'> <p align="right" style='margin:0in;margin-bottom:.0001pt;text-align:right'>&nbsp;</p> </td> <td width="1%" valign="bottom" style='width:1.0%;background:white;padding:0'> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp;</p> </td> <td width="1%" valign="bottom" style='width:1.0%;background:white;padding:0'> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp;</p> </td> <td width="1%" valign="bottom" style='width:1.0%;background:white;padding:0'> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp;</p> </td> <td width="11%" valign="bottom" style='width:11.0%;background:white;padding:0'> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp;</p> </td> <td width="1%" valign="bottom" style='width:1.0%;background:white;padding:0'> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp;</p> </td> </tr> <tr align="left"> <td width="69%" valign="bottom" style='width:69.0%;background:#CCEEFF;padding:0'> <p style='margin:0in;margin-bottom:.0001pt'>Loan from Chinese Bank (6.893% annual interest rate, due on 8/8/2012)</p> </td> <td width="2%" valign="bottom" style='width:2.0%;background:#CCEEFF;padding:0'> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp; </p> </td> <td width="1%" valign="bottom" style='width:1.0%;background:#CCEEFF;padding:0'> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp; </p> </td> <td width="11%" valign="bottom" style='width:11.0%;background:#CCEEFF;padding:0'> <p align="right" style='margin:0in;margin-bottom:.0001pt;text-align:right'>-</p> </td> <td width="1%" valign="bottom" style='width:1.0%;background:#CCEEFF;padding:0'> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp; </p> </td> <td width="1%" valign="bottom" style='width:1.0%;background:#CCEEFF;padding:0'> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp; </p> </td> <td width="1%" valign="bottom" style='width:1.0%;background:#CCEEFF;padding:0'> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp; </p> </td> <td width="11%" valign="bottom" style='width:11.0%;background:#CCEEFF;padding:0'> <p align="right" style='margin:0in;margin-bottom:.0001pt;text-align:right'>1,420,567</p> </td> <td width="1%" valign="bottom" style='width:1.0%;background:#CCEEFF;padding:0'> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp; </p> </td> </tr> <tr align="left"> <td width="69%" valign="bottom" style='width:69.0%;background:white;padding:0'> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp;</p> </td> <td width="2%" valign="bottom" style='width:2.0%;background:white;padding:0'> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp;</p> </td> <td width="1%" valign="bottom" style='width:1.0%;background:white;padding:0'> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp;</p> </td> <td width="11%" valign="bottom" style='width:11.0%;background:white;padding:0'> <p align="right" style='margin:0in;margin-bottom:.0001pt;text-align:right'>&nbsp;</p> </td> <td width="1%" valign="bottom" style='width:1.0%;background:white;padding:0'> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp;</p> </td> <td width="1%" valign="bottom" style='width:1.0%;background:white;padding:0'> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp;</p> </td> <td width="1%" valign="bottom" style='width:1.0%;background:white;padding:0'> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp;</p> </td> <td width="11%" valign="bottom" style='width:11.0%;background:white;padding:0'> <p align="right" style='margin:0in;margin-bottom:.0001pt;text-align:right'>&nbsp;</p> </td> <td width="1%" valign="bottom" style='width:1.0%;background:white;padding:0'> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp;</p> </td> </tr> <tr align="left"> <td width="69%" valign="bottom" style='width:69.0%;background:#CCEEFF;padding:0'> <p style='margin:0in;margin-bottom:.0001pt'>Loan from China Merchant Bank (7.68% annual interest rate, due on 8/15/2013)</p> </td> <td width="2%" valign="bottom" style='width:2.0%;background:#CCEEFF;padding:0'> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp; </p> </td> <td width="1%" valign="bottom" style='width:1.0%;background:#CCEEFF;padding:0'> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp; </p> </td> <td width="11%" valign="bottom" style='width:11.0%;background:#CCEEFF;padding:0'> <p align="right" style='margin:0in;margin-bottom:.0001pt;text-align:right'>1,131,496</p> </td> <td width="1%" valign="bottom" style='width:1.0%;background:#CCEEFF;padding:0'> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp; </p> </td> <td width="1%" valign="bottom" style='width:1.0%;background:#CCEEFF;padding:0'> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp; </p> </td> <td width="1%" valign="bottom" style='width:1.0%;background:#CCEEFF;padding:0'> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp; </p> </td> <td width="11%" valign="bottom" style='width:11.0%;background:#CCEEFF;padding:0'> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp; </p> </td> <td width="1%" valign="bottom" style='width:1.0%;background:#CCEEFF;padding:0'> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp; </p> </td> </tr> <tr align="left"> <td width="69%" valign="bottom" style='width:69.0%;background:white;padding:0'> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp;</p> </td> <td width="2%" valign="bottom" style='width:2.0%;background:white;padding:0'> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp;</p> </td> <td width="1%" valign="bottom" style='width:1.0%;background:white;padding:0'> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp;</p> </td> <td width="11%" valign="bottom" style='width:11.0%;background:white;padding:0'> <p align="right" style='margin:0in;margin-bottom:.0001pt;text-align:right'>&nbsp;</p> </td> <td width="1%" valign="bottom" style='width:1.0%;background:white;padding:0'> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp;</p> </td> <td width="1%" valign="bottom" style='width:1.0%;background:white;padding:0'> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp;</p> </td> <td width="1%" valign="bottom" style='width:1.0%;background:white;padding:0'> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp;</p> </td> <td width="11%" valign="bottom" style='width:11.0%;background:white;padding:0'> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp;</p> </td> <td width="1%" valign="bottom" style='width:1.0%;background:white;padding:0'> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp;</p> </td> </tr> <tr align="left"> <td width="69%" valign="bottom" style='width:69.0%;background:#CCEEFF;padding:0'> <p style='margin:0in;margin-bottom:.0001pt'>Loan from Changzhou Wujinyinfeng Agriculture Credit Union (6% annual interest rate, due on 3/18/2013)</p> </td> <td width="2%" valign="bottom" style='width:2.0%;background:#CCEEFF;padding:0'> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp; </p> </td> <td width="1%" valign="bottom" style='width:1.0%;background:#CCEEFF;padding:0'> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp; </p> </td> <td width="11%" valign="bottom" style='width:11.0%;background:#CCEEFF;padding:0'> <p align="right" style='margin:0in;margin-bottom:.0001pt;text-align:right'>-</p> </td> <td width="1%" valign="bottom" style='width:1.0%;background:#CCEEFF;padding:0'> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp; </p> </td> <td width="1%" valign="bottom" style='width:1.0%;background:#CCEEFF;padding:0'> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp; </p> </td> <td width="1%" valign="bottom" style='width:1.0%;background:#CCEEFF;padding:0'> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp; </p> </td> <td width="11%" valign="bottom" style='width:11.0%;background:#CCEEFF;padding:0'> <p align="right" style='margin:0in;margin-bottom:.0001pt;text-align:right'>473,522</p> </td> <td width="1%" valign="bottom" style='width:1.0%;background:#CCEEFF;padding:0'> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp; </p> </td> </tr> <tr align="left"> <td width="69%" valign="bottom" style='width:69.0%;background:white;padding:0'> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp;</p> </td> <td width="2%" valign="bottom" style='width:2.0%;background:white;padding:0'> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp;</p> </td> <td width="1%" valign="bottom" style='width:1.0%;background:white;padding:0'> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp;</p> </td> <td width="11%" valign="bottom" style='width:11.0%;background:white;padding:0'> <p align="right" style='margin:0in;margin-bottom:.0001pt;text-align:right'>&nbsp;</p> </td> <td width="1%" valign="bottom" style='width:1.0%;background:white;padding:0'> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp;</p> </td> <td width="1%" valign="bottom" style='width:1.0%;background:white;padding:0'> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp;</p> </td> <td width="1%" valign="bottom" style='width:1.0%;background:white;padding:0'> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp;</p> </td> <td width="11%" valign="bottom" style='width:11.0%;background:white;padding:0'> <p align="right" style='margin:0in;margin-bottom:.0001pt;text-align:right'>&nbsp;</p> </td> <td width="1%" valign="bottom" style='width:1.0%;background:white;padding:0'> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp;</p> </td> </tr> <tr align="left"> <td width="69%" valign="bottom" style='width:69.0%;background:#CCEEFF;padding:0'> <p style='margin:0in;margin-bottom:.0001pt'>Loan from Changzhou Wujinyinfeng Agriculture Credit Union (0% annual interest rate, due on 6/28/2013)</p> </td> <td width="2%" valign="bottom" style='width:2.0%;background:#CCEEFF;padding:0'> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp; </p> </td> <td width="1%" valign="bottom" style='width:1.0%;background:#CCEEFF;padding:0'> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp; </p> </td> <td width="11%" valign="bottom" style='width:11.0%;background:#CCEEFF;padding:0'> <p align="right" style='margin:0in;margin-bottom:.0001pt;text-align:right'>808,211</p> </td> <td width="1%" valign="bottom" style='width:1.0%;background:#CCEEFF;padding:0'> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp; </p> </td> <td width="1%" valign="bottom" style='width:1.0%;background:#CCEEFF;padding:0'> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp; </p> </td> <td width="1%" valign="bottom" style='width:1.0%;background:#CCEEFF;padding:0'> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp; </p> </td> <td width="11%" valign="bottom" style='width:11.0%;background:#CCEEFF;padding:0'> <p align="right" style='margin:0in;margin-bottom:.0001pt;text-align:right'>-</p> </td> <td width="1%" valign="bottom" style='width:1.0%;background:#CCEEFF;padding:0'> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp; </p> </td> </tr> <tr align="left"> <td width="69%" valign="bottom" style='width:69.0%;background:white;padding:0'> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp;</p> </td> <td width="2%" valign="bottom" style='width:2.0%;background:white;padding:0'> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp;</p> </td> <td width="1%" valign="bottom" style='width:1.0%;background:white;padding:0'> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp;</p> </td> <td width="11%" valign="bottom" style='width:11.0%;background:white;padding:0'> <p align="right" style='margin:0in;margin-bottom:.0001pt;text-align:right'>&nbsp;</p> </td> <td width="1%" valign="bottom" style='width:1.0%;background:white;padding:0'> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp;</p> </td> <td width="1%" valign="bottom" style='width:1.0%;background:white;padding:0'> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp;</p> </td> <td width="1%" valign="bottom" style='width:1.0%;background:white;padding:0'> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp;</p> </td> <td width="11%" valign="bottom" style='width:11.0%;background:white;padding:0'> <p align="right" style='margin:0in;margin-bottom:.0001pt;text-align:right'>&nbsp;</p> </td> <td width="1%" valign="bottom" style='width:1.0%;background:white;padding:0'> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp;</p> </td> </tr> <tr align="left"> <td width="69%" valign="bottom" style='width:69.0%;background:#CCEEFF;padding:0in 0in 1.5pt 0in'> <p style='margin:0in;margin-bottom:.0001pt'>Loan from Changzhou Wujinyingfeng Agriculture Credit Union (6% annual interest rate, due on 3/18/2013)</p> </td> <td width="2%" valign="bottom" style='width:2.0%;background:#CCEEFF;padding:0in 0in 1.5pt 0in'> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp; </p> </td> <td width="1%" valign="bottom" style='width:1.0%;border:none;border-bottom:solid black 1.5pt;background:#CCEEFF;padding:0'> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp; </p> </td> <td width="11%" valign="bottom" style='width:11.0%;border:none;border-bottom:solid black 1.5pt;background:#CCEEFF;padding:0'> <p align="right" style='margin:0in;margin-bottom:.0001pt;text-align:right'>-</p> </td> <td width="1%" valign="bottom" style='width:1.0%;background:#CCEEFF;padding:0in 0in 1.5pt 0in'> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp; </p> </td> <td width="1%" valign="bottom" style='width:1.0%;background:#CCEEFF;padding:0in 0in 1.5pt 0in'> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp; </p> </td> <td width="1%" valign="bottom" style='width:1.0%;border:none;border-bottom:solid black 1.5pt;background:#CCEEFF;padding:0'> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp; </p> </td> <td width="11%" valign="bottom" style='width:11.0%;border:none;border-bottom:solid black 1.5pt;background:#CCEEFF;padding:0'> <p align="right" style='margin:0in;margin-bottom:.0001pt;text-align:right'>789,204</p> </td> <td width="1%" valign="bottom" style='width:1.0%;background:#CCEEFF;padding:0in 0in 1.5pt 0in'> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp; </p> </td> </tr> <tr align="left"> <td width="69%" valign="bottom" style='width:69.0%;background:white;padding:0'> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp; </p> </td> <td width="2%" valign="bottom" style='width:2.0%;background:white;padding:0'> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp; </p> </td> <td width="1%" valign="bottom" style='width:1.0%;background:white;padding:0'> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp; </p> </td> <td width="11%" valign="bottom" style='width:11.0%;background:white;padding:0'> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp; </p> </td> <td width="1%" valign="bottom" style='width:1.0%;background:white;padding:0'> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp; </p> </td> <td width="1%" valign="bottom" style='width:1.0%;background:white;padding:0'> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp; </p> </td> <td width="1%" valign="bottom" style='width:1.0%;background:white;padding:0'> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp; </p> </td> <td width="11%" valign="bottom" style='width:11.0%;background:white;padding:0'> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp; </p> </td> <td width="1%" valign="bottom" style='width:1.0%;background:white;padding:0'> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp; </p> </td> </tr> <tr align="left"> <td width="69%" valign="bottom" style='width:69.0%;background:#CCEEFF;padding:0in 0in 3.0pt 0in'> <p style='margin:0in;margin-bottom:.0001pt'>Total</p> </td> <td width="2%" valign="bottom" style='width:2.0%;background:#CCEEFF;padding:0in 0in 3.0pt 0in'> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp; </p> </td> <td width="1%" valign="bottom" style='width:1.0%;border:none;border-bottom:double black 2.25pt;background:#CCEEFF;padding:0'> <p style='margin:0in;margin-bottom:.0001pt'>$</p> </td> <td width="11%" valign="bottom" style='width:11.0%;border:none;border-bottom:double black 2.25pt;background:#CCEEFF;padding:0'> <p align="right" style='margin:0in;margin-bottom:.0001pt;text-align:right'>2,909,561</p> </td> <td width="1%" valign="bottom" style='width:1.0%;background:#CCEEFF;padding:0in 0in 3.0pt 0in'> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp; </p> </td> <td width="1%" valign="bottom" style='width:1.0%;background:#CCEEFF;padding:0in 0in 3.0pt 0in'> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp; </p> </td> <td width="1%" valign="bottom" style='width:1.0%;border:none;border-bottom:double black 2.25pt;background:#CCEEFF;padding:0'> <p style='margin:0in;margin-bottom:.0001pt'>$</p> </td> <td width="11%" valign="bottom" style='width:11.0%;border:none;border-bottom:double black 2.25pt;background:#CCEEFF;padding:0'> <p align="right" style='margin:0in;margin-bottom:.0001pt;text-align:right'>6,787,152</p> </td> <td width="1%" valign="bottom" style='width:1.0%;background:#CCEEFF;padding:0in 0in 3.0pt 0in'> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp; </p> </td> </tr> </table> </div> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp;</p> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp;</p> <!--egx--><p style='margin:0in;margin-bottom:.0001pt'><b>NOTE 8 &#150; NOTES PAYABLE</b></p> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp;</p> <div align="center"> <table border="0" cellspacing="0" cellpadding="0" width="80%" style='width:80.0%'> <tr align="left"> <td width="56%" valign="bottom" style='width:56.0%;padding:0in 0in 1.5pt 0in'> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp; </p> </td> <td width="1%" valign="bottom" style='width:1.0%;padding:0in 0in 1.5pt 0in'> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp; </p> </td> <td width="22%" colspan="6" valign="bottom" style='width:22.0%;border:none;border-bottom:solid black 1.5pt;padding:0'> <p align="center" style='margin:0in;margin-bottom:.0001pt;text-align:center'><b>As of May 31,</b></p> </td> <td width="1%" valign="bottom" style='width:1.0%;padding:0in 0in 1.5pt 0in'> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp; </p> </td> </tr> <tr align="left"> <td width="56%" valign="bottom" style='width:56.0%;padding:0in 0in 1.5pt 0in'> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp; </p> </td> <td width="1%" valign="bottom" style='width:1.0%;padding:0in 0in 1.5pt 0in'> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp; </p> </td> <td width="10%" colspan="2" valign="bottom" style='width:10.0%;border:none;border-bottom:solid black 1.5pt;padding:0'> <p align="center" style='margin:0in;margin-bottom:.0001pt;text-align:center'><b>2013</b></p> </td> <td width="1%" valign="bottom" style='width:1.0%;padding:0in 0in 1.5pt 0in'> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp; </p> </td> <td width="1%" valign="bottom" style='width:1.0%;padding:0in 0in 1.5pt 0in'> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp; </p> </td> <td width="10%" colspan="2" valign="bottom" style='width:10.0%;border:none;border-bottom:solid black 1.5pt;padding:0'> <p align="center" style='margin:0in;margin-bottom:.0001pt;text-align:center'><b>2012</b></p> </td> <td width="1%" valign="bottom" style='width:1.0%;padding:0in 0in 1.5pt 0in'> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp; </p> </td> </tr> <tr align="left"> <td width="56%" valign="bottom" style='width:56.0%;background:#CCEEFF;padding:0'> <p style='margin:0in;margin-bottom:.0001pt'>Six month notes payable to Huaxian Bank</p> </td> <td width="1%" valign="bottom" style='width:1.0%;background:#CCEEFF;padding:0'> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp; </p> </td> <td width="1%" valign="bottom" style='width:1.0%;background:#CCEEFF;padding:0'> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp; </p> </td> <td width="9%" valign="bottom" style='width:9.0%;background:#CCEEFF;padding:0'> <p align="right" style='margin:0in;margin-bottom:.0001pt;text-align:right'>1,616,423</p> </td> <td width="1%" valign="bottom" style='width:1.0%;background:#CCEEFF;padding:0'> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp; </p> </td> <td width="1%" valign="bottom" style='width:1.0%;background:#CCEEFF;padding:0'> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp; </p> </td> <td width="1%" valign="bottom" style='width:1.0%;background:#CCEEFF;padding:0'> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp; </p> </td> <td width="9%" valign="bottom" style='width:9.0%;background:#CCEEFF;padding:0'> <p align="right" style='margin:0in;margin-bottom:.0001pt;text-align:right'>1,578,407</p> </td> <td width="1%" valign="bottom" style='width:1.0%;background:#CCEEFF;padding:0'> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp; </p> </td> </tr> <tr align="left"> <td width="56%" valign="bottom" style='width:56.0%;background:white;padding:0in 0in 1.5pt 0in'> <p style='margin:0in;margin-bottom:.0001pt'>Six month notes payable to China Industrial and Commercial Bank</p> </td> <td width="1%" valign="bottom" style='width:1.0%;background:white;padding:0in 0in 1.5pt 0in'> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp; </p> </td> <td width="1%" valign="bottom" style='width:1.0%;border:none;border-bottom:solid black 1.5pt;background:white;padding:0'> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp; </p> </td> <td width="9%" valign="bottom" style='width:9.0%;border:none;border-bottom:solid black 1.5pt;background:white;padding:0'> <p align="right" style='margin:0in;margin-bottom:.0001pt;text-align:right'>161,642</p> </td> <td width="1%" valign="bottom" style='width:1.0%;background:white;padding:0in 0in 1.5pt 0in'> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp; </p> </td> <td width="1%" valign="bottom" style='width:1.0%;background:white;padding:0in 0in 1.5pt 0in'> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp; </p> </td> <td width="1%" valign="bottom" style='width:1.0%;border:none;border-bottom:solid black 1.5pt;background:white;padding:0'> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp; </p> </td> <td width="9%" valign="bottom" style='width:9.0%;border:none;border-bottom:solid black 1.5pt;background:white;padding:0'> <p align="right" style='margin:0in;margin-bottom:.0001pt;text-align:right'>-</p> </td> <td width="1%" valign="bottom" style='width:1.0%;background:white;padding:0in 0in 1.5pt 0in'> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp; </p> </td> </tr> <tr align="left"> <td width="56%" valign="bottom" style='width:56.0%;background:#CCEEFF;padding:0in 0in 3.0pt 0in'> <p style='margin:0in;margin-bottom:.0001pt'><b>Total notes payable</b></p> </td> <td width="1%" valign="bottom" style='width:1.0%;background:#CCEEFF;padding:0in 0in 3.0pt 0in'> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp; </p> </td> <td width="1%" valign="bottom" style='width:1.0%;border:none;border-bottom:double black 2.25pt;background:#CCEEFF;padding:0'> <p style='margin:0in;margin-bottom:.0001pt'><b>&nbsp;$</b></p> </td> <td width="9%" valign="bottom" style='width:9.0%;border:none;border-bottom:double black 2.25pt;background:#CCEEFF;padding:0'> <p align="right" style='margin:0in;margin-bottom:.0001pt;text-align:right'><b>1,778,065</b></p> </td> <td width="1%" valign="bottom" style='width:1.0%;background:#CCEEFF;padding:0in 0in 3.0pt 0in'> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp; </p> </td> <td width="1%" valign="bottom" style='width:1.0%;background:#CCEEFF;padding:0in 0in 3.0pt 0in'> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp; </p> </td> <td width="1%" valign="bottom" style='width:1.0%;border:none;border-bottom:double black 2.25pt;background:#CCEEFF;padding:0'> <p style='margin:0in;margin-bottom:.0001pt'><b>&nbsp;$</b></p> </td> <td width="9%" valign="bottom" style='width:9.0%;border:none;border-bottom:double black 2.25pt;background:#CCEEFF;padding:0'> <p align="right" style='margin:0in;margin-bottom:.0001pt;text-align:right'><b>1,578,407</b></p> </td> <td width="1%" valign="bottom" style='width:1.0%;background:#CCEEFF;padding:0in 0in 3.0pt 0in'> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp; </p> </td> </tr> </table> </div> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp;</p> <p style='margin:0in;margin-bottom:.0001pt'>$969,854 and $947,044 was held in bank as restricted cash as of May 31, 2013 and 2012, respectively.</p> <!--egx--><p style='margin:0in;margin-bottom:.0001pt'><b>NOTE 9 - TAXES PAYABLE</b></p> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp;</p> <p style='margin:0in;margin-bottom:.0001pt'>Taxes payable at May 31, 2013 and 2012 are as follows:</p> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp;</p> <div align="center"> <table border="0" cellspacing="0" cellpadding="0" width="80%" style='width:80.0%'> <tr align="left"> <td width="56%" valign="bottom" style='width:56.0%;padding:0in 0in 1.5pt 0in'> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp; </p> </td> <td width="1%" valign="bottom" style='width:1.0%;padding:0in 0in 1.5pt 0in'> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp; </p> </td> <td width="22%" colspan="6" valign="bottom" style='width:22.0%;border:none;border-bottom:solid black 1.5pt;padding:0'> <p align="center" style='margin:0in;margin-bottom:.0001pt;text-align:center'>As of May 31,</p> </td> <td width="1%" valign="bottom" style='width:1.0%;padding:0in 0in 1.5pt 0in'> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp; </p> </td> </tr> <tr align="left"> <td width="56%" valign="bottom" style='width:56.0%;padding:0in 0in 1.5pt 0in'> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp; </p> </td> <td width="1%" valign="bottom" style='width:1.0%;padding:0in 0in 1.5pt 0in'> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp; </p> </td> <td width="10%" colspan="2" valign="bottom" style='width:10.0%;border:none;border-bottom:solid black 1.5pt;padding:0'> <p align="center" style='margin:0in;margin-bottom:.0001pt;text-align:center'>2013</p> </td> <td width="1%" valign="bottom" style='width:1.0%;padding:0in 0in 1.5pt 0in'> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp; </p> </td> <td width="1%" valign="bottom" style='width:1.0%;padding:0in 0in 1.5pt 0in'> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp; </p> </td> <td width="10%" colspan="2" valign="bottom" style='width:10.0%;border:none;border-bottom:solid black 1.5pt;padding:0'> <p align="center" style='margin:0in;margin-bottom:.0001pt;text-align:center'>2012</p> </td> <td width="1%" valign="bottom" style='width:1.0%;padding:0in 0in 1.5pt 0in'> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp; </p> </td> </tr> <tr align="left"> <td width="56%" valign="bottom" style='width:56.0%;background:#CCEEFF;padding:0'> <p style='margin:0in;margin-bottom:.0001pt'>Corporate Income Tax</p> </td> <td width="1%" valign="bottom" style='width:1.0%;background:#CCEEFF;padding:0'> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp; </p> </td> <td width="1%" valign="bottom" style='width:1.0%;background:#CCEEFF;padding:0'> <p style='margin:0in;margin-bottom:.0001pt'>$</p> </td> <td width="9%" valign="bottom" style='width:9.0%;background:#CCEEFF;padding:0'> <p align="right" style='margin:0in;margin-bottom:.0001pt;text-align:right'>973,163</p> </td> <td width="1%" valign="bottom" style='width:1.0%;background:#CCEEFF;padding:0'> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp; </p> </td> <td width="1%" valign="bottom" style='width:1.0%;background:#CCEEFF;padding:0'> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp; </p> </td> <td width="1%" valign="bottom" style='width:1.0%;background:#CCEEFF;padding:0'> <p style='margin:0in;margin-bottom:.0001pt'>$</p> </td> <td width="9%" valign="bottom" style='width:9.0%;background:#CCEEFF;padding:0'> <p align="right" style='margin:0in;margin-bottom:.0001pt;text-align:right'>106,366</p> </td> <td width="1%" valign="bottom" style='width:1.0%;background:#CCEEFF;padding:0'> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp; </p> </td> </tr> <tr align="left"> <td width="56%" valign="bottom" style='width:56.0%;background:white;padding:0'> <p style='margin:0in;margin-bottom:.0001pt'>Value-Added Tax</p> </td> <td width="1%" valign="bottom" style='width:1.0%;background:white;padding:0'> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp; </p> </td> <td width="1%" valign="bottom" style='width:1.0%;background:white;padding:0'> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp; </p> </td> <td width="9%" valign="bottom" style='width:9.0%;background:white;padding:0'> <p align="right" style='margin:0in;margin-bottom:.0001pt;text-align:right'>812,243</p> </td> <td width="1%" valign="bottom" style='width:1.0%;background:white;padding:0'> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp; </p> </td> <td width="1%" valign="bottom" style='width:1.0%;background:white;padding:0'> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp; </p> </td> <td width="1%" valign="bottom" style='width:1.0%;background:white;padding:0'> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp; </p> </td> <td width="9%" valign="bottom" style='width:9.0%;background:white;padding:0'> <p align="right" style='margin:0in;margin-bottom:.0001pt;text-align:right'>134,962</p> </td> <td width="1%" valign="bottom" style='width:1.0%;background:white;padding:0'> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp; </p> </td> </tr> <tr align="left"> <td width="56%" valign="bottom" style='width:56.0%;background:#CCEEFF;padding:0in 0in 1.5pt 0in'> <p style='margin:0in;margin-bottom:.0001pt'>Other Tax &amp; Fees</p> </td> <td width="1%" valign="bottom" style='width:1.0%;background:#CCEEFF;padding:0in 0in 1.5pt 0in'> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp; </p> </td> <td width="1%" valign="bottom" style='width:1.0%;border:none;border-bottom:solid black 1.5pt;background:#CCEEFF;padding:0'> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp; </p> </td> <td width="9%" valign="bottom" style='width:9.0%;border:none;border-bottom:solid black 1.5pt;background:#CCEEFF;padding:0'> <p align="right" style='margin:0in;margin-bottom:.0001pt;text-align:right'>191,546</p> </td> <td width="1%" valign="bottom" style='width:1.0%;background:#CCEEFF;padding:0in 0in 1.5pt 0in'> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp; </p> </td> <td width="1%" valign="bottom" style='width:1.0%;background:#CCEEFF;padding:0in 0in 1.5pt 0in'> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp; </p> </td> <td width="1%" valign="bottom" style='width:1.0%;border:none;border-bottom:solid black 1.5pt;background:#CCEEFF;padding:0'> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp; </p> </td> <td width="9%" valign="bottom" style='width:9.0%;border:none;border-bottom:solid black 1.5pt;background:#CCEEFF;padding:0'> <p align="right" style='margin:0in;margin-bottom:.0001pt;text-align:right'>370</p> </td> <td width="1%" valign="bottom" style='width:1.0%;background:#CCEEFF;padding:0in 0in 1.5pt 0in'> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp; </p> </td> </tr> <tr align="left"> <td width="56%" valign="bottom" style='width:56.0%;background:white;padding:0in 0in 3.0pt 0in'> <p style='margin:0in;margin-bottom:.0001pt'><b>Total</b></p> </td> <td width="1%" valign="bottom" style='width:1.0%;background:white;padding:0in 0in 3.0pt 0in'> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp; </p> </td> <td width="1%" valign="bottom" style='width:1.0%;border:none;border-bottom:double black 2.25pt;background:white;padding:0'> <p style='margin:0in;margin-bottom:.0001pt'><b>$</b></p> </td> <td width="9%" valign="bottom" style='width:9.0%;border:none;border-bottom:double black 2.25pt;background:white;padding:0'> <p align="right" style='margin:0in;margin-bottom:.0001pt;text-align:right'><b>1,976,952</b></p> </td> <td width="1%" valign="bottom" style='width:1.0%;background:white;padding:0in 0in 3.0pt 0in'> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp; </p> </td> <td width="1%" valign="bottom" style='width:1.0%;background:white;padding:0in 0in 3.0pt 0in'> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp; </p> </td> <td width="1%" valign="bottom" style='width:1.0%;border:none;border-bottom:double black 2.25pt;background:white;padding:0'> <p style='margin:0in;margin-bottom:.0001pt'><b>$</b></p> </td> <td width="9%" valign="bottom" style='width:9.0%;border:none;border-bottom:double black 2.25pt;background:white;padding:0'> <p align="right" style='margin:0in;margin-bottom:.0001pt;text-align:right'><b>241,698</b></p> </td> <td width="1%" valign="bottom" style='width:1.0%;background:white;padding:0in 0in 3.0pt 0in'> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp; </p> </td> </tr> </table> </div> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp;</p> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp;</p> <!--egx--><p style='margin:0in;margin-bottom:.0001pt'><b>NOTE 10 - INCOME TAXES</b></p> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp;</p> <p style='margin:0in;margin-bottom:.0001pt'>Changzhou Huayue Electronics Co., Ltd was registered in the PRC, where the corporate income tax rate is 25%. Changzhou Huayue Electronics Co., Ltd. qualified as a high-tech company and, therefore, is entitled to a preferential tax rate of 15% through November, 2014.&#160; </p> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp;</p> <p style='margin:0in;margin-bottom:.0001pt'>For the years ended May 31, 2013 and 2012, Changzhou Huayue Electronics Co., Ltd recorded income tax provisions of $849,473 and $15,454 respectively.</p> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp;</p> <p style='margin:0in;margin-bottom:.0001pt;text-indent:.5in'><b><i>(i)&nbsp;The components of the income tax benefit (expense) are as follows:</i></b></p> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp;</p> <div align="center"> <table border="0" cellspacing="0" cellpadding="0" width="80%" style='width:80.0%'> <tr align="left"> <td width="56%" valign="bottom" style='width:56.0%;padding:0in 0in 1.5pt 0in'> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp; </p> </td> <td width="1%" valign="bottom" style='width:1.0%;padding:0in 0in 1.5pt 0in'> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp; </p> </td> <td width="22%" colspan="6" valign="bottom" style='width:22.0%;border:none;border-bottom:solid black 1.5pt;padding:0'> <p align="center" style='margin:0in;margin-bottom:.0001pt;text-align:center'><b>For the year ended May 31,</b></p> </td> <td width="1%" valign="bottom" style='width:1.0%;padding:0in 0in 1.5pt 0in'> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp; </p> </td> </tr> <tr align="left"> <td width="56%" valign="bottom" style='width:56.0%;padding:0in 0in 1.5pt 0in'> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp; </p> </td> <td width="1%" valign="bottom" style='width:1.0%;padding:0in 0in 1.5pt 0in'> <p align="right" style='margin:0in;margin-bottom:.0001pt;text-align:right'>&nbsp; </p> </td> <td width="10%" colspan="2" valign="bottom" style='width:10.0%;border:none;border-bottom:solid black 1.5pt;padding:0'> <p align="center" style='margin:0in;margin-bottom:.0001pt;text-align:center'><b>2013</b></p> </td> <td width="1%" valign="bottom" style='width:1.0%;padding:0in 0in 1.5pt 0in'> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp; </p> </td> <td width="1%" valign="bottom" style='width:1.0%;padding:0in 0in 1.5pt 0in'> <p align="right" style='margin:0in;margin-bottom:.0001pt;text-align:right'>&nbsp; </p> </td> <td width="10%" colspan="2" valign="bottom" style='width:10.0%;border:none;border-bottom:solid black 1.5pt;padding:0'> <p align="center" style='margin:0in;margin-bottom:.0001pt;text-align:center'><b>2012</b></p> </td> <td width="1%" valign="bottom" style='width:1.0%;padding:0in 0in 1.5pt 0in'> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp; </p> </td> </tr> <tr align="left"> <td width="56%" valign="bottom" style='width:56.0%;background:#CCEEFF;padding:0'> <p style='margin:0in;margin-bottom:.0001pt'>Current</p> </td> <td width="1%" valign="bottom" style='width:1.0%;background:#CCEEFF;padding:0'> <p align="right" style='margin:0in;margin-bottom:.0001pt;text-align:right'>&nbsp; </p> </td> <td width="1%" valign="bottom" style='width:1.0%;background:#CCEEFF;padding:0'> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp; </p> </td> <td width="9%" valign="bottom" style='width:9.0%;background:#CCEEFF;padding:0'> <p align="right" style='margin:0in;margin-bottom:.0001pt;text-align:right'>(849,473</p> </td> <td width="1%" valign="bottom" style='width:1.0%;background:#CCEEFF;padding:0'> <p style='margin:0in;margin-bottom:.0001pt'>)</p> </td> <td width="1%" valign="bottom" style='width:1.0%;background:#CCEEFF;padding:0'> <p align="right" style='margin:0in;margin-bottom:.0001pt;text-align:right'>&nbsp; </p> </td> <td width="1%" valign="bottom" style='width:1.0%;background:#CCEEFF;padding:0'> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp; </p> </td> <td width="9%" valign="bottom" style='width:9.0%;background:#CCEEFF;padding:0'> <p align="right" style='margin:0in;margin-bottom:.0001pt;text-align:right'>&nbsp;(53,692</p> </td> <td width="1%" valign="bottom" style='width:1.0%;background:#CCEEFF;padding:0'> <p style='margin:0in;margin-bottom:.0001pt'>)</p> </td> </tr> <tr align="left"> <td width="56%" valign="bottom" style='width:56.0%;background:white;padding:0'> <p style='margin:0in;margin-bottom:.0001pt'>Deferred:</p> </td> <td width="1%" valign="bottom" style='width:1.0%;background:white;padding:0'> <p align="right" style='margin:0in;margin-bottom:.0001pt;text-align:right'>&nbsp; </p> </td> <td width="1%" valign="bottom" style='width:1.0%;background:white;padding:0'> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp; </p> </td> <td width="9%" valign="bottom" style='width:9.0%;background:white;padding:0'> <p align="right" style='margin:0in;margin-bottom:.0001pt;text-align:right'>-</p> </td> <td width="1%" valign="bottom" style='width:1.0%;background:white;padding:0'> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp; </p> </td> <td width="1%" valign="bottom" style='width:1.0%;background:white;padding:0'> <p align="right" style='margin:0in;margin-bottom:.0001pt;text-align:right'>&nbsp; </p> </td> <td width="1%" valign="bottom" style='width:1.0%;background:white;padding:0'> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp; </p> </td> <td width="9%" valign="bottom" style='width:9.0%;background:white;padding:0'> <p align="right" style='margin:0in;margin-bottom:.0001pt;text-align:right'>&nbsp;38,238</p> </td> <td width="1%" valign="bottom" style='width:1.0%;background:white;padding:0'> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp; </p> </td> </tr> <tr align="left"> <td width="56%" valign="bottom" style='width:56.0%;background:#CCEEFF;padding:0'> <p style='margin:0in;margin-bottom:.0001pt'>Total Income tax benefit (expense)</p> </td> <td width="1%" valign="bottom" style='width:1.0%;background:#CCEEFF;padding:0'> <p align="right" style='margin:0in;margin-bottom:.0001pt;text-align:right'>&nbsp; </p> </td> <td width="1%" valign="bottom" style='width:1.0%;background:#CCEEFF;padding:0'> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp; </p> </td> <td width="9%" valign="bottom" style='width:9.0%;background:#CCEEFF;padding:0'> <p align="right" style='margin:0in;margin-bottom:.0001pt;text-align:right'>&nbsp;&nbsp;(849,473</p> </td> <td width="1%" valign="bottom" style='width:1.0%;background:#CCEEFF;padding:0'> <p style='margin:0in;margin-bottom:.0001pt'>)</p> </td> <td width="1%" valign="bottom" style='width:1.0%;background:#CCEEFF;padding:0'> <p align="right" style='margin:0in;margin-bottom:.0001pt;text-align:right'>&nbsp; </p> </td> <td width="1%" valign="bottom" style='width:1.0%;background:#CCEEFF;padding:0'> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp; </p> </td> <td width="9%" valign="bottom" style='width:9.0%;background:#CCEEFF;padding:0'> <p align="right" style='margin:0in;margin-bottom:.0001pt;text-align:right'>&nbsp;&nbsp;(15,454</p> </td> <td width="1%" valign="bottom" style='width:1.0%;background:#CCEEFF;padding:0'> <p style='margin:0in;margin-bottom:.0001pt'>)</p> </td> </tr> </table> </div> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp;</p> <p style='margin:0in;margin-bottom:.0001pt;text-indent:.5in'><b><i>(ii) The following table summarizes deferred taxes resulting from differences between financial accounting basis and tax basis of assets and liabilities:</i></b></p> <p style='margin:0in;margin-bottom:.0001pt;margin-left:21.0pt'>&nbsp;</p> <div align="center"> <table border="0" cellspacing="0" cellpadding="0" width="80%" style='width:80.0%'> <tr align="left"> <td width="56%" valign="bottom" style='width:56.0%;padding:0'> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp; </p> </td> <td width="1%" valign="bottom" style='width:1.0%;padding:0'> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp; </p> </td> <td width="22%" colspan="6" valign="bottom" style='width:22.0%;padding:0'> <p align="center" style='margin:0in;margin-bottom:.0001pt;text-align:center'><b>For the year ended May 31,</b></p> </td> <td width="1%" valign="bottom" style='width:1.0%;padding:0'> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp; </p> </td> </tr> <tr align="left"> <td width="56%" valign="bottom" style='width:56.0%;padding:0'> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp; </p> </td> <td width="1%" valign="bottom" style='width:1.0%;padding:0'> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp; </p> </td> <td width="10%" colspan="2" valign="bottom" style='width:10.0%;padding:0'> <p align="center" style='margin:0in;margin-bottom:.0001pt;text-align:center'><b>2013</b></p> </td> <td width="1%" valign="bottom" style='width:1.0%;padding:0'> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp; </p> </td> <td width="1%" valign="bottom" style='width:1.0%;padding:0'> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp; </p> </td> <td width="10%" colspan="2" valign="bottom" style='width:10.0%;padding:0'> <p align="center" style='margin:0in;margin-bottom:.0001pt;text-align:center'><b>2012</b></p> </td> <td width="1%" valign="bottom" style='width:1.0%;padding:0'> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp; </p> </td> </tr> <tr align="left"> <td width="56%" valign="bottom" style='width:56.0%;padding:0'> <p style='margin:0in;margin-bottom:.0001pt'><b>Current assets and liabilities</b></p> </td> <td width="1%" valign="bottom" style='width:1.0%;padding:0'> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp; </p> </td> <td width="10%" colspan="2" valign="bottom" style='width:10.0%;padding:0'> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp;</p> </td> <td width="1%" valign="bottom" style='width:1.0%;padding:0'> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp; </p> </td> <td width="1%" valign="bottom" style='width:1.0%;padding:0'> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp; </p> </td> <td width="10%" colspan="2" valign="bottom" style='width:10.0%;padding:0'> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp;</p> </td> <td width="1%" valign="bottom" style='width:1.0%;padding:0'> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp; </p> </td> </tr> <tr align="left"> <td width="56%" valign="bottom" style='width:56.0%;background:#CCEEFF;padding:0in 0in 1.5pt 0in'> <p style='margin:0in;margin-bottom:.0001pt'>Accounts receivable allowances</p> </td> <td width="1%" valign="bottom" style='width:1.0%;background:#CCEEFF;padding:0in 0in 1.5pt 0in'> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp; </p> </td> <td width="1%" valign="bottom" style='width:1.0%;border:none;border-bottom:solid black 1.5pt;background:#CCEEFF;padding:0'> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp; </p> </td> <td width="9%" valign="bottom" style='width:9.0%;border:none;border-bottom:solid black 1.5pt;background:#CCEEFF;padding:0'> <p align="right" style='margin:0in;margin-bottom:.0001pt;text-align:right'>39,159</p> </td> <td width="1%" valign="bottom" style='width:1.0%;background:#CCEEFF;padding:0in 0in 1.5pt 0in'> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp; </p> </td> <td width="1%" valign="bottom" style='width:1.0%;background:#CCEEFF;padding:0in 0in 1.5pt 0in'> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp; </p> </td> <td width="1%" valign="bottom" style='width:1.0%;border:none;border-bottom:solid black 1.5pt;background:#CCEEFF;padding:0'> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp; </p> </td> <td width="9%" valign="bottom" style='width:9.0%;border:none;border-bottom:solid black 1.5pt;background:#CCEEFF;padding:0'> <p align="right" style='margin:0in;margin-bottom:.0001pt;text-align:right'>38,238</p> </td> <td width="1%" valign="bottom" style='width:1.0%;background:#CCEEFF;padding:0in 0in 1.5pt 0in'> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp; </p> </td> </tr> <tr align="left"> <td width="56%" valign="bottom" style='width:56.0%;background:white;padding:0'> <p style='margin:0in;margin-bottom:.0001pt'>Total deferred tax assets</p> </td> <td width="1%" valign="bottom" style='width:1.0%;background:white;padding:0'> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp; </p> </td> <td width="1%" valign="bottom" style='width:1.0%;background:white;padding:0'> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp; </p> </td> <td width="9%" valign="bottom" style='width:9.0%;background:white;padding:0'> <p align="right" style='margin:0in;margin-bottom:.0001pt;text-align:right'>39,159</p> </td> <td width="1%" valign="bottom" style='width:1.0%;background:white;padding:0'> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp; </p> </td> <td width="1%" valign="bottom" style='width:1.0%;background:white;padding:0'> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp; </p> </td> <td width="1%" valign="bottom" style='width:1.0%;background:white;padding:0'> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp; </p> </td> <td width="9%" valign="bottom" style='width:9.0%;background:white;padding:0'> <p align="right" style='margin:0in;margin-bottom:.0001pt;text-align:right'>38,238</p> </td> <td width="1%" valign="bottom" style='width:1.0%;background:white;padding:0'> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp; </p> </td> </tr> <tr align="left"> <td width="56%" valign="bottom" style='width:56.0%;background:#CCEEFF;padding:0in 0in 1.5pt 0in'> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp;&nbsp;&nbsp;Valuation allowance</p> </td> <td width="1%" valign="bottom" style='width:1.0%;background:#CCEEFF;padding:0in 0in 1.5pt 0in'> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp; </p> </td> <td width="1%" valign="bottom" style='width:1.0%;border:none;border-bottom:solid black 1.5pt;background:#CCEEFF;padding:0'> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp; </p> </td> <td width="9%" valign="bottom" style='width:9.0%;border:none;border-bottom:solid black 1.5pt;background:#CCEEFF;padding:0'> <p align="right" style='margin:0in;margin-bottom:.0001pt;text-align:right'>-</p> </td> <td width="1%" valign="bottom" style='width:1.0%;background:#CCEEFF;padding:0in 0in 1.5pt 0in'> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp; </p> </td> <td width="1%" valign="bottom" style='width:1.0%;background:#CCEEFF;padding:0in 0in 1.5pt 0in'> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp; </p> </td> <td width="1%" valign="bottom" style='width:1.0%;border:none;border-bottom:solid black 1.5pt;background:#CCEEFF;padding:0'> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp; </p> </td> <td width="9%" valign="bottom" style='width:9.0%;border:none;border-bottom:solid black 1.5pt;background:#CCEEFF;padding:0'> <p align="right" style='margin:0in;margin-bottom:.0001pt;text-align:right'>-</p> </td> <td width="1%" valign="bottom" style='width:1.0%;background:#CCEEFF;padding:0in 0in 1.5pt 0in'> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp; </p> </td> </tr> <tr align="left"> <td width="56%" valign="bottom" style='width:56.0%;background:white;padding:0in 0in 1.5pt 0in'> <p style='margin:0in;margin-bottom:.0001pt'>Total deferred tax assets, net</p> </td> <td width="1%" valign="bottom" style='width:1.0%;background:white;padding:0in 0in 1.5pt 0in'> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp; </p> </td> <td width="1%" valign="bottom" style='width:1.0%;border:none;border-bottom:solid black 1.5pt;background:white;padding:0'> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp; </p> </td> <td width="9%" valign="bottom" style='width:9.0%;border:none;border-bottom:solid black 1.5pt;background:white;padding:0'> <p align="right" style='margin:0in;margin-bottom:.0001pt;text-align:right'>39,159</p> </td> <td width="1%" valign="bottom" style='width:1.0%;background:white;padding:0in 0in 1.5pt 0in'> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp; </p> </td> <td width="1%" valign="bottom" style='width:1.0%;background:white;padding:0in 0in 1.5pt 0in'> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp; </p> </td> <td width="1%" valign="bottom" style='width:1.0%;border:none;border-bottom:solid black 1.5pt;background:white;padding:0'> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp; </p> </td> <td width="9%" valign="bottom" style='width:9.0%;border:none;border-bottom:solid black 1.5pt;background:white;padding:0'> <p align="right" style='margin:0in;margin-bottom:.0001pt;text-align:right'>38,238</p> </td> <td width="1%" valign="bottom" style='width:1.0%;background:white;padding:0in 0in 1.5pt 0in'> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp; </p> </td> </tr> </table> </div> <p style='margin:0in;margin-bottom:.0001pt;margin-left:21.0pt'>&nbsp;</p> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp;</p> <!--egx--><p style='margin:0in;margin-bottom:.0001pt'><b>Note 11 &#150; CONCENTRATIONS</b></p> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp;</p> <p style='margin:0in;margin-bottom:.0001pt'>For the year ended May 31, 2013, three major customers accounted for approximately 22%, 16% and 11% of the total sales, respectively. For the year ended May 31, 2012, one major customer accounted for approximately 48% of the total sales, respectively. </p> <p style='margin:0in;margin-bottom:.0001pt'>For the year ended May 31, 2013, one major supplier accounted for approximately 10% of the Company&#146;s total purchase. For the year ended May 31, 2012, one major supplier accounted for approximately 68% of the Company&#146;s total purchase. </p> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp;</p> <!--egx--><p style='margin:0in;margin-bottom:.0001pt'><b>NOTE 12 - CONTINGENCIES</b></p> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp;</p> <p style='margin:0in;margin-bottom:.0001pt'>On March 13, 2013, the Company signed an agreement with China Industry and Commerce Bank under which the Company guaranteed borrowing of Changzhou Hanyu Electronics Inc, a non-related third party, for bank credit (including loans, notes payable, letter of credit and other credit forms) up to 5.1 million RMB, approximately $823,000 USD. The guarantee is effective from March 16, 2013 to March 15, 2015. </p> <!--egx--><p style='margin:0in;margin-bottom:.0001pt'><b>NOTE 13 - STOCKHOLDERS&#146; EQUITY</b></p> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp;</p> <p style='margin:0in;margin-bottom:.0001pt'><i><u>Stock issuance</u></i></p> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp;</p> <p style='margin:0in;margin-bottom:.0001pt'>On November 21, 2012, the Company&#146;s Board of Directors approved and authorized the sale of 1,260,000 shares at $2.50 per share to Ms. Li Xinmei, a major shareholder of the Company. The Company received total proceeds of $3,150,000 from Ms. Li.</p> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp;</p> <p style='margin:0in;margin-bottom:.0001pt'><i><u>Additional paid in capital</u></i></p> <p style='margin:0in;margin-bottom:.0001pt'>In the year ended May 31, 2013, Ms. Li Xinmei contributed $3,047,680 to the Company. </p> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp;</p> <p style='margin:0in;margin-bottom:.0001pt'><i><u>Statutory Reserve</u></i></p> <p style='margin:0in;margin-bottom:.0001pt'>Corporations organized in the People&#146;s Republic of China are required to contribute to a statutory reserve fund 10% of net income after tax per annum, until aggregate contributions equal &#160;50% of the company&#146;s registered capital. For the year ended May 31, 2013, the Company appropriated USD $375,728 to the statutory reserve.</p> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp;</p> <p style='margin:0in;margin-bottom:.0001pt'><i><u>Shares to be Issued</u></i></p> <p style='margin:0in;margin-bottom:.0001pt'>On March 12, 2013 the Company entered into a letter agreement with Buckman, Buckman &amp; Reid, Inc. (&#147;BB&amp;R&#148;). The agreement provides that for a one year term BB&amp;R will serve as exclusive consultant to the Company in connection with corporate structure, public market strategies and fundraising activities.&#160; In partial compensation for the services of BB&amp;R, the Company committed to sell to BB&amp;R for nominal consideration common stock equal to five percent of the outstanding shares of Company common stock on a fully-diluted basis. The sale has not yet been completed.</p> <!--egx--><p style='margin:0in;margin-bottom:.0001pt'><b><i><u>Principles of consolidation</u></i></b></p> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp;</p> <p style='margin:0in;margin-bottom:.0001pt'>The consolidated financial statements include the financial statements of the Company, China Metal and Changzhou Huayue. All inter-company transactions and balances are eliminated in consolidation.</p> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp;</p> <!--egx--><p style='margin:0in;margin-bottom:.0001pt'><b><i><u>Use of estimates</u></i></b></p> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp;</p> <p style='margin:0in;margin-bottom:.0001pt'>The preparation of financial statements in conformity with US GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and the disclosure of contingent assets and liabilities at the date of the financial statements, as well as the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. Significant accounting estimates reflected in the Company&#146;s consolidated financial statements include: the allowance for bad debt, the valuation of inventory, and estimated useful lives and impairment of property and equipment. Actual results could differ from those estimated by management.</p> <!--egx--><p style='margin:0in;margin-bottom:.0001pt'><b><i><u>Cash and cash equivalents</u></i></b></p> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp;</p> <p style='margin:0in;margin-bottom:.0001pt;text-autospace:none'>For purposes of the statement of cash flow, the Company considers all highly liquid investments with an original maturity of three months or less to be cash equivalents. All cash balances are in bank accounts in PRC and are not insured by the Federal Deposit Insurance Corporation or other programs.</p> <!--egx--><p style='margin:0in;margin-bottom:.0001pt'><b><i><u>Restricted Cash</u></i></b></p> <p style='margin:0in;margin-bottom:.0001pt;line-height:75%'>&nbsp;</p> <p style='margin:0in;margin-bottom:.0001pt'>Restricted cash represents required cash deposits as a part of collateral for bankers acceptance notes payable and letters of credit. The Company is required to maintain 50% to 100% of the balance of the bank&#146;s acceptance notes payable to ensure future credit availability. </p> <!--egx--><p style='margin:0in;margin-bottom:.0001pt'><b><i><u>Accounts Receivable and Allowance for Doubtful Accounts</u></i></b></p> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp;</p> <p style='margin:0in;margin-bottom:.0001pt'>Accounts receivable are stated at net realizable value. An allowance for doubtful accounts is established based on the management&#146;s assessment of the recoverability of accounts and other receivables. A considerable amount of judgment is required in assessing the realization of these receivables, including the current credit worthiness of each customer and the related aging analysis. Delinquent account balances are written-off against allowance for doubtful accounts after management has determined that the likelihood of collection is not probable.</p> <!--egx--><p style='margin:0in;margin-bottom:.0001pt'><b><i><u>Inventory</u></i></b></p> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp;</p> <p style='margin:0in;margin-bottom:.0001pt'>Inventory is primarily composed of raw materials and packing materials for manufacturing, work in process, and finished goods. Inventories are valued at the lower of cost or market with cost determined on a weighted average basis. Management compares the cost of inventory with the market value and an allowance is made for writing down the inventory to its market value, if lower than cost. As of May 31, 2013 and 2012 no reserve for slow-moving or obsolete inventory is considered necessary</p> <!--egx--><p style='margin:0in;margin-bottom:.0001pt'><b><i><u>Plant, property and equipment</u></i></b></p> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp;</p> <p style='margin:0in;margin-bottom:.0001pt'>Plant, property and equipment are stated at cost. The cost of an asset comprises its purchase price and any directly attributable costs of bringing the asset to its present working condition and locations for its intended use. Depreciation is calculated using the straight-line method over the following useful lives:</p> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp;</p> <div align="center"> <table border="0" cellspacing="0" cellpadding="0"> <tr style='height:8.1pt'> <td valign="top" style='padding:0;height:8.1pt'> <p style='margin:0in;margin-bottom:.0001pt'>Buildings</p> </td> <td valign="top" style='padding:0;height:8.1pt'> <p align="right" style='margin:0in;margin-bottom:.0001pt;text-align:right'>20 years</p> </td> </tr> <tr align="left"> <td valign="top" style='padding:0'> <p style='margin:0in;margin-bottom:.0001pt'>Machinery and equipment</p> </td> <td valign="top" style='padding:0'> <p align="right" style='margin:0in;margin-bottom:.0001pt;text-align:right'>5-10 years</p> </td> </tr> <tr align="left"> <td valign="top" style='padding:0'> <p style='margin:0in;margin-bottom:.0001pt'>Transportation equipment</p> </td> <td valign="top" style='padding:0'> <p align="right" style='margin:0in;margin-bottom:.0001pt;text-align:right'>5 years</p> </td> </tr> <tr align="left"> <td style='padding:0'> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp;</p> </td> <td style='padding:0'> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp;</p> </td> </tr> </table> </div> <p style='margin:0in;margin-bottom:.0001pt'>Expenditures for maintenance and repairs are charged to expense as incurred. Additions, renewals and betterments are capitalized.</p> <!--egx--><p style='margin:0in;margin-bottom:.0001pt'><b><i><u>Revenue recognition</u></i></b></p> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp;</p> <p style='margin:0in;margin-bottom:.0001pt'>The Company&#146;s revenue is derived from the sale of products. The Company&#146;s revenue recognition policies are in compliance with Accounting Standards Codification (&#147;ASC&#148;) Topic 605, <i>Revenue Recognition</i>. Our determination to recognize revenue is based on the following:</p> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp;</p> <div align="center"> <table border="0" cellspacing="0" cellpadding="0" width="100%" style='width:100.0%'> <tr align="left"> <td width="96" colspan="2" valign="top" style='width:1.0in;padding:0'></td> <td valign="top" style='padding:0'></td> </tr> <tr align="left"> <td width="48" valign="top" style='width:.5in;padding:0'> <p style='margin:0in;margin-bottom:.0001pt'><font style='font-family:Symbol'>&#183; </font></p> </td> <td colspan="2" valign="top" style='padding:0'> <p style='margin:0in;margin-bottom:.0001pt'>Persuasive evidence that an arrangement (sales contract) exists between a willing customer and us that outlines the terms of the sale (including customer information, product specification, quantity of goods, purchase price and payment terms).</p> </td> </tr> <tr align="left"> <td width="30" style='border:none'></td> <td width="717" style='border:none'></td> <td width="1" style='border:none'></td> </tr> </table> </div> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp;</p> <table border="0" cellspacing="0" cellpadding="0" width="100%" style='width:100.0%'> <tr align="left"> <td width="24" valign="top" style='width:.25in;padding:0'> <p style='margin:0in;margin-bottom:.0001pt'><font style='font-family:Symbol'>&#183; </font></p> </td> <td width="606" valign="top" style='width:454.3pt;padding:0'> <p style='margin:0in;margin-bottom:.0001pt'>Delivery is considered to have occurred when the risks, rewards and ownership of the products are transferred from us to our customers.</p> </td> </tr> <tr align="left"> <td width="24" valign="top" style='width:.25in;padding:0'> <p style='margin:0in;margin-bottom:.0001pt'><font style='font-family:Symbol'>&#183; </font></p> </td> <td width="606" valign="top" style='width:454.3pt;padding:0'> <p style='margin:0in;margin-bottom:.0001pt'>Our price to the customer is fixed and determinable as specifically outlined in the sales contract.</p> </td> </tr> </table> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp;</p> <table border="0" cellspacing="0" cellpadding="0" width="100%" style='width:100.0%'> <tr align="left"> <td width="24" valign="top" style='width:.25in;padding:0'> <p style='margin:0in;margin-bottom:.0001pt'><font style='font-family:Symbol'>&#183; </font></p> </td> <td width="606" valign="top" style='width:454.3pt;padding:0'> <p style='margin:0in;margin-bottom:.0001pt'>For customers to whom credit terms are extended, we assess a number of factors to determine whether collection from them is probable, including past transaction history with them and their credit-worthiness. All credit extended to customers is pre-approved by management. If we determine that collection is not reasonably assured, we defer the recognition of revenue until collection becomes reasonably assured, which is generally upon receipt of payment.</p> </td> </tr> </table> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp;</p> <p style='margin:0in;margin-bottom:.0001pt'>Payments received before satisfaction of all of the relevant criteria for revenue recognition are recorded as advance from customers. </p> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp;</p> <p style='margin:0in;margin-bottom:.0001pt'>The Company currently does not offer customers a right of return. Therefore, uncertainty regarding customer acceptance does not exist and delivered elements are not subject to general or customer-specified return or refund privileges.</p> <!--egx--><p style='margin:0in;margin-bottom:.0001pt'><b><i><u>Impairment of long-lived assets</u></i></b></p> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp;</p> <p style='margin:0in;margin-bottom:.0001pt'>The Company reviews its long-lived assets for impairment whenever events or changes in circumstances indicate that the carrying amount of an asset may no longer be recoverable. An impairment loss, measured based on the fair value of the asset, is recognized if expected future undiscounted cash flows are less than the carrying amount of the assets. As of May 31, 2013 and 2012, no impairment of long-lived assets is believed to exist.</p> <!--egx--><p style='margin:0in;margin-bottom:.0001pt'><b><i><u>Income taxes</u></i></b></p> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp;</p> <p style='margin:0in;margin-bottom:.0001pt'>The Company&#146;s subsidiaries in China are subject to the income tax laws of the PRC. No taxable income was generated outside the PRC for the years ended May 31, 2013 and 2012. The Company accounts for income tax under the asset and liability method as stipulated by ASC Topic 740, , which requires recognition of deferred tax assets and liabilities for the expected future tax consequences of the events that have been included in the financial statements or tax returns. Deferred income taxes will be recognized if significant temporary differences between tax and financial statements occur. Valuation allowances are established against net deferred tax assets when it is more likely than not that some portion or all of the deferred tax asset will not be realized. As of May 31, 2013 and 2012, no valuation allowance is considered necessary.</p> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp;</p> <p style='margin:0in;margin-bottom:.0001pt;text-align:justify'>An uncertain tax position is recognized as a benefit only if it is &#147;more likely than not&#148; that the tax position would be sustained in a tax examination, with a tax examination being presumed to occur. The amount recognized is the largest amount of tax benefit that is greater than 50% likely of being realized on examination. For tax positions not meeting the &#147;more likely than not&#148; test, no tax benefit is recorded. Penalties and interest incurred related to underpayment of income tax are classified as income tax expense in the period incurred. No significant penalties or interest relating to income taxes have been incurred during the years ended May 31, 2013 and 2012. </p> <!--egx--><p style='margin:0in;margin-bottom:.0001pt'><b><i><u>Value-added tax</u></i></b></p> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp;</p> <p style='margin:0in;margin-bottom:.0001pt'>Sales revenue represents the invoiced value of goods, net of a Value-Added Tax (&#147;VAT&#148;). All of the Company&#146;s products that are sold in the PRC are subject to a Chinese value-added tax at a rate of 17% of the gross sales price. This VAT may be offset by VAT paid by the Company on raw materials and other materials included in the cost of producing their finished product.</p> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp;</p> <p style='margin:0in;margin-bottom:.0001pt'>The Company recorded $812,243 and $134,962 VAT payable in the financial statements for the years ended May 31, 2013 and 2012, respectively.</p> <!--egx--><p style='margin:0in;margin-bottom:.0001pt'><b><i><u>Fair value of financial instruments</u></i></b></p> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp;</p> <p style='margin:0in;margin-bottom:.0001pt'>ASC Topic 820, &#147;Fair Value Measurements&#148;, which defines fair value, establishes a three-level valuation hierarchy for fair value measurements.</p> <p style='margin:0in;margin-bottom:.0001pt;line-height:75%'>&nbsp;</p> <p style='margin:0in;margin-bottom:.0001pt'>The three levels are defined as follows:</p> <p style='margin:0in;margin-bottom:.0001pt;line-height:75%'>&nbsp;</p> <p style='margin:0in;margin-bottom:.0001pt'>Level 1 - inputs to the valuation methodology are quoted prices (unadjusted) for identical assets or liabilities in active markets.</p> <p style='margin:0in;margin-bottom:.0001pt'>Level 2 - inputs to the valuation methodology include quoted prices for similar assets and liabilities in active markets, quoted market prices for identical or similar assets in markets that are not active, inputs other than quoted prices that are observable, and inputs derived from or corroborated by observable market data. </p> <p style='margin:0in;margin-bottom:.0001pt'>Level 3 - inputs to the valuation methodology are unobservable.</p> <p style='margin:0in;margin-bottom:.0001pt;line-height:75%'>&nbsp;</p> <p style='margin:0in;margin-bottom:.0001pt'>Unless otherwise disclosed, the fair value of the Company&#146;s financial instruments including cash, restricted cash, accounts receivable, due from related parties, loans to third parties, advances to suppliers, accounts payable, due to related parties, customer deposits, accrued expenses, short term bank loans and bankers acceptance notes payable approximates their recorded values due to their short-term maturities. </p> <!--egx--><p style='margin:0in;margin-bottom:.0001pt'><b><i><u>Foreign currency translation</u></i></b></p> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp;</p> <p style='margin:0in;margin-bottom:.0001pt'>The functional currency of the U.S. parent company is USD. The functional currency of the Company&#146;s Chinese subsidiary is RMB and its reporting currency is U.S dollars for the purpose of these financial statements. &#160;The accounts of the Chinese subsidiary were translated into USD in accordance with Accounting Standards Codification (&#147;ASC&#148;) Topic 830 &#147;Foreign Currency Matters,&#148; According to Topic 830, all assets and liabilities were translated at the exchange rate on the balance sheet date; stockholders&#146; equity is translated at historical rates and statement of income items are translated at the weighted average exchange rate for the period. The resulting translation adjustments are reported under other comprehensive income in accordance with ASC Topic 220, &#147;Comprehensive Income.&#148; Gains and losses resulting from the translations of foreign currency transactions and balances are reflected in the statements of income.</p> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp;</p> <p style='margin:0in;margin-bottom:.0001pt'>Translation adjustments resulting from this process amounted to $209,066 and $21,835 as of May 31, 2013 and 2012, respectively.</p> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp;</p> <p style='margin:0in;margin-bottom:.0001pt'>The following exchange rates were adopted to translate the amounts from RMB into United States dollars (&#147;USD$&#148;) for the respective years:</p> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp;</p> <div align="center"> <table border="0" cellspacing="0" cellpadding="0"> <tr align="left"> <td valign="bottom" style='padding:0in 0in 1.5pt 0in'> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp;</p> </td> <td valign="bottom" style='padding:0in 0in 1.5pt 0in'> <p style='margin:0in;margin-bottom:.0001pt'><b>&nbsp;</b></p> </td> <td colspan="2" valign="bottom" style='border:none;border-bottom:solid black 1.5pt;padding:0in 0in 1.5pt 0in'> <p align="center" style='margin:0in;margin-bottom:.0001pt;text-align:center'><b>May 31,</b></p> </td> <td valign="bottom" style='padding:0in 0in 1.5pt 0in'> <p style='margin:0in;margin-bottom:.0001pt'><b>&nbsp;</b></p> </td> <td valign="bottom" style='padding:0in 0in 1.5pt 0in'> <p style='margin:0in;margin-bottom:.0001pt'><b>&nbsp;</b></p> </td> <td colspan="2" valign="bottom" style='border:none;border-bottom:solid black 1.5pt;padding:0'> <p align="center" style='margin:0in;margin-bottom:.0001pt;text-align:center'><b>May 31,</b></p> </td> <td valign="bottom" style='padding:0in 0in 1.5pt 0in'> <p style='margin:0in;margin-bottom:.0001pt'><b>&nbsp;</b></p> </td> </tr> <tr align="left"> <td valign="bottom" style='padding:0in 0in 1.5pt 0in'> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp;</p> </td> <td valign="bottom" style='padding:0in 0in 1.5pt 0in'> <p style='margin:0in;margin-bottom:.0001pt'><b>&nbsp;</b></p> </td> <td colspan="2" valign="bottom" style='border:none;border-bottom:solid black 1.5pt;padding:0in 0in 1.5pt 0in'> <p align="center" style='margin:0in;margin-bottom:.0001pt;text-align:center'><b>2013</b></p> </td> <td valign="bottom" style='padding:0in 0in 1.5pt 0in'> <p style='margin:0in;margin-bottom:.0001pt'><b>&nbsp;</b></p> </td> <td valign="bottom" style='padding:0in 0in 1.5pt 0in'> <p style='margin:0in;margin-bottom:.0001pt'><b>&nbsp;</b></p> </td> <td colspan="2" valign="bottom" style='border:none;border-bottom:solid black 1.5pt;padding:0'> <p align="center" style='margin:0in;margin-bottom:.0001pt;text-align:center'><b>2012</b></p> </td> <td valign="bottom" style='padding:0in 0in 1.5pt 0in'> <p style='margin:0in;margin-bottom:.0001pt'><b>&nbsp;</b></p> </td> </tr> <tr align="left"> <td valign="bottom" style='background:#CCEEFF;padding:0'> <p style='margin:0in;margin-bottom:.0001pt'><b>Year End RMB Exchange Rate (RMB/USD$)</b></p> </td> <td valign="bottom" style='background:#CCEEFF;padding:0'> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp;</p> </td> <td valign="bottom" style='background:#CCEEFF;padding:0'> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp;</p> </td> <td valign="bottom" style='background:#CCEEFF;padding:0'> <p align="right" style='margin:0in;margin-bottom:.0001pt;text-align:right'>6.1865</p> </td> <td valign="bottom" style='background:#CCEEFF;padding:0'> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp;</p> </td> <td valign="bottom" style='background:#CCEEFF;padding:0'> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp;</p> </td> <td valign="bottom" style='background:#CCEEFF;padding:0'> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp;</p> </td> <td valign="bottom" style='background:#CCEEFF;padding:0'> <p align="right" style='margin:0in;margin-bottom:.0001pt;text-align:right'>6.3355</p> </td> <td valign="bottom" style='background:#CCEEFF;padding:0'> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp;</p> </td> </tr> <tr align="left"> <td valign="bottom" style='background:white;padding:0'> <p style='margin:0in;margin-bottom:.0001pt'><b>Average Yearly RMB Exchange Rate (RMB/USD$)</b></p> </td> <td valign="bottom" style='background:white;padding:0'> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp;</p> </td> <td valign="bottom" style='background:white;padding:0'> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp;</p> </td> <td valign="bottom" style='background:white;padding:0'> <p align="right" style='margin:0in;margin-bottom:.0001pt;text-align:right'>6.2940</p> </td> <td valign="bottom" style='background:white;padding:0'> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp;</p> </td> <td valign="bottom" style='background:white;padding:0'> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp;</p> </td> <td valign="bottom" style='background:white;padding:0'> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp;</p> </td> <td valign="bottom" style='background:white;padding:0'> <p align="right" style='margin:0in;margin-bottom:.0001pt;text-align:right'>6.3589</p> </td> <td valign="bottom" style='background:white;padding:0'> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp;</p> </td> </tr> </table> </div> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp;</p> <!--egx--> <p style='margin:0in;margin-bottom:.0001pt'><b><i><u>Concentrations of credit risk</u></i></b></p> <p style='margin:0in;margin-bottom:.0001pt;line-height:75%'>&nbsp;</p> <p style='margin:0in;margin-bottom:.0001pt'>Financial instruments which potentially subject the Company to concentrations of credit risk consist principally of cash and trade accounts receivable. All of the Company&#146;s cash is maintained with banks within the People&#146;s Republic of China in which no deposits are covered by insurance. The Company has not experienced any losses in such accounts. A significant portion of the Company's sales are credit sales which are primarily to customers whose ability to pay is dependent upon the industry economics prevailing in these areas. The Company also performs ongoing credit evaluations of its customers to help reduce credit risk.</p> <!--egx--><p style='margin:0in;margin-bottom:.0001pt'>&nbsp;</p> <div align="center"> <table border="0" cellspacing="0" cellpadding="0"> <tr align="left"> <td valign="bottom" style='padding:0in 0in 1.5pt 0in'> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp;</p> </td> <td valign="bottom" style='padding:0in 0in 1.5pt 0in'> <p style='margin:0in;margin-bottom:.0001pt'><b>&nbsp;</b></p> </td> <td colspan="2" valign="bottom" style='border:none;border-bottom:solid black 1.5pt;padding:0in 0in 1.5pt 0in'> <p align="center" style='margin:0in;margin-bottom:.0001pt;text-align:center'><b>May 31,</b></p> </td> <td valign="bottom" style='padding:0in 0in 1.5pt 0in'> <p style='margin:0in;margin-bottom:.0001pt'><b>&nbsp;</b></p> </td> <td valign="bottom" style='padding:0in 0in 1.5pt 0in'> <p style='margin:0in;margin-bottom:.0001pt'><b>&nbsp;</b></p> </td> <td colspan="2" valign="bottom" style='border:none;border-bottom:solid black 1.5pt;padding:0'> <p align="center" style='margin:0in;margin-bottom:.0001pt;text-align:center'><b>May 31,</b></p> </td> <td valign="bottom" style='padding:0in 0in 1.5pt 0in'> <p style='margin:0in;margin-bottom:.0001pt'><b>&nbsp;</b></p> </td> </tr> <tr align="left"> <td valign="bottom" style='padding:0in 0in 1.5pt 0in'> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp;</p> </td> <td valign="bottom" style='padding:0in 0in 1.5pt 0in'> <p style='margin:0in;margin-bottom:.0001pt'><b>&nbsp;</b></p> </td> <td colspan="2" valign="bottom" style='border:none;border-bottom:solid black 1.5pt;padding:0in 0in 1.5pt 0in'> <p align="center" style='margin:0in;margin-bottom:.0001pt;text-align:center'><b>2013</b></p> </td> <td valign="bottom" style='padding:0in 0in 1.5pt 0in'> <p style='margin:0in;margin-bottom:.0001pt'><b>&nbsp;</b></p> </td> <td valign="bottom" style='padding:0in 0in 1.5pt 0in'> <p style='margin:0in;margin-bottom:.0001pt'><b>&nbsp;</b></p> </td> <td colspan="2" valign="bottom" style='border:none;border-bottom:solid black 1.5pt;padding:0'> <p align="center" style='margin:0in;margin-bottom:.0001pt;text-align:center'><b>2012</b></p> </td> <td valign="bottom" style='padding:0in 0in 1.5pt 0in'> <p style='margin:0in;margin-bottom:.0001pt'><b>&nbsp;</b></p> </td> </tr> <tr align="left"> <td valign="bottom" style='background:#CCEEFF;padding:0'> <p style='margin:0in;margin-bottom:.0001pt'><b>Year End RMB Exchange Rate (RMB/USD$)</b></p> </td> <td valign="bottom" style='background:#CCEEFF;padding:0'> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp;</p> </td> <td valign="bottom" style='background:#CCEEFF;padding:0'> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp;</p> </td> <td valign="bottom" style='background:#CCEEFF;padding:0'> <p align="right" style='margin:0in;margin-bottom:.0001pt;text-align:right'>6.1865</p> </td> <td valign="bottom" style='background:#CCEEFF;padding:0'> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp;</p> </td> <td valign="bottom" style='background:#CCEEFF;padding:0'> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp;</p> </td> <td valign="bottom" style='background:#CCEEFF;padding:0'> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp;</p> </td> <td valign="bottom" style='background:#CCEEFF;padding:0'> <p align="right" style='margin:0in;margin-bottom:.0001pt;text-align:right'>6.3355</p> </td> <td valign="bottom" style='background:#CCEEFF;padding:0'> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp;</p> </td> </tr> <tr align="left"> <td valign="bottom" style='background:white;padding:0'> <p style='margin:0in;margin-bottom:.0001pt'><b>Average Yearly RMB Exchange Rate (RMB/USD$)</b></p> </td> <td valign="bottom" style='background:white;padding:0'> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp;</p> </td> <td valign="bottom" style='background:white;padding:0'> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp;</p> </td> <td valign="bottom" style='background:white;padding:0'> <p align="right" style='margin:0in;margin-bottom:.0001pt;text-align:right'>6.2940</p> </td> <td valign="bottom" style='background:white;padding:0'> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp;</p> </td> <td valign="bottom" style='background:white;padding:0'> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp;</p> </td> <td valign="bottom" style='background:white;padding:0'> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp;</p> </td> <td valign="bottom" style='background:white;padding:0'> <p align="right" style='margin:0in;margin-bottom:.0001pt;text-align:right'>6.3589</p> </td> <td valign="bottom" style='background:white;padding:0'> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp;</p> </td> </tr> </table> </div> <!--egx--><p style='margin:0in;margin-bottom:.0001pt'>&nbsp;</p> <div align="center"> <table border="0" cellspacing="0" cellpadding="0" width="80%" style='width:80.0%'> <tr align="left"> <td width="56%" valign="bottom" style='width:56.0%;padding:0in 0in 1.5pt 0in'> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp; </p> </td> <td width="1%" valign="bottom" style='width:1.0%;padding:0in 0in 1.5pt 0in'> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp; </p> </td> <td width="22%" colspan="6" valign="bottom" style='width:22.0%;border:none;border-bottom:solid black 1.5pt;padding:0'> <p align="center" style='margin:0in;margin-bottom:.0001pt;text-align:center'>The Years Ended May 31,</p> </td> <td width="1%" valign="bottom" style='width:1.0%;padding:0in 0in 1.5pt 0in'> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp; </p> </td> </tr> <tr align="left"> <td width="56%" valign="bottom" style='width:56.0%;padding:0in 0in 1.5pt 0in'> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp; </p> </td> <td width="1%" valign="bottom" style='width:1.0%;padding:0in 0in 1.5pt 0in'> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp; </p> </td> <td width="10%" colspan="2" valign="bottom" style='width:10.0%;border:none;border-bottom:solid black 1.5pt;padding:0'> <p align="center" style='margin:0in;margin-bottom:.0001pt;text-align:center'>2013</p> </td> <td width="1%" valign="bottom" style='width:1.0%;padding:0in 0in 1.5pt 0in'> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp; </p> </td> <td width="1%" valign="bottom" style='width:1.0%;padding:0in 0in 1.5pt 0in'> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp; </p> </td> <td width="10%" colspan="2" valign="bottom" style='width:10.0%;border:none;border-bottom:solid black 1.5pt;padding:0'> <p align="center" style='margin:0in;margin-bottom:.0001pt;text-align:center'>2012</p> </td> <td width="1%" valign="bottom" style='width:1.0%;padding:0in 0in 1.5pt 0in'> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp; </p> </td> </tr> <tr align="left"> <td width="56%" valign="bottom" style='width:56.0%;padding:0'> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp; </p> </td> <td width="1%" valign="bottom" style='width:1.0%;padding:0'> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp; </p> </td> <td width="10%" colspan="2" valign="bottom" style='width:10.0%;padding:0'> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp;</p> </td> <td width="1%" valign="bottom" style='width:1.0%;padding:0'> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp; </p> </td> <td width="1%" valign="bottom" style='width:1.0%;padding:0'> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp; </p> </td> <td width="10%" colspan="2" valign="bottom" style='width:10.0%;padding:0'> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp;</p> </td> <td width="1%" valign="bottom" style='width:1.0%;padding:0'> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp; </p> </td> </tr> <tr align="left"> <td width="56%" valign="bottom" style='width:56.0%;background:#CCEEFF;padding:0'> <p style='margin:0in;margin-bottom:.0001pt'>Accounts Receivable</p> </td> <td width="1%" valign="bottom" style='width:1.0%;background:#CCEEFF;padding:0'> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp; </p> </td> <td width="1%" valign="bottom" style='width:1.0%;background:#CCEEFF;padding:0'> <p style='margin:0in;margin-bottom:.0001pt'>$</p> </td> <td width="9%" valign="bottom" style='width:9.0%;background:#CCEEFF;padding:0'> <p align="right" style='margin:0in;margin-bottom:.0001pt;text-align:right'>8,667,673</p> </td> <td width="1%" valign="bottom" style='width:1.0%;background:#CCEEFF;padding:0'> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp; </p> </td> <td width="1%" valign="bottom" style='width:1.0%;background:#CCEEFF;padding:0'> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp; </p> </td> <td width="1%" valign="bottom" style='width:1.0%;background:#CCEEFF;padding:0'> <p style='margin:0in;margin-bottom:.0001pt'>$</p> </td> <td width="9%" valign="bottom" style='width:9.0%;background:#CCEEFF;padding:0'> <p align="right" style='margin:0in;margin-bottom:.0001pt;text-align:right'>3,951,883</p> </td> <td width="1%" valign="bottom" style='width:1.0%;background:#CCEEFF;padding:0'> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp; </p> </td> </tr> <tr align="left"> <td width="56%" valign="bottom" style='width:56.0%;background:white;padding:0in 0in 1.5pt 0in'> <p style='margin:0in;margin-bottom:.0001pt'>Less: Allowance for Doubtful Accounts</p> </td> <td width="1%" valign="bottom" style='width:1.0%;background:white;padding:0in 0in 1.5pt 0in'> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp; </p> </td> <td width="1%" valign="bottom" style='width:1.0%;border:none;border-bottom:solid black 1.5pt;background:white;padding:0'> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp; </p> </td> <td width="9%" valign="bottom" style='width:9.0%;border:none;border-bottom:solid black 1.5pt;background:white;padding:0'> <p align="right" style='margin:0in;margin-bottom:.0001pt;text-align:right'>(268,201)</p> </td> <td width="1%" valign="bottom" style='width:1.0%;background:white;padding:0in 0in 1.5pt 0in'> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp; </p> </td> <td width="1%" valign="bottom" style='width:1.0%;background:white;padding:0in 0in 1.5pt 0in'> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp; </p> </td> <td width="1%" valign="bottom" style='width:1.0%;border:none;border-bottom:solid black 1.5pt;background:white;padding:0'> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp; </p> </td> <td width="9%" valign="bottom" style='width:9.0%;border:none;border-bottom:solid black 1.5pt;background:white;padding:0'> <p align="right" style='margin:0in;margin-bottom:.0001pt;text-align:right'>(261,893)</p> </td> <td width="1%" valign="bottom" style='width:1.0%;background:white;padding:0in 0in 1.5pt 0in'> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp; </p> </td> </tr> <tr align="left"> <td width="56%" valign="bottom" style='width:56.0%;background:#CCEEFF;padding:0in 0in 3.0pt 0in'> <p style='margin:0in;margin-bottom:.0001pt'>Accounts Receivable, Net</p> </td> <td width="1%" valign="bottom" style='width:1.0%;background:#CCEEFF;padding:0in 0in 3.0pt 0in'> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp; </p> </td> <td width="1%" valign="bottom" style='width:1.0%;border:none;border-bottom:double black 2.25pt;background:#CCEEFF;padding:0'> <p style='margin:0in;margin-bottom:.0001pt'>$</p> </td> <td width="9%" valign="bottom" style='width:9.0%;border:none;border-bottom:double black 2.25pt;background:#CCEEFF;padding:0'> <p align="right" style='margin:0in;margin-bottom:.0001pt;text-align:right'>8,399,472</p> </td> <td width="1%" valign="bottom" style='width:1.0%;background:#CCEEFF;padding:0in 0in 3.0pt 0in'> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp; </p> </td> <td width="1%" valign="bottom" style='width:1.0%;background:#CCEEFF;padding:0in 0in 3.0pt 0in'> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp; </p> </td> <td width="1%" valign="bottom" style='width:1.0%;border:none;border-bottom:double black 2.25pt;background:#CCEEFF;padding:0'> <p style='margin:0in;margin-bottom:.0001pt'>$</p> </td> <td width="9%" valign="bottom" style='width:9.0%;border:none;border-bottom:double black 2.25pt;background:#CCEEFF;padding:0'> <p align="right" style='margin:0in;margin-bottom:.0001pt;text-align:right'>3,689,990</p> </td> <td width="1%" valign="bottom" style='width:1.0%;background:#CCEEFF;padding:0in 0in 3.0pt 0in'> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp; </p> </td> </tr> </table> </div> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp;</p> <!--egx--><p style='margin:0in;margin-bottom:.0001pt'>&nbsp;</p> <div align="center"> <table border="0" cellspacing="0" cellpadding="0" width="80%" style='width:80.0%'> <tr align="left"> <td width="56%" valign="bottom" style='width:56.0%;padding:0in 0in 1.5pt 0in'> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp; </p> </td> <td width="1%" valign="bottom" style='width:1.0%;padding:0in 0in 1.5pt 0in'> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp; </p> </td> <td width="22%" colspan="6" valign="bottom" style='width:22.0%;border:none;border-bottom:solid black 1.5pt;padding:0'> <p align="center" style='margin:0in;margin-bottom:.0001pt;text-align:center'>Years&nbsp;Ended&nbsp;May&nbsp;31,</p> </td> <td width="1%" valign="bottom" style='width:1.0%;padding:0in 0in 1.5pt 0in'> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp; </p> </td> </tr> <tr align="left"> <td width="56%" valign="bottom" style='width:56.0%;padding:0in 0in 1.5pt 0in'> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp; </p> </td> <td width="1%" valign="bottom" style='width:1.0%;padding:0in 0in 1.5pt 0in'> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp; </p> </td> <td width="10%" colspan="2" valign="bottom" style='width:10.0%;border:none;border-bottom:solid black 1.5pt;padding:0'> <p align="center" style='margin:0in;margin-bottom:.0001pt;text-align:center'>2013</p> </td> <td width="1%" valign="bottom" style='width:1.0%;padding:0in 0in 1.5pt 0in'> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp; </p> </td> <td width="1%" valign="bottom" style='width:1.0%;padding:0in 0in 1.5pt 0in'> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp; </p> </td> <td width="10%" colspan="2" valign="bottom" style='width:10.0%;border:none;border-bottom:solid black 1.5pt;padding:0'> <p align="center" style='margin:0in;margin-bottom:.0001pt;text-align:center'>2012</p> </td> <td width="1%" valign="bottom" style='width:1.0%;padding:0in 0in 1.5pt 0in'> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp; </p> </td> </tr> <tr align="left"> <td width="56%" valign="bottom" style='width:56.0%;background:#CCEEFF;padding:0'> <p style='margin:0in;margin-bottom:.0001pt'>Raw materials</p> </td> <td width="1%" valign="bottom" style='width:1.0%;background:#CCEEFF;padding:0'> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp; </p> </td> <td width="1%" valign="bottom" style='width:1.0%;background:#CCEEFF;padding:0'> <p style='margin:0in;margin-bottom:.0001pt'>$</p> </td> <td width="9%" valign="bottom" style='width:9.0%;background:#CCEEFF;padding:0'> <p align="right" style='margin:0in;margin-bottom:.0001pt;text-align:right'>341,240</p> </td> <td width="1%" valign="bottom" style='width:1.0%;background:#CCEEFF;padding:0'> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp; </p> </td> <td width="1%" valign="bottom" style='width:1.0%;background:#CCEEFF;padding:0'> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp; </p> </td> <td width="1%" valign="bottom" style='width:1.0%;background:#CCEEFF;padding:0'> <p style='margin:0in;margin-bottom:.0001pt'>$</p> </td> <td width="9%" valign="bottom" style='width:9.0%;background:#CCEEFF;padding:0'> <p align="right" style='margin:0in;margin-bottom:.0001pt;text-align:right'>410,729</p> </td> <td width="1%" valign="bottom" style='width:1.0%;background:#CCEEFF;padding:0'> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp; </p> </td> </tr> <tr align="left"> <td width="56%" valign="bottom" style='width:56.0%;background:white;padding:0'> <p style='margin:0in;margin-bottom:.0001pt'>Packaging</p> </td> <td width="1%" valign="bottom" style='width:1.0%;background:white;padding:0'> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp; </p> </td> <td width="1%" valign="bottom" style='width:1.0%;background:white;padding:0'> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp; </p> </td> <td width="9%" valign="bottom" style='width:9.0%;background:white;padding:0'> <p align="right" style='margin:0in;margin-bottom:.0001pt;text-align:right'>61,339</p> </td> <td width="1%" valign="bottom" style='width:1.0%;background:white;padding:0'> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp; </p> </td> <td width="1%" valign="bottom" style='width:1.0%;background:white;padding:0'> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp; </p> </td> <td width="1%" valign="bottom" style='width:1.0%;background:white;padding:0'> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp; </p> </td> <td width="9%" valign="bottom" style='width:9.0%;background:white;padding:0'> <p align="right" style='margin:0in;margin-bottom:.0001pt;text-align:right'>59,896</p> </td> <td width="1%" valign="bottom" style='width:1.0%;background:white;padding:0'> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp; </p> </td> </tr> <tr align="left"> <td width="56%" valign="bottom" style='width:56.0%;background:#CCEEFF;padding:0'> <p style='margin:0in;margin-bottom:.0001pt'>Work-in-progress</p> </td> <td width="1%" valign="bottom" style='width:1.0%;background:#CCEEFF;padding:0'> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp; </p> </td> <td width="1%" valign="bottom" style='width:1.0%;background:#CCEEFF;padding:0'> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp; </p> </td> <td width="9%" valign="bottom" style='width:9.0%;background:#CCEEFF;padding:0'> <p align="right" style='margin:0in;margin-bottom:.0001pt;text-align:right'>224,783</p> </td> <td width="1%" valign="bottom" style='width:1.0%;background:#CCEEFF;padding:0'> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp; </p> </td> <td width="1%" valign="bottom" style='width:1.0%;background:#CCEEFF;padding:0'> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp; </p> </td> <td width="1%" valign="bottom" style='width:1.0%;background:#CCEEFF;padding:0'> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp; </p> </td> <td width="9%" valign="bottom" style='width:9.0%;background:#CCEEFF;padding:0'> <p align="right" style='margin:0in;margin-bottom:.0001pt;text-align:right'>720,300</p> </td> <td width="1%" valign="bottom" style='width:1.0%;background:#CCEEFF;padding:0'> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp; </p> </td> </tr> <tr align="left"> <td width="56%" valign="bottom" style='width:56.0%;background:white;padding:0in 0in 1.5pt 0in'> <p style='margin:0in;margin-bottom:.0001pt'>Finished goods</p> </td> <td width="1%" valign="bottom" style='width:1.0%;background:white;padding:0in 0in 1.5pt 0in'> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp; </p> </td> <td width="1%" valign="bottom" style='width:1.0%;border:none;border-bottom:solid black 1.5pt;background:white;padding:0'> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp; </p> </td> <td width="9%" valign="bottom" style='width:9.0%;border:none;border-bottom:solid black 1.5pt;background:white;padding:0'> <p align="right" style='margin:0in;margin-bottom:.0001pt;text-align:right'>312,966</p> </td> <td width="1%" valign="bottom" style='width:1.0%;background:white;padding:0in 0in 1.5pt 0in'> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp; </p> </td> <td width="1%" valign="bottom" style='width:1.0%;background:white;padding:0in 0in 1.5pt 0in'> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp; </p> </td> <td width="1%" valign="bottom" style='width:1.0%;border:none;border-bottom:solid black 1.5pt;background:white;padding:0'> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp; </p> </td> <td width="9%" valign="bottom" style='width:9.0%;border:none;border-bottom:solid black 1.5pt;background:white;padding:0'> <p align="right" style='margin:0in;margin-bottom:.0001pt;text-align:right'>794,466</p> </td> <td width="1%" valign="bottom" style='width:1.0%;background:white;padding:0in 0in 1.5pt 0in'> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp; </p> </td> </tr> <tr align="left"> <td width="56%" valign="bottom" style='width:56.0%;background:#CCEEFF;padding:0in 0in 3.0pt 0in'> <p style='margin:0in;margin-bottom:.0001pt'><b>Total Inventories</b></p> </td> <td width="1%" valign="bottom" style='width:1.0%;background:#CCEEFF;padding:0in 0in 3.0pt 0in'> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp; </p> </td> <td width="1%" valign="bottom" style='width:1.0%;border:none;border-bottom:double black 2.25pt;background:#CCEEFF;padding:0'> <p style='margin:0in;margin-bottom:.0001pt'><b>$</b></p> </td> <td width="9%" valign="bottom" style='width:9.0%;border:none;border-bottom:double black 2.25pt;background:#CCEEFF;padding:0'> <p align="right" style='margin:0in;margin-bottom:.0001pt;text-align:right'><b>940,328</b></p> </td> <td width="1%" valign="bottom" style='width:1.0%;background:#CCEEFF;padding:0in 0in 3.0pt 0in'> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp; </p> </td> <td width="1%" valign="bottom" style='width:1.0%;background:#CCEEFF;padding:0in 0in 3.0pt 0in'> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp; </p> </td> <td width="1%" valign="bottom" style='width:1.0%;border:none;border-bottom:double black 2.25pt;background:#CCEEFF;padding:0'> <p style='margin:0in;margin-bottom:.0001pt'><b>$</b></p> </td> <td width="9%" valign="bottom" style='width:9.0%;border:none;border-bottom:double black 2.25pt;background:#CCEEFF;padding:0'> <p align="right" style='margin:0in;margin-bottom:.0001pt;text-align:right'><b>1,985,391</b></p> </td> <td width="1%" valign="bottom" style='width:1.0%;background:#CCEEFF;padding:0in 0in 3.0pt 0in'> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp; </p> </td> </tr> </table> </div> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp;</p> <!--egx--><p style='margin:0in;margin-bottom:.0001pt'>&nbsp;</p> <div align="center"> <table border="0" cellspacing="0" cellpadding="0" width="80%" style='width:80.0%'> <tr align="left"> <td width="56%" valign="bottom" style='width:56.0%;padding:0in 0in 1.5pt 0in'> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp; </p> </td> <td width="1%" valign="bottom" style='width:1.0%;padding:0in 0in 1.5pt 0in'> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp; </p> </td> <td width="22%" colspan="6" valign="bottom" style='width:22.0%;border:none;border-bottom:solid black 1.5pt;padding:0'> <p align="center" style='margin:0in;margin-bottom:.0001pt;text-align:center'>Years Ended May 31,</p> </td> <td width="1%" valign="bottom" style='width:1.0%;padding:0in 0in 1.5pt 0in'> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp; </p> </td> </tr> <tr align="left"> <td width="56%" valign="bottom" style='width:56.0%;padding:0in 0in 1.5pt 0in'> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp; </p> </td> <td width="1%" valign="bottom" style='width:1.0%;padding:0in 0in 1.5pt 0in'> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp; </p> </td> <td width="10%" colspan="2" valign="bottom" style='width:10.0%;border:none;border-bottom:solid black 1.5pt;padding:0'> <p align="center" style='margin:0in;margin-bottom:.0001pt;text-align:center'>2013</p> </td> <td width="1%" valign="bottom" style='width:1.0%;padding:0in 0in 1.5pt 0in'> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp; </p> </td> <td width="1%" valign="bottom" style='width:1.0%;padding:0in 0in 1.5pt 0in'> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp; </p> </td> <td width="10%" colspan="2" valign="bottom" style='width:10.0%;border:none;border-bottom:solid black 1.5pt;padding:0'> <p align="center" style='margin:0in;margin-bottom:.0001pt;text-align:center'>2012</p> </td> <td width="1%" valign="bottom" style='width:1.0%;padding:0in 0in 1.5pt 0in'> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp; </p> </td> </tr> <tr align="left"> <td width="56%" valign="bottom" style='width:56.0%;background:#CCEEFF;padding:0'> <p style='margin:0in;margin-bottom:.0001pt'>Machinery Equipment</p> </td> <td width="1%" valign="bottom" style='width:1.0%;background:#CCEEFF;padding:0'> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp; </p> </td> <td width="1%" valign="bottom" style='width:1.0%;background:#CCEEFF;padding:0'> <p style='margin:0in;margin-bottom:.0001pt'>$</p> </td> <td width="9%" valign="bottom" style='width:9.0%;background:#CCEEFF;padding:0'> <p align="right" style='margin:0in;margin-bottom:.0001pt;text-align:right'>2,881,586</p> </td> <td width="1%" valign="bottom" style='width:1.0%;background:#CCEEFF;padding:0'> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp; </p> </td> <td width="1%" valign="bottom" style='width:1.0%;background:#CCEEFF;padding:0'> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp; </p> </td> <td width="1%" valign="bottom" style='width:1.0%;background:#CCEEFF;padding:0'> <p style='margin:0in;margin-bottom:.0001pt'>$</p> </td> <td width="9%" valign="bottom" style='width:9.0%;background:#CCEEFF;padding:0'> <p align="right" style='margin:0in;margin-bottom:.0001pt;text-align:right'>1,106,702</p> </td> <td width="1%" valign="bottom" style='width:1.0%;background:#CCEEFF;padding:0'> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp; </p> </td> </tr> <tr align="left"> <td width="56%" valign="bottom" style='width:56.0%;background:white;padding:0'> <p style='margin:0in;margin-bottom:.0001pt'>Building</p> </td> <td width="1%" valign="bottom" style='width:1.0%;background:white;padding:0'> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp; </p> </td> <td width="1%" valign="bottom" style='width:1.0%;background:white;padding:0'> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp; </p> </td> <td width="9%" valign="bottom" style='width:9.0%;background:white;padding:0'> <p align="right" style='margin:0in;margin-bottom:.0001pt;text-align:right'>5,463,509</p> </td> <td width="1%" valign="bottom" style='width:1.0%;background:white;padding:0'> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp; </p> </td> <td width="1%" valign="bottom" style='width:1.0%;background:white;padding:0'> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp; </p> </td> <td width="1%" valign="bottom" style='width:1.0%;background:white;padding:0'> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp; </p> </td> <td width="9%" valign="bottom" style='width:9.0%;background:white;padding:0'> <p align="right" style='margin:0in;margin-bottom:.0001pt;text-align:right'>-</p> </td> <td width="1%" valign="bottom" style='width:1.0%;background:white;padding:0'> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp; </p> </td> </tr> <tr align="left"> <td width="56%" valign="bottom" style='width:56.0%;background:#CCEEFF;padding:0'> <p style='margin:0in;margin-bottom:.0001pt'>Electronic Equipment</p> </td> <td width="1%" valign="bottom" style='width:1.0%;background:#CCEEFF;padding:0'> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp; </p> </td> <td width="1%" valign="bottom" style='width:1.0%;background:#CCEEFF;padding:0'> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp; </p> </td> <td width="9%" valign="bottom" style='width:9.0%;background:#CCEEFF;padding:0'> <p align="right" style='margin:0in;margin-bottom:.0001pt;text-align:right'>649,150</p> </td> <td width="1%" valign="bottom" style='width:1.0%;background:#CCEEFF;padding:0'> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp; </p> </td> <td width="1%" valign="bottom" style='width:1.0%;background:#CCEEFF;padding:0'> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp; </p> </td> <td width="1%" valign="bottom" style='width:1.0%;background:#CCEEFF;padding:0'> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp; </p> </td> <td width="9%" valign="bottom" style='width:9.0%;background:#CCEEFF;padding:0'> <p align="right" style='margin:0in;margin-bottom:.0001pt;text-align:right'>182,934</p> </td> <td width="1%" valign="bottom" style='width:1.0%;background:#CCEEFF;padding:0'> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp; </p> </td> </tr> <tr align="left"> <td width="56%" valign="bottom" style='width:56.0%;background:white;padding:0in 0in 1.5pt 0in'> <p style='margin:0in;margin-bottom:.0001pt'>Transportation Equipment</p> </td> <td width="1%" valign="bottom" style='width:1.0%;background:white;padding:0in 0in 1.5pt 0in'> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp; </p> </td> <td width="1%" valign="bottom" style='width:1.0%;border:none;border-bottom:solid black 1.5pt;background:white;padding:0'> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp; </p> </td> <td width="9%" valign="bottom" style='width:9.0%;border:none;border-bottom:solid black 1.5pt;background:white;padding:0'> <p align="right" style='margin:0in;margin-bottom:.0001pt;text-align:right'>291,162</p> </td> <td width="1%" valign="bottom" style='width:1.0%;background:white;padding:0in 0in 1.5pt 0in'> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp; </p> </td> <td width="1%" valign="bottom" style='width:1.0%;background:white;padding:0in 0in 1.5pt 0in'> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp; </p> </td> <td width="1%" valign="bottom" style='width:1.0%;border:none;border-bottom:solid black 1.5pt;background:white;padding:0'> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp; </p> </td> <td width="9%" valign="bottom" style='width:9.0%;border:none;border-bottom:solid black 1.5pt;background:white;padding:0'> <p align="right" style='margin:0in;margin-bottom:.0001pt;text-align:right'>283,872</p> </td> <td width="1%" valign="bottom" style='width:1.0%;background:white;padding:0in 0in 1.5pt 0in'> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp; </p> </td> </tr> <tr align="left"> <td width="56%" valign="bottom" style='width:56.0%;background:#CCEEFF;padding:0'> <p style='margin:0in;margin-bottom:.0001pt'>Subtotal</p> </td> <td width="1%" valign="bottom" style='width:1.0%;background:#CCEEFF;padding:0'> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp; </p> </td> <td width="1%" valign="bottom" style='width:1.0%;background:#CCEEFF;padding:0'> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp; </p> </td> <td width="9%" valign="bottom" style='width:9.0%;background:#CCEEFF;padding:0'> <p align="right" style='margin:0in;margin-bottom:.0001pt;text-align:right'>9,285,407</p> </td> <td width="1%" valign="bottom" style='width:1.0%;background:#CCEEFF;padding:0'> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp; </p> </td> <td width="1%" valign="bottom" style='width:1.0%;background:#CCEEFF;padding:0'> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp; </p> </td> <td width="1%" valign="bottom" style='width:1.0%;background:#CCEEFF;padding:0'> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp; </p> </td> <td width="9%" valign="bottom" style='width:9.0%;background:#CCEEFF;padding:0'> <p align="right" style='margin:0in;margin-bottom:.0001pt;text-align:right'>1,573,508</p> </td> <td width="1%" valign="bottom" style='width:1.0%;background:#CCEEFF;padding:0'> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp; </p> </td> </tr> <tr align="left"> <td width="56%" valign="bottom" style='width:56.0%;background:white;padding:0in 0in 1.5pt 0in'> <p style='margin:0in;margin-bottom:.0001pt'>Less: Accumulated Depreciation</p> </td> <td width="1%" valign="bottom" style='width:1.0%;background:white;padding:0in 0in 1.5pt 0in'> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp; </p> </td> <td width="1%" valign="bottom" style='width:1.0%;border:none;border-bottom:solid black 1.5pt;background:white;padding:0'> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp; </p> </td> <td width="9%" valign="bottom" style='width:9.0%;border:none;border-bottom:solid black 1.5pt;background:white;padding:0'> <p align="right" style='margin:0in;margin-bottom:.0001pt;text-align:right'>(1,283,774)</p> </td> <td width="1%" valign="bottom" style='width:1.0%;background:white;padding:0in 0in 1.5pt 0in'> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp; </p> </td> <td width="1%" valign="bottom" style='width:1.0%;background:white;padding:0in 0in 1.5pt 0in'> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp; </p> </td> <td width="1%" valign="bottom" style='width:1.0%;border:none;border-bottom:solid black 1.5pt;background:white;padding:0'> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp; </p> </td> <td width="9%" valign="bottom" style='width:9.0%;border:none;border-bottom:solid black 1.5pt;background:white;padding:0'> <p align="right" style='margin:0in;margin-bottom:.0001pt;text-align:right'>(1,024,186)</p> </td> <td width="1%" valign="bottom" style='width:1.0%;background:white;padding:0in 0in 1.5pt 0in'> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp; </p> </td> </tr> <tr align="left"> <td width="56%" valign="bottom" style='width:56.0%;background:#CCEEFF;padding:0in 0in 3.0pt 0in'> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp;&nbsp;&nbsp;&nbsp;<b>Total plant, property and equipment, net</b></p> </td> <td width="1%" valign="bottom" style='width:1.0%;background:#CCEEFF;padding:0in 0in 3.0pt 0in'> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp; </p> </td> <td width="1%" valign="bottom" style='width:1.0%;border:none;border-bottom:double black 2.25pt;background:#CCEEFF;padding:0'> <p style='margin:0in;margin-bottom:.0001pt'><b>$</b></p> </td> <td width="9%" valign="bottom" style='width:9.0%;border:none;border-bottom:double black 2.25pt;background:#CCEEFF;padding:0'> <p align="right" style='margin:0in;margin-bottom:.0001pt;text-align:right'><b>8,001,633</b></p> </td> <td width="1%" valign="bottom" style='width:1.0%;background:#CCEEFF;padding:0in 0in 3.0pt 0in'> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp; </p> </td> <td width="1%" valign="bottom" style='width:1.0%;background:#CCEEFF;padding:0in 0in 3.0pt 0in'> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp; </p> </td> <td width="1%" valign="bottom" style='width:1.0%;border:none;border-bottom:double black 2.25pt;background:#CCEEFF;padding:0'> <p style='margin:0in;margin-bottom:.0001pt'><b>$</b></p> </td> <td width="9%" valign="bottom" style='width:9.0%;border:none;border-bottom:double black 2.25pt;background:#CCEEFF;padding:0'> <p align="right" style='margin:0in;margin-bottom:.0001pt;text-align:right'><b>549,322</b></p> </td> <td width="1%" valign="bottom" style='width:1.0%;background:#CCEEFF;padding:0in 0in 3.0pt 0in'> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp; </p> </td> </tr> </table> </div> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp;</p> <!--egx--><p style='margin:0in;margin-bottom:.0001pt;margin-bottom:6.0pt'>The related parties of the company are as follows:&nbsp;</p> <table border="0" cellspacing="0" cellpadding="0" width="104%"> <tr align="left"> <td width="39%" valign="top" style='width:39.8%;border:none;border-bottom:solid black 1.5pt;padding:0'> <p style='margin:0in;margin-bottom:.0001pt'><b>Name of entity or individual</b></p> </td> <td width="2%" valign="top" style='width:2.68%;padding:0in 0in 1.5pt 0in'></td> <td width="57%" valign="top" style='width:57.52%;border:none;border-bottom:solid black 1.5pt;padding:0'> <p style='margin:0in;margin-bottom:.0001pt'><b>Relationship with the Company</b></p> </td> </tr> <tr align="left"> <td width="39%" valign="top" style='width:39.8%;background:#CCEEFF;padding:0'> <p style='margin:0in;margin-bottom:.0001pt'>Changzhou Hengchuan Plastics Co, Ltd</p> </td> <td width="2%" valign="top" style='width:2.68%;background:#CCEEFF;padding:0'></td> <td width="57%" valign="top" style='width:57.52%;background:#CCEEFF;padding:0'> <p style='margin:0in;margin-bottom:.0001pt'>Entity controlled by Mr. Pan Shudong and His Wife</p> </td> </tr> <tr align="left"> <td width="39%" valign="top" style='width:39.8%;background:white;padding:0'> <p style='margin:0in;margin-bottom:.0001pt'>Changzhou Shiji Jinyue Packaging Co.,Ltd</p> </td> <td width="2%" valign="top" style='width:2.68%;background:white;padding:0'></td> <td width="57%" valign="top" style='width:57.52%;background:white;padding:0'> <p style='margin:0in;margin-bottom:.0001pt'>Entity controlled by Mr. Pan Shudong&#146;s Sister</p> </td> </tr> <tr align="left"> <td width="39%" valign="top" style='width:39.8%;background:#CCEEFF;padding:0'> <p style='margin:0in;margin-bottom:.0001pt'>Changzhou Jinyue Electronic Co.,Ltd</p> </td> <td width="2%" valign="top" style='width:2.68%;background:#CCEEFF;padding:0'></td> <td width="57%" valign="top" style='width:57.52%;background:#CCEEFF;padding:0'> <p style='margin:0in;margin-bottom:.0001pt'>Entity controlled by Mr. Pan Shudong&#146;s Sister</p> </td> </tr> <tr align="left"> <td width="39%" valign="top" style='width:39.8%;background:white;padding:0'> <p style='margin:0in;margin-bottom:.0001pt'>Changzhou Leyuan International Trade Co.,Ltd</p> </td> <td width="2%" valign="top" style='width:2.68%;background:white;padding:0'></td> <td width="57%" valign="top" style='width:57.52%;background:white;padding:0'> <p style='margin:0in;margin-bottom:.0001pt'>Entity controlled by Mr. Pan Shudong&#146;s Sister</p> </td> </tr> <tr align="left"> <td width="39%" valign="top" style='width:39.8%;background:#CCEEFF;padding:0'> <p style='margin:0in;margin-bottom:.0001pt'>Mr. Pan Shudong </p> </td> <td width="2%" valign="top" style='width:2.68%;background:#CCEEFF;padding:0'></td> <td width="57%" valign="top" style='width:57.52%;background:#CCEEFF;padding:0'> <p style='margin:0in;margin-bottom:.0001pt'>Controlling Shareholder and CEO of the Company</p> </td> </tr> <tr align="left"> <td width="39%" valign="top" style='width:39.8%;background:white;padding:0'> <p style='margin:0in;margin-bottom:.0001pt'>Ms.Li Xinmei </p> </td> <td width="2%" valign="top" style='width:2.68%;background:white;padding:0'></td> <td width="57%" valign="top" style='width:57.52%;background:white;padding:0'> <p style='margin:0in;margin-bottom:.0001pt'>Mr. Pan Shudong&#146;s Wife and Director of&#160; Huayue Electronics, Inc.</p> </td> </tr> <tr align="left"> <td width="39%" valign="top" style='width:39.8%;background:#CCEEFF;padding:0'> <p style='margin:0in;margin-bottom:.0001pt'>Ms. Pan Yile</p> </td> <td width="2%" valign="top" style='width:2.68%;background:#CCEEFF;padding:0'></td> <td width="57%" valign="top" style='width:57.52%;background:#CCEEFF;padding:0'> <p style='margin:0in;margin-bottom:.0001pt'>Mr. Pan Shudong&#146;s Daughter and Officer of &#160;Huayue Electronics, Inc.</p> </td> </tr> </table> <!--egx--><p style='margin:0in;margin-bottom:.0001pt'>&nbsp;</p> <div align="center"> <table border="0" cellspacing="0" cellpadding="0" width="80%" style='width:80.0%'> <tr align="left"> <td width="56%" valign="bottom" style='width:56.0%;padding:0in 0in 1.5pt 0in'> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp;</p> </td> <td width="1%" valign="bottom" style='width:1.0%;padding:0in 0in 1.5pt 0in'> <p align="right" style='margin:0in;margin-bottom:.0001pt;text-align:right'>&nbsp;</p> </td> <td width="22%" colspan="6" valign="bottom" style='width:22.0%;border:none;border-bottom:solid black 1.5pt;padding:0'> <p align="center" style='margin:0in;margin-bottom:.0001pt;text-align:center'><b>May 31,</b></p> </td> <td width="1%" valign="bottom" style='width:1.0%;padding:0in 0in 1.5pt 0in'> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp;</p> </td> </tr> <tr align="left"> <td width="56%" valign="bottom" style='width:56.0%;padding:0in 0in 1.5pt 0in'> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp; </p> </td> <td width="1%" valign="bottom" style='width:1.0%;padding:0in 0in 1.5pt 0in'> <p align="right" style='margin:0in;margin-bottom:.0001pt;text-align:right'>&nbsp; </p> </td> <td width="10%" colspan="2" valign="bottom" style='width:10.0%;border:none;border-bottom:solid black 1.5pt;padding:0'> <p align="center" style='margin:0in;margin-bottom:.0001pt;text-align:center'><b>&nbsp;2013</b></p> </td> <td width="1%" valign="bottom" style='width:1.0%;padding:0in 0in 1.5pt 0in'> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp; </p> </td> <td width="1%" valign="bottom" style='width:1.0%;padding:0in 0in 1.5pt 0in'> <p align="right" style='margin:0in;margin-bottom:.0001pt;text-align:right'>&nbsp; </p> </td> <td width="10%" colspan="2" valign="bottom" style='width:10.0%;border:none;border-bottom:solid black 1.5pt;padding:0'> <p align="center" style='margin:0in;margin-bottom:.0001pt;text-align:center'><b>2012</b></p> </td> <td width="1%" valign="bottom" style='width:1.0%;padding:0in 0in 1.5pt 0in'> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp; </p> </td> </tr> <tr align="left"> <td width="56%" valign="bottom" style='width:56.0%;background:#CCEEFF;padding:0'> <p style='margin:0in;margin-bottom:.0001pt'>Changzhou Hengchuan Plastics Co, Ltd</p> </td> <td width="1%" valign="bottom" style='width:1.0%;background:#CCEEFF;padding:0'> <p align="right" style='margin:0in;margin-bottom:.0001pt;text-align:right'>&nbsp; </p> </td> <td width="1%" valign="bottom" style='width:1.0%;background:#CCEEFF;padding:0'> <p style='margin:0in;margin-bottom:.0001pt'>$</p> </td> <td width="9%" valign="bottom" style='width:9.0%;background:#CCEEFF;padding:0'> <p align="right" style='margin:0in;margin-bottom:.0001pt;text-align:right'>-</p> </td> <td width="1%" valign="bottom" style='width:1.0%;background:#CCEEFF;padding:0'> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp; </p> </td> <td width="1%" valign="bottom" style='width:1.0%;background:#CCEEFF;padding:0'> <p align="right" style='margin:0in;margin-bottom:.0001pt;text-align:right'>&nbsp; </p> </td> <td width="1%" valign="bottom" style='width:1.0%;background:#CCEEFF;padding:0'> <p style='margin:0in;margin-bottom:.0001pt'>$</p> </td> <td width="9%" valign="bottom" style='width:9.0%;background:#CCEEFF;padding:0'> <p align="right" style='margin:0in;margin-bottom:.0001pt;text-align:right'>3,157</p> </td> <td width="1%" valign="bottom" style='width:1.0%;background:#CCEEFF;padding:0'> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp; </p> </td> </tr> <tr align="left"> <td width="56%" valign="bottom" style='width:56.0%;background:white;padding:0'> <p style='margin:0in;margin-bottom:.0001pt'>Changzhou Hengchuan Plastics Co, Ltd</p> </td> <td width="1%" valign="bottom" style='width:1.0%;background:white;padding:0'> <p align="right" style='margin:0in;margin-bottom:.0001pt;text-align:right'>&nbsp; </p> </td> <td width="1%" valign="bottom" style='width:1.0%;background:white;padding:0'> <p style='margin:0in;margin-bottom:.0001pt'>$</p> </td> <td width="9%" valign="bottom" style='width:9.0%;background:white;padding:0'> <p align="right" style='margin:0in;margin-bottom:.0001pt;text-align:right'>-</p> </td> <td width="1%" valign="bottom" style='width:1.0%;background:white;padding:0'> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp; </p> </td> <td width="1%" valign="bottom" style='width:1.0%;background:white;padding:0'> <p align="right" style='margin:0in;margin-bottom:.0001pt;text-align:right'>&nbsp; </p> </td> <td width="1%" valign="bottom" style='width:1.0%;background:white;padding:0'> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp; </p> </td> <td width="9%" valign="bottom" style='width:9.0%;background:white;padding:0'> <p align="right" style='margin:0in;margin-bottom:.0001pt;text-align:right'>372,177</p> </td> <td width="1%" valign="bottom" style='width:1.0%;background:white;padding:0'> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp; </p> </td> </tr> <tr align="left"> <td width="56%" valign="bottom" style='width:56.0%;background:#CCEEFF;padding:0'> <p style='margin:0in;margin-bottom:.0001pt'>Changzhou Jinyue Electronics Co., Ltd</p> </td> <td width="1%" valign="bottom" style='width:1.0%;background:#CCEEFF;padding:0'> <p align="right" style='margin:0in;margin-bottom:.0001pt;text-align:right'>&nbsp; </p> </td> <td width="1%" valign="bottom" style='width:1.0%;background:#CCEEFF;padding:0'> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp; </p> </td> <td width="9%" valign="bottom" style='width:9.0%;background:#CCEEFF;padding:0'> <p align="right" style='margin:0in;margin-bottom:.0001pt;text-align:right'>-</p> </td> <td width="1%" valign="bottom" style='width:1.0%;background:#CCEEFF;padding:0'> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp; </p> </td> <td width="1%" valign="bottom" style='width:1.0%;background:#CCEEFF;padding:0'> <p align="right" style='margin:0in;margin-bottom:.0001pt;text-align:right'>&nbsp; </p> </td> <td width="1%" valign="bottom" style='width:1.0%;background:#CCEEFF;padding:0'> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp; </p> </td> <td width="9%" valign="bottom" style='width:9.0%;background:#CCEEFF;padding:0'> <p align="right" style='margin:0in;margin-bottom:.0001pt;text-align:right'>49,278</p> </td> <td width="1%" valign="bottom" style='width:1.0%;background:#CCEEFF;padding:0'> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp; </p> </td> </tr> <tr align="left"> <td width="56%" valign="bottom" style='width:56.0%;background:white;padding:0'> <p style='margin:0in;margin-bottom:.0001pt'>Changzhou Shiji Jinyue Packaging Co.,Ltd</p> </td> <td width="1%" valign="bottom" style='width:1.0%;background:white;padding:0'> <p align="right" style='margin:0in;margin-bottom:.0001pt;text-align:right'>&nbsp; </p> </td> <td width="1%" valign="bottom" style='width:1.0%;background:white;padding:0'> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp; </p> </td> <td width="9%" valign="bottom" style='width:9.0%;background:white;padding:0'> <p align="right" style='margin:0in;margin-bottom:.0001pt;text-align:right'>-</p> </td> <td width="1%" valign="bottom" style='width:1.0%;background:white;padding:0'> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp; </p> </td> <td width="1%" valign="bottom" style='width:1.0%;background:white;padding:0'> <p align="right" style='margin:0in;margin-bottom:.0001pt;text-align:right'>&nbsp; </p> </td> <td width="1%" valign="bottom" style='width:1.0%;background:white;padding:0'> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp; </p> </td> <td width="9%" valign="bottom" style='width:9.0%;background:white;padding:0'> <p align="right" style='margin:0in;margin-bottom:.0001pt;text-align:right'>371,873</p> </td> <td width="1%" valign="bottom" style='width:1.0%;background:white;padding:0'> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp; </p> </td> </tr> <tr align="left"> <td width="56%" valign="bottom" style='width:56.0%;background:#CCEEFF;padding:0'> <p style='margin:0in;margin-bottom:.0001pt'>Changzhou Shiji Jinyue Packaging Co.,Ltd</p> </td> <td width="1%" valign="bottom" style='width:1.0%;background:#CCEEFF;padding:0'> <p align="right" style='margin:0in;margin-bottom:.0001pt;text-align:right'>&nbsp; </p> </td> <td width="1%" valign="bottom" style='width:1.0%;background:#CCEEFF;padding:0'> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp; </p> </td> <td width="9%" valign="bottom" style='width:9.0%;background:#CCEEFF;padding:0'> <p align="right" style='margin:0in;margin-bottom:.0001pt;text-align:right'>-</p> </td> <td width="1%" valign="bottom" style='width:1.0%;background:#CCEEFF;padding:0'> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp; </p> </td> <td width="1%" valign="bottom" style='width:1.0%;background:#CCEEFF;padding:0'> <p align="right" style='margin:0in;margin-bottom:.0001pt;text-align:right'>&nbsp; </p> </td> <td width="1%" valign="bottom" style='width:1.0%;background:#CCEEFF;padding:0'> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp; </p> </td> <td width="9%" valign="bottom" style='width:9.0%;background:#CCEEFF;padding:0'> <p align="right" style='margin:0in;margin-bottom:.0001pt;text-align:right'>61,427</p> </td> <td width="1%" valign="bottom" style='width:1.0%;background:#CCEEFF;padding:0'> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp; </p> </td> </tr> <tr align="left"> <td width="56%" valign="bottom" style='width:56.0%;background:white;padding:0'> <p style='margin:0in;margin-bottom:.0001pt'>Ms. Pan Yile</p> </td> <td width="1%" valign="bottom" style='width:1.0%;background:white;padding:0'> <p align="right" style='margin:0in;margin-bottom:.0001pt;text-align:right'>&nbsp; </p> </td> <td width="1%" valign="bottom" style='width:1.0%;background:white;padding:0'> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp; </p> </td> <td width="9%" valign="bottom" style='width:9.0%;background:white;padding:0'> <p align="right" style='margin:0in;margin-bottom:.0001pt;text-align:right'>-</p> </td> <td width="1%" valign="bottom" style='width:1.0%;background:white;padding:0'> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp; </p> </td> <td width="1%" valign="bottom" style='width:1.0%;background:white;padding:0'> <p align="right" style='margin:0in;margin-bottom:.0001pt;text-align:right'>&nbsp; </p> </td> <td width="1%" valign="bottom" style='width:1.0%;background:white;padding:0'> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp; </p> </td> <td width="9%" valign="bottom" style='width:9.0%;background:white;padding:0'> <p align="right" style='margin:0in;margin-bottom:.0001pt;text-align:right'>312,630</p> </td> <td width="1%" valign="bottom" style='width:1.0%;background:white;padding:0'> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp; </p> </td> </tr> <tr align="left"> <td width="56%" valign="bottom" style='width:56.0%;background:#CCEEFF;padding:0'> <p style='margin:0in;margin-bottom:.0001pt'>Mr. Pan Shudong</p> </td> <td width="1%" valign="bottom" style='width:1.0%;background:#CCEEFF;padding:0'> <p align="right" style='margin:0in;margin-bottom:.0001pt;text-align:right'>&nbsp; </p> </td> <td width="1%" valign="bottom" style='width:1.0%;background:#CCEEFF;padding:0'> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp; </p> </td> <td width="9%" valign="bottom" style='width:9.0%;background:#CCEEFF;padding:0'> <p align="right" style='margin:0in;margin-bottom:.0001pt;text-align:right'>-</p> </td> <td width="1%" valign="bottom" style='width:1.0%;background:#CCEEFF;padding:0'> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp; </p> </td> <td width="1%" valign="bottom" style='width:1.0%;background:#CCEEFF;padding:0'> <p align="right" style='margin:0in;margin-bottom:.0001pt;text-align:right'>&nbsp; </p> </td> <td width="1%" valign="bottom" style='width:1.0%;background:#CCEEFF;padding:0'> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp; </p> </td> <td width="9%" valign="bottom" style='width:9.0%;background:#CCEEFF;padding:0'> <p align="right" style='margin:0in;margin-bottom:.0001pt;text-align:right'>187,156</p> </td> <td width="1%" valign="bottom" style='width:1.0%;background:#CCEEFF;padding:0'> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp; </p> </td> </tr> <tr align="left"> <td width="56%" valign="bottom" style='width:56.0%;background:white;padding:0in 0in 1.5pt 0in'> <p style='margin:0in;margin-bottom:.0001pt'>Ms. Xinmei Li</p> </td> <td width="1%" valign="bottom" style='width:1.0%;background:white;padding:0in 0in 1.5pt 0in'> <p align="right" style='margin:0in;margin-bottom:.0001pt;text-align:right'>&nbsp; </p> </td> <td width="1%" valign="bottom" style='width:1.0%;border:none;border-bottom:solid black 1.5pt;background:white;padding:0'> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp; </p> </td> <td width="9%" valign="bottom" style='width:9.0%;border:none;border-bottom:solid black 1.5pt;background:white;padding:0'> <p align="right" style='margin:0in;margin-bottom:.0001pt;text-align:right'>-</p> </td> <td width="1%" valign="bottom" style='width:1.0%;background:white;padding:0in 0in 1.5pt 0in'> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp; </p> </td> <td width="1%" valign="bottom" style='width:1.0%;background:white;padding:0in 0in 1.5pt 0in'> <p align="right" style='margin:0in;margin-bottom:.0001pt;text-align:right'>&nbsp; </p> </td> <td width="1%" valign="bottom" style='width:1.0%;border:none;border-bottom:solid black 1.5pt;background:white;padding:0'> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp; </p> </td> <td width="9%" valign="bottom" style='width:9.0%;border:none;border-bottom:solid black 1.5pt;background:white;padding:0'> <p align="right" style='margin:0in;margin-bottom:.0001pt;text-align:right'>32,376</p> </td> <td width="1%" valign="bottom" style='width:1.0%;background:white;padding:0in 0in 1.5pt 0in'> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp; </p> </td> </tr> <tr align="left"> <td width="56%" valign="bottom" style='width:56.0%;background:#CCEEFF;padding:0in 0in 3.0pt 0in'> <p style='margin:0in;margin-bottom:.0001pt'><b>Total due from related parties</b></p> </td> <td width="1%" valign="bottom" style='width:1.0%;background:#CCEEFF;padding:0in 0in 3.0pt 0in'> <p align="right" style='margin:0in;margin-bottom:.0001pt;text-align:right'>&nbsp; </p> </td> <td width="1%" valign="bottom" style='width:1.0%;border:none;border-bottom:double black 2.25pt;background:#CCEEFF;padding:0'> <p style='margin:0in;margin-bottom:.0001pt'><b>$</b></p> </td> <td width="9%" valign="bottom" style='width:9.0%;border:none;border-bottom:double black 2.25pt;background:#CCEEFF;padding:0'> <p align="right" style='margin:0in;margin-bottom:.0001pt;text-align:right'><b>-</b></p> </td> <td width="1%" valign="bottom" style='width:1.0%;background:#CCEEFF;padding:0in 0in 3.0pt 0in'> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp; </p> </td> <td width="1%" valign="bottom" style='width:1.0%;background:#CCEEFF;padding:0in 0in 3.0pt 0in'> <p align="right" style='margin:0in;margin-bottom:.0001pt;text-align:right'>&nbsp; </p> </td> <td width="1%" valign="bottom" style='width:1.0%;border:none;border-bottom:double black 2.25pt;background:#CCEEFF;padding:0'> <p style='margin:0in;margin-bottom:.0001pt'><b>$</b></p> </td> <td width="9%" valign="bottom" style='width:9.0%;border:none;border-bottom:double black 2.25pt;background:#CCEEFF;padding:0'> <p align="right" style='margin:0in;margin-bottom:.0001pt;text-align:right'><b>1,390,074</b></p> </td> <td width="1%" valign="bottom" style='width:1.0%;background:#CCEEFF;padding:0in 0in 3.0pt 0in'> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp; </p> </td> </tr> </table> </div> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp;</p> <!--egx--><p style='margin:0in;margin-bottom:.0001pt'>&nbsp;</p> <div align="center"> <table border="0" cellspacing="0" cellpadding="0" width="80%" style='width:80.0%'> <tr align="left"> <td width="56%" valign="bottom" style='width:56.0%;padding:0in 0in 1.5pt 0in'> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp;</p> </td> <td width="1%" valign="bottom" style='width:1.0%;padding:0in 0in 1.5pt 0in'> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp;</p> </td> <td width="22%" colspan="6" valign="bottom" style='width:22.0%;border:none;border-bottom:solid black 1.5pt;padding:0'> <p align="center" style='margin:0in;margin-bottom:.0001pt;text-align:center'><b>As of May 31</b></p> </td> <td width="1%" valign="bottom" style='width:1.0%;padding:0in 0in 1.5pt 0in'> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp;</p> </td> </tr> <tr align="left"> <td width="56%" valign="bottom" style='width:56.0%;padding:0in 0in 1.5pt 0in'> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp; </p> </td> <td width="1%" valign="bottom" style='width:1.0%;padding:0in 0in 1.5pt 0in'> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp; </p> </td> <td width="10%" colspan="2" valign="bottom" style='width:10.0%;border:none;border-bottom:solid black 1.5pt;padding:0'> <p align="center" style='margin:0in;margin-bottom:.0001pt;text-align:center'><b>2013</b></p> </td> <td width="1%" valign="bottom" style='width:1.0%;padding:0in 0in 1.5pt 0in'> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp; </p> </td> <td width="1%" valign="bottom" style='width:1.0%;padding:0in 0in 1.5pt 0in'> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp; </p> </td> <td width="10%" colspan="2" valign="bottom" style='width:10.0%;border:none;border-bottom:solid black 1.5pt;padding:0'> <p align="center" style='margin:0in;margin-bottom:.0001pt;text-align:center'><b>2012</b></p> </td> <td width="1%" valign="bottom" style='width:1.0%;padding:0in 0in 1.5pt 0in'> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp; </p> </td> </tr> <tr align="left"> <td width="56%" valign="bottom" style='width:56.0%;background:#CCEEFF;padding:0'> <p style='margin:0in;margin-bottom:.0001pt'>Changzhou Leyuan International Trade Co.,Ltd</p> </td> <td width="1%" valign="bottom" style='width:1.0%;background:#CCEEFF;padding:0'> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp; </p> </td> <td width="1%" valign="bottom" style='width:1.0%;background:#CCEEFF;padding:0'> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp;$</p> </td> <td width="9%" valign="bottom" style='width:9.0%;background:#CCEEFF;padding:0'> <p align="right" style='margin:0in;margin-bottom:.0001pt;text-align:right'>-</p> </td> <td width="1%" valign="bottom" style='width:1.0%;background:#CCEEFF;padding:0'> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp; </p> </td> <td width="1%" valign="bottom" style='width:1.0%;background:#CCEEFF;padding:0'> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp; </p> </td> <td width="1%" valign="bottom" style='width:1.0%;background:#CCEEFF;padding:0'> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp;$</p> </td> <td width="9%" valign="bottom" style='width:9.0%;background:#CCEEFF;padding:0'> <p align="right" style='margin:0in;margin-bottom:.0001pt;text-align:right'>114,090</p> </td> <td width="1%" valign="bottom" style='width:1.0%;background:#CCEEFF;padding:0'> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp; </p> </td> </tr> <tr align="left"> <td width="56%" valign="bottom" style='width:56.0%;background:white;padding:0in 0in 1.5pt 0in'> <p style='margin:0in;margin-bottom:.0001pt'>Changzhou Hengchuan Plastics Co, Ltd</p> </td> <td width="1%" valign="bottom" style='width:1.0%;background:white;padding:0in 0in 1.5pt 0in'> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp; </p> </td> <td width="1%" valign="bottom" style='width:1.0%;border:none;border-bottom:solid black 1.5pt;background:white;padding:0'> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp; </p> </td> <td width="9%" valign="bottom" style='width:9.0%;border:none;border-bottom:solid black 1.5pt;background:white;padding:0'> <p align="right" style='margin:0in;margin-bottom:.0001pt;text-align:right'>-</p> </td> <td width="1%" valign="bottom" style='width:1.0%;background:white;padding:0in 0in 1.5pt 0in'> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp; </p> </td> <td width="1%" valign="bottom" style='width:1.0%;background:white;padding:0in 0in 1.5pt 0in'> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp; </p> </td> <td width="1%" valign="bottom" style='width:1.0%;border:none;border-bottom:solid black 1.5pt;background:white;padding:0'> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp; </p> </td> <td width="9%" valign="bottom" style='width:9.0%;border:none;border-bottom:solid black 1.5pt;background:white;padding:0'> <p align="right" style='margin:0in;margin-bottom:.0001pt;text-align:right'>80,222</p> </td> <td width="1%" valign="bottom" style='width:1.0%;background:white;padding:0in 0in 1.5pt 0in'> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp; </p> </td> </tr> <tr align="left"> <td width="56%" valign="bottom" style='width:56.0%;background:#CCEEFF;padding:0in 0in 3.0pt 0in'> <p style='margin:0in;margin-bottom:.0001pt'><b>Total due to related parties</b></p> </td> <td width="1%" valign="bottom" style='width:1.0%;background:#CCEEFF;padding:0in 0in 3.0pt 0in'> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp; </p> </td> <td width="1%" valign="bottom" style='width:1.0%;border:none;border-bottom:double black 2.25pt;background:#CCEEFF;padding:0'> <p style='margin:0in;margin-bottom:.0001pt'><b>&nbsp;$</b></p> </td> <td width="9%" valign="bottom" style='width:9.0%;border:none;border-bottom:double black 2.25pt;background:#CCEEFF;padding:0'> <p align="right" style='margin:0in;margin-bottom:.0001pt;text-align:right'><b>-</b></p> </td> <td width="1%" valign="bottom" style='width:1.0%;background:#CCEEFF;padding:0in 0in 3.0pt 0in'> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp; </p> </td> <td width="1%" valign="bottom" style='width:1.0%;background:#CCEEFF;padding:0in 0in 3.0pt 0in'> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp; </p> </td> <td width="1%" valign="bottom" style='width:1.0%;border:none;border-bottom:double black 2.25pt;background:#CCEEFF;padding:0'> <p style='margin:0in;margin-bottom:.0001pt'><b>&nbsp;$</b></p> </td> <td width="9%" valign="bottom" style='width:9.0%;border:none;border-bottom:double black 2.25pt;background:#CCEEFF;padding:0'> <p align="right" style='margin:0in;margin-bottom:.0001pt;text-align:right'><b>194,312</b></p> </td> <td width="1%" valign="bottom" style='width:1.0%;background:#CCEEFF;padding:0in 0in 3.0pt 0in'> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp; </p> </td> </tr> </table> </div> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp;</p> <!--egx--><p style='margin:0in;margin-bottom:.0001pt'>&nbsp;</p> <div align="center"> <table border="0" cellspacing="0" cellpadding="0" width="80%" style='width:80.0%'> <tr align="left"> <td width="69%" valign="bottom" style='width:69.0%;padding:0in 0in 1.5pt 0in'> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp;</p> </td> <td width="2%" valign="bottom" style='width:2.0%;padding:0in 0in 1.5pt 0in'> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp;</p> </td> <td width="12%" colspan="6" valign="bottom" style='width:12.0%;border:none;border-bottom:solid black 1.5pt;padding:0'> <p align="center" style='margin:0in;margin-bottom:.0001pt;text-align:center'>&nbsp;May 31,</p> </td> <td width="1%" valign="bottom" style='width:1.0%;padding:0in 0in 1.5pt 0in'> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp;</p> </td> </tr> <tr align="left"> <td width="69%" valign="bottom" style='width:69.0%;padding:0in 0in 1.5pt 0in'> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp; </p> </td> <td width="2%" valign="bottom" style='width:2.0%;padding:0in 0in 1.5pt 0in'> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp; </p> </td> <td width="12%" colspan="2" valign="bottom" style='width:12.0%;border:none;border-bottom:solid black 1.5pt;padding:0'> <p align="center" style='margin:0in;margin-bottom:.0001pt;text-align:center'>&nbsp;2013</p> </td> <td width="1%" valign="bottom" style='width:1.0%;padding:0in 0in 1.5pt 0in'> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp; </p> </td> <td width="1%" valign="bottom" style='width:1.0%;padding:0in 0in 1.5pt 0in'> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp; </p> </td> <td width="12%" colspan="2" valign="bottom" style='width:12.0%;border:none;border-bottom:solid black 1.5pt;padding:0'> <p align="center" style='margin:0in;margin-bottom:.0001pt;text-align:center'>&nbsp;2012</p> </td> <td width="1%" valign="bottom" style='width:1.0%;padding:0in 0in 1.5pt 0in'> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp; </p> </td> </tr> <tr align="left"> <td width="69%" valign="bottom" style='width:69.0%;padding:0'> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp; </p> </td> <td width="2%" valign="bottom" style='width:2.0%;padding:0'> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp; </p> </td> <td width="12%" colspan="2" valign="bottom" style='width:12.0%;padding:0'> <p align="center" style='margin:0in;margin-bottom:.0001pt;text-align:center'><b>USD</b></p> </td> <td width="1%" valign="bottom" style='width:1.0%;padding:0'> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp; </p> </td> <td width="1%" valign="bottom" style='width:1.0%;padding:0'> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp; </p> </td> <td width="12%" colspan="2" valign="bottom" style='width:12.0%;padding:0'> <p align="center" style='margin:0in;margin-bottom:.0001pt;text-align:center'><b>USD</b></p> </td> <td width="1%" valign="bottom" style='width:1.0%;padding:0'> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp; </p> </td> </tr> <tr align="left"> <td width="69%" valign="bottom" style='width:69.0%;background:#CCEEFF;padding:0'> <p style='margin:0in;margin-bottom:.0001pt'>Loan from China Communication Bank ($0.79 million due on 6/10/2012 with 5.841% annual interest rate; $0.79 million due on 10/17/2012 with 8.528% annual interest rate , $0.95 million due on 12/22/2012 with 8.528% annual interest rate, $0.63 million due on 12/12/2012 with 8.528% annual interest rate)</p> </td> <td width="2%" valign="bottom" style='width:2.0%;background:#CCEEFF;padding:0'> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp; </p> </td> <td width="1%" valign="bottom" style='width:1.0%;background:#CCEEFF;padding:0'> <p style='margin:0in;margin-bottom:.0001pt'>$</p> </td> <td width="11%" valign="bottom" style='width:11.0%;background:#CCEEFF;padding:0'> <p align="right" style='margin:0in;margin-bottom:.0001pt;text-align:right'>-</p> </td> <td width="1%" valign="bottom" style='width:1.0%;background:#CCEEFF;padding:0'> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp; </p> </td> <td width="1%" valign="bottom" style='width:1.0%;background:#CCEEFF;padding:0'> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp; </p> </td> <td width="1%" valign="bottom" style='width:1.0%;background:#CCEEFF;padding:0'> <p style='margin:0in;margin-bottom:.0001pt'>$</p> </td> <td width="11%" valign="bottom" style='width:11.0%;background:#CCEEFF;padding:0'> <p align="right" style='margin:0in;margin-bottom:.0001pt;text-align:right'>3,156,815</p> </td> <td width="1%" valign="bottom" style='width:1.0%;background:#CCEEFF;padding:0'> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp; </p> </td> </tr> <tr align="left"> <td width="69%" valign="bottom" style='width:69.0%;background:white;padding:0'> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp;</p> </td> <td width="2%" valign="bottom" style='width:2.0%;background:white;padding:0'> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp;</p> </td> <td width="1%" valign="bottom" style='width:1.0%;background:white;padding:0'> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp;</p> </td> <td width="11%" valign="bottom" style='width:11.0%;background:white;padding:0'> <p align="right" style='margin:0in;margin-bottom:.0001pt;text-align:right'>&nbsp;</p> </td> <td width="1%" valign="bottom" style='width:1.0%;background:white;padding:0'> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp;</p> </td> <td width="1%" valign="bottom" style='width:1.0%;background:white;padding:0'> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp;</p> </td> <td width="1%" valign="bottom" style='width:1.0%;background:white;padding:0'> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp;</p> </td> <td width="11%" valign="bottom" style='width:11.0%;background:white;padding:0'> <p align="right" style='margin:0in;margin-bottom:.0001pt;text-align:right'>&nbsp;</p> </td> <td width="1%" valign="bottom" style='width:1.0%;background:white;padding:0'> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp;</p> </td> </tr> <tr align="left"> <td width="69%" valign="bottom" style='width:69.0%;background:#CCEEFF;padding:0'> <p style='margin:0in;margin-bottom:.0001pt'>Loan from China Industrial and Commercial Bank ($0.48 million due on 9/10/2012 with 5.810% annual interest rate and $0.47 million due on 6/10/2012 with 6.560% annual interest rate)</p> </td> <td width="2%" valign="bottom" style='width:2.0%;background:#CCEEFF;padding:0'> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp; </p> </td> <td width="1%" valign="bottom" style='width:1.0%;background:#CCEEFF;padding:0'> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp; </p> </td> <td width="11%" valign="bottom" style='width:11.0%;background:#CCEEFF;padding:0'> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp; </p> </td> <td width="1%" valign="bottom" style='width:1.0%;background:#CCEEFF;padding:0'> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp; </p> </td> <td width="1%" valign="bottom" style='width:1.0%;background:#CCEEFF;padding:0'> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp; </p> </td> <td width="1%" valign="bottom" style='width:1.0%;background:#CCEEFF;padding:0'> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp; </p> </td> <td width="11%" valign="bottom" style='width:11.0%;background:#CCEEFF;padding:0'> <p align="right" style='margin:0in;margin-bottom:.0001pt;text-align:right'>947,044</p> </td> <td width="1%" valign="bottom" style='width:1.0%;background:#CCEEFF;padding:0'> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp; </p> </td> </tr> <tr align="left"> <td width="69%" valign="bottom" style='width:69.0%;background:white;padding:0'> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp;</p> </td> <td width="2%" valign="bottom" style='width:2.0%;background:white;padding:0'> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp;</p> </td> <td width="1%" valign="bottom" style='width:1.0%;background:white;padding:0'> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp;</p> </td> <td width="11%" valign="bottom" style='width:11.0%;background:white;padding:0'> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp;</p> </td> <td width="1%" valign="bottom" style='width:1.0%;background:white;padding:0'> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp;</p> </td> <td width="1%" valign="bottom" style='width:1.0%;background:white;padding:0'> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp;</p> </td> <td width="1%" valign="bottom" style='width:1.0%;background:white;padding:0'> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp;</p> </td> <td width="11%" valign="bottom" style='width:11.0%;background:white;padding:0'> <p align="right" style='margin:0in;margin-bottom:.0001pt;text-align:right'>&nbsp;</p> </td> <td width="1%" valign="bottom" style='width:1.0%;background:white;padding:0'> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp;</p> </td> </tr> <tr align="left"> <td width="69%" valign="bottom" style='width:69.0%;background:#CCEEFF;padding:0'> <p style='margin:0in;margin-bottom:.0001pt'>Loan from China Industrial and Commercial Bank ($484,927 is due on 1/9/2014 with 6% annual interest rate and $484,927 is due on 11/15/2013 with 6% annual interest rate)</p> </td> <td width="2%" valign="bottom" style='width:2.0%;background:#CCEEFF;padding:0'> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp; </p> </td> <td width="1%" valign="bottom" style='width:1.0%;background:#CCEEFF;padding:0'> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp; </p> </td> <td width="11%" valign="bottom" style='width:11.0%;background:#CCEEFF;padding:0'> <p align="right" style='margin:0in;margin-bottom:.0001pt;text-align:right'>969,854</p> </td> <td width="1%" valign="bottom" style='width:1.0%;background:#CCEEFF;padding:0'> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp; </p> </td> <td width="1%" valign="bottom" style='width:1.0%;background:#CCEEFF;padding:0'> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp; </p> </td> <td width="1%" valign="bottom" style='width:1.0%;background:#CCEEFF;padding:0'> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp; </p> </td> <td width="11%" valign="bottom" style='width:11.0%;background:#CCEEFF;padding:0'> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp; </p> </td> <td width="1%" valign="bottom" style='width:1.0%;background:#CCEEFF;padding:0'> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp; </p> </td> </tr> <tr align="left"> <td width="69%" valign="bottom" style='width:69.0%;background:white;padding:0'> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp;</p> </td> <td width="2%" valign="bottom" style='width:2.0%;background:white;padding:0'> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp;</p> </td> <td width="1%" valign="bottom" style='width:1.0%;background:white;padding:0'> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp;</p> </td> <td width="11%" valign="bottom" style='width:11.0%;background:white;padding:0'> <p align="right" style='margin:0in;margin-bottom:.0001pt;text-align:right'>&nbsp;</p> </td> <td width="1%" valign="bottom" style='width:1.0%;background:white;padding:0'> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp;</p> </td> <td width="1%" valign="bottom" style='width:1.0%;background:white;padding:0'> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp;</p> </td> <td width="1%" valign="bottom" style='width:1.0%;background:white;padding:0'> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp;</p> </td> <td width="11%" valign="bottom" style='width:11.0%;background:white;padding:0'> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp;</p> </td> <td width="1%" valign="bottom" style='width:1.0%;background:white;padding:0'> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp;</p> </td> </tr> <tr align="left"> <td width="69%" valign="bottom" style='width:69.0%;background:#CCEEFF;padding:0'> <p style='margin:0in;margin-bottom:.0001pt'>Loan from Chinese Bank (6.893% annual interest rate, due on 8/8/2012)</p> </td> <td width="2%" valign="bottom" style='width:2.0%;background:#CCEEFF;padding:0'> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp; </p> </td> <td width="1%" valign="bottom" style='width:1.0%;background:#CCEEFF;padding:0'> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp; </p> </td> <td width="11%" valign="bottom" style='width:11.0%;background:#CCEEFF;padding:0'> <p align="right" style='margin:0in;margin-bottom:.0001pt;text-align:right'>-</p> </td> <td width="1%" valign="bottom" style='width:1.0%;background:#CCEEFF;padding:0'> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp; </p> </td> <td width="1%" valign="bottom" style='width:1.0%;background:#CCEEFF;padding:0'> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp; </p> </td> <td width="1%" valign="bottom" style='width:1.0%;background:#CCEEFF;padding:0'> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp; </p> </td> <td width="11%" valign="bottom" style='width:11.0%;background:#CCEEFF;padding:0'> <p align="right" style='margin:0in;margin-bottom:.0001pt;text-align:right'>1,420,567</p> </td> <td width="1%" valign="bottom" style='width:1.0%;background:#CCEEFF;padding:0'> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp; </p> </td> </tr> <tr align="left"> <td width="69%" valign="bottom" style='width:69.0%;background:white;padding:0'> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp;</p> </td> <td width="2%" valign="bottom" style='width:2.0%;background:white;padding:0'> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp;</p> </td> <td width="1%" valign="bottom" style='width:1.0%;background:white;padding:0'> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp;</p> </td> <td width="11%" valign="bottom" style='width:11.0%;background:white;padding:0'> <p align="right" style='margin:0in;margin-bottom:.0001pt;text-align:right'>&nbsp;</p> </td> <td width="1%" valign="bottom" style='width:1.0%;background:white;padding:0'> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp;</p> </td> <td width="1%" valign="bottom" style='width:1.0%;background:white;padding:0'> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp;</p> </td> <td width="1%" valign="bottom" style='width:1.0%;background:white;padding:0'> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp;</p> </td> <td width="11%" valign="bottom" style='width:11.0%;background:white;padding:0'> <p align="right" style='margin:0in;margin-bottom:.0001pt;text-align:right'>&nbsp;</p> </td> <td width="1%" valign="bottom" style='width:1.0%;background:white;padding:0'> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp;</p> </td> </tr> <tr align="left"> <td width="69%" valign="bottom" style='width:69.0%;background:#CCEEFF;padding:0'> <p style='margin:0in;margin-bottom:.0001pt'>Loan from China Merchant Bank (7.68% annual interest rate, due on 8/15/2013)</p> </td> <td width="2%" valign="bottom" style='width:2.0%;background:#CCEEFF;padding:0'> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp; </p> </td> <td width="1%" valign="bottom" style='width:1.0%;background:#CCEEFF;padding:0'> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp; </p> </td> <td width="11%" valign="bottom" style='width:11.0%;background:#CCEEFF;padding:0'> <p align="right" style='margin:0in;margin-bottom:.0001pt;text-align:right'>1,131,496</p> </td> <td width="1%" valign="bottom" style='width:1.0%;background:#CCEEFF;padding:0'> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp; </p> </td> <td width="1%" valign="bottom" style='width:1.0%;background:#CCEEFF;padding:0'> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp; </p> </td> <td width="1%" valign="bottom" style='width:1.0%;background:#CCEEFF;padding:0'> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp; </p> </td> <td width="11%" valign="bottom" style='width:11.0%;background:#CCEEFF;padding:0'> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp; </p> </td> <td width="1%" valign="bottom" style='width:1.0%;background:#CCEEFF;padding:0'> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp; </p> </td> </tr> <tr align="left"> <td width="69%" valign="bottom" style='width:69.0%;background:white;padding:0'> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp;</p> </td> <td width="2%" valign="bottom" style='width:2.0%;background:white;padding:0'> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp;</p> </td> <td width="1%" valign="bottom" style='width:1.0%;background:white;padding:0'> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp;</p> </td> <td width="11%" valign="bottom" style='width:11.0%;background:white;padding:0'> <p align="right" style='margin:0in;margin-bottom:.0001pt;text-align:right'>&nbsp;</p> </td> <td width="1%" valign="bottom" style='width:1.0%;background:white;padding:0'> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp;</p> </td> <td width="1%" valign="bottom" style='width:1.0%;background:white;padding:0'> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp;</p> </td> <td width="1%" valign="bottom" style='width:1.0%;background:white;padding:0'> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp;</p> </td> <td width="11%" valign="bottom" style='width:11.0%;background:white;padding:0'> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp;</p> </td> <td width="1%" valign="bottom" style='width:1.0%;background:white;padding:0'> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp;</p> </td> </tr> <tr align="left"> <td width="69%" valign="bottom" style='width:69.0%;background:#CCEEFF;padding:0'> <p style='margin:0in;margin-bottom:.0001pt'>Loan from Changzhou Wujinyinfeng Agriculture Credit Union (6% annual interest rate, due on 3/18/2013)</p> </td> <td width="2%" valign="bottom" style='width:2.0%;background:#CCEEFF;padding:0'> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp; </p> </td> <td width="1%" valign="bottom" style='width:1.0%;background:#CCEEFF;padding:0'> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp; </p> </td> <td width="11%" valign="bottom" style='width:11.0%;background:#CCEEFF;padding:0'> <p align="right" style='margin:0in;margin-bottom:.0001pt;text-align:right'>-</p> </td> <td width="1%" valign="bottom" style='width:1.0%;background:#CCEEFF;padding:0'> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp; </p> </td> <td width="1%" valign="bottom" style='width:1.0%;background:#CCEEFF;padding:0'> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp; </p> </td> <td width="1%" valign="bottom" style='width:1.0%;background:#CCEEFF;padding:0'> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp; </p> </td> <td width="11%" valign="bottom" style='width:11.0%;background:#CCEEFF;padding:0'> <p align="right" style='margin:0in;margin-bottom:.0001pt;text-align:right'>473,522</p> </td> <td width="1%" valign="bottom" style='width:1.0%;background:#CCEEFF;padding:0'> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp; </p> </td> </tr> <tr align="left"> <td width="69%" valign="bottom" style='width:69.0%;background:white;padding:0'> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp;</p> </td> <td width="2%" valign="bottom" style='width:2.0%;background:white;padding:0'> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp;</p> </td> <td width="1%" valign="bottom" style='width:1.0%;background:white;padding:0'> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp;</p> </td> <td width="11%" valign="bottom" style='width:11.0%;background:white;padding:0'> <p align="right" style='margin:0in;margin-bottom:.0001pt;text-align:right'>&nbsp;</p> </td> <td width="1%" valign="bottom" style='width:1.0%;background:white;padding:0'> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp;</p> </td> <td width="1%" valign="bottom" style='width:1.0%;background:white;padding:0'> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp;</p> </td> <td width="1%" valign="bottom" style='width:1.0%;background:white;padding:0'> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp;</p> </td> <td width="11%" valign="bottom" style='width:11.0%;background:white;padding:0'> <p align="right" style='margin:0in;margin-bottom:.0001pt;text-align:right'>&nbsp;</p> </td> <td width="1%" valign="bottom" style='width:1.0%;background:white;padding:0'> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp;</p> </td> </tr> <tr align="left"> <td width="69%" valign="bottom" style='width:69.0%;background:#CCEEFF;padding:0'> <p style='margin:0in;margin-bottom:.0001pt'>Loan from Changzhou Wujinyinfeng Agriculture Credit Union (0% annual interest rate, due on 6/28/2013)</p> </td> <td width="2%" valign="bottom" style='width:2.0%;background:#CCEEFF;padding:0'> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp; </p> </td> <td width="1%" valign="bottom" style='width:1.0%;background:#CCEEFF;padding:0'> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp; </p> </td> <td width="11%" valign="bottom" style='width:11.0%;background:#CCEEFF;padding:0'> <p align="right" style='margin:0in;margin-bottom:.0001pt;text-align:right'>808,211</p> </td> <td width="1%" valign="bottom" style='width:1.0%;background:#CCEEFF;padding:0'> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp; </p> </td> <td width="1%" valign="bottom" style='width:1.0%;background:#CCEEFF;padding:0'> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp; </p> </td> <td width="1%" valign="bottom" style='width:1.0%;background:#CCEEFF;padding:0'> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp; </p> </td> <td width="11%" valign="bottom" style='width:11.0%;background:#CCEEFF;padding:0'> <p align="right" style='margin:0in;margin-bottom:.0001pt;text-align:right'>-</p> </td> <td width="1%" valign="bottom" style='width:1.0%;background:#CCEEFF;padding:0'> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp; </p> </td> </tr> <tr align="left"> <td width="69%" valign="bottom" style='width:69.0%;background:white;padding:0'> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp;</p> </td> <td width="2%" valign="bottom" style='width:2.0%;background:white;padding:0'> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp;</p> </td> <td width="1%" valign="bottom" style='width:1.0%;background:white;padding:0'> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp;</p> </td> <td width="11%" valign="bottom" style='width:11.0%;background:white;padding:0'> <p align="right" style='margin:0in;margin-bottom:.0001pt;text-align:right'>&nbsp;</p> </td> <td width="1%" valign="bottom" style='width:1.0%;background:white;padding:0'> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp;</p> </td> <td width="1%" valign="bottom" style='width:1.0%;background:white;padding:0'> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp;</p> </td> <td width="1%" valign="bottom" style='width:1.0%;background:white;padding:0'> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp;</p> </td> <td width="11%" valign="bottom" style='width:11.0%;background:white;padding:0'> <p align="right" style='margin:0in;margin-bottom:.0001pt;text-align:right'>&nbsp;</p> </td> <td width="1%" valign="bottom" style='width:1.0%;background:white;padding:0'> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp;</p> </td> </tr> <tr align="left"> <td width="69%" valign="bottom" style='width:69.0%;background:#CCEEFF;padding:0in 0in 1.5pt 0in'> <p style='margin:0in;margin-bottom:.0001pt'>Loan from Changzhou Wujinyingfeng Agriculture Credit Union (6% annual interest rate, due on 3/18/2013)</p> </td> <td width="2%" valign="bottom" style='width:2.0%;background:#CCEEFF;padding:0in 0in 1.5pt 0in'> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp; </p> </td> <td width="1%" valign="bottom" style='width:1.0%;border:none;border-bottom:solid black 1.5pt;background:#CCEEFF;padding:0'> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp; </p> </td> <td width="11%" valign="bottom" style='width:11.0%;border:none;border-bottom:solid black 1.5pt;background:#CCEEFF;padding:0'> <p align="right" style='margin:0in;margin-bottom:.0001pt;text-align:right'>-</p> </td> <td width="1%" valign="bottom" style='width:1.0%;background:#CCEEFF;padding:0in 0in 1.5pt 0in'> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp; </p> </td> <td width="1%" valign="bottom" style='width:1.0%;background:#CCEEFF;padding:0in 0in 1.5pt 0in'> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp; </p> </td> <td width="1%" valign="bottom" style='width:1.0%;border:none;border-bottom:solid black 1.5pt;background:#CCEEFF;padding:0'> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp; </p> </td> <td width="11%" valign="bottom" style='width:11.0%;border:none;border-bottom:solid black 1.5pt;background:#CCEEFF;padding:0'> <p align="right" style='margin:0in;margin-bottom:.0001pt;text-align:right'>789,204</p> </td> <td width="1%" valign="bottom" style='width:1.0%;background:#CCEEFF;padding:0in 0in 1.5pt 0in'> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp; </p> </td> </tr> <tr align="left"> <td width="69%" valign="bottom" style='width:69.0%;background:white;padding:0'> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp; </p> </td> <td width="2%" valign="bottom" style='width:2.0%;background:white;padding:0'> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp; </p> </td> <td width="1%" valign="bottom" style='width:1.0%;background:white;padding:0'> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp; </p> </td> <td width="11%" valign="bottom" style='width:11.0%;background:white;padding:0'> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp; </p> </td> <td width="1%" valign="bottom" style='width:1.0%;background:white;padding:0'> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp; </p> </td> <td width="1%" valign="bottom" style='width:1.0%;background:white;padding:0'> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp; </p> </td> <td width="1%" valign="bottom" style='width:1.0%;background:white;padding:0'> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp; </p> </td> <td width="11%" valign="bottom" style='width:11.0%;background:white;padding:0'> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp; </p> </td> <td width="1%" valign="bottom" style='width:1.0%;background:white;padding:0'> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp; </p> </td> </tr> <tr align="left"> <td width="69%" valign="bottom" style='width:69.0%;background:#CCEEFF;padding:0in 0in 3.0pt 0in'> <p style='margin:0in;margin-bottom:.0001pt'>Total</p> </td> <td width="2%" valign="bottom" style='width:2.0%;background:#CCEEFF;padding:0in 0in 3.0pt 0in'> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp; </p> </td> <td width="1%" valign="bottom" style='width:1.0%;border:none;border-bottom:double black 2.25pt;background:#CCEEFF;padding:0'> <p style='margin:0in;margin-bottom:.0001pt'>$</p> </td> <td width="11%" valign="bottom" style='width:11.0%;border:none;border-bottom:double black 2.25pt;background:#CCEEFF;padding:0'> <p align="right" style='margin:0in;margin-bottom:.0001pt;text-align:right'>2,909,561</p> </td> <td width="1%" valign="bottom" style='width:1.0%;background:#CCEEFF;padding:0in 0in 3.0pt 0in'> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp; </p> </td> <td width="1%" valign="bottom" style='width:1.0%;background:#CCEEFF;padding:0in 0in 3.0pt 0in'> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp; </p> </td> <td width="1%" valign="bottom" style='width:1.0%;border:none;border-bottom:double black 2.25pt;background:#CCEEFF;padding:0'> <p style='margin:0in;margin-bottom:.0001pt'>$</p> </td> <td width="11%" valign="bottom" style='width:11.0%;border:none;border-bottom:double black 2.25pt;background:#CCEEFF;padding:0'> <p align="right" style='margin:0in;margin-bottom:.0001pt;text-align:right'>6,787,152</p> </td> <td width="1%" valign="bottom" style='width:1.0%;background:#CCEEFF;padding:0in 0in 3.0pt 0in'> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp; </p> </td> </tr> </table> </div> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp;</p> <!--egx--><p style='margin:0in;margin-bottom:.0001pt'>&nbsp;</p> <div align="center"> <table border="0" cellspacing="0" cellpadding="0" width="80%" style='width:80.0%'> <tr align="left"> <td width="56%" valign="bottom" style='width:56.0%;padding:0in 0in 1.5pt 0in'> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp; </p> </td> <td width="1%" valign="bottom" style='width:1.0%;padding:0in 0in 1.5pt 0in'> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp; </p> </td> <td width="22%" colspan="6" valign="bottom" style='width:22.0%;border:none;border-bottom:solid black 1.5pt;padding:0'> <p align="center" style='margin:0in;margin-bottom:.0001pt;text-align:center'><b>As of May 31,</b></p> </td> <td width="1%" valign="bottom" style='width:1.0%;padding:0in 0in 1.5pt 0in'> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp; </p> </td> </tr> <tr align="left"> <td width="56%" valign="bottom" style='width:56.0%;padding:0in 0in 1.5pt 0in'> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp; </p> </td> <td width="1%" valign="bottom" style='width:1.0%;padding:0in 0in 1.5pt 0in'> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp; </p> </td> <td width="10%" colspan="2" valign="bottom" style='width:10.0%;border:none;border-bottom:solid black 1.5pt;padding:0'> <p align="center" style='margin:0in;margin-bottom:.0001pt;text-align:center'><b>2013</b></p> </td> <td width="1%" valign="bottom" style='width:1.0%;padding:0in 0in 1.5pt 0in'> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp; </p> </td> <td width="1%" valign="bottom" style='width:1.0%;padding:0in 0in 1.5pt 0in'> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp; </p> </td> <td width="10%" colspan="2" valign="bottom" style='width:10.0%;border:none;border-bottom:solid black 1.5pt;padding:0'> <p align="center" style='margin:0in;margin-bottom:.0001pt;text-align:center'><b>2012</b></p> </td> <td width="1%" valign="bottom" style='width:1.0%;padding:0in 0in 1.5pt 0in'> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp; </p> </td> </tr> <tr align="left"> <td width="56%" valign="bottom" style='width:56.0%;background:#CCEEFF;padding:0'> <p style='margin:0in;margin-bottom:.0001pt'>Six month notes payable to Huaxian Bank</p> </td> <td width="1%" valign="bottom" style='width:1.0%;background:#CCEEFF;padding:0'> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp; </p> </td> <td width="1%" valign="bottom" style='width:1.0%;background:#CCEEFF;padding:0'> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp; </p> </td> <td width="9%" valign="bottom" style='width:9.0%;background:#CCEEFF;padding:0'> <p align="right" style='margin:0in;margin-bottom:.0001pt;text-align:right'>1,616,423</p> </td> <td width="1%" valign="bottom" style='width:1.0%;background:#CCEEFF;padding:0'> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp; </p> </td> <td width="1%" valign="bottom" style='width:1.0%;background:#CCEEFF;padding:0'> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp; </p> </td> <td width="1%" valign="bottom" style='width:1.0%;background:#CCEEFF;padding:0'> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp; </p> </td> <td width="9%" valign="bottom" style='width:9.0%;background:#CCEEFF;padding:0'> <p align="right" style='margin:0in;margin-bottom:.0001pt;text-align:right'>1,578,407</p> </td> <td width="1%" valign="bottom" style='width:1.0%;background:#CCEEFF;padding:0'> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp; </p> </td> </tr> <tr align="left"> <td width="56%" valign="bottom" style='width:56.0%;background:white;padding:0in 0in 1.5pt 0in'> <p style='margin:0in;margin-bottom:.0001pt'>Six month notes payable to China Industrial and Commercial Bank</p> </td> <td width="1%" valign="bottom" style='width:1.0%;background:white;padding:0in 0in 1.5pt 0in'> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp; </p> </td> <td width="1%" valign="bottom" style='width:1.0%;border:none;border-bottom:solid black 1.5pt;background:white;padding:0'> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp; </p> </td> <td width="9%" valign="bottom" style='width:9.0%;border:none;border-bottom:solid black 1.5pt;background:white;padding:0'> <p align="right" style='margin:0in;margin-bottom:.0001pt;text-align:right'>161,642</p> </td> <td width="1%" valign="bottom" style='width:1.0%;background:white;padding:0in 0in 1.5pt 0in'> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp; </p> </td> <td width="1%" valign="bottom" style='width:1.0%;background:white;padding:0in 0in 1.5pt 0in'> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp; </p> </td> <td width="1%" valign="bottom" style='width:1.0%;border:none;border-bottom:solid black 1.5pt;background:white;padding:0'> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp; </p> </td> <td width="9%" valign="bottom" style='width:9.0%;border:none;border-bottom:solid black 1.5pt;background:white;padding:0'> <p align="right" style='margin:0in;margin-bottom:.0001pt;text-align:right'>-</p> </td> <td width="1%" valign="bottom" style='width:1.0%;background:white;padding:0in 0in 1.5pt 0in'> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp; </p> </td> </tr> <tr align="left"> <td width="56%" valign="bottom" style='width:56.0%;background:#CCEEFF;padding:0in 0in 3.0pt 0in'> <p style='margin:0in;margin-bottom:.0001pt'><b>Total notes payable</b></p> </td> <td width="1%" valign="bottom" style='width:1.0%;background:#CCEEFF;padding:0in 0in 3.0pt 0in'> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp; </p> </td> <td width="1%" valign="bottom" style='width:1.0%;border:none;border-bottom:double black 2.25pt;background:#CCEEFF;padding:0'> <p style='margin:0in;margin-bottom:.0001pt'><b>&nbsp;$</b></p> </td> <td width="9%" valign="bottom" style='width:9.0%;border:none;border-bottom:double black 2.25pt;background:#CCEEFF;padding:0'> <p align="right" style='margin:0in;margin-bottom:.0001pt;text-align:right'><b>1,778,065</b></p> </td> <td width="1%" valign="bottom" style='width:1.0%;background:#CCEEFF;padding:0in 0in 3.0pt 0in'> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp; </p> </td> <td width="1%" valign="bottom" style='width:1.0%;background:#CCEEFF;padding:0in 0in 3.0pt 0in'> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp; </p> </td> <td width="1%" valign="bottom" style='width:1.0%;border:none;border-bottom:double black 2.25pt;background:#CCEEFF;padding:0'> <p style='margin:0in;margin-bottom:.0001pt'><b>&nbsp;$</b></p> </td> <td width="9%" valign="bottom" style='width:9.0%;border:none;border-bottom:double black 2.25pt;background:#CCEEFF;padding:0'> <p align="right" style='margin:0in;margin-bottom:.0001pt;text-align:right'><b>1,578,407</b></p> </td> <td width="1%" valign="bottom" style='width:1.0%;background:#CCEEFF;padding:0in 0in 3.0pt 0in'> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp; </p> </td> </tr> </table> </div> <!--egx--><p style='margin:0in;margin-bottom:.0001pt'>&nbsp;</p> <div align="center"> <table border="0" cellspacing="0" cellpadding="0" width="80%" style='width:80.0%'> <tr align="left"> <td width="56%" valign="bottom" style='width:56.0%;padding:0in 0in 1.5pt 0in'> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp; </p> </td> <td width="1%" valign="bottom" style='width:1.0%;padding:0in 0in 1.5pt 0in'> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp; </p> </td> <td width="22%" colspan="6" valign="bottom" style='width:22.0%;border:none;border-bottom:solid black 1.5pt;padding:0'> <p align="center" style='margin:0in;margin-bottom:.0001pt;text-align:center'>As of May 31,</p> </td> <td width="1%" valign="bottom" style='width:1.0%;padding:0in 0in 1.5pt 0in'> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp; </p> </td> </tr> <tr align="left"> <td width="56%" valign="bottom" style='width:56.0%;padding:0in 0in 1.5pt 0in'> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp; </p> </td> <td width="1%" valign="bottom" style='width:1.0%;padding:0in 0in 1.5pt 0in'> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp; </p> </td> <td width="10%" colspan="2" valign="bottom" style='width:10.0%;border:none;border-bottom:solid black 1.5pt;padding:0'> <p align="center" style='margin:0in;margin-bottom:.0001pt;text-align:center'>2013</p> </td> <td width="1%" valign="bottom" style='width:1.0%;padding:0in 0in 1.5pt 0in'> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp; </p> </td> <td width="1%" valign="bottom" style='width:1.0%;padding:0in 0in 1.5pt 0in'> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp; </p> </td> <td width="10%" colspan="2" valign="bottom" style='width:10.0%;border:none;border-bottom:solid black 1.5pt;padding:0'> <p align="center" style='margin:0in;margin-bottom:.0001pt;text-align:center'>2012</p> </td> <td width="1%" valign="bottom" style='width:1.0%;padding:0in 0in 1.5pt 0in'> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp; </p> </td> </tr> <tr align="left"> <td width="56%" valign="bottom" style='width:56.0%;background:#CCEEFF;padding:0'> <p style='margin:0in;margin-bottom:.0001pt'>Corporate Income Tax</p> </td> <td width="1%" valign="bottom" style='width:1.0%;background:#CCEEFF;padding:0'> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp; </p> </td> <td width="1%" valign="bottom" style='width:1.0%;background:#CCEEFF;padding:0'> <p style='margin:0in;margin-bottom:.0001pt'>$</p> </td> <td width="9%" valign="bottom" style='width:9.0%;background:#CCEEFF;padding:0'> <p align="right" style='margin:0in;margin-bottom:.0001pt;text-align:right'>973,163</p> </td> <td width="1%" valign="bottom" style='width:1.0%;background:#CCEEFF;padding:0'> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp; </p> </td> <td width="1%" valign="bottom" style='width:1.0%;background:#CCEEFF;padding:0'> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp; </p> </td> <td width="1%" valign="bottom" style='width:1.0%;background:#CCEEFF;padding:0'> <p style='margin:0in;margin-bottom:.0001pt'>$</p> </td> <td width="9%" valign="bottom" style='width:9.0%;background:#CCEEFF;padding:0'> <p align="right" style='margin:0in;margin-bottom:.0001pt;text-align:right'>106,366</p> </td> <td width="1%" valign="bottom" style='width:1.0%;background:#CCEEFF;padding:0'> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp; </p> </td> </tr> <tr align="left"> <td width="56%" valign="bottom" style='width:56.0%;background:white;padding:0'> <p style='margin:0in;margin-bottom:.0001pt'>Value-Added Tax</p> </td> <td width="1%" valign="bottom" style='width:1.0%;background:white;padding:0'> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp; </p> </td> <td width="1%" valign="bottom" style='width:1.0%;background:white;padding:0'> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp; </p> </td> <td width="9%" valign="bottom" style='width:9.0%;background:white;padding:0'> <p align="right" style='margin:0in;margin-bottom:.0001pt;text-align:right'>812,243</p> </td> <td width="1%" valign="bottom" style='width:1.0%;background:white;padding:0'> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp; </p> </td> <td width="1%" valign="bottom" style='width:1.0%;background:white;padding:0'> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp; </p> </td> <td width="1%" valign="bottom" style='width:1.0%;background:white;padding:0'> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp; </p> </td> <td width="9%" valign="bottom" style='width:9.0%;background:white;padding:0'> <p align="right" style='margin:0in;margin-bottom:.0001pt;text-align:right'>134,962</p> </td> <td width="1%" valign="bottom" style='width:1.0%;background:white;padding:0'> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp; </p> </td> </tr> <tr align="left"> <td width="56%" valign="bottom" style='width:56.0%;background:#CCEEFF;padding:0in 0in 1.5pt 0in'> <p style='margin:0in;margin-bottom:.0001pt'>Other Tax &amp; Fees</p> </td> <td width="1%" valign="bottom" style='width:1.0%;background:#CCEEFF;padding:0in 0in 1.5pt 0in'> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp; </p> </td> <td width="1%" valign="bottom" style='width:1.0%;border:none;border-bottom:solid black 1.5pt;background:#CCEEFF;padding:0'> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp; </p> </td> <td width="9%" valign="bottom" style='width:9.0%;border:none;border-bottom:solid black 1.5pt;background:#CCEEFF;padding:0'> <p align="right" style='margin:0in;margin-bottom:.0001pt;text-align:right'>191,546</p> </td> <td width="1%" valign="bottom" style='width:1.0%;background:#CCEEFF;padding:0in 0in 1.5pt 0in'> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp; </p> </td> <td width="1%" valign="bottom" style='width:1.0%;background:#CCEEFF;padding:0in 0in 1.5pt 0in'> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp; </p> </td> <td width="1%" valign="bottom" style='width:1.0%;border:none;border-bottom:solid black 1.5pt;background:#CCEEFF;padding:0'> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp; </p> </td> <td width="9%" valign="bottom" style='width:9.0%;border:none;border-bottom:solid black 1.5pt;background:#CCEEFF;padding:0'> <p align="right" style='margin:0in;margin-bottom:.0001pt;text-align:right'>370</p> </td> <td width="1%" valign="bottom" style='width:1.0%;background:#CCEEFF;padding:0in 0in 1.5pt 0in'> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp; </p> </td> </tr> <tr align="left"> <td width="56%" valign="bottom" style='width:56.0%;background:white;padding:0in 0in 3.0pt 0in'> <p style='margin:0in;margin-bottom:.0001pt'><b>Total</b></p> </td> <td width="1%" valign="bottom" style='width:1.0%;background:white;padding:0in 0in 3.0pt 0in'> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp; </p> </td> <td width="1%" valign="bottom" style='width:1.0%;border:none;border-bottom:double black 2.25pt;background:white;padding:0'> <p style='margin:0in;margin-bottom:.0001pt'><b>$</b></p> </td> <td width="9%" valign="bottom" style='width:9.0%;border:none;border-bottom:double black 2.25pt;background:white;padding:0'> <p align="right" style='margin:0in;margin-bottom:.0001pt;text-align:right'><b>1,976,952</b></p> </td> <td width="1%" valign="bottom" style='width:1.0%;background:white;padding:0in 0in 3.0pt 0in'> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp; </p> </td> <td width="1%" valign="bottom" style='width:1.0%;background:white;padding:0in 0in 3.0pt 0in'> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp; </p> </td> <td width="1%" valign="bottom" style='width:1.0%;border:none;border-bottom:double black 2.25pt;background:white;padding:0'> <p style='margin:0in;margin-bottom:.0001pt'><b>$</b></p> </td> <td width="9%" valign="bottom" style='width:9.0%;border:none;border-bottom:double black 2.25pt;background:white;padding:0'> <p align="right" style='margin:0in;margin-bottom:.0001pt;text-align:right'><b>241,698</b></p> </td> <td width="1%" valign="bottom" style='width:1.0%;background:white;padding:0in 0in 3.0pt 0in'> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp; </p> </td> </tr> </table> </div> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp;</p> <!--egx--><p style='margin:0in;margin-bottom:.0001pt'>&nbsp;</p> <div align="center"> <table border="0" cellspacing="0" cellpadding="0" width="80%" style='width:80.0%'> <tr align="left"> <td width="56%" valign="bottom" style='width:56.0%;padding:0in 0in 1.5pt 0in'> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp; </p> </td> <td width="1%" valign="bottom" style='width:1.0%;padding:0in 0in 1.5pt 0in'> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp; </p> </td> <td width="22%" colspan="6" valign="bottom" style='width:22.0%;border:none;border-bottom:solid black 1.5pt;padding:0'> <p align="center" style='margin:0in;margin-bottom:.0001pt;text-align:center'><b>For the year ended May 31,</b></p> </td> <td width="1%" valign="bottom" style='width:1.0%;padding:0in 0in 1.5pt 0in'> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp; </p> </td> </tr> <tr align="left"> <td width="56%" valign="bottom" style='width:56.0%;padding:0in 0in 1.5pt 0in'> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp; </p> </td> <td width="1%" valign="bottom" style='width:1.0%;padding:0in 0in 1.5pt 0in'> <p align="right" style='margin:0in;margin-bottom:.0001pt;text-align:right'>&nbsp; </p> </td> <td width="10%" colspan="2" valign="bottom" style='width:10.0%;border:none;border-bottom:solid black 1.5pt;padding:0'> <p align="center" style='margin:0in;margin-bottom:.0001pt;text-align:center'><b>2013</b></p> </td> <td width="1%" valign="bottom" style='width:1.0%;padding:0in 0in 1.5pt 0in'> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp; </p> </td> <td width="1%" valign="bottom" style='width:1.0%;padding:0in 0in 1.5pt 0in'> <p align="right" style='margin:0in;margin-bottom:.0001pt;text-align:right'>&nbsp; </p> </td> <td width="10%" colspan="2" valign="bottom" style='width:10.0%;border:none;border-bottom:solid black 1.5pt;padding:0'> <p align="center" style='margin:0in;margin-bottom:.0001pt;text-align:center'><b>2012</b></p> </td> <td width="1%" valign="bottom" style='width:1.0%;padding:0in 0in 1.5pt 0in'> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp; </p> </td> </tr> <tr align="left"> <td width="56%" valign="bottom" style='width:56.0%;background:#CCEEFF;padding:0'> <p style='margin:0in;margin-bottom:.0001pt'>Current</p> </td> <td width="1%" valign="bottom" style='width:1.0%;background:#CCEEFF;padding:0'> <p align="right" style='margin:0in;margin-bottom:.0001pt;text-align:right'>&nbsp; </p> </td> <td width="1%" valign="bottom" style='width:1.0%;background:#CCEEFF;padding:0'> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp; </p> </td> <td width="9%" valign="bottom" style='width:9.0%;background:#CCEEFF;padding:0'> <p align="right" style='margin:0in;margin-bottom:.0001pt;text-align:right'>(849,473</p> </td> <td width="1%" valign="bottom" style='width:1.0%;background:#CCEEFF;padding:0'> <p style='margin:0in;margin-bottom:.0001pt'>)</p> </td> <td width="1%" valign="bottom" style='width:1.0%;background:#CCEEFF;padding:0'> <p align="right" style='margin:0in;margin-bottom:.0001pt;text-align:right'>&nbsp; </p> </td> <td width="1%" valign="bottom" style='width:1.0%;background:#CCEEFF;padding:0'> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp; </p> </td> <td width="9%" valign="bottom" style='width:9.0%;background:#CCEEFF;padding:0'> <p align="right" style='margin:0in;margin-bottom:.0001pt;text-align:right'>&nbsp;(53,692</p> </td> <td width="1%" valign="bottom" style='width:1.0%;background:#CCEEFF;padding:0'> <p style='margin:0in;margin-bottom:.0001pt'>)</p> </td> </tr> <tr align="left"> <td width="56%" valign="bottom" style='width:56.0%;background:white;padding:0'> <p style='margin:0in;margin-bottom:.0001pt'>Deferred:</p> </td> <td width="1%" valign="bottom" style='width:1.0%;background:white;padding:0'> <p align="right" style='margin:0in;margin-bottom:.0001pt;text-align:right'>&nbsp; </p> </td> <td width="1%" valign="bottom" style='width:1.0%;background:white;padding:0'> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp; </p> </td> <td width="9%" valign="bottom" style='width:9.0%;background:white;padding:0'> <p align="right" style='margin:0in;margin-bottom:.0001pt;text-align:right'>-</p> </td> <td width="1%" valign="bottom" style='width:1.0%;background:white;padding:0'> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp; </p> </td> <td width="1%" valign="bottom" style='width:1.0%;background:white;padding:0'> <p align="right" style='margin:0in;margin-bottom:.0001pt;text-align:right'>&nbsp; </p> </td> <td width="1%" valign="bottom" style='width:1.0%;background:white;padding:0'> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp; </p> </td> <td width="9%" valign="bottom" style='width:9.0%;background:white;padding:0'> <p align="right" style='margin:0in;margin-bottom:.0001pt;text-align:right'>&nbsp;38,238</p> </td> <td width="1%" valign="bottom" style='width:1.0%;background:white;padding:0'> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp; </p> </td> </tr> <tr align="left"> <td width="56%" valign="bottom" style='width:56.0%;background:#CCEEFF;padding:0'> <p style='margin:0in;margin-bottom:.0001pt'>Total Income tax benefit (expense)</p> </td> <td width="1%" valign="bottom" style='width:1.0%;background:#CCEEFF;padding:0'> <p align="right" style='margin:0in;margin-bottom:.0001pt;text-align:right'>&nbsp; </p> </td> <td width="1%" valign="bottom" style='width:1.0%;background:#CCEEFF;padding:0'> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp; </p> </td> <td width="9%" valign="bottom" style='width:9.0%;background:#CCEEFF;padding:0'> <p align="right" style='margin:0in;margin-bottom:.0001pt;text-align:right'>&nbsp;&nbsp;(849,473</p> </td> <td width="1%" valign="bottom" style='width:1.0%;background:#CCEEFF;padding:0'> <p style='margin:0in;margin-bottom:.0001pt'>)</p> </td> <td width="1%" valign="bottom" style='width:1.0%;background:#CCEEFF;padding:0'> <p align="right" style='margin:0in;margin-bottom:.0001pt;text-align:right'>&nbsp; </p> </td> <td width="1%" valign="bottom" style='width:1.0%;background:#CCEEFF;padding:0'> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp; </p> </td> <td width="9%" valign="bottom" style='width:9.0%;background:#CCEEFF;padding:0'> <p align="right" style='margin:0in;margin-bottom:.0001pt;text-align:right'>&nbsp;&nbsp;(15,454</p> </td> <td width="1%" valign="bottom" style='width:1.0%;background:#CCEEFF;padding:0'> <p style='margin:0in;margin-bottom:.0001pt'>)</p> </td> </tr> </table> </div> <!--egx--><p style='margin:0in;margin-bottom:.0001pt;margin-left:21.0pt'>&nbsp;</p> <div align="center"> <table border="0" cellspacing="0" cellpadding="0" width="80%" style='width:80.0%'> <tr align="left"> <td width="56%" valign="bottom" style='width:56.0%;padding:0'> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp; </p> </td> <td width="1%" valign="bottom" style='width:1.0%;padding:0'> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp; </p> </td> <td width="22%" colspan="6" valign="bottom" style='width:22.0%;padding:0'> <p align="center" style='margin:0in;margin-bottom:.0001pt;text-align:center'><b>For the year ended May 31,</b></p> </td> <td width="1%" valign="bottom" style='width:1.0%;padding:0'> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp; </p> </td> </tr> <tr align="left"> <td width="56%" valign="bottom" style='width:56.0%;padding:0'> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp; </p> </td> <td width="1%" valign="bottom" style='width:1.0%;padding:0'> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp; </p> </td> <td width="10%" colspan="2" valign="bottom" style='width:10.0%;padding:0'> <p align="center" style='margin:0in;margin-bottom:.0001pt;text-align:center'><b>2013</b></p> </td> <td width="1%" valign="bottom" style='width:1.0%;padding:0'> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp; </p> </td> <td width="1%" valign="bottom" style='width:1.0%;padding:0'> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp; </p> </td> <td width="10%" colspan="2" valign="bottom" style='width:10.0%;padding:0'> <p align="center" style='margin:0in;margin-bottom:.0001pt;text-align:center'><b>2012</b></p> </td> <td width="1%" valign="bottom" style='width:1.0%;padding:0'> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp; </p> </td> </tr> <tr align="left"> <td width="56%" valign="bottom" style='width:56.0%;padding:0'> <p style='margin:0in;margin-bottom:.0001pt'><b>Current assets and liabilities</b></p> </td> <td width="1%" valign="bottom" style='width:1.0%;padding:0'> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp; </p> </td> <td width="10%" colspan="2" valign="bottom" style='width:10.0%;padding:0'> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp;</p> </td> <td width="1%" valign="bottom" style='width:1.0%;padding:0'> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp; </p> </td> <td width="1%" valign="bottom" style='width:1.0%;padding:0'> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp; </p> </td> <td width="10%" colspan="2" valign="bottom" style='width:10.0%;padding:0'> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp;</p> </td> <td width="1%" valign="bottom" style='width:1.0%;padding:0'> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp; </p> </td> </tr> <tr align="left"> <td width="56%" valign="bottom" style='width:56.0%;background:#CCEEFF;padding:0in 0in 1.5pt 0in'> <p style='margin:0in;margin-bottom:.0001pt'>Accounts receivable allowances</p> </td> <td width="1%" valign="bottom" style='width:1.0%;background:#CCEEFF;padding:0in 0in 1.5pt 0in'> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp; </p> </td> <td width="1%" valign="bottom" style='width:1.0%;border:none;border-bottom:solid black 1.5pt;background:#CCEEFF;padding:0'> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp; </p> </td> <td width="9%" valign="bottom" style='width:9.0%;border:none;border-bottom:solid black 1.5pt;background:#CCEEFF;padding:0'> <p align="right" style='margin:0in;margin-bottom:.0001pt;text-align:right'>39,159</p> </td> <td width="1%" valign="bottom" style='width:1.0%;background:#CCEEFF;padding:0in 0in 1.5pt 0in'> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp; </p> </td> <td width="1%" valign="bottom" style='width:1.0%;background:#CCEEFF;padding:0in 0in 1.5pt 0in'> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp; </p> </td> <td width="1%" valign="bottom" style='width:1.0%;border:none;border-bottom:solid black 1.5pt;background:#CCEEFF;padding:0'> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp; </p> </td> <td width="9%" valign="bottom" style='width:9.0%;border:none;border-bottom:solid black 1.5pt;background:#CCEEFF;padding:0'> <p align="right" style='margin:0in;margin-bottom:.0001pt;text-align:right'>38,238</p> </td> <td width="1%" valign="bottom" style='width:1.0%;background:#CCEEFF;padding:0in 0in 1.5pt 0in'> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp; </p> </td> </tr> <tr align="left"> <td width="56%" valign="bottom" style='width:56.0%;background:white;padding:0'> <p style='margin:0in;margin-bottom:.0001pt'>Total deferred tax assets</p> </td> <td width="1%" valign="bottom" style='width:1.0%;background:white;padding:0'> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp; </p> </td> <td width="1%" valign="bottom" style='width:1.0%;background:white;padding:0'> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp; </p> </td> <td width="9%" valign="bottom" style='width:9.0%;background:white;padding:0'> <p align="right" style='margin:0in;margin-bottom:.0001pt;text-align:right'>39,159</p> </td> <td width="1%" valign="bottom" style='width:1.0%;background:white;padding:0'> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp; </p> </td> <td width="1%" valign="bottom" style='width:1.0%;background:white;padding:0'> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp; </p> </td> <td width="1%" valign="bottom" style='width:1.0%;background:white;padding:0'> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp; </p> </td> <td width="9%" valign="bottom" style='width:9.0%;background:white;padding:0'> <p align="right" style='margin:0in;margin-bottom:.0001pt;text-align:right'>38,238</p> </td> <td width="1%" valign="bottom" style='width:1.0%;background:white;padding:0'> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp; </p> </td> </tr> <tr align="left"> <td width="56%" valign="bottom" style='width:56.0%;background:#CCEEFF;padding:0in 0in 1.5pt 0in'> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp;&nbsp;&nbsp;Valuation allowance</p> </td> <td width="1%" valign="bottom" style='width:1.0%;background:#CCEEFF;padding:0in 0in 1.5pt 0in'> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp; </p> </td> <td width="1%" valign="bottom" style='width:1.0%;border:none;border-bottom:solid black 1.5pt;background:#CCEEFF;padding:0'> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp; </p> </td> <td width="9%" valign="bottom" style='width:9.0%;border:none;border-bottom:solid black 1.5pt;background:#CCEEFF;padding:0'> <p align="right" style='margin:0in;margin-bottom:.0001pt;text-align:right'>-</p> </td> <td width="1%" valign="bottom" style='width:1.0%;background:#CCEEFF;padding:0in 0in 1.5pt 0in'> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp; </p> </td> <td width="1%" valign="bottom" style='width:1.0%;background:#CCEEFF;padding:0in 0in 1.5pt 0in'> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp; </p> </td> <td width="1%" valign="bottom" style='width:1.0%;border:none;border-bottom:solid black 1.5pt;background:#CCEEFF;padding:0'> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp; </p> </td> <td width="9%" valign="bottom" style='width:9.0%;border:none;border-bottom:solid black 1.5pt;background:#CCEEFF;padding:0'> <p align="right" style='margin:0in;margin-bottom:.0001pt;text-align:right'>-</p> </td> <td width="1%" valign="bottom" style='width:1.0%;background:#CCEEFF;padding:0in 0in 1.5pt 0in'> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp; </p> </td> </tr> <tr align="left"> <td width="56%" valign="bottom" style='width:56.0%;background:white;padding:0in 0in 1.5pt 0in'> <p style='margin:0in;margin-bottom:.0001pt'>Total deferred tax assets, net</p> </td> <td width="1%" valign="bottom" style='width:1.0%;background:white;padding:0in 0in 1.5pt 0in'> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp; </p> </td> <td width="1%" valign="bottom" style='width:1.0%;border:none;border-bottom:solid black 1.5pt;background:white;padding:0'> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp; </p> </td> <td width="9%" valign="bottom" style='width:9.0%;border:none;border-bottom:solid black 1.5pt;background:white;padding:0'> <p align="right" style='margin:0in;margin-bottom:.0001pt;text-align:right'>39,159</p> </td> <td width="1%" valign="bottom" style='width:1.0%;background:white;padding:0in 0in 1.5pt 0in'> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp; </p> </td> <td width="1%" valign="bottom" style='width:1.0%;background:white;padding:0in 0in 1.5pt 0in'> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp; </p> </td> <td width="1%" valign="bottom" style='width:1.0%;border:none;border-bottom:solid black 1.5pt;background:white;padding:0'> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp; </p> </td> <td width="9%" valign="bottom" style='width:9.0%;border:none;border-bottom:solid black 1.5pt;background:white;padding:0'> <p align="right" style='margin:0in;margin-bottom:.0001pt;text-align:right'>38,238</p> </td> <td width="1%" valign="bottom" style='width:1.0%;background:white;padding:0in 0in 1.5pt 0in'> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp; </p> </td> </tr> </table> </div> <p style='margin:0in;margin-bottom:.0001pt;margin-left:21.0pt'>&nbsp;</p> 0.1700 812243 134962 209066 21835 6.1865 6.3355 6.2940 6.3589 8667673 3951883 -268201 -261893 8399472 3689990 341240 410729 61339 59896 224783 720300 312966 794466 940328 1985391 2881586 1106702 5463509 649150 182934 291162 283872 9285407 1573508 -1283774 -1024186 8001633 549322 230908 98921 3157 372177 49278 371873 61427 312630 187156 32376 1390074 114090 80222 194312 108756 18974 845547 3156815 947044 969854 1420567 1131496 473522 808211 789204 2909561 6787152 1616423 1578407 161642 1778065 1578407 969854 947044 973163 106366 812243 134962 191546 370 1976952 241698 -849473 -53692 38238 849473 15454 39159 38238 39159 38238 39159 38238 For the year ended May 31, 2013, three major customers accounted for approximately 22%, 16% and 11% of the total sales, respectively. For the year ended May 31, 2012, one major customer accounted for approximately 48% of the total sales, respectively. For the year ended May 31, 2013, one major supplier accounted for approximately 10% of the Company&#146;s total purchase. 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Disclosure - Note 11 - Concentrations link:presentationLink link:definitionLink link:calculationLink 000500 - Disclosure - Note 5 - Plant, Property and Equipment, Net: Property, Plant and Equipment, Schedule of Significant Acquisitions and Disposals (Details) link:presentationLink link:definitionLink link:calculationLink 000130 - Disclosure - Note 8 - Notes Payable link:presentationLink link:definitionLink link:calculationLink 000440 - Disclosure - Note 10 - Income Taxes: (ii) The Following Table Summarizes Deferred Taxes Resulting From Differences Between Financial Accounting Basis and Tax Basis of Assets and Liabilities (Tables) link:presentationLink link:definitionLink link:calculationLink 000060 - Disclosure - Note 1 - Organization and Operations link:presentationLink link:definitionLink link:calculationLink 000510 - Disclosure - Note 5 - Plant, Property and Equipment, Net (Details) link:presentationLink link:definitionLink link:calculationLink 000280 - Disclosure - Note 2 - Summary of Significant Accounting Policies: Income Taxes (Policies) link:presentationLink link:definitionLink link:calculationLink 000540 - Disclosure - Note 6 - Related Party Transactions and Balances (Details) link:presentationLink link:definitionLink link:calculationLink 000190 - Disclosure - Note 2 - Summary of Significant Accounting Policies: Principles of Consolidation (Policies) link:presentationLink link:definitionLink link:calculationLink 000490 - Disclosure - Note 4 - Inventory: Schedule of Inventory, Current (Details) link:presentationLink link:definitionLink link:calculationLink 000450 - Disclosure - Note 2 - Summary of Significant Accounting Policies: Value-added Tax (Details) link:presentationLink link:definitionLink link:calculationLink 000300 - Disclosure - Note 2 - Summary of Significant Accounting Policies: Fair Value of Financial Instruments (Policies) link:presentationLink link:definitionLink link:calculationLink 000640 - Disclosure - Note 13 - Stockholders' Equity (Details) link:presentationLink link:definitionLink link:calculationLink 000530 - Disclosure - Note 6 - Related Party Transactions and Balances: Schedule of Payables Due to Related Parties (Details) link:presentationLink link:definitionLink link:calculationLink 000180 - Disclosure - Note 13 - Stockholders' Equity link:presentationLink link:definitionLink link:calculationLink 000590 - Disclosure - Note 10 - Income Taxes (Details) link:presentationLink link:definitionLink link:calculationLink 000410 - Disclosure - Note 8 - Notes Payable: Schedule of Notes Payable (Tables) link:presentationLink link:definitionLink link:calculationLink 000330 - Disclosure - Note 2 - Summary of Significant Accounting Policies: Foreign Currency Translation: Comprehensive Income (Loss) (Tables) link:presentationLink link:definitionLink link:calculationLink 000260 - Disclosure - Note 2 - Summary of Significant Accounting Policies: Revenue Recognition (Policies) link:presentationLink link:definitionLink link:calculationLink 000120 - Disclosure - Note 7 - Short-term Bank Loans link:presentationLink link:definitionLink link:calculationLink 000520 - Disclosure - Note 6 - Related Party Transactions and Balances: Schedule of Related Party Transactions (Details) link:presentationLink link:definitionLink link:calculationLink 000370 - Disclosure - Note 6 - Related Party Transactions and Balances: The Related Parties of The Company Are As Follows (Tables) link:presentationLink link:definitionLink link:calculationLink 000350 - Disclosure - Note 4 - Inventory: Schedule of Inventory, Current (Tables) link:presentationLink link:definitionLink link:calculationLink 000310 - Disclosure - Note 2 - Summary of Significant Accounting Policies: Foreign Currency Translation (Policies) link:presentationLink link:definitionLink link:calculationLink 000320 - Disclosure - Note 2 - Summary of Significant Accounting Policies: Concentrations of Credit Risk (Policies) link:presentationLink link:definitionLink link:calculationLink 000100 - Disclosure - Note 5 - Plant, Property and Equipment, Net link:presentationLink link:definitionLink link:calculationLink 000340 - Disclosure - Note 3 - Accounts Receivable, Net: Schedule of Accounts, Notes, Loans and Financing Receivable (Tables) link:presentationLink link:definitionLink link:calculationLink 000480 - 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Disclosure - Note 2 - Summary of Significant Accounting Policies: Foreign Currency Translation: Comprehensive Income (Loss) (Details) link:presentationLink link:definitionLink link:calculationLink 000560 - Disclosure - Note 8 - Notes Payable: Schedule of Notes Payable (Details) link:presentationLink link:definitionLink link:calculationLink EX-101.CAL 7 huay-20130531_cal.xml XBRL CALCULATION LINKBASE DOCUMENT EX-101.DEF 8 huay-20130531_def.xml XBRL DEFINITION LINKBASE DOCUMENT EX-101.LAB 9 huay-20130531_lab.xml XBRL LABELS LINKBASE DOCUMENT From Entities [Member] Other Ownership Interests Name [Axis] Changzhou Jinyue Electronics Co., Ltd Accounts receivable Accumulated Depreciation, Depletion and Amortization, Property, Plant, and Equipment Other Machinery and Equipment Schedule of Short-term Debt Schedule of Inventory, Current Income Taxes NET INCREASE (DECREASE) IN CASH NET INCREASE (DECREASE) IN CASH Capital contribution by major shareholder Capital contribution by major shareholder Provision for doubtful accounts Capital contribution made by shareholder Statutory Reserve Statement, Equity Components TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY Other payables Entity Filer Category Valuation Allowance by Deferred Tax Asset [Axis] China Merchant Bank Short-term Debt, Type {1} Short-term Debt, Type Mr. Pan Shudong Due from Mr. Pan Note 7 - Short-term Bank Loans Short term debt financing Depreciation and amortization Equity Component Retained Earnings Foreign currency translation gain Total stockholders' equity Total stockholders' equity Balance Balance Deferred Tax Assets, Net of Valuation Allowance, Noncurrent Other Taxes & Fees Corporate Income Tax Changzhou Leyuan International Trade Co.,Ltd Accounts payable Translation Adjustment Functional to Reporting Currency, Net of Tax Plant, Property and Equipment Notes Notes payable financing Other comprehensive item General and administrative expenses Retained earnings Common stock Due from related parties Component of Other Operating Cost and Expense, Name [Domain] Others [Member] Changzhou Hengchuan Plastics Co, Ltd Receivable (ii) The Following Table Summarizes Deferred Taxes Resulting From Differences Between Financial Accounting Basis and Tax Basis of Assets and Liabilities: Schedule of Components of Income Tax Expense (Benefit) Schedule of Accounts, Notes, Loans and Financing Receivable Foreign Currency Translation Note 1 - Organization and Operations Acquisition of property and equipment Acquisition of property and equipment Change in Taxes payable Change in Taxes payable Statutory reserve Weighted average number of common shares Total non-operating income (expenses) Total non-operating income (expenses) TOTAL LIABILITIES TOTAL LIABILITIES Notes payable Document Fiscal Year Focus Deferred Tax Asset [Domain] From Individuals [Member] Value-Added Tax [Member] Changzhou Shiji Jinyue Packaging Co.,Ltd Accounts receivable Comprehensive Income (Loss) Impairment of Long-lived Assets Inventory {1} Inventory Accounts Receivable and Allowance For Bad Debt SUPPLEMENTAL CASH FLOW DISCLOSURE Long term investment Change in Accounts payables and accrued expenses Change in Accounts payables and accrued expenses Change in Advances to suppliers Change in Advances to suppliers Change in Accounts receivable Change in Accounts receivable PROPERTY AND EQUIPMENT, net Entity Well-known Seasoned Issuer Deferred Tax Assets, Net of Valuation Allowance Chinese Bank Ms. Xinmei Li Due from Mr. Pan Inventory, Raw Materials, Gross Common stock issued Acquisition of net asset of HXT Holdings, Inc - Shares Cash EntityPublicFloat Document Period End Date Maintenance, utilities, and insurance [Member] Changzhou Wujinyinfeng Agriculture Credit Union Loan 2 Accounts Payable, Related Parties, Current Changzhou Hengchuan Plastics Co, Ltd Accounts Payable Technology Equipment Allowance for Doubtful Accounts Receivable Foreign Currency Exchange Rate, Translation Basic and diluted earning per common share Selling expenses Additional paid in capital Total current liabilities Total current liabilities Current Fiscal Year End Date Balance Sheet Location [Axis] Common shares issued price per share Huaxian Bank Transportation Equipment Details Value-added Tax Use of Estimates Note 10 - Income Taxes Note 5 - Plant, Property and Equipment, Net Net cash provided by (used in) financing activities Net cash provided by (used in) financing activities CASH FLOWS FROM FINANCING ACTIVITIES: Adjustments to reconcile net income to net cash provided by (used in) operating activities: CONSOLIDATED STATEMENT OF STOCKHOLDER EQUITY Income before income taxes Taxes payable Document Fiscal Period Focus Entity Common Stock, Shares Outstanding Ms. Li Xinmei [Member] Other Tax & Fees [Member] Related Party Schedule of Related Party Transactions Note 13 - Stockholders' Equity Note 9 - Taxes Payable Note 8 - Notes Payable EFFECT OF EXCHANGE RATE CHANGE ON CASH Proceeds from stock issuance Proceeds from stock issuance Net cash provided by (used in) operating activities Net cash provided by (used in) operating activities Increase (decrease) in current liabilities: Change in Prepaid expenses Change in Prepaid expenses Foreign currency translation adjustment Accumulated OCI Comprehensive Income Comprehensive Income Other income (expenses) Net sales Entity Voluntary Filers Other Ownership Interests, Name [Domain] Notes Payable to Bank China Communication Bank Changzhou Shiji Jinyue Packaging Co.,Ltd Advance to Suppliers Machinery and Equipment, Gross Property, Plant and Equipment, Type Retail Related Inventory, Packaging and Other Supplies CASH - beginning of year CASH - beginning of year CASH - end of year Common stock issued-shares Net income Net income Interest income (expense) Interest income (expense) Total expenses Total expenses Cost of goods sold CONSOLIDATED INCOME STATEMENT STOCKHOLDERS' EQUITY TOTAL ASSETS TOTAL ASSETS Deferred tax assets Entity Registrant Name Line of Credit Facility, Maximum Borrowing Capacity Concentration Risk, Supplier China Industrial and Commercial Changzhou Wujinyintong Agriculture Credit Union Revenue from Related Parties Related Party {1} Related Party Schedule of Payables Due to Related Parties Revenue Recognition Note 12 - Contingencies Change in Due to related party Change in Due to related party Change in Inventory Change in Inventory Document Type Depreciation expense Property, Plant and Equipment, Type {1} Property, Plant and Equipment, Type Inventory, Finished Goods, Gross Schedule of Notes Payable Restricted Cash {1} Restricted Cash Net income for the year Net income for the year Statement Short term bank loans Advances to suppliers Document and Entity Information Account recievable allowances [Member] Receivable Type [Domain] Other Shareholders [Member] Current Income Tax Expense (Benefit) Changzhou Hengchuan Plastics Co, Ltd Other Receivable Value-added tax at a rate Principles of Consolidation Note 2 - Summary of Significant Accounting Policies Net cash used in investing activities Net cash used in investing activities Change in Other payables Change in Other payables Change in Advances from customers Change in Advances from customers Acquisition of net assets of HXT Holdings, Inc Non-operating income (expenses): Accumulated other comprehensive income COMMITMENT AND CONTINGENCIES Advances from customers Accounts payable and accrued expenses Accounts receivable, net China Industrial and Commercial Bank Changzhou Leyuan International Trade Co., Ltd. Pan Yile Other Receivable Inventory, Work in Process, Gross Property, Plant and Equipment, Schedule of Significant Acquisitions and Disposals Policies Payment for restricted cash for notes Payment for restricted cash for notes Decrease (increase) in current assets: CONSOLIDATED STATEMENT OF CASH FLOWS Statutory Reserves LIABILITIES AND STOCKHOLDERS' EQUITY Total current assets Total current assets Other receivables Entity Current Reporting Status Concentration Risk, Customer Short-term Debt, Type Changzhou Wujinyintong Agriculture Credit Union 2 Building Accounts Receivable, Net, Current Accounts Receivable, Gross, Current Sales and Excise Tax Payable, Current Cash and Cash Equivalents Note 3 - Accounts Receivable, Net Cash paid for interest Change in Due from related party Change in Due from related party CURRENT ASSETS CONSOLIDATED BALANCE SHEET Entity Central Index Key Amendment Flag Component of Other Operating Cost and Expense [Axis] Payable to service fees [Member] Value-Added Tax Financial Statement Line Items with Differences in Reported Amount and Reporting Currency Denominated Amounts Schedule Of Tax Payable Concentrations of Credit Risk Note 6 - Related Party Transactions and Balances Change in Other receivable Change in Other receivable Balance - Shares Balance - Shares Balance - Shares Statement {1} Statement Common Stock Income from operations Income from operations Due to related parties Inventory Receivable Type [Axis] Balance Sheet Location [Domain] Deferred Tax Assets, Valuation Allowance, Current Deferred Tax Assets, Valuation Allowance Deferred Income Tax Expense (Benefit) Information by Financial Statement Line Item Average Foreign currency exchange rate translation The Related Parties of The Company Are As Follows: Tables/Schedules Fair Value of Financial Instruments Note 11 - Concentrations Note 4 - Inventory Cash paid for income taxes CASH FLOWS FROM INVESTING ACTIVITIES: Deferred tax benefit Additional Paid in Capital {1} Additional Paid in Capital Income taxes Income taxes Gross profit Gross profit Revenues {1} Revenues CURRENT LIABILITIES Restricted Cash EX-101.PRE 10 huay-20130531_pre.xml XBRL PRESENTATION LINKBASE DOCUMENT XML 11 R8.xml IDEA: Note 3 - Accounts Receivable, Net 2.4.0.8000080 - Disclosure - Note 3 - Accounts Receivable, Nettruefalsefalse1false falsefalseD120601_130531http://www.sec.gov/CIK0001315756duration2012-06-01T00:00:002013-05-31T00:00:001true 1us-gaap_DisclosureTextBlockAbstractus-gaap_truenadurationfalsefalsefalsefalsefalsefalsefalsefalse1falsefalsefalse00falsefalsefalsexbrli:stringItemTypestringfalse02false 2us-gaap_LoansNotesTradeAndOtherReceivablesDisclosureTextBlockus-gaap_truenadurationfalsefalsefalsefalsefalsefalsefalsefalse1falsefalsefalse00<!--egx--><p style='margin:0in;margin-bottom:.0001pt'><b>NOTE 3 &#150;&nbsp;ACCOUNTS RECEIVABLE, NET</b></p> <p style='margin:0in;margin-bottom:.0001pt'><b>&nbsp;</b></p> <p style='margin:0in;margin-bottom:.0001pt'>The Company provides an allowance for doubtful accounts related to its receivables. The receivables and allowance balances at May 31, 2013 and 2012 are as follows:</p> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp;</p> <div align="center"> <table border="0" cellspacing="0" cellpadding="0" width="80%" style='width:80.0%'> <tr align="left"> <td width="56%" valign="bottom" style='width:56.0%;padding:0in 0in 1.5pt 0in'> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp; </p> </td> <td width="1%" valign="bottom" style='width:1.0%;padding:0in 0in 1.5pt 0in'> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp; </p> </td> <td width="22%" colspan="6" valign="bottom" style='width:22.0%;border:none;border-bottom:solid black 1.5pt;padding:0'> <p align="center" style='margin:0in;margin-bottom:.0001pt;text-align:center'>The Years Ended May 31,</p> </td> <td width="1%" valign="bottom" style='width:1.0%;padding:0in 0in 1.5pt 0in'> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp; </p> </td> </tr> <tr align="left"> <td width="56%" valign="bottom" style='width:56.0%;padding:0in 0in 1.5pt 0in'> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp; </p> </td> <td width="1%" valign="bottom" style='width:1.0%;padding:0in 0in 1.5pt 0in'> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp; </p> </td> <td width="10%" colspan="2" valign="bottom" style='width:10.0%;border:none;border-bottom:solid black 1.5pt;padding:0'> <p align="center" style='margin:0in;margin-bottom:.0001pt;text-align:center'>2013</p> </td> <td width="1%" valign="bottom" style='width:1.0%;padding:0in 0in 1.5pt 0in'> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp; </p> </td> <td width="1%" valign="bottom" style='width:1.0%;padding:0in 0in 1.5pt 0in'> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp; </p> </td> <td width="10%" colspan="2" valign="bottom" style='width:10.0%;border:none;border-bottom:solid black 1.5pt;padding:0'> <p align="center" style='margin:0in;margin-bottom:.0001pt;text-align:center'>2012</p> </td> <td width="1%" valign="bottom" style='width:1.0%;padding:0in 0in 1.5pt 0in'> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp; </p> </td> </tr> <tr align="left"> <td width="56%" valign="bottom" style='width:56.0%;padding:0'> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp; </p> </td> <td width="1%" valign="bottom" style='width:1.0%;padding:0'> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp; </p> </td> <td width="10%" colspan="2" valign="bottom" style='width:10.0%;padding:0'> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp;</p> </td> <td width="1%" valign="bottom" style='width:1.0%;padding:0'> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp; </p> </td> <td width="1%" valign="bottom" style='width:1.0%;padding:0'> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp; </p> </td> <td width="10%" colspan="2" valign="bottom" style='width:10.0%;padding:0'> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp;</p> </td> <td width="1%" valign="bottom" style='width:1.0%;padding:0'> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp; </p> </td> </tr> <tr align="left"> <td width="56%" valign="bottom" style='width:56.0%;background:#CCEEFF;padding:0'> <p style='margin:0in;margin-bottom:.0001pt'>Accounts Receivable</p> </td> <td width="1%" valign="bottom" style='width:1.0%;background:#CCEEFF;padding:0'> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp; </p> </td> <td width="1%" valign="bottom" style='width:1.0%;background:#CCEEFF;padding:0'> <p style='margin:0in;margin-bottom:.0001pt'>$</p> </td> <td width="9%" valign="bottom" style='width:9.0%;background:#CCEEFF;padding:0'> <p align="right" style='margin:0in;margin-bottom:.0001pt;text-align:right'>8,667,673</p> </td> <td width="1%" valign="bottom" style='width:1.0%;background:#CCEEFF;padding:0'> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp; </p> </td> <td width="1%" valign="bottom" style='width:1.0%;background:#CCEEFF;padding:0'> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp; </p> </td> <td width="1%" valign="bottom" style='width:1.0%;background:#CCEEFF;padding:0'> <p style='margin:0in;margin-bottom:.0001pt'>$</p> </td> <td width="9%" valign="bottom" style='width:9.0%;background:#CCEEFF;padding:0'> <p align="right" style='margin:0in;margin-bottom:.0001pt;text-align:right'>3,951,883</p> </td> <td width="1%" valign="bottom" style='width:1.0%;background:#CCEEFF;padding:0'> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp; </p> </td> </tr> <tr align="left"> <td width="56%" valign="bottom" style='width:56.0%;background:white;padding:0in 0in 1.5pt 0in'> <p style='margin:0in;margin-bottom:.0001pt'>Less: Allowance for Doubtful Accounts</p> </td> <td width="1%" valign="bottom" style='width:1.0%;background:white;padding:0in 0in 1.5pt 0in'> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp; </p> </td> <td width="1%" valign="bottom" style='width:1.0%;border:none;border-bottom:solid black 1.5pt;background:white;padding:0'> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp; </p> </td> <td width="9%" valign="bottom" style='width:9.0%;border:none;border-bottom:solid black 1.5pt;background:white;padding:0'> <p align="right" style='margin:0in;margin-bottom:.0001pt;text-align:right'>(268,201)</p> </td> <td width="1%" valign="bottom" style='width:1.0%;background:white;padding:0in 0in 1.5pt 0in'> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp; </p> </td> <td width="1%" valign="bottom" style='width:1.0%;background:white;padding:0in 0in 1.5pt 0in'> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp; </p> </td> <td width="1%" valign="bottom" style='width:1.0%;border:none;border-bottom:solid black 1.5pt;background:white;padding:0'> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp; </p> </td> <td width="9%" valign="bottom" style='width:9.0%;border:none;border-bottom:solid black 1.5pt;background:white;padding:0'> <p align="right" style='margin:0in;margin-bottom:.0001pt;text-align:right'>(261,893)</p> </td> <td width="1%" valign="bottom" style='width:1.0%;background:white;padding:0in 0in 1.5pt 0in'> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp; </p> </td> </tr> <tr align="left"> <td width="56%" valign="bottom" style='width:56.0%;background:#CCEEFF;padding:0in 0in 3.0pt 0in'> <p style='margin:0in;margin-bottom:.0001pt'>Accounts Receivable, Net</p> </td> <td width="1%" valign="bottom" style='width:1.0%;background:#CCEEFF;padding:0in 0in 3.0pt 0in'> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp; </p> </td> <td width="1%" valign="bottom" style='width:1.0%;border:none;border-bottom:double black 2.25pt;background:#CCEEFF;padding:0'> <p style='margin:0in;margin-bottom:.0001pt'>$</p> </td> <td width="9%" valign="bottom" style='width:9.0%;border:none;border-bottom:double black 2.25pt;background:#CCEEFF;padding:0'> <p align="right" style='margin:0in;margin-bottom:.0001pt;text-align:right'>8,399,472</p> </td> <td width="1%" valign="bottom" style='width:1.0%;background:#CCEEFF;padding:0in 0in 3.0pt 0in'> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp; </p> </td> <td width="1%" valign="bottom" style='width:1.0%;background:#CCEEFF;padding:0in 0in 3.0pt 0in'> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp; </p> </td> <td width="1%" valign="bottom" style='width:1.0%;border:none;border-bottom:double black 2.25pt;background:#CCEEFF;padding:0'> <p style='margin:0in;margin-bottom:.0001pt'>$</p> </td> <td width="9%" valign="bottom" style='width:9.0%;border:none;border-bottom:double black 2.25pt;background:#CCEEFF;padding:0'> <p align="right" style='margin:0in;margin-bottom:.0001pt;text-align:right'>3,689,990</p> </td> <td width="1%" valign="bottom" style='width:1.0%;background:#CCEEFF;padding:0in 0in 3.0pt 0in'> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp; </p> </td> </tr> </table> </div> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp;</p> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp;</p>falsefalsefalsenonnum:textBlockItemTypenaThe entire disclosure for claims held for amounts due a entity, excluding financing receivables. Examples include, but are not limited to, trade accounts receivables, notes receivables, loans receivables. 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(&#147;Huayue Electronics&#148; or the &#147;Company&#148;) was incorporated under the laws of the State of Delaware on January 13, 2005.&#160; The Company was engaged in providing computer services in the People&#146;s Republic of China (&#147;China&#148; or &#147;PRC&#148;) until September 2011 when it sold that business.&#160; </p> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp;</p> <p style='margin:0in;margin-bottom:.0001pt'>On September 2, 2011, Huayue Electronics acquired all of the outstanding capital stock of China Metal Holding, Inc. (&#147;China Metal&#148;), a privately owned corporation formed in the State of Delaware, United States of America, by merging HXT Acquisition Corp., a newly formed Delaware corporation that was wholly owned by the Company, into China Metal. 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Note 12 - Contingencies
 12 Months Ended
May 31, 2013
Notes  
Note 12 - Contingencies

NOTE 12 - CONTINGENCIES

 

On March 13, 2013, the Company signed an agreement with China Industry and Commerce Bank under which the Company guaranteed borrowing of Changzhou Hanyu Electronics Inc, a non-related third party, for bank credit (including loans, notes payable, letter of credit and other credit forms) up to 5.1 million RMB, approximately $823,000 USD. The guarantee is effective from March 16, 2013 to March 15, 2015.

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Note 6 - Related Party Transactions and Balances: Schedule of Payables Due to Related Parties (Details) (USD $)
May 31, 2012
Details  
Changzhou Leyuan International Trade Co.,Ltd Accounts payable $ 114,090
Changzhou Hengchuan Plastics Co, Ltd Accounts Payable 80,222
Accounts Payable, Related Parties, Current $ 194,312
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CONSOLIDATED STATEMENT OF STOCKHOLDER EQUITY (USD $)
Common Stock
Additional Paid in Capital
Statutory Reserve
Accumulated OCI
Retained Earnings
Total
Balance at May. 31, 2011 $ 29,402 $ 670,598 $ 31,263 $ 67,539 $ 281,363 $ 1,080,165
Balance - Shares at May. 31, 2011 29,401,500          
Acquisition of net assets of HXT Holdings, Inc 666 (666)        
Acquisition of net asset of HXT Holdings, Inc - Shares 666,241         666,241
Net income for the year         248,440 248,440
Foreign currency translation adjustment       21,835   21,835
Common stock issued-shares 1,260,000          
Balance at May. 31, 2012 30,068 669,932 31,263 89,374 529,803 1,350,440
Balance - Shares at May. 31, 2012 30,067,741         30,067,741
Net income for the year         3,757,284 3,757,284
Statutory reserve     375,728   (375,728)  
Foreign currency translation adjustment       209,066   209,066
Common stock issued 1,260 3,148,740       3,150,000
Common stock issued-shares 1,260,000          
Capital contribution made by shareholder   3,047,680       3,047,680
Balance at May. 31, 2013 $ 31,328 $ 6,866,352 $ 406,991 $ 298,440 $ 3,911,359 $ 11,514,470
Balance - Shares at May. 31, 2013 31,327,741          
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Note 5 - Plant, Property and Equipment, Net
 12 Months Ended
May 31, 2013
Notes  
Note 5 - Plant, Property and Equipment, Net

NOTE 5 – PLANT, PROPERTY AND EQUIPMENT, NET

 

The components of property and equipment as of May 31, 2013 and 2012 were as follows:

 

 

 

Years Ended May 31,

 

 

 

2013

 

 

2012

 

Machinery Equipment

 

$

2,881,586

 

 

$

1,106,702

 

Building

 

 

5,463,509

 

 

 

-

 

Electronic Equipment

 

 

649,150

 

 

 

182,934

 

Transportation Equipment

 

 

291,162

 

 

 

283,872

 

Subtotal

 

 

9,285,407

 

 

 

1,573,508

 

Less: Accumulated Depreciation

 

 

(1,283,774)

 

 

 

(1,024,186)

 

    Total plant, property and equipment, net

 

$

8,001,633

 

 

$

549,322

 

 

 

The depreciation expense for the year ended May 31, 2013 and 2012 was $230,908 and $98,921, respectively.
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Note 2 - Summary of Significant Accounting Policies: Inventory (Policies)
 12 Months Ended
May 31, 2013
Policies  
Inventory

Inventory

 

Inventory is primarily composed of raw materials and packing materials for manufacturing, work in process, and finished goods. Inventories are valued at the lower of cost or market with cost determined on a weighted average basis. Management compares the cost of inventory with the market value and an allowance is made for writing down the inventory to its market value, if lower than cost. As of May 31, 2013 and 2012 no reserve for slow-moving or obsolete inventory is considered necessary
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Note 8 - Notes Payable: Schedule of Notes Payable (Details) (USD $)
May 31, 2013
May 31, 2012
Notes payable $ 1,778,065 $ 1,578,407
Huaxian Bank
    
Notes Payable to Bank 1,616,423 1,578,407
China Industrial and Commercial
    
Notes Payable to Bank $ 161,642  
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Note 13 - Stockholders' Equity
 12 Months Ended
May 31, 2013
Notes  
Note 13 - Stockholders' Equity

NOTE 13 - STOCKHOLDERS’ EQUITY

 

Stock issuance

 

On November 21, 2012, the Company’s Board of Directors approved and authorized the sale of 1,260,000 shares at $2.50 per share to Ms. Li Xinmei, a major shareholder of the Company. The Company received total proceeds of $3,150,000 from Ms. Li.

 

Additional paid in capital

In the year ended May 31, 2013, Ms. Li Xinmei contributed $3,047,680 to the Company.

 

Statutory Reserve

Corporations organized in the People’s Republic of China are required to contribute to a statutory reserve fund 10% of net income after tax per annum, until aggregate contributions equal  50% of the company’s registered capital. For the year ended May 31, 2013, the Company appropriated USD $375,728 to the statutory reserve.

 

Shares to be Issued

On March 12, 2013 the Company entered into a letter agreement with Buckman, Buckman & Reid, Inc. (“BB&R”). The agreement provides that for a one year term BB&R will serve as exclusive consultant to the Company in connection with corporate structure, public market strategies and fundraising activities.  In partial compensation for the services of BB&R, the Company committed to sell to BB&R for nominal consideration common stock equal to five percent of the outstanding shares of Company common stock on a fully-diluted basis. The sale has not yet been completed.
XML 24 R34.xml IDEA: Note 3 - Accounts Receivable, Net: Schedule of Accounts, Notes, Loans and Financing Receivable (Tables) 2.4.0.8000340 - Disclosure - Note 3 - Accounts Receivable, Net: Schedule of Accounts, Notes, Loans and Financing Receivable (Tables)truefalsefalse1false falsefalseD120601_130531http://www.sec.gov/CIK0001315756duration2012-06-01T00:00:002013-05-31T00:00:001true 1us-gaap_TableTextBlockSupplementAbstractus-gaap_truenadurationfalsefalsefalsefalsefalsefalsefalsefalse1falsefalsefalse00falsefalsefalsexbrli:stringItemTypestringfalse02false 2us-gaap_ScheduleOfAccountsNotesLoansAndFinancingReceivableTextBlockus-gaap_truenadurationfalsefalsefalsefalsefalsefalsefalsefalse1falsefalsefalse00<!--egx--><p style='margin:0in;margin-bottom:.0001pt'>&nbsp;</p> <div align="center"> <table border="0" cellspacing="0" cellpadding="0" width="80%" style='width:80.0%'> <tr align="left"> <td width="56%" valign="bottom" style='width:56.0%;padding:0in 0in 1.5pt 0in'> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp; </p> </td> <td width="1%" valign="bottom" style='width:1.0%;padding:0in 0in 1.5pt 0in'> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp; </p> </td> <td width="22%" colspan="6" valign="bottom" style='width:22.0%;border:none;border-bottom:solid black 1.5pt;padding:0'> <p align="center" style='margin:0in;margin-bottom:.0001pt;text-align:center'>The Years Ended May 31,</p> </td> <td width="1%" valign="bottom" style='width:1.0%;padding:0in 0in 1.5pt 0in'> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp; </p> </td> </tr> <tr align="left"> <td width="56%" valign="bottom" style='width:56.0%;padding:0in 0in 1.5pt 0in'> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp; </p> </td> <td width="1%" valign="bottom" style='width:1.0%;padding:0in 0in 1.5pt 0in'> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp; </p> </td> <td width="10%" colspan="2" valign="bottom" style='width:10.0%;border:none;border-bottom:solid black 1.5pt;padding:0'> <p align="center" style='margin:0in;margin-bottom:.0001pt;text-align:center'>2013</p> </td> <td width="1%" valign="bottom" style='width:1.0%;padding:0in 0in 1.5pt 0in'> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp; </p> </td> <td width="1%" valign="bottom" style='width:1.0%;padding:0in 0in 1.5pt 0in'> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp; </p> </td> <td width="10%" colspan="2" valign="bottom" style='width:10.0%;border:none;border-bottom:solid black 1.5pt;padding:0'> <p align="center" style='margin:0in;margin-bottom:.0001pt;text-align:center'>2012</p> </td> <td width="1%" valign="bottom" style='width:1.0%;padding:0in 0in 1.5pt 0in'> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp; </p> </td> </tr> <tr align="left"> <td width="56%" valign="bottom" style='width:56.0%;padding:0'> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp; </p> </td> <td width="1%" valign="bottom" style='width:1.0%;padding:0'> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp; </p> </td> <td width="10%" colspan="2" valign="bottom" style='width:10.0%;padding:0'> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp;</p> </td> <td width="1%" valign="bottom" style='width:1.0%;padding:0'> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp; </p> </td> <td width="1%" valign="bottom" style='width:1.0%;padding:0'> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp; </p> </td> <td width="10%" colspan="2" valign="bottom" style='width:10.0%;padding:0'> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp;</p> </td> <td width="1%" valign="bottom" style='width:1.0%;padding:0'> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp; </p> </td> </tr> <tr align="left"> <td width="56%" valign="bottom" style='width:56.0%;background:#CCEEFF;padding:0'> <p style='margin:0in;margin-bottom:.0001pt'>Accounts Receivable</p> </td> <td width="1%" valign="bottom" style='width:1.0%;background:#CCEEFF;padding:0'> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp; </p> </td> <td width="1%" valign="bottom" style='width:1.0%;background:#CCEEFF;padding:0'> <p style='margin:0in;margin-bottom:.0001pt'>$</p> </td> <td width="9%" valign="bottom" style='width:9.0%;background:#CCEEFF;padding:0'> <p align="right" style='margin:0in;margin-bottom:.0001pt;text-align:right'>8,667,673</p> </td> <td width="1%" valign="bottom" style='width:1.0%;background:#CCEEFF;padding:0'> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp; </p> </td> <td width="1%" valign="bottom" style='width:1.0%;background:#CCEEFF;padding:0'> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp; </p> </td> <td width="1%" valign="bottom" style='width:1.0%;background:#CCEEFF;padding:0'> <p style='margin:0in;margin-bottom:.0001pt'>$</p> </td> <td width="9%" valign="bottom" style='width:9.0%;background:#CCEEFF;padding:0'> <p align="right" style='margin:0in;margin-bottom:.0001pt;text-align:right'>3,951,883</p> </td> <td width="1%" valign="bottom" style='width:1.0%;background:#CCEEFF;padding:0'> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp; </p> </td> </tr> <tr align="left"> <td width="56%" valign="bottom" style='width:56.0%;background:white;padding:0in 0in 1.5pt 0in'> <p style='margin:0in;margin-bottom:.0001pt'>Less: Allowance for Doubtful Accounts</p> </td> <td width="1%" valign="bottom" style='width:1.0%;background:white;padding:0in 0in 1.5pt 0in'> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp; </p> </td> <td width="1%" valign="bottom" style='width:1.0%;border:none;border-bottom:solid black 1.5pt;background:white;padding:0'> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp; </p> </td> <td width="9%" valign="bottom" style='width:9.0%;border:none;border-bottom:solid black 1.5pt;background:white;padding:0'> <p align="right" style='margin:0in;margin-bottom:.0001pt;text-align:right'>(268,201)</p> </td> <td width="1%" valign="bottom" style='width:1.0%;background:white;padding:0in 0in 1.5pt 0in'> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp; </p> </td> <td width="1%" valign="bottom" style='width:1.0%;background:white;padding:0in 0in 1.5pt 0in'> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp; </p> </td> <td width="1%" valign="bottom" style='width:1.0%;border:none;border-bottom:solid black 1.5pt;background:white;padding:0'> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp; </p> </td> <td width="9%" valign="bottom" style='width:9.0%;border:none;border-bottom:solid black 1.5pt;background:white;padding:0'> <p align="right" style='margin:0in;margin-bottom:.0001pt;text-align:right'>(261,893)</p> </td> <td width="1%" valign="bottom" style='width:1.0%;background:white;padding:0in 0in 1.5pt 0in'> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp; </p> </td> </tr> <tr align="left"> <td width="56%" valign="bottom" style='width:56.0%;background:#CCEEFF;padding:0in 0in 3.0pt 0in'> <p style='margin:0in;margin-bottom:.0001pt'>Accounts Receivable, Net</p> </td> <td width="1%" valign="bottom" style='width:1.0%;background:#CCEEFF;padding:0in 0in 3.0pt 0in'> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp; </p> </td> <td width="1%" valign="bottom" style='width:1.0%;border:none;border-bottom:double black 2.25pt;background:#CCEEFF;padding:0'> <p style='margin:0in;margin-bottom:.0001pt'>$</p> </td> <td width="9%" valign="bottom" style='width:9.0%;border:none;border-bottom:double black 2.25pt;background:#CCEEFF;padding:0'> <p align="right" style='margin:0in;margin-bottom:.0001pt;text-align:right'>8,399,472</p> </td> <td width="1%" valign="bottom" style='width:1.0%;background:#CCEEFF;padding:0in 0in 3.0pt 0in'> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp; </p> </td> <td width="1%" valign="bottom" style='width:1.0%;background:#CCEEFF;padding:0in 0in 3.0pt 0in'> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp; </p> </td> <td width="1%" valign="bottom" style='width:1.0%;border:none;border-bottom:double black 2.25pt;background:#CCEEFF;padding:0'> <p style='margin:0in;margin-bottom:.0001pt'>$</p> </td> <td width="9%" valign="bottom" style='width:9.0%;border:none;border-bottom:double black 2.25pt;background:#CCEEFF;padding:0'> <p align="right" style='margin:0in;margin-bottom:.0001pt;text-align:right'>3,689,990</p> </td> <td width="1%" valign="bottom" style='width:1.0%;background:#CCEEFF;padding:0in 0in 3.0pt 0in'> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp; </p> </td> </tr> </table> </div> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp;</p>falsefalsefalsenonnum:textBlockItemTypenaTabular disclosure of the various types of trade accounts and notes receivable and for each the gross carrying value, allowance, and net carrying value as of the balance sheet date. Presentation is categorized by current, noncurrent and unclassified receivables.Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 210 -SubTopic 10 -Section S99 -Paragraph 1 -Subparagraph (SX 210.5-02.3,4) -URI http://asc.fasb.org/extlink&oid=6877327&loc=d3e13212-122682 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Regulation S-X (SX) -Number 210 -Section 02 -Paragraph 3, 4 -Article 5 false0falseNote 3 - Accounts Receivable, Net: Schedule of Accounts, Notes, Loans and Financing Receivable (Tables)UnKnownUnKnownUnKnownUnKnowntruefalsefalseNoteshttp://huayxbrl.com/20130531/role/idr_DisclosureNote3AccountsReceivableNetScheduleOfAccountsNotesLoansAndFinancingReceivableTables12 XML 25 R44.xml IDEA: Note 10 - Income Taxes: (ii) The Following Table Summarizes Deferred Taxes Resulting From Differences Between Financial Accounting Basis and Tax Basis of Assets and Liabilities (Tables) 2.4.0.8000440 - Disclosure - Note 10 - Income Taxes: (ii) The Following Table Summarizes Deferred Taxes Resulting From Differences Between Financial Accounting Basis and Tax Basis of Assets and Liabilities (Tables)truefalsefalse1false falsefalseD120601_130531http://www.sec.gov/CIK0001315756duration2012-06-01T00:00:002013-05-31T00:00:001true 1us-gaap_TableTextBlockSupplementAbstractus-gaap_truenadurationfalsefalsefalsefalsefalsefalsefalsefalse1falsefalsefalse00falsefalsefalsexbrli:stringItemTypestringfalse02false 2fil_ScheduleOfDifferenceBetweenAccountingBasisAndAssetsAndLiabilitiesfil_falsenadurationfalsefalsefalsefalsefalsefalsefalsefalse1falsefalsefalse00<!--egx--><p style='margin:0in;margin-bottom:.0001pt;margin-left:21.0pt'>&nbsp;</p> <div align="center"> <table border="0" cellspacing="0" cellpadding="0" width="80%" style='width:80.0%'> <tr align="left"> <td width="56%" valign="bottom" style='width:56.0%;padding:0'> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp; </p> </td> <td width="1%" valign="bottom" style='width:1.0%;padding:0'> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp; </p> </td> <td width="22%" colspan="6" valign="bottom" style='width:22.0%;padding:0'> <p align="center" style='margin:0in;margin-bottom:.0001pt;text-align:center'><b>For the year ended May 31,</b></p> </td> <td width="1%" valign="bottom" style='width:1.0%;padding:0'> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp; </p> </td> </tr> <tr align="left"> <td width="56%" valign="bottom" style='width:56.0%;padding:0'> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp; </p> </td> <td width="1%" valign="bottom" style='width:1.0%;padding:0'> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp; </p> </td> <td width="10%" colspan="2" valign="bottom" style='width:10.0%;padding:0'> <p align="center" style='margin:0in;margin-bottom:.0001pt;text-align:center'><b>2013</b></p> </td> <td width="1%" valign="bottom" style='width:1.0%;padding:0'> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp; </p> </td> <td width="1%" valign="bottom" style='width:1.0%;padding:0'> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp; </p> </td> <td width="10%" colspan="2" valign="bottom" style='width:10.0%;padding:0'> <p align="center" style='margin:0in;margin-bottom:.0001pt;text-align:center'><b>2012</b></p> </td> <td width="1%" valign="bottom" style='width:1.0%;padding:0'> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp; </p> </td> </tr> <tr align="left"> <td width="56%" valign="bottom" style='width:56.0%;padding:0'> <p style='margin:0in;margin-bottom:.0001pt'><b>Current assets and liabilities</b></p> </td> <td width="1%" valign="bottom" style='width:1.0%;padding:0'> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp; </p> </td> <td width="10%" colspan="2" valign="bottom" style='width:10.0%;padding:0'> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp;</p> </td> <td width="1%" valign="bottom" style='width:1.0%;padding:0'> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp; </p> </td> <td width="1%" valign="bottom" style='width:1.0%;padding:0'> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp; </p> </td> <td width="10%" colspan="2" valign="bottom" style='width:10.0%;padding:0'> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp;</p> </td> <td width="1%" valign="bottom" style='width:1.0%;padding:0'> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp; </p> </td> </tr> <tr align="left"> <td width="56%" valign="bottom" style='width:56.0%;background:#CCEEFF;padding:0in 0in 1.5pt 0in'> <p style='margin:0in;margin-bottom:.0001pt'>Accounts receivable allowances</p> </td> <td width="1%" valign="bottom" style='width:1.0%;background:#CCEEFF;padding:0in 0in 1.5pt 0in'> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp; </p> </td> <td width="1%" valign="bottom" style='width:1.0%;border:none;border-bottom:solid black 1.5pt;background:#CCEEFF;padding:0'> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp; </p> </td> <td width="9%" valign="bottom" style='width:9.0%;border:none;border-bottom:solid black 1.5pt;background:#CCEEFF;padding:0'> <p align="right" style='margin:0in;margin-bottom:.0001pt;text-align:right'>39,159</p> </td> <td width="1%" valign="bottom" style='width:1.0%;background:#CCEEFF;padding:0in 0in 1.5pt 0in'> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp; </p> </td> <td width="1%" valign="bottom" style='width:1.0%;background:#CCEEFF;padding:0in 0in 1.5pt 0in'> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp; </p> </td> <td width="1%" valign="bottom" style='width:1.0%;border:none;border-bottom:solid black 1.5pt;background:#CCEEFF;padding:0'> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp; </p> </td> <td width="9%" valign="bottom" style='width:9.0%;border:none;border-bottom:solid black 1.5pt;background:#CCEEFF;padding:0'> <p align="right" style='margin:0in;margin-bottom:.0001pt;text-align:right'>38,238</p> </td> <td width="1%" valign="bottom" style='width:1.0%;background:#CCEEFF;padding:0in 0in 1.5pt 0in'> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp; </p> </td> </tr> <tr align="left"> <td width="56%" valign="bottom" style='width:56.0%;background:white;padding:0'> <p style='margin:0in;margin-bottom:.0001pt'>Total deferred tax assets</p> </td> <td width="1%" valign="bottom" style='width:1.0%;background:white;padding:0'> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp; </p> </td> <td width="1%" valign="bottom" style='width:1.0%;background:white;padding:0'> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp; </p> </td> <td width="9%" valign="bottom" style='width:9.0%;background:white;padding:0'> <p align="right" style='margin:0in;margin-bottom:.0001pt;text-align:right'>39,159</p> </td> <td width="1%" valign="bottom" style='width:1.0%;background:white;padding:0'> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp; </p> </td> <td width="1%" valign="bottom" style='width:1.0%;background:white;padding:0'> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp; </p> </td> <td width="1%" valign="bottom" style='width:1.0%;background:white;padding:0'> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp; </p> </td> <td width="9%" valign="bottom" style='width:9.0%;background:white;padding:0'> <p align="right" style='margin:0in;margin-bottom:.0001pt;text-align:right'>38,238</p> </td> <td width="1%" valign="bottom" style='width:1.0%;background:white;padding:0'> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp; </p> </td> </tr> <tr align="left"> <td width="56%" valign="bottom" style='width:56.0%;background:#CCEEFF;padding:0in 0in 1.5pt 0in'> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp;&nbsp;&nbsp;Valuation allowance</p> </td> <td width="1%" valign="bottom" style='width:1.0%;background:#CCEEFF;padding:0in 0in 1.5pt 0in'> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp; </p> </td> <td width="1%" valign="bottom" style='width:1.0%;border:none;border-bottom:solid black 1.5pt;background:#CCEEFF;padding:0'> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp; </p> </td> <td width="9%" valign="bottom" style='width:9.0%;border:none;border-bottom:solid black 1.5pt;background:#CCEEFF;padding:0'> <p align="right" style='margin:0in;margin-bottom:.0001pt;text-align:right'>-</p> </td> <td width="1%" valign="bottom" style='width:1.0%;background:#CCEEFF;padding:0in 0in 1.5pt 0in'> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp; </p> </td> <td width="1%" valign="bottom" style='width:1.0%;background:#CCEEFF;padding:0in 0in 1.5pt 0in'> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp; </p> </td> <td width="1%" valign="bottom" style='width:1.0%;border:none;border-bottom:solid black 1.5pt;background:#CCEEFF;padding:0'> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp; </p> </td> <td width="9%" valign="bottom" style='width:9.0%;border:none;border-bottom:solid black 1.5pt;background:#CCEEFF;padding:0'> <p align="right" style='margin:0in;margin-bottom:.0001pt;text-align:right'>-</p> </td> <td width="1%" valign="bottom" style='width:1.0%;background:#CCEEFF;padding:0in 0in 1.5pt 0in'> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp; </p> </td> </tr> <tr align="left"> <td width="56%" valign="bottom" style='width:56.0%;background:white;padding:0in 0in 1.5pt 0in'> <p style='margin:0in;margin-bottom:.0001pt'>Total deferred tax assets, net</p> </td> <td width="1%" valign="bottom" style='width:1.0%;background:white;padding:0in 0in 1.5pt 0in'> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp; </p> </td> <td width="1%" valign="bottom" style='width:1.0%;border:none;border-bottom:solid black 1.5pt;background:white;padding:0'> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp; </p> </td> <td width="9%" valign="bottom" style='width:9.0%;border:none;border-bottom:solid black 1.5pt;background:white;padding:0'> <p align="right" style='margin:0in;margin-bottom:.0001pt;text-align:right'>39,159</p> </td> <td width="1%" valign="bottom" style='width:1.0%;background:white;padding:0in 0in 1.5pt 0in'> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp; </p> </td> <td width="1%" valign="bottom" style='width:1.0%;background:white;padding:0in 0in 1.5pt 0in'> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp; </p> </td> <td width="1%" valign="bottom" style='width:1.0%;border:none;border-bottom:solid black 1.5pt;background:white;padding:0'> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp; </p> </td> <td width="9%" valign="bottom" style='width:9.0%;border:none;border-bottom:solid black 1.5pt;background:white;padding:0'> <p align="right" style='margin:0in;margin-bottom:.0001pt;text-align:right'>38,238</p> </td> <td width="1%" valign="bottom" style='width:1.0%;background:white;padding:0in 0in 1.5pt 0in'> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp; </p> </td> </tr> </table> </div> <p style='margin:0in;margin-bottom:.0001pt;margin-left:21.0pt'>&nbsp;</p>falsefalsefalsenonnum:textBlockItemTypenaNo authoritative reference available.No definition available.false0falseNote 10 - Income Taxes: (ii) The Following Table Summarizes Deferred Taxes Resulting From Differences Between Financial Accounting Basis and Tax Basis of Assets and Liabilities (Tables)UnKnownUnKnownUnKnownUnKnowntruefalsefalseSheethttp://huayxbrl.com/20130531/role/idr_DisclosureNote10IncomeTaxesIiTheFollowingTableSummarizesDeferredTaxesResultingFromDifferencesBetweenFinancialAccountingBasisAndTaxBasisOfAssetsAndLiabilitiesTables12 ZIP 26 0001096906-13-001437-xbrl.zip IDEA: XBRL DOCUMENT begin 644 0001096906-13-001437-xbrl.zip M4$L#!!0````(`/B%'$-M2.F[`7$``%5"!P`1`!P`:'5A>2TR,#$S,#4S,2YX M;6Q55`D``_-A'E+S81Y2=7@+``$$)0X```0Y`0``W%U[<]M&DO_[KNJ^`[:V M$B=5(@40+T).LD5+LJ-=6U))\MW>75UM#8$AB1@$F!E`,O/IKWL&(`>&'OWV>1]HS93Q,XA]?&7W]E49C/PG">/KCJY`GO>'0 M]GK&J[_]]!___L-?>CWMGB5!YM-`&R^UQR1+9RP,IE1[I.PY]"G7,@ZO:M=7 M[T8//`M3JO%DDKX01L^T4?!,8GSU,IDOLI0R[2:.DV>2`F]^!G_X_3.XMUBR M<#I+M>\NO]<&NC[L#73#U/[W_OZ?PW\\WKZ[_OM@^']][>7EI4^#*6&"2]]/ MYEJOAR`_CUFD0:MB?A$G<9S-?WPU2]/%Q?DYOH)W^PF;G@"4*XT\UD/#VF/`5I"QE.Y_VSN'N2B`\+#WX8A:/ M&>?__/#^T9_1.>EMMG@21JNW9AE9"O+040*X;J]A!W1#V)SZ_6GR?`XW*EJ) MCX0'2/[SEEAR_(;G>>?B;O$H:+PU,-PZXO*)5Z!J__8#OGK!1>L?Z$03I"ZP M+W]\QG%)^$P+J!_.202Z=7/[ M]I7F)W%*/ZK5S\-'$]W[!_.53('TAU4T37,H6OI-71' MOI]D<FVLY9DEOR)('4R]N@F#@>[:AE%//7=D]V2)7FP4!W"%9310^O'X'K-UHZ0M M!W`[#:`126EP3Y@B(A#?;1+[QUNB9YF&$A$:WJFQ3R7P>IG-H)0?EN@324+=" MZ8M\][='@XKH(L;Z)@7OL97&-Z9=U8C]M)/X,4W\3_])HHP>DW08YD#QW)L4 M6["K3BN@:F[*;A0$(0X'D.B>A,%-?$D684JB(QKI#!W'M$OI9B7I]NRKG8GC M>>:!W!]H2L*8!M>$Q:`P?+18L&3!0G2'1TC`T@@EUY#O"4=W_QL`QCX`! 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All of the Company&#146;s cash is maintained with banks within the People&#146;s Republic of China in which no deposits are covered by insurance. The Company has not experienced any losses in such accounts. A significant portion of the Company's sales are credit sales which are primarily to customers whose ability to pay is dependent upon the industry economics prevailing in these areas. 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The cost of an asset comprises its purchase price and any directly attributable costs of bringing the asset to its present working condition and locations for its intended use. 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Includes, but is not limited to, basis of assets, depreciation and depletion methods used, including composite deprecation, estimated useful lives, capitalization policy, accounting treatment for costs incurred for repairs and maintenance, capitalized interest and the method it is calculated, disposals and impairments.Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 235 -SubTopic 10 -Section 50 -Paragraph 3 -URI http://asc.fasb.org/extlink&oid=6367646&loc=d3e18780-107790 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 360 -SubTopic 10 -URI http://asc.fasb.org/subtopic&trid=2155824 Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 210 -SubTopic 10 -Section S99 -Paragraph 1 -Subparagraph (SX 210.5-02.13(a)) -URI http://asc.fasb.org/extlink&oid=6877327&loc=d3e13212-122682 Reference 4: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Regulation S-X (SX) -Number 210 -Section 02 -Paragraph 13 -Subparagraph a -Article 5 false0falseNote 2 - Summary of Significant Accounting Policies: Plant, Property and Equipment (Policies)UnKnownUnKnownUnKnownUnKnowntruefalsefalseSheethttp://huayxbrl.com/20130531/role/idr_DisclosureNote2SummaryOfSignificantAccountingPoliciesPlantPropertyAndEquipmentPolicies12 XML 29 R48.htm IDEA: XBRL DOCUMENT v2.4.0.8
    Note 3 - Accounts Receivable, Net: Schedule of Accounts, Notes, Loans and Financing Receivable (Details) (USD $)
    May 31, 2013
    May 31, 2012
    Details    
    Accounts Receivable, Gross, Current $ 8,667,673 $ 3,951,883
    Allowance for Doubtful Accounts Receivable (268,201) (261,893)
    Accounts Receivable, Net, Current $ 8,399,472 $ 3,689,990
    XML 30 R57.htm IDEA: XBRL DOCUMENT v2.4.0.8
    Note 8 - Notes Payable (Details) (USD $)
    May 31, 2013
    May 31, 2012
    Details    
    Restricted Cash $ 969,854 $ 947,044
    XML 31 R38.htm IDEA: XBRL DOCUMENT v2.4.0.8
    Note 6 - Related Party Transactions and Balances: Schedule of Related Party Transactions (Tables)
    		 12 Months Ended
    May 31, 2013
    Tables/Schedules  
    Schedule of Related Party Transactions

     

     

     

    May 31,

     

     

     

     2013

     

     

    2012

     

    Changzhou Hengchuan Plastics Co, Ltd

     

    $

    -

     

     

    $

    3,157

     

    Changzhou Hengchuan Plastics Co, Ltd

     

    $

    -

     

     

     

    372,177

     

    Changzhou Jinyue Electronics Co., Ltd

     

     

    -

     

     

     

    49,278

     

    Changzhou Shiji Jinyue Packaging Co.,Ltd

     

     

    -

     

     

     

    371,873

     

    Changzhou Shiji Jinyue Packaging Co.,Ltd

     

     

    -

     

     

     

    61,427

     

    Ms. Pan Yile

     

     

    -

     

     

     

    312,630

     

    Mr. Pan Shudong

     

     

    -

     

     

     

    187,156

     

    Ms. Xinmei Li

     

     

    -

     

     

     

    32,376

     

    Total due from related parties

     

    $

    -

     

     

    $

    1,390,074

     

     
    XML 32 R27.htm IDEA: XBRL DOCUMENT v2.4.0.8
    Note 2 - Summary of Significant Accounting Policies: Impairment of Long-lived Assets (Policies)
    		 12 Months Ended
    May 31, 2013
    Policies  
    Impairment of Long-lived Assets

    Impairment of long-lived assets

     

    The Company reviews its long-lived assets for impairment whenever events or changes in circumstances indicate that the carrying amount of an asset may no longer be recoverable. An impairment loss, measured based on the fair value of the asset, is recognized if expected future undiscounted cash flows are less than the carrying amount of the assets. As of May 31, 2013 and 2012, no impairment of long-lived assets is believed to exist.
    XML 33 R26.htm IDEA: XBRL DOCUMENT v2.4.0.8
    Note 2 - Summary of Significant Accounting Policies: Revenue Recognition (Policies)
    		 12 Months Ended
    May 31, 2013
    Policies  
    Revenue Recognition

    Revenue recognition

     

    The Company’s revenue is derived from the sale of products. The Company’s revenue recognition policies are in compliance with Accounting Standards Codification (“ASC”) Topic 605, Revenue Recognition. Our determination to recognize revenue is based on the following:

     

    ·

    Persuasive evidence that an arrangement (sales contract) exists between a willing customer and us that outlines the terms of the sale (including customer information, product specification, quantity of goods, purchase price and payment terms).

     

    ·

    Delivery is considered to have occurred when the risks, rewards and ownership of the products are transferred from us to our customers.

    ·

    Our price to the customer is fixed and determinable as specifically outlined in the sales contract.

     

    ·

    For customers to whom credit terms are extended, we assess a number of factors to determine whether collection from them is probable, including past transaction history with them and their credit-worthiness. All credit extended to customers is pre-approved by management. If we determine that collection is not reasonably assured, we defer the recognition of revenue until collection becomes reasonably assured, which is generally upon receipt of payment.

     

    Payments received before satisfaction of all of the relevant criteria for revenue recognition are recorded as advance from customers.

     

    The Company currently does not offer customers a right of return. Therefore, uncertainty regarding customer acceptance does not exist and delivered elements are not subject to general or customer-specified return or refund privileges.
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    Note 2 - Summary of Significant Accounting Policies: Foreign Currency Translation (Details) (USD $)
    May 31, 2013
    May 31, 2012
    Details    
    Translation Adjustment Functional to Reporting Currency, Net of Tax $ 209,066 $ 21,835
    XML 36 R34.htm IDEA: XBRL DOCUMENT v2.4.0.8
    Note 3 - Accounts Receivable, Net: Schedule of Accounts, Notes, Loans and Financing Receivable (Tables)
    		 12 Months Ended
    May 31, 2013
    Tables/Schedules  
    Schedule of Accounts, Notes, Loans and Financing Receivable

     

     

     

    The Years Ended May 31,

     

     

     

    2013

     

     

    2012

     

     

     

     

     

     

     

     

    Accounts Receivable

     

    $

    8,667,673

     

     

    $

    3,951,883

     

    Less: Allowance for Doubtful Accounts

     

     

    (268,201)

     

     

     

    (261,893)

     

    Accounts Receivable, Net

     

    $

    8,399,472

     

     

    $

    3,689,990

     

     
    XML 37 R57.xml IDEA: Note 8 - Notes Payable (Details) 2.4.0.8000570 - Disclosure - Note 8 - Notes Payable (Details)truefalsefalse1false USDfalsefalse$I130531http://www.sec.gov/CIK0001315756instant2013-05-31T00:00:000001-01-01T00:00:00USDStandardhttp://www.xbrl.org/2003/iso4217USDiso42170USDUSD$2false USDfalsefalse$I120531http://www.sec.gov/CIK0001315756instant2012-05-31T00:00:000001-01-01T00:00:00USDStandardhttp://www.xbrl.org/2003/iso4217USDiso42170USDUSD$1true 1us-gaap_TextBlockAbstractus-gaap_truenadurationfalsefalsefalsefalsefalsefalsefalsefalse1falsefalsefalse00falsefalsefalse2falsefalsefalse00falsefalsefalsexbrli:stringItemTypestringfalse02false 2us-gaap_RestrictedCashAndInvestmentsCurrentus-gaap_truedebitinstantfalsefalsefalsefalsefalsefalsefalsefalse1truefalsefalse969854969854USD$falsetruefalse2truefalsefalse947044947044USD$falsetruefalsexbrli:monetaryItemTypemonetaryThe current cash, cash equivalents and investments that are restricted as to withdrawal or usage. 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    Note 7 - Short-term Bank Loans: Schedule of Short-term Debt (Tables)
    		 12 Months Ended
    May 31, 2013
    Tables/Schedules  
    Schedule of Short-term Debt

     

     

     

     May 31,

     

     

     

     2013

     

     

     2012

     

     

     

    USD

     

     

    USD

     

    Loan from China Communication Bank ($0.79 million due on 6/10/2012 with 5.841% annual interest rate; $0.79 million due on 10/17/2012 with 8.528% annual interest rate , $0.95 million due on 12/22/2012 with 8.528% annual interest rate, $0.63 million due on 12/12/2012 with 8.528% annual interest rate)

     

    $

    -

     

     

    $

    3,156,815

     

     

     

     

     

     

     

     

     

     

    Loan from China Industrial and Commercial Bank ($0.48 million due on 9/10/2012 with 5.810% annual interest rate and $0.47 million due on 6/10/2012 with 6.560% annual interest rate)

     

     

     

     

     

     

    947,044

     

     

     

     

     

     

     

     

     

     

    Loan from China Industrial and Commercial Bank ($484,927 is due on 1/9/2014 with 6% annual interest rate and $484,927 is due on 11/15/2013 with 6% annual interest rate)

     

     

    969,854

     

     

     

     

     

     

     

     

     

     

     

     

     

     

    Loan from Chinese Bank (6.893% annual interest rate, due on 8/8/2012)

     

     

    -

     

     

     

    1,420,567

     

     

     

     

     

     

     

     

     

     

    Loan from China Merchant Bank (7.68% annual interest rate, due on 8/15/2013)

     

     

    1,131,496

     

     

     

     

     

     

     

     

     

     

     

     

     

     

    Loan from Changzhou Wujinyinfeng Agriculture Credit Union (6% annual interest rate, due on 3/18/2013)

     

     

    -

     

     

     

    473,522

     

     

     

     

     

     

     

     

     

     

    Loan from Changzhou Wujinyinfeng Agriculture Credit Union (0% annual interest rate, due on 6/28/2013)

     

     

    808,211

     

     

     

    -

     

     

     

     

     

     

     

     

     

     

    Loan from Changzhou Wujinyingfeng Agriculture Credit Union (6% annual interest rate, due on 3/18/2013)

     

     

    -

     

     

     

    789,204

     

     

     

     

     

     

     

     

     

     

    Total

     

    $

    2,909,561

     

     

    $

    6,787,152

     

     
    XML 40 R49.htm IDEA: XBRL DOCUMENT v2.4.0.8
    Note 4 - Inventory: Schedule of Inventory, Current (Details) (USD $)
    May 31, 2013
    May 31, 2012
    Details    
    Inventory, Raw Materials, Gross $ 341,240 $ 410,729
    Retail Related Inventory, Packaging and Other Supplies 61,339 59,896
    Inventory, Work in Process, Gross 224,783 720,300
    Inventory, Finished Goods, Gross 312,966 794,466
    Inventory $ 940,328 $ 1,985,391
    XML 41 R31.htm IDEA: XBRL DOCUMENT v2.4.0.8
    Note 2 - Summary of Significant Accounting Policies: Foreign Currency Translation (Policies)
    		 12 Months Ended
    May 31, 2013
    Policies  
    Foreign Currency Translation

    Foreign currency translation

     

    The functional currency of the U.S. parent company is USD. The functional currency of the Company’s Chinese subsidiary is RMB and its reporting currency is U.S dollars for the purpose of these financial statements.  The accounts of the Chinese subsidiary were translated into USD in accordance with Accounting Standards Codification (“ASC”) Topic 830 “Foreign Currency Matters,” According to Topic 830, all assets and liabilities were translated at the exchange rate on the balance sheet date; stockholders’ equity is translated at historical rates and statement of income items are translated at the weighted average exchange rate for the period. The resulting translation adjustments are reported under other comprehensive income in accordance with ASC Topic 220, “Comprehensive Income.” Gains and losses resulting from the translations of foreign currency transactions and balances are reflected in the statements of income.

     

    Translation adjustments resulting from this process amounted to $209,066 and $21,835 as of May 31, 2013 and 2012, respectively.

     

    The following exchange rates were adopted to translate the amounts from RMB into United States dollars (“USD$”) for the respective years:

     

     

     

    May 31,

     

     

    May 31,

     

     

     

    2013

     

     

    2012

     

    Year End RMB Exchange Rate (RMB/USD$)

     

     

    6.1865

     

     

     

    6.3355

     

    Average Yearly RMB Exchange Rate (RMB/USD$)

     

     

    6.2940

     

     

     

    6.3589

     

     
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    Note 13 - Stockholders' Equity (Details) (USD $)
    		 0 Months Ended 12 Months Ended
    May 31, 2013
    May 31, 2013
    May 31, 2013
    Common Stock
    May 31, 2012
    Common Stock
    May 31, 2013
    Additional Paid in Capital
    May 31, 2013
    Statutory Reserve
    Common stock issued-shares     1,260,000 1,260,000    
    Common shares issued price per share   $ 2.50        
    Common stock issued $ 3,150,000 $ 3,150,000 $ 1,260   $ 3,148,740  
    Statutory reserve           $ 375,728
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No allowance for inventory was made for the years ended May 31, 2013 and 2012.</p> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp;</p> <p style='margin:0in;margin-bottom:.0001pt'>The components of inventory as of May 31, 2013 and 2012 were as follows:</p> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp;</p> <div align="center"> <table border="0" cellspacing="0" cellpadding="0" width="80%" style='width:80.0%'> <tr align="left"> <td width="56%" valign="bottom" style='width:56.0%;padding:0in 0in 1.5pt 0in'> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp; </p> </td> <td width="1%" valign="bottom" style='width:1.0%;padding:0in 0in 1.5pt 0in'> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp; </p> </td> <td width="22%" colspan="6" valign="bottom" style='width:22.0%;border:none;border-bottom:solid black 1.5pt;padding:0'> <p align="center" style='margin:0in;margin-bottom:.0001pt;text-align:center'>Years&nbsp;Ended&nbsp;May&nbsp;31,</p> </td> <td width="1%" valign="bottom" style='width:1.0%;padding:0in 0in 1.5pt 0in'> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp; </p> </td> </tr> <tr align="left"> <td width="56%" valign="bottom" style='width:56.0%;padding:0in 0in 1.5pt 0in'> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp; </p> </td> <td width="1%" valign="bottom" style='width:1.0%;padding:0in 0in 1.5pt 0in'> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp; </p> </td> <td width="10%" colspan="2" valign="bottom" style='width:10.0%;border:none;border-bottom:solid black 1.5pt;padding:0'> <p align="center" style='margin:0in;margin-bottom:.0001pt;text-align:center'>2013</p> </td> <td width="1%" valign="bottom" style='width:1.0%;padding:0in 0in 1.5pt 0in'> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp; </p> </td> <td width="1%" valign="bottom" style='width:1.0%;padding:0in 0in 1.5pt 0in'> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp; </p> </td> <td width="10%" colspan="2" valign="bottom" style='width:10.0%;border:none;border-bottom:solid black 1.5pt;padding:0'> <p align="center" style='margin:0in;margin-bottom:.0001pt;text-align:center'>2012</p> </td> <td width="1%" valign="bottom" style='width:1.0%;padding:0in 0in 1.5pt 0in'> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp; </p> </td> </tr> <tr align="left"> <td width="56%" valign="bottom" style='width:56.0%;background:#CCEEFF;padding:0'> <p style='margin:0in;margin-bottom:.0001pt'>Raw materials</p> </td> <td width="1%" valign="bottom" style='width:1.0%;background:#CCEEFF;padding:0'> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp; </p> </td> <td width="1%" valign="bottom" style='width:1.0%;background:#CCEEFF;padding:0'> <p style='margin:0in;margin-bottom:.0001pt'>$</p> </td> <td width="9%" valign="bottom" style='width:9.0%;background:#CCEEFF;padding:0'> <p align="right" style='margin:0in;margin-bottom:.0001pt;text-align:right'>341,240</p> </td> <td width="1%" valign="bottom" style='width:1.0%;background:#CCEEFF;padding:0'> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp; </p> </td> <td width="1%" valign="bottom" style='width:1.0%;background:#CCEEFF;padding:0'> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp; </p> </td> <td width="1%" valign="bottom" style='width:1.0%;background:#CCEEFF;padding:0'> <p style='margin:0in;margin-bottom:.0001pt'>$</p> </td> <td width="9%" valign="bottom" style='width:9.0%;background:#CCEEFF;padding:0'> <p align="right" style='margin:0in;margin-bottom:.0001pt;text-align:right'>410,729</p> </td> <td width="1%" valign="bottom" style='width:1.0%;background:#CCEEFF;padding:0'> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp; </p> </td> </tr> <tr align="left"> <td width="56%" valign="bottom" style='width:56.0%;background:white;padding:0'> <p style='margin:0in;margin-bottom:.0001pt'>Packaging</p> </td> <td width="1%" valign="bottom" style='width:1.0%;background:white;padding:0'> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp; </p> </td> <td width="1%" valign="bottom" style='width:1.0%;background:white;padding:0'> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp; </p> </td> <td width="9%" valign="bottom" style='width:9.0%;background:white;padding:0'> <p align="right" style='margin:0in;margin-bottom:.0001pt;text-align:right'>61,339</p> </td> <td width="1%" valign="bottom" style='width:1.0%;background:white;padding:0'> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp; </p> </td> <td width="1%" valign="bottom" style='width:1.0%;background:white;padding:0'> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp; </p> </td> <td width="1%" valign="bottom" style='width:1.0%;background:white;padding:0'> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp; </p> </td> <td width="9%" valign="bottom" style='width:9.0%;background:white;padding:0'> <p align="right" style='margin:0in;margin-bottom:.0001pt;text-align:right'>59,896</p> </td> <td width="1%" valign="bottom" style='width:1.0%;background:white;padding:0'> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp; </p> </td> </tr> <tr align="left"> <td width="56%" valign="bottom" style='width:56.0%;background:#CCEEFF;padding:0'> <p style='margin:0in;margin-bottom:.0001pt'>Work-in-progress</p> </td> <td width="1%" valign="bottom" style='width:1.0%;background:#CCEEFF;padding:0'> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp; </p> </td> <td width="1%" valign="bottom" style='width:1.0%;background:#CCEEFF;padding:0'> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp; </p> </td> <td width="9%" valign="bottom" style='width:9.0%;background:#CCEEFF;padding:0'> <p align="right" style='margin:0in;margin-bottom:.0001pt;text-align:right'>224,783</p> </td> <td width="1%" valign="bottom" style='width:1.0%;background:#CCEEFF;padding:0'> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp; </p> </td> <td width="1%" valign="bottom" style='width:1.0%;background:#CCEEFF;padding:0'> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp; </p> </td> <td width="1%" valign="bottom" style='width:1.0%;background:#CCEEFF;padding:0'> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp; </p> </td> <td width="9%" valign="bottom" style='width:9.0%;background:#CCEEFF;padding:0'> <p align="right" style='margin:0in;margin-bottom:.0001pt;text-align:right'>720,300</p> </td> <td width="1%" valign="bottom" style='width:1.0%;background:#CCEEFF;padding:0'> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp; </p> </td> </tr> <tr align="left"> <td width="56%" valign="bottom" style='width:56.0%;background:white;padding:0in 0in 1.5pt 0in'> <p style='margin:0in;margin-bottom:.0001pt'>Finished goods</p> </td> <td width="1%" valign="bottom" style='width:1.0%;background:white;padding:0in 0in 1.5pt 0in'> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp; </p> </td> <td width="1%" valign="bottom" style='width:1.0%;border:none;border-bottom:solid black 1.5pt;background:white;padding:0'> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp; </p> </td> <td width="9%" valign="bottom" style='width:9.0%;border:none;border-bottom:solid black 1.5pt;background:white;padding:0'> <p align="right" style='margin:0in;margin-bottom:.0001pt;text-align:right'>312,966</p> </td> <td width="1%" valign="bottom" style='width:1.0%;background:white;padding:0in 0in 1.5pt 0in'> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp; </p> </td> <td width="1%" valign="bottom" style='width:1.0%;background:white;padding:0in 0in 1.5pt 0in'> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp; </p> </td> <td width="1%" valign="bottom" style='width:1.0%;border:none;border-bottom:solid black 1.5pt;background:white;padding:0'> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp; </p> </td> <td width="9%" valign="bottom" style='width:9.0%;border:none;border-bottom:solid black 1.5pt;background:white;padding:0'> <p align="right" style='margin:0in;margin-bottom:.0001pt;text-align:right'>794,466</p> </td> <td width="1%" valign="bottom" style='width:1.0%;background:white;padding:0in 0in 1.5pt 0in'> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp; </p> </td> </tr> <tr align="left"> <td width="56%" valign="bottom" style='width:56.0%;background:#CCEEFF;padding:0in 0in 3.0pt 0in'> <p style='margin:0in;margin-bottom:.0001pt'><b>Total Inventories</b></p> </td> <td width="1%" valign="bottom" style='width:1.0%;background:#CCEEFF;padding:0in 0in 3.0pt 0in'> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp; </p> </td> <td width="1%" valign="bottom" style='width:1.0%;border:none;border-bottom:double black 2.25pt;background:#CCEEFF;padding:0'> <p style='margin:0in;margin-bottom:.0001pt'><b>$</b></p> </td> <td width="9%" valign="bottom" style='width:9.0%;border:none;border-bottom:double black 2.25pt;background:#CCEEFF;padding:0'> <p align="right" style='margin:0in;margin-bottom:.0001pt;text-align:right'><b>940,328</b></p> </td> <td width="1%" valign="bottom" style='width:1.0%;background:#CCEEFF;padding:0in 0in 3.0pt 0in'> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp; </p> </td> <td width="1%" valign="bottom" style='width:1.0%;background:#CCEEFF;padding:0in 0in 3.0pt 0in'> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp; </p> </td> <td width="1%" valign="bottom" style='width:1.0%;border:none;border-bottom:double black 2.25pt;background:#CCEEFF;padding:0'> <p style='margin:0in;margin-bottom:.0001pt'><b>$</b></p> </td> <td width="9%" valign="bottom" style='width:9.0%;border:none;border-bottom:double black 2.25pt;background:#CCEEFF;padding:0'> <p align="right" style='margin:0in;margin-bottom:.0001pt;text-align:right'><b>1,985,391</b></p> </td> <td width="1%" valign="bottom" style='width:1.0%;background:#CCEEFF;padding:0in 0in 3.0pt 0in'> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp; </p> </td> </tr> </table> </div> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp;</p> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp;</p>falsefalsefalsenonnum:textBlockItemTypenaThe entire disclosure for inventory. This may include, but is not limited to, the basis of stating inventory, the method of determining inventory cost, the major classes of inventory, and the nature of the cost elements included in inventory. If inventory is stated above cost, accrued net losses on firm purchase commitments for inventory and losses resulting from valuing inventory at the lower-of-cost-or-market may also be included. For LIFO inventory, may disclose the amount and basis for determining the excess of replacement or current cost over stated LIFO value and the effects of a LIFO quantities liquidation that impacts net income.Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 210 -SubTopic 10 -Section 50 -Paragraph 1 -URI http://asc.fasb.org/extlink&oid=6361739&loc=d3e7789-107766 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 210 -SubTopic 10 -Section S99 -Paragraph 1 -Subparagraph (SX 210.5-02.6) -URI http://asc.fasb.org/extlink&oid=6877327&loc=d3e13212-122682 Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Regulation S-X (SX) -Number 210 -Section 02 -Paragraph 6 -Subparagraph a, b, c -Article 5 false0falseNote 4 - InventoryUnKnownUnKnownUnKnownUnKnowntruefalsefalseSheethttp://huayxbrl.com/20130531/role/idr_DisclosureNote4Inventory12 XML 46 R63.htm IDEA: XBRL DOCUMENT v2.4.0.8
    Note 12 - Contingencies (Details) (USD $)
    Mar. 13, 2013
    Details  
    Line of Credit Facility, Maximum Borrowing Capacity $ 823,000
    XML 47 R43.htm IDEA: XBRL DOCUMENT v2.4.0.8
    Note 10 - Income Taxes: Schedule of Components of Income Tax Expense (Benefit) (Tables)
    		 12 Months Ended
    May 31, 2013
    Tables/Schedules  
    Schedule of Components of Income Tax Expense (Benefit)

     

     

     

    For the year ended May 31,

     

     

     

    2013

     

     

    2012

     

    Current

     

     

    (849,473

    )

     

     

     (53,692

    )

    Deferred:

     

     

    -

     

     

     

     38,238

     

    Total Income tax benefit (expense)

     

     

      (849,473

    )

     

     

      (15,454

    )
    XML 48 R12.xml IDEA: Note 7 - Short-term Bank Loans 2.4.0.8000120 - Disclosure - Note 7 - Short-term Bank Loanstruefalsefalse1false falsefalseD120601_130531http://www.sec.gov/CIK0001315756duration2012-06-01T00:00:002013-05-31T00:00:001true 1us-gaap_DisclosureTextBlockAbstractus-gaap_truenadurationfalsefalsefalsefalsefalsefalsefalsefalse1falsefalsefalse00falsefalsefalsexbrli:stringItemTypestringfalse02false 2us-gaap_ShortTermDebtTextBlockus-gaap_truenadurationfalsefalsefalsefalsefalsefalsefalsefalse1falsefalsefalse00<!--egx--><p style='margin:0in;margin-bottom:.0001pt'><b>NOTE 7 &#150; SHORT-TERM BANK LOANS </b></p> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp;</p> <p style='margin:0in;margin-bottom:.0001pt'>The Company&#146;s short term bank loans consisted of the follows:</p> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp;</p> <div align="center"> <table border="0" cellspacing="0" cellpadding="0" width="80%" style='width:80.0%'> <tr align="left"> <td width="69%" valign="bottom" style='width:69.0%;padding:0in 0in 1.5pt 0in'> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp;</p> </td> <td width="2%" valign="bottom" style='width:2.0%;padding:0in 0in 1.5pt 0in'> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp;</p> </td> <td width="12%" colspan="6" valign="bottom" style='width:12.0%;border:none;border-bottom:solid black 1.5pt;padding:0'> <p align="center" style='margin:0in;margin-bottom:.0001pt;text-align:center'>&nbsp;May 31,</p> </td> <td width="1%" valign="bottom" style='width:1.0%;padding:0in 0in 1.5pt 0in'> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp;</p> </td> </tr> <tr align="left"> <td width="69%" valign="bottom" style='width:69.0%;padding:0in 0in 1.5pt 0in'> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp; </p> </td> <td width="2%" valign="bottom" style='width:2.0%;padding:0in 0in 1.5pt 0in'> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp; </p> </td> <td width="12%" colspan="2" valign="bottom" style='width:12.0%;border:none;border-bottom:solid black 1.5pt;padding:0'> <p align="center" style='margin:0in;margin-bottom:.0001pt;text-align:center'>&nbsp;2013</p> </td> <td width="1%" valign="bottom" style='width:1.0%;padding:0in 0in 1.5pt 0in'> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp; </p> </td> <td width="1%" valign="bottom" style='width:1.0%;padding:0in 0in 1.5pt 0in'> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp; </p> </td> <td width="12%" colspan="2" valign="bottom" style='width:12.0%;border:none;border-bottom:solid black 1.5pt;padding:0'> <p align="center" style='margin:0in;margin-bottom:.0001pt;text-align:center'>&nbsp;2012</p> </td> <td width="1%" valign="bottom" style='width:1.0%;padding:0in 0in 1.5pt 0in'> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp; </p> </td> </tr> <tr align="left"> <td width="69%" valign="bottom" style='width:69.0%;padding:0'> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp; </p> </td> <td width="2%" valign="bottom" style='width:2.0%;padding:0'> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp; </p> </td> <td width="12%" colspan="2" valign="bottom" style='width:12.0%;padding:0'> <p align="center" style='margin:0in;margin-bottom:.0001pt;text-align:center'><b>USD</b></p> </td> <td width="1%" valign="bottom" style='width:1.0%;padding:0'> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp; </p> </td> <td width="1%" valign="bottom" style='width:1.0%;padding:0'> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp; </p> </td> <td width="12%" colspan="2" valign="bottom" style='width:12.0%;padding:0'> <p align="center" style='margin:0in;margin-bottom:.0001pt;text-align:center'><b>USD</b></p> </td> <td width="1%" valign="bottom" style='width:1.0%;padding:0'> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp; </p> </td> </tr> <tr align="left"> <td width="69%" valign="bottom" style='width:69.0%;background:#CCEEFF;padding:0'> <p style='margin:0in;margin-bottom:.0001pt'>Loan from China Communication Bank ($0.79 million due on 6/10/2012 with 5.841% annual interest rate; $0.79 million due on 10/17/2012 with 8.528% annual interest rate , $0.95 million due on 12/22/2012 with 8.528% annual interest rate, $0.63 million due on 12/12/2012 with 8.528% annual interest rate)</p> </td> <td width="2%" valign="bottom" style='width:2.0%;background:#CCEEFF;padding:0'> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp; </p> </td> <td width="1%" valign="bottom" style='width:1.0%;background:#CCEEFF;padding:0'> <p style='margin:0in;margin-bottom:.0001pt'>$</p> </td> <td width="11%" valign="bottom" style='width:11.0%;background:#CCEEFF;padding:0'> <p align="right" style='margin:0in;margin-bottom:.0001pt;text-align:right'>-</p> </td> <td width="1%" valign="bottom" style='width:1.0%;background:#CCEEFF;padding:0'> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp; </p> </td> <td width="1%" valign="bottom" style='width:1.0%;background:#CCEEFF;padding:0'> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp; </p> </td> <td width="1%" valign="bottom" style='width:1.0%;background:#CCEEFF;padding:0'> <p style='margin:0in;margin-bottom:.0001pt'>$</p> </td> <td width="11%" valign="bottom" style='width:11.0%;background:#CCEEFF;padding:0'> <p align="right" style='margin:0in;margin-bottom:.0001pt;text-align:right'>3,156,815</p> </td> <td width="1%" valign="bottom" style='width:1.0%;background:#CCEEFF;padding:0'> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp; </p> </td> </tr> <tr align="left"> <td width="69%" valign="bottom" style='width:69.0%;background:white;padding:0'> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp;</p> </td> <td width="2%" valign="bottom" style='width:2.0%;background:white;padding:0'> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp;</p> </td> <td width="1%" valign="bottom" style='width:1.0%;background:white;padding:0'> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp;</p> </td> <td width="11%" valign="bottom" style='width:11.0%;background:white;padding:0'> <p align="right" style='margin:0in;margin-bottom:.0001pt;text-align:right'>&nbsp;</p> </td> <td width="1%" valign="bottom" style='width:1.0%;background:white;padding:0'> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp;</p> </td> <td width="1%" valign="bottom" style='width:1.0%;background:white;padding:0'> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp;</p> </td> <td width="1%" valign="bottom" style='width:1.0%;background:white;padding:0'> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp;</p> </td> <td width="11%" valign="bottom" style='width:11.0%;background:white;padding:0'> <p align="right" style='margin:0in;margin-bottom:.0001pt;text-align:right'>&nbsp;</p> </td> <td width="1%" valign="bottom" style='width:1.0%;background:white;padding:0'> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp;</p> </td> </tr> <tr align="left"> <td width="69%" valign="bottom" style='width:69.0%;background:#CCEEFF;padding:0'> <p style='margin:0in;margin-bottom:.0001pt'>Loan from China Industrial and Commercial Bank ($0.48 million due on 9/10/2012 with 5.810% annual interest rate and $0.47 million due on 6/10/2012 with 6.560% annual interest rate)</p> </td> <td width="2%" valign="bottom" style='width:2.0%;background:#CCEEFF;padding:0'> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp; </p> </td> <td width="1%" valign="bottom" style='width:1.0%;background:#CCEEFF;padding:0'> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp; </p> </td> <td width="11%" valign="bottom" style='width:11.0%;background:#CCEEFF;padding:0'> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp; </p> </td> <td width="1%" valign="bottom" style='width:1.0%;background:#CCEEFF;padding:0'> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp; </p> </td> <td width="1%" valign="bottom" style='width:1.0%;background:#CCEEFF;padding:0'> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp; </p> </td> <td width="1%" valign="bottom" style='width:1.0%;background:#CCEEFF;padding:0'> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp; </p> </td> <td width="11%" valign="bottom" style='width:11.0%;background:#CCEEFF;padding:0'> <p align="right" style='margin:0in;margin-bottom:.0001pt;text-align:right'>947,044</p> </td> <td width="1%" valign="bottom" style='width:1.0%;background:#CCEEFF;padding:0'> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp; </p> </td> </tr> <tr align="left"> <td width="69%" valign="bottom" style='width:69.0%;background:white;padding:0'> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp;</p> </td> <td width="2%" valign="bottom" style='width:2.0%;background:white;padding:0'> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp;</p> </td> <td width="1%" valign="bottom" style='width:1.0%;background:white;padding:0'> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp;</p> </td> <td width="11%" valign="bottom" style='width:11.0%;background:white;padding:0'> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp;</p> </td> <td width="1%" valign="bottom" style='width:1.0%;background:white;padding:0'> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp;</p> </td> <td width="1%" valign="bottom" style='width:1.0%;background:white;padding:0'> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp;</p> </td> <td width="1%" valign="bottom" style='width:1.0%;background:white;padding:0'> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp;</p> </td> <td width="11%" valign="bottom" style='width:11.0%;background:white;padding:0'> <p align="right" style='margin:0in;margin-bottom:.0001pt;text-align:right'>&nbsp;</p> </td> <td width="1%" valign="bottom" style='width:1.0%;background:white;padding:0'> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp;</p> </td> </tr> <tr align="left"> <td width="69%" valign="bottom" style='width:69.0%;background:#CCEEFF;padding:0'> <p style='margin:0in;margin-bottom:.0001pt'>Loan from China Industrial and Commercial Bank ($484,927 is due on 1/9/2014 with 6% annual interest rate and $484,927 is due on 11/15/2013 with 6% annual interest rate)</p> </td> <td width="2%" valign="bottom" style='width:2.0%;background:#CCEEFF;padding:0'> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp; </p> </td> <td width="1%" valign="bottom" style='width:1.0%;background:#CCEEFF;padding:0'> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp; </p> </td> <td width="11%" valign="bottom" style='width:11.0%;background:#CCEEFF;padding:0'> <p align="right" style='margin:0in;margin-bottom:.0001pt;text-align:right'>969,854</p> </td> <td width="1%" valign="bottom" style='width:1.0%;background:#CCEEFF;padding:0'> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp; </p> </td> <td width="1%" valign="bottom" style='width:1.0%;background:#CCEEFF;padding:0'> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp; </p> </td> <td width="1%" valign="bottom" style='width:1.0%;background:#CCEEFF;padding:0'> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp; </p> </td> <td width="11%" valign="bottom" style='width:11.0%;background:#CCEEFF;padding:0'> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp; </p> </td> <td width="1%" valign="bottom" style='width:1.0%;background:#CCEEFF;padding:0'> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp; </p> </td> </tr> <tr align="left"> <td width="69%" valign="bottom" style='width:69.0%;background:white;padding:0'> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp;</p> </td> <td width="2%" valign="bottom" style='width:2.0%;background:white;padding:0'> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp;</p> </td> <td width="1%" valign="bottom" style='width:1.0%;background:white;padding:0'> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp;</p> </td> <td width="11%" valign="bottom" style='width:11.0%;background:white;padding:0'> <p align="right" style='margin:0in;margin-bottom:.0001pt;text-align:right'>&nbsp;</p> </td> <td width="1%" valign="bottom" style='width:1.0%;background:white;padding:0'> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp;</p> </td> <td width="1%" valign="bottom" style='width:1.0%;background:white;padding:0'> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp;</p> </td> <td width="1%" valign="bottom" style='width:1.0%;background:white;padding:0'> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp;</p> </td> <td width="11%" valign="bottom" style='width:11.0%;background:white;padding:0'> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp;</p> </td> <td width="1%" valign="bottom" style='width:1.0%;background:white;padding:0'> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp;</p> </td> </tr> <tr align="left"> <td width="69%" valign="bottom" style='width:69.0%;background:#CCEEFF;padding:0'> <p style='margin:0in;margin-bottom:.0001pt'>Loan from Chinese Bank (6.893% annual interest rate, due on 8/8/2012)</p> </td> <td width="2%" valign="bottom" style='width:2.0%;background:#CCEEFF;padding:0'> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp; </p> </td> <td width="1%" valign="bottom" style='width:1.0%;background:#CCEEFF;padding:0'> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp; </p> </td> <td width="11%" valign="bottom" style='width:11.0%;background:#CCEEFF;padding:0'> <p align="right" style='margin:0in;margin-bottom:.0001pt;text-align:right'>-</p> </td> <td width="1%" valign="bottom" style='width:1.0%;background:#CCEEFF;padding:0'> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp; </p> </td> <td width="1%" valign="bottom" style='width:1.0%;background:#CCEEFF;padding:0'> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp; </p> </td> <td width="1%" valign="bottom" style='width:1.0%;background:#CCEEFF;padding:0'> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp; </p> </td> <td width="11%" valign="bottom" style='width:11.0%;background:#CCEEFF;padding:0'> <p align="right" style='margin:0in;margin-bottom:.0001pt;text-align:right'>1,420,567</p> </td> <td width="1%" valign="bottom" style='width:1.0%;background:#CCEEFF;padding:0'> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp; </p> </td> </tr> <tr align="left"> <td width="69%" valign="bottom" style='width:69.0%;background:white;padding:0'> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp;</p> </td> <td width="2%" valign="bottom" style='width:2.0%;background:white;padding:0'> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp;</p> </td> <td width="1%" valign="bottom" style='width:1.0%;background:white;padding:0'> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp;</p> </td> <td width="11%" valign="bottom" style='width:11.0%;background:white;padding:0'> <p align="right" style='margin:0in;margin-bottom:.0001pt;text-align:right'>&nbsp;</p> </td> <td width="1%" valign="bottom" style='width:1.0%;background:white;padding:0'> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp;</p> </td> <td width="1%" valign="bottom" style='width:1.0%;background:white;padding:0'> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp;</p> </td> <td width="1%" valign="bottom" style='width:1.0%;background:white;padding:0'> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp;</p> </td> <td width="11%" valign="bottom" style='width:11.0%;background:white;padding:0'> <p align="right" style='margin:0in;margin-bottom:.0001pt;text-align:right'>&nbsp;</p> </td> <td width="1%" valign="bottom" style='width:1.0%;background:white;padding:0'> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp;</p> </td> </tr> <tr align="left"> <td width="69%" valign="bottom" style='width:69.0%;background:#CCEEFF;padding:0'> <p style='margin:0in;margin-bottom:.0001pt'>Loan from China Merchant Bank (7.68% annual interest rate, due on 8/15/2013)</p> </td> <td width="2%" valign="bottom" style='width:2.0%;background:#CCEEFF;padding:0'> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp; </p> </td> <td width="1%" valign="bottom" style='width:1.0%;background:#CCEEFF;padding:0'> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp; </p> </td> <td width="11%" valign="bottom" style='width:11.0%;background:#CCEEFF;padding:0'> <p align="right" style='margin:0in;margin-bottom:.0001pt;text-align:right'>1,131,496</p> </td> <td width="1%" valign="bottom" style='width:1.0%;background:#CCEEFF;padding:0'> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp; </p> </td> <td width="1%" valign="bottom" style='width:1.0%;background:#CCEEFF;padding:0'> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp; </p> </td> <td width="1%" valign="bottom" style='width:1.0%;background:#CCEEFF;padding:0'> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp; </p> </td> <td width="11%" valign="bottom" style='width:11.0%;background:#CCEEFF;padding:0'> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp; </p> </td> <td width="1%" valign="bottom" style='width:1.0%;background:#CCEEFF;padding:0'> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp; </p> </td> </tr> <tr align="left"> <td width="69%" valign="bottom" style='width:69.0%;background:white;padding:0'> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp;</p> </td> <td width="2%" valign="bottom" style='width:2.0%;background:white;padding:0'> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp;</p> </td> <td width="1%" valign="bottom" style='width:1.0%;background:white;padding:0'> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp;</p> </td> <td width="11%" valign="bottom" style='width:11.0%;background:white;padding:0'> <p align="right" style='margin:0in;margin-bottom:.0001pt;text-align:right'>&nbsp;</p> </td> <td width="1%" valign="bottom" style='width:1.0%;background:white;padding:0'> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp;</p> </td> <td width="1%" valign="bottom" style='width:1.0%;background:white;padding:0'> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp;</p> </td> <td width="1%" valign="bottom" style='width:1.0%;background:white;padding:0'> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp;</p> </td> <td width="11%" valign="bottom" style='width:11.0%;background:white;padding:0'> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp;</p> </td> <td width="1%" valign="bottom" style='width:1.0%;background:white;padding:0'> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp;</p> </td> </tr> <tr align="left"> <td width="69%" valign="bottom" style='width:69.0%;background:#CCEEFF;padding:0'> <p style='margin:0in;margin-bottom:.0001pt'>Loan from Changzhou Wujinyinfeng Agriculture Credit Union (6% annual interest rate, due on 3/18/2013)</p> </td> <td width="2%" valign="bottom" style='width:2.0%;background:#CCEEFF;padding:0'> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp; </p> </td> <td width="1%" valign="bottom" style='width:1.0%;background:#CCEEFF;padding:0'> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp; </p> </td> <td width="11%" valign="bottom" style='width:11.0%;background:#CCEEFF;padding:0'> <p align="right" style='margin:0in;margin-bottom:.0001pt;text-align:right'>-</p> </td> <td width="1%" valign="bottom" style='width:1.0%;background:#CCEEFF;padding:0'> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp; </p> </td> <td width="1%" valign="bottom" style='width:1.0%;background:#CCEEFF;padding:0'> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp; </p> </td> <td width="1%" valign="bottom" style='width:1.0%;background:#CCEEFF;padding:0'> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp; </p> </td> <td width="11%" valign="bottom" style='width:11.0%;background:#CCEEFF;padding:0'> <p align="right" style='margin:0in;margin-bottom:.0001pt;text-align:right'>473,522</p> </td> <td width="1%" valign="bottom" style='width:1.0%;background:#CCEEFF;padding:0'> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp; </p> </td> </tr> <tr align="left"> <td width="69%" valign="bottom" style='width:69.0%;background:white;padding:0'> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp;</p> </td> <td width="2%" valign="bottom" style='width:2.0%;background:white;padding:0'> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp;</p> </td> <td width="1%" valign="bottom" style='width:1.0%;background:white;padding:0'> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp;</p> </td> <td width="11%" valign="bottom" style='width:11.0%;background:white;padding:0'> <p align="right" style='margin:0in;margin-bottom:.0001pt;text-align:right'>&nbsp;</p> </td> <td width="1%" valign="bottom" style='width:1.0%;background:white;padding:0'> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp;</p> </td> <td width="1%" valign="bottom" style='width:1.0%;background:white;padding:0'> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp;</p> </td> <td width="1%" valign="bottom" style='width:1.0%;background:white;padding:0'> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp;</p> </td> <td width="11%" valign="bottom" style='width:11.0%;background:white;padding:0'> <p align="right" style='margin:0in;margin-bottom:.0001pt;text-align:right'>&nbsp;</p> </td> <td width="1%" valign="bottom" style='width:1.0%;background:white;padding:0'> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp;</p> </td> </tr> <tr align="left"> <td width="69%" valign="bottom" style='width:69.0%;background:#CCEEFF;padding:0'> <p style='margin:0in;margin-bottom:.0001pt'>Loan from Changzhou Wujinyinfeng Agriculture Credit Union (0% annual interest rate, due on 6/28/2013)</p> </td> <td width="2%" valign="bottom" style='width:2.0%;background:#CCEEFF;padding:0'> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp; </p> </td> <td width="1%" valign="bottom" style='width:1.0%;background:#CCEEFF;padding:0'> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp; </p> </td> <td width="11%" valign="bottom" style='width:11.0%;background:#CCEEFF;padding:0'> <p align="right" style='margin:0in;margin-bottom:.0001pt;text-align:right'>808,211</p> </td> <td width="1%" valign="bottom" style='width:1.0%;background:#CCEEFF;padding:0'> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp; </p> </td> <td width="1%" valign="bottom" style='width:1.0%;background:#CCEEFF;padding:0'> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp; </p> </td> <td width="1%" valign="bottom" style='width:1.0%;background:#CCEEFF;padding:0'> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp; </p> </td> <td width="11%" valign="bottom" style='width:11.0%;background:#CCEEFF;padding:0'> <p align="right" style='margin:0in;margin-bottom:.0001pt;text-align:right'>-</p> </td> <td width="1%" valign="bottom" style='width:1.0%;background:#CCEEFF;padding:0'> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp; </p> </td> </tr> <tr align="left"> <td width="69%" valign="bottom" style='width:69.0%;background:white;padding:0'> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp;</p> </td> <td width="2%" valign="bottom" style='width:2.0%;background:white;padding:0'> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp;</p> </td> <td width="1%" valign="bottom" style='width:1.0%;background:white;padding:0'> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp;</p> </td> <td width="11%" valign="bottom" style='width:11.0%;background:white;padding:0'> <p align="right" style='margin:0in;margin-bottom:.0001pt;text-align:right'>&nbsp;</p> </td> <td width="1%" valign="bottom" style='width:1.0%;background:white;padding:0'> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp;</p> </td> <td width="1%" valign="bottom" style='width:1.0%;background:white;padding:0'> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp;</p> </td> <td width="1%" valign="bottom" style='width:1.0%;background:white;padding:0'> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp;</p> </td> <td width="11%" valign="bottom" style='width:11.0%;background:white;padding:0'> <p align="right" style='margin:0in;margin-bottom:.0001pt;text-align:right'>&nbsp;</p> </td> <td width="1%" valign="bottom" style='width:1.0%;background:white;padding:0'> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp;</p> </td> </tr> <tr align="left"> <td width="69%" valign="bottom" style='width:69.0%;background:#CCEEFF;padding:0in 0in 1.5pt 0in'> <p style='margin:0in;margin-bottom:.0001pt'>Loan from Changzhou Wujinyingfeng Agriculture Credit Union (6% annual interest rate, due on 3/18/2013)</p> </td> <td width="2%" valign="bottom" style='width:2.0%;background:#CCEEFF;padding:0in 0in 1.5pt 0in'> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp; </p> </td> <td width="1%" valign="bottom" style='width:1.0%;border:none;border-bottom:solid black 1.5pt;background:#CCEEFF;padding:0'> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp; </p> </td> <td width="11%" valign="bottom" style='width:11.0%;border:none;border-bottom:solid black 1.5pt;background:#CCEEFF;padding:0'> <p align="right" style='margin:0in;margin-bottom:.0001pt;text-align:right'>-</p> </td> <td width="1%" valign="bottom" style='width:1.0%;background:#CCEEFF;padding:0in 0in 1.5pt 0in'> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp; </p> </td> <td width="1%" valign="bottom" style='width:1.0%;background:#CCEEFF;padding:0in 0in 1.5pt 0in'> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp; </p> </td> <td width="1%" valign="bottom" style='width:1.0%;border:none;border-bottom:solid black 1.5pt;background:#CCEEFF;padding:0'> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp; </p> </td> <td width="11%" valign="bottom" style='width:11.0%;border:none;border-bottom:solid black 1.5pt;background:#CCEEFF;padding:0'> <p align="right" style='margin:0in;margin-bottom:.0001pt;text-align:right'>789,204</p> </td> <td width="1%" valign="bottom" style='width:1.0%;background:#CCEEFF;padding:0in 0in 1.5pt 0in'> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp; </p> </td> </tr> <tr align="left"> <td width="69%" valign="bottom" style='width:69.0%;background:white;padding:0'> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp; </p> </td> <td width="2%" valign="bottom" style='width:2.0%;background:white;padding:0'> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp; </p> </td> <td width="1%" valign="bottom" style='width:1.0%;background:white;padding:0'> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp; </p> </td> <td width="11%" valign="bottom" style='width:11.0%;background:white;padding:0'> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp; </p> </td> <td width="1%" valign="bottom" style='width:1.0%;background:white;padding:0'> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp; </p> </td> <td width="1%" valign="bottom" style='width:1.0%;background:white;padding:0'> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp; </p> </td> <td width="1%" valign="bottom" style='width:1.0%;background:white;padding:0'> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp; </p> </td> <td width="11%" valign="bottom" style='width:11.0%;background:white;padding:0'> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp; </p> </td> <td width="1%" valign="bottom" style='width:1.0%;background:white;padding:0'> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp; </p> </td> </tr> <tr align="left"> <td width="69%" valign="bottom" style='width:69.0%;background:#CCEEFF;padding:0in 0in 3.0pt 0in'> <p style='margin:0in;margin-bottom:.0001pt'>Total</p> </td> <td width="2%" valign="bottom" style='width:2.0%;background:#CCEEFF;padding:0in 0in 3.0pt 0in'> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp; </p> </td> <td width="1%" valign="bottom" style='width:1.0%;border:none;border-bottom:double black 2.25pt;background:#CCEEFF;padding:0'> <p style='margin:0in;margin-bottom:.0001pt'>$</p> </td> <td width="11%" valign="bottom" style='width:11.0%;border:none;border-bottom:double black 2.25pt;background:#CCEEFF;padding:0'> <p align="right" style='margin:0in;margin-bottom:.0001pt;text-align:right'>2,909,561</p> </td> <td width="1%" valign="bottom" style='width:1.0%;background:#CCEEFF;padding:0in 0in 3.0pt 0in'> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp; </p> </td> <td width="1%" valign="bottom" style='width:1.0%;background:#CCEEFF;padding:0in 0in 3.0pt 0in'> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp; </p> </td> <td width="1%" valign="bottom" style='width:1.0%;border:none;border-bottom:double black 2.25pt;background:#CCEEFF;padding:0'> <p style='margin:0in;margin-bottom:.0001pt'>$</p> </td> <td width="11%" valign="bottom" style='width:11.0%;border:none;border-bottom:double black 2.25pt;background:#CCEEFF;padding:0'> <p align="right" style='margin:0in;margin-bottom:.0001pt;text-align:right'>6,787,152</p> </td> <td width="1%" valign="bottom" style='width:1.0%;background:#CCEEFF;padding:0in 0in 3.0pt 0in'> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp; </p> </td> </tr> </table> </div> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp;</p> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp;</p>falsefalsefalsenonnum:textBlockItemTypenaThe entire disclosure for short-term debt.Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Regulation S-X (SX) -Number 210 -Section 02 -Paragraph 19 -Article 5 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Regulation S-X (SX) -Number 210 -Section 03 -Paragraph 16 -Article 7 Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 944 -SubTopic 210 -Section S99 -Paragraph 1 -Subparagraph (SX 210.7-03.16) -URI http://asc.fasb.org/extlink&oid=6879938&loc=d3e572229-122910 Reference 4: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 942 -SubTopic 210 -Section S99 -Paragraph 1 -Subparagraph (SX 210.9-03.13) -URI http://asc.fasb.org/extlink&oid=6876686&loc=d3e534808-122878 Reference 5: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Regulation S-X (SX) -Number 210 -Section 03 -Paragraph 13 -Article 9 Reference 6: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 210 -SubTopic 10 -Section S99 -Paragraph 1 -Subparagraph (SX 210.5-02.19) -URI http://asc.fasb.org/extlink&oid=6877327&loc=d3e13212-122682 false0falseNote 7 - Short-term Bank LoansUnKnownUnKnownUnKnownUnKnowntruefalsefalseSheethttp://huayxbrl.com/20130531/role/idr_DisclosureNote7ShortTermBankLoans12 XML 49 R46.xml IDEA: Note 2 - Summary of Significant Accounting Policies: Foreign Currency Translation (Details) 2.4.0.8000460 - Disclosure - Note 2 - Summary of Significant Accounting Policies: Foreign Currency Translation (Details)truefalsefalse1false USDfalsefalse$I130531http://www.sec.gov/CIK0001315756instant2013-05-31T00:00:000001-01-01T00:00:00USDStandardhttp://www.xbrl.org/2003/iso4217USDiso42170USDUSD$2false USDfalsefalse$I120531http://www.sec.gov/CIK0001315756instant2012-05-31T00:00:000001-01-01T00:00:00USDStandardhttp://www.xbrl.org/2003/iso4217USDiso42170USDUSD$1true 1us-gaap_TextBlockAbstractus-gaap_truenadurationfalsefalsefalsefalsefalsefalsefalsefalse1falsefalsefalse00falsefalsefalse2falsefalsefalse00falsefalsefalsexbrli:stringItemTypestringfalse02false 2us-gaap_TranslationAdjustmentFunctionalToReportingCurrencyNetOfTaxus-gaap_truecreditinstantfalsefalsefalsefalsefalsefalsefalsefalse1truefalsefalse209066209066USD$falsetruefalse2truefalsefalse2183521835USD$falsetruefalsexbrli:monetaryItemTypemonetaryCumulative translation adjustment resulting from translating foreign currency financial statements into the reporting currency. 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    Note 2 - Summary of Significant Accounting Policies: Plant, Property and Equipment (Policies)
    		 12 Months Ended
    May 31, 2013
    Policies  
    Plant, Property and Equipment

    Plant, property and equipment

     

    Plant, property and equipment are stated at cost. The cost of an asset comprises its purchase price and any directly attributable costs of bringing the asset to its present working condition and locations for its intended use. Depreciation is calculated using the straight-line method over the following useful lives:

     

    Buildings

    20 years

    Machinery and equipment

    5-10 years

    Transportation equipment

    5 years

     

     

    Expenditures for maintenance and repairs are charged to expense as incurred. Additions, renewals and betterments are capitalized.
    XML 51 R6.htm IDEA: XBRL DOCUMENT v2.4.0.8
    Note 1 - Organization and Operations
    		 12 Months Ended
    May 31, 2013
    Notes  
    Note 1 - Organization and Operations

    NOTE 1 – ORGANIZATION AND BASIS OF PRESENTATION

     

    Huayue Electronics, Inc. (“Huayue Electronics” or the “Company”) was incorporated under the laws of the State of Delaware on January 13, 2005.  The Company was engaged in providing computer services in the People’s Republic of China (“China” or “PRC”) until September 2011 when it sold that business. 

     

    On September 2, 2011, Huayue Electronics acquired all of the outstanding capital stock of China Metal Holding, Inc. (“China Metal”), a privately owned corporation formed in the State of Delaware, United States of America, by merging HXT Acquisition Corp., a newly formed Delaware corporation that was wholly owned by the Company, into China Metal. China Metal is a holding company whose only asset, held through a subsidiary, is 100% of the registered capital of Changzhou Huayue Electronics Company, Limited (“Changzhou Huayue”), a limited liability company organized under the laws of the PRC. Changzhou Huayue is engaged in developing, manufacturing and selling energy efficient lights and electrolytic capacitors. Changzhou Huayue’s offices and manufacturing facilities are located in China.

     

    The consolidated financial statements of the Company are prepared in accordance with accounting principles generally accepted in the United States of America (“US GAAP”). The financial statements reflect the financial position, results of operations and cash flows of the Company and its subsidiary, Changzhou Huayue Electronic Co., Ltd., as of May 31, 2013 and 2012 and for the years then ended.
    XML 52 R40.xml IDEA: Note 7 - Short-term Bank Loans: Schedule of Short-term Debt (Tables) 2.4.0.8000400 - Disclosure - Note 7 - Short-term Bank Loans: Schedule of Short-term Debt (Tables)truefalsefalse1false falsefalseD120601_130531http://www.sec.gov/CIK0001315756duration2012-06-01T00:00:002013-05-31T00:00:001true 1us-gaap_TableTextBlockSupplementAbstractus-gaap_truenadurationfalsefalsefalsefalsefalsefalsefalsefalse1falsefalsefalse00falsefalsefalsexbrli:stringItemTypestringfalse02false 2us-gaap_ScheduleOfShortTermDebtTextBlockus-gaap_truenadurationfalsefalsefalsefalsefalsefalsefalsefalse1falsefalsefalse00<!--egx--><p style='margin:0in;margin-bottom:.0001pt'>&nbsp;</p> <div align="center"> <table border="0" cellspacing="0" cellpadding="0" width="80%" style='width:80.0%'> <tr align="left"> <td width="69%" valign="bottom" style='width:69.0%;padding:0in 0in 1.5pt 0in'> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp;</p> </td> <td width="2%" valign="bottom" style='width:2.0%;padding:0in 0in 1.5pt 0in'> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp;</p> </td> <td width="12%" colspan="6" valign="bottom" style='width:12.0%;border:none;border-bottom:solid black 1.5pt;padding:0'> <p align="center" style='margin:0in;margin-bottom:.0001pt;text-align:center'>&nbsp;May 31,</p> </td> <td width="1%" valign="bottom" style='width:1.0%;padding:0in 0in 1.5pt 0in'> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp;</p> </td> </tr> <tr align="left"> <td width="69%" valign="bottom" style='width:69.0%;padding:0in 0in 1.5pt 0in'> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp; </p> </td> <td width="2%" valign="bottom" style='width:2.0%;padding:0in 0in 1.5pt 0in'> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp; </p> </td> <td width="12%" colspan="2" valign="bottom" style='width:12.0%;border:none;border-bottom:solid black 1.5pt;padding:0'> <p align="center" style='margin:0in;margin-bottom:.0001pt;text-align:center'>&nbsp;2013</p> </td> <td width="1%" valign="bottom" style='width:1.0%;padding:0in 0in 1.5pt 0in'> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp; </p> </td> <td width="1%" valign="bottom" style='width:1.0%;padding:0in 0in 1.5pt 0in'> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp; </p> </td> <td width="12%" colspan="2" valign="bottom" style='width:12.0%;border:none;border-bottom:solid black 1.5pt;padding:0'> <p align="center" style='margin:0in;margin-bottom:.0001pt;text-align:center'>&nbsp;2012</p> </td> <td width="1%" valign="bottom" style='width:1.0%;padding:0in 0in 1.5pt 0in'> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp; </p> </td> </tr> <tr align="left"> <td width="69%" valign="bottom" style='width:69.0%;padding:0'> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp; </p> </td> <td width="2%" valign="bottom" style='width:2.0%;padding:0'> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp; </p> </td> <td width="12%" colspan="2" valign="bottom" style='width:12.0%;padding:0'> <p align="center" style='margin:0in;margin-bottom:.0001pt;text-align:center'><b>USD</b></p> </td> <td width="1%" valign="bottom" style='width:1.0%;padding:0'> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp; </p> </td> <td width="1%" valign="bottom" style='width:1.0%;padding:0'> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp; </p> </td> <td width="12%" colspan="2" valign="bottom" style='width:12.0%;padding:0'> <p align="center" style='margin:0in;margin-bottom:.0001pt;text-align:center'><b>USD</b></p> </td> <td width="1%" valign="bottom" style='width:1.0%;padding:0'> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp; </p> </td> </tr> <tr align="left"> <td width="69%" valign="bottom" style='width:69.0%;background:#CCEEFF;padding:0'> <p style='margin:0in;margin-bottom:.0001pt'>Loan from China Communication Bank ($0.79 million due on 6/10/2012 with 5.841% annual interest rate; $0.79 million due on 10/17/2012 with 8.528% annual interest rate , $0.95 million due on 12/22/2012 with 8.528% annual interest rate, $0.63 million due on 12/12/2012 with 8.528% annual interest rate)</p> </td> <td width="2%" valign="bottom" style='width:2.0%;background:#CCEEFF;padding:0'> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp; </p> </td> <td width="1%" valign="bottom" style='width:1.0%;background:#CCEEFF;padding:0'> <p style='margin:0in;margin-bottom:.0001pt'>$</p> </td> <td width="11%" valign="bottom" style='width:11.0%;background:#CCEEFF;padding:0'> <p align="right" style='margin:0in;margin-bottom:.0001pt;text-align:right'>-</p> </td> <td width="1%" valign="bottom" style='width:1.0%;background:#CCEEFF;padding:0'> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp; </p> </td> <td width="1%" valign="bottom" style='width:1.0%;background:#CCEEFF;padding:0'> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp; </p> </td> <td width="1%" valign="bottom" style='width:1.0%;background:#CCEEFF;padding:0'> <p style='margin:0in;margin-bottom:.0001pt'>$</p> </td> <td width="11%" valign="bottom" style='width:11.0%;background:#CCEEFF;padding:0'> <p align="right" style='margin:0in;margin-bottom:.0001pt;text-align:right'>3,156,815</p> </td> <td width="1%" valign="bottom" style='width:1.0%;background:#CCEEFF;padding:0'> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp; </p> </td> </tr> <tr align="left"> <td width="69%" valign="bottom" style='width:69.0%;background:white;padding:0'> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp;</p> </td> <td width="2%" valign="bottom" style='width:2.0%;background:white;padding:0'> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp;</p> </td> <td width="1%" valign="bottom" style='width:1.0%;background:white;padding:0'> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp;</p> </td> <td width="11%" valign="bottom" style='width:11.0%;background:white;padding:0'> <p align="right" style='margin:0in;margin-bottom:.0001pt;text-align:right'>&nbsp;</p> </td> <td width="1%" valign="bottom" style='width:1.0%;background:white;padding:0'> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp;</p> </td> <td width="1%" valign="bottom" style='width:1.0%;background:white;padding:0'> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp;</p> </td> <td width="1%" valign="bottom" style='width:1.0%;background:white;padding:0'> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp;</p> </td> <td width="11%" valign="bottom" style='width:11.0%;background:white;padding:0'> <p align="right" style='margin:0in;margin-bottom:.0001pt;text-align:right'>&nbsp;</p> </td> <td width="1%" valign="bottom" style='width:1.0%;background:white;padding:0'> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp;</p> </td> </tr> <tr align="left"> <td width="69%" valign="bottom" style='width:69.0%;background:#CCEEFF;padding:0'> <p style='margin:0in;margin-bottom:.0001pt'>Loan from China Industrial and Commercial Bank ($0.48 million due on 9/10/2012 with 5.810% annual interest rate and $0.47 million due on 6/10/2012 with 6.560% annual interest rate)</p> </td> <td width="2%" valign="bottom" style='width:2.0%;background:#CCEEFF;padding:0'> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp; </p> </td> <td width="1%" valign="bottom" style='width:1.0%;background:#CCEEFF;padding:0'> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp; </p> </td> <td width="11%" valign="bottom" style='width:11.0%;background:#CCEEFF;padding:0'> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp; </p> </td> <td width="1%" valign="bottom" style='width:1.0%;background:#CCEEFF;padding:0'> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp; </p> </td> <td width="1%" valign="bottom" style='width:1.0%;background:#CCEEFF;padding:0'> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp; </p> </td> <td width="1%" valign="bottom" style='width:1.0%;background:#CCEEFF;padding:0'> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp; </p> </td> <td width="11%" valign="bottom" style='width:11.0%;background:#CCEEFF;padding:0'> <p align="right" style='margin:0in;margin-bottom:.0001pt;text-align:right'>947,044</p> </td> <td width="1%" valign="bottom" style='width:1.0%;background:#CCEEFF;padding:0'> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp; </p> </td> </tr> <tr align="left"> <td width="69%" valign="bottom" style='width:69.0%;background:white;padding:0'> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp;</p> </td> <td width="2%" valign="bottom" style='width:2.0%;background:white;padding:0'> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp;</p> </td> <td width="1%" valign="bottom" style='width:1.0%;background:white;padding:0'> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp;</p> </td> <td width="11%" valign="bottom" style='width:11.0%;background:white;padding:0'> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp;</p> </td> <td width="1%" valign="bottom" style='width:1.0%;background:white;padding:0'> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp;</p> </td> <td width="1%" valign="bottom" style='width:1.0%;background:white;padding:0'> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp;</p> </td> <td width="1%" valign="bottom" style='width:1.0%;background:white;padding:0'> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp;</p> </td> <td width="11%" valign="bottom" style='width:11.0%;background:white;padding:0'> <p align="right" style='margin:0in;margin-bottom:.0001pt;text-align:right'>&nbsp;</p> </td> <td width="1%" valign="bottom" style='width:1.0%;background:white;padding:0'> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp;</p> </td> </tr> <tr align="left"> <td width="69%" valign="bottom" style='width:69.0%;background:#CCEEFF;padding:0'> <p style='margin:0in;margin-bottom:.0001pt'>Loan from China Industrial and Commercial Bank ($484,927 is due on 1/9/2014 with 6% annual interest rate and $484,927 is due on 11/15/2013 with 6% annual interest rate)</p> </td> <td width="2%" valign="bottom" style='width:2.0%;background:#CCEEFF;padding:0'> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp; </p> </td> <td width="1%" valign="bottom" style='width:1.0%;background:#CCEEFF;padding:0'> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp; </p> </td> <td width="11%" valign="bottom" style='width:11.0%;background:#CCEEFF;padding:0'> <p align="right" style='margin:0in;margin-bottom:.0001pt;text-align:right'>969,854</p> </td> <td width="1%" valign="bottom" style='width:1.0%;background:#CCEEFF;padding:0'> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp; </p> </td> <td width="1%" valign="bottom" style='width:1.0%;background:#CCEEFF;padding:0'> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp; </p> </td> <td width="1%" valign="bottom" style='width:1.0%;background:#CCEEFF;padding:0'> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp; </p> </td> <td width="11%" valign="bottom" style='width:11.0%;background:#CCEEFF;padding:0'> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp; </p> </td> <td width="1%" valign="bottom" style='width:1.0%;background:#CCEEFF;padding:0'> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp; </p> </td> </tr> <tr align="left"> <td width="69%" valign="bottom" style='width:69.0%;background:white;padding:0'> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp;</p> </td> <td width="2%" valign="bottom" style='width:2.0%;background:white;padding:0'> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp;</p> </td> <td width="1%" valign="bottom" style='width:1.0%;background:white;padding:0'> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp;</p> </td> <td width="11%" valign="bottom" style='width:11.0%;background:white;padding:0'> <p align="right" style='margin:0in;margin-bottom:.0001pt;text-align:right'>&nbsp;</p> </td> <td width="1%" valign="bottom" style='width:1.0%;background:white;padding:0'> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp;</p> </td> <td width="1%" valign="bottom" style='width:1.0%;background:white;padding:0'> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp;</p> </td> <td width="1%" valign="bottom" style='width:1.0%;background:white;padding:0'> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp;</p> </td> <td width="11%" valign="bottom" style='width:11.0%;background:white;padding:0'> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp;</p> </td> <td width="1%" valign="bottom" style='width:1.0%;background:white;padding:0'> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp;</p> </td> </tr> <tr align="left"> <td width="69%" valign="bottom" style='width:69.0%;background:#CCEEFF;padding:0'> <p style='margin:0in;margin-bottom:.0001pt'>Loan from Chinese Bank (6.893% annual interest rate, due on 8/8/2012)</p> </td> <td width="2%" valign="bottom" style='width:2.0%;background:#CCEEFF;padding:0'> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp; </p> </td> <td width="1%" valign="bottom" style='width:1.0%;background:#CCEEFF;padding:0'> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp; </p> </td> <td width="11%" valign="bottom" style='width:11.0%;background:#CCEEFF;padding:0'> <p align="right" style='margin:0in;margin-bottom:.0001pt;text-align:right'>-</p> </td> <td width="1%" valign="bottom" style='width:1.0%;background:#CCEEFF;padding:0'> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp; </p> </td> <td width="1%" valign="bottom" style='width:1.0%;background:#CCEEFF;padding:0'> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp; </p> </td> <td width="1%" valign="bottom" style='width:1.0%;background:#CCEEFF;padding:0'> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp; </p> </td> <td width="11%" valign="bottom" style='width:11.0%;background:#CCEEFF;padding:0'> <p align="right" style='margin:0in;margin-bottom:.0001pt;text-align:right'>1,420,567</p> </td> <td width="1%" valign="bottom" style='width:1.0%;background:#CCEEFF;padding:0'> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp; </p> </td> </tr> <tr align="left"> <td width="69%" valign="bottom" style='width:69.0%;background:white;padding:0'> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp;</p> </td> <td width="2%" valign="bottom" style='width:2.0%;background:white;padding:0'> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp;</p> </td> <td width="1%" valign="bottom" style='width:1.0%;background:white;padding:0'> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp;</p> </td> <td width="11%" valign="bottom" style='width:11.0%;background:white;padding:0'> <p align="right" style='margin:0in;margin-bottom:.0001pt;text-align:right'>&nbsp;</p> </td> <td width="1%" valign="bottom" style='width:1.0%;background:white;padding:0'> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp;</p> </td> <td width="1%" valign="bottom" style='width:1.0%;background:white;padding:0'> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp;</p> </td> <td width="1%" valign="bottom" style='width:1.0%;background:white;padding:0'> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp;</p> </td> <td width="11%" valign="bottom" style='width:11.0%;background:white;padding:0'> <p align="right" style='margin:0in;margin-bottom:.0001pt;text-align:right'>&nbsp;</p> </td> <td width="1%" valign="bottom" style='width:1.0%;background:white;padding:0'> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp;</p> </td> </tr> <tr align="left"> <td width="69%" valign="bottom" style='width:69.0%;background:#CCEEFF;padding:0'> <p style='margin:0in;margin-bottom:.0001pt'>Loan from China Merchant Bank (7.68% annual interest rate, due on 8/15/2013)</p> </td> <td width="2%" valign="bottom" style='width:2.0%;background:#CCEEFF;padding:0'> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp; </p> </td> <td width="1%" valign="bottom" style='width:1.0%;background:#CCEEFF;padding:0'> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp; </p> </td> <td width="11%" valign="bottom" style='width:11.0%;background:#CCEEFF;padding:0'> <p align="right" style='margin:0in;margin-bottom:.0001pt;text-align:right'>1,131,496</p> </td> <td width="1%" valign="bottom" style='width:1.0%;background:#CCEEFF;padding:0'> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp; </p> </td> <td width="1%" valign="bottom" style='width:1.0%;background:#CCEEFF;padding:0'> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp; </p> </td> <td width="1%" valign="bottom" style='width:1.0%;background:#CCEEFF;padding:0'> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp; </p> </td> <td width="11%" valign="bottom" style='width:11.0%;background:#CCEEFF;padding:0'> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp; </p> </td> <td width="1%" valign="bottom" style='width:1.0%;background:#CCEEFF;padding:0'> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp; </p> </td> </tr> <tr align="left"> <td width="69%" valign="bottom" style='width:69.0%;background:white;padding:0'> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp;</p> </td> <td width="2%" valign="bottom" style='width:2.0%;background:white;padding:0'> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp;</p> </td> <td width="1%" valign="bottom" style='width:1.0%;background:white;padding:0'> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp;</p> </td> <td width="11%" valign="bottom" style='width:11.0%;background:white;padding:0'> <p align="right" style='margin:0in;margin-bottom:.0001pt;text-align:right'>&nbsp;</p> </td> <td width="1%" valign="bottom" style='width:1.0%;background:white;padding:0'> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp;</p> </td> <td width="1%" valign="bottom" style='width:1.0%;background:white;padding:0'> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp;</p> </td> <td width="1%" valign="bottom" style='width:1.0%;background:white;padding:0'> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp;</p> </td> <td width="11%" valign="bottom" style='width:11.0%;background:white;padding:0'> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp;</p> </td> <td width="1%" valign="bottom" style='width:1.0%;background:white;padding:0'> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp;</p> </td> </tr> <tr align="left"> <td width="69%" valign="bottom" style='width:69.0%;background:#CCEEFF;padding:0'> <p style='margin:0in;margin-bottom:.0001pt'>Loan from Changzhou Wujinyinfeng Agriculture Credit Union (6% annual interest rate, due on 3/18/2013)</p> </td> <td width="2%" valign="bottom" style='width:2.0%;background:#CCEEFF;padding:0'> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp; </p> </td> <td width="1%" valign="bottom" style='width:1.0%;background:#CCEEFF;padding:0'> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp; </p> </td> <td width="11%" valign="bottom" style='width:11.0%;background:#CCEEFF;padding:0'> <p align="right" style='margin:0in;margin-bottom:.0001pt;text-align:right'>-</p> </td> <td width="1%" valign="bottom" style='width:1.0%;background:#CCEEFF;padding:0'> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp; </p> </td> <td width="1%" valign="bottom" style='width:1.0%;background:#CCEEFF;padding:0'> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp; </p> </td> <td width="1%" valign="bottom" style='width:1.0%;background:#CCEEFF;padding:0'> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp; </p> </td> <td width="11%" valign="bottom" style='width:11.0%;background:#CCEEFF;padding:0'> <p align="right" style='margin:0in;margin-bottom:.0001pt;text-align:right'>473,522</p> </td> <td width="1%" valign="bottom" style='width:1.0%;background:#CCEEFF;padding:0'> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp; </p> </td> </tr> <tr align="left"> <td width="69%" valign="bottom" style='width:69.0%;background:white;padding:0'> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp;</p> </td> <td width="2%" valign="bottom" style='width:2.0%;background:white;padding:0'> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp;</p> </td> <td width="1%" valign="bottom" style='width:1.0%;background:white;padding:0'> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp;</p> </td> <td width="11%" valign="bottom" style='width:11.0%;background:white;padding:0'> <p align="right" style='margin:0in;margin-bottom:.0001pt;text-align:right'>&nbsp;</p> </td> <td width="1%" valign="bottom" style='width:1.0%;background:white;padding:0'> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp;</p> </td> <td width="1%" valign="bottom" style='width:1.0%;background:white;padding:0'> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp;</p> </td> <td width="1%" valign="bottom" style='width:1.0%;background:white;padding:0'> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp;</p> </td> <td width="11%" valign="bottom" style='width:11.0%;background:white;padding:0'> <p align="right" style='margin:0in;margin-bottom:.0001pt;text-align:right'>&nbsp;</p> </td> <td width="1%" valign="bottom" style='width:1.0%;background:white;padding:0'> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp;</p> </td> </tr> <tr align="left"> <td width="69%" valign="bottom" style='width:69.0%;background:#CCEEFF;padding:0'> <p style='margin:0in;margin-bottom:.0001pt'>Loan from Changzhou Wujinyinfeng Agriculture Credit Union (0% annual interest rate, due on 6/28/2013)</p> </td> <td width="2%" valign="bottom" style='width:2.0%;background:#CCEEFF;padding:0'> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp; </p> </td> <td width="1%" valign="bottom" style='width:1.0%;background:#CCEEFF;padding:0'> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp; </p> </td> <td width="11%" valign="bottom" style='width:11.0%;background:#CCEEFF;padding:0'> <p align="right" style='margin:0in;margin-bottom:.0001pt;text-align:right'>808,211</p> </td> <td width="1%" valign="bottom" style='width:1.0%;background:#CCEEFF;padding:0'> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp; </p> </td> <td width="1%" valign="bottom" style='width:1.0%;background:#CCEEFF;padding:0'> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp; </p> </td> <td width="1%" valign="bottom" style='width:1.0%;background:#CCEEFF;padding:0'> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp; </p> </td> <td width="11%" valign="bottom" style='width:11.0%;background:#CCEEFF;padding:0'> <p align="right" style='margin:0in;margin-bottom:.0001pt;text-align:right'>-</p> </td> <td width="1%" valign="bottom" style='width:1.0%;background:#CCEEFF;padding:0'> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp; </p> </td> </tr> <tr align="left"> <td width="69%" valign="bottom" style='width:69.0%;background:white;padding:0'> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp;</p> </td> <td width="2%" valign="bottom" style='width:2.0%;background:white;padding:0'> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp;</p> </td> <td width="1%" valign="bottom" style='width:1.0%;background:white;padding:0'> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp;</p> </td> <td width="11%" valign="bottom" style='width:11.0%;background:white;padding:0'> <p align="right" style='margin:0in;margin-bottom:.0001pt;text-align:right'>&nbsp;</p> </td> <td width="1%" valign="bottom" style='width:1.0%;background:white;padding:0'> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp;</p> </td> <td width="1%" valign="bottom" style='width:1.0%;background:white;padding:0'> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp;</p> </td> <td width="1%" valign="bottom" style='width:1.0%;background:white;padding:0'> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp;</p> </td> <td width="11%" valign="bottom" style='width:11.0%;background:white;padding:0'> <p align="right" style='margin:0in;margin-bottom:.0001pt;text-align:right'>&nbsp;</p> </td> <td width="1%" valign="bottom" style='width:1.0%;background:white;padding:0'> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp;</p> </td> </tr> <tr align="left"> <td width="69%" valign="bottom" style='width:69.0%;background:#CCEEFF;padding:0in 0in 1.5pt 0in'> <p style='margin:0in;margin-bottom:.0001pt'>Loan from Changzhou Wujinyingfeng Agriculture Credit Union (6% annual interest rate, due on 3/18/2013)</p> </td> <td width="2%" valign="bottom" style='width:2.0%;background:#CCEEFF;padding:0in 0in 1.5pt 0in'> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp; </p> </td> <td width="1%" valign="bottom" style='width:1.0%;border:none;border-bottom:solid black 1.5pt;background:#CCEEFF;padding:0'> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp; </p> </td> <td width="11%" valign="bottom" style='width:11.0%;border:none;border-bottom:solid black 1.5pt;background:#CCEEFF;padding:0'> <p align="right" style='margin:0in;margin-bottom:.0001pt;text-align:right'>-</p> </td> <td width="1%" valign="bottom" style='width:1.0%;background:#CCEEFF;padding:0in 0in 1.5pt 0in'> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp; </p> </td> <td width="1%" valign="bottom" style='width:1.0%;background:#CCEEFF;padding:0in 0in 1.5pt 0in'> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp; </p> </td> <td width="1%" valign="bottom" style='width:1.0%;border:none;border-bottom:solid black 1.5pt;background:#CCEEFF;padding:0'> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp; </p> </td> <td width="11%" valign="bottom" style='width:11.0%;border:none;border-bottom:solid black 1.5pt;background:#CCEEFF;padding:0'> <p align="right" style='margin:0in;margin-bottom:.0001pt;text-align:right'>789,204</p> </td> <td width="1%" valign="bottom" style='width:1.0%;background:#CCEEFF;padding:0in 0in 1.5pt 0in'> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp; </p> </td> </tr> <tr align="left"> <td width="69%" valign="bottom" style='width:69.0%;background:white;padding:0'> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp; </p> </td> <td width="2%" valign="bottom" style='width:2.0%;background:white;padding:0'> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp; </p> </td> <td width="1%" valign="bottom" style='width:1.0%;background:white;padding:0'> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp; </p> </td> <td width="11%" valign="bottom" style='width:11.0%;background:white;padding:0'> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp; </p> </td> <td width="1%" valign="bottom" style='width:1.0%;background:white;padding:0'> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp; </p> </td> <td width="1%" valign="bottom" style='width:1.0%;background:white;padding:0'> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp; </p> </td> <td width="1%" valign="bottom" style='width:1.0%;background:white;padding:0'> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp; </p> </td> <td width="11%" valign="bottom" style='width:11.0%;background:white;padding:0'> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp; </p> </td> <td width="1%" valign="bottom" style='width:1.0%;background:white;padding:0'> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp; </p> </td> </tr> <tr align="left"> <td width="69%" valign="bottom" style='width:69.0%;background:#CCEEFF;padding:0in 0in 3.0pt 0in'> <p style='margin:0in;margin-bottom:.0001pt'>Total</p> </td> <td width="2%" valign="bottom" style='width:2.0%;background:#CCEEFF;padding:0in 0in 3.0pt 0in'> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp; </p> </td> <td width="1%" valign="bottom" style='width:1.0%;border:none;border-bottom:double black 2.25pt;background:#CCEEFF;padding:0'> <p style='margin:0in;margin-bottom:.0001pt'>$</p> </td> <td width="11%" valign="bottom" style='width:11.0%;border:none;border-bottom:double black 2.25pt;background:#CCEEFF;padding:0'> <p align="right" style='margin:0in;margin-bottom:.0001pt;text-align:right'>2,909,561</p> </td> <td width="1%" valign="bottom" style='width:1.0%;background:#CCEEFF;padding:0in 0in 3.0pt 0in'> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp; </p> </td> <td width="1%" valign="bottom" style='width:1.0%;background:#CCEEFF;padding:0in 0in 3.0pt 0in'> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp; </p> </td> <td width="1%" valign="bottom" style='width:1.0%;border:none;border-bottom:double black 2.25pt;background:#CCEEFF;padding:0'> <p style='margin:0in;margin-bottom:.0001pt'>$</p> </td> <td width="11%" valign="bottom" style='width:11.0%;border:none;border-bottom:double black 2.25pt;background:#CCEEFF;padding:0'> <p align="right" style='margin:0in;margin-bottom:.0001pt;text-align:right'>6,787,152</p> </td> <td width="1%" valign="bottom" style='width:1.0%;background:#CCEEFF;padding:0in 0in 3.0pt 0in'> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp; </p> </td> </tr> </table> </div> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp;</p>falsefalsefalsenonnum:textBlockItemTypenaTabular disclosure of short-term debt arrangements (having initial terms of repayment within one year or the normal operating cycle, if longer) including: (1) description of the short-term debt arrangement; (2) identification of the lender or type of lender; (3) repayment terms; (4) weighted average interest rate; (5) carrying amount of funds borrowed under the specified short-term debt arrangement as of the balance sheet date; (6) description of the refinancing of a short-term obligation when that obligation is excluded from current liabilities in the balance sheet; and (7) amount of a short-term obligation that has been excluded from current liabilities in the balance sheet because of a refinancing of the obligation.Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Regulation S-X (SX) -Number 210 -Section 02 -Paragraph 19 -Article 5 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 210 -SubTopic 10 -Section S99 -Paragraph 1 -Subparagraph (SX 210.5-02.19) -URI http://asc.fasb.org/extlink&oid=6877327&loc=d3e13212-122682 false0falseNote 7 - Short-term Bank Loans: Schedule of Short-term Debt (Tables)UnKnownUnKnownUnKnownUnKnowntruefalsefalseSheethttp://huayxbrl.com/20130531/role/idr_DisclosureNote7ShortTermBankLoansScheduleOfShortTermDebtTables12 XML 53 R52.xml IDEA: Note 6 - Related Party Transactions and Balances: Schedule of Related Party Transactions (Details) 2.4.0.8000520 - Disclosure - Note 6 - Related Party Transactions and Balances: Schedule of Related Party Transactions (Details)truefalsefalse1false USDfalsefalse$I120531http://www.sec.gov/CIK0001315756instant2012-05-31T00:00:000001-01-01T00:00:00USDStandardhttp://www.xbrl.org/2003/iso4217USDiso42170USDUSD$1true 1us-gaap_TextBlockAbstractus-gaap_truenadurationfalsefalsefalsefalsefalsefalsefalsefalse1falsefalsefalse00falsefalsefalsexbrli:stringItemTypestringfalse02false 2fil_ChangzhouHengchuanPlasticsCoLtdReceivablefil_falsedebitinstantfalsefalsefalsefalsefalsefalsefalsefalse1truefalsefalse31573157USD$falsetruefalsexbrli:monetaryItemTypemonetaryNo authoritative reference available.No definition available.false23false 2fil_ChangzhouHengchuanPlasticsCoLtdOtherReceivablefil_falsedebitinstantfalsefalsefalsefalsefalsefalsefalsefalse1truefalsefalse372177372177falsefalsefalsexbrli:monetaryItemTypemonetaryNo authoritative reference available.No definition available.false24false 2fil_ChangzhouJinyueElectronicsCoLtdAccountsReceivablefil_falsedebitinstantfalsefalsefalsefalsefalsefalsefalsefalse1truefalsefalse4927849278falsefalsefalsexbrli:monetaryItemTypemonetaryNo authoritative reference available.No definition available.false25false 2fil_ChangzhouShijiJinyuePackagingCoLtdAccountsReceivablefil_falsedebitinstantfalsefalsefalsefalsefalsefalsefalsefalse1truefalsefalse371873371873falsefalsefalsexbrli:monetaryItemTypemonetaryNo authoritative reference available.No definition available.false26false 2fil_ChangzhouShijiJinyuePackagingCoLtdAdvanceToSuppliersfil_falsedebitinstantfalsefalsefalsefalsefalsefalsefalsefalse1truefalsefalse6142761427falsefalsefalsexbrli:monetaryItemTypemonetaryNo authoritative reference available.No definition available.false27false 2fil_PanYileOtherReceivablefil_falsedebitinstantfalsefalsefalsefalsefalsefalsefalsefalse1truefalsefalse312630312630falsefalsefalsexbrli:monetaryItemTypemonetaryNo authoritative reference available.No definition available.false28false 2fil_MrPanShudongDueFromMrPanfil_falsedebitinstantfalsefalsefalsefalsefalsefalsefalsefalse1truefalsefalse187156187156falsefalsefalsexbrli:monetaryItemTypemonetaryNo authoritative reference available.No definition available.false29false 2fil_MsXinmeiLiDueFromMrPanfil_falsedebitinstantfalsefalsefalsefalsefalsefalsefalsefalse1truefalsefalse3237632376falsefalsefalsexbrli:monetaryItemTypemonetaryNo authoritative reference available.No definition available.false210false 2us-gaap_DueFromRelatedPartiesCurrentus-gaap_truedebitinstantfalsefalsefalsefalsefalsefalsefalsefalse1truefalsefalse13900741390074USD$falsetruefalsexbrli:monetaryItemTypemonetaryThe aggregate amount of receivables to be collected from related parties where one party can exercise control or significant influence over another party; including affiliates, owners or officers and their immediate families, pension trusts, and so forth, at the financial statement date. which are usually due within one year (or one business cycle).Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 235 -SubTopic 10 -Section S99 -Paragraph 1 -Subparagraph (SX 210.4-08.(k)(1)) -URI http://asc.fasb.org/extlink&oid=26873400&loc=d3e23780-122690 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 850 -SubTopic 10 -Section 50 -Paragraph 1 -Subparagraph (d) -URI http://asc.fasb.org/extlink&oid=6457730&loc=d3e39549-107864 Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Regulation S-X (SX) -Number 210 -Section 02 -Paragraph 3 -Subparagraph a -Article 5 Reference 4: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 210 -SubTopic 10 -Section S99 -Paragraph 1 -Subparagraph (SX 210.5-02.3(a)(2)) -URI http://asc.fasb.org/extlink&oid=6877327&loc=d3e13212-122682 Reference 5: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 210 -SubTopic 10 -Section 45 -Paragraph 1 -Subparagraph (d) -URI http://asc.fasb.org/extlink&oid=28358313&loc=d3e6676-107765 Reference 6: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Regulation S-X (SX) -Number 210 -Section 08 -Paragraph k -Subparagraph 2 -Article 4 false2falseNote 6 - Related Party Transactions and Balances: Schedule of Related Party Transactions (Details) (USD $)NoRoundingUnKnownUnKnownUnKnowntruefalsefalseSheethttp://huayxbrl.com/20130531/role/idr_DisclosureNote6RelatedPartyTransactionsAndBalancesScheduleOfRelatedPartyTransactionsDetails110 XML 54 R8.htm IDEA: XBRL DOCUMENT v2.4.0.8
    Note 3 - Accounts Receivable, Net
    		 12 Months Ended
    May 31, 2013
    Notes  
    Note 3 - Accounts Receivable, Net

    NOTE 3 – ACCOUNTS RECEIVABLE, NET

     

    The Company provides an allowance for doubtful accounts related to its receivables. The receivables and allowance balances at May 31, 2013 and 2012 are as follows:

     

     

     

    The Years Ended May 31,

     

     

     

    2013

     

     

    2012

     

     

     

     

     

     

     

     

    Accounts Receivable

     

    $

    8,667,673

     

     

    $

    3,951,883

     

    Less: Allowance for Doubtful Accounts

     

     

    (268,201)

     

     

     

    (261,893)

     

    Accounts Receivable, Net

     

    $

    8,399,472

     

     

    $

    3,689,990

     

     

     
    XML 55 R11.xml IDEA: Note 6 - Related Party Transactions and Balances 2.4.0.8000110 - Disclosure - Note 6 - Related Party Transactions and Balancestruefalsefalse1false falsefalseD120601_130531http://www.sec.gov/CIK0001315756duration2012-06-01T00:00:002013-05-31T00:00:001true 1us-gaap_DisclosureTextBlockAbstractus-gaap_truenadurationfalsefalsefalsefalsefalsefalsefalsefalse1falsefalsefalse00falsefalsefalsexbrli:stringItemTypestringfalse02false 2us-gaap_RelatedPartyTransactionsDisclosureTextBlockus-gaap_truenadurationfalsefalsefalsefalsefalsefalsefalsefalse1falsefalsefalse00<!--egx--><p style='margin:0in;margin-bottom:.0001pt'><b>NOTE 6 - RELATED PARTY TRANSACTIONS AND BALANCES</b></p> <p style='margin:0in;margin-bottom:.0001pt'><b>&nbsp;</b></p> <p style='margin:0in;margin-bottom:.0001pt'>An individual or entity is considered to be a related party if the person or the entity has the ability, directly or indirectly, to control the other party or exercise significant influence over the other party in making financial and operational decisions. An individual or entity is also considered to be related if the person or the entity is subject to common control or common significant influence.</p> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp;</p> <p style='margin:0in;margin-bottom:.0001pt;margin-bottom:6.0pt'>The related parties of the company are as follows:&nbsp;</p> <table border="0" cellspacing="0" cellpadding="0" width="104%"> <tr align="left"> <td width="39%" valign="top" style='width:39.8%;border:none;border-bottom:solid black 1.5pt;padding:0'> <p style='margin:0in;margin-bottom:.0001pt'><b>Name of entity or individual</b></p> </td> <td width="2%" valign="top" style='width:2.68%;padding:0in 0in 1.5pt 0in'></td> <td width="57%" valign="top" style='width:57.52%;border:none;border-bottom:solid black 1.5pt;padding:0'> <p style='margin:0in;margin-bottom:.0001pt'><b>Relationship with the Company</b></p> </td> </tr> <tr align="left"> <td width="39%" valign="top" style='width:39.8%;background:#CCEEFF;padding:0'> <p style='margin:0in;margin-bottom:.0001pt'>Changzhou Hengchuan Plastics Co, Ltd</p> </td> <td width="2%" valign="top" style='width:2.68%;background:#CCEEFF;padding:0'></td> <td width="57%" valign="top" style='width:57.52%;background:#CCEEFF;padding:0'> <p style='margin:0in;margin-bottom:.0001pt'>Entity controlled by Mr. Pan Shudong and His Wife</p> </td> </tr> <tr align="left"> <td width="39%" valign="top" style='width:39.8%;background:white;padding:0'> <p style='margin:0in;margin-bottom:.0001pt'>Changzhou Shiji Jinyue Packaging Co.,Ltd</p> </td> <td width="2%" valign="top" style='width:2.68%;background:white;padding:0'></td> <td width="57%" valign="top" style='width:57.52%;background:white;padding:0'> <p style='margin:0in;margin-bottom:.0001pt'>Entity controlled by Mr. Pan Shudong&#146;s Sister</p> </td> </tr> <tr align="left"> <td width="39%" valign="top" style='width:39.8%;background:#CCEEFF;padding:0'> <p style='margin:0in;margin-bottom:.0001pt'>Changzhou Jinyue Electronic Co.,Ltd</p> </td> <td width="2%" valign="top" style='width:2.68%;background:#CCEEFF;padding:0'></td> <td width="57%" valign="top" style='width:57.52%;background:#CCEEFF;padding:0'> <p style='margin:0in;margin-bottom:.0001pt'>Entity controlled by Mr. Pan Shudong&#146;s Sister</p> </td> </tr> <tr align="left"> <td width="39%" valign="top" style='width:39.8%;background:white;padding:0'> <p style='margin:0in;margin-bottom:.0001pt'>Changzhou Leyuan International Trade Co.,Ltd</p> </td> <td width="2%" valign="top" style='width:2.68%;background:white;padding:0'></td> <td width="57%" valign="top" style='width:57.52%;background:white;padding:0'> <p style='margin:0in;margin-bottom:.0001pt'>Entity controlled by Mr. Pan Shudong&#146;s Sister</p> </td> </tr> <tr align="left"> <td width="39%" valign="top" style='width:39.8%;background:#CCEEFF;padding:0'> <p style='margin:0in;margin-bottom:.0001pt'>Mr. Pan Shudong </p> </td> <td width="2%" valign="top" style='width:2.68%;background:#CCEEFF;padding:0'></td> <td width="57%" valign="top" style='width:57.52%;background:#CCEEFF;padding:0'> <p style='margin:0in;margin-bottom:.0001pt'>Controlling Shareholder and CEO of the Company</p> </td> </tr> <tr align="left"> <td width="39%" valign="top" style='width:39.8%;background:white;padding:0'> <p style='margin:0in;margin-bottom:.0001pt'>Ms.Li Xinmei </p> </td> <td width="2%" valign="top" style='width:2.68%;background:white;padding:0'></td> <td width="57%" valign="top" style='width:57.52%;background:white;padding:0'> <p style='margin:0in;margin-bottom:.0001pt'>Mr. Pan Shudong&#146;s Wife and Director of&#160; Huayue Electronics, Inc.</p> </td> </tr> <tr align="left"> <td width="39%" valign="top" style='width:39.8%;background:#CCEEFF;padding:0'> <p style='margin:0in;margin-bottom:.0001pt'>Ms. Pan Yile</p> </td> <td width="2%" valign="top" style='width:2.68%;background:#CCEEFF;padding:0'></td> <td width="57%" valign="top" style='width:57.52%;background:#CCEEFF;padding:0'> <p style='margin:0in;margin-bottom:.0001pt'>Mr. Pan Shudong&#146;s Daughter and Officer of &#160;Huayue Electronics, Inc.</p> </td> </tr> </table> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp;</p> <p style='margin:0in;margin-bottom:.0001pt;text-indent:27.0pt'><b><i>&nbsp;(i) Due from Related Party:&nbsp;</i></b></p> <p style='margin:0in;margin-bottom:.0001pt'><b>&nbsp;</b></p> <p style='margin:0in;margin-bottom:.0001pt'>Due from Related Parties, at May 31, 2013 and 2012, consisted of the following balances:</p> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp;</p> <div align="center"> <table border="0" cellspacing="0" cellpadding="0" width="80%" style='width:80.0%'> <tr align="left"> <td width="56%" valign="bottom" style='width:56.0%;padding:0in 0in 1.5pt 0in'> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp;</p> </td> <td width="1%" valign="bottom" style='width:1.0%;padding:0in 0in 1.5pt 0in'> <p align="right" style='margin:0in;margin-bottom:.0001pt;text-align:right'>&nbsp;</p> </td> <td width="22%" colspan="6" valign="bottom" style='width:22.0%;border:none;border-bottom:solid black 1.5pt;padding:0'> <p align="center" style='margin:0in;margin-bottom:.0001pt;text-align:center'><b>May 31,</b></p> </td> <td width="1%" valign="bottom" style='width:1.0%;padding:0in 0in 1.5pt 0in'> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp;</p> </td> </tr> <tr align="left"> <td width="56%" valign="bottom" style='width:56.0%;padding:0in 0in 1.5pt 0in'> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp; </p> </td> <td width="1%" valign="bottom" style='width:1.0%;padding:0in 0in 1.5pt 0in'> <p align="right" style='margin:0in;margin-bottom:.0001pt;text-align:right'>&nbsp; </p> </td> <td width="10%" colspan="2" valign="bottom" style='width:10.0%;border:none;border-bottom:solid black 1.5pt;padding:0'> <p align="center" style='margin:0in;margin-bottom:.0001pt;text-align:center'><b>&nbsp;2013</b></p> </td> <td width="1%" valign="bottom" style='width:1.0%;padding:0in 0in 1.5pt 0in'> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp; </p> </td> <td width="1%" valign="bottom" style='width:1.0%;padding:0in 0in 1.5pt 0in'> <p align="right" style='margin:0in;margin-bottom:.0001pt;text-align:right'>&nbsp; </p> </td> <td width="10%" colspan="2" valign="bottom" style='width:10.0%;border:none;border-bottom:solid black 1.5pt;padding:0'> <p align="center" style='margin:0in;margin-bottom:.0001pt;text-align:center'><b>2012</b></p> </td> <td width="1%" valign="bottom" style='width:1.0%;padding:0in 0in 1.5pt 0in'> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp; </p> </td> </tr> <tr align="left"> <td width="56%" valign="bottom" style='width:56.0%;background:#CCEEFF;padding:0'> <p style='margin:0in;margin-bottom:.0001pt'>Changzhou Hengchuan Plastics Co, Ltd</p> </td> <td width="1%" valign="bottom" style='width:1.0%;background:#CCEEFF;padding:0'> <p align="right" style='margin:0in;margin-bottom:.0001pt;text-align:right'>&nbsp; </p> </td> <td width="1%" valign="bottom" style='width:1.0%;background:#CCEEFF;padding:0'> <p style='margin:0in;margin-bottom:.0001pt'>$</p> </td> <td width="9%" valign="bottom" style='width:9.0%;background:#CCEEFF;padding:0'> <p align="right" style='margin:0in;margin-bottom:.0001pt;text-align:right'>-</p> </td> <td width="1%" valign="bottom" style='width:1.0%;background:#CCEEFF;padding:0'> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp; </p> </td> <td width="1%" valign="bottom" style='width:1.0%;background:#CCEEFF;padding:0'> <p align="right" style='margin:0in;margin-bottom:.0001pt;text-align:right'>&nbsp; </p> </td> <td width="1%" valign="bottom" style='width:1.0%;background:#CCEEFF;padding:0'> <p style='margin:0in;margin-bottom:.0001pt'>$</p> </td> <td width="9%" valign="bottom" style='width:9.0%;background:#CCEEFF;padding:0'> <p align="right" style='margin:0in;margin-bottom:.0001pt;text-align:right'>3,157</p> </td> <td width="1%" valign="bottom" style='width:1.0%;background:#CCEEFF;padding:0'> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp; </p> </td> </tr> <tr align="left"> <td width="56%" valign="bottom" style='width:56.0%;background:white;padding:0'> <p style='margin:0in;margin-bottom:.0001pt'>Changzhou Hengchuan Plastics Co, Ltd</p> </td> <td width="1%" valign="bottom" style='width:1.0%;background:white;padding:0'> <p align="right" style='margin:0in;margin-bottom:.0001pt;text-align:right'>&nbsp; </p> </td> <td width="1%" valign="bottom" style='width:1.0%;background:white;padding:0'> <p style='margin:0in;margin-bottom:.0001pt'>$</p> </td> <td width="9%" valign="bottom" style='width:9.0%;background:white;padding:0'> <p align="right" style='margin:0in;margin-bottom:.0001pt;text-align:right'>-</p> </td> <td width="1%" valign="bottom" style='width:1.0%;background:white;padding:0'> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp; </p> </td> <td width="1%" valign="bottom" style='width:1.0%;background:white;padding:0'> <p align="right" style='margin:0in;margin-bottom:.0001pt;text-align:right'>&nbsp; </p> </td> <td width="1%" valign="bottom" style='width:1.0%;background:white;padding:0'> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp; </p> </td> <td width="9%" valign="bottom" style='width:9.0%;background:white;padding:0'> <p align="right" style='margin:0in;margin-bottom:.0001pt;text-align:right'>372,177</p> </td> <td width="1%" valign="bottom" style='width:1.0%;background:white;padding:0'> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp; </p> </td> </tr> <tr align="left"> <td width="56%" valign="bottom" style='width:56.0%;background:#CCEEFF;padding:0'> <p style='margin:0in;margin-bottom:.0001pt'>Changzhou Jinyue Electronics Co., Ltd</p> </td> <td width="1%" valign="bottom" style='width:1.0%;background:#CCEEFF;padding:0'> <p align="right" style='margin:0in;margin-bottom:.0001pt;text-align:right'>&nbsp; </p> </td> <td width="1%" valign="bottom" style='width:1.0%;background:#CCEEFF;padding:0'> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp; </p> </td> <td width="9%" valign="bottom" style='width:9.0%;background:#CCEEFF;padding:0'> <p align="right" style='margin:0in;margin-bottom:.0001pt;text-align:right'>-</p> </td> <td width="1%" valign="bottom" style='width:1.0%;background:#CCEEFF;padding:0'> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp; </p> </td> <td width="1%" valign="bottom" style='width:1.0%;background:#CCEEFF;padding:0'> <p align="right" style='margin:0in;margin-bottom:.0001pt;text-align:right'>&nbsp; </p> </td> <td width="1%" valign="bottom" style='width:1.0%;background:#CCEEFF;padding:0'> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp; </p> </td> <td width="9%" valign="bottom" style='width:9.0%;background:#CCEEFF;padding:0'> <p align="right" style='margin:0in;margin-bottom:.0001pt;text-align:right'>49,278</p> </td> <td width="1%" valign="bottom" style='width:1.0%;background:#CCEEFF;padding:0'> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp; </p> </td> </tr> <tr align="left"> <td width="56%" valign="bottom" style='width:56.0%;background:white;padding:0'> <p style='margin:0in;margin-bottom:.0001pt'>Changzhou Shiji Jinyue Packaging Co.,Ltd</p> </td> <td width="1%" valign="bottom" style='width:1.0%;background:white;padding:0'> <p align="right" style='margin:0in;margin-bottom:.0001pt;text-align:right'>&nbsp; </p> </td> <td width="1%" valign="bottom" style='width:1.0%;background:white;padding:0'> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp; </p> </td> <td width="9%" valign="bottom" style='width:9.0%;background:white;padding:0'> <p align="right" style='margin:0in;margin-bottom:.0001pt;text-align:right'>-</p> </td> <td width="1%" valign="bottom" style='width:1.0%;background:white;padding:0'> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp; </p> </td> <td width="1%" valign="bottom" style='width:1.0%;background:white;padding:0'> <p align="right" style='margin:0in;margin-bottom:.0001pt;text-align:right'>&nbsp; </p> </td> <td width="1%" valign="bottom" style='width:1.0%;background:white;padding:0'> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp; </p> </td> <td width="9%" valign="bottom" style='width:9.0%;background:white;padding:0'> <p align="right" style='margin:0in;margin-bottom:.0001pt;text-align:right'>371,873</p> </td> <td width="1%" valign="bottom" style='width:1.0%;background:white;padding:0'> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp; </p> </td> </tr> <tr align="left"> <td width="56%" valign="bottom" style='width:56.0%;background:#CCEEFF;padding:0'> <p style='margin:0in;margin-bottom:.0001pt'>Changzhou Shiji Jinyue Packaging Co.,Ltd</p> </td> <td width="1%" valign="bottom" style='width:1.0%;background:#CCEEFF;padding:0'> <p align="right" style='margin:0in;margin-bottom:.0001pt;text-align:right'>&nbsp; </p> </td> <td width="1%" valign="bottom" style='width:1.0%;background:#CCEEFF;padding:0'> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp; </p> </td> <td width="9%" valign="bottom" style='width:9.0%;background:#CCEEFF;padding:0'> <p align="right" style='margin:0in;margin-bottom:.0001pt;text-align:right'>-</p> </td> <td width="1%" valign="bottom" style='width:1.0%;background:#CCEEFF;padding:0'> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp; </p> </td> <td width="1%" valign="bottom" style='width:1.0%;background:#CCEEFF;padding:0'> <p align="right" style='margin:0in;margin-bottom:.0001pt;text-align:right'>&nbsp; </p> </td> <td width="1%" valign="bottom" style='width:1.0%;background:#CCEEFF;padding:0'> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp; </p> </td> <td width="9%" valign="bottom" style='width:9.0%;background:#CCEEFF;padding:0'> <p align="right" style='margin:0in;margin-bottom:.0001pt;text-align:right'>61,427</p> </td> <td width="1%" valign="bottom" style='width:1.0%;background:#CCEEFF;padding:0'> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp; </p> </td> </tr> <tr align="left"> <td width="56%" valign="bottom" style='width:56.0%;background:white;padding:0'> <p style='margin:0in;margin-bottom:.0001pt'>Ms. Pan Yile</p> </td> <td width="1%" valign="bottom" style='width:1.0%;background:white;padding:0'> <p align="right" style='margin:0in;margin-bottom:.0001pt;text-align:right'>&nbsp; </p> </td> <td width="1%" valign="bottom" style='width:1.0%;background:white;padding:0'> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp; </p> </td> <td width="9%" valign="bottom" style='width:9.0%;background:white;padding:0'> <p align="right" style='margin:0in;margin-bottom:.0001pt;text-align:right'>-</p> </td> <td width="1%" valign="bottom" style='width:1.0%;background:white;padding:0'> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp; </p> </td> <td width="1%" valign="bottom" style='width:1.0%;background:white;padding:0'> <p align="right" style='margin:0in;margin-bottom:.0001pt;text-align:right'>&nbsp; </p> </td> <td width="1%" valign="bottom" style='width:1.0%;background:white;padding:0'> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp; </p> </td> <td width="9%" valign="bottom" style='width:9.0%;background:white;padding:0'> <p align="right" style='margin:0in;margin-bottom:.0001pt;text-align:right'>312,630</p> </td> <td width="1%" valign="bottom" style='width:1.0%;background:white;padding:0'> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp; </p> </td> </tr> <tr align="left"> <td width="56%" valign="bottom" style='width:56.0%;background:#CCEEFF;padding:0'> <p style='margin:0in;margin-bottom:.0001pt'>Mr. Pan Shudong</p> </td> <td width="1%" valign="bottom" style='width:1.0%;background:#CCEEFF;padding:0'> <p align="right" style='margin:0in;margin-bottom:.0001pt;text-align:right'>&nbsp; </p> </td> <td width="1%" valign="bottom" style='width:1.0%;background:#CCEEFF;padding:0'> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp; </p> </td> <td width="9%" valign="bottom" style='width:9.0%;background:#CCEEFF;padding:0'> <p align="right" style='margin:0in;margin-bottom:.0001pt;text-align:right'>-</p> </td> <td width="1%" valign="bottom" style='width:1.0%;background:#CCEEFF;padding:0'> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp; </p> </td> <td width="1%" valign="bottom" style='width:1.0%;background:#CCEEFF;padding:0'> <p align="right" style='margin:0in;margin-bottom:.0001pt;text-align:right'>&nbsp; </p> </td> <td width="1%" valign="bottom" style='width:1.0%;background:#CCEEFF;padding:0'> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp; </p> </td> <td width="9%" valign="bottom" style='width:9.0%;background:#CCEEFF;padding:0'> <p align="right" style='margin:0in;margin-bottom:.0001pt;text-align:right'>187,156</p> </td> <td width="1%" valign="bottom" style='width:1.0%;background:#CCEEFF;padding:0'> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp; </p> </td> </tr> <tr align="left"> <td width="56%" valign="bottom" style='width:56.0%;background:white;padding:0in 0in 1.5pt 0in'> <p style='margin:0in;margin-bottom:.0001pt'>Ms. Xinmei Li</p> </td> <td width="1%" valign="bottom" style='width:1.0%;background:white;padding:0in 0in 1.5pt 0in'> <p align="right" style='margin:0in;margin-bottom:.0001pt;text-align:right'>&nbsp; </p> </td> <td width="1%" valign="bottom" style='width:1.0%;border:none;border-bottom:solid black 1.5pt;background:white;padding:0'> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp; </p> </td> <td width="9%" valign="bottom" style='width:9.0%;border:none;border-bottom:solid black 1.5pt;background:white;padding:0'> <p align="right" style='margin:0in;margin-bottom:.0001pt;text-align:right'>-</p> </td> <td width="1%" valign="bottom" style='width:1.0%;background:white;padding:0in 0in 1.5pt 0in'> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp; </p> </td> <td width="1%" valign="bottom" style='width:1.0%;background:white;padding:0in 0in 1.5pt 0in'> <p align="right" style='margin:0in;margin-bottom:.0001pt;text-align:right'>&nbsp; </p> </td> <td width="1%" valign="bottom" style='width:1.0%;border:none;border-bottom:solid black 1.5pt;background:white;padding:0'> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp; </p> </td> <td width="9%" valign="bottom" style='width:9.0%;border:none;border-bottom:solid black 1.5pt;background:white;padding:0'> <p align="right" style='margin:0in;margin-bottom:.0001pt;text-align:right'>32,376</p> </td> <td width="1%" valign="bottom" style='width:1.0%;background:white;padding:0in 0in 1.5pt 0in'> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp; </p> </td> </tr> <tr align="left"> <td width="56%" valign="bottom" style='width:56.0%;background:#CCEEFF;padding:0in 0in 3.0pt 0in'> <p style='margin:0in;margin-bottom:.0001pt'><b>Total due from related parties</b></p> </td> <td width="1%" valign="bottom" style='width:1.0%;background:#CCEEFF;padding:0in 0in 3.0pt 0in'> <p align="right" style='margin:0in;margin-bottom:.0001pt;text-align:right'>&nbsp; </p> </td> <td width="1%" valign="bottom" style='width:1.0%;border:none;border-bottom:double black 2.25pt;background:#CCEEFF;padding:0'> <p style='margin:0in;margin-bottom:.0001pt'><b>$</b></p> </td> <td width="9%" valign="bottom" style='width:9.0%;border:none;border-bottom:double black 2.25pt;background:#CCEEFF;padding:0'> <p align="right" style='margin:0in;margin-bottom:.0001pt;text-align:right'><b>-</b></p> </td> <td width="1%" valign="bottom" style='width:1.0%;background:#CCEEFF;padding:0in 0in 3.0pt 0in'> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp; </p> </td> <td width="1%" valign="bottom" style='width:1.0%;background:#CCEEFF;padding:0in 0in 3.0pt 0in'> <p align="right" style='margin:0in;margin-bottom:.0001pt;text-align:right'>&nbsp; </p> </td> <td width="1%" valign="bottom" style='width:1.0%;border:none;border-bottom:double black 2.25pt;background:#CCEEFF;padding:0'> <p style='margin:0in;margin-bottom:.0001pt'><b>$</b></p> </td> <td width="9%" valign="bottom" style='width:9.0%;border:none;border-bottom:double black 2.25pt;background:#CCEEFF;padding:0'> <p align="right" style='margin:0in;margin-bottom:.0001pt;text-align:right'><b>1,390,074</b></p> </td> <td width="1%" valign="bottom" style='width:1.0%;background:#CCEEFF;padding:0in 0in 3.0pt 0in'> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp; </p> </td> </tr> </table> </div> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp;</p> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp;&nbsp;</p> <p style='margin:0in;margin-bottom:.0001pt;text-indent:.5in'><b><i>&#160;(ii) Due to Related Parties</i></b></p> <p style='margin:0in;margin-bottom:.0001pt'><b>&nbsp;</b></p> <p style='margin:0in;margin-bottom:.0001pt'>Due to Related Parties at May 31, 2013 and 2012 consisted of the follows:</p> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp;</p> <div align="center"> <table border="0" cellspacing="0" cellpadding="0" width="80%" style='width:80.0%'> <tr align="left"> <td width="56%" valign="bottom" style='width:56.0%;padding:0in 0in 1.5pt 0in'> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp;</p> </td> <td width="1%" valign="bottom" style='width:1.0%;padding:0in 0in 1.5pt 0in'> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp;</p> </td> <td width="22%" colspan="6" valign="bottom" style='width:22.0%;border:none;border-bottom:solid black 1.5pt;padding:0'> <p align="center" style='margin:0in;margin-bottom:.0001pt;text-align:center'><b>As of May 31</b></p> </td> <td width="1%" valign="bottom" style='width:1.0%;padding:0in 0in 1.5pt 0in'> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp;</p> </td> </tr> <tr align="left"> <td width="56%" valign="bottom" style='width:56.0%;padding:0in 0in 1.5pt 0in'> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp; </p> </td> <td width="1%" valign="bottom" style='width:1.0%;padding:0in 0in 1.5pt 0in'> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp; </p> </td> <td width="10%" colspan="2" valign="bottom" style='width:10.0%;border:none;border-bottom:solid black 1.5pt;padding:0'> <p align="center" style='margin:0in;margin-bottom:.0001pt;text-align:center'><b>2013</b></p> </td> <td width="1%" valign="bottom" style='width:1.0%;padding:0in 0in 1.5pt 0in'> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp; </p> </td> <td width="1%" valign="bottom" style='width:1.0%;padding:0in 0in 1.5pt 0in'> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp; </p> </td> <td width="10%" colspan="2" valign="bottom" style='width:10.0%;border:none;border-bottom:solid black 1.5pt;padding:0'> <p align="center" style='margin:0in;margin-bottom:.0001pt;text-align:center'><b>2012</b></p> </td> <td width="1%" valign="bottom" style='width:1.0%;padding:0in 0in 1.5pt 0in'> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp; </p> </td> </tr> <tr align="left"> <td width="56%" valign="bottom" style='width:56.0%;background:#CCEEFF;padding:0'> <p style='margin:0in;margin-bottom:.0001pt'>Changzhou Leyuan International Trade Co.,Ltd</p> </td> <td width="1%" valign="bottom" style='width:1.0%;background:#CCEEFF;padding:0'> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp; </p> </td> <td width="1%" valign="bottom" style='width:1.0%;background:#CCEEFF;padding:0'> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp;$</p> </td> <td width="9%" valign="bottom" style='width:9.0%;background:#CCEEFF;padding:0'> <p align="right" style='margin:0in;margin-bottom:.0001pt;text-align:right'>-</p> </td> <td width="1%" valign="bottom" style='width:1.0%;background:#CCEEFF;padding:0'> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp; </p> </td> <td width="1%" valign="bottom" style='width:1.0%;background:#CCEEFF;padding:0'> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp; </p> </td> <td width="1%" valign="bottom" style='width:1.0%;background:#CCEEFF;padding:0'> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp;$</p> </td> <td width="9%" valign="bottom" style='width:9.0%;background:#CCEEFF;padding:0'> <p align="right" style='margin:0in;margin-bottom:.0001pt;text-align:right'>114,090</p> </td> <td width="1%" valign="bottom" style='width:1.0%;background:#CCEEFF;padding:0'> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp; </p> </td> </tr> <tr align="left"> <td width="56%" valign="bottom" style='width:56.0%;background:white;padding:0in 0in 1.5pt 0in'> <p style='margin:0in;margin-bottom:.0001pt'>Changzhou Hengchuan Plastics Co, Ltd</p> </td> <td width="1%" valign="bottom" style='width:1.0%;background:white;padding:0in 0in 1.5pt 0in'> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp; </p> </td> <td width="1%" valign="bottom" style='width:1.0%;border:none;border-bottom:solid black 1.5pt;background:white;padding:0'> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp; </p> </td> <td width="9%" valign="bottom" style='width:9.0%;border:none;border-bottom:solid black 1.5pt;background:white;padding:0'> <p align="right" style='margin:0in;margin-bottom:.0001pt;text-align:right'>-</p> </td> <td width="1%" valign="bottom" style='width:1.0%;background:white;padding:0in 0in 1.5pt 0in'> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp; </p> </td> <td width="1%" valign="bottom" style='width:1.0%;background:white;padding:0in 0in 1.5pt 0in'> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp; </p> </td> <td width="1%" valign="bottom" style='width:1.0%;border:none;border-bottom:solid black 1.5pt;background:white;padding:0'> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp; </p> </td> <td width="9%" valign="bottom" style='width:9.0%;border:none;border-bottom:solid black 1.5pt;background:white;padding:0'> <p align="right" style='margin:0in;margin-bottom:.0001pt;text-align:right'>80,222</p> </td> <td width="1%" valign="bottom" style='width:1.0%;background:white;padding:0in 0in 1.5pt 0in'> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp; </p> </td> </tr> <tr align="left"> <td width="56%" valign="bottom" style='width:56.0%;background:#CCEEFF;padding:0in 0in 3.0pt 0in'> <p style='margin:0in;margin-bottom:.0001pt'><b>Total due to related parties</b></p> </td> <td width="1%" valign="bottom" style='width:1.0%;background:#CCEEFF;padding:0in 0in 3.0pt 0in'> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp; </p> </td> <td width="1%" valign="bottom" style='width:1.0%;border:none;border-bottom:double black 2.25pt;background:#CCEEFF;padding:0'> <p style='margin:0in;margin-bottom:.0001pt'><b>&nbsp;$</b></p> </td> <td width="9%" valign="bottom" style='width:9.0%;border:none;border-bottom:double black 2.25pt;background:#CCEEFF;padding:0'> <p align="right" style='margin:0in;margin-bottom:.0001pt;text-align:right'><b>-</b></p> </td> <td width="1%" valign="bottom" style='width:1.0%;background:#CCEEFF;padding:0in 0in 3.0pt 0in'> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp; </p> </td> <td width="1%" valign="bottom" style='width:1.0%;background:#CCEEFF;padding:0in 0in 3.0pt 0in'> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp; </p> </td> <td width="1%" valign="bottom" style='width:1.0%;border:none;border-bottom:double black 2.25pt;background:#CCEEFF;padding:0'> <p style='margin:0in;margin-bottom:.0001pt'><b>&nbsp;$</b></p> </td> <td width="9%" valign="bottom" style='width:9.0%;border:none;border-bottom:double black 2.25pt;background:#CCEEFF;padding:0'> <p align="right" style='margin:0in;margin-bottom:.0001pt;text-align:right'><b>194,312</b></p> </td> <td width="1%" valign="bottom" style='width:1.0%;background:#CCEEFF;padding:0in 0in 3.0pt 0in'> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp; </p> </td> </tr> </table> </div> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp;</p> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp;</p> <p style='margin:0in;margin-bottom:.0001pt;text-indent:.5in'>&nbsp;<b><i>(ii) Sales to related parties</i></b></p> <p style='margin:0in;margin-bottom:.0001pt;text-indent:.5in'>&nbsp;</p> <p style='margin:0in;margin-bottom:.0001pt'>During the year ended May 31, 2013, the Company sold products for a total of $108,756 to Changzhou Jinyue Electronic Co.,Ltd. During the year ended May 31, 2012, the Company sold products for a total of $18,974 to Changzhou Jinyue Electronic Co., Ltd., and for a total of $845,547 to Changzhou Leyuan International Trade Co., Ltd.</p>falsefalsefalsenonnum:textBlockItemTypenaThe entire disclosure for related party transactions. 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    Note 6 - Related Party Transactions and Balances
    		 12 Months Ended
    May 31, 2013
    Notes  
    Note 6 - Related Party Transactions and Balances

    NOTE 6 - RELATED PARTY TRANSACTIONS AND BALANCES

     

    An individual or entity is considered to be a related party if the person or the entity has the ability, directly or indirectly, to control the other party or exercise significant influence over the other party in making financial and operational decisions. An individual or entity is also considered to be related if the person or the entity is subject to common control or common significant influence.

     

    The related parties of the company are as follows: 

    Name of entity or individual

    Relationship with the Company

    Changzhou Hengchuan Plastics Co, Ltd

    Entity controlled by Mr. Pan Shudong and His Wife

    Changzhou Shiji Jinyue Packaging Co.,Ltd

    Entity controlled by Mr. Pan Shudong’s Sister

    Changzhou Jinyue Electronic Co.,Ltd

    Entity controlled by Mr. Pan Shudong’s Sister

    Changzhou Leyuan International Trade Co.,Ltd

    Entity controlled by Mr. Pan Shudong’s Sister

    Mr. Pan Shudong

    Controlling Shareholder and CEO of the Company

    Ms.Li Xinmei

    Mr. Pan Shudong’s Wife and Director of  Huayue Electronics, Inc.

    Ms. Pan Yile

    Mr. Pan Shudong’s Daughter and Officer of  Huayue Electronics, Inc.

     

     (i) Due from Related Party: 

     

    Due from Related Parties, at May 31, 2013 and 2012, consisted of the following balances:

     

     

     

    May 31,

     

     

     

     2013

     

     

    2012

     

    Changzhou Hengchuan Plastics Co, Ltd

     

    $

    -

     

     

    $

    3,157

     

    Changzhou Hengchuan Plastics Co, Ltd

     

    $

    -

     

     

     

    372,177

     

    Changzhou Jinyue Electronics Co., Ltd

     

     

    -

     

     

     

    49,278

     

    Changzhou Shiji Jinyue Packaging Co.,Ltd

     

     

    -

     

     

     

    371,873

     

    Changzhou Shiji Jinyue Packaging Co.,Ltd

     

     

    -

     

     

     

    61,427

     

    Ms. Pan Yile

     

     

    -

     

     

     

    312,630

     

    Mr. Pan Shudong

     

     

    -

     

     

     

    187,156

     

    Ms. Xinmei Li

     

     

    -

     

     

     

    32,376

     

    Total due from related parties

     

    $

    -

     

     

    $

    1,390,074

     

     

      

     (ii) Due to Related Parties

     

    Due to Related Parties at May 31, 2013 and 2012 consisted of the follows:

     

     

     

    As of May 31

     

     

     

    2013

     

     

    2012

     

    Changzhou Leyuan International Trade Co.,Ltd

     

     $

    -

     

     

     $

    114,090

     

    Changzhou Hengchuan Plastics Co, Ltd

     

     

    -

     

     

     

    80,222

     

    Total due to related parties

     

     $

    -

     

     

     $

    194,312

     

     

     

     (ii) Sales to related parties

     

    During the year ended May 31, 2013, the Company sold products for a total of $108,756 to Changzhou Jinyue Electronic Co.,Ltd. During the year ended May 31, 2012, the Company sold products for a total of $18,974 to Changzhou Jinyue Electronic Co., Ltd., and for a total of $845,547 to Changzhou Leyuan International Trade Co., Ltd.
    XML 58 R14.xml IDEA: Note 9 - Taxes Payable 2.4.0.8000140 - Disclosure - Note 9 - Taxes Payabletruefalsefalse1false falsefalseD120601_130531http://www.sec.gov/CIK0001315756duration2012-06-01T00:00:002013-05-31T00:00:001true 1us-gaap_DisclosureTextBlockAbstractus-gaap_truenadurationfalsefalsefalsefalsefalsefalsefalsefalse1falsefalsefalse00falsefalsefalsexbrli:stringItemTypestringfalse02false 2us-gaap_OtherLiabilitiesDisclosureTextBlockus-gaap_truenadurationfalsefalsefalsefalsefalsefalsefalsefalse1falsefalsefalse00<!--egx--><p style='margin:0in;margin-bottom:.0001pt'><b>NOTE 9 - TAXES PAYABLE</b></p> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp;</p> <p style='margin:0in;margin-bottom:.0001pt'>Taxes payable at May 31, 2013 and 2012 are as follows:</p> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp;</p> <div align="center"> <table border="0" cellspacing="0" cellpadding="0" width="80%" style='width:80.0%'> <tr align="left"> <td width="56%" valign="bottom" style='width:56.0%;padding:0in 0in 1.5pt 0in'> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp; </p> </td> <td width="1%" valign="bottom" style='width:1.0%;padding:0in 0in 1.5pt 0in'> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp; </p> </td> <td width="22%" colspan="6" valign="bottom" style='width:22.0%;border:none;border-bottom:solid black 1.5pt;padding:0'> <p align="center" style='margin:0in;margin-bottom:.0001pt;text-align:center'>As of May 31,</p> </td> <td width="1%" valign="bottom" style='width:1.0%;padding:0in 0in 1.5pt 0in'> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp; </p> </td> </tr> <tr align="left"> <td width="56%" valign="bottom" style='width:56.0%;padding:0in 0in 1.5pt 0in'> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp; </p> </td> <td width="1%" valign="bottom" style='width:1.0%;padding:0in 0in 1.5pt 0in'> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp; </p> </td> <td width="10%" colspan="2" valign="bottom" style='width:10.0%;border:none;border-bottom:solid black 1.5pt;padding:0'> <p align="center" style='margin:0in;margin-bottom:.0001pt;text-align:center'>2013</p> </td> <td width="1%" valign="bottom" style='width:1.0%;padding:0in 0in 1.5pt 0in'> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp; </p> </td> <td width="1%" valign="bottom" style='width:1.0%;padding:0in 0in 1.5pt 0in'> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp; </p> </td> <td width="10%" colspan="2" valign="bottom" style='width:10.0%;border:none;border-bottom:solid black 1.5pt;padding:0'> <p align="center" style='margin:0in;margin-bottom:.0001pt;text-align:center'>2012</p> </td> <td width="1%" valign="bottom" style='width:1.0%;padding:0in 0in 1.5pt 0in'> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp; </p> </td> </tr> <tr align="left"> <td width="56%" valign="bottom" style='width:56.0%;background:#CCEEFF;padding:0'> <p style='margin:0in;margin-bottom:.0001pt'>Corporate Income Tax</p> </td> <td width="1%" valign="bottom" style='width:1.0%;background:#CCEEFF;padding:0'> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp; </p> </td> <td width="1%" valign="bottom" style='width:1.0%;background:#CCEEFF;padding:0'> <p style='margin:0in;margin-bottom:.0001pt'>$</p> </td> <td width="9%" valign="bottom" style='width:9.0%;background:#CCEEFF;padding:0'> <p align="right" style='margin:0in;margin-bottom:.0001pt;text-align:right'>973,163</p> </td> <td width="1%" valign="bottom" style='width:1.0%;background:#CCEEFF;padding:0'> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp; </p> </td> <td width="1%" valign="bottom" style='width:1.0%;background:#CCEEFF;padding:0'> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp; </p> </td> <td width="1%" valign="bottom" style='width:1.0%;background:#CCEEFF;padding:0'> <p style='margin:0in;margin-bottom:.0001pt'>$</p> </td> <td width="9%" valign="bottom" style='width:9.0%;background:#CCEEFF;padding:0'> <p align="right" style='margin:0in;margin-bottom:.0001pt;text-align:right'>106,366</p> </td> <td width="1%" valign="bottom" style='width:1.0%;background:#CCEEFF;padding:0'> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp; </p> </td> </tr> <tr align="left"> <td width="56%" valign="bottom" style='width:56.0%;background:white;padding:0'> <p style='margin:0in;margin-bottom:.0001pt'>Value-Added Tax</p> </td> <td width="1%" valign="bottom" style='width:1.0%;background:white;padding:0'> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp; </p> </td> <td width="1%" valign="bottom" style='width:1.0%;background:white;padding:0'> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp; </p> </td> <td width="9%" valign="bottom" style='width:9.0%;background:white;padding:0'> <p align="right" style='margin:0in;margin-bottom:.0001pt;text-align:right'>812,243</p> </td> <td width="1%" valign="bottom" style='width:1.0%;background:white;padding:0'> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp; </p> </td> <td width="1%" valign="bottom" style='width:1.0%;background:white;padding:0'> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp; </p> </td> <td width="1%" valign="bottom" style='width:1.0%;background:white;padding:0'> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp; </p> </td> <td width="9%" valign="bottom" style='width:9.0%;background:white;padding:0'> <p align="right" style='margin:0in;margin-bottom:.0001pt;text-align:right'>134,962</p> </td> <td width="1%" valign="bottom" style='width:1.0%;background:white;padding:0'> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp; </p> </td> </tr> <tr align="left"> <td width="56%" valign="bottom" style='width:56.0%;background:#CCEEFF;padding:0in 0in 1.5pt 0in'> <p style='margin:0in;margin-bottom:.0001pt'>Other Tax &amp; Fees</p> </td> <td width="1%" valign="bottom" style='width:1.0%;background:#CCEEFF;padding:0in 0in 1.5pt 0in'> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp; </p> </td> <td width="1%" valign="bottom" style='width:1.0%;border:none;border-bottom:solid black 1.5pt;background:#CCEEFF;padding:0'> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp; </p> </td> <td width="9%" valign="bottom" style='width:9.0%;border:none;border-bottom:solid black 1.5pt;background:#CCEEFF;padding:0'> <p align="right" style='margin:0in;margin-bottom:.0001pt;text-align:right'>191,546</p> </td> <td width="1%" valign="bottom" style='width:1.0%;background:#CCEEFF;padding:0in 0in 1.5pt 0in'> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp; </p> </td> <td width="1%" valign="bottom" style='width:1.0%;background:#CCEEFF;padding:0in 0in 1.5pt 0in'> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp; </p> </td> <td width="1%" valign="bottom" style='width:1.0%;border:none;border-bottom:solid black 1.5pt;background:#CCEEFF;padding:0'> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp; </p> </td> <td width="9%" valign="bottom" style='width:9.0%;border:none;border-bottom:solid black 1.5pt;background:#CCEEFF;padding:0'> <p align="right" style='margin:0in;margin-bottom:.0001pt;text-align:right'>370</p> </td> <td width="1%" valign="bottom" style='width:1.0%;background:#CCEEFF;padding:0in 0in 1.5pt 0in'> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp; </p> </td> </tr> <tr align="left"> <td width="56%" valign="bottom" style='width:56.0%;background:white;padding:0in 0in 3.0pt 0in'> <p style='margin:0in;margin-bottom:.0001pt'><b>Total</b></p> </td> <td width="1%" valign="bottom" style='width:1.0%;background:white;padding:0in 0in 3.0pt 0in'> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp; </p> </td> <td width="1%" valign="bottom" style='width:1.0%;border:none;border-bottom:double black 2.25pt;background:white;padding:0'> <p style='margin:0in;margin-bottom:.0001pt'><b>$</b></p> </td> <td width="9%" valign="bottom" style='width:9.0%;border:none;border-bottom:double black 2.25pt;background:white;padding:0'> <p align="right" style='margin:0in;margin-bottom:.0001pt;text-align:right'><b>1,976,952</b></p> </td> <td width="1%" valign="bottom" style='width:1.0%;background:white;padding:0in 0in 3.0pt 0in'> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp; </p> </td> <td width="1%" valign="bottom" style='width:1.0%;background:white;padding:0in 0in 3.0pt 0in'> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp; </p> </td> <td width="1%" valign="bottom" style='width:1.0%;border:none;border-bottom:double black 2.25pt;background:white;padding:0'> <p style='margin:0in;margin-bottom:.0001pt'><b>$</b></p> </td> <td width="9%" valign="bottom" style='width:9.0%;border:none;border-bottom:double black 2.25pt;background:white;padding:0'> <p align="right" style='margin:0in;margin-bottom:.0001pt;text-align:right'><b>241,698</b></p> </td> <td width="1%" valign="bottom" style='width:1.0%;background:white;padding:0in 0in 3.0pt 0in'> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp; </p> </td> </tr> </table> </div> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp;</p> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp;</p>falsefalsefalsenonnum:textBlockItemTypenaThe entire disclosure for other liabilities.Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Regulation S-X (SX) -Number 210 -Section 02 -Paragraph 20, 24 -Article 5 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 210 -SubTopic 10 -Section S99 -Paragraph 1 -Subparagraph (SX 210.5-02.20,24) -URI http://asc.fasb.org/extlink&oid=6877327&loc=d3e13212-122682 false0falseNote 9 - Taxes PayableUnKnownUnKnownUnKnownUnKnowntruefalsefalseSheethttp://huayxbrl.com/20130531/role/idr_DisclosureNote9TaxesPayable12 XML 59 R2.xml IDEA: CONSOLIDATED BALANCE SHEET 2.4.0.8000020 - Statement - CONSOLIDATED BALANCE SHEETtruefalsefalse1false USDfalsefalse$I130531http://www.sec.gov/CIK0001315756instant2013-05-31T00:00:000001-01-01T00:00:00USDStandardhttp://www.xbrl.org/2003/iso4217USDiso42170USDUSD$2false USDfalsefalse$I120531http://www.sec.gov/CIK0001315756instant2012-05-31T00:00:000001-01-01T00:00:00USDStandardhttp://www.xbrl.org/2003/iso4217USDiso42170USDUSD$1true 2us-gaap_AssetsCurrentAbstractus-gaap_truenadurationfalsefalsefalsefalsefalsefalsefalsefalse1falsefalsefalse00falsefalsefalse2falsefalsefalse00falsefalsefalsexbrli:stringItemTypestringfalse02false 3us-gaap_Cashus-gaap_truedebitinstantfalsefalsefalsefalsefalsefalsefalsefalse1truefalsefalse269065269065USD$falsetruefalse2truefalsefalse138740138740USD$falsetruefalsexbrli:monetaryItemTypemonetaryAmount of currency on hand as well as demand deposits with banks or financial institutions. 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Used to reflect the current portion of the liabilities (due within one year or within the normal operating cycle if longer).Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 210 -SubTopic 10 -Section S99 -Paragraph 1 -Subparagraph (SX 210.5-02.19,20) -URI http://asc.fasb.org/extlink&oid=6877327&loc=d3e13212-122682 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Regulation S-X (SX) -Number 210 -Section 02 -Paragraph 20 -Article 5 Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Regulation S-X (SX) -Number 210 -Section 02 -Paragraph 19 -Article 5 false218false 3us-gaap_CustomerAdvancesCurrentus-gaap_truecreditinstantfalsefalsefalsefalsefalsefalsefalsefalse1truefalsefalse269104269104falsefalsefalse2truefalsefalse703713703713falsefalsefalsexbrli:monetaryItemTypemonetaryThe current portion of prepayments received from customers for goods or services to be provided in the future.Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 210 -SubTopic 10 -Section S99 -Paragraph 1 -Subparagraph (SX 210.5-02.20) -URI http://asc.fasb.org/extlink&oid=6877327&loc=d3e13212-122682 false219false 3us-gaap_DueToRelatedPartiesCurrentAndNoncurrentus-gaap_truecreditinstantfalsefalsefalsefalsefalsefalsefalsefalse1falsefalsefalse00falsefalsefalse2truefalsefalse194312194312falsefalsefalsexbrli:monetaryItemTypemonetaryCarrying amount as of the balance sheet date of obligations due all related parties.Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 235 -SubTopic 10 -Section S99 -Paragraph 1 -Subparagraph (SX 210.4-08.(k)(1)) -URI http://asc.fasb.org/extlink&oid=26873400&loc=d3e23780-122690 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 850 -SubTopic 10 -Section 50 -Paragraph 1 -Subparagraph (d) -URI http://asc.fasb.org/extlink&oid=6457730&loc=d3e39549-107864 Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Regulation S-X (SX) -Number 210 -Section 08 -Paragraph k -Subparagraph 1 -Article 4 Reference 4: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 944 -SubTopic 210 -Section S99 -Paragraph 1 -Subparagraph (SX 210.7-03.17) -URI http://asc.fasb.org/extlink&oid=6879938&loc=d3e572229-122910 Reference 5: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Regulation S-X (SX) -Number 210 -Section 03 -Paragraph 17 -Article 7 Reference 6: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 942 -SubTopic 210 -Section S99 -Paragraph 1 -Subparagraph (SX 210.9-03.15(3),(4)) -URI http://asc.fasb.org/extlink&oid=6876686&loc=d3e534808-122878 Reference 7: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Regulation S-X (SX) -Number 210 -Section 03 -Paragraph 15 -Subparagraph 3, 4 -Article 9 false220false 3us-gaap_OtherLiabilitiesCurrentus-gaap_truecreditinstantfalsefalsefalsefalsefalsefalsefalsefalse1falsefalsefalse00falsefalsefalse2truefalsefalse607340607340falsefalsefalsexbrli:monetaryItemTypemonetaryAggregate carrying amount of current liabilities (due within one year or within the normal operating cycle if longer) not separately disclosed in the balance sheet. Includes costs that are statutory in nature, are incurred on contractual obligations, or accumulate over time and for which invoices have not yet been received or will not be rendered and of liabilities not separately disclosed.Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Regulation S-X (SX) -Number 210 -Section 02 -Paragraph 20 -Article 5 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 210 -SubTopic 10 -Section S99 -Paragraph 1 -Subparagraph (SX 210.5-02.20) -URI http://asc.fasb.org/extlink&oid=6877327&loc=d3e13212-122682 Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 210 -SubTopic 10 -Section 45 -Paragraph 6 -URI http://asc.fasb.org/extlink&oid=28358313&loc=d3e6911-107765 Reference 4: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 210 -SubTopic 10 -Section 45 -Paragraph 5 -URI http://asc.fasb.org/extlink&oid=28358313&loc=d3e6904-107765 false221false 3us-gaap_LiabilitiesCurrentus-gaap_truecreditinstantfalsefalsefalsefalsefalsefalsefalsefalsetotalLabel1truefalsefalse74349207434920falsefalsefalse2truefalsefalse1085707110857071falsefalsefalsexbrli:monetaryItemTypemonetaryTotal obligations incurred as part of normal operations that are expected to be paid during the following twelve months or within one business cycle, if longer.Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 210 -SubTopic 10 -Section S99 -Paragraph 1 -Subparagraph (SX 210.5-02.21) -URI http://asc.fasb.org/extlink&oid=6877327&loc=d3e13212-122682 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Regulation S-X (SX) -Number 210 -Section 02 -Paragraph 21 -Article 5 true222false 2us-gaap_Liabilitiesus-gaap_truecreditinstantfalsefalsefalsefalsefalsefalsefalsefalsetotalLabel1truefalsefalse74349207434920falsefalsefalse2truefalsefalse1085707110857071falsefalsefalsexbrli:monetaryItemTypemonetarySum of the carrying amounts as of the balance sheet date of all liabilities that are recognized. Liabilities are probable future sacrifices of economic benefits arising from present obligations of an entity to transfer assets or provide services to other entities in the future.Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 210 -SubTopic 10 -Section S99 -Paragraph 1 -Subparagraph (SX 210.5-02.19-26) -URI http://asc.fasb.org/extlink&oid=6877327&loc=d3e13212-122682 true223false 2us-gaap_CommitmentsAndContingenciesus-gaap_truecreditinstantfalsefalsefalsefalsefalsefalsefalsefalse1falsefalsefalse00&nbsp;&nbsp;falsefalsefalse2falsefalsefalse00&nbsp;&nbsp;falsefalsefalsexbrli:monetaryItemTypemonetaryRepresents the caption on the face of the balance sheet to indicate that the entity has entered into (1) purchase or supply arrangements that will require expending a portion of its resources to meet the terms thereof, and (2) is exposed to potential losses or, less frequently, gains, arising from (a) possible claims against a company's resources due to future performance under contract terms, and (b) possible losses or likely gains from uncertainties that will ultimately be resolved when one or more future events that are deemed likely to occur do occur or fail to occur.Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 450 -SubTopic 20 -Section 50 -Paragraph 1 -URI http://asc.fasb.org/extlink&oid=25496072&loc=d3e14326-108349 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 210 -SubTopic 10 -Section S99 -Paragraph 1 -Subparagraph (SX 210.5-02.25) -URI http://asc.fasb.org/extlink&oid=6877327&loc=d3e13212-122682 Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Regulation S-X (SX) -Number 210 -Section 02 -Paragraph 25 -Article 5 Reference 4: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Regulation S-X (SX) -Number 210 -Section 03 -Paragraph 19 -Article 7 Reference 5: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Regulation S-X (SX) -Number 210 -Section 03 -Paragraph 17 -Article 9 Reference 6: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 942 -SubTopic 210 -Section S99 -Paragraph 1 -Subparagraph (SX 210.9-03.17) -URI http://asc.fasb.org/extlink&oid=6876686&loc=d3e534808-122878 Reference 7: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 944 -SubTopic 210 -Section S99 -Paragraph 1 -Subparagraph (SX 210.7-03.(a),19) -URI http://asc.fasb.org/extlink&oid=6879938&loc=d3e572229-122910 false224true 2us-gaap_StockholdersEquityAbstractus-gaap_truenadurationfalsefalsefalsefalsefalsefalsefalsefalse1falsefalsefalse00falsefalsefalse2falsefalsefalse00falsefalsefalsexbrli:stringItemTypestringfalse025false 3us-gaap_CommonStockValueus-gaap_truecreditinstantfalsefalsefalsefalsefalsefalsefalsefalse1truefalsefalse3132831328falsefalsefalse2truefalsefalse3006830068falsefalsefalsexbrli:monetaryItemTypemonetaryAggregate par or stated value of issued nonredeemable common stock (or common stock redeemable solely at the option of the issuer). This item includes treasury stock repurchased by the entity. Note: elements for number of nonredeemable common shares, par value and other disclosure concepts are in another section within stockholders' equity.Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 210 -SubTopic 10 -Section S99 -Paragraph 1 -Subparagraph (SX 210.5-02.29) -URI http://asc.fasb.org/extlink&oid=6877327&loc=d3e13212-122682 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Regulation S-X (SX) -Number 210 -Section 02 -Paragraph 30 -Article 5 false226false 3us-gaap_AdditionalPaidInCapitalus-gaap_truecreditinstantfalsefalsefalsefalsefalsefalsefalsefalse1truefalsefalse68663526866352falsefalsefalse2truefalsefalse669932669932falsefalsefalsexbrli:monetaryItemTypemonetaryExcess of issue price over par or stated value of the entity's capital stock and amounts received from other transactions involving the entity's stock or stockholders. Includes adjustments to additional paid in capital. Some examples of such adjustments include recording the issuance of debt with a beneficial conversion feature and certain tax consequences of equity instruments awarded to employees. Use this element for the aggregate amount of additional paid-in capital associated with common and preferred stock. For additional paid-in capital associated with only common stock, use the element additional paid in capital, common stock. For additional paid-in capital associated with only preferred stock, use the element additional paid in capital, preferred stock.Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Regulation S-X (SX) -Number 210 -Section 02 -Paragraph 31 -Article 5 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 210 -SubTopic 10 -Section S99 -Paragraph 1 -Subparagraph (SX 210.5-02.30(a)(1)) -URI http://asc.fasb.org/extlink&oid=6877327&loc=d3e13212-122682 false227false 3us-gaap_RetainedEarningsAppropriatedus-gaap_truecreditinstantfalsefalsefalsefalsefalsefalsefalsefalse1truefalsefalse406991406991falsefalsefalse2truefalsefalse3126331263falsefalsefalsexbrli:monetaryItemTypemonetaryA segregation of retained earnings which is unavailable for dividend distribution. Includes also retained earnings appropriated for loss contingencies.Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Regulation S-X (SX) -Number 210 -Section 02 -Paragraph 31 -Article 5 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 210 -SubTopic 10 -Section S99 -Paragraph 1 -Subparagraph (SX 210.5-02.30(a)(3)(i)) -URI http://asc.fasb.org/extlink&oid=6877327&loc=d3e13212-122682 Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 505 -SubTopic 10 -Section 45 -Paragraph 3 -URI http://asc.fasb.org/extlink&oid=6403732&loc=d3e21332-112643 Reference 4: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 944 -SubTopic 210 -Section S99 -Paragraph 1 -Subparagraph (SX 210.7-03.23(4)) -URI http://asc.fasb.org/extlink&oid=6879938&loc=d3e572229-122910 Reference 5: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Regulation S-X (SX) -Number 210 -Section 03 -Paragraph 24 -Subparagraph a(4) -Article 7 Reference 6: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 505 -SubTopic 10 -Section 45 -Paragraph 4 -URI http://asc.fasb.org/extlink&oid=6403732&loc=d3e21346-112643 false228false 3us-gaap_AccumulatedOtherComprehensiveIncomeLossNetOfTaxus-gaap_truecreditinstantfalsefalsefalsefalsefalsefalsefalsefalse1truefalsefalse298440298440falsefalsefalse2truefalsefalse8937489374falsefalsefalsexbrli:monetaryItemTypemonetaryAccumulated change in equity from transactions and other events and circumstances from non-owner sources, net of tax effect, at period end. Excludes Net Income (Loss), and accumulated changes in equity from transactions resulting from investments by owners and distributions to owners. Includes foreign currency translation items, certain pension adjustments, unrealized gains and losses on certain investments in debt and equity securities, other than temporary impairment (OTTI) losses related to factors other than credit losses on available-for-sale and held-to-maturity debt securities that an entity does not intend to sell and it is not more likely than not that the entity will be required to sell before recovery of the amortized cost basis, as well as changes in the fair value of derivatives related to the effective portion of a designated cash flow hedge.Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 220 -SubTopic 10 -Section 45 -Paragraph 14A -URI http://asc.fasb.org/extlink&oid=28358780&loc=SL7669686-108580 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 220 -SubTopic 10 -Section 45 -Paragraph 11 -URI http://asc.fasb.org/extlink&oid=28358780&loc=d3e637-108580 Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 220 -SubTopic 10 -Section 45 -Paragraph 14 -URI http://asc.fasb.org/extlink&oid=28358780&loc=d3e681-108580 Reference 4: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Regulation S-X (SX) -Number 210 -Section 02 -Paragraph 31 -Article 5 Reference 5: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Regulation S-X (SX) -Number 210 -Section 04 -Article 3 false229false 3us-gaap_RetainedEarningsAccumulatedDeficitus-gaap_truecreditinstantfalsefalsefalsefalsefalsefalsefalsefalse1truefalsefalse39113593911359falsefalsefalse2truefalsefalse529803529803falsefalsefalsexbrli:monetaryItemTypemonetaryThe cumulative amount of the reporting entity's undistributed earnings or deficit.Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Regulation S-X (SX) -Number 210 -Section 02 -Paragraph 31 -Article 5 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Regulation S-X (SX) -Number 210 -Section 04 -Article 3 Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 210 -SubTopic 10 -Section S99 -Paragraph 1 -Subparagraph (SX 210.5-02.31(a)(3)) -URI http://asc.fasb.org/extlink&oid=6877327&loc=d3e13212-122682 false230false 3us-gaap_StockholdersEquityus-gaap_truecreditinstantfalsefalsefalsefalsefalsefalsefalsefalsetotalLabel1truefalsefalse1151447011514470falsefalsefalse2truefalsefalse13504401350440falsefalsefalsexbrli:monetaryItemTypemonetaryTotal of all stockholders' equity (deficit) items, net of receivables from officers, directors, owners, and affiliates of the entity which are attributable to the parent. The amount of the economic entity's stockholders' equity attributable to the parent excludes the amount of stockholders' equity which is allocable to that ownership interest in subsidiary equity which is not attributable to the parent (noncontrolling interest, minority interest). This excludes temporary equity and is sometimes called permanent equity.Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 310 -SubTopic 10 -Section S99 -Paragraph 2 -Subparagraph (SAB TOPIC 4.E) -URI http://asc.fasb.org/extlink&oid=27010918&loc=d3e74512-122707 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Staff Accounting Bulletin (SAB) -Number Topic 4 -Section E Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 210 -SubTopic 10 -Section S99 -Paragraph 1 -Subparagraph (SX 210.5-02.29-31) -URI http://asc.fasb.org/extlink&oid=6877327&loc=d3e13212-122682 Reference 4: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Regulation S-X (SX) -Number 210 -Section 02 -Paragraph 29, 30, 31 -Article 5 true231false 2us-gaap_LiabilitiesAndStockholdersEquityus-gaap_truecreditinstantfalsefalsefalsefalsefalsefalsefalsefalsetotalLabel1truefalsefalse1894939018949390USD$falsetruefalse2truefalsefalse1220751112207511USD$falsetruefalsexbrli:monetaryItemTypemonetaryAmount of liabilities and equity items, including the portion of equity attributable to noncontrolling interests, if any.Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 210 -SubTopic 10 -Section S99 -Paragraph 1 -Subparagraph (SX 210.5-02.32) -URI http://asc.fasb.org/extlink&oid=6877327&loc=d3e13212-122682 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Regulation S-X (SX) -Number 210 -Section 03 -Paragraph 25 -Article 7 Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Regulation S-X (SX) -Number 210 -Section 02 -Paragraph 32 -Article 5 true2falseCONSOLIDATED BALANCE SHEET (USD $)NoRoundingUnKnownUnKnownUnKnowntruefalsefalseSheethttp://huayxbrl.com/20130531/role/idr_CONSOLIDATEDBALANCESHEET231 XML 60 R61.xml IDEA: Note 10 - Income Taxes: (ii) The Following Table Summarizes Deferred Taxes Resulting From Differences Between Financial Accounting Basis and Tax Basis of Assets and Liabilities (Details) 2.4.0.8000610 - Disclosure - Note 10 - Income Taxes: (ii) The Following Table Summarizes Deferred Taxes Resulting From Differences Between Financial Accounting Basis and Tax Basis of Assets and Liabilities (Details)truefalsefalse1false USDfalsefalse$I130531http://www.sec.gov/CIK0001315756instant2013-05-31T00:00:000001-01-01T00:00:00USDStandardhttp://www.xbrl.org/2003/iso4217USDiso42170USDUSD$2false USDfalsefalse$I120531http://www.sec.gov/CIK0001315756instant2012-05-31T00:00:000001-01-01T00:00:00USDStandardhttp://www.xbrl.org/2003/iso4217USDiso42170USDUSD$1true 1us-gaap_TextBlockAbstractus-gaap_truenadurationfalsefalsefalsefalsefalsefalsefalsefalse1falsefalsefalse00falsefalsefalse2falsefalsefalse00falsefalsefalsexbrli:stringItemTypestringfalse02false 2us-gaap_DeferredTaxAssetsValuationAllowanceus-gaap_truecreditinstantfalsefalsefalsefalsefalsefalsefalsefalse1truefalsefalse3915939159USD$falsetruefalse2truefalsefalse3823838238USD$falsetruefalsexbrli:monetaryItemTypemonetaryAmount of deferred tax assets for which it is more likely than not that a tax benefit will not be realized.Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (c) -URI http://asc.fasb.org/extlink&oid=6907707&loc=d3e32537-109319 false23false 2us-gaap_DeferredTaxAssetsNetNoncurrentus-gaap_truedebitinstantfalsefalsefalsefalsefalsefalsefalsefalse1truefalsefalse3915939159falsefalsefalse2truefalsefalse3823838238falsefalsefalsexbrli:monetaryItemTypemonetaryAmount after allocation of valuation allowances of noncurrent deferred tax asset attributable to deductible temporary differences and carryforwards. Noncurrent assets are expected to be realized or consumed after one year (or the normal operating cycle, if longer).Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 10 -Section 45 -Paragraph 4 -URI http://asc.fasb.org/extlink&oid=21917399&loc=d3e31917-109318 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (b) -URI http://asc.fasb.org/extlink&oid=6907707&loc=d3e32537-109319 Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 10 -Section 45 -Paragraph 6 -URI http://asc.fasb.org/extlink&oid=21917399&loc=d3e31931-109318 Reference 4: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 10 -Section 45 -Paragraph 5 -URI http://asc.fasb.org/extlink&oid=21917399&loc=d3e31928-109318 Reference 5: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 10 -Section 45 -Paragraph 9 -URI http://asc.fasb.org/extlink&oid=21917399&loc=d3e31958-109318 false24false 2us-gaap_DeferredTaxAssetsNetus-gaap_truedebitinstantfalsefalsefalsefalsefalsefalsefalsefalse1truefalsefalse3915939159USD$falsetruefalse2truefalsefalse3823838238USD$falsetruefalsexbrli:monetaryItemTypemonetaryAmount after allocation of valuation allowances of deferred tax asset attributable to deductible temporary differences and carryforwards.Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (b),(c) -URI http://asc.fasb.org/extlink&oid=6907707&loc=d3e32537-109319 false2falseNote 10 - Income Taxes: (ii) The Following Table Summarizes Deferred Taxes Resulting From Differences Between Financial Accounting Basis and Tax Basis of Assets and Liabilities (Details) (USD $)NoRoundingUnKnownUnKnownUnKnowntruefalsefalseSheethttp://huayxbrl.com/20130531/role/idr_DisclosureNote10IncomeTaxesIiTheFollowingTableSummarizesDeferredTaxesResultingFromDifferencesBetweenFinancialAccountingBasisAndTaxBasisOfAssetsAndLiabilitiesDetails24 XML 61 R9.htm IDEA: XBRL DOCUMENT v2.4.0.8
    Note 4 - Inventory
    		 12 Months Ended
    May 31, 2013
    Notes  
    Note 4 - Inventory

    NOTE 4 – INVENTORY

     

    Inventory consists of finished goods, work-in-process, and raw materials. No allowance for inventory was made for the years ended May 31, 2013 and 2012.

     

    The components of inventory as of May 31, 2013 and 2012 were as follows:

     

     

     

    Years Ended May 31,

     

     

     

    2013

     

     

    2012

     

    Raw materials

     

    $

    341,240

     

     

    $

    410,729

     

    Packaging

     

     

    61,339

     

     

     

    59,896

     

    Work-in-progress

     

     

    224,783

     

     

     

    720,300

     

    Finished goods

     

     

    312,966

     

     

     

    794,466

     

    Total Inventories

     

    $

    940,328

     

     

    $

    1,985,391

     

     

     
    XML 62 R41.htm IDEA: XBRL DOCUMENT v2.4.0.8
    Note 8 - Notes Payable: Schedule of Notes Payable (Tables)
    		 12 Months Ended
    May 31, 2013
    Tables/Schedules  
    Schedule of Notes Payable

     

     

     

    As of May 31,

     

     

     

    2013

     

     

    2012

     

    Six month notes payable to Huaxian Bank

     

     

    1,616,423

     

     

     

    1,578,407

     

    Six month notes payable to China Industrial and Commercial Bank

     

     

    161,642

     

     

     

    -

     

    Total notes payable

     

     $

    1,778,065

     

     

     $

    1,578,407

     

    XML 63 R28.htm IDEA: XBRL DOCUMENT v2.4.0.8
    Note 2 - Summary of Significant Accounting Policies: Income Taxes (Policies)
    		 12 Months Ended
    May 31, 2013
    Policies  
    Income Taxes

    Income taxes

     

    The Company’s subsidiaries in China are subject to the income tax laws of the PRC. No taxable income was generated outside the PRC for the years ended May 31, 2013 and 2012. The Company accounts for income tax under the asset and liability method as stipulated by ASC Topic 740, , which requires recognition of deferred tax assets and liabilities for the expected future tax consequences of the events that have been included in the financial statements or tax returns. Deferred income taxes will be recognized if significant temporary differences between tax and financial statements occur. Valuation allowances are established against net deferred tax assets when it is more likely than not that some portion or all of the deferred tax asset will not be realized. As of May 31, 2013 and 2012, no valuation allowance is considered necessary.

     

    An uncertain tax position is recognized as a benefit only if it is “more likely than not” that the tax position would be sustained in a tax examination, with a tax examination being presumed to occur. The amount recognized is the largest amount of tax benefit that is greater than 50% likely of being realized on examination. For tax positions not meeting the “more likely than not” test, no tax benefit is recorded. Penalties and interest incurred related to underpayment of income tax are classified as income tax expense in the period incurred. No significant penalties or interest relating to income taxes have been incurred during the years ended May 31, 2013 and 2012.

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    Note 2 - Summary of Significant Accounting Policies: Concentrations of Credit Risk (Policies)
    		 12 Months Ended
    May 31, 2013
    Policies  
    Concentrations of Credit Risk

    Concentrations of credit risk

     

    Financial instruments which potentially subject the Company to concentrations of credit risk consist principally of cash and trade accounts receivable. All of the Company’s cash is maintained with banks within the People’s Republic of China in which no deposits are covered by insurance. The Company has not experienced any losses in such accounts. A significant portion of the Company's sales are credit sales which are primarily to customers whose ability to pay is dependent upon the industry economics prevailing in these areas. The Company also performs ongoing credit evaluations of its customers to help reduce credit risk.
    XML 65 R24.xml IDEA: Note 2 - Summary of Significant Accounting Policies: Inventory (Policies) 2.4.0.8000240 - Disclosure - Note 2 - Summary of Significant Accounting Policies: Inventory (Policies)truefalsefalse1false falsefalseD120601_130531http://www.sec.gov/CIK0001315756duration2012-06-01T00:00:002013-05-31T00:00:001true 1us-gaap_PolicyTextBlockAbstractus-gaap_truenadurationfalsefalsefalsefalsefalsefalsefalsefalse1falsefalsefalse00falsefalsefalsexbrli:stringItemTypestringfalse02false 2us-gaap_InventoryPolicyTextBlockus-gaap_truenadurationfalsefalsefalsefalsefalsefalsefalsefalseterseLabel1falsefalsefalse00<!--egx--><p style='margin:0in;margin-bottom:.0001pt'><b><i><u>Inventory</u></i></b></p> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp;</p> <p style='margin:0in;margin-bottom:.0001pt'>Inventory is primarily composed of raw materials and packing materials for manufacturing, work in process, and finished goods. Inventories are valued at the lower of cost or market with cost determined on a weighted average basis. Management compares the cost of inventory with the market value and an allowance is made for writing down the inventory to its market value, if lower than cost. As of May 31, 2013 and 2012 no reserve for slow-moving or obsolete inventory is considered necessary</p>falsefalsefalsenonnum:textBlockItemTypenaDisclosure of accounting policy for major classes of inventories, bases of stating inventories (for example, lower of cost or market), methods by which amounts are added and removed from inventory classes (for example, FIFO, LIFO, or average cost), loss recognition on impairment of inventories, and situations in which inventories are stated above cost. If inventory is carried at cost, this disclosure includes the nature of the cost elements included in inventory.Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 235 -SubTopic 10 -Section 50 -Paragraph 3 -URI http://asc.fasb.org/extlink&oid=6367646&loc=d3e18780-107790 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Regulation S-X (SX) -Number 210 -Section 02 -Paragraph 6 -Subparagraph a -Article 5 Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 210 -SubTopic 10 -Section 50 -Paragraph 1 -URI http://asc.fasb.org/extlink&oid=6361739&loc=d3e7789-107766 Reference 4: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 210 -SubTopic 10 -Section S99 -Paragraph 1 -Subparagraph (SX 210.5-02.6(b)) -URI http://asc.fasb.org/extlink&oid=6877327&loc=d3e13212-122682 Reference 5: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 330 -SubTopic 10 -URI http://asc.fasb.org/subtopic&trid=2126999 Reference 6: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 330 -SubTopic 10 -Section 50 -Paragraph 1 -URI http://asc.fasb.org/extlink&oid=28360613&loc=d3e4492-108314 Reference 7: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Financial Reporting Release (FRR) -Number 206 -Paragraph b -Subparagraph i, ii -Chapter 2 Reference 8: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 330 -SubTopic 10 -Section 50 -Paragraph 4 -URI http://asc.fasb.org/extlink&oid=28360613&loc=d3e4556-108314 false0falseNote 2 - Summary of Significant Accounting Policies: Inventory (Policies)UnKnownUnKnownUnKnownUnKnowntruefalsefalseSheethttp://huayxbrl.com/20130531/role/idr_DisclosureNote2SummaryOfSignificantAccountingPoliciesInventoryPolicies12 XML 66 R10.xml IDEA: Note 5 - Plant, Property and Equipment, Net 2.4.0.8000100 - Disclosure - Note 5 - Plant, Property and Equipment, Nettruefalsefalse1false falsefalseD120601_130531http://www.sec.gov/CIK0001315756duration2012-06-01T00:00:002013-05-31T00:00:001true 1us-gaap_DisclosureTextBlockAbstractus-gaap_truenadurationfalsefalsefalsefalsefalsefalsefalsefalse1falsefalsefalse00falsefalsefalsexbrli:stringItemTypestringfalse02false 2us-gaap_PropertyPlantAndEquipmentDisclosureTextBlockus-gaap_truenadurationfalsefalsefalsefalsefalsefalsefalsefalse1falsefalsefalse00<!--egx--><p style='margin:0in;margin-bottom:.0001pt'><b>NOTE 5 &#150;&nbsp;PLANT, PROPERTY AND EQUIPMENT, NET</b></p> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp;</p> <p style='margin:0in;margin-bottom:.0001pt'>The components of property and equipment as of May 31, 2013 and 2012 were as follows:</p> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp;</p> <div align="center"> <table border="0" cellspacing="0" cellpadding="0" width="80%" style='width:80.0%'> <tr align="left"> <td width="56%" valign="bottom" style='width:56.0%;padding:0in 0in 1.5pt 0in'> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp; </p> </td> <td width="1%" valign="bottom" style='width:1.0%;padding:0in 0in 1.5pt 0in'> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp; </p> </td> <td width="22%" colspan="6" valign="bottom" style='width:22.0%;border:none;border-bottom:solid black 1.5pt;padding:0'> <p align="center" style='margin:0in;margin-bottom:.0001pt;text-align:center'>Years Ended May 31,</p> </td> <td width="1%" valign="bottom" style='width:1.0%;padding:0in 0in 1.5pt 0in'> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp; </p> </td> </tr> <tr align="left"> <td width="56%" valign="bottom" style='width:56.0%;padding:0in 0in 1.5pt 0in'> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp; </p> </td> <td width="1%" valign="bottom" style='width:1.0%;padding:0in 0in 1.5pt 0in'> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp; </p> </td> <td width="10%" colspan="2" valign="bottom" style='width:10.0%;border:none;border-bottom:solid black 1.5pt;padding:0'> <p align="center" style='margin:0in;margin-bottom:.0001pt;text-align:center'>2013</p> </td> <td width="1%" valign="bottom" style='width:1.0%;padding:0in 0in 1.5pt 0in'> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp; </p> </td> <td width="1%" valign="bottom" style='width:1.0%;padding:0in 0in 1.5pt 0in'> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp; </p> </td> <td width="10%" colspan="2" valign="bottom" style='width:10.0%;border:none;border-bottom:solid black 1.5pt;padding:0'> <p align="center" style='margin:0in;margin-bottom:.0001pt;text-align:center'>2012</p> </td> <td width="1%" valign="bottom" style='width:1.0%;padding:0in 0in 1.5pt 0in'> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp; </p> </td> </tr> <tr align="left"> <td width="56%" valign="bottom" style='width:56.0%;background:#CCEEFF;padding:0'> <p style='margin:0in;margin-bottom:.0001pt'>Machinery Equipment</p> </td> <td width="1%" valign="bottom" style='width:1.0%;background:#CCEEFF;padding:0'> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp; </p> </td> <td width="1%" valign="bottom" style='width:1.0%;background:#CCEEFF;padding:0'> <p style='margin:0in;margin-bottom:.0001pt'>$</p> </td> <td width="9%" valign="bottom" style='width:9.0%;background:#CCEEFF;padding:0'> <p align="right" style='margin:0in;margin-bottom:.0001pt;text-align:right'>2,881,586</p> </td> <td width="1%" valign="bottom" style='width:1.0%;background:#CCEEFF;padding:0'> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp; </p> </td> <td width="1%" valign="bottom" style='width:1.0%;background:#CCEEFF;padding:0'> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp; </p> </td> <td width="1%" valign="bottom" style='width:1.0%;background:#CCEEFF;padding:0'> <p style='margin:0in;margin-bottom:.0001pt'>$</p> </td> <td width="9%" valign="bottom" style='width:9.0%;background:#CCEEFF;padding:0'> <p align="right" style='margin:0in;margin-bottom:.0001pt;text-align:right'>1,106,702</p> </td> <td width="1%" valign="bottom" style='width:1.0%;background:#CCEEFF;padding:0'> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp; </p> </td> </tr> <tr align="left"> <td width="56%" valign="bottom" style='width:56.0%;background:white;padding:0'> <p style='margin:0in;margin-bottom:.0001pt'>Building</p> </td> <td width="1%" valign="bottom" style='width:1.0%;background:white;padding:0'> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp; </p> </td> <td width="1%" valign="bottom" style='width:1.0%;background:white;padding:0'> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp; </p> </td> <td width="9%" valign="bottom" style='width:9.0%;background:white;padding:0'> <p align="right" style='margin:0in;margin-bottom:.0001pt;text-align:right'>5,463,509</p> </td> <td width="1%" valign="bottom" style='width:1.0%;background:white;padding:0'> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp; </p> </td> <td width="1%" valign="bottom" style='width:1.0%;background:white;padding:0'> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp; </p> </td> <td width="1%" valign="bottom" style='width:1.0%;background:white;padding:0'> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp; </p> </td> <td width="9%" valign="bottom" style='width:9.0%;background:white;padding:0'> <p align="right" style='margin:0in;margin-bottom:.0001pt;text-align:right'>-</p> </td> <td width="1%" valign="bottom" style='width:1.0%;background:white;padding:0'> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp; </p> </td> </tr> <tr align="left"> <td width="56%" valign="bottom" style='width:56.0%;background:#CCEEFF;padding:0'> <p style='margin:0in;margin-bottom:.0001pt'>Electronic Equipment</p> </td> <td width="1%" valign="bottom" style='width:1.0%;background:#CCEEFF;padding:0'> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp; </p> </td> <td width="1%" valign="bottom" style='width:1.0%;background:#CCEEFF;padding:0'> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp; </p> </td> <td width="9%" valign="bottom" style='width:9.0%;background:#CCEEFF;padding:0'> <p align="right" style='margin:0in;margin-bottom:.0001pt;text-align:right'>649,150</p> </td> <td width="1%" valign="bottom" style='width:1.0%;background:#CCEEFF;padding:0'> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp; </p> </td> <td width="1%" valign="bottom" style='width:1.0%;background:#CCEEFF;padding:0'> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp; </p> </td> <td width="1%" valign="bottom" style='width:1.0%;background:#CCEEFF;padding:0'> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp; </p> </td> <td width="9%" valign="bottom" style='width:9.0%;background:#CCEEFF;padding:0'> <p align="right" style='margin:0in;margin-bottom:.0001pt;text-align:right'>182,934</p> </td> <td width="1%" valign="bottom" style='width:1.0%;background:#CCEEFF;padding:0'> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp; </p> </td> </tr> <tr align="left"> <td width="56%" valign="bottom" style='width:56.0%;background:white;padding:0in 0in 1.5pt 0in'> <p style='margin:0in;margin-bottom:.0001pt'>Transportation Equipment</p> </td> <td width="1%" valign="bottom" style='width:1.0%;background:white;padding:0in 0in 1.5pt 0in'> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp; </p> </td> <td width="1%" valign="bottom" style='width:1.0%;border:none;border-bottom:solid black 1.5pt;background:white;padding:0'> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp; </p> </td> <td width="9%" valign="bottom" style='width:9.0%;border:none;border-bottom:solid black 1.5pt;background:white;padding:0'> <p align="right" style='margin:0in;margin-bottom:.0001pt;text-align:right'>291,162</p> </td> <td width="1%" valign="bottom" style='width:1.0%;background:white;padding:0in 0in 1.5pt 0in'> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp; </p> </td> <td width="1%" valign="bottom" style='width:1.0%;background:white;padding:0in 0in 1.5pt 0in'> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp; </p> </td> <td width="1%" valign="bottom" style='width:1.0%;border:none;border-bottom:solid black 1.5pt;background:white;padding:0'> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp; </p> </td> <td width="9%" valign="bottom" style='width:9.0%;border:none;border-bottom:solid black 1.5pt;background:white;padding:0'> <p align="right" style='margin:0in;margin-bottom:.0001pt;text-align:right'>283,872</p> </td> <td width="1%" valign="bottom" style='width:1.0%;background:white;padding:0in 0in 1.5pt 0in'> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp; </p> </td> </tr> <tr align="left"> <td width="56%" valign="bottom" style='width:56.0%;background:#CCEEFF;padding:0'> <p style='margin:0in;margin-bottom:.0001pt'>Subtotal</p> </td> <td width="1%" valign="bottom" style='width:1.0%;background:#CCEEFF;padding:0'> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp; </p> </td> <td width="1%" valign="bottom" style='width:1.0%;background:#CCEEFF;padding:0'> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp; </p> </td> <td width="9%" valign="bottom" style='width:9.0%;background:#CCEEFF;padding:0'> <p align="right" style='margin:0in;margin-bottom:.0001pt;text-align:right'>9,285,407</p> </td> <td width="1%" valign="bottom" style='width:1.0%;background:#CCEEFF;padding:0'> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp; </p> </td> <td width="1%" valign="bottom" style='width:1.0%;background:#CCEEFF;padding:0'> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp; </p> </td> <td width="1%" valign="bottom" style='width:1.0%;background:#CCEEFF;padding:0'> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp; </p> </td> <td width="9%" valign="bottom" style='width:9.0%;background:#CCEEFF;padding:0'> <p align="right" style='margin:0in;margin-bottom:.0001pt;text-align:right'>1,573,508</p> </td> <td width="1%" valign="bottom" style='width:1.0%;background:#CCEEFF;padding:0'> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp; </p> </td> </tr> <tr align="left"> <td width="56%" valign="bottom" style='width:56.0%;background:white;padding:0in 0in 1.5pt 0in'> <p style='margin:0in;margin-bottom:.0001pt'>Less: Accumulated Depreciation</p> </td> <td width="1%" valign="bottom" style='width:1.0%;background:white;padding:0in 0in 1.5pt 0in'> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp; </p> </td> <td width="1%" valign="bottom" style='width:1.0%;border:none;border-bottom:solid black 1.5pt;background:white;padding:0'> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp; </p> </td> <td width="9%" valign="bottom" style='width:9.0%;border:none;border-bottom:solid black 1.5pt;background:white;padding:0'> <p align="right" style='margin:0in;margin-bottom:.0001pt;text-align:right'>(1,283,774)</p> </td> <td width="1%" valign="bottom" style='width:1.0%;background:white;padding:0in 0in 1.5pt 0in'> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp; </p> </td> <td width="1%" valign="bottom" style='width:1.0%;background:white;padding:0in 0in 1.5pt 0in'> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp; </p> </td> <td width="1%" valign="bottom" style='width:1.0%;border:none;border-bottom:solid black 1.5pt;background:white;padding:0'> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp; </p> </td> <td width="9%" valign="bottom" style='width:9.0%;border:none;border-bottom:solid black 1.5pt;background:white;padding:0'> <p align="right" style='margin:0in;margin-bottom:.0001pt;text-align:right'>(1,024,186)</p> </td> <td width="1%" valign="bottom" style='width:1.0%;background:white;padding:0in 0in 1.5pt 0in'> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp; </p> </td> </tr> <tr align="left"> <td width="56%" valign="bottom" style='width:56.0%;background:#CCEEFF;padding:0in 0in 3.0pt 0in'> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp;&nbsp;&nbsp;&nbsp;<b>Total plant, property and equipment, net</b></p> </td> <td width="1%" valign="bottom" style='width:1.0%;background:#CCEEFF;padding:0in 0in 3.0pt 0in'> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp; </p> </td> <td width="1%" valign="bottom" style='width:1.0%;border:none;border-bottom:double black 2.25pt;background:#CCEEFF;padding:0'> <p style='margin:0in;margin-bottom:.0001pt'><b>$</b></p> </td> <td width="9%" valign="bottom" style='width:9.0%;border:none;border-bottom:double black 2.25pt;background:#CCEEFF;padding:0'> <p align="right" style='margin:0in;margin-bottom:.0001pt;text-align:right'><b>8,001,633</b></p> </td> <td width="1%" valign="bottom" style='width:1.0%;background:#CCEEFF;padding:0in 0in 3.0pt 0in'> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp; </p> </td> <td width="1%" valign="bottom" style='width:1.0%;background:#CCEEFF;padding:0in 0in 3.0pt 0in'> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp; </p> </td> <td width="1%" valign="bottom" style='width:1.0%;border:none;border-bottom:double black 2.25pt;background:#CCEEFF;padding:0'> <p style='margin:0in;margin-bottom:.0001pt'><b>$</b></p> </td> <td width="9%" valign="bottom" style='width:9.0%;border:none;border-bottom:double black 2.25pt;background:#CCEEFF;padding:0'> <p align="right" style='margin:0in;margin-bottom:.0001pt;text-align:right'><b>549,322</b></p> </td> <td width="1%" valign="bottom" style='width:1.0%;background:#CCEEFF;padding:0in 0in 3.0pt 0in'> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp; </p> </td> </tr> </table> </div> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp;</p> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp;</p> <p style='margin:0in;margin-bottom:.0001pt'>The depreciation expense for the year ended May 31, 2013 and 2012 was $230,908 and $98,921, respectively.</p>falsefalsefalsenonnum:textBlockItemTypenaThe entire disclosure for long-lived, physical assets used in the normal conduct of business and not intended for resale. 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    Note 6 - Related Party Transactions and Balances: The Related Parties of The Company Are As Follows (Tables)
    		 12 Months Ended
    May 31, 2013
    Tables/Schedules  
    The Related Parties of The Company Are As Follows:

    The related parties of the company are as follows: 

    Name of entity or individual

    Relationship with the Company

    Changzhou Hengchuan Plastics Co, Ltd

    Entity controlled by Mr. Pan Shudong and His Wife

    Changzhou Shiji Jinyue Packaging Co.,Ltd

    Entity controlled by Mr. Pan Shudong’s Sister

    Changzhou Jinyue Electronic Co.,Ltd

    Entity controlled by Mr. Pan Shudong’s Sister

    Changzhou Leyuan International Trade Co.,Ltd

    Entity controlled by Mr. Pan Shudong’s Sister

    Mr. Pan Shudong

    Controlling Shareholder and CEO of the Company

    Ms.Li Xinmei

    Mr. Pan Shudong’s Wife and Director of  Huayue Electronics, Inc.

    Ms. Pan Yile

    Mr. Pan Shudong’s Daughter and Officer of  Huayue Electronics, Inc.
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    Note 7 - Short-term Bank Loans: Schedule of Short-term Debt (Details) (USD $)
    May 31, 2013
    May 31, 2012
    Short term bank loans $ 2,909,561 $ 6,787,152
    China Merchant Bank
    		    
    Short term bank loans 1,131,496  
    Changzhou Wujinyinfeng Agriculture Credit Union Loan 2
    		    
    Short term bank loans 808,211  
    China Communication Bank
    		    
    Short term bank loans   3,156,815
    China Industrial and Commercial Bank
    		    
    Short term bank loans 969,854 947,044
    Chinese Bank
    		    
    Short term bank loans   1,420,567
    Changzhou Wujinyintong Agriculture Credit Union
    		    
    Short term bank loans   473,522
    Changzhou Wujinyintong Agriculture Credit Union 2
    		    
    Short term bank loans   $ 789,204
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IDEA: Note 6 - Related Party Transactions and Balances: Schedule of Payables Due to Related Parties (Tables) 2.4.0.8000390 - Disclosure - Note 6 - Related Party Transactions and Balances: Schedule of Payables Due to Related Parties (Tables)truefalsefalse1false falsefalseD120601_130531http://www.sec.gov/CIK0001315756duration2012-06-01T00:00:002013-05-31T00:00:001true 1us-gaap_TableTextBlockSupplementAbstractus-gaap_truenadurationfalsefalsefalsefalsefalsefalsefalsefalse1falsefalsefalse00falsefalsefalsexbrli:stringItemTypestringfalse02false 2fil_ScheduleOfPayablesDueToRelatedPartiesfil_falsenadurationfalsefalsefalsefalsefalsefalsefalsefalse1falsefalsefalse00<!--egx--><p style='margin:0in;margin-bottom:.0001pt'>&nbsp;</p> <div align="center"> <table border="0" cellspacing="0" cellpadding="0" width="80%" style='width:80.0%'> <tr align="left"> <td width="56%" valign="bottom" style='width:56.0%;padding:0in 0in 1.5pt 0in'> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp;</p> </td> <td width="1%" valign="bottom" style='width:1.0%;padding:0in 0in 1.5pt 0in'> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp;</p> </td> <td width="22%" colspan="6" valign="bottom" style='width:22.0%;border:none;border-bottom:solid black 1.5pt;padding:0'> <p align="center" style='margin:0in;margin-bottom:.0001pt;text-align:center'><b>As of May 31</b></p> </td> <td width="1%" valign="bottom" style='width:1.0%;padding:0in 0in 1.5pt 0in'> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp;</p> </td> </tr> <tr align="left"> <td width="56%" valign="bottom" style='width:56.0%;padding:0in 0in 1.5pt 0in'> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp; </p> </td> <td width="1%" valign="bottom" style='width:1.0%;padding:0in 0in 1.5pt 0in'> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp; </p> </td> <td width="10%" colspan="2" valign="bottom" style='width:10.0%;border:none;border-bottom:solid black 1.5pt;padding:0'> <p align="center" style='margin:0in;margin-bottom:.0001pt;text-align:center'><b>2013</b></p> </td> <td width="1%" valign="bottom" style='width:1.0%;padding:0in 0in 1.5pt 0in'> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp; </p> </td> <td width="1%" valign="bottom" style='width:1.0%;padding:0in 0in 1.5pt 0in'> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp; </p> </td> <td width="10%" colspan="2" valign="bottom" style='width:10.0%;border:none;border-bottom:solid black 1.5pt;padding:0'> <p align="center" style='margin:0in;margin-bottom:.0001pt;text-align:center'><b>2012</b></p> </td> <td width="1%" valign="bottom" style='width:1.0%;padding:0in 0in 1.5pt 0in'> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp; </p> </td> </tr> <tr align="left"> <td width="56%" valign="bottom" style='width:56.0%;background:#CCEEFF;padding:0'> <p style='margin:0in;margin-bottom:.0001pt'>Changzhou Leyuan International Trade Co.,Ltd</p> </td> <td width="1%" valign="bottom" style='width:1.0%;background:#CCEEFF;padding:0'> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp; </p> </td> <td width="1%" valign="bottom" style='width:1.0%;background:#CCEEFF;padding:0'> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp;$</p> </td> <td width="9%" valign="bottom" style='width:9.0%;background:#CCEEFF;padding:0'> <p align="right" style='margin:0in;margin-bottom:.0001pt;text-align:right'>-</p> </td> <td width="1%" valign="bottom" style='width:1.0%;background:#CCEEFF;padding:0'> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp; </p> </td> <td width="1%" valign="bottom" style='width:1.0%;background:#CCEEFF;padding:0'> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp; </p> </td> <td width="1%" valign="bottom" style='width:1.0%;background:#CCEEFF;padding:0'> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp;$</p> </td> <td width="9%" valign="bottom" style='width:9.0%;background:#CCEEFF;padding:0'> <p align="right" style='margin:0in;margin-bottom:.0001pt;text-align:right'>114,090</p> </td> <td width="1%" valign="bottom" style='width:1.0%;background:#CCEEFF;padding:0'> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp; </p> </td> </tr> <tr align="left"> <td width="56%" valign="bottom" style='width:56.0%;background:white;padding:0in 0in 1.5pt 0in'> <p style='margin:0in;margin-bottom:.0001pt'>Changzhou Hengchuan Plastics Co, Ltd</p> </td> <td width="1%" valign="bottom" style='width:1.0%;background:white;padding:0in 0in 1.5pt 0in'> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp; </p> </td> <td width="1%" valign="bottom" style='width:1.0%;border:none;border-bottom:solid black 1.5pt;background:white;padding:0'> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp; </p> </td> <td width="9%" valign="bottom" style='width:9.0%;border:none;border-bottom:solid black 1.5pt;background:white;padding:0'> <p align="right" style='margin:0in;margin-bottom:.0001pt;text-align:right'>-</p> </td> <td width="1%" valign="bottom" style='width:1.0%;background:white;padding:0in 0in 1.5pt 0in'> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp; </p> </td> <td width="1%" valign="bottom" style='width:1.0%;background:white;padding:0in 0in 1.5pt 0in'> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp; </p> </td> <td width="1%" valign="bottom" style='width:1.0%;border:none;border-bottom:solid black 1.5pt;background:white;padding:0'> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp; </p> </td> <td width="9%" valign="bottom" style='width:9.0%;border:none;border-bottom:solid black 1.5pt;background:white;padding:0'> <p align="right" style='margin:0in;margin-bottom:.0001pt;text-align:right'>80,222</p> </td> <td width="1%" valign="bottom" style='width:1.0%;background:white;padding:0in 0in 1.5pt 0in'> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp; </p> </td> </tr> <tr align="left"> <td width="56%" valign="bottom" style='width:56.0%;background:#CCEEFF;padding:0in 0in 3.0pt 0in'> <p style='margin:0in;margin-bottom:.0001pt'><b>Total due to related parties</b></p> </td> <td width="1%" 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    Note 5 - Plant, Property and Equipment, Net: Property, Plant and Equipment, Schedule of Significant Acquisitions and Disposals (Details) (USD $)
    May 31, 2013
    May 31, 2012
    PROPERTY AND EQUIPMENT, net $ 8,001,633 $ 549,322
    Machinery and Equipment, Gross 9,285,407 1,573,508
    Accumulated Depreciation, Depletion and Amortization, Property, Plant, and Equipment (1,283,774) (1,024,186)
    Other Machinery and Equipment
    		    
    PROPERTY AND EQUIPMENT, net 2,881,586 1,106,702
    Building
    		    
    PROPERTY AND EQUIPMENT, net 5,463,509  
    Technology Equipment
    		    
    PROPERTY AND EQUIPMENT, net 649,150 182,934
    Transportation Equipment
    		    
    PROPERTY AND EQUIPMENT, net $ 291,162 $ 283,872
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    Note 2 - Summary of Significant Accounting Policies: Value-added Tax (Details) (USD $)
    May 31, 2013
    May 31, 2012
    Details    
    Value-added tax at a rate 17.00%  
    Sales and Excise Tax Payable, Current $ 812,243 $ 134,962
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    CONSOLIDATED INCOME STATEMENT (USD $)
    		 12 Months Ended
    May 31, 2013
    May 31, 2012
    CONSOLIDATED INCOME STATEMENT    
    Net sales $ 14,326,370 $ 8,545,183
    Cost of goods sold 8,785,610 7,544,520
    Gross profit 5,540,760 1,000,663
    Selling expenses 36,660 27,328
    General and administrative expenses 717,292 485,401
    Total expenses 753,952 512,729
    Income from operations 4,786,808 487,934
    Interest income (expense) (263,670) (367,551)
    Other income (expenses) 83,619 143,511
    Total non-operating income (expenses) (180,051) (224,040)
    Income before income taxes 4,606,757 263,894
    Income taxes (849,473) (15,454)
    Net income 3,757,284 248,440
    Foreign currency translation gain 209,066 21,835
    Comprehensive Income $ 3,966,350 $ 270,275
    Basic and diluted earning per common share $ 0.12 $ 0.01
    Weighted average number of common shares 30,727,083 30,067,741
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    Note 9 - Taxes Payable
    		 12 Months Ended
    May 31, 2013
    Notes  
    Note 9 - Taxes Payable

    NOTE 9 - TAXES PAYABLE

     

    Taxes payable at May 31, 2013 and 2012 are as follows:

     

     

     

    As of May 31,

     

     

     

    2013

     

     

    2012

     

    Corporate Income Tax

     

    $

    973,163

     

     

    $

    106,366

     

    Value-Added Tax

     

     

    812,243

     

     

     

    134,962

     

    Other Tax & Fees

     

     

    191,546

     

     

     

    370

     

    Total

     

    $

    1,976,952

     

     

    $

    241,698

     

     

     
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    		 12 Months Ended
    May 31, 2013
    May 31, 2012
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    Net income $ 3,757,284 $ 248,440
    Depreciation and amortization 230,908 98,921
    Provision for doubtful accounts 224,035  
    Deferred tax benefit   (38,238)
    Change in Accounts receivable (4,541,691) (1,491,321)
    Change in Other receivable 1,016,446 (788,497)
    Change in Due from related party 1,337,408 (412,501)
    Change in Advances to suppliers 1,988,689 1,170,956
    Change in Prepaid expenses      
    Change in Inventory 1,074,214 273,806
    Change in Accounts payables and accrued expenses (256,681) 444,639
    Change in Advances from customers (443,845) 199,311
    Change in Taxes payable 1,699,894 66,123
    Change in Due to related party (195,594) (40,215)
    Change in Other payables (611,346) (27,672)
    Net cash provided by (used in) operating activities 5,279,721 (296,248)
    Long term investment   38,445
    Acquisition of property and equipment (7,542,932) (292,012)
    Net cash used in investing activities (7,542,932) (253,567)
    Short term debt financing 158,881 (1,351,657)
    Notes payable financing (3,972,037) 263,904
    Proceeds from stock issuance 3,150,000  
    Payment for restricted cash for notes   (947,043)
    Capital contribution by major shareholder 3,047,680  
    Net cash provided by (used in) financing activities 2,384,524 (2,034,796)
    EFFECT OF EXCHANGE RATE CHANGE ON CASH 9,012 21,835
    NET INCREASE (DECREASE) IN CASH 130,325 (2,562,776)
    CASH - beginning of year 138,740 2,701,516
    CASH - end of year 269,065 138,740
    Cash paid for interest      
    Cash paid for income taxes $ 252,105 $ 367,551
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    Note 9 - Taxes Payable: Schedule Of Tax Payable (Details) (USD $)
    May 31, 2013
    May 31, 2012
    Taxes payable $ 1,976,952 $ 241,698
    Corporate Income Tax
    		    
    Taxes payable 973,163 106,366
    Value-Added Tax
    		    
    Taxes payable 812,243 134,962
    Other Taxes & Fees
    		    
    Taxes payable $ 191,546 $ 370
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    CONSOLIDATED BALANCE SHEET (USD $)
    May 31, 2013
    May 31, 2012
    CURRENT ASSETS    
    Cash $ 269,065 $ 138,740
    Restricted Cash 969,854 947,044
    Accounts receivable, net 8,399,472 3,689,990
    Other receivables 71,047 1,079,165
    Inventory 940,328 1,985,391
    Due from related parties   1,390,074
    Advances to suppliers 258,832 2,389,547
    Deferred tax assets 39,159 38,238
    Total current assets 10,947,757 11,658,189
    PROPERTY AND EQUIPMENT, net 8,001,633 549,322
    TOTAL ASSETS 18,949,390 12,207,511
    CURRENT LIABILITIES    
    Short term bank loans 2,909,561 6,787,152
    Notes payable 1,778,065 1,578,407
    Accounts payable and accrued expenses 501,238 744,449
    Taxes payable 1,976,952 241,698
    Advances from customers 269,104 703,713
    Due to related parties   194,312
    Other payables   607,340
    Total current liabilities 7,434,920 10,857,071
    TOTAL LIABILITIES 7,434,920 10,857,071
    COMMITMENT AND CONTINGENCIES      
    STOCKHOLDERS' EQUITY    
    Common stock 31,328 30,068
    Additional paid in capital 6,866,352 669,932
    Statutory Reserves 406,991 31,263
    Accumulated other comprehensive income 298,440 89,374
    Retained earnings 3,911,359 529,803
    Total stockholders' equity 11,514,470 1,350,440
    TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY $ 18,949,390 $ 12,207,511
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The Company is required to maintain 50% to 100% of the balance of the bank&#146;s acceptance notes payable to ensure future credit availability. </p> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp;</p> <p style='margin:0in;margin-bottom:.0001pt'><b><i><u>Accounts Receivable and Allowance for Doubtful Accounts</u></i></b></p> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp;</p> <p style='margin:0in;margin-bottom:.0001pt'>Accounts receivable are stated at net realizable value. An allowance for doubtful accounts is established based on the management&#146;s assessment of the recoverability of accounts and other receivables. A considerable amount of judgment is required in assessing the realization of these receivables, including the current credit worthiness of each customer and the related aging analysis. 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As of May 31, 2013 and 2012 no reserve for slow-moving or obsolete inventory is considered necessary</p> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp;</p> <p style='margin:0in;margin-bottom:.0001pt'><b><i><u>Plant, property and equipment</u></i></b></p> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp;</p> <p style='margin:0in;margin-bottom:.0001pt'>Plant, property and equipment are stated at cost. The cost of an asset comprises its purchase price and any directly attributable costs of bringing the asset to its present working condition and locations for its intended use. Depreciation is calculated using the straight-line method over the following useful lives:</p> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp;</p> <div align="center"> <table border="0" cellspacing="0" cellpadding="0"> <tr style='height:8.1pt'> <td valign="top" style='padding:0;height:8.1pt'> <p style='margin:0in;margin-bottom:.0001pt'>Buildings</p> </td> <td valign="top" style='padding:0;height:8.1pt'> <p align="right" style='margin:0in;margin-bottom:.0001pt;text-align:right'>20 years</p> </td> </tr> <tr align="left"> <td valign="top" style='padding:0'> <p style='margin:0in;margin-bottom:.0001pt'>Machinery and equipment</p> </td> <td valign="top" style='padding:0'> <p align="right" style='margin:0in;margin-bottom:.0001pt;text-align:right'>5-10 years</p> </td> </tr> <tr align="left"> <td valign="top" style='padding:0'> <p style='margin:0in;margin-bottom:.0001pt'>Transportation equipment</p> </td> <td valign="top" style='padding:0'> <p align="right" style='margin:0in;margin-bottom:.0001pt;text-align:right'>5 years</p> </td> </tr> <tr align="left"> <td style='padding:0'> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp;</p> </td> <td style='padding:0'> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp;</p> </td> </tr> </table> </div> <p style='margin:0in;margin-bottom:.0001pt'>Expenditures for maintenance and repairs are charged to expense as incurred. Additions, renewals and betterments are capitalized.</p> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp;</p> <p style='margin:0in;margin-bottom:.0001pt'><b><i><u>Revenue recognition</u></i></b></p> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp;</p> <p style='margin:0in;margin-bottom:.0001pt'>The Company&#146;s revenue is derived from the sale of products. The Company&#146;s revenue recognition policies are in compliance with Accounting Standards Codification (&#147;ASC&#148;) Topic 605, <i>Revenue Recognition</i>. Our determination to recognize revenue is based on the following:</p> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp;</p> <div align="center"> <table border="0" cellspacing="0" cellpadding="0" width="100%" style='width:100.0%'> <tr align="left"> <td width="96" colspan="2" valign="top" style='width:1.0in;padding:0'></td> <td valign="top" style='padding:0'></td> </tr> <tr align="left"> <td width="48" valign="top" style='width:.5in;padding:0'> <p style='margin:0in;margin-bottom:.0001pt'><font style='font-family:Symbol'>&#183; </font></p> </td> <td colspan="2" valign="top" style='padding:0'> <p style='margin:0in;margin-bottom:.0001pt'>Persuasive evidence that an arrangement (sales contract) exists between a willing customer and us that outlines the terms of the sale (including customer information, product specification, quantity of goods, purchase price and payment terms).</p> </td> </tr> <tr align="left"> <td width="30" style='border:none'></td> <td width="717" style='border:none'></td> <td width="1" style='border:none'></td> </tr> </table> </div> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp;</p> <table border="0" cellspacing="0" cellpadding="0" width="100%" style='width:100.0%'> <tr align="left"> <td width="24" valign="top" style='width:.25in;padding:0'> <p style='margin:0in;margin-bottom:.0001pt'><font style='font-family:Symbol'>&#183; </font></p> </td> <td width="606" valign="top" style='width:454.3pt;padding:0'> <p style='margin:0in;margin-bottom:.0001pt'>Delivery is considered to have occurred when the risks, rewards and ownership of the products are transferred from us to our customers.</p> </td> </tr> <tr align="left"> <td width="24" valign="top" style='width:.25in;padding:0'> <p style='margin:0in;margin-bottom:.0001pt'><font style='font-family:Symbol'>&#183; </font></p> </td> <td width="606" valign="top" style='width:454.3pt;padding:0'> <p style='margin:0in;margin-bottom:.0001pt'>Our price to the customer is fixed and determinable as specifically outlined in the sales contract.</p> </td> </tr> </table> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp;</p> <table border="0" cellspacing="0" cellpadding="0" width="100%" style='width:100.0%'> <tr align="left"> <td width="24" valign="top" style='width:.25in;padding:0'> <p style='margin:0in;margin-bottom:.0001pt'><font style='font-family:Symbol'>&#183; </font></p> </td> <td width="606" valign="top" style='width:454.3pt;padding:0'> <p style='margin:0in;margin-bottom:.0001pt'>For customers to whom credit terms are extended, we assess a number of factors to determine whether collection from them is probable, including past transaction history with them and their credit-worthiness. All credit extended to customers is pre-approved by management. If we determine that collection is not reasonably assured, we defer the recognition of revenue until collection becomes reasonably assured, which is generally upon receipt of payment.</p> </td> </tr> </table> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp;</p> <p style='margin:0in;margin-bottom:.0001pt'>Payments received before satisfaction of all of the relevant criteria for revenue recognition are recorded as advance from customers. </p> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp;</p> <p style='margin:0in;margin-bottom:.0001pt'>The Company currently does not offer customers a right of return. Therefore, uncertainty regarding customer acceptance does not exist and delivered elements are not subject to general or customer-specified return or refund privileges.</p> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp;</p> <p style='margin:0in;margin-bottom:.0001pt'><b><i><u>Impairment of long-lived assets</u></i></b></p> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp;</p> <p style='margin:0in;margin-bottom:.0001pt'>The Company reviews its long-lived assets for impairment whenever events or changes in circumstances indicate that the carrying amount of an asset may no longer be recoverable. An impairment loss, measured based on the fair value of the asset, is recognized if expected future undiscounted cash flows are less than the carrying amount of the assets. As of May 31, 2013 and 2012, no impairment of long-lived assets is believed to exist.</p> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp;</p> <p style='margin:0in;margin-bottom:.0001pt'><b><i><u>Income taxes</u></i></b></p> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp;</p> <p style='margin:0in;margin-bottom:.0001pt'>The Company&#146;s subsidiaries in China are subject to the income tax laws of the PRC. No taxable income was generated outside the PRC for the years ended May 31, 2013 and 2012. The Company accounts for income tax under the asset and liability method as stipulated by ASC Topic 740, , which requires recognition of deferred tax assets and liabilities for the expected future tax consequences of the events that have been included in the financial statements or tax returns. Deferred income taxes will be recognized if significant temporary differences between tax and financial statements occur. Valuation allowances are established against net deferred tax assets when it is more likely than not that some portion or all of the deferred tax asset will not be realized. As of May 31, 2013 and 2012, no valuation allowance is considered necessary.</p> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp;</p> <p style='margin:0in;margin-bottom:.0001pt;text-align:justify'>An uncertain tax position is recognized as a benefit only if it is &#147;more likely than not&#148; that the tax position would be sustained in a tax examination, with a tax examination being presumed to occur. The amount recognized is the largest amount of tax benefit that is greater than 50% likely of being realized on examination. For tax positions not meeting the &#147;more likely than not&#148; test, no tax benefit is recorded. Penalties and interest incurred related to underpayment of income tax are classified as income tax expense in the period incurred. No significant penalties or interest relating to income taxes have been incurred during the years ended May 31, 2013 and 2012. </p> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp;</p> <p style='margin:0in;margin-bottom:.0001pt'><b><i><u>Value-added tax</u></i></b></p> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp;</p> <p style='margin:0in;margin-bottom:.0001pt'>Sales revenue represents the invoiced value of goods, net of a Value-Added Tax (&#147;VAT&#148;). All of the Company&#146;s products that are sold in the PRC are subject to a Chinese value-added tax at a rate of 17% of the gross sales price. This VAT may be offset by VAT paid by the Company on raw materials and other materials included in the cost of producing their finished product.</p> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp;</p> <p style='margin:0in;margin-bottom:.0001pt'>The Company recorded $812,243 and $134,962 VAT payable in the financial statements for the years ended May 31, 2013 and 2012, respectively.</p> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp;</p> <p style='margin:0in;margin-bottom:.0001pt'><b><i><u>Fair value of financial instruments</u></i></b></p> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp;</p> <p style='margin:0in;margin-bottom:.0001pt'>ASC Topic 820, &#147;Fair Value Measurements&#148;, which defines fair value, establishes a three-level valuation hierarchy for fair value measurements.</p> <p style='margin:0in;margin-bottom:.0001pt;line-height:75%'>&nbsp;</p> <p style='margin:0in;margin-bottom:.0001pt'>The three levels are defined as follows:</p> <p style='margin:0in;margin-bottom:.0001pt;line-height:75%'>&nbsp;</p> <p style='margin:0in;margin-bottom:.0001pt'>Level 1 - inputs to the valuation methodology are quoted prices (unadjusted) for identical assets or liabilities in active markets.</p> <p style='margin:0in;margin-bottom:.0001pt'>Level 2 - inputs to the valuation methodology include quoted prices for similar assets and liabilities in active markets, quoted market prices for identical or similar assets in markets that are not active, inputs other than quoted prices that are observable, and inputs derived from or corroborated by observable market data. </p> <p style='margin:0in;margin-bottom:.0001pt'>Level 3 - inputs to the valuation methodology are unobservable.</p> <p style='margin:0in;margin-bottom:.0001pt;line-height:75%'>&nbsp;</p> <p style='margin:0in;margin-bottom:.0001pt'>Unless otherwise disclosed, the fair value of the Company&#146;s financial instruments including cash, restricted cash, accounts receivable, due from related parties, loans to third parties, advances to suppliers, accounts payable, due to related parties, customer deposits, accrued expenses, short term bank loans and bankers acceptance notes payable approximates their recorded values due to their short-term maturities. </p> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp;</p> <p style='margin:0in;margin-bottom:.0001pt'><b><i><u>Foreign currency translation</u></i></b></p> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp;</p> <p style='margin:0in;margin-bottom:.0001pt'>The functional currency of the U.S. parent company is USD. The functional currency of the Company&#146;s Chinese subsidiary is RMB and its reporting currency is U.S dollars for the purpose of these financial statements. &#160;The accounts of the Chinese subsidiary were translated into USD in accordance with Accounting Standards Codification (&#147;ASC&#148;) Topic 830 &#147;Foreign Currency Matters,&#148; According to Topic 830, all assets and liabilities were translated at the exchange rate on the balance sheet date; stockholders&#146; equity is translated at historical rates and statement of income items are translated at the weighted average exchange rate for the period. The resulting translation adjustments are reported under other comprehensive income in accordance with ASC Topic 220, &#147;Comprehensive Income.&#148; Gains and losses resulting from the translations of foreign currency transactions and balances are reflected in the statements of income.</p> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp;</p> <p style='margin:0in;margin-bottom:.0001pt'>Translation adjustments resulting from this process amounted to $209,066 and $21,835 as of May 31, 2013 and 2012, respectively.</p> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp;</p> <p style='margin:0in;margin-bottom:.0001pt'>The following exchange rates were adopted to translate the amounts from RMB into United States dollars (&#147;USD$&#148;) for the respective years:</p> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp;</p> <div align="center"> <table border="0" cellspacing="0" cellpadding="0"> <tr align="left"> <td valign="bottom" style='padding:0in 0in 1.5pt 0in'> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp;</p> </td> <td valign="bottom" style='padding:0in 0in 1.5pt 0in'> <p style='margin:0in;margin-bottom:.0001pt'><b>&nbsp;</b></p> </td> <td colspan="2" valign="bottom" style='border:none;border-bottom:solid black 1.5pt;padding:0in 0in 1.5pt 0in'> <p align="center" style='margin:0in;margin-bottom:.0001pt;text-align:center'><b>May 31,</b></p> </td> <td valign="bottom" style='padding:0in 0in 1.5pt 0in'> <p style='margin:0in;margin-bottom:.0001pt'><b>&nbsp;</b></p> </td> <td valign="bottom" style='padding:0in 0in 1.5pt 0in'> <p style='margin:0in;margin-bottom:.0001pt'><b>&nbsp;</b></p> </td> <td colspan="2" valign="bottom" style='border:none;border-bottom:solid black 1.5pt;padding:0'> <p align="center" style='margin:0in;margin-bottom:.0001pt;text-align:center'><b>May 31,</b></p> </td> <td valign="bottom" style='padding:0in 0in 1.5pt 0in'> <p style='margin:0in;margin-bottom:.0001pt'><b>&nbsp;</b></p> </td> </tr> <tr align="left"> <td valign="bottom" style='padding:0in 0in 1.5pt 0in'> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp;</p> </td> <td valign="bottom" style='padding:0in 0in 1.5pt 0in'> <p style='margin:0in;margin-bottom:.0001pt'><b>&nbsp;</b></p> </td> <td colspan="2" valign="bottom" style='border:none;border-bottom:solid black 1.5pt;padding:0in 0in 1.5pt 0in'> <p align="center" style='margin:0in;margin-bottom:.0001pt;text-align:center'><b>2013</b></p> </td> <td valign="bottom" style='padding:0in 0in 1.5pt 0in'> <p style='margin:0in;margin-bottom:.0001pt'><b>&nbsp;</b></p> </td> <td valign="bottom" style='padding:0in 0in 1.5pt 0in'> <p style='margin:0in;margin-bottom:.0001pt'><b>&nbsp;</b></p> </td> <td colspan="2" valign="bottom" style='border:none;border-bottom:solid black 1.5pt;padding:0'> <p align="center" style='margin:0in;margin-bottom:.0001pt;text-align:center'><b>2012</b></p> </td> <td valign="bottom" style='padding:0in 0in 1.5pt 0in'> <p style='margin:0in;margin-bottom:.0001pt'><b>&nbsp;</b></p> </td> </tr> <tr align="left"> <td valign="bottom" style='background:#CCEEFF;padding:0'> <p style='margin:0in;margin-bottom:.0001pt'><b>Year End RMB Exchange Rate (RMB/USD$)</b></p> </td> <td valign="bottom" style='background:#CCEEFF;padding:0'> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp;</p> </td> <td valign="bottom" style='background:#CCEEFF;padding:0'> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp;</p> </td> <td valign="bottom" style='background:#CCEEFF;padding:0'> <p align="right" style='margin:0in;margin-bottom:.0001pt;text-align:right'>6.1865</p> </td> <td valign="bottom" style='background:#CCEEFF;padding:0'> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp;</p> </td> <td valign="bottom" style='background:#CCEEFF;padding:0'> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp;</p> </td> <td valign="bottom" style='background:#CCEEFF;padding:0'> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp;</p> </td> <td valign="bottom" style='background:#CCEEFF;padding:0'> <p align="right" style='margin:0in;margin-bottom:.0001pt;text-align:right'>6.3355</p> </td> <td valign="bottom" style='background:#CCEEFF;padding:0'> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp;</p> </td> </tr> <tr align="left"> <td valign="bottom" style='background:white;padding:0'> <p style='margin:0in;margin-bottom:.0001pt'><b>Average Yearly RMB Exchange Rate (RMB/USD$)</b></p> </td> <td valign="bottom" style='background:white;padding:0'> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp;</p> </td> <td valign="bottom" style='background:white;padding:0'> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp;</p> </td> <td valign="bottom" style='background:white;padding:0'> <p align="right" style='margin:0in;margin-bottom:.0001pt;text-align:right'>6.2940</p> </td> <td valign="bottom" style='background:white;padding:0'> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp;</p> </td> <td valign="bottom" style='background:white;padding:0'> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp;</p> </td> <td valign="bottom" style='background:white;padding:0'> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp;</p> </td> <td valign="bottom" style='background:white;padding:0'> <p align="right" style='margin:0in;margin-bottom:.0001pt;text-align:right'>6.3589</p> </td> <td valign="bottom" style='background:white;padding:0'> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp;</p> </td> </tr> </table> </div> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp;</p> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp;</p> <p style='margin:0in;margin-bottom:.0001pt'><b><i><u>Concentrations of credit risk</u></i></b></p> <p style='margin:0in;margin-bottom:.0001pt;line-height:75%'>&nbsp;</p> <p style='margin:0in;margin-bottom:.0001pt'>Financial instruments which potentially subject the Company to concentrations of credit risk consist principally of cash and trade accounts receivable. All of the Company&#146;s cash is maintained with banks within the People&#146;s Republic of China in which no deposits are covered by insurance. The Company has not experienced any losses in such accounts. A significant portion of the Company's sales are credit sales which are primarily to customers whose ability to pay is dependent upon the industry economics prevailing in these areas. The Company also performs ongoing credit evaluations of its customers to help reduce credit risk.</p>falsefalsefalsenonnum:textBlockItemTypenaThe entire disclosure for all significant accounting policies of the reporting entity.Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 235 -SubTopic 10 -Section 50 -Paragraph 3 -URI http://asc.fasb.org/extlink&oid=6367646&loc=d3e18780-107790 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 235 -SubTopic 10 -Section 50 -Paragraph 1 -URI http://asc.fasb.org/extlink&oid=6367646&loc=d3e18726-107790 Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 235 -SubTopic 10 -Section 50 -Paragraph 6 -URI http://asc.fasb.org/extlink&oid=6367646&loc=d3e18861-107790 Reference 4: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 235 -SubTopic 10 -Section 50 -Paragraph 2 -URI http://asc.fasb.org/extlink&oid=6367646&loc=d3e18743-107790 Reference 5: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 235 -SubTopic 10 -Section 50 -Paragraph 5 -URI http://asc.fasb.org/extlink&oid=6367646&loc=d3e18854-107790 false0falseNote 2 - Summary of Significant Accounting PoliciesUnKnownUnKnownUnKnownUnKnowntruefalsefalseSheethttp://huayxbrl.com/20130531/role/idr_DisclosureNote2SummaryOfSignificantAccountingPolicies12 XML 86 R17.xml IDEA: Note 12 - Contingencies 2.4.0.8000170 - Disclosure - Note 12 - Contingenciestruefalsefalse1false falsefalseD120601_130531http://www.sec.gov/CIK0001315756duration2012-06-01T00:00:002013-05-31T00:00:001true 1us-gaap_DisclosureTextBlockAbstractus-gaap_truenadurationfalsefalsefalsefalsefalsefalsefalsefalse1falsefalsefalse00falsefalsefalsexbrli:stringItemTypestringfalse02false 2us-gaap_CommitmentsAndContingenciesDisclosureTextBlockus-gaap_truenadurationfalsefalsefalsefalsefalsefalsefalsefalse1falsefalsefalse00<!--egx--><p style='margin:0in;margin-bottom:.0001pt'><b>NOTE 12 - CONTINGENCIES</b></p> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp;</p> <p style='margin:0in;margin-bottom:.0001pt'>On March 13, 2013, the Company signed an agreement with China Industry and Commerce Bank under which the Company guaranteed borrowing of Changzhou Hanyu Electronics Inc, a non-related third party, for bank credit (including loans, notes payable, letter of credit and other credit forms) up to 5.1 million RMB, approximately $823,000 USD. The guarantee is effective from March 16, 2013 to March 15, 2015. </p>falsefalsefalsenonnum:textBlockItemTypenaThe entire disclosure for commitments and contingencies.Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 210 -SubTopic 10 -Section S99 -Paragraph 1 -Subparagraph (SX 210.5-02.25) -URI http://asc.fasb.org/extlink&oid=6877327&loc=d3e13212-122682 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 825 -SubTopic 20 -Section 50 -Paragraph 1 -URI http://asc.fasb.org/extlink&oid=6449706&loc=d3e16207-108621 Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 460 -SubTopic 10 -Section 50 -Paragraph 8 -URI http://asc.fasb.org/extlink&oid=6398077&loc=d3e12565-110249 Reference 4: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 450 -SubTopic 20 -Section 50 -Paragraph 4 -URI http://asc.fasb.org/extlink&oid=25496072&loc=d3e14435-108349 Reference 5: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 440 -SubTopic 10 -Section 50 -Paragraph 2 -URI http://asc.fasb.org/extlink&oid=6394976&loc=d3e25287-109308 false0falseNote 12 - ContingenciesUnKnownUnKnownUnKnownUnKnowntruefalsefalseSheethttp://huayxbrl.com/20130531/role/idr_DisclosureNote12Contingencies12 XML 87 R51.htm IDEA: XBRL DOCUMENT v2.4.0.8
    Note 5 - Plant, Property and Equipment, Net (Details) (USD $)
    May 31, 2013
    May 31, 2012
    Details    
    Depreciation expense $ 230,908 $ 98,921
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    Note 2 - Summary of Significant Accounting Policies: Value-added Tax (Policies)
    		 12 Months Ended
    May 31, 2013
    Policies  
    Value-added Tax

    Value-added tax

     

    Sales revenue represents the invoiced value of goods, net of a Value-Added Tax (“VAT”). All of the Company’s products that are sold in the PRC are subject to a Chinese value-added tax at a rate of 17% of the gross sales price. This VAT may be offset by VAT paid by the Company on raw materials and other materials included in the cost of producing their finished product.

     

    The Company recorded $812,243 and $134,962 VAT payable in the financial statements for the years ended May 31, 2013 and 2012, respectively.
    XML 94 R23.htm IDEA: XBRL DOCUMENT v2.4.0.8
    Note 2 - Summary of Significant Accounting Policies: Accounts Receivable and Allowance For Bad Debt (Policies)
    		 12 Months Ended
    May 31, 2013
    Policies  
    Accounts Receivable and Allowance For Bad Debt

    Accounts Receivable and Allowance for Doubtful Accounts

     

    Accounts receivable are stated at net realizable value. An allowance for doubtful accounts is established based on the management’s assessment of the recoverability of accounts and other receivables. A considerable amount of judgment is required in assessing the realization of these receivables, including the current credit worthiness of each customer and the related aging analysis. Delinquent account balances are written-off against allowance for doubtful accounts after management has determined that the likelihood of collection is not probable.
    XML 95 R44.htm IDEA: XBRL DOCUMENT v2.4.0.8
    Note 10 - Income Taxes: (ii) The Following Table Summarizes Deferred Taxes Resulting From Differences Between Financial Accounting Basis and Tax Basis of Assets and Liabilities (Tables)
    		 12 Months Ended
    May 31, 2013
    Tables/Schedules  
    (ii) The Following Table Summarizes Deferred Taxes Resulting From Differences Between Financial Accounting Basis and Tax Basis of Assets and Liabilities:

     

     

     

    For the year ended May 31,

     

     

     

    2013

     

     

    2012

     

    Current assets and liabilities

     

     

     

     

     

     

    Accounts receivable allowances

     

     

    39,159

     

     

     

    38,238

     

    Total deferred tax assets

     

     

    39,159

     

     

     

    38,238

     

       Valuation allowance

     

     

    -

     

     

     

    -

     

    Total deferred tax assets, net

     

     

    39,159

     

     

     

    38,238

     

     
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    Note 6 - Related Party Transactions and Balances (Details) (USD $)
    		 12 Months Ended
    May 31, 2013
    May 31, 2012
    Revenue from Related Parties $ 108,756 $ 18,974
    Changzhou Leyuan International Trade Co., Ltd.
    		    
    Revenue from Related Parties   $ 845,547
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    Note 6 - Related Party Transactions and Balances: Schedule of Payables Due to Related Parties (Tables)
    		 12 Months Ended
    May 31, 2013
    Tables/Schedules  
    Schedule of Payables Due to Related Parties

     

     

     

    As of May 31

     

     

     

    2013

     

     

    2012

     

    Changzhou Leyuan International Trade Co.,Ltd

     

     $

    -

     

     

     $

    114,090

     

    Changzhou Hengchuan Plastics Co, Ltd

     

     

    -

     

     

     

    80,222

     

    Total due to related parties

     

     $

    -

     

     

     $

    194,312

     

     
    XML 100 R42.xml IDEA: Note 9 - Taxes Payable: Schedule Of Tax Payable (Tables) 2.4.0.8000420 - Disclosure - Note 9 - Taxes Payable: Schedule Of Tax Payable (Tables)truefalsefalse1false falsefalseD120601_130531http://www.sec.gov/CIK0001315756duration2012-06-01T00:00:002013-05-31T00:00:001true 1us-gaap_TableTextBlockSupplementAbstractus-gaap_truenadurationfalsefalsefalsefalsefalsefalsefalsefalse1falsefalsefalse00falsefalsefalsexbrli:stringItemTypestringfalse02false 2fil_ScheduleOfTaxPayablefil_falsenadurationfalsefalsefalsefalsefalsefalsefalsefalse1falsefalsefalse00<!--egx--><p style='margin:0in;margin-bottom:.0001pt'>&nbsp;</p> <div align="center"> <table border="0" cellspacing="0" cellpadding="0" width="80%" style='width:80.0%'> <tr align="left"> <td width="56%" valign="bottom" style='width:56.0%;padding:0in 0in 1.5pt 0in'> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp; </p> </td> <td width="1%" valign="bottom" style='width:1.0%;padding:0in 0in 1.5pt 0in'> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp; </p> </td> <td width="22%" colspan="6" valign="bottom" style='width:22.0%;border:none;border-bottom:solid black 1.5pt;padding:0'> <p align="center" style='margin:0in;margin-bottom:.0001pt;text-align:center'>As of May 31,</p> </td> <td width="1%" valign="bottom" style='width:1.0%;padding:0in 0in 1.5pt 0in'> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp; </p> </td> </tr> <tr align="left"> <td width="56%" valign="bottom" style='width:56.0%;padding:0in 0in 1.5pt 0in'> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp; </p> </td> <td width="1%" valign="bottom" style='width:1.0%;padding:0in 0in 1.5pt 0in'> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp; </p> </td> <td width="10%" colspan="2" valign="bottom" style='width:10.0%;border:none;border-bottom:solid black 1.5pt;padding:0'> <p align="center" style='margin:0in;margin-bottom:.0001pt;text-align:center'>2013</p> </td> <td width="1%" valign="bottom" style='width:1.0%;padding:0in 0in 1.5pt 0in'> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp; </p> </td> <td width="1%" valign="bottom" style='width:1.0%;padding:0in 0in 1.5pt 0in'> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp; </p> </td> <td width="10%" colspan="2" valign="bottom" style='width:10.0%;border:none;border-bottom:solid black 1.5pt;padding:0'> <p align="center" style='margin:0in;margin-bottom:.0001pt;text-align:center'>2012</p> </td> <td width="1%" valign="bottom" style='width:1.0%;padding:0in 0in 1.5pt 0in'> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp; </p> </td> </tr> <tr align="left"> <td width="56%" valign="bottom" style='width:56.0%;background:#CCEEFF;padding:0'> <p style='margin:0in;margin-bottom:.0001pt'>Corporate Income Tax</p> </td> <td width="1%" valign="bottom" style='width:1.0%;background:#CCEEFF;padding:0'> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp; </p> </td> <td width="1%" valign="bottom" style='width:1.0%;background:#CCEEFF;padding:0'> <p style='margin:0in;margin-bottom:.0001pt'>$</p> </td> <td width="9%" valign="bottom" style='width:9.0%;background:#CCEEFF;padding:0'> <p align="right" style='margin:0in;margin-bottom:.0001pt;text-align:right'>973,163</p> </td> <td width="1%" valign="bottom" style='width:1.0%;background:#CCEEFF;padding:0'> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp; </p> </td> <td width="1%" valign="bottom" style='width:1.0%;background:#CCEEFF;padding:0'> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp; </p> </td> <td width="1%" valign="bottom" style='width:1.0%;background:#CCEEFF;padding:0'> <p style='margin:0in;margin-bottom:.0001pt'>$</p> </td> <td width="9%" valign="bottom" style='width:9.0%;background:#CCEEFF;padding:0'> <p align="right" style='margin:0in;margin-bottom:.0001pt;text-align:right'>106,366</p> </td> <td width="1%" valign="bottom" style='width:1.0%;background:#CCEEFF;padding:0'> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp; </p> </td> </tr> <tr align="left"> <td width="56%" valign="bottom" style='width:56.0%;background:white;padding:0'> <p style='margin:0in;margin-bottom:.0001pt'>Value-Added Tax</p> </td> <td width="1%" valign="bottom" style='width:1.0%;background:white;padding:0'> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp; </p> </td> <td width="1%" valign="bottom" style='width:1.0%;background:white;padding:0'> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp; </p> </td> <td width="9%" valign="bottom" style='width:9.0%;background:white;padding:0'> <p align="right" style='margin:0in;margin-bottom:.0001pt;text-align:right'>812,243</p> </td> <td width="1%" valign="bottom" style='width:1.0%;background:white;padding:0'> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp; </p> </td> <td width="1%" valign="bottom" style='width:1.0%;background:white;padding:0'> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp; </p> </td> <td width="1%" valign="bottom" style='width:1.0%;background:white;padding:0'> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp; </p> </td> <td width="9%" valign="bottom" style='width:9.0%;background:white;padding:0'> <p align="right" style='margin:0in;margin-bottom:.0001pt;text-align:right'>134,962</p> </td> <td width="1%" valign="bottom" style='width:1.0%;background:white;padding:0'> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp; </p> </td> </tr> <tr align="left"> <td width="56%" valign="bottom" style='width:56.0%;background:#CCEEFF;padding:0in 0in 1.5pt 0in'> <p style='margin:0in;margin-bottom:.0001pt'>Other Tax &amp; Fees</p> </td> <td width="1%" valign="bottom" style='width:1.0%;background:#CCEEFF;padding:0in 0in 1.5pt 0in'> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp; </p> </td> <td width="1%" valign="bottom" style='width:1.0%;border:none;border-bottom:solid black 1.5pt;background:#CCEEFF;padding:0'> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp; </p> </td> <td width="9%" valign="bottom" style='width:9.0%;border:none;border-bottom:solid black 1.5pt;background:#CCEEFF;padding:0'> <p align="right" style='margin:0in;margin-bottom:.0001pt;text-align:right'>191,546</p> </td> <td width="1%" valign="bottom" style='width:1.0%;background:#CCEEFF;padding:0in 0in 1.5pt 0in'> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp; </p> </td> <td width="1%" valign="bottom" style='width:1.0%;background:#CCEEFF;padding:0in 0in 1.5pt 0in'> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp; </p> </td> <td width="1%" valign="bottom" style='width:1.0%;border:none;border-bottom:solid black 1.5pt;background:#CCEEFF;padding:0'> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp; </p> </td> <td width="9%" valign="bottom" style='width:9.0%;border:none;border-bottom:solid black 1.5pt;background:#CCEEFF;padding:0'> <p align="right" style='margin:0in;margin-bottom:.0001pt;text-align:right'>370</p> </td> <td width="1%" valign="bottom" style='width:1.0%;background:#CCEEFF;padding:0in 0in 1.5pt 0in'> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp; </p> </td> </tr> <tr align="left"> <td width="56%" valign="bottom" style='width:56.0%;background:white;padding:0in 0in 3.0pt 0in'> <p style='margin:0in;margin-bottom:.0001pt'><b>Total</b></p> </td> <td width="1%" valign="bottom" style='width:1.0%;background:white;padding:0in 0in 3.0pt 0in'> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp; </p> </td> <td width="1%" valign="bottom" style='width:1.0%;border:none;border-bottom:double black 2.25pt;background:white;padding:0'> <p style='margin:0in;margin-bottom:.0001pt'><b>$</b></p> </td> <td width="9%" valign="bottom" style='width:9.0%;border:none;border-bottom:double black 2.25pt;background:white;padding:0'> <p align="right" style='margin:0in;margin-bottom:.0001pt;text-align:right'><b>1,976,952</b></p> </td> <td width="1%" valign="bottom" style='width:1.0%;background:white;padding:0in 0in 3.0pt 0in'> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp; </p> </td> <td width="1%" valign="bottom" style='width:1.0%;background:white;padding:0in 0in 3.0pt 0in'> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp; </p> </td> <td width="1%" valign="bottom" style='width:1.0%;border:none;border-bottom:double black 2.25pt;background:white;padding:0'> <p style='margin:0in;margin-bottom:.0001pt'><b>$</b></p> </td> <td width="9%" valign="bottom" style='width:9.0%;border:none;border-bottom:double black 2.25pt;background:white;padding:0'> <p align="right" style='margin:0in;margin-bottom:.0001pt;text-align:right'><b>241,698</b></p> </td> <td width="1%" valign="bottom" style='width:1.0%;background:white;padding:0in 0in 3.0pt 0in'> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp; </p> </td> </tr> </table> </div> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp;</p>falsefalsefalsenonnum:textBlockItemTypenaNo authoritative reference available.No definition available.false0falseNote 9 - Taxes Payable: Schedule Of Tax Payable (Tables)UnKnownUnKnownUnKnownUnKnowntruefalsefalseSheethttp://huayxbrl.com/20130531/role/idr_DisclosureNote9TaxesPayableScheduleOfTaxPayableTables12 XML 101 R31.xml IDEA: Note 2 - Summary of Significant Accounting Policies: Foreign Currency Translation (Policies) 2.4.0.8000310 - Disclosure - Note 2 - Summary of Significant Accounting Policies: Foreign Currency Translation (Policies)truefalsefalse1false falsefalseD120601_130531http://www.sec.gov/CIK0001315756duration2012-06-01T00:00:002013-05-31T00:00:001true 1us-gaap_PolicyTextBlockAbstractus-gaap_truenadurationfalsefalsefalsefalsefalsefalsefalsefalse1falsefalsefalse00falsefalsefalsexbrli:stringItemTypestringfalse02false 2us-gaap_ComprehensiveIncomePolicyPolicyTextBlockus-gaap_truenadurationfalsefalsefalsefalsefalsefalsefalsefalse1falsefalsefalse00<!--egx--><p style='margin:0in;margin-bottom:.0001pt'><b><i><u>Foreign currency translation</u></i></b></p> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp;</p> <p style='margin:0in;margin-bottom:.0001pt'>The functional currency of the U.S. parent company is USD. The functional currency of the Company&#146;s Chinese subsidiary is RMB and its reporting currency is U.S dollars for the purpose of these financial statements. &#160;The accounts of the Chinese subsidiary were translated into USD in accordance with Accounting Standards Codification (&#147;ASC&#148;) Topic 830 &#147;Foreign Currency Matters,&#148; According to Topic 830, all assets and liabilities were translated at the exchange rate on the balance sheet date; stockholders&#146; equity is translated at historical rates and statement of income items are translated at the weighted average exchange rate for the period. The resulting translation adjustments are reported under other comprehensive income in accordance with ASC Topic 220, &#147;Comprehensive Income.&#148; Gains and losses resulting from the translations of foreign currency transactions and balances are reflected in the statements of income.</p> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp;</p> <p style='margin:0in;margin-bottom:.0001pt'>Translation adjustments resulting from this process amounted to $209,066 and $21,835 as of May 31, 2013 and 2012, respectively.</p> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp;</p> <p style='margin:0in;margin-bottom:.0001pt'>The following exchange rates were adopted to translate the amounts from RMB into United States dollars (&#147;USD$&#148;) for the respective years:</p> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp;</p> <div align="center"> <table border="0" cellspacing="0" cellpadding="0"> <tr align="left"> <td valign="bottom" style='padding:0in 0in 1.5pt 0in'> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp;</p> </td> <td valign="bottom" style='padding:0in 0in 1.5pt 0in'> <p style='margin:0in;margin-bottom:.0001pt'><b>&nbsp;</b></p> </td> <td colspan="2" valign="bottom" style='border:none;border-bottom:solid black 1.5pt;padding:0in 0in 1.5pt 0in'> <p align="center" style='margin:0in;margin-bottom:.0001pt;text-align:center'><b>May 31,</b></p> </td> <td valign="bottom" style='padding:0in 0in 1.5pt 0in'> <p style='margin:0in;margin-bottom:.0001pt'><b>&nbsp;</b></p> </td> <td valign="bottom" style='padding:0in 0in 1.5pt 0in'> <p style='margin:0in;margin-bottom:.0001pt'><b>&nbsp;</b></p> </td> <td colspan="2" valign="bottom" style='border:none;border-bottom:solid black 1.5pt;padding:0'> <p align="center" style='margin:0in;margin-bottom:.0001pt;text-align:center'><b>May 31,</b></p> </td> <td valign="bottom" style='padding:0in 0in 1.5pt 0in'> <p style='margin:0in;margin-bottom:.0001pt'><b>&nbsp;</b></p> </td> </tr> <tr align="left"> <td valign="bottom" style='padding:0in 0in 1.5pt 0in'> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp;</p> </td> <td valign="bottom" style='padding:0in 0in 1.5pt 0in'> <p style='margin:0in;margin-bottom:.0001pt'><b>&nbsp;</b></p> </td> <td colspan="2" valign="bottom" style='border:none;border-bottom:solid black 1.5pt;padding:0in 0in 1.5pt 0in'> <p align="center" style='margin:0in;margin-bottom:.0001pt;text-align:center'><b>2013</b></p> </td> <td valign="bottom" style='padding:0in 0in 1.5pt 0in'> <p style='margin:0in;margin-bottom:.0001pt'><b>&nbsp;</b></p> </td> <td valign="bottom" style='padding:0in 0in 1.5pt 0in'> <p style='margin:0in;margin-bottom:.0001pt'><b>&nbsp;</b></p> </td> <td colspan="2" valign="bottom" style='border:none;border-bottom:solid black 1.5pt;padding:0'> <p align="center" style='margin:0in;margin-bottom:.0001pt;text-align:center'><b>2012</b></p> </td> <td valign="bottom" style='padding:0in 0in 1.5pt 0in'> <p style='margin:0in;margin-bottom:.0001pt'><b>&nbsp;</b></p> </td> </tr> <tr align="left"> <td valign="bottom" style='background:#CCEEFF;padding:0'> <p style='margin:0in;margin-bottom:.0001pt'><b>Year End RMB Exchange Rate (RMB/USD$)</b></p> </td> <td valign="bottom" style='background:#CCEEFF;padding:0'> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp;</p> </td> <td valign="bottom" style='background:#CCEEFF;padding:0'> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp;</p> </td> <td valign="bottom" style='background:#CCEEFF;padding:0'> <p align="right" style='margin:0in;margin-bottom:.0001pt;text-align:right'>6.1865</p> </td> <td valign="bottom" style='background:#CCEEFF;padding:0'> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp;</p> </td> <td valign="bottom" style='background:#CCEEFF;padding:0'> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp;</p> </td> <td valign="bottom" style='background:#CCEEFF;padding:0'> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp;</p> </td> <td valign="bottom" style='background:#CCEEFF;padding:0'> <p align="right" style='margin:0in;margin-bottom:.0001pt;text-align:right'>6.3355</p> </td> <td valign="bottom" style='background:#CCEEFF;padding:0'> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp;</p> </td> </tr> <tr align="left"> <td valign="bottom" style='background:white;padding:0'> <p style='margin:0in;margin-bottom:.0001pt'><b>Average Yearly RMB Exchange Rate (RMB/USD$)</b></p> </td> <td valign="bottom" style='background:white;padding:0'> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp;</p> </td> <td valign="bottom" style='background:white;padding:0'> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp;</p> </td> <td valign="bottom" style='background:white;padding:0'> <p align="right" style='margin:0in;margin-bottom:.0001pt;text-align:right'>6.2940</p> </td> <td valign="bottom" style='background:white;padding:0'> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp;</p> </td> <td valign="bottom" style='background:white;padding:0'> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp;</p> </td> <td valign="bottom" style='background:white;padding:0'> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp;</p> </td> <td valign="bottom" style='background:white;padding:0'> <p align="right" style='margin:0in;margin-bottom:.0001pt;text-align:right'>6.3589</p> </td> <td valign="bottom" style='background:white;padding:0'> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp;</p> </td> </tr> </table> </div> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp;</p>falsefalsefalsenonnum:textBlockItemTypenaDisclosure of accounting policy for comprehensive income.No definition available.false0falseNote 2 - Summary of Significant Accounting Policies: Foreign Currency Translation (Policies)UnKnownUnKnownUnKnownUnKnowntruefalsefalseSheethttp://huayxbrl.com/20130531/role/idr_DisclosureNote2SummaryOfSignificantAccountingPoliciesForeignCurrencyTranslationPolicies12 XML 102 R35.htm IDEA: XBRL DOCUMENT v2.4.0.8
    Note 4 - Inventory: Schedule of Inventory, Current (Tables)
    		 12 Months Ended
    May 31, 2013
    Tables/Schedules  
    Schedule of Inventory, Current

     

     

     

    Years Ended May 31,

     

     

     

    2013

     

     

    2012

     

    Raw materials

     

    $

    341,240

     

     

    $

    410,729

     

    Packaging

     

     

    61,339

     

     

     

    59,896

     

    Work-in-progress

     

     

    224,783

     

     

     

    720,300

     

    Finished goods

     

     

    312,966

     

     

     

    794,466

     

    Total Inventories

     

    $

    940,328

     

     

    $

    1,985,391

     

     
    XML 103 R36.htm IDEA: XBRL DOCUMENT v2.4.0.8
    Note 5 - Plant, Property and Equipment, Net: Property, Plant and Equipment, Schedule of Significant Acquisitions and Disposals (Tables)
    		 12 Months Ended
    May 31, 2013
    Tables/Schedules  
    Property, Plant and Equipment, Schedule of Significant Acquisitions and Disposals

     

     

     

    Years Ended May 31,

     

     

     

    2013

     

     

    2012

     

    Machinery Equipment

     

    $

    2,881,586

     

     

    $

    1,106,702

     

    Building

     

     

    5,463,509

     

     

     

    -

     

    Electronic Equipment

     

     

    649,150

     

     

     

    182,934

     

    Transportation Equipment

     

     

    291,162

     

     

     

    283,872

     

    Subtotal

     

     

    9,285,407

     

     

     

    1,573,508

     

    Less: Accumulated Depreciation

     

     

    (1,283,774)

     

     

     

    (1,024,186)

     

        Total plant, property and equipment, net

     

    $

    8,001,633

     

     

    $

    549,322

     

     
    XML 104 R30.xml IDEA: Note 2 - Summary of Significant Accounting Policies: Fair Value of Financial Instruments (Policies) 2.4.0.8000300 - Disclosure - Note 2 - Summary of Significant Accounting Policies: Fair Value of Financial Instruments (Policies)truefalsefalse1false falsefalseD120601_130531http://www.sec.gov/CIK0001315756duration2012-06-01T00:00:002013-05-31T00:00:001true 1us-gaap_PolicyTextBlockAbstractus-gaap_truenadurationfalsefalsefalsefalsefalsefalsefalsefalse1falsefalsefalse00falsefalsefalsexbrli:stringItemTypestringfalse02false 2us-gaap_FairValueOfFinancialInstrumentsPolicyus-gaap_truenadurationfalsefalsefalsefalsefalsefalsefalsefalse1falsefalsefalse00<!--egx--><p style='margin:0in;margin-bottom:.0001pt'><b><i><u>Fair value of financial instruments</u></i></b></p> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp;</p> <p style='margin:0in;margin-bottom:.0001pt'>ASC Topic 820, &#147;Fair Value Measurements&#148;, which defines fair value, establishes a three-level valuation hierarchy for fair value measurements.</p> <p style='margin:0in;margin-bottom:.0001pt;line-height:75%'>&nbsp;</p> <p style='margin:0in;margin-bottom:.0001pt'>The three levels are defined as follows:</p> <p style='margin:0in;margin-bottom:.0001pt;line-height:75%'>&nbsp;</p> <p style='margin:0in;margin-bottom:.0001pt'>Level 1 - inputs to the valuation methodology are quoted prices (unadjusted) for identical assets or liabilities in active markets.</p> <p style='margin:0in;margin-bottom:.0001pt'>Level 2 - inputs to the valuation methodology include quoted prices for similar assets and liabilities in active markets, quoted market prices for identical or similar assets in markets that are not active, inputs other than quoted prices that are observable, and inputs derived from or corroborated by observable market data. </p> <p style='margin:0in;margin-bottom:.0001pt'>Level 3 - inputs to the valuation methodology are unobservable.</p> <p style='margin:0in;margin-bottom:.0001pt;line-height:75%'>&nbsp;</p> <p style='margin:0in;margin-bottom:.0001pt'>Unless otherwise disclosed, the fair value of the Company&#146;s financial instruments including cash, restricted cash, accounts receivable, due from related parties, loans to third parties, advances to suppliers, accounts payable, due to related parties, customer deposits, accrued expenses, short term bank loans and bankers acceptance notes payable approximates their recorded values due to their short-term maturities. </p>falsefalsefalsenonnum:textBlockItemTypenaDisclosure of accounting policy for determining the fair value of financial instruments.Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 235 -SubTopic 10 -Section 50 -Paragraph 3 -URI http://asc.fasb.org/extlink&oid=6367646&loc=d3e18780-107790 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 820 -SubTopic 10 -URI http://asc.fasb.org/subtopic&trid=2155942 false0falseNote 2 - Summary of Significant Accounting Policies: Fair Value of Financial Instruments (Policies)UnKnownUnKnownUnKnownUnKnowntruefalsefalseSheethttp://huayxbrl.com/20130531/role/idr_DisclosureNote2SummaryOfSignificantAccountingPoliciesFairValueOfFinancialInstrumentsPolicies12 XML 105 R13.htm IDEA: XBRL DOCUMENT v2.4.0.8
    Note 8 - Notes Payable
    		 12 Months Ended
    May 31, 2013
    Notes  
    Note 8 - Notes Payable

    NOTE 8 – NOTES PAYABLE

     

     

     

    As of May 31,

     

     

     

    2013

     

     

    2012

     

    Six month notes payable to Huaxian Bank

     

     

    1,616,423

     

     

     

    1,578,407

     

    Six month notes payable to China Industrial and Commercial Bank

     

     

    161,642

     

     

     

    -

     

    Total notes payable

     

     $

    1,778,065

     

     

     $

    1,578,407

     

     

    $969,854 and $947,044 was held in bank as restricted cash as of May 31, 2013 and 2012, respectively.
    XML 106 R62.htm IDEA: XBRL DOCUMENT v2.4.0.8
    Note 11 - Concentrations (Details)
    		 12 Months Ended
    May 31, 2013
    Details  
    Concentration Risk, Customer For the year ended May 31, 2013, three major customers accounted for approximately 22%, 16% and 11% of the total sales, respectively. For the year ended May 31, 2012, one major customer accounted for approximately 48% of the total sales, respectively.
    Concentration Risk, Supplier For the year ended May 31, 2013, one major supplier accounted for approximately 10% of the Company’s total purchase. For the year ended May 31, 2012, one major supplier accounted for approximately 68% of the Company’s total purchase.
    XML 107 R21.xml IDEA: Note 2 - Summary of Significant Accounting Policies: Cash and Cash Equivalents (Policies) 2.4.0.8000210 - Disclosure - Note 2 - Summary of Significant Accounting Policies: Cash and Cash Equivalents (Policies)truefalsefalse1false falsefalseD120601_130531http://www.sec.gov/CIK0001315756duration2012-06-01T00:00:002013-05-31T00:00:001true 1us-gaap_PolicyTextBlockAbstractus-gaap_truenadurationfalsefalsefalsefalsefalsefalsefalsefalse1falsefalsefalse00falsefalsefalsexbrli:stringItemTypestringfalse02false 2us-gaap_CashAndCashEquivalentsPolicyTextBlockus-gaap_truenadurationfalsefalsefalsefalsefalsefalsefalsefalse1falsefalsefalse00<!--egx--><p style='margin:0in;margin-bottom:.0001pt'><b><i><u>Cash and cash equivalents</u></i></b></p> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp;</p> <p style='margin:0in;margin-bottom:.0001pt;text-autospace:none'>For purposes of the statement of cash flow, the Company considers all highly liquid investments with an original maturity of three months or less to be cash equivalents. All cash balances are in bank accounts in PRC and are not insured by the Federal Deposit Insurance Corporation or other programs.</p>falsefalsefalsenonnum:textBlockItemTypenaDisclosure of accounting policy for cash and cash equivalents, including the policy for determining which items are treated as cash equivalents. Other information that may be disclosed includes (1) the nature of any restrictions on the entity's use of its cash and cash equivalents, (2) whether the entity's cash and cash equivalents are insured or expose the entity to credit risk, (3) the classification of any negative balance accounts (overdrafts), and (4) the carrying basis of cash equivalents (for example, at cost) and whether the carrying amount of cash equivalents approximates fair value.Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 235 -SubTopic 10 -Section 50 -Paragraph 3 -URI http://asc.fasb.org/extlink&oid=6367646&loc=d3e18780-107790 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Glossary Cash -URI http://asc.fasb.org/extlink&oid=6506951 Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Glossary Cash Equivalents -URI http://asc.fasb.org/extlink&oid=6507016 Reference 4: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Regulation S-X (SX) -Number 210 -Section 02 -Paragraph 1 -Article 5 Reference 5: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 305 -SubTopic 10 -URI http://asc.fasb.org/subtopic&trid=2122427 Reference 6: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 230 -SubTopic 10 -Section 50 -Paragraph 1 -URI http://asc.fasb.org/extlink&oid=6367179&loc=d3e4273-108586 Reference 7: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Financial Reporting Release (FRR) -Number 203 -Paragraph 02-03 false0falseNote 2 - Summary of Significant Accounting Policies: Cash and Cash Equivalents (Policies)UnKnownUnKnownUnKnownUnKnowntruefalsefalseSheethttp://huayxbrl.com/20130531/role/idr_DisclosureNote2SummaryOfSignificantAccountingPoliciesCashAndCashEquivalentsPolicies12 XML 108 R30.htm IDEA: XBRL DOCUMENT v2.4.0.8
    Note 2 - Summary of Significant Accounting Policies: Fair Value of Financial Instruments (Policies)
    		 12 Months Ended
    May 31, 2013
    Policies  
    Fair Value of Financial Instruments

    Fair value of financial instruments

     

    ASC Topic 820, “Fair Value Measurements”, which defines fair value, establishes a three-level valuation hierarchy for fair value measurements.

     

    The three levels are defined as follows:

     

    Level 1 - inputs to the valuation methodology are quoted prices (unadjusted) for identical assets or liabilities in active markets.

    Level 2 - inputs to the valuation methodology include quoted prices for similar assets and liabilities in active markets, quoted market prices for identical or similar assets in markets that are not active, inputs other than quoted prices that are observable, and inputs derived from or corroborated by observable market data.

    Level 3 - inputs to the valuation methodology are unobservable.

     

    Unless otherwise disclosed, the fair value of the Company’s financial instruments including cash, restricted cash, accounts receivable, due from related parties, loans to third parties, advances to suppliers, accounts payable, due to related parties, customer deposits, accrued expenses, short term bank loans and bankers acceptance notes payable approximates their recorded values due to their short-term maturities.

    XML 109 R42.htm IDEA: XBRL DOCUMENT v2.4.0.8
    Note 9 - Taxes Payable: Schedule Of Tax Payable (Tables)
    		 12 Months Ended
    May 31, 2013
    Tables/Schedules  
    Schedule Of Tax Payable

     

     

     

    As of May 31,

     

     

     

    2013

     

     

    2012

     

    Corporate Income Tax

     

    $

    973,163

     

     

    $

    106,366

     

    Value-Added Tax

     

     

    812,243

     

     

     

    134,962

     

    Other Tax & Fees

     

     

    191,546

     

     

     

    370

     

    Total

     

    $

    1,976,952

     

     

    $

    241,698

     

     
    XML 110 R16.htm IDEA: XBRL DOCUMENT v2.4.0.8
    Note 11 - Concentrations
    		 12 Months Ended
    May 31, 2013
    Notes  
    Note 11 - Concentrations

    Note 11 – CONCENTRATIONS

     

    For the year ended May 31, 2013, three major customers accounted for approximately 22%, 16% and 11% of the total sales, respectively. For the year ended May 31, 2012, one major customer accounted for approximately 48% of the total sales, respectively.

    For the year ended May 31, 2013, one major supplier accounted for approximately 10% of the Company’s total purchase. For the year ended May 31, 2012, one major supplier accounted for approximately 68% of the Company’s total purchase.

     
    XML 111 R22.xml IDEA: Note 2 - Summary of Significant Accounting Policies: Restricted Cash (Policies) 2.4.0.8000220 - Disclosure - Note 2 - Summary of Significant Accounting Policies: Restricted Cash (Policies)truefalsefalse1false falsefalseD120601_130531http://www.sec.gov/CIK0001315756duration2012-06-01T00:00:002013-05-31T00:00:001true 1us-gaap_PolicyTextBlockAbstractus-gaap_truenadurationfalsefalsefalsefalsefalsefalsefalsefalse1falsefalsefalse00falsefalsefalsexbrli:stringItemTypestringfalse02false 2us-gaap_CashAndCashEquivalentsRestrictedCashAndCashEquivalentsPolicyus-gaap_truenadurationfalsefalsefalsefalsefalsefalsefalsefalseterseLabel1falsefalsefalse00<!--egx--><p style='margin:0in;margin-bottom:.0001pt'><b><i><u>Restricted Cash</u></i></b></p> <p style='margin:0in;margin-bottom:.0001pt;line-height:75%'>&nbsp;</p> <p style='margin:0in;margin-bottom:.0001pt'>Restricted cash represents required cash deposits as a part of collateral for bankers acceptance notes payable and letters of credit. The Company is required to maintain 50% to 100% of the balance of the bank&#146;s acceptance notes payable to ensure future credit availability. </p>falsefalsefalsenonnum:textBlockItemTypenaEntity's cash and cash equivalents accounting policy with respect to restricted balances. Restrictions may include legally restricted deposits held as compensating balances against short-term borrowing arrangements, contracts entered into with others, or company statements of intention with regard to particular deposits; however, time deposits and short-term certificates of deposit are not generally included in legally restricted deposits.Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 235 -SubTopic 10 -Section 50 -Paragraph 3 -URI http://asc.fasb.org/extlink&oid=6367646&loc=d3e18780-107790 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Regulation S-X (SX) -Number 210 -Section 02 -Paragraph 1 -Article 5 Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 305 -SubTopic 10 -URI http://asc.fasb.org/subtopic&trid=2122427 Reference 4: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 942 -SubTopic 210 -Section S99 -Paragraph 1 -Subparagraph (SX 210.9-03.1(a)) -URI http://asc.fasb.org/extlink&oid=6876686&loc=d3e534808-122878 Reference 5: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 230 -SubTopic 10 -Section 50 -Paragraph 1 -URI http://asc.fasb.org/extlink&oid=6367179&loc=d3e4273-108586 Reference 6: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Regulation S-X (SX) -Number 210 -Section 03 -Paragraph 1 -Subparagraph a -Article 9 Reference 7: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Financial Reporting Release (FRR) -Number 203 -Paragraph 02-03 false0falseNote 2 - Summary of Significant Accounting Policies: Restricted Cash (Policies)UnKnownUnKnownUnKnownUnKnowntruefalsefalseSheethttp://huayxbrl.com/20130531/role/idr_DisclosureNote2SummaryOfSignificantAccountingPoliciesRestrictedCashPolicies12 XML 112 R12.htm IDEA: XBRL DOCUMENT v2.4.0.8
    Note 7 - Short-term Bank Loans
    		 12 Months Ended
    May 31, 2013
    Notes  
    Note 7 - Short-term Bank Loans

    NOTE 7 – SHORT-TERM BANK LOANS

     

    The Company’s short term bank loans consisted of the follows:

     

     

     

     May 31,

     

     

     

     2013

     

     

     2012

     

     

     

    USD

     

     

    USD

     

    Loan from China Communication Bank ($0.79 million due on 6/10/2012 with 5.841% annual interest rate; $0.79 million due on 10/17/2012 with 8.528% annual interest rate , $0.95 million due on 12/22/2012 with 8.528% annual interest rate, $0.63 million due on 12/12/2012 with 8.528% annual interest rate)

     

    $

    -

     

     

    $

    3,156,815

     

     

     

     

     

     

     

     

     

     

    Loan from China Industrial and Commercial Bank ($0.48 million due on 9/10/2012 with 5.810% annual interest rate and $0.47 million due on 6/10/2012 with 6.560% annual interest rate)

     

     

     

     

     

     

    947,044

     

     

     

     

     

     

     

     

     

     

    Loan from China Industrial and Commercial Bank ($484,927 is due on 1/9/2014 with 6% annual interest rate and $484,927 is due on 11/15/2013 with 6% annual interest rate)

     

     

    969,854

     

     

     

     

     

     

     

     

     

     

     

     

     

     

    Loan from Chinese Bank (6.893% annual interest rate, due on 8/8/2012)

     

     

    -

     

     

     

    1,420,567

     

     

     

     

     

     

     

     

     

     

    Loan from China Merchant Bank (7.68% annual interest rate, due on 8/15/2013)

     

     

    1,131,496

     

     

     

     

     

     

     

     

     

     

     

     

     

     

    Loan from Changzhou Wujinyinfeng Agriculture Credit Union (6% annual interest rate, due on 3/18/2013)

     

     

    -

     

     

     

    473,522

     

     

     

     

     

     

     

     

     

     

    Loan from Changzhou Wujinyinfeng Agriculture Credit Union (0% annual interest rate, due on 6/28/2013)

     

     

    808,211

     

     

     

    -

     

     

     

     

     

     

     

     

     

     

    Loan from Changzhou Wujinyingfeng Agriculture Credit Union (6% annual interest rate, due on 3/18/2013)

     

     

    -

     

     

     

    789,204

     

     

     

     

     

     

     

     

     

     

    Total

     

    $

    2,909,561

     

     

    $

    6,787,152

     

     

     
    XML 113 R7.htm IDEA: XBRL DOCUMENT v2.4.0.8
    Note 2 - Summary of Significant Accounting Policies
    		 12 Months Ended
    May 31, 2013
    Notes  
    Note 2 - Summary of Significant Accounting Policies

    NOTE 2 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

     

    Principles of consolidation

     

    The consolidated financial statements include the financial statements of the Company, China Metal and Changzhou Huayue. All inter-company transactions and balances are eliminated in 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 and the disclosure of contingent assets and liabilities at the date of the financial statements, as well as the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. Significant accounting estimates reflected in the Company’s consolidated financial statements include: the allowance for bad debt, the valuation of inventory, and estimated useful lives and impairment of property and equipment. Actual results could differ from those estimated by management.

     

    Cash and cash equivalents

     

    For purposes of the statement of cash flow, the Company considers all highly liquid investments with an original maturity of three months or less to be cash equivalents. All cash balances are in bank accounts in PRC and are not insured by the Federal Deposit Insurance Corporation or other programs.

     

    Restricted Cash

     

    Restricted cash represents required cash deposits as a part of collateral for bankers acceptance notes payable and letters of credit. The Company is required to maintain 50% to 100% of the balance of the bank’s acceptance notes payable to ensure future credit availability.

     

    Accounts Receivable and Allowance for Doubtful Accounts

     

    Accounts receivable are stated at net realizable value. An allowance for doubtful accounts is established based on the management’s assessment of the recoverability of accounts and other receivables. A considerable amount of judgment is required in assessing the realization of these receivables, including the current credit worthiness of each customer and the related aging analysis. Delinquent account balances are written-off against allowance for doubtful accounts after management has determined that the likelihood of collection is not probable.

     

    Inventory

     

    Inventory is primarily composed of raw materials and packing materials for manufacturing, work in process, and finished goods. Inventories are valued at the lower of cost or market with cost determined on a weighted average basis. Management compares the cost of inventory with the market value and an allowance is made for writing down the inventory to its market value, if lower than cost. As of May 31, 2013 and 2012 no reserve for slow-moving or obsolete inventory is considered necessary

     

    Plant, property and equipment

     

    Plant, property and equipment are stated at cost. The cost of an asset comprises its purchase price and any directly attributable costs of bringing the asset to its present working condition and locations for its intended use. Depreciation is calculated using the straight-line method over the following useful lives:

     

    Buildings

    20 years

    Machinery and equipment

    5-10 years

    Transportation equipment

    5 years

     

     

    Expenditures for maintenance and repairs are charged to expense as incurred. Additions, renewals and betterments are capitalized.

     

    Revenue recognition

     

    The Company’s revenue is derived from the sale of products. The Company’s revenue recognition policies are in compliance with Accounting Standards Codification (“ASC”) Topic 605, Revenue Recognition. Our determination to recognize revenue is based on the following:

     

    ·

    Persuasive evidence that an arrangement (sales contract) exists between a willing customer and us that outlines the terms of the sale (including customer information, product specification, quantity of goods, purchase price and payment terms).

     

    ·

    Delivery is considered to have occurred when the risks, rewards and ownership of the products are transferred from us to our customers.

    ·

    Our price to the customer is fixed and determinable as specifically outlined in the sales contract.

     

    ·

    For customers to whom credit terms are extended, we assess a number of factors to determine whether collection from them is probable, including past transaction history with them and their credit-worthiness. All credit extended to customers is pre-approved by management. If we determine that collection is not reasonably assured, we defer the recognition of revenue until collection becomes reasonably assured, which is generally upon receipt of payment.

     

    Payments received before satisfaction of all of the relevant criteria for revenue recognition are recorded as advance from customers.

     

    The Company currently does not offer customers a right of return. Therefore, uncertainty regarding customer acceptance does not exist and delivered elements are not subject to general or customer-specified return or refund privileges.

     

    Impairment of long-lived assets

     

    The Company reviews its long-lived assets for impairment whenever events or changes in circumstances indicate that the carrying amount of an asset may no longer be recoverable. An impairment loss, measured based on the fair value of the asset, is recognized if expected future undiscounted cash flows are less than the carrying amount of the assets. As of May 31, 2013 and 2012, no impairment of long-lived assets is believed to exist.

     

    Income taxes

     

    The Company’s subsidiaries in China are subject to the income tax laws of the PRC. No taxable income was generated outside the PRC for the years ended May 31, 2013 and 2012. The Company accounts for income tax under the asset and liability method as stipulated by ASC Topic 740, , which requires recognition of deferred tax assets and liabilities for the expected future tax consequences of the events that have been included in the financial statements or tax returns. Deferred income taxes will be recognized if significant temporary differences between tax and financial statements occur. Valuation allowances are established against net deferred tax assets when it is more likely than not that some portion or all of the deferred tax asset will not be realized. As of May 31, 2013 and 2012, no valuation allowance is considered necessary.

     

    An uncertain tax position is recognized as a benefit only if it is “more likely than not” that the tax position would be sustained in a tax examination, with a tax examination being presumed to occur. The amount recognized is the largest amount of tax benefit that is greater than 50% likely of being realized on examination. For tax positions not meeting the “more likely than not” test, no tax benefit is recorded. Penalties and interest incurred related to underpayment of income tax are classified as income tax expense in the period incurred. No significant penalties or interest relating to income taxes have been incurred during the years ended May 31, 2013 and 2012.

     

    Value-added tax

     

    Sales revenue represents the invoiced value of goods, net of a Value-Added Tax (“VAT”). All of the Company’s products that are sold in the PRC are subject to a Chinese value-added tax at a rate of 17% of the gross sales price. This VAT may be offset by VAT paid by the Company on raw materials and other materials included in the cost of producing their finished product.

     

    The Company recorded $812,243 and $134,962 VAT payable in the financial statements for the years ended May 31, 2013 and 2012, respectively.

     

    Fair value of financial instruments

     

    ASC Topic 820, “Fair Value Measurements”, which defines fair value, establishes a three-level valuation hierarchy for fair value measurements.

     

    The three levels are defined as follows:

     

    Level 1 - inputs to the valuation methodology are quoted prices (unadjusted) for identical assets or liabilities in active markets.

    Level 2 - inputs to the valuation methodology include quoted prices for similar assets and liabilities in active markets, quoted market prices for identical or similar assets in markets that are not active, inputs other than quoted prices that are observable, and inputs derived from or corroborated by observable market data.

    Level 3 - inputs to the valuation methodology are unobservable.

     

    Unless otherwise disclosed, the fair value of the Company’s financial instruments including cash, restricted cash, accounts receivable, due from related parties, loans to third parties, advances to suppliers, accounts payable, due to related parties, customer deposits, accrued expenses, short term bank loans and bankers acceptance notes payable approximates their recorded values due to their short-term maturities.

     

    Foreign currency translation

     

    The functional currency of the U.S. parent company is USD. The functional currency of the Company’s Chinese subsidiary is RMB and its reporting currency is U.S dollars for the purpose of these financial statements.  The accounts of the Chinese subsidiary were translated into USD in accordance with Accounting Standards Codification (“ASC”) Topic 830 “Foreign Currency Matters,” According to Topic 830, all assets and liabilities were translated at the exchange rate on the balance sheet date; stockholders’ equity is translated at historical rates and statement of income items are translated at the weighted average exchange rate for the period. The resulting translation adjustments are reported under other comprehensive income in accordance with ASC Topic 220, “Comprehensive Income.” Gains and losses resulting from the translations of foreign currency transactions and balances are reflected in the statements of income.

     

    Translation adjustments resulting from this process amounted to $209,066 and $21,835 as of May 31, 2013 and 2012, respectively.

     

    The following exchange rates were adopted to translate the amounts from RMB into United States dollars (“USD$”) for the respective years:

     

     

     

    May 31,

     

     

    May 31,

     

     

     

    2013

     

     

    2012

     

    Year End RMB Exchange Rate (RMB/USD$)

     

     

    6.1865

     

     

     

    6.3355

     

    Average Yearly RMB Exchange Rate (RMB/USD$)

     

     

    6.2940

     

     

     

    6.3589

     

     

     

    Concentrations of credit risk

     

    Financial instruments which potentially subject the Company to concentrations of credit risk consist principally of cash and trade accounts receivable. All of the Company’s cash is maintained with banks within the People’s Republic of China in which no deposits are covered by insurance. The Company has not experienced any losses in such accounts. A significant portion of the Company's sales are credit sales which are primarily to customers whose ability to pay is dependent upon the industry economics prevailing in these areas. The Company also performs ongoing credit evaluations of its customers to help reduce credit risk.
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    Note 6 - Related Party Transactions and Balances: Schedule of Related Party Transactions (Details) (USD $)
    May 31, 2012
    Details  
    Changzhou Hengchuan Plastics Co, Ltd Receivable $ 3,157
    Changzhou Hengchuan Plastics Co, Ltd Other Receivable 372,177
    Changzhou Jinyue Electronics Co., Ltd Accounts receivable 49,278
    Changzhou Shiji Jinyue Packaging Co.,Ltd Accounts receivable 371,873
    Changzhou Shiji Jinyue Packaging Co.,Ltd Advance to Suppliers 61,427
    Pan Yile Other Receivable 312,630
    Mr. Pan Shudong Due from Mr. Pan 187,156
    Ms. Xinmei Li Due from Mr. Pan 32,376
    Due from related parties $ 1,390,074
    XML 116 R37.xml IDEA: Note 6 - Related Party Transactions and Balances: The Related Parties of The Company Are As Follows (Tables) 2.4.0.8000370 - Disclosure - Note 6 - Related Party Transactions and Balances: The Related Parties of The Company Are As Follows (Tables)truefalsefalse1false falsefalseD120601_130531http://www.sec.gov/CIK0001315756duration2012-06-01T00:00:002013-05-31T00:00:001true 1us-gaap_TableTextBlockSupplementAbstractus-gaap_truenadurationfalsefalsefalsefalsefalsefalsefalsefalse1falsefalsefalse00falsefalsefalsexbrli:stringItemTypestringfalse02false 2fil_ScheduleOfRelatedPartiesfil_falsenadurationfalsefalsefalsefalsefalsefalsefalsefalse1falsefalsefalse00<!--egx--><p style='margin:0in;margin-bottom:.0001pt;margin-bottom:6.0pt'>The related parties of the company are as follows:&nbsp;</p> <table border="0" cellspacing="0" cellpadding="0" width="104%"> <tr align="left"> <td width="39%" valign="top" style='width:39.8%;border:none;border-bottom:solid black 1.5pt;padding:0'> <p style='margin:0in;margin-bottom:.0001pt'><b>Name of entity or individual</b></p> </td> <td width="2%" valign="top" style='width:2.68%;padding:0in 0in 1.5pt 0in'></td> <td width="57%" valign="top" style='width:57.52%;border:none;border-bottom:solid black 1.5pt;padding:0'> <p style='margin:0in;margin-bottom:.0001pt'><b>Relationship with the Company</b></p> </td> </tr> <tr align="left"> <td width="39%" valign="top" style='width:39.8%;background:#CCEEFF;padding:0'> <p style='margin:0in;margin-bottom:.0001pt'>Changzhou Hengchuan Plastics Co, Ltd</p> </td> <td width="2%" valign="top" style='width:2.68%;background:#CCEEFF;padding:0'></td> <td width="57%" valign="top" style='width:57.52%;background:#CCEEFF;padding:0'> <p style='margin:0in;margin-bottom:.0001pt'>Entity controlled by Mr. Pan Shudong and His Wife</p> </td> </tr> <tr align="left"> <td width="39%" valign="top" style='width:39.8%;background:white;padding:0'> <p style='margin:0in;margin-bottom:.0001pt'>Changzhou Shiji Jinyue Packaging Co.,Ltd</p> </td> <td width="2%" valign="top" style='width:2.68%;background:white;padding:0'></td> <td width="57%" valign="top" style='width:57.52%;background:white;padding:0'> <p style='margin:0in;margin-bottom:.0001pt'>Entity controlled by Mr. Pan Shudong&#146;s Sister</p> </td> </tr> <tr align="left"> <td width="39%" valign="top" style='width:39.8%;background:#CCEEFF;padding:0'> <p style='margin:0in;margin-bottom:.0001pt'>Changzhou Jinyue Electronic Co.,Ltd</p> </td> <td width="2%" valign="top" style='width:2.68%;background:#CCEEFF;padding:0'></td> <td width="57%" valign="top" style='width:57.52%;background:#CCEEFF;padding:0'> <p style='margin:0in;margin-bottom:.0001pt'>Entity controlled by Mr. Pan Shudong&#146;s Sister</p> </td> </tr> <tr align="left"> <td width="39%" valign="top" style='width:39.8%;background:white;padding:0'> <p style='margin:0in;margin-bottom:.0001pt'>Changzhou Leyuan International Trade Co.,Ltd</p> </td> <td width="2%" valign="top" style='width:2.68%;background:white;padding:0'></td> <td width="57%" valign="top" style='width:57.52%;background:white;padding:0'> <p style='margin:0in;margin-bottom:.0001pt'>Entity controlled by Mr. Pan Shudong&#146;s Sister</p> </td> </tr> <tr align="left"> <td width="39%" valign="top" style='width:39.8%;background:#CCEEFF;padding:0'> <p style='margin:0in;margin-bottom:.0001pt'>Mr. Pan Shudong </p> </td> <td width="2%" valign="top" style='width:2.68%;background:#CCEEFF;padding:0'></td> <td width="57%" valign="top" style='width:57.52%;background:#CCEEFF;padding:0'> <p style='margin:0in;margin-bottom:.0001pt'>Controlling Shareholder and CEO of the Company</p> </td> </tr> <tr align="left"> <td width="39%" valign="top" style='width:39.8%;background:white;padding:0'> <p style='margin:0in;margin-bottom:.0001pt'>Ms.Li Xinmei </p> </td> <td width="2%" valign="top" style='width:2.68%;background:white;padding:0'></td> <td width="57%" valign="top" style='width:57.52%;background:white;padding:0'> <p style='margin:0in;margin-bottom:.0001pt'>Mr. Pan Shudong&#146;s Wife and Director of&#160; 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    Note 2 - Summary of Significant Accounting Policies: Foreign Currency Translation: Comprehensive Income (Loss) (Details)
    May 31, 2013
    May 31, 2012
    Details    
    Foreign Currency Exchange Rate, Translation 6.1865 6.3355
    Average Foreign currency exchange rate translation 6.2940 6.3589
    XML 119 R13.xml IDEA: Note 8 - Notes Payable 2.4.0.8000130 - Disclosure - Note 8 - Notes Payabletruefalsefalse1false falsefalseD120601_130531http://www.sec.gov/CIK0001315756duration2012-06-01T00:00:002013-05-31T00:00:001true 1us-gaap_DisclosureTextBlockAbstractus-gaap_truenadurationfalsefalsefalsefalsefalsefalsefalsefalse1falsefalsefalse00falsefalsefalsexbrli:stringItemTypestringfalse02false 2us-gaap_DebtDisclosureTextBlockus-gaap_truenadurationfalsefalsefalsefalsefalsefalsefalsefalse1falsefalsefalse00<!--egx--><p style='margin:0in;margin-bottom:.0001pt'><b>NOTE 8 &#150; NOTES PAYABLE</b></p> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp;</p> <div align="center"> <table border="0" cellspacing="0" cellpadding="0" width="80%" style='width:80.0%'> <tr align="left"> <td width="56%" valign="bottom" style='width:56.0%;padding:0in 0in 1.5pt 0in'> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp; </p> </td> <td width="1%" valign="bottom" style='width:1.0%;padding:0in 0in 1.5pt 0in'> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp; </p> </td> <td width="22%" colspan="6" valign="bottom" style='width:22.0%;border:none;border-bottom:solid black 1.5pt;padding:0'> <p align="center" style='margin:0in;margin-bottom:.0001pt;text-align:center'><b>As of May 31,</b></p> </td> <td width="1%" valign="bottom" style='width:1.0%;padding:0in 0in 1.5pt 0in'> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp; </p> </td> </tr> <tr align="left"> <td width="56%" valign="bottom" style='width:56.0%;padding:0in 0in 1.5pt 0in'> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp; </p> </td> <td width="1%" valign="bottom" style='width:1.0%;padding:0in 0in 1.5pt 0in'> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp; </p> </td> <td width="10%" colspan="2" valign="bottom" style='width:10.0%;border:none;border-bottom:solid black 1.5pt;padding:0'> <p align="center" style='margin:0in;margin-bottom:.0001pt;text-align:center'><b>2013</b></p> </td> <td width="1%" valign="bottom" style='width:1.0%;padding:0in 0in 1.5pt 0in'> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp; </p> </td> <td width="1%" valign="bottom" style='width:1.0%;padding:0in 0in 1.5pt 0in'> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp; </p> </td> <td width="10%" colspan="2" valign="bottom" style='width:10.0%;border:none;border-bottom:solid black 1.5pt;padding:0'> <p align="center" style='margin:0in;margin-bottom:.0001pt;text-align:center'><b>2012</b></p> </td> <td width="1%" valign="bottom" style='width:1.0%;padding:0in 0in 1.5pt 0in'> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp; </p> </td> </tr> <tr align="left"> <td width="56%" valign="bottom" style='width:56.0%;background:#CCEEFF;padding:0'> <p style='margin:0in;margin-bottom:.0001pt'>Six month notes payable to Huaxian Bank</p> </td> <td width="1%" valign="bottom" style='width:1.0%;background:#CCEEFF;padding:0'> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp; </p> </td> <td width="1%" valign="bottom" style='width:1.0%;background:#CCEEFF;padding:0'> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp; </p> </td> <td width="9%" valign="bottom" style='width:9.0%;background:#CCEEFF;padding:0'> <p align="right" style='margin:0in;margin-bottom:.0001pt;text-align:right'>1,616,423</p> </td> <td width="1%" valign="bottom" style='width:1.0%;background:#CCEEFF;padding:0'> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp; </p> </td> <td width="1%" valign="bottom" style='width:1.0%;background:#CCEEFF;padding:0'> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp; </p> </td> <td width="1%" valign="bottom" style='width:1.0%;background:#CCEEFF;padding:0'> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp; </p> </td> <td width="9%" valign="bottom" style='width:9.0%;background:#CCEEFF;padding:0'> <p align="right" style='margin:0in;margin-bottom:.0001pt;text-align:right'>1,578,407</p> </td> <td width="1%" valign="bottom" style='width:1.0%;background:#CCEEFF;padding:0'> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp; </p> </td> </tr> <tr align="left"> <td width="56%" valign="bottom" style='width:56.0%;background:white;padding:0in 0in 1.5pt 0in'> <p style='margin:0in;margin-bottom:.0001pt'>Six month notes payable to China Industrial and Commercial Bank</p> </td> <td width="1%" valign="bottom" style='width:1.0%;background:white;padding:0in 0in 1.5pt 0in'> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp; </p> </td> <td width="1%" valign="bottom" style='width:1.0%;border:none;border-bottom:solid black 1.5pt;background:white;padding:0'> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp; </p> </td> <td width="9%" valign="bottom" style='width:9.0%;border:none;border-bottom:solid black 1.5pt;background:white;padding:0'> <p align="right" style='margin:0in;margin-bottom:.0001pt;text-align:right'>161,642</p> </td> <td width="1%" valign="bottom" style='width:1.0%;background:white;padding:0in 0in 1.5pt 0in'> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp; </p> </td> <td width="1%" valign="bottom" style='width:1.0%;background:white;padding:0in 0in 1.5pt 0in'> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp; </p> </td> <td width="1%" valign="bottom" style='width:1.0%;border:none;border-bottom:solid black 1.5pt;background:white;padding:0'> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp; </p> </td> <td width="9%" valign="bottom" style='width:9.0%;border:none;border-bottom:solid black 1.5pt;background:white;padding:0'> <p align="right" style='margin:0in;margin-bottom:.0001pt;text-align:right'>-</p> </td> <td width="1%" valign="bottom" style='width:1.0%;background:white;padding:0in 0in 1.5pt 0in'> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp; </p> </td> </tr> <tr align="left"> <td width="56%" valign="bottom" style='width:56.0%;background:#CCEEFF;padding:0in 0in 3.0pt 0in'> <p style='margin:0in;margin-bottom:.0001pt'><b>Total notes payable</b></p> </td> <td width="1%" valign="bottom" style='width:1.0%;background:#CCEEFF;padding:0in 0in 3.0pt 0in'> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp; </p> </td> <td width="1%" valign="bottom" style='width:1.0%;border:none;border-bottom:double black 2.25pt;background:#CCEEFF;padding:0'> <p style='margin:0in;margin-bottom:.0001pt'><b>&nbsp;$</b></p> </td> <td width="9%" valign="bottom" style='width:9.0%;border:none;border-bottom:double black 2.25pt;background:#CCEEFF;padding:0'> <p align="right" style='margin:0in;margin-bottom:.0001pt;text-align:right'><b>1,778,065</b></p> </td> <td width="1%" valign="bottom" style='width:1.0%;background:#CCEEFF;padding:0in 0in 3.0pt 0in'> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp; </p> </td> <td width="1%" valign="bottom" style='width:1.0%;background:#CCEEFF;padding:0in 0in 3.0pt 0in'> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp; </p> </td> <td width="1%" valign="bottom" style='width:1.0%;border:none;border-bottom:double black 2.25pt;background:#CCEEFF;padding:0'> <p style='margin:0in;margin-bottom:.0001pt'><b>&nbsp;$</b></p> </td> <td width="9%" valign="bottom" style='width:9.0%;border:none;border-bottom:double black 2.25pt;background:#CCEEFF;padding:0'> <p align="right" style='margin:0in;margin-bottom:.0001pt;text-align:right'><b>1,578,407</b></p> </td> <td width="1%" valign="bottom" style='width:1.0%;background:#CCEEFF;padding:0in 0in 3.0pt 0in'> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp; </p> </td> </tr> </table> </div> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp;</p> <p style='margin:0in;margin-bottom:.0001pt'>$969,854 and $947,044 was held in bank as restricted cash as of May 31, 2013 and 2012, respectively.</p>falsefalsefalsenonnum:textBlockItemTypenaThe entire disclosure for information about short-term and long-term debt arrangements, which includes amounts of borrowings under each line of credit, note payable, commercial paper issue, bonds indenture, debenture issue, own-share lending arrangements and any other contractual agreement to repay funds, and about the underlying arrangements, rationale for a classification as long-term, including repayment terms, interest rates, collateral provided, restrictions on use of assets and activities, whether or not in compliance with debt covenants, and other matters important to users of the financial statements, such as the effects of refinancing and noncompliance with debt covenants.Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 505 -SubTopic 10 -Section 50 -Paragraph 3 -URI http://asc.fasb.org/extlink&oid=6928386&loc=d3e21475-112644 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Regulation S-X (SX) -Number 210 -Section 02 -Paragraph 19, 20, 22 -Article 5 Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 210 -SubTopic 10 -Section S99 -Paragraph 1 -Subparagraph (SX 210.5-02.19,20,22) -URI http://asc.fasb.org/extlink&oid=6877327&loc=d3e13212-122682 false0falseNote 8 - Notes PayableUnKnownUnKnownUnKnownUnKnowntruefalsefalseNoteshttp://huayxbrl.com/20130531/role/idr_DisclosureNote8NotesPayable12 XML 120 R38.xml IDEA: Note 6 - Related Party Transactions and Balances: Schedule of Related Party Transactions (Tables) 2.4.0.8000380 - Disclosure - Note 6 - Related Party Transactions and Balances: Schedule of Related Party Transactions (Tables)truefalsefalse1false falsefalseD120601_130531http://www.sec.gov/CIK0001315756duration2012-06-01T00:00:002013-05-31T00:00:001true 1us-gaap_TableTextBlockSupplementAbstractus-gaap_truenadurationfalsefalsefalsefalsefalsefalsefalsefalse1falsefalsefalse00falsefalsefalsexbrli:stringItemTypestringfalse02false 2us-gaap_ScheduleOfRelatedPartyTransactionsTableTextBlockus-gaap_truenadurationfalsefalsefalsefalsefalsefalsefalsefalse1falsefalsefalse00<!--egx--><p style='margin:0in;margin-bottom:.0001pt'>&nbsp;</p> <div align="center"> <table border="0" cellspacing="0" cellpadding="0" width="80%" style='width:80.0%'> <tr align="left"> <td width="56%" valign="bottom" style='width:56.0%;padding:0in 0in 1.5pt 0in'> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp;</p> </td> <td width="1%" valign="bottom" style='width:1.0%;padding:0in 0in 1.5pt 0in'> <p align="right" style='margin:0in;margin-bottom:.0001pt;text-align:right'>&nbsp;</p> </td> <td width="22%" colspan="6" valign="bottom" style='width:22.0%;border:none;border-bottom:solid black 1.5pt;padding:0'> <p align="center" style='margin:0in;margin-bottom:.0001pt;text-align:center'><b>May 31,</b></p> </td> <td width="1%" valign="bottom" style='width:1.0%;padding:0in 0in 1.5pt 0in'> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp;</p> </td> </tr> <tr align="left"> <td width="56%" valign="bottom" style='width:56.0%;padding:0in 0in 1.5pt 0in'> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp; </p> </td> <td width="1%" valign="bottom" style='width:1.0%;padding:0in 0in 1.5pt 0in'> <p align="right" style='margin:0in;margin-bottom:.0001pt;text-align:right'>&nbsp; </p> </td> <td width="10%" colspan="2" valign="bottom" style='width:10.0%;border:none;border-bottom:solid black 1.5pt;padding:0'> <p align="center" style='margin:0in;margin-bottom:.0001pt;text-align:center'><b>&nbsp;2013</b></p> </td> <td width="1%" valign="bottom" style='width:1.0%;padding:0in 0in 1.5pt 0in'> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp; </p> </td> <td width="1%" valign="bottom" style='width:1.0%;padding:0in 0in 1.5pt 0in'> <p align="right" style='margin:0in;margin-bottom:.0001pt;text-align:right'>&nbsp; </p> </td> <td width="10%" colspan="2" valign="bottom" style='width:10.0%;border:none;border-bottom:solid black 1.5pt;padding:0'> <p align="center" style='margin:0in;margin-bottom:.0001pt;text-align:center'><b>2012</b></p> </td> <td width="1%" valign="bottom" style='width:1.0%;padding:0in 0in 1.5pt 0in'> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp; </p> </td> </tr> <tr align="left"> <td width="56%" valign="bottom" style='width:56.0%;background:#CCEEFF;padding:0'> <p style='margin:0in;margin-bottom:.0001pt'>Changzhou Hengchuan Plastics Co, Ltd</p> </td> <td width="1%" valign="bottom" style='width:1.0%;background:#CCEEFF;padding:0'> <p align="right" style='margin:0in;margin-bottom:.0001pt;text-align:right'>&nbsp; </p> </td> <td width="1%" valign="bottom" style='width:1.0%;background:#CCEEFF;padding:0'> <p style='margin:0in;margin-bottom:.0001pt'>$</p> </td> <td width="9%" valign="bottom" style='width:9.0%;background:#CCEEFF;padding:0'> <p align="right" style='margin:0in;margin-bottom:.0001pt;text-align:right'>-</p> </td> <td width="1%" valign="bottom" style='width:1.0%;background:#CCEEFF;padding:0'> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp; </p> </td> <td width="1%" valign="bottom" style='width:1.0%;background:#CCEEFF;padding:0'> <p align="right" style='margin:0in;margin-bottom:.0001pt;text-align:right'>&nbsp; </p> </td> <td width="1%" valign="bottom" style='width:1.0%;background:#CCEEFF;padding:0'> <p style='margin:0in;margin-bottom:.0001pt'>$</p> </td> <td width="9%" valign="bottom" style='width:9.0%;background:#CCEEFF;padding:0'> <p align="right" style='margin:0in;margin-bottom:.0001pt;text-align:right'>3,157</p> </td> <td width="1%" valign="bottom" style='width:1.0%;background:#CCEEFF;padding:0'> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp; </p> </td> </tr> <tr align="left"> <td width="56%" valign="bottom" style='width:56.0%;background:white;padding:0'> <p style='margin:0in;margin-bottom:.0001pt'>Changzhou Hengchuan Plastics Co, Ltd</p> </td> <td width="1%" valign="bottom" style='width:1.0%;background:white;padding:0'> <p align="right" style='margin:0in;margin-bottom:.0001pt;text-align:right'>&nbsp; </p> </td> <td width="1%" valign="bottom" style='width:1.0%;background:white;padding:0'> <p style='margin:0in;margin-bottom:.0001pt'>$</p> </td> <td width="9%" valign="bottom" style='width:9.0%;background:white;padding:0'> <p align="right" style='margin:0in;margin-bottom:.0001pt;text-align:right'>-</p> </td> <td width="1%" valign="bottom" style='width:1.0%;background:white;padding:0'> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp; </p> </td> <td width="1%" valign="bottom" style='width:1.0%;background:white;padding:0'> <p align="right" style='margin:0in;margin-bottom:.0001pt;text-align:right'>&nbsp; </p> </td> <td width="1%" valign="bottom" style='width:1.0%;background:white;padding:0'> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp; </p> </td> <td width="9%" valign="bottom" style='width:9.0%;background:white;padding:0'> <p align="right" style='margin:0in;margin-bottom:.0001pt;text-align:right'>372,177</p> </td> <td width="1%" valign="bottom" style='width:1.0%;background:white;padding:0'> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp; </p> </td> </tr> <tr align="left"> <td width="56%" valign="bottom" style='width:56.0%;background:#CCEEFF;padding:0'> <p style='margin:0in;margin-bottom:.0001pt'>Changzhou Jinyue Electronics Co., Ltd</p> </td> <td width="1%" valign="bottom" style='width:1.0%;background:#CCEEFF;padding:0'> <p align="right" style='margin:0in;margin-bottom:.0001pt;text-align:right'>&nbsp; </p> </td> <td width="1%" valign="bottom" style='width:1.0%;background:#CCEEFF;padding:0'> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp; </p> </td> <td width="9%" valign="bottom" style='width:9.0%;background:#CCEEFF;padding:0'> <p align="right" style='margin:0in;margin-bottom:.0001pt;text-align:right'>-</p> </td> <td width="1%" valign="bottom" style='width:1.0%;background:#CCEEFF;padding:0'> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp; </p> </td> <td width="1%" valign="bottom" style='width:1.0%;background:#CCEEFF;padding:0'> <p align="right" style='margin:0in;margin-bottom:.0001pt;text-align:right'>&nbsp; </p> </td> <td width="1%" valign="bottom" style='width:1.0%;background:#CCEEFF;padding:0'> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp; </p> </td> <td width="9%" valign="bottom" style='width:9.0%;background:#CCEEFF;padding:0'> <p align="right" style='margin:0in;margin-bottom:.0001pt;text-align:right'>49,278</p> </td> <td width="1%" valign="bottom" style='width:1.0%;background:#CCEEFF;padding:0'> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp; </p> </td> </tr> <tr align="left"> <td width="56%" valign="bottom" style='width:56.0%;background:white;padding:0'> <p style='margin:0in;margin-bottom:.0001pt'>Changzhou Shiji Jinyue Packaging Co.,Ltd</p> </td> <td width="1%" valign="bottom" style='width:1.0%;background:white;padding:0'> <p align="right" style='margin:0in;margin-bottom:.0001pt;text-align:right'>&nbsp; </p> </td> <td width="1%" valign="bottom" style='width:1.0%;background:white;padding:0'> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp; </p> </td> <td width="9%" valign="bottom" style='width:9.0%;background:white;padding:0'> <p align="right" style='margin:0in;margin-bottom:.0001pt;text-align:right'>-</p> </td> <td width="1%" valign="bottom" style='width:1.0%;background:white;padding:0'> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp; </p> </td> <td width="1%" valign="bottom" style='width:1.0%;background:white;padding:0'> <p align="right" style='margin:0in;margin-bottom:.0001pt;text-align:right'>&nbsp; </p> </td> <td width="1%" valign="bottom" style='width:1.0%;background:white;padding:0'> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp; </p> </td> <td width="9%" valign="bottom" style='width:9.0%;background:white;padding:0'> <p align="right" style='margin:0in;margin-bottom:.0001pt;text-align:right'>371,873</p> </td> <td width="1%" valign="bottom" style='width:1.0%;background:white;padding:0'> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp; </p> </td> </tr> <tr align="left"> <td width="56%" valign="bottom" style='width:56.0%;background:#CCEEFF;padding:0'> <p style='margin:0in;margin-bottom:.0001pt'>Changzhou Shiji Jinyue Packaging Co.,Ltd</p> </td> <td width="1%" valign="bottom" style='width:1.0%;background:#CCEEFF;padding:0'> <p align="right" style='margin:0in;margin-bottom:.0001pt;text-align:right'>&nbsp; </p> </td> <td width="1%" valign="bottom" style='width:1.0%;background:#CCEEFF;padding:0'> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp; </p> </td> <td width="9%" valign="bottom" style='width:9.0%;background:#CCEEFF;padding:0'> <p align="right" style='margin:0in;margin-bottom:.0001pt;text-align:right'>-</p> </td> <td width="1%" valign="bottom" style='width:1.0%;background:#CCEEFF;padding:0'> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp; </p> </td> <td width="1%" valign="bottom" style='width:1.0%;background:#CCEEFF;padding:0'> <p align="right" style='margin:0in;margin-bottom:.0001pt;text-align:right'>&nbsp; </p> </td> <td width="1%" valign="bottom" style='width:1.0%;background:#CCEEFF;padding:0'> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp; </p> </td> <td width="9%" valign="bottom" style='width:9.0%;background:#CCEEFF;padding:0'> <p align="right" style='margin:0in;margin-bottom:.0001pt;text-align:right'>61,427</p> </td> <td width="1%" valign="bottom" style='width:1.0%;background:#CCEEFF;padding:0'> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp; </p> </td> </tr> <tr align="left"> <td width="56%" valign="bottom" style='width:56.0%;background:white;padding:0'> <p style='margin:0in;margin-bottom:.0001pt'>Ms. Pan Yile</p> </td> <td width="1%" valign="bottom" style='width:1.0%;background:white;padding:0'> <p align="right" style='margin:0in;margin-bottom:.0001pt;text-align:right'>&nbsp; </p> </td> <td width="1%" valign="bottom" style='width:1.0%;background:white;padding:0'> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp; </p> </td> <td width="9%" valign="bottom" style='width:9.0%;background:white;padding:0'> <p align="right" style='margin:0in;margin-bottom:.0001pt;text-align:right'>-</p> </td> <td width="1%" valign="bottom" style='width:1.0%;background:white;padding:0'> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp; </p> </td> <td width="1%" valign="bottom" style='width:1.0%;background:white;padding:0'> <p align="right" style='margin:0in;margin-bottom:.0001pt;text-align:right'>&nbsp; </p> </td> <td width="1%" valign="bottom" style='width:1.0%;background:white;padding:0'> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp; </p> </td> <td width="9%" valign="bottom" style='width:9.0%;background:white;padding:0'> <p align="right" style='margin:0in;margin-bottom:.0001pt;text-align:right'>312,630</p> </td> <td width="1%" valign="bottom" style='width:1.0%;background:white;padding:0'> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp; </p> </td> </tr> <tr align="left"> <td width="56%" valign="bottom" style='width:56.0%;background:#CCEEFF;padding:0'> <p style='margin:0in;margin-bottom:.0001pt'>Mr. Pan Shudong</p> </td> <td width="1%" valign="bottom" style='width:1.0%;background:#CCEEFF;padding:0'> <p align="right" style='margin:0in;margin-bottom:.0001pt;text-align:right'>&nbsp; </p> </td> <td width="1%" valign="bottom" style='width:1.0%;background:#CCEEFF;padding:0'> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp; </p> </td> <td width="9%" valign="bottom" style='width:9.0%;background:#CCEEFF;padding:0'> <p align="right" style='margin:0in;margin-bottom:.0001pt;text-align:right'>-</p> </td> <td width="1%" valign="bottom" style='width:1.0%;background:#CCEEFF;padding:0'> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp; </p> </td> <td width="1%" valign="bottom" style='width:1.0%;background:#CCEEFF;padding:0'> <p align="right" style='margin:0in;margin-bottom:.0001pt;text-align:right'>&nbsp; </p> </td> <td width="1%" valign="bottom" style='width:1.0%;background:#CCEEFF;padding:0'> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp; </p> </td> <td width="9%" valign="bottom" style='width:9.0%;background:#CCEEFF;padding:0'> <p align="right" style='margin:0in;margin-bottom:.0001pt;text-align:right'>187,156</p> </td> <td width="1%" valign="bottom" style='width:1.0%;background:#CCEEFF;padding:0'> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp; </p> </td> </tr> <tr align="left"> <td width="56%" valign="bottom" style='width:56.0%;background:white;padding:0in 0in 1.5pt 0in'> <p style='margin:0in;margin-bottom:.0001pt'>Ms. Xinmei Li</p> </td> <td width="1%" valign="bottom" style='width:1.0%;background:white;padding:0in 0in 1.5pt 0in'> <p align="right" style='margin:0in;margin-bottom:.0001pt;text-align:right'>&nbsp; </p> </td> <td width="1%" valign="bottom" style='width:1.0%;border:none;border-bottom:solid black 1.5pt;background:white;padding:0'> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp; </p> </td> <td width="9%" valign="bottom" style='width:9.0%;border:none;border-bottom:solid black 1.5pt;background:white;padding:0'> <p align="right" style='margin:0in;margin-bottom:.0001pt;text-align:right'>-</p> </td> <td width="1%" valign="bottom" style='width:1.0%;background:white;padding:0in 0in 1.5pt 0in'> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp; </p> </td> <td width="1%" valign="bottom" style='width:1.0%;background:white;padding:0in 0in 1.5pt 0in'> <p align="right" style='margin:0in;margin-bottom:.0001pt;text-align:right'>&nbsp; </p> </td> <td width="1%" valign="bottom" style='width:1.0%;border:none;border-bottom:solid black 1.5pt;background:white;padding:0'> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp; </p> </td> <td width="9%" valign="bottom" style='width:9.0%;border:none;border-bottom:solid black 1.5pt;background:white;padding:0'> <p align="right" style='margin:0in;margin-bottom:.0001pt;text-align:right'>32,376</p> </td> <td width="1%" valign="bottom" style='width:1.0%;background:white;padding:0in 0in 1.5pt 0in'> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp; </p> </td> </tr> <tr align="left"> <td width="56%" valign="bottom" style='width:56.0%;background:#CCEEFF;padding:0in 0in 3.0pt 0in'> <p style='margin:0in;margin-bottom:.0001pt'><b>Total due from related parties</b></p> </td> <td width="1%" valign="bottom" style='width:1.0%;background:#CCEEFF;padding:0in 0in 3.0pt 0in'> <p align="right" style='margin:0in;margin-bottom:.0001pt;text-align:right'>&nbsp; </p> </td> <td width="1%" valign="bottom" style='width:1.0%;border:none;border-bottom:double black 2.25pt;background:#CCEEFF;padding:0'> <p style='margin:0in;margin-bottom:.0001pt'><b>$</b></p> </td> <td width="9%" valign="bottom" style='width:9.0%;border:none;border-bottom:double black 2.25pt;background:#CCEEFF;padding:0'> <p align="right" style='margin:0in;margin-bottom:.0001pt;text-align:right'><b>-</b></p> </td> <td width="1%" valign="bottom" style='width:1.0%;background:#CCEEFF;padding:0in 0in 3.0pt 0in'> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp; </p> </td> <td width="1%" valign="bottom" style='width:1.0%;background:#CCEEFF;padding:0in 0in 3.0pt 0in'> <p align="right" style='margin:0in;margin-bottom:.0001pt;text-align:right'>&nbsp; </p> </td> <td width="1%" valign="bottom" style='width:1.0%;border:none;border-bottom:double black 2.25pt;background:#CCEEFF;padding:0'> <p style='margin:0in;margin-bottom:.0001pt'><b>$</b></p> </td> <td width="9%" valign="bottom" style='width:9.0%;border:none;border-bottom:double black 2.25pt;background:#CCEEFF;padding:0'> <p align="right" style='margin:0in;margin-bottom:.0001pt;text-align:right'><b>1,390,074</b></p> </td> <td width="1%" valign="bottom" style='width:1.0%;background:#CCEEFF;padding:0in 0in 3.0pt 0in'> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp; </p> </td> </tr> </table> </div> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp;</p>falsefalsefalsenonnum:textBlockItemTypenaTabular disclosure of related party transactions. Examples of related party transactions include, but are not limited to, transactions between (a) a parent company and its subsidiary; (b) subsidiaries of a common parent; (c) and entity and its principal owners and (d) affiliates.No definition available.false0falseNote 6 - Related Party Transactions and Balances: Schedule of Related Party Transactions (Tables)UnKnownUnKnownUnKnownUnKnowntruefalsefalseSheethttp://huayxbrl.com/20130531/role/idr_DisclosureNote6RelatedPartyTransactionsAndBalancesScheduleOfRelatedPartyTransactionsTables12 XML 121 R23.xml IDEA: Note 2 - Summary of Significant Accounting Policies: Accounts Receivable and Allowance For Bad Debt (Policies) 2.4.0.8000230 - Disclosure - Note 2 - Summary of Significant Accounting Policies: Accounts Receivable and Allowance For Bad Debt (Policies)truefalsefalse1false falsefalseD120601_130531http://www.sec.gov/CIK0001315756duration2012-06-01T00:00:002013-05-31T00:00:001true 1us-gaap_PolicyTextBlockAbstractus-gaap_truenadurationfalsefalsefalsefalsefalsefalsefalsefalse1falsefalsefalse00falsefalsefalsexbrli:stringItemTypestringfalse02false 2us-gaap_ReceivablesTradeAndOtherAccountsReceivableAllowanceForDoubtfulAccountsPolicyus-gaap_truenadurationfalsefalsefalsefalsefalsefalsefalsefalse1falsefalsefalse00<!--egx--><p style='margin:0in;margin-bottom:.0001pt'><b><i><u>Accounts Receivable and Allowance for Doubtful Accounts</u></i></b></p> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp;</p> <p style='margin:0in;margin-bottom:.0001pt'>Accounts receivable are stated at net realizable value. An allowance for doubtful accounts is established based on the management&#146;s assessment of the recoverability of accounts and other receivables. A considerable amount of judgment is required in assessing the realization of these receivables, including the current credit worthiness of each customer and the related aging analysis. Delinquent account balances are written-off against allowance for doubtful accounts after management has determined that the likelihood of collection is not probable.</p>falsefalsefalsenonnum:textBlockItemTypenaDisclosure of accounting policy for determining the allowance for doubtful accounts for trade and other accounts receivable balances, and when impairments, charge-offs or recoveries are recognized.Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 235 -SubTopic 10 -Section 50 -Paragraph 3 -URI http://asc.fasb.org/extlink&oid=6367646&loc=d3e18780-107790 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Regulation S-X (SX) -Number 210 -Section 02 -Paragraph 4 -Article 5 Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 310 -SubTopic 10 -Section 50 -Paragraph 9 -URI http://asc.fasb.org/extlink&oid=28368275&loc=d3e5144-111524 false0falseNote 2 - Summary of Significant Accounting Policies: Accounts Receivable and Allowance For Bad Debt (Policies)UnKnownUnKnownUnKnownUnKnowntruefalsefalseSheethttp://huayxbrl.com/20130531/role/idr_DisclosureNote2SummaryOfSignificantAccountingPoliciesAccountsReceivableAndAllowanceForBadDebtPolicies12 XML 122 R33.htm IDEA: XBRL DOCUMENT v2.4.0.8
    Note 2 - Summary of Significant Accounting Policies: Foreign Currency Translation: Comprehensive Income (Loss) (Tables)
    		 12 Months Ended
    May 31, 2013
    Tables/Schedules  
    Comprehensive Income (Loss)

     

     

     

    May 31,

     

     

    May 31,

     

     

     

    2013

     

     

    2012

     

    Year End RMB Exchange Rate (RMB/USD$)

     

     

    6.1865

     

     

     

    6.3355

     

    Average Yearly RMB Exchange Rate (RMB/USD$)

     

     

    6.2940

     

     

     

    6.3589

     
    XML 123 R63.xml IDEA: Note 12 - Contingencies (Details) 2.4.0.8000630 - Disclosure - Note 12 - Contingencies (Details)truefalsefalse1false USDfalsefalse$I130313http://www.sec.gov/CIK0001315756instant2013-03-13T00:00:000001-01-01T00:00:00USDStandardhttp://www.xbrl.org/2003/iso4217USDiso42170USDUSD$1true 1us-gaap_TextBlockAbstractus-gaap_truenadurationfalsefalsefalsefalsefalsefalsefalsefalse1falsefalsefalse00falsefalsefalsexbrli:stringItemTypestringfalse02false 2us-gaap_LineOfCreditFacilityMaximumBorrowingCapacityus-gaap_truecreditinstantfalsefalsefalsefalsefalsefalsefalsefalse1truefalsefalse823000823000USD$falsetruefalsexbrli:monetaryItemTypemonetaryMaximum borrowing capacity under the credit facility without consideration of any current restrictions on the amount that could be borrowed or the amounts currently outstanding under the facility.Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 210 -SubTopic 10 -Section S99 -Paragraph 1 -Subparagraph (SX 210.5-02.19(b),22(b)) -URI http://asc.fasb.org/extlink&oid=6877327&loc=d3e13212-122682 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Regulation S-X (SX) -Number 210 -Section 02 -Paragraph 19, 22 -Article 5 false2falseNote 12 - Contingencies (Details) (USD $)NoRoundingUnKnownUnKnownUnKnowntruefalsefalseSheethttp://huayxbrl.com/20130531/role/idr_DisclosureNote12ContingenciesDetails12 XML 124 R36.xml IDEA: Note 5 - Plant, Property and Equipment, Net: Property, Plant and Equipment, Schedule of Significant Acquisitions and Disposals (Tables) 2.4.0.8000360 - Disclosure - Note 5 - Plant, Property and Equipment, Net: Property, Plant and Equipment, Schedule of Significant Acquisitions and Disposals (Tables)truefalsefalse1false falsefalseD120601_130531http://www.sec.gov/CIK0001315756duration2012-06-01T00:00:002013-05-31T00:00:001true 1us-gaap_TableTextBlockSupplementAbstractus-gaap_truenadurationfalsefalsefalsefalsefalsefalsefalsefalse1falsefalsefalse00falsefalsefalsexbrli:stringItemTypestringfalse02false 2us-gaap_PropertyPlantAndEquipmentScheduleOfSignificantAcquisitionsAndDisposalsTextBlockus-gaap_truenadurationfalsefalsefalsefalsefalsefalsefalsefalse1falsefalsefalse00<!--egx--><p style='margin:0in;margin-bottom:.0001pt'>&nbsp;</p> <div align="center"> <table border="0" cellspacing="0" cellpadding="0" width="80%" style='width:80.0%'> <tr align="left"> <td width="56%" valign="bottom" style='width:56.0%;padding:0in 0in 1.5pt 0in'> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp; </p> </td> <td width="1%" valign="bottom" style='width:1.0%;padding:0in 0in 1.5pt 0in'> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp; </p> </td> <td width="22%" colspan="6" valign="bottom" style='width:22.0%;border:none;border-bottom:solid black 1.5pt;padding:0'> <p align="center" style='margin:0in;margin-bottom:.0001pt;text-align:center'>Years Ended May 31,</p> </td> <td width="1%" valign="bottom" style='width:1.0%;padding:0in 0in 1.5pt 0in'> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp; </p> </td> </tr> <tr align="left"> <td width="56%" valign="bottom" style='width:56.0%;padding:0in 0in 1.5pt 0in'> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp; </p> </td> <td width="1%" valign="bottom" style='width:1.0%;padding:0in 0in 1.5pt 0in'> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp; </p> </td> <td width="10%" colspan="2" valign="bottom" style='width:10.0%;border:none;border-bottom:solid black 1.5pt;padding:0'> <p align="center" style='margin:0in;margin-bottom:.0001pt;text-align:center'>2013</p> </td> <td width="1%" valign="bottom" style='width:1.0%;padding:0in 0in 1.5pt 0in'> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp; </p> </td> <td width="1%" valign="bottom" style='width:1.0%;padding:0in 0in 1.5pt 0in'> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp; </p> </td> <td width="10%" colspan="2" valign="bottom" style='width:10.0%;border:none;border-bottom:solid black 1.5pt;padding:0'> <p align="center" style='margin:0in;margin-bottom:.0001pt;text-align:center'>2012</p> </td> <td width="1%" valign="bottom" style='width:1.0%;padding:0in 0in 1.5pt 0in'> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp; </p> </td> </tr> <tr align="left"> <td width="56%" valign="bottom" style='width:56.0%;background:#CCEEFF;padding:0'> <p style='margin:0in;margin-bottom:.0001pt'>Machinery Equipment</p> </td> <td width="1%" valign="bottom" style='width:1.0%;background:#CCEEFF;padding:0'> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp; </p> </td> <td width="1%" valign="bottom" style='width:1.0%;background:#CCEEFF;padding:0'> <p style='margin:0in;margin-bottom:.0001pt'>$</p> </td> <td width="9%" valign="bottom" style='width:9.0%;background:#CCEEFF;padding:0'> <p align="right" style='margin:0in;margin-bottom:.0001pt;text-align:right'>2,881,586</p> </td> <td width="1%" valign="bottom" style='width:1.0%;background:#CCEEFF;padding:0'> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp; </p> </td> <td width="1%" valign="bottom" style='width:1.0%;background:#CCEEFF;padding:0'> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp; </p> </td> <td width="1%" valign="bottom" style='width:1.0%;background:#CCEEFF;padding:0'> <p style='margin:0in;margin-bottom:.0001pt'>$</p> </td> <td width="9%" valign="bottom" style='width:9.0%;background:#CCEEFF;padding:0'> <p align="right" style='margin:0in;margin-bottom:.0001pt;text-align:right'>1,106,702</p> </td> <td width="1%" valign="bottom" style='width:1.0%;background:#CCEEFF;padding:0'> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp; </p> </td> </tr> <tr align="left"> <td width="56%" valign="bottom" style='width:56.0%;background:white;padding:0'> <p style='margin:0in;margin-bottom:.0001pt'>Building</p> </td> <td width="1%" valign="bottom" style='width:1.0%;background:white;padding:0'> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp; </p> </td> <td width="1%" valign="bottom" style='width:1.0%;background:white;padding:0'> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp; </p> </td> <td width="9%" valign="bottom" style='width:9.0%;background:white;padding:0'> <p align="right" style='margin:0in;margin-bottom:.0001pt;text-align:right'>5,463,509</p> </td> <td width="1%" valign="bottom" style='width:1.0%;background:white;padding:0'> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp; </p> </td> <td width="1%" valign="bottom" style='width:1.0%;background:white;padding:0'> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp; </p> </td> <td width="1%" valign="bottom" style='width:1.0%;background:white;padding:0'> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp; </p> </td> <td width="9%" valign="bottom" style='width:9.0%;background:white;padding:0'> <p align="right" style='margin:0in;margin-bottom:.0001pt;text-align:right'>-</p> </td> <td width="1%" valign="bottom" style='width:1.0%;background:white;padding:0'> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp; </p> </td> </tr> <tr align="left"> <td width="56%" valign="bottom" style='width:56.0%;background:#CCEEFF;padding:0'> <p style='margin:0in;margin-bottom:.0001pt'>Electronic Equipment</p> </td> <td width="1%" valign="bottom" style='width:1.0%;background:#CCEEFF;padding:0'> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp; </p> </td> <td width="1%" valign="bottom" style='width:1.0%;background:#CCEEFF;padding:0'> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp; </p> </td> <td width="9%" valign="bottom" style='width:9.0%;background:#CCEEFF;padding:0'> <p align="right" style='margin:0in;margin-bottom:.0001pt;text-align:right'>649,150</p> </td> <td width="1%" valign="bottom" style='width:1.0%;background:#CCEEFF;padding:0'> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp; </p> </td> <td width="1%" valign="bottom" style='width:1.0%;background:#CCEEFF;padding:0'> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp; </p> </td> <td width="1%" valign="bottom" style='width:1.0%;background:#CCEEFF;padding:0'> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp; </p> </td> <td width="9%" valign="bottom" style='width:9.0%;background:#CCEEFF;padding:0'> <p align="right" style='margin:0in;margin-bottom:.0001pt;text-align:right'>182,934</p> </td> <td width="1%" valign="bottom" style='width:1.0%;background:#CCEEFF;padding:0'> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp; </p> </td> </tr> <tr align="left"> <td width="56%" valign="bottom" style='width:56.0%;background:white;padding:0in 0in 1.5pt 0in'> <p style='margin:0in;margin-bottom:.0001pt'>Transportation Equipment</p> </td> <td width="1%" valign="bottom" style='width:1.0%;background:white;padding:0in 0in 1.5pt 0in'> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp; </p> </td> <td width="1%" valign="bottom" style='width:1.0%;border:none;border-bottom:solid black 1.5pt;background:white;padding:0'> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp; </p> </td> <td width="9%" valign="bottom" style='width:9.0%;border:none;border-bottom:solid black 1.5pt;background:white;padding:0'> <p align="right" style='margin:0in;margin-bottom:.0001pt;text-align:right'>291,162</p> </td> <td width="1%" valign="bottom" style='width:1.0%;background:white;padding:0in 0in 1.5pt 0in'> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp; </p> </td> <td width="1%" valign="bottom" style='width:1.0%;background:white;padding:0in 0in 1.5pt 0in'> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp; </p> </td> <td width="1%" valign="bottom" style='width:1.0%;border:none;border-bottom:solid black 1.5pt;background:white;padding:0'> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp; </p> </td> <td width="9%" valign="bottom" style='width:9.0%;border:none;border-bottom:solid black 1.5pt;background:white;padding:0'> <p align="right" style='margin:0in;margin-bottom:.0001pt;text-align:right'>283,872</p> </td> <td width="1%" valign="bottom" style='width:1.0%;background:white;padding:0in 0in 1.5pt 0in'> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp; </p> </td> </tr> <tr align="left"> <td width="56%" valign="bottom" style='width:56.0%;background:#CCEEFF;padding:0'> <p style='margin:0in;margin-bottom:.0001pt'>Subtotal</p> </td> <td width="1%" valign="bottom" style='width:1.0%;background:#CCEEFF;padding:0'> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp; </p> </td> <td width="1%" valign="bottom" style='width:1.0%;background:#CCEEFF;padding:0'> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp; </p> </td> <td width="9%" valign="bottom" style='width:9.0%;background:#CCEEFF;padding:0'> <p align="right" style='margin:0in;margin-bottom:.0001pt;text-align:right'>9,285,407</p> </td> <td width="1%" valign="bottom" style='width:1.0%;background:#CCEEFF;padding:0'> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp; </p> </td> <td width="1%" valign="bottom" style='width:1.0%;background:#CCEEFF;padding:0'> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp; </p> </td> <td width="1%" valign="bottom" style='width:1.0%;background:#CCEEFF;padding:0'> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp; </p> </td> <td width="9%" valign="bottom" style='width:9.0%;background:#CCEEFF;padding:0'> <p align="right" style='margin:0in;margin-bottom:.0001pt;text-align:right'>1,573,508</p> </td> <td width="1%" valign="bottom" style='width:1.0%;background:#CCEEFF;padding:0'> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp; </p> </td> </tr> <tr align="left"> <td width="56%" valign="bottom" style='width:56.0%;background:white;padding:0in 0in 1.5pt 0in'> <p style='margin:0in;margin-bottom:.0001pt'>Less: Accumulated Depreciation</p> </td> <td width="1%" valign="bottom" style='width:1.0%;background:white;padding:0in 0in 1.5pt 0in'> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp; </p> </td> <td width="1%" valign="bottom" style='width:1.0%;border:none;border-bottom:solid black 1.5pt;background:white;padding:0'> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp; </p> </td> <td width="9%" valign="bottom" style='width:9.0%;border:none;border-bottom:solid black 1.5pt;background:white;padding:0'> <p align="right" style='margin:0in;margin-bottom:.0001pt;text-align:right'>(1,283,774)</p> </td> <td width="1%" valign="bottom" style='width:1.0%;background:white;padding:0in 0in 1.5pt 0in'> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp; </p> </td> <td width="1%" valign="bottom" style='width:1.0%;background:white;padding:0in 0in 1.5pt 0in'> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp; </p> </td> <td width="1%" valign="bottom" style='width:1.0%;border:none;border-bottom:solid black 1.5pt;background:white;padding:0'> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp; </p> </td> <td width="9%" valign="bottom" style='width:9.0%;border:none;border-bottom:solid black 1.5pt;background:white;padding:0'> <p align="right" style='margin:0in;margin-bottom:.0001pt;text-align:right'>(1,024,186)</p> </td> <td width="1%" valign="bottom" style='width:1.0%;background:white;padding:0in 0in 1.5pt 0in'> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp; </p> </td> </tr> <tr align="left"> <td width="56%" valign="bottom" style='width:56.0%;background:#CCEEFF;padding:0in 0in 3.0pt 0in'> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp;&nbsp;&nbsp;&nbsp;<b>Total plant, property and equipment, net</b></p> </td> <td width="1%" valign="bottom" style='width:1.0%;background:#CCEEFF;padding:0in 0in 3.0pt 0in'> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp; </p> </td> <td width="1%" valign="bottom" style='width:1.0%;border:none;border-bottom:double black 2.25pt;background:#CCEEFF;padding:0'> <p style='margin:0in;margin-bottom:.0001pt'><b>$</b></p> </td> <td width="9%" valign="bottom" style='width:9.0%;border:none;border-bottom:double black 2.25pt;background:#CCEEFF;padding:0'> <p align="right" style='margin:0in;margin-bottom:.0001pt;text-align:right'><b>8,001,633</b></p> </td> <td width="1%" valign="bottom" style='width:1.0%;background:#CCEEFF;padding:0in 0in 3.0pt 0in'> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp; </p> </td> <td width="1%" valign="bottom" style='width:1.0%;background:#CCEEFF;padding:0in 0in 3.0pt 0in'> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp; </p> </td> <td width="1%" valign="bottom" style='width:1.0%;border:none;border-bottom:double black 2.25pt;background:#CCEEFF;padding:0'> <p style='margin:0in;margin-bottom:.0001pt'><b>$</b></p> </td> <td width="9%" valign="bottom" style='width:9.0%;border:none;border-bottom:double black 2.25pt;background:#CCEEFF;padding:0'> <p align="right" style='margin:0in;margin-bottom:.0001pt;text-align:right'><b>549,322</b></p> </td> <td width="1%" valign="bottom" style='width:1.0%;background:#CCEEFF;padding:0in 0in 3.0pt 0in'> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp; </p> </td> </tr> </table> </div> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp;</p>falsefalsefalsenonnum:textBlockItemTypenaTabular disclosure of all information related to any significant acquisition and disposal. 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    Note 10 - Income Taxes (Details) (USD $)
    		 12 Months Ended
    May 31, 2013
    May 31, 2012
    Details    
    Income taxes $ 849,473 $ 15,454
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</p> </td> <td width="1%" valign="bottom" style='width:1.0%;padding:0in 0in 1.5pt 0in'> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp; </p> </td> <td width="22%" colspan="6" valign="bottom" style='width:22.0%;border:none;border-bottom:solid black 1.5pt;padding:0'> <p align="center" style='margin:0in;margin-bottom:.0001pt;text-align:center'><b>For the year ended May 31,</b></p> </td> <td width="1%" valign="bottom" style='width:1.0%;padding:0in 0in 1.5pt 0in'> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp; </p> </td> </tr> <tr align="left"> <td width="56%" valign="bottom" style='width:56.0%;padding:0in 0in 1.5pt 0in'> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp; </p> </td> <td width="1%" valign="bottom" style='width:1.0%;padding:0in 0in 1.5pt 0in'> <p align="right" style='margin:0in;margin-bottom:.0001pt;text-align:right'>&nbsp; </p> </td> <td width="10%" colspan="2" valign="bottom" style='width:10.0%;border:none;border-bottom:solid black 1.5pt;padding:0'> <p align="center" style='margin:0in;margin-bottom:.0001pt;text-align:center'><b>2013</b></p> </td> <td width="1%" valign="bottom" style='width:1.0%;padding:0in 0in 1.5pt 0in'> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp; </p> </td> <td width="1%" valign="bottom" style='width:1.0%;padding:0in 0in 1.5pt 0in'> <p align="right" style='margin:0in;margin-bottom:.0001pt;text-align:right'>&nbsp; </p> </td> <td width="10%" colspan="2" valign="bottom" style='width:10.0%;border:none;border-bottom:solid black 1.5pt;padding:0'> <p align="center" style='margin:0in;margin-bottom:.0001pt;text-align:center'><b>2012</b></p> </td> <td width="1%" valign="bottom" style='width:1.0%;padding:0in 0in 1.5pt 0in'> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp; </p> </td> </tr> <tr align="left"> <td width="56%" valign="bottom" style='width:56.0%;background:#CCEEFF;padding:0'> <p style='margin:0in;margin-bottom:.0001pt'>Current</p> </td> <td width="1%" valign="bottom" style='width:1.0%;background:#CCEEFF;padding:0'> <p align="right" style='margin:0in;margin-bottom:.0001pt;text-align:right'>&nbsp; </p> </td> <td width="1%" valign="bottom" style='width:1.0%;background:#CCEEFF;padding:0'> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp; </p> </td> <td width="9%" valign="bottom" style='width:9.0%;background:#CCEEFF;padding:0'> <p align="right" style='margin:0in;margin-bottom:.0001pt;text-align:right'>(849,473</p> </td> <td width="1%" valign="bottom" style='width:1.0%;background:#CCEEFF;padding:0'> <p style='margin:0in;margin-bottom:.0001pt'>)</p> </td> <td width="1%" valign="bottom" style='width:1.0%;background:#CCEEFF;padding:0'> <p align="right" style='margin:0in;margin-bottom:.0001pt;text-align:right'>&nbsp; </p> </td> <td width="1%" valign="bottom" style='width:1.0%;background:#CCEEFF;padding:0'> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp; </p> </td> <td width="9%" valign="bottom" style='width:9.0%;background:#CCEEFF;padding:0'> <p align="right" style='margin:0in;margin-bottom:.0001pt;text-align:right'>&nbsp;(53,692</p> </td> <td width="1%" valign="bottom" style='width:1.0%;background:#CCEEFF;padding:0'> <p style='margin:0in;margin-bottom:.0001pt'>)</p> </td> </tr> <tr align="left"> <td width="56%" valign="bottom" style='width:56.0%;background:white;padding:0'> <p style='margin:0in;margin-bottom:.0001pt'>Deferred:</p> </td> <td width="1%" valign="bottom" style='width:1.0%;background:white;padding:0'> <p align="right" style='margin:0in;margin-bottom:.0001pt;text-align:right'>&nbsp; </p> </td> <td width="1%" valign="bottom" style='width:1.0%;background:white;padding:0'> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp; </p> </td> <td width="9%" valign="bottom" style='width:9.0%;background:white;padding:0'> <p align="right" style='margin:0in;margin-bottom:.0001pt;text-align:right'>-</p> </td> <td width="1%" valign="bottom" style='width:1.0%;background:white;padding:0'> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp; </p> </td> <td width="1%" valign="bottom" style='width:1.0%;background:white;padding:0'> <p align="right" style='margin:0in;margin-bottom:.0001pt;text-align:right'>&nbsp; </p> </td> <td width="1%" valign="bottom" style='width:1.0%;background:white;padding:0'> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp; </p> </td> <td width="9%" valign="bottom" style='width:9.0%;background:white;padding:0'> <p align="right" style='margin:0in;margin-bottom:.0001pt;text-align:right'>&nbsp;38,238</p> </td> <td width="1%" valign="bottom" style='width:1.0%;background:white;padding:0'> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp; </p> </td> </tr> <tr align="left"> <td width="56%" valign="bottom" style='width:56.0%;background:#CCEEFF;padding:0'> <p style='margin:0in;margin-bottom:.0001pt'>Total Income tax benefit (expense)</p> </td> <td width="1%" valign="bottom" style='width:1.0%;background:#CCEEFF;padding:0'> <p align="right" style='margin:0in;margin-bottom:.0001pt;text-align:right'>&nbsp; </p> </td> <td width="1%" valign="bottom" style='width:1.0%;background:#CCEEFF;padding:0'> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp; </p> </td> <td width="9%" valign="bottom" style='width:9.0%;background:#CCEEFF;padding:0'> <p align="right" style='margin:0in;margin-bottom:.0001pt;text-align:right'>&nbsp;&nbsp;(849,473</p> </td> <td width="1%" valign="bottom" style='width:1.0%;background:#CCEEFF;padding:0'> <p style='margin:0in;margin-bottom:.0001pt'>)</p> </td> <td width="1%" valign="bottom" style='width:1.0%;background:#CCEEFF;padding:0'> <p align="right" style='margin:0in;margin-bottom:.0001pt;text-align:right'>&nbsp; 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The Company&#146;s revenue recognition policies are in compliance with Accounting Standards Codification (&#147;ASC&#148;) Topic 605, <i>Revenue Recognition</i>. Our determination to recognize revenue is based on the following:</p> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp;</p> <div align="center"> <table border="0" cellspacing="0" cellpadding="0" width="100%" style='width:100.0%'> <tr align="left"> <td width="96" colspan="2" valign="top" style='width:1.0in;padding:0'></td> <td valign="top" style='padding:0'></td> </tr> <tr align="left"> <td width="48" valign="top" style='width:.5in;padding:0'> <p style='margin:0in;margin-bottom:.0001pt'><font style='font-family:Symbol'>&#183; </font></p> </td> <td colspan="2" valign="top" style='padding:0'> <p style='margin:0in;margin-bottom:.0001pt'>Persuasive evidence that an arrangement (sales contract) exists between a willing customer and us that outlines the terms of the sale (including customer information, product specification, quantity of goods, purchase price and payment terms).</p> </td> </tr> <tr align="left"> <td width="30" style='border:none'></td> <td width="717" style='border:none'></td> <td width="1" style='border:none'></td> </tr> </table> </div> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp;</p> <table border="0" cellspacing="0" cellpadding="0" width="100%" style='width:100.0%'> <tr align="left"> <td width="24" valign="top" style='width:.25in;padding:0'> <p style='margin:0in;margin-bottom:.0001pt'><font style='font-family:Symbol'>&#183; </font></p> </td> <td width="606" valign="top" style='width:454.3pt;padding:0'> <p style='margin:0in;margin-bottom:.0001pt'>Delivery is considered to have occurred when the risks, rewards and ownership of the products are transferred from us to our customers.</p> </td> </tr> <tr align="left"> <td width="24" valign="top" style='width:.25in;padding:0'> <p style='margin:0in;margin-bottom:.0001pt'><font style='font-family:Symbol'>&#183; </font></p> </td> <td width="606" valign="top" style='width:454.3pt;padding:0'> <p style='margin:0in;margin-bottom:.0001pt'>Our price to the customer is fixed and determinable as specifically outlined in the sales contract.</p> </td> </tr> </table> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp;</p> <table border="0" cellspacing="0" cellpadding="0" width="100%" style='width:100.0%'> <tr align="left"> <td width="24" valign="top" style='width:.25in;padding:0'> <p style='margin:0in;margin-bottom:.0001pt'><font style='font-family:Symbol'>&#183; </font></p> </td> <td width="606" valign="top" style='width:454.3pt;padding:0'> <p style='margin:0in;margin-bottom:.0001pt'>For customers to whom credit terms are extended, we assess a number of factors to determine whether collection from them is probable, including past transaction history with them and their credit-worthiness. All credit extended to customers is pre-approved by management. If we determine that collection is not reasonably assured, we defer the recognition of revenue until collection becomes reasonably assured, which is generally upon receipt of payment.</p> </td> </tr> </table> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp;</p> <p style='margin:0in;margin-bottom:.0001pt'>Payments received before satisfaction of all of the relevant criteria for revenue recognition are recorded as advance from customers. </p> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp;</p> <p style='margin:0in;margin-bottom:.0001pt'>The Company currently does not offer customers a right of return. Therefore, uncertainty regarding customer acceptance does not exist and delivered elements are not subject to general or customer-specified return or refund privileges.</p>falsefalsefalsenonnum:textBlockItemTypenaDisclosure of accounting policy for revenue recognition. If the entity has different policies for different types of revenue transactions, the policy for each material type of transaction is generally disclosed. If a sales transaction has multiple element arrangements (for example, delivery of multiple products, services or the rights to use assets) the disclosure may indicate the accounting policy for each unit of accounting as well as how units of accounting are determined and valued. The disclosure may encompass important judgment as to appropriateness of principles related to recognition of revenue. The disclosure also may indicate the entity's treatment of any unearned or deferred revenue that arises from the transaction.Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 235 -SubTopic 10 -Section 50 -Paragraph 3 -URI http://asc.fasb.org/extlink&oid=6367646&loc=d3e18780-107790 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 235 -SubTopic 10 -Section 50 -Paragraph 1 -URI http://asc.fasb.org/extlink&oid=6367646&loc=d3e18726-107790 Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Staff Accounting Bulletin (SAB) -Number Topic 13 -Section B -Paragraph Question 1 Reference 4: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 605 -SubTopic 10 -Section S99 -Paragraph 1 -Subparagraph (SAB TOPIC 13.B.Q1) -URI http://asc.fasb.org/extlink&oid=27012821&loc=d3e214044-122780 Reference 5: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 235 -SubTopic 10 -Section 50 -Paragraph 4 -URI http://asc.fasb.org/extlink&oid=6367646&loc=d3e18823-107790 false0falseNote 2 - Summary of Significant Accounting Policies: Revenue Recognition (Policies)UnKnownUnKnownUnKnownUnKnowntruefalsefalseSheethttp://huayxbrl.com/20130531/role/idr_DisclosureNote2SummaryOfSignificantAccountingPoliciesRevenueRecognitionPolicies12 XML 130 R28.xml IDEA: Note 2 - Summary of Significant Accounting Policies: Income Taxes (Policies) 2.4.0.8000280 - Disclosure - Note 2 - Summary of Significant Accounting Policies: Income Taxes (Policies)truefalsefalse1false falsefalseD120601_130531http://www.sec.gov/CIK0001315756duration2012-06-01T00:00:002013-05-31T00:00:001true 1us-gaap_PolicyTextBlockAbstractus-gaap_truenadurationfalsefalsefalsefalsefalsefalsefalsefalse1falsefalsefalse00falsefalsefalsexbrli:stringItemTypestringfalse02false 2us-gaap_RegulatoryIncomeTaxesPolicyus-gaap_truenadurationfalsefalsefalsefalsefalsefalsefalsefalse1falsefalsefalse00<!--egx--><p style='margin:0in;margin-bottom:.0001pt'><b><i><u>Income taxes</u></i></b></p> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp;</p> <p style='margin:0in;margin-bottom:.0001pt'>The Company&#146;s subsidiaries in China are subject to the income tax laws of the PRC. No taxable income was generated outside the PRC for the years ended May 31, 2013 and 2012. The Company accounts for income tax under the asset and liability method as stipulated by ASC Topic 740, , which requires recognition of deferred tax assets and liabilities for the expected future tax consequences of the events that have been included in the financial statements or tax returns. Deferred income taxes will be recognized if significant temporary differences between tax and financial statements occur. Valuation allowances are established against net deferred tax assets when it is more likely than not that some portion or all of the deferred tax asset will not be realized. As of May 31, 2013 and 2012, no valuation allowance is considered necessary.</p> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp;</p> <p style='margin:0in;margin-bottom:.0001pt;text-align:justify'>An uncertain tax position is recognized as a benefit only if it is &#147;more likely than not&#148; that the tax position would be sustained in a tax examination, with a tax examination being presumed to occur. The amount recognized is the largest amount of tax benefit that is greater than 50% likely of being realized on examination. For tax positions not meeting the &#147;more likely than not&#148; test, no tax benefit is recorded. Penalties and interest incurred related to underpayment of income tax are classified as income tax expense in the period incurred. No significant penalties or interest relating to income taxes have been incurred during the years ended May 31, 2013 and 2012. </p>falsefalsefalsenonnum:textBlockItemTypenaDisclosure of accounting policy for income taxes, including investment tax credits, and the related regulatory treatment (for example, whether deferred income tax accounting - normalization - is allowed in rate making).Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 235 -SubTopic 10 -Section 50 -Paragraph 3 -URI http://asc.fasb.org/extlink&oid=6367646&loc=d3e18780-107790 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 980 -SubTopic 740 -Section 25 -Paragraph 1 -URI http://asc.fasb.org/extlink&oid=6501382&loc=d3e54053-110423 Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 980 -SubTopic 740 -Section 25 -Paragraph 2 -URI http://asc.fasb.org/extlink&oid=6501382&loc=d3e54136-110423 Reference 4: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 980 -SubTopic 740 -URI http://asc.fasb.org/subtopic&trid=2156927 false0falseNote 2 - Summary of Significant Accounting Policies: Income Taxes (Policies)UnKnownUnKnownUnKnownUnKnowntruefalsefalseSheethttp://huayxbrl.com/20130531/role/idr_DisclosureNote2SummaryOfSignificantAccountingPoliciesIncomeTaxesPolicies12 XML 131 R19.htm IDEA: XBRL DOCUMENT v2.4.0.8
    Note 2 - Summary of Significant Accounting Policies: Principles of Consolidation (Policies)
    		 12 Months Ended
    May 31, 2013
    Policies  
    Principles of Consolidation

    Principles of consolidation

     

    The consolidated financial statements include the financial statements of the Company, China Metal and Changzhou Huayue. All inter-company transactions and balances are eliminated in consolidation.

     
    XML 132 R15.htm IDEA: XBRL DOCUMENT v2.4.0.8
    Note 10 - Income Taxes
    		 12 Months Ended
    May 31, 2013
    Notes  
    Note 10 - Income Taxes

    NOTE 10 - INCOME TAXES

     

    Changzhou Huayue Electronics Co., Ltd was registered in the PRC, where the corporate income tax rate is 25%. Changzhou Huayue Electronics Co., Ltd. qualified as a high-tech company and, therefore, is entitled to a preferential tax rate of 15% through November, 2014. 

     

    For the years ended May 31, 2013 and 2012, Changzhou Huayue Electronics Co., Ltd recorded income tax provisions of $849,473 and $15,454 respectively.

     

    (i) The components of the income tax benefit (expense) are as follows:

     

     

     

    For the year ended May 31,

     

     

     

    2013

     

     

    2012

     

    Current

     

     

    (849,473

    )

     

     

     (53,692

    )

    Deferred:

     

     

    -

     

     

     

     38,238

     

    Total Income tax benefit (expense)

     

     

      (849,473

    )

     

     

      (15,454

    )

     

    (ii) The following table summarizes deferred taxes resulting from differences between financial accounting basis and tax basis of assets and liabilities:

     

     

     

    For the year ended May 31,

     

     

     

    2013

     

     

    2012

     

    Current assets and liabilities

     

     

     

     

     

     

    Accounts receivable allowances

     

     

    39,159

     

     

     

    38,238

     

    Total deferred tax assets

     

     

    39,159

     

     

     

    38,238

     

       Valuation allowance

     

     

    -

     

     

     

    -

     

    Total deferred tax assets, net

     

     

    39,159

     

     

     

    38,238

     

     

     
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</td> <td valign="bottom" style='padding:0in 0in 1.5pt 0in'> <p style='margin:0in;margin-bottom:.0001pt'><b>&nbsp;</b></p> </td> <td colspan="2" valign="bottom" style='border:none;border-bottom:solid black 1.5pt;padding:0in 0in 1.5pt 0in'> <p align="center" style='margin:0in;margin-bottom:.0001pt;text-align:center'><b>May 31,</b></p> </td> <td valign="bottom" style='padding:0in 0in 1.5pt 0in'> <p style='margin:0in;margin-bottom:.0001pt'><b>&nbsp;</b></p> </td> <td valign="bottom" style='padding:0in 0in 1.5pt 0in'> <p style='margin:0in;margin-bottom:.0001pt'><b>&nbsp;</b></p> </td> <td colspan="2" valign="bottom" style='border:none;border-bottom:solid black 1.5pt;padding:0'> <p align="center" style='margin:0in;margin-bottom:.0001pt;text-align:center'><b>May 31,</b></p> </td> <td valign="bottom" style='padding:0in 0in 1.5pt 0in'> <p style='margin:0in;margin-bottom:.0001pt'><b>&nbsp;</b></p> </td> </tr> <tr align="left"> <td valign="bottom" style='padding:0in 0in 1.5pt 0in'> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp;</p> </td> <td valign="bottom" style='padding:0in 0in 1.5pt 0in'> <p style='margin:0in;margin-bottom:.0001pt'><b>&nbsp;</b></p> </td> <td colspan="2" valign="bottom" style='border:none;border-bottom:solid black 1.5pt;padding:0in 0in 1.5pt 0in'> <p align="center" style='margin:0in;margin-bottom:.0001pt;text-align:center'><b>2013</b></p> </td> <td valign="bottom" style='padding:0in 0in 1.5pt 0in'> <p style='margin:0in;margin-bottom:.0001pt'><b>&nbsp;</b></p> </td> <td valign="bottom" style='padding:0in 0in 1.5pt 0in'> <p style='margin:0in;margin-bottom:.0001pt'><b>&nbsp;</b></p> </td> <td colspan="2" valign="bottom" style='border:none;border-bottom:solid black 1.5pt;padding:0'> <p align="center" style='margin:0in;margin-bottom:.0001pt;text-align:center'><b>2012</b></p> </td> <td valign="bottom" style='padding:0in 0in 1.5pt 0in'> <p style='margin:0in;margin-bottom:.0001pt'><b>&nbsp;</b></p> </td> </tr> <tr align="left"> <td valign="bottom" style='background:#CCEEFF;padding:0'> <p style='margin:0in;margin-bottom:.0001pt'><b>Year End RMB Exchange Rate (RMB/USD$)</b></p> </td> <td valign="bottom" style='background:#CCEEFF;padding:0'> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp;</p> </td> <td valign="bottom" style='background:#CCEEFF;padding:0'> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp;</p> </td> <td valign="bottom" style='background:#CCEEFF;padding:0'> <p align="right" style='margin:0in;margin-bottom:.0001pt;text-align:right'>6.1865</p> </td> <td valign="bottom" style='background:#CCEEFF;padding:0'> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp;</p> </td> <td valign="bottom" style='background:#CCEEFF;padding:0'> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp;</p> </td> <td valign="bottom" style='background:#CCEEFF;padding:0'> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp;</p> </td> <td valign="bottom" style='background:#CCEEFF;padding:0'> <p align="right" style='margin:0in;margin-bottom:.0001pt;text-align:right'>6.3355</p> </td> <td valign="bottom" style='background:#CCEEFF;padding:0'> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp;</p> </td> </tr> <tr align="left"> <td valign="bottom" style='background:white;padding:0'> <p style='margin:0in;margin-bottom:.0001pt'><b>Average Yearly RMB Exchange Rate (RMB/USD$)</b></p> </td> <td valign="bottom" style='background:white;padding:0'> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp;</p> </td> <td valign="bottom" style='background:white;padding:0'> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp;</p> </td> <td valign="bottom" style='background:white;padding:0'> <p align="right" style='margin:0in;margin-bottom:.0001pt;text-align:right'>6.2940</p> </td> <td valign="bottom" style='background:white;padding:0'> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp;</p> </td> <td valign="bottom" style='background:white;padding:0'> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp;</p> </td> <td valign="bottom" style='background:white;padding:0'> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp;</p> </td> <td valign="bottom" style='background:white;padding:0'> <p align="right" style='margin:0in;margin-bottom:.0001pt;text-align:right'>6.3589</p> </td> <td valign="bottom" style='background:white;padding:0'> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp;</p> </td> </tr> </table> </div>falsefalsefalsenonnum:textBlockItemTypenaTabular disclosure of components of comprehensive income (loss). Includes, but is not limited to, foreign currency translation adjustments, foreign currency transactions designated as economic hedges of a net investment in foreign entity, gain (loss) and prior service cost (credit) for pension plans and other postretirement benefit plans.Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 220 -SubTopic 10 -Section 45 -Paragraph 1 -URI http://asc.fasb.org/extlink&oid=28358780&loc=d3e526-108580 false0falseNote 2 - Summary of Significant Accounting Policies: Foreign Currency Translation: Comprehensive Income (Loss) (Tables)UnKnownUnKnownUnKnownUnKnowntruefalsefalseSheethttp://huayxbrl.com/20130531/role/idr_DisclosureNote2SummaryOfSignificantAccountingPoliciesForeignCurrencyTranslationComprehensiveIncomeLossTables12 XML 134 R22.htm IDEA: XBRL DOCUMENT v2.4.0.8
    Note 2 - Summary of Significant Accounting Policies: Restricted Cash (Policies)
    		 12 Months Ended
    May 31, 2013
    Policies  
    Restricted Cash

    Restricted Cash

     

    Restricted cash represents required cash deposits as a part of collateral for bankers acceptance notes payable and letters of credit. The Company is required to maintain 50% to 100% of the balance of the bank’s acceptance notes payable to ensure future credit availability.

    XML 135 R15.xml IDEA: Note 10 - Income Taxes 2.4.0.8000150 - Disclosure - Note 10 - Income Taxestruefalsefalse1false falsefalseD120601_130531http://www.sec.gov/CIK0001315756duration2012-06-01T00:00:002013-05-31T00:00:001true 1us-gaap_DisclosureTextBlockAbstractus-gaap_truenadurationfalsefalsefalsefalsefalsefalsefalsefalse1falsefalsefalse00falsefalsefalsexbrli:stringItemTypestringfalse02false 2us-gaap_IncomeTaxDisclosureTextBlockus-gaap_truenadurationfalsefalsefalsefalsefalsefalsefalsefalse1falsefalsefalse00<!--egx--><p style='margin:0in;margin-bottom:.0001pt'><b>NOTE 10 - INCOME TAXES</b></p> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp;</p> <p style='margin:0in;margin-bottom:.0001pt'>Changzhou Huayue Electronics Co., Ltd was registered in the PRC, where the corporate income tax rate is 25%. Changzhou Huayue Electronics Co., Ltd. qualified as a high-tech company and, therefore, is entitled to a preferential tax rate of 15% through November, 2014.&#160; </p> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp;</p> <p style='margin:0in;margin-bottom:.0001pt'>For the years ended May 31, 2013 and 2012, Changzhou Huayue Electronics Co., Ltd recorded income tax provisions of $849,473 and $15,454 respectively.</p> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp;</p> <p style='margin:0in;margin-bottom:.0001pt;text-indent:.5in'><b><i>(i)&nbsp;The components of the income tax benefit (expense) are as follows:</i></b></p> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp;</p> <div align="center"> <table border="0" cellspacing="0" cellpadding="0" width="80%" style='width:80.0%'> <tr align="left"> <td width="56%" valign="bottom" style='width:56.0%;padding:0in 0in 1.5pt 0in'> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp; </p> </td> <td width="1%" valign="bottom" style='width:1.0%;padding:0in 0in 1.5pt 0in'> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp; </p> </td> <td width="22%" colspan="6" valign="bottom" style='width:22.0%;border:none;border-bottom:solid black 1.5pt;padding:0'> <p align="center" style='margin:0in;margin-bottom:.0001pt;text-align:center'><b>For the year ended May 31,</b></p> </td> <td width="1%" valign="bottom" style='width:1.0%;padding:0in 0in 1.5pt 0in'> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp; </p> </td> </tr> <tr align="left"> <td width="56%" valign="bottom" style='width:56.0%;padding:0in 0in 1.5pt 0in'> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp; </p> </td> <td width="1%" valign="bottom" style='width:1.0%;padding:0in 0in 1.5pt 0in'> <p align="right" style='margin:0in;margin-bottom:.0001pt;text-align:right'>&nbsp; </p> </td> <td width="10%" colspan="2" valign="bottom" style='width:10.0%;border:none;border-bottom:solid black 1.5pt;padding:0'> <p align="center" style='margin:0in;margin-bottom:.0001pt;text-align:center'><b>2013</b></p> </td> <td width="1%" valign="bottom" style='width:1.0%;padding:0in 0in 1.5pt 0in'> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp; </p> </td> <td width="1%" valign="bottom" style='width:1.0%;padding:0in 0in 1.5pt 0in'> <p align="right" style='margin:0in;margin-bottom:.0001pt;text-align:right'>&nbsp; </p> </td> <td width="10%" colspan="2" valign="bottom" style='width:10.0%;border:none;border-bottom:solid black 1.5pt;padding:0'> <p align="center" style='margin:0in;margin-bottom:.0001pt;text-align:center'><b>2012</b></p> </td> <td width="1%" valign="bottom" style='width:1.0%;padding:0in 0in 1.5pt 0in'> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp; </p> </td> </tr> <tr align="left"> <td width="56%" valign="bottom" style='width:56.0%;background:#CCEEFF;padding:0'> <p style='margin:0in;margin-bottom:.0001pt'>Current</p> </td> <td width="1%" valign="bottom" style='width:1.0%;background:#CCEEFF;padding:0'> <p align="right" style='margin:0in;margin-bottom:.0001pt;text-align:right'>&nbsp; </p> </td> <td width="1%" valign="bottom" style='width:1.0%;background:#CCEEFF;padding:0'> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp; </p> </td> <td width="9%" valign="bottom" style='width:9.0%;background:#CCEEFF;padding:0'> <p align="right" style='margin:0in;margin-bottom:.0001pt;text-align:right'>(849,473</p> </td> <td width="1%" valign="bottom" style='width:1.0%;background:#CCEEFF;padding:0'> <p style='margin:0in;margin-bottom:.0001pt'>)</p> </td> <td width="1%" valign="bottom" style='width:1.0%;background:#CCEEFF;padding:0'> <p align="right" style='margin:0in;margin-bottom:.0001pt;text-align:right'>&nbsp; </p> </td> <td width="1%" valign="bottom" style='width:1.0%;background:#CCEEFF;padding:0'> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp; </p> </td> <td width="9%" valign="bottom" style='width:9.0%;background:#CCEEFF;padding:0'> <p align="right" style='margin:0in;margin-bottom:.0001pt;text-align:right'>&nbsp;(53,692</p> </td> <td width="1%" valign="bottom" style='width:1.0%;background:#CCEEFF;padding:0'> <p style='margin:0in;margin-bottom:.0001pt'>)</p> </td> </tr> <tr align="left"> <td width="56%" valign="bottom" style='width:56.0%;background:white;padding:0'> <p style='margin:0in;margin-bottom:.0001pt'>Deferred:</p> </td> <td width="1%" valign="bottom" style='width:1.0%;background:white;padding:0'> <p align="right" style='margin:0in;margin-bottom:.0001pt;text-align:right'>&nbsp; </p> </td> <td width="1%" valign="bottom" style='width:1.0%;background:white;padding:0'> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp; </p> </td> <td width="9%" valign="bottom" style='width:9.0%;background:white;padding:0'> <p align="right" style='margin:0in;margin-bottom:.0001pt;text-align:right'>-</p> </td> <td width="1%" valign="bottom" style='width:1.0%;background:white;padding:0'> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp; </p> </td> <td width="1%" valign="bottom" style='width:1.0%;background:white;padding:0'> <p align="right" style='margin:0in;margin-bottom:.0001pt;text-align:right'>&nbsp; </p> </td> <td width="1%" valign="bottom" style='width:1.0%;background:white;padding:0'> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp; </p> </td> <td width="9%" valign="bottom" style='width:9.0%;background:white;padding:0'> <p align="right" style='margin:0in;margin-bottom:.0001pt;text-align:right'>&nbsp;38,238</p> </td> <td width="1%" valign="bottom" style='width:1.0%;background:white;padding:0'> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp; </p> </td> </tr> <tr align="left"> <td width="56%" valign="bottom" style='width:56.0%;background:#CCEEFF;padding:0'> <p style='margin:0in;margin-bottom:.0001pt'>Total Income tax benefit (expense)</p> </td> <td width="1%" valign="bottom" style='width:1.0%;background:#CCEEFF;padding:0'> <p align="right" style='margin:0in;margin-bottom:.0001pt;text-align:right'>&nbsp; </p> </td> <td width="1%" valign="bottom" style='width:1.0%;background:#CCEEFF;padding:0'> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp; </p> </td> <td width="9%" valign="bottom" style='width:9.0%;background:#CCEEFF;padding:0'> <p align="right" style='margin:0in;margin-bottom:.0001pt;text-align:right'>&nbsp;&nbsp;(849,473</p> </td> <td width="1%" valign="bottom" style='width:1.0%;background:#CCEEFF;padding:0'> <p style='margin:0in;margin-bottom:.0001pt'>)</p> </td> <td width="1%" valign="bottom" style='width:1.0%;background:#CCEEFF;padding:0'> <p align="right" style='margin:0in;margin-bottom:.0001pt;text-align:right'>&nbsp; </p> </td> <td width="1%" valign="bottom" style='width:1.0%;background:#CCEEFF;padding:0'> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp; </p> </td> <td width="9%" valign="bottom" style='width:9.0%;background:#CCEEFF;padding:0'> <p align="right" style='margin:0in;margin-bottom:.0001pt;text-align:right'>&nbsp;&nbsp;(15,454</p> </td> <td width="1%" valign="bottom" style='width:1.0%;background:#CCEEFF;padding:0'> <p style='margin:0in;margin-bottom:.0001pt'>)</p> </td> </tr> </table> </div> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp;</p> <p style='margin:0in;margin-bottom:.0001pt;text-indent:.5in'><b><i>(ii) The following table summarizes deferred taxes resulting from differences between financial accounting basis and tax basis of assets and liabilities:</i></b></p> <p style='margin:0in;margin-bottom:.0001pt;margin-left:21.0pt'>&nbsp;</p> <div align="center"> <table border="0" cellspacing="0" cellpadding="0" width="80%" style='width:80.0%'> <tr align="left"> <td width="56%" valign="bottom" style='width:56.0%;padding:0'> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp; </p> </td> <td width="1%" valign="bottom" style='width:1.0%;padding:0'> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp; </p> </td> <td width="22%" colspan="6" valign="bottom" style='width:22.0%;padding:0'> <p align="center" style='margin:0in;margin-bottom:.0001pt;text-align:center'><b>For the year ended May 31,</b></p> </td> <td width="1%" valign="bottom" style='width:1.0%;padding:0'> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp; </p> </td> </tr> <tr align="left"> <td width="56%" valign="bottom" style='width:56.0%;padding:0'> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp; </p> </td> <td width="1%" valign="bottom" style='width:1.0%;padding:0'> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp; </p> </td> <td width="10%" colspan="2" valign="bottom" style='width:10.0%;padding:0'> <p align="center" style='margin:0in;margin-bottom:.0001pt;text-align:center'><b>2013</b></p> </td> <td width="1%" valign="bottom" style='width:1.0%;padding:0'> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp; </p> </td> <td width="1%" valign="bottom" style='width:1.0%;padding:0'> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp; </p> </td> <td width="10%" colspan="2" valign="bottom" style='width:10.0%;padding:0'> <p align="center" style='margin:0in;margin-bottom:.0001pt;text-align:center'><b>2012</b></p> </td> <td width="1%" valign="bottom" style='width:1.0%;padding:0'> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp; </p> </td> </tr> <tr align="left"> <td width="56%" valign="bottom" style='width:56.0%;padding:0'> <p style='margin:0in;margin-bottom:.0001pt'><b>Current assets and liabilities</b></p> </td> <td width="1%" valign="bottom" style='width:1.0%;padding:0'> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp; </p> </td> <td width="10%" colspan="2" valign="bottom" style='width:10.0%;padding:0'> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp;</p> </td> <td width="1%" valign="bottom" style='width:1.0%;padding:0'> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp; </p> </td> <td width="1%" valign="bottom" style='width:1.0%;padding:0'> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp; </p> </td> <td width="10%" colspan="2" valign="bottom" style='width:10.0%;padding:0'> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp;</p> </td> <td width="1%" valign="bottom" style='width:1.0%;padding:0'> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp; </p> </td> </tr> <tr align="left"> <td width="56%" valign="bottom" style='width:56.0%;background:#CCEEFF;padding:0in 0in 1.5pt 0in'> <p style='margin:0in;margin-bottom:.0001pt'>Accounts receivable allowances</p> </td> <td width="1%" valign="bottom" style='width:1.0%;background:#CCEEFF;padding:0in 0in 1.5pt 0in'> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp; </p> </td> <td width="1%" valign="bottom" style='width:1.0%;border:none;border-bottom:solid black 1.5pt;background:#CCEEFF;padding:0'> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp; </p> </td> <td width="9%" valign="bottom" style='width:9.0%;border:none;border-bottom:solid black 1.5pt;background:#CCEEFF;padding:0'> <p align="right" style='margin:0in;margin-bottom:.0001pt;text-align:right'>39,159</p> </td> <td width="1%" valign="bottom" style='width:1.0%;background:#CCEEFF;padding:0in 0in 1.5pt 0in'> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp; </p> </td> <td width="1%" valign="bottom" style='width:1.0%;background:#CCEEFF;padding:0in 0in 1.5pt 0in'> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp; </p> </td> <td width="1%" valign="bottom" style='width:1.0%;border:none;border-bottom:solid black 1.5pt;background:#CCEEFF;padding:0'> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp; </p> </td> <td width="9%" valign="bottom" style='width:9.0%;border:none;border-bottom:solid black 1.5pt;background:#CCEEFF;padding:0'> <p align="right" style='margin:0in;margin-bottom:.0001pt;text-align:right'>38,238</p> </td> <td width="1%" valign="bottom" style='width:1.0%;background:#CCEEFF;padding:0in 0in 1.5pt 0in'> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp; </p> </td> </tr> <tr align="left"> <td width="56%" valign="bottom" style='width:56.0%;background:white;padding:0'> <p style='margin:0in;margin-bottom:.0001pt'>Total deferred tax assets</p> </td> <td width="1%" valign="bottom" style='width:1.0%;background:white;padding:0'> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp; </p> </td> <td width="1%" valign="bottom" style='width:1.0%;background:white;padding:0'> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp; </p> </td> <td width="9%" valign="bottom" style='width:9.0%;background:white;padding:0'> <p align="right" style='margin:0in;margin-bottom:.0001pt;text-align:right'>39,159</p> </td> <td width="1%" valign="bottom" style='width:1.0%;background:white;padding:0'> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp; </p> </td> <td width="1%" valign="bottom" style='width:1.0%;background:white;padding:0'> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp; </p> </td> <td width="1%" valign="bottom" style='width:1.0%;background:white;padding:0'> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp; </p> </td> <td width="9%" valign="bottom" style='width:9.0%;background:white;padding:0'> <p align="right" style='margin:0in;margin-bottom:.0001pt;text-align:right'>38,238</p> </td> <td width="1%" valign="bottom" style='width:1.0%;background:white;padding:0'> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp; </p> </td> </tr> <tr align="left"> <td width="56%" valign="bottom" style='width:56.0%;background:#CCEEFF;padding:0in 0in 1.5pt 0in'> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp;&nbsp;&nbsp;Valuation allowance</p> </td> <td width="1%" valign="bottom" style='width:1.0%;background:#CCEEFF;padding:0in 0in 1.5pt 0in'> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp; </p> </td> <td width="1%" valign="bottom" style='width:1.0%;border:none;border-bottom:solid black 1.5pt;background:#CCEEFF;padding:0'> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp; </p> </td> <td width="9%" valign="bottom" style='width:9.0%;border:none;border-bottom:solid black 1.5pt;background:#CCEEFF;padding:0'> <p align="right" style='margin:0in;margin-bottom:.0001pt;text-align:right'>-</p> </td> <td width="1%" valign="bottom" style='width:1.0%;background:#CCEEFF;padding:0in 0in 1.5pt 0in'> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp; </p> </td> <td width="1%" valign="bottom" style='width:1.0%;background:#CCEEFF;padding:0in 0in 1.5pt 0in'> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp; </p> </td> <td width="1%" valign="bottom" style='width:1.0%;border:none;border-bottom:solid black 1.5pt;background:#CCEEFF;padding:0'> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp; </p> </td> <td width="9%" valign="bottom" style='width:9.0%;border:none;border-bottom:solid black 1.5pt;background:#CCEEFF;padding:0'> <p align="right" style='margin:0in;margin-bottom:.0001pt;text-align:right'>-</p> </td> <td width="1%" valign="bottom" style='width:1.0%;background:#CCEEFF;padding:0in 0in 1.5pt 0in'> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp; </p> </td> </tr> <tr align="left"> <td width="56%" valign="bottom" style='width:56.0%;background:white;padding:0in 0in 1.5pt 0in'> <p style='margin:0in;margin-bottom:.0001pt'>Total deferred tax assets, net</p> </td> <td width="1%" valign="bottom" style='width:1.0%;background:white;padding:0in 0in 1.5pt 0in'> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp; </p> </td> <td width="1%" valign="bottom" style='width:1.0%;border:none;border-bottom:solid black 1.5pt;background:white;padding:0'> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp; </p> </td> <td width="9%" valign="bottom" style='width:9.0%;border:none;border-bottom:solid black 1.5pt;background:white;padding:0'> <p align="right" style='margin:0in;margin-bottom:.0001pt;text-align:right'>39,159</p> </td> <td width="1%" valign="bottom" style='width:1.0%;background:white;padding:0in 0in 1.5pt 0in'> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp; </p> </td> <td width="1%" valign="bottom" style='width:1.0%;background:white;padding:0in 0in 1.5pt 0in'> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp; </p> </td> <td width="1%" valign="bottom" style='width:1.0%;border:none;border-bottom:solid black 1.5pt;background:white;padding:0'> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp; </p> </td> <td width="9%" valign="bottom" style='width:9.0%;border:none;border-bottom:solid black 1.5pt;background:white;padding:0'> <p align="right" style='margin:0in;margin-bottom:.0001pt;text-align:right'>38,238</p> </td> <td width="1%" valign="bottom" style='width:1.0%;background:white;padding:0in 0in 1.5pt 0in'> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp; </p> </td> </tr> </table> </div> <p style='margin:0in;margin-bottom:.0001pt;margin-left:21.0pt'>&nbsp;</p> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp;</p>falsefalsefalsenonnum:textBlockItemTypenaThe entire disclosure for income taxes. Disclosures may include net deferred tax liability or asset recognized in an enterprise's statement of financial position, net change during the year in the total valuation allowance, approximate tax effect of each type of temporary difference and carryforward that gives rise to a significant portion of deferred tax liabilities and deferred tax assets, utilization of a tax carryback, and tax uncertainties information.Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 10 -Section 50 -Paragraph 15 -URI http://asc.fasb.org/extlink&oid=6907707&loc=d3e32718-109319 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 235 -SubTopic 10 -Section S99 -Paragraph 1 -Subparagraph (SX 210.4-08.(h)) -URI http://asc.fasb.org/extlink&oid=26873400&loc=d3e23780-122690 Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Regulation S-X (SX) -Number 210 -Section 08 -Paragraph h -Article 4 Reference 4: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 10 -Section 50 -Paragraph 9 -URI http://asc.fasb.org/extlink&oid=6907707&loc=d3e32639-109319 Reference 5: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 10 -Section 50 -Paragraph 2 -URI http://asc.fasb.org/extlink&oid=6907707&loc=d3e32537-109319 Reference 6: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 10 -Section 50 -Paragraph 3 -URI http://asc.fasb.org/extlink&oid=6907707&loc=d3e32559-109319 false0falseNote 10 - Income TaxesUnKnownUnKnownUnKnownUnKnowntruefalsefalseSheethttp://huayxbrl.com/20130531/role/idr_DisclosureNote10IncomeTaxes12 XML 136 R20.htm IDEA: XBRL DOCUMENT v2.4.0.8
    Note 2 - Summary of Significant Accounting Policies: Use of Estimates (Policies)
    		 12 Months Ended
    May 31, 2013
    Policies  
    Use of Estimates

    Use of estimates

     

    The preparation of financial statements in conformity with US GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and the disclosure of contingent assets and liabilities at the date of the financial statements, as well as the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. Significant accounting estimates reflected in the Company’s consolidated financial statements include: the allowance for bad debt, the valuation of inventory, and estimated useful lives and impairment of property and equipment. Actual results could differ from those estimated by management.
    XML 137 R35.xml IDEA: Note 4 - Inventory: Schedule of Inventory, Current (Tables) 2.4.0.8000350 - Disclosure - Note 4 - Inventory: Schedule of Inventory, Current (Tables)truefalsefalse1false falsefalseD120601_130531http://www.sec.gov/CIK0001315756duration2012-06-01T00:00:002013-05-31T00:00:001true 1us-gaap_TableTextBlockSupplementAbstractus-gaap_truenadurationfalsefalsefalsefalsefalsefalsefalsefalse1falsefalsefalse00falsefalsefalsexbrli:stringItemTypestringfalse02false 2us-gaap_ScheduleOfInventoryCurrentTableTextBlockus-gaap_truenadurationfalsefalsefalsefalsefalsefalsefalsefalse1falsefalsefalse00<!--egx--><p style='margin:0in;margin-bottom:.0001pt'>&nbsp;</p> <div align="center"> <table border="0" cellspacing="0" cellpadding="0" width="80%" style='width:80.0%'> <tr align="left"> <td width="56%" valign="bottom" style='width:56.0%;padding:0in 0in 1.5pt 0in'> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp; </p> </td> <td width="1%" valign="bottom" style='width:1.0%;padding:0in 0in 1.5pt 0in'> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp; </p> </td> <td width="22%" colspan="6" valign="bottom" style='width:22.0%;border:none;border-bottom:solid black 1.5pt;padding:0'> <p align="center" style='margin:0in;margin-bottom:.0001pt;text-align:center'>Years&nbsp;Ended&nbsp;May&nbsp;31,</p> </td> <td width="1%" valign="bottom" style='width:1.0%;padding:0in 0in 1.5pt 0in'> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp; </p> </td> </tr> <tr align="left"> <td width="56%" valign="bottom" style='width:56.0%;padding:0in 0in 1.5pt 0in'> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp; </p> </td> <td width="1%" valign="bottom" style='width:1.0%;padding:0in 0in 1.5pt 0in'> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp; </p> </td> <td width="10%" colspan="2" valign="bottom" style='width:10.0%;border:none;border-bottom:solid black 1.5pt;padding:0'> <p align="center" style='margin:0in;margin-bottom:.0001pt;text-align:center'>2013</p> </td> <td width="1%" valign="bottom" style='width:1.0%;padding:0in 0in 1.5pt 0in'> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp; </p> </td> <td width="1%" valign="bottom" style='width:1.0%;padding:0in 0in 1.5pt 0in'> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp; </p> </td> <td width="10%" colspan="2" valign="bottom" style='width:10.0%;border:none;border-bottom:solid black 1.5pt;padding:0'> <p align="center" style='margin:0in;margin-bottom:.0001pt;text-align:center'>2012</p> </td> <td width="1%" valign="bottom" style='width:1.0%;padding:0in 0in 1.5pt 0in'> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp; </p> </td> </tr> <tr align="left"> <td width="56%" valign="bottom" style='width:56.0%;background:#CCEEFF;padding:0'> <p style='margin:0in;margin-bottom:.0001pt'>Raw materials</p> </td> <td width="1%" valign="bottom" style='width:1.0%;background:#CCEEFF;padding:0'> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp; </p> </td> <td width="1%" valign="bottom" style='width:1.0%;background:#CCEEFF;padding:0'> <p style='margin:0in;margin-bottom:.0001pt'>$</p> </td> <td width="9%" valign="bottom" style='width:9.0%;background:#CCEEFF;padding:0'> <p align="right" style='margin:0in;margin-bottom:.0001pt;text-align:right'>341,240</p> </td> <td width="1%" valign="bottom" style='width:1.0%;background:#CCEEFF;padding:0'> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp; </p> </td> <td width="1%" valign="bottom" style='width:1.0%;background:#CCEEFF;padding:0'> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp; </p> </td> <td width="1%" valign="bottom" style='width:1.0%;background:#CCEEFF;padding:0'> <p style='margin:0in;margin-bottom:.0001pt'>$</p> </td> <td width="9%" valign="bottom" style='width:9.0%;background:#CCEEFF;padding:0'> <p align="right" style='margin:0in;margin-bottom:.0001pt;text-align:right'>410,729</p> </td> <td width="1%" valign="bottom" style='width:1.0%;background:#CCEEFF;padding:0'> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp; </p> </td> </tr> <tr align="left"> <td width="56%" valign="bottom" style='width:56.0%;background:white;padding:0'> <p style='margin:0in;margin-bottom:.0001pt'>Packaging</p> </td> <td width="1%" valign="bottom" style='width:1.0%;background:white;padding:0'> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp; </p> </td> <td width="1%" valign="bottom" style='width:1.0%;background:white;padding:0'> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp; </p> </td> <td width="9%" valign="bottom" style='width:9.0%;background:white;padding:0'> <p align="right" style='margin:0in;margin-bottom:.0001pt;text-align:right'>61,339</p> </td> <td width="1%" valign="bottom" style='width:1.0%;background:white;padding:0'> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp; </p> </td> <td width="1%" valign="bottom" style='width:1.0%;background:white;padding:0'> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp; </p> </td> <td width="1%" valign="bottom" style='width:1.0%;background:white;padding:0'> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp; </p> </td> <td width="9%" valign="bottom" style='width:9.0%;background:white;padding:0'> <p align="right" style='margin:0in;margin-bottom:.0001pt;text-align:right'>59,896</p> </td> <td width="1%" valign="bottom" style='width:1.0%;background:white;padding:0'> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp; </p> </td> </tr> <tr align="left"> <td width="56%" valign="bottom" style='width:56.0%;background:#CCEEFF;padding:0'> <p style='margin:0in;margin-bottom:.0001pt'>Work-in-progress</p> </td> <td width="1%" valign="bottom" style='width:1.0%;background:#CCEEFF;padding:0'> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp; </p> </td> <td width="1%" valign="bottom" style='width:1.0%;background:#CCEEFF;padding:0'> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp; </p> </td> <td width="9%" valign="bottom" style='width:9.0%;background:#CCEEFF;padding:0'> <p align="right" style='margin:0in;margin-bottom:.0001pt;text-align:right'>224,783</p> </td> <td width="1%" valign="bottom" style='width:1.0%;background:#CCEEFF;padding:0'> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp; </p> </td> <td width="1%" valign="bottom" style='width:1.0%;background:#CCEEFF;padding:0'> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp; </p> </td> <td width="1%" valign="bottom" style='width:1.0%;background:#CCEEFF;padding:0'> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp; </p> </td> <td width="9%" valign="bottom" style='width:9.0%;background:#CCEEFF;padding:0'> <p align="right" style='margin:0in;margin-bottom:.0001pt;text-align:right'>720,300</p> </td> <td width="1%" valign="bottom" style='width:1.0%;background:#CCEEFF;padding:0'> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp; </p> </td> </tr> <tr align="left"> <td width="56%" valign="bottom" style='width:56.0%;background:white;padding:0in 0in 1.5pt 0in'> <p style='margin:0in;margin-bottom:.0001pt'>Finished goods</p> </td> <td width="1%" valign="bottom" style='width:1.0%;background:white;padding:0in 0in 1.5pt 0in'> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp; </p> </td> <td width="1%" valign="bottom" style='width:1.0%;border:none;border-bottom:solid black 1.5pt;background:white;padding:0'> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp; </p> </td> <td width="9%" valign="bottom" style='width:9.0%;border:none;border-bottom:solid black 1.5pt;background:white;padding:0'> <p align="right" style='margin:0in;margin-bottom:.0001pt;text-align:right'>312,966</p> </td> <td width="1%" valign="bottom" style='width:1.0%;background:white;padding:0in 0in 1.5pt 0in'> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp; </p> </td> <td width="1%" valign="bottom" style='width:1.0%;background:white;padding:0in 0in 1.5pt 0in'> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp; </p> </td> <td width="1%" valign="bottom" style='width:1.0%;border:none;border-bottom:solid black 1.5pt;background:white;padding:0'> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp; </p> </td> <td width="9%" valign="bottom" style='width:9.0%;border:none;border-bottom:solid black 1.5pt;background:white;padding:0'> <p align="right" style='margin:0in;margin-bottom:.0001pt;text-align:right'>794,466</p> </td> <td width="1%" valign="bottom" style='width:1.0%;background:white;padding:0in 0in 1.5pt 0in'> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp; </p> </td> </tr> <tr align="left"> <td width="56%" valign="bottom" style='width:56.0%;background:#CCEEFF;padding:0in 0in 3.0pt 0in'> <p style='margin:0in;margin-bottom:.0001pt'><b>Total Inventories</b></p> </td> <td width="1%" valign="bottom" style='width:1.0%;background:#CCEEFF;padding:0in 0in 3.0pt 0in'> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp; </p> </td> <td width="1%" valign="bottom" style='width:1.0%;border:none;border-bottom:double black 2.25pt;background:#CCEEFF;padding:0'> <p style='margin:0in;margin-bottom:.0001pt'><b>$</b></p> </td> <td width="9%" valign="bottom" style='width:9.0%;border:none;border-bottom:double black 2.25pt;background:#CCEEFF;padding:0'> <p align="right" style='margin:0in;margin-bottom:.0001pt;text-align:right'><b>940,328</b></p> </td> <td width="1%" valign="bottom" style='width:1.0%;background:#CCEEFF;padding:0in 0in 3.0pt 0in'> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp; </p> </td> <td width="1%" valign="bottom" style='width:1.0%;background:#CCEEFF;padding:0in 0in 3.0pt 0in'> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp; </p> </td> <td width="1%" valign="bottom" style='width:1.0%;border:none;border-bottom:double black 2.25pt;background:#CCEEFF;padding:0'> <p style='margin:0in;margin-bottom:.0001pt'><b>$</b></p> </td> <td width="9%" valign="bottom" style='width:9.0%;border:none;border-bottom:double black 2.25pt;background:#CCEEFF;padding:0'> <p align="right" style='margin:0in;margin-bottom:.0001pt;text-align:right'><b>1,985,391</b></p> </td> <td width="1%" valign="bottom" style='width:1.0%;background:#CCEEFF;padding:0in 0in 3.0pt 0in'> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp; </p> </td> </tr> </table> </div> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp;</p>falsefalsefalsenonnum:textBlockItemTypenaTabular disclosure of the carrying amount as of the balance sheet date of merchandise, goods, commodities, or supplies held for future sale or to be used in manufacturing, servicing or production process.Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Regulation S-X (SX) -Number 210 -Section 2 -Paragraph 6 -Subparagraph a,b,c -Article 5 false0falseNote 4 - Inventory: Schedule of Inventory, Current (Tables)UnKnownUnKnownUnKnownUnKnowntruefalsefalseSheethttp://huayxbrl.com/20130531/role/idr_DisclosureNote4InventoryScheduleOfInventoryCurrentTables12 XML 138 R1.htm IDEA: XBRL DOCUMENT v2.4.0.8
    Document and Entity Information (USD $)
    		 12 Months Ended
    May 31, 2013
    Aug. 28, 2013
    Nov. 30, 2012
    Document and Entity Information      
    Entity Registrant Name Huayue Electronics, Inc.    
    Document Type 10-K    
    Document Period End Date May 31, 2013    
    Amendment Flag false    
    Entity Central Index Key 0001315756    
    Current Fiscal Year End Date --05-31    
    Entity Common Stock, Shares Outstanding   31,327,741  
    Entity Filer Category Smaller Reporting Company    
    Entity Current Reporting Status Yes    
    Entity Voluntary Filers No    
    Entity Well-known Seasoned Issuer No    
    Document Fiscal Year Focus 2013    
    Document Fiscal Period Focus FY    
    EntityPublicFloat     $ 23,920,413
    XML 139 R41.xml IDEA: Note 8 - Notes Payable: Schedule of Notes Payable (Tables) 2.4.0.8000410 - Disclosure - Note 8 - Notes Payable: Schedule of Notes Payable (Tables)truefalsefalse1false falsefalseD120601_130531http://www.sec.gov/CIK0001315756duration2012-06-01T00:00:002013-05-31T00:00:001true 1us-gaap_TableTextBlockSupplementAbstractus-gaap_truenadurationfalsefalsefalsefalsefalsefalsefalsefalse1falsefalsefalse00falsefalsefalsexbrli:stringItemTypestringfalse02false 2fil_ScheduleOfNotesPayablefil_falsenadurationfalsefalsefalsefalsefalsefalsefalsefalse1falsefalsefalse00<!--egx--><p style='margin:0in;margin-bottom:.0001pt'>&nbsp;</p> <div align="center"> <table border="0" cellspacing="0" cellpadding="0" width="80%" style='width:80.0%'> <tr align="left"> <td width="56%" valign="bottom" style='width:56.0%;padding:0in 0in 1.5pt 0in'> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp; </p> </td> <td width="1%" valign="bottom" style='width:1.0%;padding:0in 0in 1.5pt 0in'> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp; </p> </td> <td width="22%" colspan="6" valign="bottom" style='width:22.0%;border:none;border-bottom:solid black 1.5pt;padding:0'> <p align="center" style='margin:0in;margin-bottom:.0001pt;text-align:center'><b>As of May 31,</b></p> </td> <td width="1%" valign="bottom" style='width:1.0%;padding:0in 0in 1.5pt 0in'> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp; </p> </td> </tr> <tr align="left"> <td width="56%" valign="bottom" style='width:56.0%;padding:0in 0in 1.5pt 0in'> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp; </p> </td> <td width="1%" valign="bottom" style='width:1.0%;padding:0in 0in 1.5pt 0in'> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp; </p> </td> <td width="10%" colspan="2" valign="bottom" style='width:10.0%;border:none;border-bottom:solid black 1.5pt;padding:0'> <p align="center" style='margin:0in;margin-bottom:.0001pt;text-align:center'><b>2013</b></p> </td> <td width="1%" valign="bottom" style='width:1.0%;padding:0in 0in 1.5pt 0in'> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp; </p> </td> <td width="1%" valign="bottom" style='width:1.0%;padding:0in 0in 1.5pt 0in'> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp; </p> </td> <td width="10%" colspan="2" valign="bottom" style='width:10.0%;border:none;border-bottom:solid black 1.5pt;padding:0'> <p align="center" style='margin:0in;margin-bottom:.0001pt;text-align:center'><b>2012</b></p> </td> <td width="1%" valign="bottom" style='width:1.0%;padding:0in 0in 1.5pt 0in'> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp; </p> </td> </tr> <tr align="left"> <td width="56%" valign="bottom" style='width:56.0%;background:#CCEEFF;padding:0'> <p style='margin:0in;margin-bottom:.0001pt'>Six month notes payable to Huaxian Bank</p> </td> <td width="1%" valign="bottom" style='width:1.0%;background:#CCEEFF;padding:0'> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp; </p> </td> <td width="1%" valign="bottom" style='width:1.0%;background:#CCEEFF;padding:0'> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp; </p> </td> <td width="9%" valign="bottom" style='width:9.0%;background:#CCEEFF;padding:0'> <p align="right" style='margin:0in;margin-bottom:.0001pt;text-align:right'>1,616,423</p> </td> <td width="1%" valign="bottom" style='width:1.0%;background:#CCEEFF;padding:0'> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp; </p> </td> <td width="1%" valign="bottom" style='width:1.0%;background:#CCEEFF;padding:0'> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp; </p> </td> <td width="1%" valign="bottom" style='width:1.0%;background:#CCEEFF;padding:0'> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp; </p> </td> <td width="9%" valign="bottom" style='width:9.0%;background:#CCEEFF;padding:0'> <p align="right" style='margin:0in;margin-bottom:.0001pt;text-align:right'>1,578,407</p> </td> <td width="1%" valign="bottom" style='width:1.0%;background:#CCEEFF;padding:0'> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp; </p> </td> </tr> <tr align="left"> <td width="56%" valign="bottom" style='width:56.0%;background:white;padding:0in 0in 1.5pt 0in'> <p style='margin:0in;margin-bottom:.0001pt'>Six month notes payable to China Industrial and Commercial Bank</p> </td> <td width="1%" valign="bottom" style='width:1.0%;background:white;padding:0in 0in 1.5pt 0in'> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp; </p> </td> <td width="1%" valign="bottom" style='width:1.0%;border:none;border-bottom:solid black 1.5pt;background:white;padding:0'> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp; </p> </td> <td width="9%" valign="bottom" style='width:9.0%;border:none;border-bottom:solid black 1.5pt;background:white;padding:0'> <p align="right" style='margin:0in;margin-bottom:.0001pt;text-align:right'>161,642</p> </td> <td width="1%" valign="bottom" style='width:1.0%;background:white;padding:0in 0in 1.5pt 0in'> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp; </p> </td> <td width="1%" valign="bottom" style='width:1.0%;background:white;padding:0in 0in 1.5pt 0in'> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp; </p> </td> <td width="1%" valign="bottom" style='width:1.0%;border:none;border-bottom:solid black 1.5pt;background:white;padding:0'> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp; </p> </td> <td width="9%" valign="bottom" style='width:9.0%;border:none;border-bottom:solid black 1.5pt;background:white;padding:0'> <p align="right" style='margin:0in;margin-bottom:.0001pt;text-align:right'>-</p> </td> <td width="1%" valign="bottom" style='width:1.0%;background:white;padding:0in 0in 1.5pt 0in'> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp; </p> </td> </tr> <tr align="left"> <td width="56%" valign="bottom" style='width:56.0%;background:#CCEEFF;padding:0in 0in 3.0pt 0in'> <p style='margin:0in;margin-bottom:.0001pt'><b>Total notes payable</b></p> </td> <td width="1%" valign="bottom" style='width:1.0%;background:#CCEEFF;padding:0in 0in 3.0pt 0in'> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp; </p> </td> <td width="1%" valign="bottom" style='width:1.0%;border:none;border-bottom:double black 2.25pt;background:#CCEEFF;padding:0'> <p style='margin:0in;margin-bottom:.0001pt'><b>&nbsp;$</b></p> </td> <td width="9%" valign="bottom" style='width:9.0%;border:none;border-bottom:double black 2.25pt;background:#CCEEFF;padding:0'> <p align="right" style='margin:0in;margin-bottom:.0001pt;text-align:right'><b>1,778,065</b></p> </td> <td width="1%" valign="bottom" style='width:1.0%;background:#CCEEFF;padding:0in 0in 3.0pt 0in'> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp; </p> </td> <td width="1%" valign="bottom" style='width:1.0%;background:#CCEEFF;padding:0in 0in 3.0pt 0in'> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp; 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    Note 2 - Summary of Significant Accounting Policies: Cash and Cash Equivalents (Policies)
    		 12 Months Ended
    May 31, 2013
    Policies  
    Cash and Cash Equivalents

    Cash and cash equivalents

     

    For purposes of the statement of cash flow, the Company considers all highly liquid investments with an original maturity of three months or less to be cash equivalents. All cash balances are in bank accounts in PRC and are not insured by the Federal Deposit Insurance Corporation or other programs.
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    Note 10 - Income Taxes: (ii) The Following Table Summarizes Deferred Taxes Resulting From Differences Between Financial Accounting Basis and Tax Basis of Assets and Liabilities (Details) (USD $)
    May 31, 2013
    May 31, 2012
    Details    
    Deferred Tax Assets, Valuation Allowance $ 39,159 $ 38,238
    Deferred Tax Assets, Net of Valuation Allowance, Noncurrent 39,159 38,238
    Deferred Tax Assets, Net of Valuation Allowance $ 39,159 $ 38,238
    XML 143 R60.htm IDEA: XBRL DOCUMENT v2.4.0.8
    Note 10 - Income Taxes: Schedule of Components of Income Tax Expense (Benefit) (Details) (USD $)
    		 12 Months Ended
    May 31, 2013
    May 31, 2012
    Details    
    Current Income Tax Expense (Benefit) $ (849,473) $ (53,692)
    Deferred Income Tax Expense (Benefit)   38,238
    Income taxes $ (849,473) $ (15,454)