ALCO, INC. FORM 10Q

Fair value

Fair value Hierarchy

June 30, 2012

December 31, 2011

0001137050-12-000259.txt : 20120803 0001137050-12-000259.hdr.sgml : 20120803 20120803125240 ACCESSION NUMBER: 0001137050-12-000259 CONFORMED SUBMISSION TYPE: 10-Q PUBLIC DOCUMENT COUNT: 11 CONFORMED PERIOD OF REPORT: 20120630 FILED AS OF DATE: 20120803 DATE AS OF CHANGE: 20120803 FILER: COMPANY DATA: COMPANY CONFORMED NAME: ALCO, INC. CENTRAL INDEX KEY: 0000734543 STANDARD INDUSTRIAL CLASSIFICATION: FIRE, MARINE & CASUALTY INSURANCE [6331] IRS NUMBER: 113644700 STATE OF INCORPORATION: NV FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 10-Q SEC ACT: 1934 Act SEC FILE NUMBER: 000-51105 FILM NUMBER: 121006074 BUSINESS ADDRESS: STREET 1: 25TH FLOOR, FORTIS BANK TOWER STREET 2: NO. 77-79 GLOUCESTER RD CITY: WANCHAI STATE: K3 ZIP: 00000 BUSINESS PHONE: 852 2521 0373 MAIL ADDRESS: STREET 1: 25TH FLOOR, FORTIS BANK TOWER STREET 2: NO. 77-79 GLOUCESTER RD CITY: WANCHAI STATE: K3 ZIP: 00000 FORMER COMPANY: FORMER CONFORMED NAME: LOTUS CAPITAL CORP DATE OF NAME CHANGE: 19831201 10-Q 1 alcoupdated12q210qfinaldraft.htm ALCO, INC. FORM 10Q

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 10-Q

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

For the quarterly period ended June 30, 2012

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

For the transition period from ____ to ____

Commission File Number: 0-51105

ALCO, INC.

(Exact name of registrant as specified in its charter)


Nevada	11-3644700
(State or other jurisdiction of incorporation or organization)	(I.R.S. Employer Identification No.)

25^th Floor, Fortis Bank Tower

No. 77-79 Gloucester Road

Wanchai, Hong Kong

(Address of principal executive offices)

852-2521-0373

(Registrant’s telephone number, including area code)

None

(Former name, former address and former fiscal year, if changed since last report)

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.

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 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.

Large accelerated filer

Accelerated filer

Non-accelerated filer

(Do not check if a smaller reporting company)

Smaller reporting company

■

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

Yes No ■

APPLICABLE ONLY TO ISSUERS INVOLVED IN BANKRUPTCY PROCEEDINGS DURING THE PRECEDING FIVE YEARS:

Indicate by check mark whether the registrant has filed all documents and reports required to be filed by Sections 12, 13 or 15(d) of the Securities Exchange Act of 1934 subsequent to the distribution of securities under a plan confirmed by a court.

Yes No

APPLICABLE ONLY TO CORPORATE ISSUERS:

Indicate the number of shares outstanding of each of the issuer’s classes of common stock, as of the latest practicable date. As of August 3, 2012, there were 10,342,000 shares of the registrant’s common stock, $0.001 par value, outstanding

TABLE OF CONTENTS


PART 1 - FINANCIAL INFORMATION		3
	ITEM 1. FINANCIAL STATEMENTS	3
	CONSOLIDATED BALANCE SHEETS (UNAUDITED)	4
	CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME (UNAUDITED)	5
	CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED)	6
	CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS’ EQUITY (UNAUDITED	7
	NOTES TO CONSOLIDATED FINANCIAL STATEMENTS	8
	ITEM 2. MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS	15
	ITEM 3. QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK	19
	ITEM 4(T). CONTROLS AND PROCEDURES	19
PART II - OTHER INFORMATION		20
	ITEM 1. LEGAL PROCEEDINGS	20
	ITEM 1A. RISK FACTORS	20
	ITEM 2. UNREGISTERED SALES OF EQUITY SECURITIES AND USE OF PROCEEDS	20
	ITEM 3. DEFAULTS UPON SENIOR SECURITIES	20
	ITEM 4. SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS	20
	ITEM 5. OTHER INFORMATION	20
	ITEM 6. EXHIBITS	21

PART 1 - FINANCIAL INFORMATION

ITEM 1. FINANCIAL STATEMENTS

The consolidated financial statements of ALCO, Inc. and subsidiaries (collectively, the "Company"), included herein were prepared, without audit, pursuant to rules and regulations of the Securities and Exchange Commission. Because certain information and notes normally included in financial statements prepared in accordance with accounting principles generally accepted in the United States of America were condensed or omitted pursuant to such rules and regulations, these financial statements should be read in conjunction with the financial statements and notes thereto included in the audited financial statements of the Company as included in the Company's Form 10-K for the year ended December 31, 2011.

ALCO, INC

CONSOLIDATED BALANCE SHEETS


		June 30, 2012		December 31, 2011
ASSETS		(Unaudited)
Current assets:
Cash and cash equivalents	$	8,150,917	$	8,203,957
Commissions receivable, net		254,540		399,942
Enrollment fee receivable		4,911		7,380
Fiduciary asset		1,284,317		1,075,578
Loan receivable		1,912,000		1,912,000
Tax receivable		-		33,558
Total current assets		11,606,685		11,632,415

Property, plant and equipment, net		218,009		186,501
Goodwill		208,306		208,306
Intangible asset		32,545		43,153

Other non-current assets:
Deposits and prepayment		149,350		219,482
Marketable securities		312,650		261,854
Other receivable		96,365		119,984
Total other non-current assets		558,365		601,320

Total Assets	$	12,623,910	$	12,671,695

LIABILITIES
Current Liabilities:
Trade accounts payable	$	1,316,742	$	1,054,919
Claim payable		38,673		20,744
Other payable		143,274		663,450
Accrued expenses		58,882		100,013
Income tax payable		44,095		-
Due to directors		1,440		41,184
Deferred revenue		8,917		1,917
Total Current Liabilities	$	1,612,023	$	1,882,227

COMMITMENTS AND CONTINGENCIES

STOCKHOLDERS’ EQUITY
ALCO, Inc. shareholders' equity:
Preferred stock, par value $0.01, 5,000,000 shares authorized; no shares issued and outstanding	$	-	$	-
Common stock, par value $0.001, 50,000,000 shares authorized;10,342,000 and 10,348,000 shares issued and outstanding		10,342		10,348
Additional Paid-in capital		254,908		218,651
Accumulated other comprehensive income		84,051		37,379
Retained earnings		10,596,900		10,398,787
Total ALCO, Inc. stockholders' equity		10,946,201		10,665,165
Noncontrolling interest		65,686		124,303
Total stockholders’ equity		11,011,887		10,789,468

Total Liabilities and Stockholders' Equity	$	12,623,910	$	12,671,695

See Notes to Unaudited Consolidated Financial Statements

ALCO, INC

CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME (UNAUDITED)


		Three Months Ended June 30,				Six Months Ended June 30,
Revenues		2012		2011		2012		2011
Commission income	$	1,457,970	$	1,714,464	$	2,858,176	$	3,236,816
Consulting income		-		24,613		13,933		67,452
Website advertising		5,083		5,083		7,000		7,000
Enrollment fee income		868		2,586		4,099		5,778
Total revenues		1,463,921		1,746,746		2,883,208		3,317,046

Operating Expenses
Salaries		647,290		641,898		1,363,201		1,189,685
Travel expenses		77,253		123,442		211,290		199,541
Rents		199,477		133,290		362,506		264,320
Bad debt expenses		5,008		55,315		14,842		39,332
Depreciation and amortization		18,441		22,388		113,902		44,689
Other general and administrative		326,370		224,997		493,834		440,900
Total operating expenses		1,273,839		1,201,330		2,559,575		2,178,467

Income from Operations		190,082		545,416		323,633		1,138,579

Other Income (Expense)
Interest income		1,043		973		2,038		1,783
Investment income		3,185		3,037		8,065		7,065
Other revenues		12,772		26,818		17,677		49,337
Loss on disposal of fixed asset		-		(28,571)		(5,450)		(28,571)
Total other income		17,000		2,257		22,330		29,614

Income Before Provision for Income Taxes		207,082		547,673		345,963		1,168,193
Provision for income taxes		59,609		93,997		80,827		217,766
Net Income		147,473		453,676		265,136		950,427
Less: Net income attributable to the noncontrolling interest		(26,124)		(25,571)		(67,023)		(53,128)
Net Income attributable to ALCO, Inc.	$	121,349	$	428,105		198,113		897,299

Comprehensive Income:
Net income		147,473		453,676		265,136		950,427
Other Comprehensive Income (loss)
Marketable securities		49		(20,403)		42,770		(11,629)
Foreign currency translation adjustments		(1,497)		10,503		3,902		15,282
Comprehensive Income	$	146,025	$	443,776		311,808		954,080
Less: comprehensive income attributable to non-controlling interest		(26,124)		(25,571)		(67,023)		(53,128)
Comprehensive Income attributable to ALCO. Inc.		119,901		418,205		244,785		900,952

Basic and Fully Diluted Earnings per Share
Net income attributable to ALCO, Inc
common shareholders	$	0.01	$	0.04		0.02		0.09

Weighted average shares outstanding		10,342,000		10,345,824		10,343,055		10,343,923

See Notes to Unaudited Consolidated Financial Statements

ALCO, INC

CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED)


		Six Months Ended June 30,
		2012		2011
Operating Activities
Net income	$	265,136	$	950,427
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities:
Bad debt		14,842		39,332
Depreciation expense		103,043		34,158
Amortization expense		10,859		10,531
Stock-based compensation		36,251		46,538
Loss on disposal of fixed assets		5,450		28,571
Changes in operating assets and liabilities:
(Increase)/Decrease in commission receivable		130,560		(151,415)
(Increase)/Decrease in enrolment fee receivable		2,470		(1,580)
(Increase)/Decrease in deposit and prepayment		70,142		(50,322)
(Increase)/Decrease in fiduciary asset		(208,736)		(1,098,078)
(Increase)/Decrease in other receivable		15,655		(29,991)
Increase/(Decrease) in accounts payable		261,822		375,709
Increase/(Decrease) in claims payable		17,929		16,868
Increase/(Decrease) in other payable		(520,143)		(53,141)
Increase/(Decrease) in accrued expenses		(41,142)		(98,661)
Increase/(Decrease) in deferred revenue		7,000		7,000
Increase/(Decrease) in tax receivable		77,643		202,570
Net cash provided by operating activities		248,781		228,516

Investing Activities
Cash paid for purchase of fixed assets		(139,874)		(22,275)
Net cash used in investing activities		(139,874)		(22,275)

Financing Activities
Dividend paid to noncontrolling shareholders		(125,640)		(128,718)
Borrowings on related party debt		9,858		69,947
Principal payments on related party debt		(49,602)		(62,782)
Net cash used in financing activities		(165,384)		(121,553)

Net (decrease) / increase in cash and cash equivalent		(56,477)		84,688
Effect of exchange rate changes on cash and cash Equivalent		3,437		13,327
Cash and cash equivalent at beginning of period		8,203,957		8,051,872
Cash and cash equivalent at end of period	$	8,150,917	$	8,149,887

Supplemental Disclosures of Cash Flow Information:
Interest paid	$	-	$	810
Income taxes paid	$	(3,174)	$	-

Non-Cash Transactions
Dividend received	$	8,026	$	6,692
Purchase price allocation adjustment	$	-	$	40,729
Change in fair value for Available-for-sales securities	$	42,770	$	11,629

See Notes to Unaudited Consolidated Financial Statements

ALCO, INC

CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS’ EQUITY


							ALCO, Inc Shareholders
							Accumulated Other Comprehensive Income (loss)
	Common Stock				Additional Paid-in Capital				Retained Earnings		Total Stockholders' Equity		Non-controlling Interest		Total Equity
	Shares		Par Value
Balance, January 1, 2011	10,342,000	$	10,342	$	118,784	$	103,784	$	9,110,581	$	9,343,491	$	130,567	$	9,474,058
Restricted stock issued
Stock issued	25,500		26		(26)		-		-		-		-		-
Stock forfeited	(19,500)		(20)		20		-		-		-		-		-
Stock based compensation	-		-		99,873		-		-		99,873		-		99,873
Unrealized loss on marketable securities	-		-		-		(91,370)		-		(91,370)		-		(91,370)
Foreign currency translation adjustments	-		-		-		24,965		-		24,965		-		24,965
Net Income	-		-		-				1,288,206		1,288,206		122,454		1,410,660
Dividend paid	-		-		-		-		-		-		(128,718)		(128,718)

Balance, December 31, 2011	10,348,000		10,348		218,651		37,379		10,398,787		10,665,165		124,303		10,789,468

Restricted stock issued
Stock issued	13,500		14		(14)		-		-		-		-
Stock forfeited	(19,500)		(20)		20		-		-		-		-		-
Stock based compensation	-		-		36,251		-		-		36,251		-		36,251
Unrealized gain on marketable securities	-		-		-		42,770		-		42,770		-		42,770
Foreign currency translation adjustments	-		-		-		3,902		-		3,902		-		3,902
Net Income	-		-		-		-		198,113		198,113		67,023		265,136
Dividend paid	-		-		-		-		-		-		(125,640)		(125,640)

Balance, June 30, 2012 (Unaudited)	10,342,000		10,342		254,908		84,051		10,596,900		10,946,201		65,686		11,011,887

See Notes to Unaudited Consolidated Financial Statements

ALCO, INC.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

(UNAUDITED)

Note 1 – Organization and Operations

Description of Business and Basis of Presentation

ALCO, Inc. (“ALCO,” “we,” “us,” the “Company”) was incorporated under the laws of the State of Nevada on June 7, 1999 as Seahorse, Inc. and changed its name to Lotus Capital Corp. (“Lotus”) on September 20, 2004. The Company changed its name to ALCO, Inc. on February 13, 2006.

The accompanying unaudited consolidated financial statements have been prepared in accordance with generally accepted accounting principles for interim financial information and with the SEC instructions to Form 10-Q. Accordingly, they do not include all of the information and footnotes required by generally accepted accounting principles for complete financial statements. In the opinion of management, all adjustments (consisting of only normal recurring adjustments) considered necessary for a fair presentation have been included. Results for the six-month period ended June 30, 2012 are not necessarily indicative of the results that may be expected for the year ended December 31, 2012. For further information, refer to the consolidated financial statements and footnotes thereto included in ALCO’s Annual Report on Form 10-K for the fiscal year ended December 31, 2011.

The consolidated financial statements include the accounts of the Company and all its majority-owned subsidiaries which require consolidation. Inter-company transactions have been eliminated in consolidation.

Certain accounting principles, which are stipulated by General Accepted Accounting Principles in the United States (“US GAAP”), are not applicable in the Hong Kong Accounting Standards (“HKAS”). The difference between HKAS accounts of the Company and its US GAAP financial statements is adjusted in the Company consolidated financial statement.

The Company maintains its books and accounting records in Hong Kong dollar ("HK$"), which is determined as the functional currency. Assets and liabilities of the Company are translated at the prevailing exchange rate at each year end. Contributed capital accounts are translated using the historical rate of exchange when capital is injected. Income statement accounts are translated at the average rate of exchange during the year. Translation adjustments arising from the use of different exchange rates from period to period are included in the cumulative translation adjustment account in shareholders' equity. Gain and losses resulting from foreign currency transactions are included in operations.

Reclassification

Certain prior year amounts have been reclassified to conform to the current year presentation.

Note 2 – Significant Accounting Policies

For significant accounting policies, see notes to the consolidated financial statements included in the Company’s annual report of Form 10-K for the year ended December 31, 2011 filed with the SEC.

Use of Estimates

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

Foreign Currency and Other Comprehensive Income

The accompanying financial statements are presented in United States (US) dollars. The functional currency of Andrew Liu & Co Ltd (“ALC”), Chang An Consultants Ltd (“CAC”) and Edushipasia Limited (“ESA”) is the Hong Kong dollar (HK$). The financial statements are translated into US dollars from HK$ at year-end exchange rates for assets and liabilities, and weighted average exchange rates for revenues and expenses. Capital accounts are translated at their historical exchange rates when the capital transactions occurred.

The Hong Kong Monetary Authority (“HKMA”), Hong Kong's central bank, maintains a Linked Exchange Rate System since 1983. The HKMA operates Convertibility Undertakings on both the strong side and the weak side of the Linked Rate of US$1: HK$7.8. In fact, the exchange rate for HK$ to US dollars has varied by only 100ths during the first six months of 2012 and 2011. Thus, the consistent exchange rate used has been 7.80 HK$ per each US dollar. Since there have been no greater fluctuations in the exchange rate, there is no gain or loss from foreign currency translation and no resulting other comprehensive income or loss.

Foreign currency transactions are those that required settlement in a currency other than HK$. Gain or loss from foreign currency transactions, or exchange loss, are recognized in income in the period they occur.

The functional currency of Shanghai Heshili Broker Co. Limited (“SHB”) and AL Marine Consulting Services (Shanghai) Ltd (“ALM Shanghai”) is the Chinese Yuan (“CNY”). The financial statements of SHB and ALM Shanghai are translated into United States dollars in accordance with the Financial Accounting Standards Board (“FASB”) Accounting Standards Codification Code (ASC) No. 830, " Foreign Currency Matters”, using quarter-end rates of exchange for assets and liabilities, and average rates of exchange for the period for revenues, costs, and expenses and historical rates for the equity. Translation adjustments resulting from the process of translating the local currency financial statements into U.S. dollars are included in determining comprehensive income.

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

Balance sheet items, as of period-end date: US$0.15736:CNY1

Amounts included in the statements of operations, statements of changes in shareholders’ equity and statements of cash flows for the period: US$0.15751:CNY1

Earnings Per Share

Basic earnings per share is computed by dividing income available to common shareholders by the weighted-average number of common shares outstanding during the period. Diluted earnings per share is computed similar to basic earnings per share except that the denominator is increased to include the number of additional common shares that would have been outstanding if the potential common shares had been issued and if the additional common shares were dilutive. There were no dilutive shares for the six months ended June 30, 2012.

Recent Accounting Pronouncements

The Company has evaluated all the recent accounting pronouncements through the filing date and believes that none of them will have a material effect on the Company.

Note 3 – Cash


		June 30,		December 31,
Cash consist of the following:		2012		2011

Cash in hand	$	7,498	$	6,163
Cash in bank - Saving & Checking
China Construction Bank (Asia) (formerly known as Bank of America (Asia))		7,375,484		7,552,133
United Overseas Bank		1,992		5,915
Bank of China		146,339		55,034
Sun Hung Kei Financial		136		42
Bank of Shanghai		619,465		581,130
Industrial and Commercial Bank of China		3		4
Hui Shang Bank		0		3,536
	$	8,150,917	$	8,203,957

Cash balances are held principally at one financial institution and are not insured. The Company believes it mitigates its risk by investing in or through major financial institutions. Recoverability is dependent upon the performance of the institution.

Although the cash balances are not insured, however, starting in September 2006, cash balances (except accounts with overdraft facilities) are protected by the Deposit Protection Scheme which is maintaining by the Hong Kong Deposit Protection Board, an independent statutory body established under the Deposit Protection Scheme Ordinance (Cap. 581).

Under the scheme, compensation up to a limit of HK$100,000 (US$12,821) per depositor would be paid from the scheme to depositor if the bank with which the depositor holds his/her eligible deposits fails. On October 14, 2008, the Hong Kong Government announced that they would use the Exchange Fund to guarantee the repayment of all customer deposits held in authorized institutions in Hong Kong, following the principles of the Deposit Protection Scheme. This action began on October 14, 2008 and expired at the end of 2010. Following the enactment of the Deposit Protection Scheme (Amendment) Ordinance 2010 in June 2010, the protection limit of the Deposit Protection Scheme is increased from HK$100,000 per depositor to HK$500,000 (approximately US$64,103) per depositor with effect from January 1, 2011.

Note 4 – Commissions Receivable


		June 30,		December 31,
Commissions receivable consist of the following:		2012		2011

Commissions receivable	$	455,547	$	620,353
Less: allowances for doubtful accounts		201,007		220,411
	$	254,540	$	399,942

Note 5 – Fiduciary Asset

Fiduciary assets are cash balances held by a bank, mainly consisting of premiums collected from customers and payable to insurers, and claims received from insurers and payable to policyholders.

When the Company receives a premium from a customer, it debits the lump sum amount into one bank account and establishes a schedule to keep track of the amount of premium payable to the insurer. At the monthly closing, the Company reclassifies the amount of premium payable to insurers as fiduciary assets. Also, when the Company receives a claim on behalf of a policyholder, it debits fiduciary assets and credits claims payable and other payables, if necessary. The fiduciary asset had a balance of $1,284,317 and $1,075,578 at June 30, 2012 and December 31, 2011, respectively.

Note 6 – Property, Plant and Equipment



		June 30,		December 31,
Property, Plant and Equipment consists of the following:		2012		2011

Furniture and fixtures	$	34,880	$	186,792
Office equipment		188,373		178,230
Leasehold improvements		35,549		203,831
Motor Vehicle		65,383		61,899
		324,185		630,752
Less: Accumulated depreciation		106,176		444,251
	$	218,009	$	186,501

Depreciation expense for the six-month period ended June 30, 2012 and 2011 were $103,043 and $34,158 respectively.

Loss on disposal of fixed assets for the six-month period ended June 30, 2012 and 2011 were $5,450 and $28,571 respectively.

Note 7 – Fair Value of Available for Sale Marketable Securities Investments and Investment Income

The following are the Company’s investments owned and securities sold by level within the fair value hierarchy at June 30, 2012 and December 31, 2011:

Unrealized gain of $42,770 and unrealized loss of $11,629 for the investments were recognized in the other comprehensive income for the six months ended June 30, 2012 and 2011, respectively. All these gain and loss are related to the investments listed in the Hong Kong Stock Exchange.


		Period ended June 30,
Investment Income		2012		2011

Dividend from the publicly traded equity securities	$	8,065	$	7,065

Note 8 – Loan Receivable

On August 4, 2011, the Company subsidiary Andrew Liu & Company Limited (“ALC”) entered into a loan agreement with its clients, Jian Mao International Shipping Co Ltd (“JMISCL”) and Jian Xing Intl Shipping Co Ltd (“JXISCL”). Under the loan agreement, ALC will make available to JMISCL and JXISCL an on demand loan facility in the principal amount of up to US$3,000,000. The loan is interest free and secured by the claim proceeds under a claim filed by JMISCL and JXISCL under the terms an existing Hull & Machinery insurance policy insuring a vessel owned and managed by JMISCL and JXISCL respectively. The loan is payable upon demand at any time following settlement of the claim if the claim proceeds are not adequate to cover the loan in full, and in any event is due and payable in full on or before August 4, 2012.

As of June 2012, the outstanding balance of the loan is as follows:


		June 30,		December 31,
		2012		2011

Loan amount	$	3,000,000	$	3,000,000
Less: Repayment		(1,088,000)		(1,088,000)
Balance	$	1,912,000	$	1,912,000

Note 9 – Due to Directors


		June 30,		December 31,
Due to directors consist of the following:		2012		2011

Andrew Liu Fu Kang		743		40,487
John Liu Shou Kang		697		697
	$	1,440	$	41,184

Due to director represents loans payable that are unsecured, non-interest bearing and have no fixed terms of repayment, therefore, deemed payable on demand.

Note 10 – Stock-based Compensation

2010 restricted stock plan

On June 1, 2010, the board of directors approved and the Company granted an award of 198,000 shares of restricted stock to certain key employees and directors of the Company. The award was made pursuant to the 2010 Restricted Share Stock Compensation Plan as approved by the Company’s Board of Directors. Under the plan, a maximum of 500,000 common shares may be delivered in satisfaction of awards. Key employees and directors are eligible to participate in the plan. Each grant of restricted shares under the Plan is subject to certain terms and conditions such as the shares cannot be transferred during the restriction period and the shares will be forfeited if the employment is terminated by the holder or the Company. Restricted stocks are granted at a strike price that is equal to the fair value of the Company’s stock on the date of grant.

The aggregate value of this award was $310,860, as determined by multiplying the number of shares times the fair value of the Company’s stock on June 1, 2010, the date of the grant award. The fair value is based on discounted free cash flow analyses, which involve management’s best estimate of future revenue, operation expenses, investing activities, and financing activities. In the valuation, the free cash flow is projected for five years and is determined by using the Company’s historical figures such as revenue and operation expenses which are compounded annually with 5% growth rate. Free cash flow occurring beyond the five-year projection period is assumed to be in perpetuity and determined by using the Perpetuity Growth Model in which the project net cash flow is divided by the risk-free rate. The sums of the five-year free cash flow together with the perpetual free cash flow are then discounted by the risk free rate. As a result, the fair value of the Company’s stock on the date of the grant award is $1.57 per share. When determining the risk-free rate, Hong Kong unsecured long term loan rate, 7.25%, in effect at the time of grant is used in the calculation.

2011 restricted stock plan

On June 1, 2011, the board of directors approved and the Company granted an award of 25,500 shares of restricted stock to certain key employees of the Company. The award was made pursuant to the 2010 Restricted Share Stock Compensation Plan mentioned as above. The aggregate value of this award was $71,145, as determined by multiplying the number of shares times the fair value of the Company’s stock on June 1, 2011, the date of the grant award. The fair value is calculated based on the same approach mentioned above and the fair value of the Company’s stock on the date of the grant award is $2.79 per share. When determining the risk-free rate of this award, Hong Kong unsecured long term loan rate, 7.25%, in effect at the time of grant is used in the calculation.

2012 restricted stock plan

On June 1, 2012, the board of directors approved and the Company granted an award of 13,500 shares of restricted stock to a key employee of the Company. The award was made pursuant to the 2010 Restricted Share Stock Compensation Plan mentioned as above. The aggregate value of this award was $22,275, as determined by multiplying the number of shares times the fair value of the Company’s stock on June 1, 2012, the date of the grant award. The fair value is calculated based on the same approach mentioned above and the fair value of the Company’s stock on the date of the grant award is $1.65 per share. When determining the risk-free rate of this award, Hong Kong unsecured long term loan rate, 8.25%, in effect at the time of grant is used in the calculation.

During the six months ended June 30, 2012 and 2011, the Company recognized $36,251 and $46,539 respectively, of stock-based compensation expense.

Note 11 – Related Party Transaction

The Company rents quarters for directors in Hong Kong and Shanghai from companies owned by directors of the Company. The relevant rent expenses consist of following:


			Period ended June 30,
			2012		2011
Location	Landlord

Shanghai Quarter	Fortune Ocean and Andrew Liu Fu Kang		15,385		15,385
Director (Andrew) Quarter	First Pacific Development Ltd		3,333		10,000
		$	18,718	$	25,385

Note 12 – Income Taxes

The Company's effective tax rate for the six months ended June 30, 2012 and 2011 was 23.36% and 18.64%, respectively. The provisions for income taxes for the periods ended June 30, 2012 and 2011 are summarized as follows:


		Period ended June 30,
Hong Kong only:		2012		2011

Current	$	80,827	$	217,766
Deferred		-		-
	$	80,827	$	217,766

A reconciliation between the income tax computed at the U.S. statutory rate and the Company’s provision for income tax is as follows:


	Period ended June 30,
	2012	2011

U.S. statutory rate	34.00%	34.00%

Foreign income not recognized in the U.S.	-34.00%	-34.00%
Miscellaneous permanent differences	6.86%	2.14%
Hong Kong income tax rate	16.50%	16.50%
Provision for income tax	23.36%	18.64%

There were no significant permanent or temporary differences.

Accounting for Uncertainty in Income Taxes

The Company adopted the provisions of Accounting for Uncertainty in Income Taxes on January 1, 2007. The provisions clarify the accounting for uncertainty in income taxes recognized in an enterprise’s financial statements in accordance with the standard “Accounting for Income Taxes,” and prescribes a recognition threshold and measurement process for financial statement recognition and measurement of a tax position taken or expected to be taken in a tax return. The provisions of Accounting for Uncertainty in Income Taxes also provides guidance on derecognition, classification, interest and penalties, accounting in interim periods, disclosure and transition.

Based on the Company’s evaluation, the Company has concluded that there are no significant uncertain tax positions requiring recognition in its financial statements.

The Company may from time to time be assessed interest or penalties by major tax jurisdictions. In the event it receives an assessment for interest and/or penalties, it will be classified in the financial statements as tax expense.

Note 13 – Operating Leases

Future minimum lease payments for operating leases for the succeeding years consists of following:


		July 2012 – June 2013		July 2013 – June 2014		July 2014 and thereafter		Total

Carmel Hill, Hong Kong (Director Quarter)	$	-	$	-	$	-	$	-
25^th Floor, Fortis Tower, Hong Kong (New Hong Kong Office)		312,615		312,615		312,615		937,845
Union Building, Shanghai, China (Shanghai Office)		8,384		-		-		8,384
Union Building, Shanghai, China (ALM Shanghai Office)		12,916		-		-		12,916
Union Building, Shanghai, China (SHB Office)		14,208		-		-		14,208
Sino Plaza, Fuzhou (Fuzhou Office)		40,938		42,756		3,563		87,257
	$	389,061	$	355,371	$	316,178	$	1,060,610

The Company has seven material operating lease commitments for its facilities. For details of the leases, see notes to the consolidated financial statements included in the Company’s annual report of Form 10-K for the year ended December 31, 2011 filed with the SEC.

Note 14 – Noncontrolling Interest

On February 1, 2012, the Company subsidiary Chang An Consultants Ltd., declared dividends of approximately $314,103. The Company has paid $125,640 to the noncontrolling shareholders.

Note 15 – Commitments and Contingencies

The Company's business operations exist solely in the PRC and are subject to significant risks not typically associated with companies in North America and Western Europe. These include risks associated with, among others, the political, economic and legal environments and foreign currency limitations.

The Company's results may thus be adversely affected by changes in the political and social conditions in the PRC, and by

changes in governmental policies, laws, regulations, anti-inflationary measures, currency conversion and remittance limitation, and rates and methods of taxation, among other things.

Note 16 – Subsequent Events

On June 19, 2012, the company agreed to acquire 75% shares of an insurance broker in Asia. Consideration of the acquisition is around $293,191 in cash and the total assets of the insurance broker are about $823,234. The acquisition is subject to approval of the local government and relevant application is in progress. Once the approval is obtained, the acquisition will be completed and the consideration will be fully settled in cash. As of the report date, the approval is still pending.

ITEM 2. MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS

DISCLAIMER REGARDING FORWARD-LOOKING STATEMENTS

Certain statements in this report, including statements in the following discussion, which are not statements of historical fact, are what are known as “forward-looking statements”, which are basically statements about the future. For that reason, these statements involve risk and uncertainty since no one can accurately predict the future. Words such as “plans,” “intends,” “will,” “hopes,” “seeks,” “anticipates,” “expects,” and the like, often identify such forward-looking statements, but are not the only indication that a statement is a forward-looking statement. Such forward-looking statements include statements concerning our plans and objectives with respect to the present and future operations of the Company, and statements which express or imply that such present and future operations will or may produce revenues, income or profits. Numerous factors and future events could cause the Company to change such plans and objectives, or fail to successfully implement such plans or achieve such objectives, or cause such present and future operations to fail to produce revenues, income or profits. Therefore, the reader is advised that the following discussion should be considered in light of the discussion of risks and other factors contained in this report on Form 10Q and in the Company’s other filings with the Securities and Exchange Commission. No statements contained in the following discussion should be construed as a guarantee or assurance of future performance or future results.

PLAN OF OPERATIONS

According to the plan of operations last year, the Company would enhance the credit control and marketing functions. After reviewing the result of 2011, we can conclude that the plan is successful. Regarding credit control, our enhancements are operated effectively as the receivable turnover ratio for ALC and CAC was improved from 7.84 in the full year of 2010 to 9.79 in 2011. It means the average collection period for outstanding receivables dropped from 47 days in 2010 to 37 days in 2011. Regarding the marketing function, more resources, including both additional personnel and IT applications, were allocated during 2011. Consequently, positive results were noted as the number of customers increased 5% during 2011.

For the 2012 fiscal year, the Company will continue to seek to enhance its credit control and marketing functions in order to maintain competitiveness. In addition, in order to expand its insurance brokerage business, the Company has been looking for investment opportunities in Asia since 2009. In December 2010, the Company acquired a general insurance brokerage firm in China as the first step in an effort to grow its business through acquisition. Based upon the results of operation for the 2011 fiscal year, management believes the initial acquisition was successful and is continuing to seek additional suitable investment opportunities in 2012. Furthermore, in order to enhance the Company’s operations and supporting function, we have a plan to upgrade our existing phone system and hire additional employees in the next twelve months.

The plans of investment, phone system upgrade and employee hiring will depend on the market situation, associated risk factors and our internal resources. There is no assurance that we will able to implement these plans within the foreseeable future.

We do not have any material off-balance sheet arrangements.

RESULTS OF OPERATIONS

SIX MONTHS ENDED JUNE 30, 2012 COMPARED WITH SIX MONTHS ENDED JUNE 30, 2011 AND THREE MONTHS ENDED JUNE 30, 2012 COMPARED WITH THREE MONTHS ENDED JUNE 30, 2011

Revenue

Six-month end:

Revenue for the six months ending June 30, 2012 was $2,883,208, as compared to $3,317,046 for the same period of 2011. The decrease of $433,838 or approximately 13% was mainly due to decreases of commission income, consulting income and enrollment fee income. Commission income is based on a percentage of the premiums paid by the insured, and decreased by $378,640 or 12% when compared to last year. Most of the decrease was contributed by ALC and CAC. Total commission income contributed by SHB was $188,679 for the six months ending June 30, 2012, which is approximately 7% of the total commission income of the group for the same period. If the contribution from SHB is excluded, commission income of the group for the same period of 2012 decreased by 351,956 or 12% as compared to the same period of 2011. The decrease of commission income was mainly due to average commission earned per client decreased 7% and no. of clients decreased 5% during the period.

Consulting income for the six months period ended June 30, 2012 was $13,933 as compared to $67,452 for the comparable period of 2011. The decrease of $53,519 or approximately 79% was mainly due to demand of the services decreased. Enrollment fee for the three months period ended June 30, 2012 were $4,099 as compared to $5,778 for the same period of 2011. The decrease was mainly due to the decrease of enrollment during the period.

Three-month end:

Revenues for the three months ending June 30, 2012 were $1,463,921, as compared to revenues of $1,746,746 for the three month ending June 30, 2011. The decrease of $282,825, or approximately 16%, was mainly due to decreases of commission income, consulting income and enrollment fee income. Commission income for the three month period ended June 30, 2012 was $1,457,970 as compared to $1,714,464 for the same period of 2011. Same as the causes stated in the six months ending as the paragraph above, the decrease of $256,494 or approximately 15% was mainly due to the decreases of average commission earned per client and the no. of clients. Consulting income for the three month period ended June 30, 2012 was $0 compared to $24,613 for the comparable period of 2011. In addition, enrollment fee income for the three month period ended June 30, 2012 were $868 as compared to $2,586 for the same period of 2011. Causes for the changes are same as the causes stated in the six months ending as the paragraph above.

Net income before tax and noncontrolling interest

Six-month end:

Net income before tax and noncontrolling interest for the six months ending June 30, 2012 was $345,963 compared to $1,168,193 for the six months period ended June 30, 2011. The decrease in pre-tax profit of 822,230, or approximately 70%, was mainly because the revenue decreased by 13% and the operating expenses increased by 17% at the same time. Causes for the revenue decrease were discussed in the section of Revenue above while causes for the operating expense increase will be discussed in the section of Operating expenses below.

Other income and expense decreased to $22,330 in 2012 from $29,614 in 2011. The decrease of $7,284 was mainly due to decrease in other revenues which partially offset by the reduction in loss on disposal of fixed asset and the increase in investment income. Other revenue for the six months period ended June 30, 2012 was $17,677 compared to $49,337 for the comparable period of 2011. The decrease of $31,660 or approximately 64% was mainly due to a one-time income which is not recurring in nature was received during last year.

Investment income increased by 14% to $8,065 in 2012 as compared to $7,065 in 2011. It was mainly as a result of an increase in dividend income received from publicly traded equity securities owned by the Company.

Three-month end:

Net income before tax and noncontrolling interest for the three months ending June 30, 2012 was $207,082 compared to $547,673 for the three month period ended June 30, 2011. The decrease in pre-tax profit of $340,591 or approximately 62%, was mainly due to decrease in revenue decreased by 16% and the operating expenses increased by 6%.

Operating expenses

Operating expenses for the six months ending June 30, 2012 was $2,559,575, as compared to $2,178,467 for the same period of 2011. The increase of $381,108 or approximately 17% was mainly due to increases in salary, travel expenses, rents, depreciation and amortization, other general and administrative expenses partially offset by a decrease in bad debt expenses.

Operating expenses for the three months ending June 30, 2012 was $1,273,839, as compared to $1,201,330 for the same period ended of 2011. The increase of $72,509 or approximately 6% was mainly due to increases in salary, rents, other general and administrative expenses partially offset by a decrease in travel expenses, bad debt expenses and depreciation and amortization.

The reasons for the increases and decreases in the major items are as follows:

Salaries – increased $173,516 or 15% for the six months ended and $5,392 or 1% for the three months ended June 30, 2012 as compared to last year. The increase was mainly due to increases in pay rates and headcounts.

Travel Expenses – increased $11,749 or 6% for the six months ended and decreased $46,189 or 37% for the three months ended June 30, 2012 as compared to last year. The increase during the six months ended was due to more business travels that are in relation to the business during the period of 2012 as compared with 2011. The decrease during the three months ended was because of the effort of expense control during the period.

Rent – increased $98,186 or 37% for the six months ended and $66,187 or 50% for the three months ended June 30, 2012 as compared to last year. The increase was mainly due to increase in rental rate of the old office space, and the new office space was rented for the Hong Kong office.

Bad debt expenses – decreased by $24,490 or 62% for the six months ended and $50,307 or 91% for the three months ended June 30, 2012 as compared to last year. The decrease was mainly due to the provision of doubtful debts during the period.

Depreciation and amortization – increased $69,213 or 155% for the six months ended and decreased $3,947 or 18% for the three months ended June 30, 2012 as compared to last year. The increase was due to the addition of fixed assets during the six months period of 2012. In addition, because of the Hong Kong Office was moved to a new location in March 2012, beginning in November 2011, we began to amortize the net book value of the leasehold improvement of the old location over their its remaining life. Consequently, additional depreciation was charged in 2012. During the six months ended June 30, 2012, depreciation for fixed assets was $103,043 while amortization charge for intangible asset was $10,859.

Other general & administrative expenses – increased $52,934 or 12% for the six months ended and increased $101,373 or 45% for the three months ended June 30, 2012 as compared to last year. In general, the increase was due to the general price inflation in Hong Kong and China, increment of headcount causing office administrative expenses increased, and the upgraded phone system.

LIQUIDITY AND CAPITAL RESOURCES

Cash flow

For the six months ended June 30, 2012, cash provided by the operating activities totaled $248,781. This was primarily due to net income during the period plus an increase in fiduciary asset, accounts payable, claims payable, deferred revenue and income tax payable / receivable which was partially offset by a decrease in commission receivable, enrollment fee receivable, deposit and prepayment, other receivable, other payable and accrued expenses.

Net income after adjustments of non-cash activities for the six months ending June 30, 2012 decreased by $673,976 or 61% as compared to the same period of 2011, the changes in operating assets and liabilities for the six months ending June 30, 2012 increased $694,241 or 79% as compared to the same period of 2011. As a result, net cash provided by operating activities for the six months ended June 30, 2012 increased by $20,265 or approximately 9% as compared to last year.

For the six months ended June 30, 2012 and 2011, cash used in investing activities amounted to $139,874 and $22,275, respectively. The fund was used for the purchase of fixed assets including the furniture & fixtures for the new office and the upgraded phone system.

For the six months ended June 30, 2012 and 2011, cash used in finance activities totaled $165,384 and $121,553 respectively. The funds were used for the dividend payment to noncontrolling shareholders, and payments on related party debt which were partially offset by the borrowings on related party.

Assets and liabilities

For the six months ended June 30, 2012, the Group’s balance sheet reflects total assets of $12,623,910 and total liabilities of $1,612,023. These items decreased $47,785 or approximately 0.4% and $270,204 or approximately 14% respectively when compared to the year ended December 31, 2011. The decrease of total assets was mainly due to a decrease of cash and cash equivalents, commissions receivable, enrollment fee receivable, tax receivable, intangible asset, deposits and prepayment, and other receivable which was partially offset by an increase of fiduciary asset, property, plant and equipment, and marketable securities. In addition, the decrease of total liabilities was mainly due to a decrease of other payable, accrued expenses and amount due to directors which was partially offset by an increase of trade accounts payable and claim payable, income tax payable and deferred revenue.

As at June 30, 2012, commission receivable was $254,540 as compared to $399,942 as at December 31, 2011, while trade accounts payable was $1,316,742, as compared to December 31, 2011 balance of $1,054,919. Each of these changes was due to the timing of commissions received from customers and the timing of making payments to insurers in relation to the period end. In addition, because the commission income and the average collection period decreased, commission receivable as at June 30, 2012 decreased by $145,402 or 36% as compared to December 31, 2011 balance. In addition, because certain payment advances made on behalf of customers were refunded, other receivable decreased by $23,619 or 20% as compared to the year end of 2011. Furthermore, because certain fund received on behalf of customers had been paid during the period, the other payable decreased $520,176 or 78% as compared to the year end of 2011. On the other hand, certain claim proceeds were received on behalf of customers but had not been paid yet, the claim payable increased by $17,929 or 86% as compared to the year end of 2011.

Accrued expenses of $58,882 as at June 30, 2012 reduced by $41,131 or approximately 41% from $100,013 as at December 31, 2011. The reduction was mainly due to repayment of the accrued expenses which were provided for the year of 2011. In addition, income tax payable as at June 30, 2012 was $44,095. It is in relation to the provision of income tax for the six months ending of 2012.

Because the interest rate is maintained at a very low level in the recent years, the Company purchased publicly traded equity securities with high dividend yield since 2008 for long term investment purpose. The market value of the equity securities was $312,650 and $261,854 as at June 30, 2012 and December 31, 2011 respectively. The increase of $50,796 or approximately 19% was mainly due to the change of fair values between June 30, 2012 and December 31, 2010 and the addition of equity securities which were acquired during the period.

In August 2011, the Company made a secured loan of $3,000,000 to clients. During 2011, $1,088,000 or about 36% was repaid. As at June 30, 2012, the balance of such loan was $1,912,000.

The Company has bank and cash equivalents of approximately $8,150,917 as at June 30, 2012. The Company has sufficient funds to satisfy its financial commitments and working capital requirements for the next twelve months. During the period end of June 30, 2012, the Company had $0 of commitments for capital expenditures and off-balance sheet arrangements as well as operating lease commitments of $1,060,610.

OFF BALANCE SHEET ARRANGEMENTS

We do not have any material off-balance sheet arrangements.

RECENT ACCOUNTING PRONOUNCEMENTS

For information about new accounting pronouncements and the potential impact on our Consolidated Financial Statements, see Note 2 of the Notes to Consolidated Financial Statements in this Form 10-Q and Note 2 of the Notes to Consolidated Financial Statements in our 2011 Form 10-K.

ITEM 3. QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK

Not applicable.

ITEM 4(T). CONTROLS AND PROCEDURES

Evaluation of Disclosure Controls and Procedures

The Securities and Exchange Commission defines the term “disclosure controls and procedures” to mean a company's controls and other procedures of an issuer that are designed to ensure that information required to be disclosed in the reports that it files or submits under the Securities Exchange Act of 1934 is recorded, processed, summarized and reported, within the time periods specified in the Securities and Exchange Commission’s rules and forms. Disclosure controls and procedures include, without limitation, controls and procedures designed to ensure that information required to be disclosed by an issuer in the reports that it files or submits under the Securities Exchange Act of 1934 is accumulated and communicated to the issuer’s management, including its principal executive and principal financial officers, or persons performing similar functions, as appropriate to allow timely decisions regarding required disclosure. The Company maintains such a system of controls and procedures in an effort to ensure that all information which it is required to disclose in the reports it files under the Securities Exchange Act of 1934 is recorded, processed, summarized and reported within the time periods specified under the SEC's rules and forms and that information required to be disclosed is accumulated and communicated to principal executive and principal financial officers to allow timely decisions regarding disclosure.

As of the end of the period covered by this report, The Company's management, with the participation of the chief executive officer and the chief financial officer, carried out an evaluation of the effectiveness of the design and operation of the Company's "disclosure, controls and procedures" (as defined in the Exchange Act Rules 13a-15(3) and 15-d-15(3) as of the end of the period covered by this annual report (the "Evaluation Date"). Based on that evaluation, the chief executive officer and the chief financial officer concluded that, as of the Evaluation Date, the Company’s disclosure controls and procedures are designed to provide reasonable assurance of achieving the objectives of timely alerting them to material information required to be included in our periodic SEC reports and of ensuring that such information is recorded, processed, summarized and reported with the time periods specified. Our chief executive officer and chief financial officer also concluded that our disclosure controls and procedures were effective as of June 30, 2012 to provide reasonable assurance of the achievement of these objectives.

Changes in Internal Controls Over Financial Reporting

There have not been any changes in our internal control over financial reporting (as such term is defined in Rule 13a-15(f) under the Exchange Act) or any other factors during the six months ended June 30, 2012, that have materially affected, or are reasonably likely to materially affect our internal control over financial reporting.

PART II - OTHER INFORMATION

ITEM 1. LEGAL PROCEEDINGS

None.

ITEM 1A. RISK FACTORS

Not applicable.

ITEM 2. UNREGISTERED SALES OF EQUITY SECURITIES AND USE OF PROCEEDS

On June 1, 2012, the Company issued 13,500 shares of restricted stock to certain key employees of the Company. The award was made pursuant to the 2010 Restricted Share Stock Compensation Plan mentioned as above. The plan was approved by the board of directors on June 1, 2012. The shares were issued at a strike price of $1.65, which was equal to the fair value of the Company’s stock on June 1, 2012, the date of grant. Therefore, the aggregate value of these shares as of the date of issuance was $22,275, of which $619 was recognized as stock-based compensation expense in salaries and compensation expenses during the period ended June 30, 2012. The balance will be recognized as stock-based compensation expenses in the coming three years.

ITEM 3. DEFAULTS UPON SENIOR SECURITIES

Not applicable.

ITEM 4. MINE SAFETY DISCLOSURES

Not applicable.

ITEM 5. OTHER INFORMATION

None.

ITEM 6. EXHIBITS

The following exhibits are filed herewith:

31.1

Certification of Chief Executive Officer pursuant to Rule 13a-14(a) or 15d-14(a) under the Securities Exchange Act of 1934, as amended, as adopted pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.

31.2

Certification of Chief Financial Officer pursuant to Rule 13a-14(a) or 15d-14(a) under the Securities Exchange Act of 1934, as amended, as adopted pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.

32.1

Certification of Chief Executive Officer pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.

32.2

Certification of Chief Financial Officer pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.

101

INS XBRL Instance Document

101

SCH XBRL Schema Document

101

CAL XBRL Taxonomy Extension Calculation Linkbase Document

101

LAB XBRL Taxonomy Extension Label Linkbase Document

101

PRE XBRL Taxonomy Extension Presentation Linkbase Document

101

DEF XBRL Taxonomy Extension Definition Linkbase Document

SIGNATURES

Pursuant to the requirements 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.

ALCO, INC.

(Registrant)

By: /s/ Andrew Liu, CEO and Chairman

Date: August 3, 2012

By: /s/ John Liu, Director

Date: August 3, 2012

By: /s/ Colman Au, Chief Financial Officer

Date: August 3, 2012

EX-31 2 exhibit311.htm EXHIBIT 31

EXHIBIT 31.1

I, Andrew Liu, certify that:

1. I have reviewed this quarterly report on Form 10-Q of ALCO, 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 officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a–15(e) and 15d–15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a–15(f) and 15d–15(f)) for the registrant and have:

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

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

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

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

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

Date: August 3, 2012

By: /s/ Andrew Liu, CEO and Chairman

EX-31 3 exhibit312.htm EXHIBIT 31

EXHIBIT 31.2

I, Colman Au, certify that:

1. I have reviewed this quarterly report on Form 10-Q of ALCO, Inc.;

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

Date: August 3, 2012

By: /s/ Colman Au, Chief Financial Officer

EX-32 4 exhibit321.htm EXHIBIT 31

Exhibit 32.1

CERTIFICATION PURSUANT TO 18 U.S.C. SECTION 1350, AS ADOPTED PURSUANT TO SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002

In connection with the Quarterly Report of ALCO, Inc. (the "Company") on Form 10-Q for the period ended June 30, 2012 (the "Report"), I, Andrew Liu, Chief Executive Officer and Chairman of the Company, certify, pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, that:

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

2) The information contained in the Report fairly presents, in all material respects, the Company's financial position and results of operations.

By: /s/ Andrew Liu, CEO and Chairman

Date: August 3, 2012

EX-32 5 exhibit322.htm EXHIBIT 31

Exhibit 32.2

CERTIFICATION PURSUANT TO 18 U.S.C. SECTION 1350, AS ADOPTED PURSUANT TO SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002

In connection with the Quarterly Report of ALCO, Inc. (the "Company") on Form 10-Q for the period ended June 30, 2012 (the "Report"), I, Colman Au, Chief Financial Officer of the Company, certify, pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, that:

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

2) The information contained in the Report fairly presents, in all material respects, the Company's financial position and results of operations.

By: /s/ Colman Au, Chief Financial Officer

Date: August 3, 2012

EX-101.INS 6 alco-20120630.xml Accounting for Uncertainty in Income Taxes   The Company adopted the provisions of Accounting for Uncertainty in Income Taxes on January 1, 2007.  The provisions clarify the accounting for uncertainty in income taxes recognized in an enterprises financial statements in accordance with the standard Accounting for Income Taxes, and prescribes a recognition threshold and measurement process for financial statement recognition and measurement of a tax position taken or expected to be taken in a tax return.  The provisions of Accounting for Uncertainty in Income Taxes also provides guidance on derecognition, classification, interest and penalties, accounting in interim periods, disclosure and transition.   Based on the Companys evaluation, the Company has concluded that there are no significant uncertain tax positions requiring recognition in its financial statements.   The Company may from time to time be assessed interest or penalties by major tax jurisdictions.  In the event it receives an assessment for interest and/or penalties, it will be classified in the financial statements as tax expense. false --12-31

Description of Business and Basis of Presentation   ALCO, Inc. (ALCO, we, us, the Company) was incorporated under the laws of the State of Nevada on June 7, 1999 as Seahorse, Inc. and changed its name to Lotus Capital Corp. (Lotus) on September 20, 2004.  The Company changed its name to ALCO, Inc. on February 13, 2006.   The accompanying unaudited consolidated financial statements have been prepared in accordance with generally accepted accounting principles for interim financial information and with the SEC instructions to Form 10-Q.  Accordingly, they do not include all of the information and footnotes required by generally accepted accounting principles for complete financial statements.  In the opinion of management, all adjustments (consisting of only normal recurring adjustments) considered necessary for a fair presentation have been included.  Results for the six-month period ended June 30, 2012 are not necessarily indicative of the results that may be expected for the year ended December 31, 2012. For further information, refer to the consolidated financial statements and footnotes thereto included in ALCOs Annual Report on Form 10-K for the fiscal year ended December 31, 2011.   The consolidated financial statements include the accounts of the Company and all its majority-owned subsidiaries which require consolidation.  Inter-company transactions have been eliminated in consolidation.   Certain accounting principles, which are stipulated by General Accepted Accounting Principles in the United States (US GAAP), are not applicable in the Hong Kong Accounting Standards (HKAS).  The difference between HKAS accounts of the Company and its US GAAP financial statements is adjusted in the Company consolidated financial statement.   The Company maintains its books and accounting records in Hong Kong dollar ("HK$"), which is determined as the functional currency.  Assets and liabilities of the Company are translated at the prevailing exchange rate at each year end.  Contributed capital accounts are translated using the historical rate of exchange when capital is injected.  Income statement accounts are translated at the average rate of exchange during the year.  Translation adjustments arising from the use of different exchange rates from period to period are included in the cumulative translation adjustment account in shareholders' equity.  Gain and losses resulting from foreign currency transactions are included in operations.

Q2 2012 2012-06-30 10-Q

Earnings Per Share   Basic earnings per share is computed by dividing income available to common shareholders by the weighted-average number of common shares outstanding during the period.  Diluted earnings per share is computed similar to basic earnings per share except that the denominator is increased to include the number of additional common shares that would have been outstanding if the potential common shares had been issued and if the additional common shares were dilutive. There were no dilutive shares for the six months ended June 30, 2012.

0000734543 No Smaller Reporting Company 0 0 ALCO, INC. No No

Foreign Currency and Other Comprehensive Income   The accompanying financial statements are presented in United States (US) dollars.  The functional currency of Andrew Liu & Co Ltd (ALC), Chang An Consultants Ltd (CAC) and Edushipasia Limited (ESA) is the Hong Kong dollar (HK$).  The financial statements are translated into US dollars from HK$ at year-end exchange rates for assets and liabilities, and weighted average exchange rates for revenues and expenses.  Capital accounts are translated at their historical exchange rates when the capital transactions occurred.   The Hong Kong Monetary Authority (HKMA), Hong Kong's central bank, maintains a Linked Exchange Rate System since 1983.  The HKMA operates Convertibility Undertakings on both the strong side and the weak side of the Linked Rate of US$1: HK$7.8.  In fact, the exchange rate for HK$ to US dollars has varied by only 100ths during the first six months 2012 and 2011.  Thus, the consistent exchange rate used has been 7.80 HK$ per each US dollar.  Since there have been no greater fluctuations in the exchange rate, there is no gain or loss from foreign currency translation and no resulting other comprehensive income or loss.   Foreign currency transactions are those that required settlement in a currency other than HK$.  Gain or loss from foreign currency transactions, or exchange loss, are recognized in income in the period they occur.   The functional currency of Shanghai Heshili Broker Co. Limited (SHB) and AL Marine Consulting Services (Shanghai) Ltd (ALM Shanghai) is the Chinese Yuan (CNY).  The financial statements of SHB and ALM Shanghai are translated into United States dollars in accordance with the Financial Accounting Standards Board (FASB) Accounting Standards Codification Code (ASC) No. 830, " Foreign Currency Matters, using quarter-end rates of exchange for assets and liabilities, and average rates of exchange for the period for revenues, costs, and expenses and historical rates for the equity.  Translation adjustments resulting from the process of translating the local currency financial statements into U.S. dollars are included in determining comprehensive income.   The exchange rates used to translate amounts in CNY into U.S. Dollars for the purposes of preparing the consolidated financial statements were as follows:    Balance sheet items, as of period-end date: US$0.15736:CNY1   Amounts included in the statements of operations, statements of changes in shareholders equity and statements of cash flows for the period: US$0.15751:CNY1

Note 1 Organization and Operations   Description of Business and Basis of Presentation   ALCO, Inc. (ALCO, we, us, the Company) was incorporated under the laws of the State of Nevada on June 7, 1999 as Seahorse, Inc. and changed its name to Lotus Capital Corp. (Lotus) on September 20, 2004.  The Company changed its name to ALCO, Inc. on February 13, 2006.   The accompanying unaudited consolidated financial statements have been prepared in accordance with generally accepted accounting principles for interim financial information and with the SEC instructions to Form 10-Q.  Accordingly, they do not include all of the information and footnotes required by generally accepted accounting principles for complete financial statements.  In the opinion of management, all adjustments (consisting of only normal recurring adjustments) considered necessary for a fair presentation have been included.  Results for the six-month period ended June 30, 2012 are not necessarily indicative of the results that may be expected for the year ended December 31, 2012. For further information, refer to the consolidated financial statements and footnotes thereto included in ALCOs Annual Report on Form 10-K for the fiscal year ended December 31, 2011.   The consolidated financial statements include the accounts of the Company and all its majority-owned subsidiaries which require consolidation.  Inter-company transactions have been eliminated in consolidation.   Certain accounting principles, which are stipulated by General Accepted Accounting Principles in the United States (US GAAP), are not applicable in the Hong Kong Accounting Standards (HKAS).  The difference between HKAS accounts of the Company and its US GAAP financial statements is adjusted in the Company consolidated financial statement.   The Company maintains its books and accounting records in Hong Kong dollar ("HK$"), which is determined as the functional currency.  Assets and liabilities of the Company are translated at the prevailing exchange rate at each year end.  Contributed capital accounts are translated using the historical rate of exchange when capital is injected.  Income statement accounts are translated at the average rate of exchange during the year.  Translation adjustments arising from the use of different exchange rates from period to period are included in the cumulative translation adjustment account in shareholders' equity.  Gain and losses resulting from foreign currency transactions are included in operations.     Reclassification   Certain prior year amounts have been reclassified to conform to the current year presentation.

Note 10 Stock-based Compensation   2010 restricted stock plan   On June 1, 2010, the board of directors approved and the Company granted an award of 198,000 shares of restricted stock to certain key employees and directors of the Company. The award was made pursuant to the 2010 Restricted Share Stock Compensation Plan as approved by the Companys Board of Directors. Under the plan, a maximum of 500,000 common shares may be delivered in satisfaction of awards. Key employees and directors are eligible to participate in the plan. Each grant of restricted shares under the Plan is subject to certain terms and conditions such as the shares cannot be transferred during the restriction period and the shares will be forfeited if the employment is terminated by the holder or the Company. Restricted stocks are granted at a strike price that is equal to the fair value of the Companys stock on the date of grant.   The aggregate value of this award was $310,860, as determined by multiplying the number of shares times the fair value of the Companys stock on June 1, 2010, the date of the grant award. The fair value is based on discounted free cash flow analyses, which involve managements best estimate of future revenue, operation expenses, investing activities, and financing activities. In the valuation, the free cash flow is projected for five years and is determined by using the Companys historical figures such as revenue and operation expenses which are compounded annually with 5% growth rate. Free cash flow occurring beyond the five-year projection period is assumed to be in perpetuity and determined by using the Perpetuity Growth Model in which the project net cash flow is divided by the risk-free rate. The sums of the five-year free cash flow together with the perpetual free cash flow are then discounted by the risk free rate. As a result, the fair value of the Companys stock on the date of the grant award is $1.57 per share. When determining the risk-free rate, Hong Kong unsecured long term loan rate, 7.25%, in effect at the time of grant is used in the calculation.   2011 restricted stock plan   On June 1, 2011, the board of directors approved and the Company granted an award of 25,600 shares of restricted stock to certain key employees of the Company.  The award was made pursuant to the 2010 Restricted Share Stock Compensation Plan mentioned as above.  The aggregate value of this award was $71,145, as determined by multiplying the number of shares times the fair value of the Companys stock on June 1, 2011, the date of the grant award.  The fair value is calculated based on the same approach mentioned above and the fair value of the Companys stock on the date of the grant award is $2.79 per share. When determining the risk-free rate of this award, Hong Kong unsecured long term loan rate, 7.25%, in effect at the time of grant is used in the calculation.   2012 restricted stock plan   On June 1, 2012, the board of directors approved and the Company granted an award of 13,500 shares of restricted stock to a key employee of the Company.  The award was made pursuant to the 2010 Restricted Share Stock Compensation Plan mentioned as above.  The aggregate value of this award was $22,275, as determined by multiplying the number of shares times the fair value of the Companys stock on June 1, 2012, the date of the grant award.  The fair value is calculated based on the same approach mentioned above and the fair value of the Companys stock on the date of the grant award is $1.65 per share. When determining the risk-free rate of this award, Hong Kong unsecured long term loan rate, 8.25%, in effect at the time of grant is used in the calculation.   During the six months ended June 30, 2012 and 2011, the Company recognized $36,251 and $46,539 respectively, of stock-based compensation expense.

Note 11 Related Party Transaction   The Company rents quarters for directors in Hong Kong and Shanghai from companies owned by directors of the Company.  The relevant rent expenses consist of following:   <table border="0" cellspacing="0" cellpadding="0" style='border-collapse:collapse'> <tr> <td width="193" style='width:145.1pt;padding:0in 5.4pt 0in 5.4pt'>   </td> <td width="19" style='width:14.1pt;padding:0in 5.4pt 0in 5.4pt'>   </td> <td width="279" style='width:209.55pt;padding:0in 5.4pt 0in 5.4pt'>   </td> <td width="28" style='width:21.2pt;padding:0in 5.4pt 0in 5.4pt'>   </td> <td width="235" colspan="3" style='width:176.15pt;padding:0in 5.4pt 0in 5.4pt'> Period ended June 30, </td> </tr> <tr> <td width="193" style='width:145.1pt;padding:0in 5.4pt 0in 5.4pt'>   </td> <td width="19" style='width:14.1pt;padding:0in 5.4pt 0in 5.4pt'>   </td> <td width="279" style='width:209.55pt;padding:0in 5.4pt 0in 5.4pt'>   </td> <td width="28" style='width:21.2pt;padding:0in 5.4pt 0in 5.4pt'>   </td> <td width="109" style='width:81.85pt;padding:0in 5.4pt 0in 5.4pt'> 2012 </td> <td width="22" style='width:16.8pt;padding:0in 5.4pt 0in 5.4pt'>   </td> <td width="103" style='width:77.5pt;padding:0in 5.4pt 0in 5.4pt'> 2011 </td> </tr> <tr> <td width="193" style='width:145.1pt;padding:0in 5.4pt 0in 5.4pt'> Location </td> <td width="19" style='width:14.1pt;padding:0in 5.4pt 0in 5.4pt'>   </td> <td width="279" style='width:209.55pt;padding:0in 5.4pt 0in 5.4pt'> Landlord </td> <td width="28" style='width:21.2pt;padding:0in 5.4pt 0in 5.4pt'>   </td> <td width="109" style='width:81.85pt;padding:0in 5.4pt 0in 5.4pt'>   </td> <td width="22" style='width:16.8pt;padding:0in 5.4pt 0in 5.4pt'>   </td> <td width="103" style='width:77.5pt;padding:0in 5.4pt 0in 5.4pt'>   </td> </tr> <tr> <td width="193" style='width:145.1pt;padding:0in 5.4pt 0in 5.4pt'>   </td> <td width="19" style='width:14.1pt;padding:0in 5.4pt 0in 5.4pt'>   </td> <td width="279" style='width:209.55pt;padding:0in 5.4pt 0in 5.4pt'>   </td> <td width="28" style='width:21.2pt;padding:0in 5.4pt 0in 5.4pt'>   </td> <td width="109" style='width:81.85pt;padding:0in 5.4pt 0in 5.4pt'>   </td> <td width="22" style='width:16.8pt;padding:0in 5.4pt 0in 5.4pt'>   </td> <td width="103" style='width:77.5pt;padding:0in 5.4pt 0in 5.4pt'>   </td> </tr> <tr> <td width="193" style='width:145.1pt;padding:0in 5.4pt 0in 5.4pt'> Shanghai Quarter </td> <td width="19" style='width:14.1pt;padding:0in 5.4pt 0in 5.4pt'>   </td> <td width="279" style='width:209.55pt;padding:0in 5.4pt 0in 5.4pt'> Fortune Ocean and Andrew Liu Fu Kang </td> <td width="28" style='width:21.2pt;padding:0in 5.4pt 0in 5.4pt'>   </td> <td width="109" style='width:81.85pt;padding:0in 5.4pt 0in 5.4pt'> 15,385 </td> <td width="22" style='width:16.8pt;padding:0in 5.4pt 0in 5.4pt'>   </td> <td width="103" style='width:77.5pt;padding:0in 5.4pt 0in 5.4pt'> 15,385 </td> </tr> <tr> <td width="193" style='width:145.1pt;padding:0in 5.4pt 0in 5.4pt'> Director (Andrew) Quarter </td> <td width="19" style='width:14.1pt;padding:0in 5.4pt 0in 5.4pt'>   </td> <td width="279" style='width:209.55pt;padding:0in 5.4pt 0in 5.4pt'> First Pacific Development Ltd </td> <td width="28" style='width:21.2pt;padding:0in 5.4pt 0in 5.4pt'>   </td> <td width="109" style='width:81.85pt;padding:0in 5.4pt 0in 5.4pt'> 3,333 </td> <td width="22" style='width:16.8pt;padding:0in 5.4pt 0in 5.4pt'>   </td> <td width="103" style='width:77.5pt;padding:0in 5.4pt 0in 5.4pt'> 10,000 </td> </tr> <tr> <td width="193" style='width:145.1pt;padding:0in 5.4pt 0in 5.4pt'> Related Party Transaction </td> <td width="19" style='width:14.1pt;padding:0in 5.4pt 0in 5.4pt'>   </td> <td width="279" style='width:209.55pt;padding:0in 5.4pt 0in 5.4pt'>   </td> <td width="28" style='width:21.2pt;padding:0in 5.4pt 0in 5.4pt'> $ </td> <td width="109" style='width:81.85pt;border-top:solid windowtext 1.0pt;border-left:none;border-bottom:double windowtext 1.5pt;border-right:none;padding:0in 5.4pt 0in 5.4pt'> 18,718 </td> <td width="22" style='width:16.8pt;padding:0in 5.4pt 0in 5.4pt'> $ </td> <td width="103" style='width:77.5pt;border-top:solid windowtext 1.0pt;border-left:none;border-bottom:double windowtext 1.5pt;border-right:none;padding:0in 5.4pt 0in 5.4pt'> 25,385 </td> </tr> </table>

Note 12 Income Taxes   The Company's effective tax rate for the six months ended June 30, 2012 and 2011 was 23.36% and 18.64%, respectively.  The provisions for income taxes for the periods ended June 30, 2012 and 2011 are summarized as follows:   <table border="0" cellspacing="0" cellpadding="0" style='border-collapse:collapse'> <tr> <td width="437" valign="bottom" style='width:327.65pt;padding:0in 5.4pt 0in 5.4pt'>   </td> <td width="27" valign="bottom" style='width:20.55pt;padding:0in 5.4pt 0in 5.4pt'>   </td> <td width="222" colspan="3" valign="bottom" style='width:166.6pt;padding:0in 5.4pt 0in 5.4pt'> Period ended June 30, </td> </tr> <tr> <td width="437" valign="bottom" style='width:327.65pt;padding:0in 5.4pt 0in 5.4pt'> Hong Kong only: </td> <td width="27" valign="bottom" style='width:20.55pt;padding:0in 5.4pt 0in 5.4pt'>   </td> <td width="102" valign="bottom" style='width:76.5pt;padding:0in 5.4pt 0in 5.4pt'> 2012 </td> <td width="22" valign="bottom" style='width:16.75pt;padding:0in 5.4pt 0in 5.4pt'>   </td> <td width="98" valign="bottom" style='width:73.35pt;padding:0in 5.4pt 0in 5.4pt'> 2011 </td> </tr> <tr> <td width="437" valign="bottom" style='width:327.65pt;padding:0in 5.4pt 0in 5.4pt'>   </td> <td width="27" valign="bottom" style='width:20.55pt;padding:0in 5.4pt 0in 5.4pt'>   </td> <td width="102" valign="bottom" style='width:76.5pt;padding:0in 5.4pt 0in 5.4pt'>   </td> <td width="22" valign="bottom" style='width:16.75pt;padding:0in 5.4pt 0in 5.4pt'>   </td> <td width="98" valign="bottom" style='width:73.35pt;padding:0in 5.4pt 0in 5.4pt'>   </td> </tr> <tr> <td width="437" valign="bottom" style='width:327.65pt;padding:0in 5.4pt 0in 5.4pt'> Current </td> <td width="27" valign="bottom" style='width:20.55pt;padding:0in 5.4pt 0in 5.4pt'> $ </td> <td width="102" style='width:76.5pt;padding:0in 5.4pt 0in 5.4pt'> 80,827 </td> <td width="22" style='width:16.75pt;padding:0in 5.4pt 0in 5.4pt'> $ </td> <td width="98" style='width:73.35pt;padding:0in 5.4pt 0in 5.4pt'> 217,766 </td> </tr> <tr> <td width="437" valign="bottom" style='width:327.65pt;padding:0in 5.4pt 0in 5.4pt'> Deferred </td> <td width="27" valign="bottom" style='width:20.55pt;padding:0in 5.4pt 0in 5.4pt'>   </td> <td width="102" style='width:76.5pt;border:none;border-bottom:solid windowtext 1.0pt;padding:0in 5.4pt 0in 5.4pt'>                  -   </td> <td width="22" style='width:16.75pt;padding:0in 5.4pt 0in 5.4pt'>   </td> <td width="98" style='width:73.35pt;border:none;border-bottom:solid windowtext 1.0pt;padding:0in 5.4pt 0in 5.4pt'>                  -   </td> </tr> <tr> <td width="437" valign="bottom" style='width:327.65pt;padding:0in 5.4pt 0in 5.4pt'> Provision for income taxes </td> <td width="27" valign="bottom" style='width:20.55pt;padding:0in 5.4pt 0in 5.4pt'> $ </td> <td width="102" style='width:76.5pt;border:none;border-bottom:double windowtext 1.5pt;padding:0in 5.4pt 0in 5.4pt'> 80,827 </td> <td width="22" style='width:16.75pt;padding:0in 5.4pt 0in 5.4pt'> $ </td> <td width="98" style='width:73.35pt;border:none;border-bottom:double windowtext 1.5pt;padding:0in 5.4pt 0in 5.4pt'> 217,766 </td> </tr> </table>   A reconciliation between the income tax computed at the U.S. statutory rate and the Companys provision for income tax is as follows:   <table border="0" cellspacing="0" cellpadding="0" style='border-collapse:collapse'> <tr> <td width="492" valign="bottom" style='width:368.95pt;padding:0in 5.4pt 0in 5.4pt'>   </td> <td width="28" valign="bottom" style='width:21.15pt;padding:0in 5.4pt 0in 5.4pt'>   </td> <td width="235" colspan="3" valign="bottom" style='width:176.0pt;padding:0in 5.4pt 0in 5.4pt'> Period ended June 30, </td> </tr> <tr> <td width="492" valign="bottom" style='width:368.95pt;padding:0in 5.4pt 0in 5.4pt'>   </td> <td width="28" valign="bottom" style='width:21.15pt;padding:0in 5.4pt 0in 5.4pt'>   </td> <td width="109" valign="bottom" style='width:81.85pt;padding:0in 5.4pt 0in 5.4pt'> 2012 </td> <td width="22" valign="bottom" style='width:16.7pt;padding:0in 5.4pt 0in 5.4pt'>   </td> <td width="103" valign="bottom" style='width:77.45pt;padding:0in 5.4pt 0in 5.4pt'> 2011 </td> </tr> <tr> <td width="492" valign="bottom" style='width:368.95pt;padding:0in 5.4pt 0in 5.4pt'>   </td> <td width="28" valign="bottom" style='width:21.15pt;padding:0in 5.4pt 0in 5.4pt'>   </td> <td width="109" valign="bottom" style='width:81.85pt;padding:0in 5.4pt 0in 5.4pt'>   </td> <td width="22" valign="bottom" style='width:16.7pt;padding:0in 5.4pt 0in 5.4pt'>   </td> <td width="103" valign="bottom" style='width:77.45pt;padding:0in 5.4pt 0in 5.4pt'>   </td> </tr> <tr> <td width="492" valign="bottom" style='width:368.95pt;padding:0in 5.4pt 0in 5.4pt'> U.S. statutory rate </td> <td width="28" valign="bottom" style='width:21.15pt;padding:0in 5.4pt 0in 5.4pt'>   </td> <td width="109" style='width:81.85pt;padding:0in 5.4pt 0in 5.4pt'> 34.00% </td> <td width="22" style='width:16.7pt;padding:0in 5.4pt 0in 5.4pt'>   </td> <td width="103" style='width:77.45pt;padding:0in 5.4pt 0in 5.4pt'> 34.00% </td> </tr> <tr> <td width="492" valign="bottom" style='width:368.95pt;padding:0in 5.4pt 0in 5.4pt'>   </td> <td width="28" valign="bottom" style='width:21.15pt;padding:0in 5.4pt 0in 5.4pt'>   </td> <td width="109" style='width:81.85pt;padding:0in 5.4pt 0in 5.4pt'>   </td> <td width="22" style='width:16.7pt;padding:0in 5.4pt 0in 5.4pt'>   </td> <td width="103" style='width:77.45pt;padding:0in 5.4pt 0in 5.4pt'>   </td> </tr> <tr> <td width="492" valign="bottom" style='width:368.95pt;padding:0in 5.4pt 0in 5.4pt'> Foreign income not recognized in the U.S. </td> <td width="28" valign="bottom" style='width:21.15pt;padding:0in 5.4pt 0in 5.4pt'>   </td> <td width="109" style='width:81.85pt;padding:0in 5.4pt 0in 5.4pt'> -34.00% </td> <td width="22" style='width:16.7pt;padding:0in 5.4pt 0in 5.4pt'>   </td> <td width="103" style='width:77.45pt;padding:0in 5.4pt 0in 5.4pt'> -34.00% </td> </tr> <tr> <td width="492" valign="bottom" style='width:368.95pt;padding:0in 5.4pt 0in 5.4pt'> Miscellaneous permanent differences </td> <td width="28" valign="bottom" style='width:21.15pt;padding:0in 5.4pt 0in 5.4pt'>   </td> <td width="109" style='width:81.85pt;padding:0in 5.4pt 0in 5.4pt'> 6.86% </td> <td width="22" style='width:16.7pt;padding:0in 5.4pt 0in 5.4pt'>   </td> <td width="103" style='width:77.45pt;padding:0in 5.4pt 0in 5.4pt'> 2.14% </td> </tr> <tr> <td width="492" valign="bottom" style='width:368.95pt;padding:0in 5.4pt 0in 5.4pt'> Hong Kong income tax rate </td> <td width="28" valign="bottom" style='width:21.15pt;padding:0in 5.4pt 0in 5.4pt'>   </td> <td width="109" style='width:81.85pt;border:none;border-bottom:solid windowtext 1.0pt;padding:0in 5.4pt 0in 5.4pt'>            16.50%   </td> <td width="22" style='width:16.7pt;padding:0in 5.4pt 0in 5.4pt'>   </td> <td width="103" style='width:77.45pt;border:none;border-bottom:solid windowtext 1.0pt;padding:0in 5.4pt 0in 5.4pt'> 16.50%                  </td> </tr> <tr> <td width="492" valign="bottom" style='width:368.95pt;padding:0in 5.4pt 0in 5.4pt'> Provision for income tax </td> <td width="28" valign="bottom" style='width:21.15pt;padding:0in 5.4pt 0in 5.4pt'>   </td> <td width="109" style='width:81.85pt;border:none;border-bottom:double windowtext 1.5pt;padding:0in 5.4pt 0in 5.4pt'> 23.36% </td> <td width="22" style='width:16.7pt;padding:0in 5.4pt 0in 5.4pt'>   </td> <td width="103" style='width:77.45pt;border:none;border-bottom:double windowtext 1.5pt;padding:0in 5.4pt 0in 5.4pt'> 18.64% </td> </tr> </table>   There were no significant permanent or temporary differences.   Accounting for Uncertainty in Income Taxes   The Company adopted the provisions of Accounting for Uncertainty in Income Taxes on January 1, 2007.  The provisions clarify the accounting for uncertainty in income taxes recognized in an enterprises financial statements in accordance with the standard Accounting for Income Taxes, and prescribes a recognition threshold and measurement process for financial statement recognition and measurement of a tax position taken or expected to be taken in a tax return.  The provisions of Accounting for Uncertainty in Income Taxes also provides guidance on derecognition, classification, interest and penalties, accounting in interim periods, disclosure and transition.   Based on the Companys evaluation, the Company has concluded that there are no significant uncertain tax positions requiring recognition in its financial statements.   The Company may from time to time be assessed interest or penalties by major tax jurisdictions.  In the event it receives an assessment for interest and/or penalties, it will be classified in the financial statements as tax expense.

Note 13 Operating Leases   Future minimum lease payments for operating leases for the succeeding years consists of following:   <table border="0" cellspacing="0" cellpadding="0" style='border-collapse:collapse'> <tr> <td width="197" style='width:147.4pt;padding:0in 5.4pt 0in 5.4pt'>   </td> <td width="22" style='width:16.3pt;padding:0in 5.4pt 0in 5.4pt'>   </td> <td width="87" style='width:65.55pt;padding:0in 5.4pt 0in 5.4pt'> July 2012 June 2013 </td> <td width="26" style='width:19.55pt;padding:0in 5.4pt 0in 5.4pt'>   </td> <td width="83" style='width:62.35pt;padding:0in 5.4pt 0in 5.4pt'> July 2013 June 2014 </td> <td width="26" valign="top" style='width:19.5pt;padding:0in 5.4pt 0in 5.4pt'>   </td> <td width="90" valign="top" style='width:67.8pt;padding:0in 5.4pt 0in 5.4pt'> July 2014 and thereafter </td> <td width="22" style='width:16.45pt;padding:0in 5.4pt 0in 5.4pt'>   </td> <td width="133" style='width:99.9pt;padding:0in 5.4pt 0in 5.4pt'> Total </td> </tr> <tr> <td width="197" style='width:147.4pt;padding:0in 5.4pt 0in 5.4pt'> Carmel Hill, Hong Kong (Director Quarter) </td> <td width="22" style='width:16.3pt;padding:0in 5.4pt 0in 5.4pt'> $ </td> <td width="87" style='width:65.55pt;padding:0in 5.4pt 0in 5.4pt'> - </td> <td width="26" style='width:19.55pt;padding:0in 5.4pt 0in 5.4pt'> $ </td> <td width="83" style='width:62.35pt;padding:0in 5.4pt 0in 5.4pt'> - </td> <td width="26" valign="top" style='width:19.5pt;padding:0in 5.4pt 0in 5.4pt'> $ </td> <td width="90" style='width:67.8pt;padding:0in 5.4pt 0in 5.4pt'> - </td> <td width="22" style='width:16.45pt;padding:0in 5.4pt 0in 5.4pt'> $ </td> <td width="133" style='width:99.9pt;padding:0in 5.4pt 0in 5.4pt'> - </td> </tr> <tr> <td width="197" style='width:147.4pt;padding:0in 5.4pt 0in 5.4pt'>  25th Floor, Fortis Tower, Hong Kong  (New Hong Kong Office) </td> <td width="22" style='width:16.3pt;padding:0in 5.4pt 0in 5.4pt'>   </td> <td width="87" style='width:65.55pt;padding:0in 5.4pt 0in 5.4pt'> 312,615 </td> <td width="26" style='width:19.55pt;padding:0in 5.4pt 0in 5.4pt'>   </td> <td width="83" style='width:62.35pt;padding:0in 5.4pt 0in 5.4pt'> 312,615 </td> <td width="26" valign="top" style='width:19.5pt;padding:0in 5.4pt 0in 5.4pt'>   </td> <td width="90" style='width:67.8pt;padding:0in 5.4pt 0in 5.4pt'> 312,615 </td> <td width="22" style='width:16.45pt;padding:0in 5.4pt 0in 5.4pt'>   </td> <td width="133" style='width:99.9pt;padding:0in 5.4pt 0in 5.4pt'> 937,845 </td> </tr> <tr> <td width="197" style='width:147.4pt;padding:0in 5.4pt 0in 5.4pt'>  Union Building, Shanghai, China (Shanghai Office) </td> <td width="22" style='width:16.3pt;padding:0in 5.4pt 0in 5.4pt'>   </td> <td width="87" style='width:65.55pt;padding:0in 5.4pt 0in 5.4pt'> 8,384 </td> <td width="26" style='width:19.55pt;padding:0in 5.4pt 0in 5.4pt'>   </td> <td width="83" style='width:62.35pt;padding:0in 5.4pt 0in 5.4pt'> - </td> <td width="26" valign="top" style='width:19.5pt;padding:0in 5.4pt 0in 5.4pt'>   </td> <td width="90" style='width:67.8pt;padding:0in 5.4pt 0in 5.4pt'> - </td> <td width="22" style='width:16.45pt;padding:0in 5.4pt 0in 5.4pt'>   </td> <td width="133" style='width:99.9pt;padding:0in 5.4pt 0in 5.4pt'> 8,384 </td> </tr> <tr> <td width="197" style='width:147.4pt;padding:0in 5.4pt 0in 5.4pt'>  Union Building, Shanghai, China  (ALM Shanghai Office) </td> <td width="22" style='width:16.3pt;padding:0in 5.4pt 0in 5.4pt'>   </td> <td width="87" style='width:65.55pt;padding:0in 5.4pt 0in 5.4pt'> 12,916 </td> <td width="26" style='width:19.55pt;padding:0in 5.4pt 0in 5.4pt'>   </td> <td width="83" style='width:62.35pt;padding:0in 5.4pt 0in 5.4pt'>             - </td> <td width="26" valign="top" style='width:19.5pt;padding:0in 5.4pt 0in 5.4pt'>   </td> <td width="90" style='width:67.8pt;padding:0in 5.4pt 0in 5.4pt'> - </td> <td width="22" style='width:16.45pt;padding:0in 5.4pt 0in 5.4pt'>   </td> <td width="133" style='width:99.9pt;padding:0in 5.4pt 0in 5.4pt'> 12,916 </td> </tr> <tr> <td width="197" style='width:147.4pt;padding:0in 5.4pt 0in 5.4pt'>  Union Building, Shanghai, China  (SHB Office) </td> <td width="22" style='width:16.3pt;padding:0in 5.4pt 0in 5.4pt'>   </td> <td width="87" style='width:65.55pt;padding:0in 5.4pt 0in 5.4pt'> 14,208 </td> <td width="26" style='width:19.55pt;padding:0in 5.4pt 0in 5.4pt'>   </td> <td width="83" style='width:62.35pt;padding:0in 5.4pt 0in 5.4pt'> - </td> <td width="26" valign="top" style='width:19.5pt;padding:0in 5.4pt 0in 5.4pt'>   </td> <td width="90" valign="top" style='width:67.8pt;padding:0in 5.4pt 0in 5.4pt'> - </td> <td width="22" style='width:16.45pt;padding:0in 5.4pt 0in 5.4pt'>   </td> <td width="133" style='width:99.9pt;padding:0in 5.4pt 0in 5.4pt'> 14,208 </td> </tr> <tr> <td width="197" style='width:147.4pt;padding:0in 5.4pt 0in 5.4pt'>  Sino Plaza, Fuzhou (Fuzhou Office) </td> <td width="22" style='width:16.3pt;padding:0in 5.4pt 0in 5.4pt'>   </td> <td width="87" style='width:65.55pt;border:none;border-bottom:solid windowtext 1.0pt;padding:0in 5.4pt 0in 5.4pt'> 40,938 </td> <td width="26" style='width:19.55pt;padding:0in 5.4pt 0in 5.4pt'>   </td> <td width="83" style='width:62.35pt;border:none;border-bottom:solid windowtext 1.0pt;padding:0in 5.4pt 0in 5.4pt'> 42,756 </td> <td width="26" valign="top" style='width:19.5pt;padding:0in 5.4pt 0in 5.4pt'>   </td> <td width="90" valign="top" style='width:67.8pt;border:none;border-bottom:solid windowtext 1.0pt;padding:0in 5.4pt 0in 5.4pt'> 3,563 </td> <td width="22" style='width:16.45pt;padding:0in 5.4pt 0in 5.4pt'>   </td> <td width="133" style='width:99.9pt;border:none;border-bottom:solid windowtext 1.0pt;padding:0in 5.4pt 0in 5.4pt'> 87,257 </td> </tr> <tr> <td width="197" style='width:147.4pt;padding:0in 5.4pt 0in 5.4pt'> Total </td> <td width="22" style='width:16.3pt;padding:0in 5.4pt 0in 5.4pt'> $ </td> <td width="87" style='width:65.55pt;border:none;border-bottom:double windowtext 1.5pt;padding:0in 5.4pt 0in 5.4pt'> 389,061 </td> <td width="26" style='width:19.55pt;padding:0in 5.4pt 0in 5.4pt'> $ </td> <td width="83" style='width:62.35pt;border:none;border-bottom:double windowtext 1.5pt;padding:0in 5.4pt 0in 5.4pt'> 355,371 </td> <td width="26" style='width:19.5pt;padding:0in 5.4pt 0in 5.4pt'> $ </td> <td width="90" style='width:67.8pt;border:none;border-bottom:double windowtext 1.5pt;padding:0in 5.4pt 0in 5.4pt'> 316,178 </td> <td width="22" style='width:16.45pt;padding:0in 5.4pt 0in 5.4pt'> $ </td> <td width="133" style='width:99.9pt;border:none;border-bottom:double windowtext 1.5pt;padding:0in 5.4pt 0in 5.4pt'> 1,060,610 </td> </tr> </table>   The Company has seven material operating lease commitments for its facilities.  For details of the leases, see notes to the consolidated financial statements included in the Companys annual report of Form 10-K for the year ended December 31, 2011 filed with the SEC.

Note 14 Noncontrolling Interest   On February 1, 2012, the Company subsidiary Chang An Consultants Ltd., declared dividends of approximately $314,103. The Company has paid $125,640 to the noncontrolling shareholders.

Note 15 Commitments and Contingencies   The Company's business operations exist solely in the PRC and are subject to significant risks not typically associated with companies in North America and Western Europe.  These include risks associated with, among others, the political, economic and legal environments and foreign currency limitations.   The Company's results may thus be adversely affected by changes in the political and social conditions in the PRC, and by changes in governmental policies, laws, regulations, anti-inflationary measures, currency conversion and remittance limitation, and rates and methods of taxation, among other things.

Note 16 Subsequent Events   On June 19, 2012, the company agreed to acquire 75% shares of an insurance broker in Asia.  Consideration of the acquisition is around $293,191cash and the total assets of the insurance broker are about  $823,234.  The acquisition is subject to approval of the local government and relevant application is in progress.  Once the approval is obtained, the acquisition will be completed and the consideration will be fully settled in cash   As of the report, the approval is still pending.

Note 2 Significant Accounting Policies   For significant accounting policies, see notes to the consolidated financial statements included in the Companys annual report of Form 10-K for the year ended December 31, 2011 filed with the SEC.   Use of Estimates   The preparation of financial statements in conformity with US GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements, and the reported amounts of revenue and expenses during the reporting period.  Actual results, when ultimately realized could differ from those estimates.     Foreign Currency and Other Comprehensive Income   The accompanying financial statements are presented in United States (US) dollars.  The functional currency of Andrew Liu & Co Ltd (ALC), Chang An Consultants Ltd (CAC) and Edushipasia Limited (ESA) is the Hong Kong dollar (HK$).  The financial statements are translated into US dollars from HK$ at year-end exchange rates for assets and liabilities, and weighted average exchange rates for revenues and expenses.  Capital accounts are translated at their historical exchange rates when the capital transactions occurred.   The Hong Kong Monetary Authority (HKMA), Hong Kong's central bank, maintains a Linked Exchange Rate System since 1983.  The HKMA operates Convertibility Undertakings on both the strong side and the weak side of the Linked Rate of US$1: HK$7.8.  In fact, the exchange rate for HK$ to US dollars has varied by only 100ths during the first six months 2012 and 2011.  Thus, the consistent exchange rate used has been 7.80 HK$ per each US dollar.  Since there have been no greater fluctuations in the exchange rate, there is no gain or loss from foreign currency translation and no resulting other comprehensive income or loss.   Foreign currency transactions are those that required settlement in a currency other than HK$.  Gain or loss from foreign currency transactions, or exchange loss, are recognized in income in the period they occur.   The functional currency of Shanghai Heshili Broker Co. Limited (SHB) and AL Marine Consulting Services (Shanghai) Ltd (ALM Shanghai) is the Chinese Yuan (CNY).  The financial statements of SHB and ALM Shanghai are translated into United States dollars in accordance with the Financial Accounting Standards Board (FASB) Accounting Standards Codification Code (ASC) No. 830, " Foreign Currency Matters, using quarter-end rates of exchange for assets and liabilities, and average rates of exchange for the period for revenues, costs, and expenses and historical rates for the equity.  Translation adjustments resulting from the process of translating the local currency financial statements into U.S. dollars are included in determining comprehensive income.   The exchange rates used to translate amounts in CNY into U.S. Dollars for the purposes of preparing the consolidated financial statements were as follows:    Balance sheet items, as of period-end date: US$0.15736:CNY1   Amounts included in the statements of operations, statements of changes in shareholders equity and statements of cash flows for the period: US$0.15751:CNY1     Earnings Per Share   Basic earnings per share is computed by dividing income available to common shareholders by the weighted-average number of common shares outstanding during the period.  Diluted earnings per share is computed similar to basic earnings per share except that the denominator is increased to include the number of additional common shares that would have been outstanding if the potential common shares had been issued and if the additional common shares were dilutive. There were no dilutive shares for the six months ended June 30, 2012.     Recent Accounting Pronouncements   The Company has evaluated all the recent accounting pronouncements through the filing date and believes that none of them will have a material effect on the Company.

Note 3 Cash   <table border="0" cellspacing="0" cellpadding="0" style='border-collapse:collapse'> <tr style='height:.2in'> <td width="424" valign="top" style='width:318.1pt;padding:0in 5.4pt 0in 5.4pt;height:.2in'>   </td> <td width="27" valign="top" style='width:20.55pt;padding:0in 5.4pt 0in 5.4pt;height:.2in'>   </td> <td width="99" rowspan="2" valign="top" style='width:74.4pt;padding:0in 5.4pt 0in 5.4pt;height:.2in'> June 30, 2012 </td> <td width="27" valign="top" style='width:20.5pt;padding:0in 5.4pt 0in 5.4pt;height:.2in'>   </td> <td width="108" rowspan="2" valign="top" style='width:81.25pt;padding:0in 5.4pt 0in 5.4pt;height:.2in'> December 31, 2011 </td> </tr> <tr> <td width="424" valign="top" style='width:318.1pt;padding:0in 5.4pt 0in 5.4pt'> Cash consist of the following: </td> <td width="27" valign="top" style='width:20.55pt;padding:0in 5.4pt 0in 5.4pt'>   </td> <td width="27" valign="top" style='width:20.5pt;padding:0in 5.4pt 0in 5.4pt'>   </td> </tr> <tr> <td width="424" valign="top" style='width:318.1pt;padding:0in 5.4pt 0in 5.4pt'>   </td> <td width="27" valign="top" style='width:20.55pt;padding:0in 5.4pt 0in 5.4pt'>   </td> <td width="99" valign="top" style='width:74.4pt;padding:0in 5.4pt 0in 5.4pt'>   </td> <td width="27" valign="top" style='width:20.5pt;padding:0in 5.4pt 0in 5.4pt'>   </td> <td width="108" valign="top" style='width:81.25pt;padding:0in 5.4pt 0in 5.4pt'>   </td> </tr> <tr> <td width="424" valign="top" style='width:318.1pt;padding:0in 5.4pt 0in 5.4pt'> Cash in hand </td> <td width="27" valign="top" style='width:20.55pt;padding:0in 5.4pt 0in 5.4pt'> $ </td> <td width="99" valign="bottom" style='width:74.4pt;padding:0in 5.4pt 0in 5.4pt'> 7,498 </td> <td width="27" valign="top" style='width:20.5pt;padding:0in 5.4pt 0in 5.4pt'> $ </td> <td width="108" valign="top" style='width:81.25pt;padding:0in 5.4pt 0in 5.4pt'> 6,163 </td> </tr> <tr> <td width="424" valign="top" style='width:318.1pt;padding:0in 5.4pt 0in 5.4pt'> Cash in bank - Saving & Checking </td> <td width="27" valign="top" style='width:20.55pt;padding:0in 5.4pt 0in 5.4pt'>   </td> <td width="99" valign="bottom" style='width:74.4pt;padding:0in 5.4pt 0in 5.4pt'>   </td> <td width="27" valign="top" style='width:20.5pt;padding:0in 5.4pt 0in 5.4pt'>   </td> <td width="108" valign="top" style='width:81.25pt;padding:0in 5.4pt 0in 5.4pt'>   </td> </tr> <tr> <td width="424" valign="top" style='width:318.1pt;padding:0in 5.4pt 0in 5.4pt'>  China Construction Bank (Asia) (formerly known as Bank of America (Asia)) </td> <td width="27" valign="top" style='width:20.55pt;padding:0in 5.4pt 0in 5.4pt'>   </td> <td width="99" valign="bottom" style='width:74.4pt;padding:0in 5.4pt 0in 5.4pt'> 7,375,484 </td> <td width="27" valign="top" style='width:20.5pt;padding:0in 5.4pt 0in 5.4pt'>   </td> <td width="108" valign="top" style='width:81.25pt;padding:0in 5.4pt 0in 5.4pt'> 7,552,133 </td> </tr> <tr> <td width="424" valign="top" style='width:318.1pt;padding:0in 5.4pt 0in 5.4pt'>  United Overseas Bank </td> <td width="27" valign="top" style='width:20.55pt;padding:0in 5.4pt 0in 5.4pt'>   </td> <td width="99" valign="bottom" style='width:74.4pt;padding:0in 5.4pt 0in 5.4pt'> 1,992 </td> <td width="27" valign="top" style='width:20.5pt;padding:0in 5.4pt 0in 5.4pt'>   </td> <td width="108" valign="top" style='width:81.25pt;padding:0in 5.4pt 0in 5.4pt'> 5,915 </td> </tr> <tr> <td width="424" valign="top" style='width:318.1pt;padding:0in 5.4pt 0in 5.4pt'>  Bank of China </td> <td width="27" valign="top" style='width:20.55pt;padding:0in 5.4pt 0in 5.4pt'>   </td> <td width="99" valign="bottom" style='width:74.4pt;padding:0in 5.4pt 0in 5.4pt'> 146,339 </td> <td width="27" valign="top" style='width:20.5pt;padding:0in 5.4pt 0in 5.4pt'>   </td> <td width="108" valign="top" style='width:81.25pt;padding:0in 5.4pt 0in 5.4pt'> 55,034 </td> </tr> <tr> <td width="424" valign="top" style='width:318.1pt;padding:0in 5.4pt 0in 5.4pt'>  Sun Hung Kei Financial </td> <td width="27" valign="top" style='width:20.55pt;padding:0in 5.4pt 0in 5.4pt'>   </td> <td width="99" valign="bottom" style='width:74.4pt;padding:0in 5.4pt 0in 5.4pt'> 136 </td> <td width="27" valign="top" style='width:20.5pt;padding:0in 5.4pt 0in 5.4pt'>   </td> <td width="108" valign="top" style='width:81.25pt;padding:0in 5.4pt 0in 5.4pt'> 42 </td> </tr> <tr> <td width="424" valign="top" style='width:318.1pt;padding:0in 5.4pt 0in 5.4pt'>  Bank of Shanghai </td> <td width="27" valign="top" style='width:20.55pt;padding:0in 5.4pt 0in 5.4pt'>   </td> <td width="99" valign="bottom" style='width:74.4pt;padding:0in 5.4pt 0in 5.4pt'> 619,465 </td> <td width="27" valign="top" style='width:20.5pt;padding:0in 5.4pt 0in 5.4pt'>   </td> <td width="108" valign="top" style='width:81.25pt;padding:0in 5.4pt 0in 5.4pt'> 581,130 </td> </tr> <tr> <td width="424" valign="top" style='width:318.1pt;padding:0in 5.4pt 0in 5.4pt'>  Industrial and Commercial Bank of China </td> <td width="27" valign="top" style='width:20.55pt;padding:0in 5.4pt 0in 5.4pt'>   </td> <td width="99" valign="top" style='width:74.4pt;padding:0in 5.4pt 0in 5.4pt'> 3 </td> <td width="27" valign="top" style='width:20.5pt;padding:0in 5.4pt 0in 5.4pt'>   </td> <td width="108" valign="top" style='width:81.25pt;padding:0in 5.4pt 0in 5.4pt'> 4 </td> </tr> <tr> <td width="424" valign="top" style='width:318.1pt;padding:0in 5.4pt 0in 5.4pt'>  Hui Shang Bank </td> <td width="27" valign="top" style='width:20.55pt;padding:0in 5.4pt 0in 5.4pt'>   </td> <td width="99" valign="top" style='width:74.4pt;border:none;border-bottom:solid windowtext 1.0pt;padding:0in 5.4pt 0in 5.4pt'> 0 </td> <td width="27" valign="top" style='width:20.5pt;padding:0in 5.4pt 0in 5.4pt'>   </td> <td width="108" valign="top" style='width:81.25pt;border:none;border-bottom:solid windowtext 1.0pt;padding:0in 5.4pt 0in 5.4pt'> 3,536 </td> </tr> <tr> <td width="424" valign="top" style='width:318.1pt;padding:0in 5.4pt 0in 5.4pt'> Cash and cash equivalents </td> <td width="27" valign="top" style='width:20.55pt;padding:0in 5.4pt 0in 5.4pt'> $ </td> <td width="99" valign="top" style='width:74.4pt;border:none;border-bottom:double windowtext 1.5pt;padding:0in 5.4pt 0in 5.4pt'> 8,150,917 </td> <td width="27" valign="top" style='width:20.5pt;padding:0in 5.4pt 0in 5.4pt'> $ </td> <td width="108" valign="top" style='width:81.25pt;border:none;border-bottom:double windowtext 1.5pt;padding:0in 5.4pt 0in 5.4pt'> 8,203,957 </td> </tr> </table>   Cash balances are held principally at one financial institution and are not insured.  The Company believes it mitigates its risk by investing in or through major financial institutions.  Recoverability is dependent upon the performance of the institution.   Although the cash balances are not insured, however, starting in September 2006, cash balances (except accounts with overdraft facilities) are protected by the Deposit Protection Scheme which is maintaining by the Hong Kong Deposit Protection Board, an independent statutory body established under the Deposit Protection Scheme Ordinance (Cap. 581).   Under the scheme, compensation up to a limit of HK$100,000 (US$12,821) per depositor would be paid from the scheme to depositor if the bank with which the depositor holds his/her eligible deposits fails.  On October 14, 2008, the Hong Kong Government announced that they would use the Exchange Fund to guarantee the repayment of all customer deposits held in authorized institutions in Hong Kong, following the principles of the Deposit Protection Scheme.  This action began on October 14, 2008 and expired at the end of 2010.  Following the enactment of the Deposit Protection Scheme (Amendment) Ordinance 2010 in June 2010, the protection limit of the Deposit Protection Scheme is increased from HK$100,000 per depositor to HK$500,000 (approximately US$64,103) per depositor with effect from January 1, 2011.

Note 4 Commissions Receivable   <table border="0" cellspacing="0" cellpadding="0" style='border-collapse:collapse'> <tr> <td width="435" valign="top" style='width:326.15pt;padding:0in 5.4pt 0in 5.4pt'>   </td> <td width="27" valign="top" style='width:20.5pt;padding:0in 5.4pt 0in 5.4pt'>   </td> <td width="98" rowspan="2" valign="top" style='width:73.2pt;padding:0in 5.4pt 0in 5.4pt'> June 30, 2012 </td> <td width="27" valign="top" style='width:20.45pt;padding:0in 5.4pt 0in 5.4pt'>   </td> <td width="99" rowspan="2" valign="top" style='width:74.5pt;padding:0in 5.4pt 0in 5.4pt'> December 31, 2011 </td> </tr> <tr> <td width="435" valign="top" style='width:326.15pt;padding:0in 5.4pt 0in 5.4pt'> Commissions receivable consist of the following: </td> <td width="27" valign="top" style='width:20.5pt;padding:0in 5.4pt 0in 5.4pt'>   </td> <td width="27" valign="top" style='width:20.45pt;padding:0in 5.4pt 0in 5.4pt'>   </td> </tr> <tr> <td width="435" valign="top" style='width:326.15pt;padding:0in 5.4pt 0in 5.4pt'>   </td> <td width="27" valign="top" style='width:20.5pt;padding:0in 5.4pt 0in 5.4pt'>   </td> <td width="98" valign="top" style='width:73.2pt;padding:0in 5.4pt 0in 5.4pt'>   </td> <td width="27" valign="top" style='width:20.45pt;padding:0in 5.4pt 0in 5.4pt'>   </td> <td width="99" valign="top" style='width:74.5pt;padding:0in 5.4pt 0in 5.4pt'>   </td> </tr> <tr> <td width="435" valign="top" style='width:326.15pt;padding:0in 5.4pt 0in 5.4pt'> Commissions receivable </td> <td width="27" valign="top" style='width:20.5pt;padding:0in 5.4pt 0in 5.4pt'> $ </td> <td width="98" valign="bottom" style='width:73.2pt;padding:0in 5.4pt 0in 5.4pt'> 455,547 </td> <td width="27" valign="top" style='width:20.45pt;padding:0in 5.4pt 0in 5.4pt'> $ </td> <td width="99" valign="top" style='width:74.5pt;padding:0in 5.4pt 0in 5.4pt'> 620,353 </td> </tr> <tr> <td width="435" valign="top" style='width:326.15pt;padding:0in 5.4pt 0in 5.4pt'> Less: allowances for doubtful accounts </td> <td width="27" valign="top" style='width:20.5pt;padding:0in 5.4pt 0in 5.4pt'>   </td> <td width="98" valign="bottom" style='width:73.2pt;border:none;border-bottom:solid windowtext 1.0pt;padding:0in 5.4pt 0in 5.4pt'> 201,007 </td> <td width="27" valign="top" style='width:20.45pt;padding:0in 5.4pt 0in 5.4pt'>   </td> <td width="99" valign="top" style='width:74.5pt;border:none;border-bottom:solid windowtext 1.0pt;padding:0in 5.4pt 0in 5.4pt'> 220,411 </td> </tr> <tr> <td width="435" valign="top" style='width:326.15pt;padding:0in 5.4pt 0in 5.4pt'> Commissions receivable, net </td> <td width="27" valign="top" style='width:20.5pt;padding:0in 5.4pt 0in 5.4pt'> $ </td> <td width="98" valign="bottom" style='width:73.2pt;border:none;border-bottom:double windowtext 1.5pt;padding:0in 5.4pt 0in 5.4pt'> 254,540 </td> <td width="27" valign="top" style='width:20.45pt;padding:0in 5.4pt 0in 5.4pt'> $ </td> <td width="99" valign="top" style='width:74.5pt;border:none;border-bottom:double windowtext 1.5pt;padding:0in 5.4pt 0in 5.4pt'> 399,942 </td> </tr> </table>

Note 5 Fiduciary Asset   Fiduciary assets are cash balances held by a bank, mainly consisting of premiums collected from customers and payable to insurers, and claims received from insurers and payable to policyholders.   When the Company receives a premium from a customer, it debits the lump sum amount into one bank account and establishes a schedule to keep track of the amount of premium payable to the insurer.  At the monthly closing, the Company reclassifies the amount of premium payable to insurers as fiduciary assets.  Also, when the Company receives a claim on behalf of a policyholder, it debits fiduciary assets and credits claims payable and other payables, if necessary.  The fiduciary asset had a balance of $1,284,317 and $1,075,578 at June 30, 2012 and December 31, 2011, respectively.

Note 6 Property, Plant and Equipment   <table border="0" cellspacing="0" cellpadding="0" width="609" style='width:456.9pt'> <tr> <td width="354" style='width:265.5pt;padding:0'></td> <td width="22" style='width:16.8pt;padding:0'></td> <td width="100" style='width:75.35pt;padding:0'></td> <td width="28" style='width:21.25pt;padding:0'></td> <td width="104" style='width:78.0pt;padding:0'></td> </tr> <tr> <td width="354" valign="top" style='width:265.5pt;padding:0'>   </td> <td width="22" valign="top" style='width:16.8pt;padding:0'>   </td> <td width="100" rowspan="2" valign="top" style='width:75.35pt;padding:0'> June 30, 2012 </td> <td width="28" valign="top" style='width:21.25pt;padding:0'>   </td> <td width="104" rowspan="2" valign="top" style='width:78.0pt;padding:0'> December 31, 2011 </td> </tr> <tr> <td width="354" valign="top" style='width:265.5pt;padding:0'> Property, Plant and Equipment consists of the following: </td> <td width="22" valign="top" style='width:16.8pt;padding:0'>   </td> <td width="28" valign="top" style='width:21.25pt;padding:0'>   </td> </tr> <tr> <td width="354" valign="top" style='width:265.5pt;padding:0'>   </td> <td width="22" valign="top" style='width:16.8pt;padding:0'>   </td> <td width="100" valign="top" style='width:75.35pt;padding:0'>   </td> <td width="28" valign="top" style='width:21.25pt;padding:0'>   </td> <td width="104" valign="top" style='width:78.0pt;padding:0'>   </td> </tr> <tr> <td width="354" valign="top" style='width:265.5pt;padding:0'> Furniture and fixtures </td> <td width="22" valign="top" style='width:16.8pt;padding:0'> $ </td> <td width="100" valign="bottom" style='width:75.35pt;padding:0'> 34,880 </td> <td width="28" valign="top" style='width:21.25pt;padding:0'> $ </td> <td width="104" valign="top" style='width:78.0pt;padding:0'> 186,792 </td> </tr> <tr> <td width="354" valign="top" style='width:265.5pt;padding:0'> Office equipment </td> <td width="22" valign="top" style='width:16.8pt;padding:0'>   </td> <td width="100" valign="bottom" style='width:75.35pt;padding:0'> 188,373 </td> <td width="28" valign="top" style='width:21.25pt;padding:0'>   </td> <td width="104" valign="top" style='width:78.0pt;padding:0'> 178,230 </td> </tr> <tr> <td width="354" valign="top" style='width:265.5pt;padding:0'> Leasehold improvements </td> <td width="22" valign="top" style='width:16.8pt;padding:0'>   </td> <td width="100" valign="bottom" style='width:75.35pt;padding:0'> 35,549 </td> <td width="28" valign="top" style='width:21.25pt;padding:0'>   </td> <td width="104" valign="top" style='width:78.0pt;padding:0'> 203,831 </td> </tr> <tr> <td width="354" valign="top" style='width:265.5pt;padding:0'> Motor Vehicle </td> <td width="22" valign="top" style='width:16.8pt;padding:0'>   </td> <td width="100" valign="bottom" style='width:75.35pt;padding:0'> 65,383 </td> <td width="28" valign="top" style='width:21.25pt;padding:0'>   </td> <td width="104" valign="top" style='width:78.0pt;padding:0'> 61,899 </td> </tr> <tr> <td width="354" valign="top" style='width:265.5pt;padding:0'>   </td> <td width="22" valign="top" style='width:16.8pt;padding:0'>   </td> <td width="100" valign="bottom" style='width:75.35pt;border:none;border-top:solid windowtext 1.0pt;padding:0'> 324,185 </td> <td width="28" valign="top" style='width:21.25pt;padding:0'>   </td> <td width="104" valign="top" style='width:78.0pt;border:none;border-top:solid windowtext 1.0pt;padding:0'> 630,752 </td> </tr> <tr> <td width="354" valign="top" style='width:265.5pt;padding:0'> Less: Accumulated depreciation </td> <td width="22" valign="top" style='width:16.8pt;padding:0'>   </td> <td width="100" valign="bottom" style='width:75.35pt;padding:0'> 106,176 </td> <td width="28" valign="top" style='width:21.25pt;padding:0'>   </td> <td width="104" valign="top" style='width:78.0pt;padding:0'> 444,251 </td> </tr> <tr> <td width="354" valign="top" style='width:265.5pt;padding:0'>   </td> <td width="22" valign="top" style='width:16.8pt;padding:0'> $ </td> <td width="100" valign="bottom" style='width:75.35pt;border-top:solid windowtext 1.0pt;border-left:none;border-bottom:double windowtext 1.5pt;border-right:none;padding:0'> 218,009 </td> <td width="28" valign="top" style='width:21.25pt;padding:0'> $ </td> <td width="104" valign="top" style='width:78.0pt;border-top:solid windowtext 1.0pt;border-left:none;border-bottom:double windowtext 1.5pt;border-right:none;padding:0'> 186,501 </td> </tr> </table>   Depreciation expense for the six-month period ended June 30, 2012 and 2011 were $ 103,043 and $34,158.   Loss on disposal of fixed assets for the six-month period ended June 30, 2012 and 2011 were $5,450 and $28,571 respectively.

Note 7 Fair Value of Available for Sale Marketable Securities Investments and Investment Income   The following are the Companys investments owned and securities sold by level within the fair value hierarchy at June 30, 2012 and December 31, 2011:   <table border="0" cellspacing="0" cellpadding="0" style='border-collapse:collapse'> <tr> <td width="160" valign="top" style='width:120.25pt;padding:0in 5.4pt 0in 5.4pt'> Assets </td> <td width="44" valign="top" style='width:32.85pt;padding:0in 5.4pt 0in 5.4pt'>   </td> <td width="283" colspan="3" valign="top" style='width:212.0pt;border:none;border-bottom:solid windowtext 1.0pt;padding:0in 5.4pt 0in 5.4pt'> Fair value </td> <td width="35" valign="top" style='width:26.0pt;padding:0in 5.4pt 0in 5.4pt'>   </td> <td width="165" valign="top" style='width:123.7pt;border:none;border-bottom:solid windowtext 1.0pt;padding:0in 5.4pt 0in 5.4pt'> Fair value Hierarchy </td> </tr> <tr> <td width="160" valign="top" style='width:120.25pt;padding:0in 5.4pt 0in 5.4pt'>   </td> <td width="44" valign="top" style='width:32.85pt;padding:0in 5.4pt 0in 5.4pt'>   </td> <td width="123" valign="top" style='width:92.0pt;border:none;padding:0in 5.4pt 0in 5.4pt'> June 30, 2012 </td> <td width="27" valign="top" style='width:20.55pt;border:none;border-top:solid windowtext 1.0pt;padding:0in 5.4pt 0in 5.4pt'>   </td> <td width="133" valign="top" style='width:99.45pt;border:none;border-top:solid windowtext 1.0pt;padding:0in 5.4pt 0in 5.4pt'> December 31, 2011 </td> <td width="35" valign="top" style='width:26.0pt;padding:0in 5.4pt 0in 5.4pt'>   </td> <td width="165" valign="top" style='width:123.7pt;border:none;padding:0in 5.4pt 0in 5.4pt'>   </td> </tr> <tr> <td width="160" valign="top" style='width:120.25pt;padding:0in 5.4pt 0in 5.4pt'>   </td> <td width="44" valign="top" style='width:32.85pt;padding:0in 5.4pt 0in 5.4pt'>   </td> <td width="123" valign="top" style='width:92.0pt;padding:0in 5.4pt 0in 5.4pt'>   </td> <td width="27" valign="top" style='width:20.55pt;padding:0in 5.4pt 0in 5.4pt'>   </td> <td width="133" valign="top" style='width:99.45pt;padding:0in 5.4pt 0in 5.4pt'>   </td> <td width="35" valign="top" style='width:26.0pt;padding:0in 5.4pt 0in 5.4pt'>   </td> <td width="165" valign="top" style='width:123.7pt;padding:0in 5.4pt 0in 5.4pt'>   </td> </tr> <tr> <td width="160" valign="top" style='width:120.25pt;padding:0in 5.4pt 0in 5.4pt'> Marketable securities </td> <td width="44" valign="top" style='width:32.85pt;padding:0in 5.4pt 0in 5.4pt'> $ </td> <td width="123" valign="top" style='width:92.0pt;border:none;border-bottom:double windowtext 1.5pt;padding:0in 5.4pt 0in 5.4pt'> 312,650 </td> <td width="27" valign="top" style='width:20.55pt;padding:0in 5.4pt 0in 5.4pt'> $ </td> <td width="133" valign="top" style='width:99.45pt;border:none;border-bottom:double windowtext 1.5pt;padding:0in 5.4pt 0in 5.4pt'> 261,854 </td> <td width="35" valign="top" style='width:26.0pt;padding:0in 5.4pt 0in 5.4pt'>   </td> <td width="165" valign="top" style='width:123.7pt;padding:0in 5.4pt 0in 5.4pt'> Level 1 </td> </tr> <tr style='height:6.85pt'> <td width="160" valign="top" style='width:120.25pt;padding:0in 5.4pt 0in 5.4pt;height:6.85pt'>   </td> <td width="44" valign="top" style='width:32.85pt;padding:0in 5.4pt 0in 5.4pt;height:6.85pt'>   </td> <td width="123" valign="top" style='width:92.0pt;border:none;padding:0in 5.4pt 0in 5.4pt;height:6.85pt'>   </td> <td width="27" valign="top" style='width:20.55pt;padding:0in 5.4pt 0in 5.4pt;height:6.85pt'>   </td> <td width="133" valign="top" style='width:99.45pt;border:none;padding:0in 5.4pt 0in 5.4pt;height:6.85pt'>   </td> <td width="35" valign="top" style='width:26.0pt;padding:0in 5.4pt 0in 5.4pt;height:6.85pt'>   </td> <td width="165" valign="top" style='width:123.7pt;padding:0in 5.4pt 0in 5.4pt;height:6.85pt'>   </td> </tr> </table> Unrealized gain of $42,770 and unrealized loss of $11,629 for the investments were recognized in the other comprehensive income for the six months ended June 30, 2012 and 2011, respectively.  All these gain and loss are related to the investments listed in the Hong Kong Stock Exchange.   <table border="0" cellspacing="0" cellpadding="0" style='border-collapse:collapse'> <tr> <td width="439" style='width:329.6pt;padding:0in 5.4pt 0in 5.4pt'>   </td> <td width="27" style='width:20.55pt;padding:0in 5.4pt 0in 5.4pt'>   </td> <td width="220" colspan="3" style='width:164.65pt;padding:0in 5.4pt 0in 5.4pt'> Period ended June 30, </td> </tr> <tr> <td width="439" style='width:329.6pt;padding:0in 5.4pt 0in 5.4pt'> Investment Income </td> <td width="27" style='width:20.55pt;padding:0in 5.4pt 0in 5.4pt'>   </td> <td width="96" style='width:72.05pt;padding:0in 5.4pt 0in 5.4pt'> 2012 </td> <td width="27" valign="top" style='width:20.55pt;padding:0in 5.4pt 0in 5.4pt'>   </td> <td width="96" style='width:72.05pt;padding:0in 5.4pt 0in 5.4pt'> 2011 </td> </tr> <tr style='height:19.35pt'> <td width="439" style='width:329.6pt;padding:0in 5.4pt 0in 5.4pt;height:19.35pt'>   </td> <td width="27" style='width:20.55pt;padding:0in 5.4pt 0in 5.4pt;height:19.35pt'>   </td> <td width="96" style='width:72.05pt;padding:0in 5.4pt 0in 5.4pt;height:19.35pt'>   </td> <td width="27" valign="top" style='width:20.55pt;padding:0in 5.4pt 0in 5.4pt;height:19.35pt'>   </td> <td width="96" style='width:72.05pt;padding:0in 5.4pt 0in 5.4pt;height:19.35pt'>   </td> </tr> <tr> <td width="439" style='width:329.6pt;padding:0in 5.4pt 0in 5.4pt'> Dividend from the publicly traded equity securities </td> <td width="27" style='width:20.55pt;padding:0in 5.4pt 0in 5.4pt'> $ </td> <td width="96" style='width:72.05pt;border:none;border-bottom:double windowtext 1.5pt;padding:0in 5.4pt 0in 5.4pt'> 8,065 </td> <td width="27" valign="top" style='width:20.55pt;padding:0in 5.4pt 0in 5.4pt'> $ </td> <td width="96" style='width:72.05pt;border:none;border-bottom:double windowtext 1.5pt;padding:0in 5.4pt 0in 5.4pt'>              7,065 </td> </tr> </table>

Note 8 Loan Receivable On August 4, 2011, the Company subsidiary Andrew Liu & Company Limited (ALC) entered into a loan agreement with its clients, Jian Mao International Shipping Co Ltd (JMISCL) and Jian Xing Intl Shipping Co Ltd (JXISCL).  Under the loan agreement, ALC will make available to JMISCL and JXISCL an on demand loan facility in the principal amount of up to US$3,000,000.  The loan is interest free and secured by the claim proceeds under a claim filed by JMISCL and JXISCL under the terms an existing Hull & Machinery insurance policy insuring a vessel owned and managed by JMISCL and JXISCL respectively.  The loan is payable upon demand at any time following settlement of the claim if the claim proceeds are not adequate to cover the loan in full, and in any event is due and payable in full on or before August 4, 2012.    As of June 2012, the outstanding balance of the loan is as follows:   <table border="0" cellspacing="0" cellpadding="0" style='border-collapse:collapse'> <tr> <td width="431" style='width:323.3pt;padding:0in 5.4pt 0in 5.4pt'>   </td> <td width="27" style='width:20.5pt;padding:0in 5.4pt 0in 5.4pt'>   </td> <td width="105" rowspan="2" style='width:79.0pt;padding:0in 5.4pt 0in 5.4pt'> June 30, 2012 </td> <td width="22" style='width:16.75pt;padding:0in 5.4pt 0in 5.4pt'>   </td> <td width="100" rowspan="2" style='width:75.25pt;padding:0in 5.4pt 0in 5.4pt'> December 31, 2011 </td> </tr> <tr> <td width="431" style='width:323.3pt;padding:0in 5.4pt 0in 5.4pt'> </td> <td width="27" style='width:20.5pt;padding:0in 5.4pt 0in 5.4pt'>   </td> <td width="22" style='width:16.75pt;padding:0in 5.4pt 0in 5.4pt'>   </td> </tr> <tr> <td width="431" style='width:323.3pt;padding:0in 5.4pt 0in 5.4pt'>   </td> <td width="27" style='width:20.5pt;padding:0in 5.4pt 0in 5.4pt'>   </td> <td width="105" style='width:79.0pt;padding:0in 5.4pt 0in 5.4pt'>   </td> <td width="22" style='width:16.75pt;padding:0in 5.4pt 0in 5.4pt'>   </td> <td width="100" style='width:75.25pt;padding:0in 5.4pt 0in 5.4pt'>   </td> </tr> <tr> <td width="431" style='width:323.3pt;padding:0in 5.4pt 0in 5.4pt'> Loan amount </td> <td width="27" style='width:20.5pt;padding:0in 5.4pt 0in 5.4pt'> $ </td> <td width="105" style='width:79.0pt;padding:0in 5.4pt 0in 5.4pt'> 3,000,000 </td> <td width="22" style='width:16.75pt;padding:0in 5.4pt 0in 5.4pt'> $ </td> <td width="100" style='width:75.25pt;padding:0in 5.4pt 0in 5.4pt'> 3,000,000 </td> </tr> <tr> <td width="431" style='width:323.3pt;padding:0in 5.4pt 0in 5.4pt'> Repayment </td> <td width="27" style='width:20.5pt;padding:0in 5.4pt 0in 5.4pt'>   </td> <td width="105" style='width:79.0pt;border:none;border-bottom:solid windowtext 1.0pt;padding:0in 5.4pt 0in 5.4pt'> (1,088,000) </td> <td width="22" style='width:16.75pt;padding:0in 5.4pt 0in 5.4pt'>   </td> <td width="100" style='width:75.25pt;padding:0in 5.4pt 0in 5.4pt'> (1,088,000) </td> </tr> <tr> <td width="431" style='width:323.3pt;padding:0in 5.4pt 0in 5.4pt'> Loan receivable </td> <td width="27" style='width:20.5pt;padding:0in 5.4pt 0in 5.4pt'> $ </td> <td width="105" style='width:79.0pt;border:none;border-bottom:double windowtext 1.5pt;padding:0in 5.4pt 0in 5.4pt'> 1,912,000 </td> <td width="22" style='width:16.75pt;padding:0in 5.4pt 0in 5.4pt'> $ </td> <td width="100" style='width:75.25pt;border-top:solid windowtext 1.0pt;border-left:none;border-bottom:double windowtext 1.5pt;border-right:none;padding:0in 5.4pt 0in 5.4pt'> 1,912,000 </td> </tr> </table>

Note 9 Due to Directors   <table border="0" cellspacing="0" cellpadding="0" style='border-collapse:collapse'> <tr> <td width="442" style='width:331.55pt;padding:0in 5.4pt 0in 5.4pt'>   </td> <td width="22" style='width:16.3pt;padding:0in 5.4pt 0in 5.4pt'>   </td> <td width="96" rowspan="2" style='width:71.7pt;padding:0in 5.4pt 0in 5.4pt'> June 30, 2012 </td> <td width="27" style='width:20.5pt;padding:0in 5.4pt 0in 5.4pt'>   </td> <td width="100" rowspan="2" style='width:74.75pt;padding:0in 5.4pt 0in 5.4pt'> December 31, 2011 </td> </tr> <tr> <td width="442" style='width:331.55pt;padding:0in 5.4pt 0in 5.4pt'> Due to directors consist of the following: </td> <td width="22" style='width:16.3pt;padding:0in 5.4pt 0in 5.4pt'>   </td> <td width="27" style='width:20.5pt;padding:0in 5.4pt 0in 5.4pt'>   </td> </tr> <tr> <td width="442" style='width:331.55pt;padding:0in 5.4pt 0in 5.4pt'>   </td> <td width="22" style='width:16.3pt;padding:0in 5.4pt 0in 5.4pt'>   </td> <td width="96" style='width:71.7pt;padding:0in 5.4pt 0in 5.4pt'>   </td> <td width="27" style='width:20.5pt;padding:0in 5.4pt 0in 5.4pt'>   </td> <td width="100" style='width:74.75pt;padding:0in 5.4pt 0in 5.4pt'>   </td> </tr> <tr> <td width="442" style='width:331.55pt;padding:0in 5.4pt 0in 5.4pt'> Andrew Liu Fu Kang </td> <td width="22" style='width:16.3pt;padding:0in 5.4pt 0in 5.4pt'>   </td> <td width="96" style='width:71.7pt;padding:0in 5.4pt 0in 5.4pt'> 743 </td> <td width="27" style='width:20.5pt;padding:0in 5.4pt 0in 5.4pt'>   </td> <td width="100" style='width:74.75pt;padding:0in 5.4pt 0in 5.4pt'> 40,487 </td> </tr> <tr> <td width="442" style='width:331.55pt;padding:0in 5.4pt 0in 5.4pt'> John Liu Shou Kang </td> <td width="22" style='width:16.3pt;padding:0in 5.4pt 0in 5.4pt'>   </td> <td width="96" style='width:71.7pt;border:none;border-bottom:solid windowtext 1.0pt;padding:0in 5.4pt 0in 5.4pt'> 697 </td> <td width="27" style='width:20.5pt;padding:0in 5.4pt 0in 5.4pt'>   </td> <td width="100" style='width:74.75pt;border:none;border-bottom:solid windowtext 1.0pt;padding:0in 5.4pt 0in 5.4pt'> 697 </td> </tr> <tr> <td width="442" style='width:331.55pt;padding:0in 5.4pt 0in 5.4pt'> Due to directors </td> <td width="22" style='width:16.3pt;padding:0in 5.4pt 0in 5.4pt'> $ </td> <td width="96" style='width:71.7pt;border:none;border-bottom:double windowtext 1.5pt;padding:0in 5.4pt 0in 5.4pt'> 1,440 </td> <td width="27" style='width:20.5pt;padding:0in 5.4pt 0in 5.4pt'> $ </td> <td width="100" style='width:74.75pt;border:none;border-bottom:double windowtext 1.5pt;padding:0in 5.4pt 0in 5.4pt'> 41,184 </td> </tr> </table>   Due to director represents loans payable that are unsecured, non-interest bearing and have no fixed terms of repayment, therefore, deemed payable on demand.

1060610

389061

355371

316178

<table border="0" cellspacing="0" cellpadding="0" width="609" style='width:456.9pt'> <tr> <td width="354" style='width:265.5pt;padding:0'></td> <td width="22" style='width:16.8pt;padding:0'></td> <td width="100" style='width:75.35pt;padding:0'></td> <td width="28" style='width:21.25pt;padding:0'></td> <td width="104" style='width:78.0pt;padding:0'></td> </tr> <tr> <td width="354" valign="top" style='width:265.5pt;padding:0'>   </td> <td width="22" valign="top" style='width:16.8pt;padding:0'>   </td> <td width="100" rowspan="2" valign="top" style='width:75.35pt;padding:0'> June 30, 2012 </td> <td width="28" valign="top" style='width:21.25pt;padding:0'>   </td> <td width="104" rowspan="2" valign="top" style='width:78.0pt;padding:0'> December 31, 2011 </td> </tr> <tr> <td width="354" valign="top" style='width:265.5pt;padding:0'> Property, Plant and Equipment consists of the following: </td> <td width="22" valign="top" style='width:16.8pt;padding:0'>   </td> <td width="28" valign="top" style='width:21.25pt;padding:0'>   </td> </tr> <tr> <td width="354" valign="top" style='width:265.5pt;padding:0'>   </td> <td width="22" valign="top" style='width:16.8pt;padding:0'>   </td> <td width="100" valign="top" style='width:75.35pt;padding:0'>   </td> <td width="28" valign="top" style='width:21.25pt;padding:0'>   </td> <td width="104" valign="top" style='width:78.0pt;padding:0'>   </td> </tr> <tr> <td width="354" valign="top" style='width:265.5pt;padding:0'> Furniture and fixtures </td> <td width="22" valign="top" style='width:16.8pt;padding:0'> $ </td> <td width="100" valign="bottom" style='width:75.35pt;padding:0'> 34,880 </td> <td width="28" valign="top" style='width:21.25pt;padding:0'> $ </td> <td width="104" valign="top" style='width:78.0pt;padding:0'> 186,792 </td> </tr> <tr> <td width="354" valign="top" style='width:265.5pt;padding:0'> Office equipment </td> <td width="22" valign="top" style='width:16.8pt;padding:0'>   </td> <td width="100" valign="bottom" style='width:75.35pt;padding:0'> 188,373 </td> <td width="28" valign="top" style='width:21.25pt;padding:0'>   </td> <td width="104" valign="top" style='width:78.0pt;padding:0'> 178,230 </td> </tr> <tr> <td width="354" valign="top" style='width:265.5pt;padding:0'> Leasehold improvements </td> <td width="22" valign="top" style='width:16.8pt;padding:0'>   </td> <td width="100" valign="bottom" style='width:75.35pt;padding:0'> 35,549 </td> <td width="28" valign="top" style='width:21.25pt;padding:0'>   </td> <td width="104" valign="top" style='width:78.0pt;padding:0'> 203,831 </td> </tr> <tr> <td width="354" valign="top" style='width:265.5pt;padding:0'> Motor Vehicle </td> <td width="22" valign="top" style='width:16.8pt;padding:0'>   </td> <td width="100" valign="bottom" style='width:75.35pt;padding:0'> 65,383 </td> <td width="28" valign="top" style='width:21.25pt;padding:0'>   </td> <td width="104" valign="top" style='width:78.0pt;padding:0'> 61,899 </td> </tr> <tr> <td width="354" valign="top" style='width:265.5pt;padding:0'>   </td> <td width="22" valign="top" style='width:16.8pt;padding:0'>   </td> <td width="100" valign="bottom" style='width:75.35pt;border:none;border-top:solid windowtext 1.0pt;padding:0'> 324,185 </td> <td width="28" valign="top" style='width:21.25pt;padding:0'>   </td> <td width="104" valign="top" style='width:78.0pt;border:none;border-top:solid windowtext 1.0pt;padding:0'> 630,752 </td> </tr> <tr> <td width="354" valign="top" style='width:265.5pt;padding:0'> Less: Accumulated depreciation </td> <td width="22" valign="top" style='width:16.8pt;padding:0'>   </td> <td width="100" valign="bottom" style='width:75.35pt;padding:0'> 106,176 </td> <td width="28" valign="top" style='width:21.25pt;padding:0'>   </td> <td width="104" valign="top" style='width:78.0pt;padding:0'> 444,251 </td> </tr> <tr> <td width="354" valign="top" style='width:265.5pt;padding:0'>   </td> <td width="22" valign="top" style='width:16.8pt;padding:0'> $ </td> <td width="100" valign="bottom" style='width:75.35pt;border-top:solid windowtext 1.0pt;border-left:none;border-bottom:double windowtext 1.5pt;border-right:none;padding:0'> 218,009 </td> <td width="28" valign="top" style='width:21.25pt;padding:0'> $ </td> <td width="104" valign="top" style='width:78.0pt;border-top:solid windowtext 1.0pt;border-left:none;border-bottom:double windowtext 1.5pt;border-right:none;padding:0'> 186,501 </td> </tr> </table>

Recent Accounting Pronouncements   The Company has evaluated all the recent accounting pronouncements through the filing date and believes that none of them will have a material effect on the Company.

Reclassification   Certain prior year amounts have been reclassified to conform to the current year presentation.

2010 restricted stock plan   On June 1, 2010, the board of directors approved and the Company granted an award of 198,000 shares of restricted stock to certain key employees and directors of the Company. The award was made pursuant to the 2010 Restricted Share Stock Compensation Plan as approved by the Companys Board of Directors. Under the plan, a maximum of 500,000 common shares may be delivered in satisfaction of awards. Key employees and directors are eligible to participate in the plan. Each grant of restricted shares under the Plan is subject to certain terms and conditions such as the shares cannot be transferred during the restriction period and the shares will be forfeited if the employment is terminated by the holder or the Company. Restricted stocks are granted at a strike price that is equal to the fair value of the Companys stock on the date of grant.   The aggregate value of this award was $310,860, as determined by multiplying the number of shares times the fair value of the Companys stock on June 1, 2010, the date of the grant award. The fair value is based on discounted free cash flow analyses, which involve managements best estimate of future revenue, operation expenses, investing activities, and financing activities. In the valuation, the free cash flow is projected for five years and is determined by using the Companys historical figures such as revenue and operation expenses which are compounded annually with 5% growth rate. Free cash flow occurring beyond the five-year projection period is assumed to be in perpetuity and determined by using the Perpetuity Growth Model in which the project net cash flow is divided by the risk-free rate. The sums of the five-year free cash flow together with the perpetual free cash flow are then discounted by the risk free rate. As a result, the fair value of the Companys stock on the date of the grant award is $1.57 per share. When determining the risk-free rate, Hong Kong unsecured long term loan rate, 7.25%, in effect at the time of grant is used in the calculation.   2011 restricted stock plan   On June 1, 2011, the board of directors approved and the Company granted an award of 25,600 shares of restricted stock to certain key employees of the Company.  The award was made pursuant to the 2010 Restricted Share Stock Compensation Plan mentioned as above.  The aggregate value of this award was $71,145, as determined by multiplying the number of shares times the fair value of the Companys stock on June 1, 2011, the date of the grant award.  The fair value is calculated based on the same approach mentioned above and the fair value of the Companys stock on the date of the grant award is $2.79 per share. When determining the risk-free rate of this award, Hong Kong unsecured long term loan rate, 7.25%, in effect at the time of grant is used in the calculation.   2012 restricted stock plan   On June 1, 2012, the board of directors approved and the Company granted an award of 13,500 shares of restricted stock to a key employee of the Company.  The award was made pursuant to the 2010 Restricted Share Stock Compensation Plan mentioned as above.  The aggregate value of this award was $22,275, as determined by multiplying the number of shares times the fair value of the Companys stock on June 1, 2012, the date of the grant award.  The fair value is calculated based on the same approach mentioned above and the fair value of the Companys stock on the date of the grant award is $1.65 per share. When determining the risk-free rate of this award, Hong Kong unsecured long term loan rate, 8.25%, in effect at the time of grant is used in the calculation.

<table border="0" cellspacing="0" cellpadding="0" style='border-collapse:collapse'> <tr style='height:.2in'> <td width="424" valign="top" style='width:318.1pt;padding:0in 5.4pt 0in 5.4pt;height:.2in'>   </td> <td width="27" valign="top" style='width:20.55pt;padding:0in 5.4pt 0in 5.4pt;height:.2in'>   </td> <td width="99" rowspan="2" valign="top" style='width:74.4pt;padding:0in 5.4pt 0in 5.4pt;height:.2in'> June 30, 2012 </td> <td width="27" valign="top" style='width:20.5pt;padding:0in 5.4pt 0in 5.4pt;height:.2in'>   </td> <td width="108" rowspan="2" valign="top" style='width:81.25pt;padding:0in 5.4pt 0in 5.4pt;height:.2in'> December 31, 2011 </td> </tr> <tr> <td width="424" valign="top" style='width:318.1pt;padding:0in 5.4pt 0in 5.4pt'> Cash consist of the following: </td> <td width="27" valign="top" style='width:20.55pt;padding:0in 5.4pt 0in 5.4pt'>   </td> <td width="27" valign="top" style='width:20.5pt;padding:0in 5.4pt 0in 5.4pt'>   </td> </tr> <tr> <td width="424" valign="top" style='width:318.1pt;padding:0in 5.4pt 0in 5.4pt'>   </td> <td width="27" valign="top" style='width:20.55pt;padding:0in 5.4pt 0in 5.4pt'>   </td> <td width="99" valign="top" style='width:74.4pt;padding:0in 5.4pt 0in 5.4pt'>   </td> <td width="27" valign="top" style='width:20.5pt;padding:0in 5.4pt 0in 5.4pt'>   </td> <td width="108" valign="top" style='width:81.25pt;padding:0in 5.4pt 0in 5.4pt'>   </td> </tr> <tr> <td width="424" valign="top" style='width:318.1pt;padding:0in 5.4pt 0in 5.4pt'> Cash in hand </td> <td width="27" valign="top" style='width:20.55pt;padding:0in 5.4pt 0in 5.4pt'> $ </td> <td width="99" valign="bottom" style='width:74.4pt;padding:0in 5.4pt 0in 5.4pt'> 7,498 </td> <td width="27" valign="top" style='width:20.5pt;padding:0in 5.4pt 0in 5.4pt'> $ </td> <td width="108" valign="top" style='width:81.25pt;padding:0in 5.4pt 0in 5.4pt'> 6,163 </td> </tr> <tr> <td width="424" valign="top" style='width:318.1pt;padding:0in 5.4pt 0in 5.4pt'> Cash in bank - Saving & Checking </td> <td width="27" valign="top" style='width:20.55pt;padding:0in 5.4pt 0in 5.4pt'>   </td> <td width="99" valign="bottom" style='width:74.4pt;padding:0in 5.4pt 0in 5.4pt'>   </td> <td width="27" valign="top" style='width:20.5pt;padding:0in 5.4pt 0in 5.4pt'>   </td> <td width="108" valign="top" style='width:81.25pt;padding:0in 5.4pt 0in 5.4pt'>   </td> </tr> <tr> <td width="424" valign="top" style='width:318.1pt;padding:0in 5.4pt 0in 5.4pt'>  China Construction Bank (Asia) (formerly known as Bank of America (Asia)) </td> <td width="27" valign="top" style='width:20.55pt;padding:0in 5.4pt 0in 5.4pt'>   </td> <td width="99" valign="bottom" style='width:74.4pt;padding:0in 5.4pt 0in 5.4pt'> 7,375,484 </td> <td width="27" valign="top" style='width:20.5pt;padding:0in 5.4pt 0in 5.4pt'>   </td> <td width="108" valign="top" style='width:81.25pt;padding:0in 5.4pt 0in 5.4pt'> 7,552,133 </td> </tr> <tr> <td width="424" valign="top" style='width:318.1pt;padding:0in 5.4pt 0in 5.4pt'>  United Overseas Bank </td> <td width="27" valign="top" style='width:20.55pt;padding:0in 5.4pt 0in 5.4pt'>   </td> <td width="99" valign="bottom" style='width:74.4pt;padding:0in 5.4pt 0in 5.4pt'> 1,992 </td> <td width="27" valign="top" style='width:20.5pt;padding:0in 5.4pt 0in 5.4pt'>   </td> <td width="108" valign="top" style='width:81.25pt;padding:0in 5.4pt 0in 5.4pt'> 5,915 </td> </tr> <tr> <td width="424" valign="top" style='width:318.1pt;padding:0in 5.4pt 0in 5.4pt'>  Bank of China </td> <td width="27" valign="top" style='width:20.55pt;padding:0in 5.4pt 0in 5.4pt'>   </td> <td width="99" valign="bottom" style='width:74.4pt;padding:0in 5.4pt 0in 5.4pt'> 146,339 </td> <td width="27" valign="top" style='width:20.5pt;padding:0in 5.4pt 0in 5.4pt'>   </td> <td width="108" valign="top" style='width:81.25pt;padding:0in 5.4pt 0in 5.4pt'> 55,034 </td> </tr> <tr> <td width="424" valign="top" style='width:318.1pt;padding:0in 5.4pt 0in 5.4pt'>  Sun Hung Kei Financial </td> <td width="27" valign="top" style='width:20.55pt;padding:0in 5.4pt 0in 5.4pt'>   </td> <td width="99" valign="bottom" style='width:74.4pt;padding:0in 5.4pt 0in 5.4pt'> 136 </td> <td width="27" valign="top" style='width:20.5pt;padding:0in 5.4pt 0in 5.4pt'>   </td> <td width="108" valign="top" style='width:81.25pt;padding:0in 5.4pt 0in 5.4pt'> 42 </td> </tr> <tr> <td width="424" valign="top" style='width:318.1pt;padding:0in 5.4pt 0in 5.4pt'>  Bank of Shanghai </td> <td width="27" valign="top" style='width:20.55pt;padding:0in 5.4pt 0in 5.4pt'>   </td> <td width="99" valign="bottom" style='width:74.4pt;padding:0in 5.4pt 0in 5.4pt'> 619,465 </td> <td width="27" valign="top" style='width:20.5pt;padding:0in 5.4pt 0in 5.4pt'>   </td> <td width="108" valign="top" style='width:81.25pt;padding:0in 5.4pt 0in 5.4pt'> 581,130 </td> </tr> <tr> <td width="424" valign="top" style='width:318.1pt;padding:0in 5.4pt 0in 5.4pt'>  Industrial and Commercial Bank of China </td> <td width="27" valign="top" style='width:20.55pt;padding:0in 5.4pt 0in 5.4pt'>   </td> <td width="99" valign="top" style='width:74.4pt;padding:0in 5.4pt 0in 5.4pt'> 3 </td> <td width="27" valign="top" style='width:20.5pt;padding:0in 5.4pt 0in 5.4pt'>   </td> <td width="108" valign="top" style='width:81.25pt;padding:0in 5.4pt 0in 5.4pt'> 4 </td> </tr> <tr> <td width="424" valign="top" style='width:318.1pt;padding:0in 5.4pt 0in 5.4pt'>  Hui Shang Bank </td> <td width="27" valign="top" style='width:20.55pt;padding:0in 5.4pt 0in 5.4pt'>   </td> <td width="99" valign="top" style='width:74.4pt;border:none;border-bottom:solid windowtext 1.0pt;padding:0in 5.4pt 0in 5.4pt'> 0 </td> <td width="27" valign="top" style='width:20.5pt;padding:0in 5.4pt 0in 5.4pt'>   </td> <td width="108" valign="top" style='width:81.25pt;border:none;border-bottom:solid windowtext 1.0pt;padding:0in 5.4pt 0in 5.4pt'> 3,536 </td> </tr> <tr> <td width="424" valign="top" style='width:318.1pt;padding:0in 5.4pt 0in 5.4pt'> Cash and cash equivalents </td> <td width="27" valign="top" style='width:20.55pt;padding:0in 5.4pt 0in 5.4pt'> $ </td> <td width="99" valign="top" style='width:74.4pt;border:none;border-bottom:double windowtext 1.5pt;padding:0in 5.4pt 0in 5.4pt'> 8,150,917 </td> <td width="27" valign="top" style='width:20.5pt;padding:0in 5.4pt 0in 5.4pt'> $ </td> <td width="108" valign="top" style='width:81.25pt;border:none;border-bottom:double windowtext 1.5pt;padding:0in 5.4pt 0in 5.4pt'> 8,203,957 </td> </tr> </table>

<table border="0" cellspacing="0" cellpadding="0" style='border-collapse:collapse'> <tr> <td width="437" valign="bottom" style='width:327.65pt;padding:0in 5.4pt 0in 5.4pt'>   </td> <td width="27" valign="bottom" style='width:20.55pt;padding:0in 5.4pt 0in 5.4pt'>   </td> <td width="222" colspan="3" valign="bottom" style='width:166.6pt;padding:0in 5.4pt 0in 5.4pt'> Period ended June 30, </td> </tr> <tr> <td width="437" valign="bottom" style='width:327.65pt;padding:0in 5.4pt 0in 5.4pt'> Hong Kong only: </td> <td width="27" valign="bottom" style='width:20.55pt;padding:0in 5.4pt 0in 5.4pt'>   </td> <td width="102" valign="bottom" style='width:76.5pt;padding:0in 5.4pt 0in 5.4pt'> 2012 </td> <td width="22" valign="bottom" style='width:16.75pt;padding:0in 5.4pt 0in 5.4pt'>   </td> <td width="98" valign="bottom" style='width:73.35pt;padding:0in 5.4pt 0in 5.4pt'> 2011 </td> </tr> <tr> <td width="437" valign="bottom" style='width:327.65pt;padding:0in 5.4pt 0in 5.4pt'>   </td> <td width="27" valign="bottom" style='width:20.55pt;padding:0in 5.4pt 0in 5.4pt'>   </td> <td width="102" valign="bottom" style='width:76.5pt;padding:0in 5.4pt 0in 5.4pt'>   </td> <td width="22" valign="bottom" style='width:16.75pt;padding:0in 5.4pt 0in 5.4pt'>   </td> <td width="98" valign="bottom" style='width:73.35pt;padding:0in 5.4pt 0in 5.4pt'>   </td> </tr> <tr> <td width="437" valign="bottom" style='width:327.65pt;padding:0in 5.4pt 0in 5.4pt'> Current </td> <td width="27" valign="bottom" style='width:20.55pt;padding:0in 5.4pt 0in 5.4pt'> $ </td> <td width="102" style='width:76.5pt;padding:0in 5.4pt 0in 5.4pt'> 80,827 </td> <td width="22" style='width:16.75pt;padding:0in 5.4pt 0in 5.4pt'> $ </td> <td width="98" style='width:73.35pt;padding:0in 5.4pt 0in 5.4pt'> 217,766 </td> </tr> <tr> <td width="437" valign="bottom" style='width:327.65pt;padding:0in 5.4pt 0in 5.4pt'> Deferred </td> <td width="27" valign="bottom" style='width:20.55pt;padding:0in 5.4pt 0in 5.4pt'>   </td> <td width="102" style='width:76.5pt;border:none;border-bottom:solid windowtext 1.0pt;padding:0in 5.4pt 0in 5.4pt'>                  -   </td> <td width="22" style='width:16.75pt;padding:0in 5.4pt 0in 5.4pt'>   </td> <td width="98" style='width:73.35pt;border:none;border-bottom:solid windowtext 1.0pt;padding:0in 5.4pt 0in 5.4pt'>                  -   </td> </tr> <tr> <td width="437" valign="bottom" style='width:327.65pt;padding:0in 5.4pt 0in 5.4pt'> Provision for income taxes </td> <td width="27" valign="bottom" style='width:20.55pt;padding:0in 5.4pt 0in 5.4pt'> $ </td> <td width="102" style='width:76.5pt;border:none;border-bottom:double windowtext 1.5pt;padding:0in 5.4pt 0in 5.4pt'> 80,827 </td> <td width="22" style='width:16.75pt;padding:0in 5.4pt 0in 5.4pt'> $ </td> <td width="98" style='width:73.35pt;border:none;border-bottom:double windowtext 1.5pt;padding:0in 5.4pt 0in 5.4pt'> 217,766 </td> </tr> </table>

<table border="0" cellspacing="0" cellpadding="0" style='border-collapse:collapse'> <tr> <td width="197" style='width:147.4pt;padding:0in 5.4pt 0in 5.4pt'>   </td> <td width="22" style='width:16.3pt;padding:0in 5.4pt 0in 5.4pt'>   </td> <td width="87" style='width:65.55pt;padding:0in 5.4pt 0in 5.4pt'> July 2012 June 2013 </td> <td width="26" style='width:19.55pt;padding:0in 5.4pt 0in 5.4pt'>   </td> <td width="83" style='width:62.35pt;padding:0in 5.4pt 0in 5.4pt'> July 2013 June 2014 </td> <td width="26" valign="top" style='width:19.5pt;padding:0in 5.4pt 0in 5.4pt'>   </td> <td width="90" valign="top" style='width:67.8pt;padding:0in 5.4pt 0in 5.4pt'> July 2014 and thereafter </td> <td width="22" style='width:16.45pt;padding:0in 5.4pt 0in 5.4pt'>   </td> <td width="133" style='width:99.9pt;padding:0in 5.4pt 0in 5.4pt'> Total </td> </tr> <tr> <td width="197" style='width:147.4pt;padding:0in 5.4pt 0in 5.4pt'> Carmel Hill, Hong Kong (Director Quarter) </td> <td width="22" style='width:16.3pt;padding:0in 5.4pt 0in 5.4pt'> $ </td> <td width="87" style='width:65.55pt;padding:0in 5.4pt 0in 5.4pt'> - </td> <td width="26" style='width:19.55pt;padding:0in 5.4pt 0in 5.4pt'> $ </td> <td width="83" style='width:62.35pt;padding:0in 5.4pt 0in 5.4pt'> - </td> <td width="26" valign="top" style='width:19.5pt;padding:0in 5.4pt 0in 5.4pt'> $ </td> <td width="90" style='width:67.8pt;padding:0in 5.4pt 0in 5.4pt'> - </td> <td width="22" style='width:16.45pt;padding:0in 5.4pt 0in 5.4pt'> $ </td> <td width="133" style='width:99.9pt;padding:0in 5.4pt 0in 5.4pt'> - </td> </tr> <tr> <td width="197" style='width:147.4pt;padding:0in 5.4pt 0in 5.4pt'>  25th Floor, Fortis Tower, Hong Kong  (New Hong Kong Office) </td> <td width="22" style='width:16.3pt;padding:0in 5.4pt 0in 5.4pt'>   </td> <td width="87" style='width:65.55pt;padding:0in 5.4pt 0in 5.4pt'> 312,615 </td> <td width="26" style='width:19.55pt;padding:0in 5.4pt 0in 5.4pt'>   </td> <td width="83" style='width:62.35pt;padding:0in 5.4pt 0in 5.4pt'> 312,615 </td> <td width="26" valign="top" style='width:19.5pt;padding:0in 5.4pt 0in 5.4pt'>   </td> <td width="90" style='width:67.8pt;padding:0in 5.4pt 0in 5.4pt'> 312,615 </td> <td width="22" style='width:16.45pt;padding:0in 5.4pt 0in 5.4pt'>   </td> <td width="133" style='width:99.9pt;padding:0in 5.4pt 0in 5.4pt'> 937,845 </td> </tr> <tr> <td width="197" style='width:147.4pt;padding:0in 5.4pt 0in 5.4pt'>  Union Building, Shanghai, China (Shanghai Office) </td> <td width="22" style='width:16.3pt;padding:0in 5.4pt 0in 5.4pt'>   </td> <td width="87" style='width:65.55pt;padding:0in 5.4pt 0in 5.4pt'> 8,384 </td> <td width="26" style='width:19.55pt;padding:0in 5.4pt 0in 5.4pt'>   </td> <td width="83" style='width:62.35pt;padding:0in 5.4pt 0in 5.4pt'> - </td> <td width="26" valign="top" style='width:19.5pt;padding:0in 5.4pt 0in 5.4pt'>   </td> <td width="90" style='width:67.8pt;padding:0in 5.4pt 0in 5.4pt'> - </td> <td width="22" style='width:16.45pt;padding:0in 5.4pt 0in 5.4pt'>   </td> <td width="133" style='width:99.9pt;padding:0in 5.4pt 0in 5.4pt'> 8,384 </td> </tr> <tr> <td width="197" style='width:147.4pt;padding:0in 5.4pt 0in 5.4pt'>  Union Building, Shanghai, China  (ALM Shanghai Office) </td> <td width="22" style='width:16.3pt;padding:0in 5.4pt 0in 5.4pt'>   </td> <td width="87" style='width:65.55pt;padding:0in 5.4pt 0in 5.4pt'> 12,916 </td> <td width="26" style='width:19.55pt;padding:0in 5.4pt 0in 5.4pt'>   </td> <td width="83" style='width:62.35pt;padding:0in 5.4pt 0in 5.4pt'>             - </td> <td width="26" valign="top" style='width:19.5pt;padding:0in 5.4pt 0in 5.4pt'>   </td> <td width="90" style='width:67.8pt;padding:0in 5.4pt 0in 5.4pt'> - </td> <td width="22" style='width:16.45pt;padding:0in 5.4pt 0in 5.4pt'>   </td> <td width="133" style='width:99.9pt;padding:0in 5.4pt 0in 5.4pt'> 12,916 </td> </tr> <tr> <td width="197" style='width:147.4pt;padding:0in 5.4pt 0in 5.4pt'>  Union Building, Shanghai, China  (SHB Office) </td> <td width="22" style='width:16.3pt;padding:0in 5.4pt 0in 5.4pt'>   </td> <td width="87" style='width:65.55pt;padding:0in 5.4pt 0in 5.4pt'> 14,208 </td> <td width="26" style='width:19.55pt;padding:0in 5.4pt 0in 5.4pt'>   </td> <td width="83" style='width:62.35pt;padding:0in 5.4pt 0in 5.4pt'> - </td> <td width="26" valign="top" style='width:19.5pt;padding:0in 5.4pt 0in 5.4pt'>   </td> <td width="90" valign="top" style='width:67.8pt;padding:0in 5.4pt 0in 5.4pt'> - </td> <td width="22" style='width:16.45pt;padding:0in 5.4pt 0in 5.4pt'>   </td> <td width="133" style='width:99.9pt;padding:0in 5.4pt 0in 5.4pt'> 14,208 </td> </tr> <tr> <td width="197" style='width:147.4pt;padding:0in 5.4pt 0in 5.4pt'>  Sino Plaza, Fuzhou (Fuzhou Office) </td> <td width="22" style='width:16.3pt;padding:0in 5.4pt 0in 5.4pt'>   </td> <td width="87" style='width:65.55pt;border:none;border-bottom:solid windowtext 1.0pt;padding:0in 5.4pt 0in 5.4pt'> 40,938 </td> <td width="26" style='width:19.55pt;padding:0in 5.4pt 0in 5.4pt'>   </td> <td width="83" style='width:62.35pt;border:none;border-bottom:solid windowtext 1.0pt;padding:0in 5.4pt 0in 5.4pt'> 42,756 </td> <td width="26" valign="top" style='width:19.5pt;padding:0in 5.4pt 0in 5.4pt'>   </td> <td width="90" valign="top" style='width:67.8pt;border:none;border-bottom:solid windowtext 1.0pt;padding:0in 5.4pt 0in 5.4pt'> 3,563 </td> <td width="22" style='width:16.45pt;padding:0in 5.4pt 0in 5.4pt'>   </td> <td width="133" style='width:99.9pt;border:none;border-bottom:solid windowtext 1.0pt;padding:0in 5.4pt 0in 5.4pt'> 87,257 </td> </tr> <tr> <td width="197" style='width:147.4pt;padding:0in 5.4pt 0in 5.4pt'> Total </td> <td width="22" style='width:16.3pt;padding:0in 5.4pt 0in 5.4pt'> $ </td> <td width="87" style='width:65.55pt;border:none;border-bottom:double windowtext 1.5pt;padding:0in 5.4pt 0in 5.4pt'> 389,061 </td> <td width="26" style='width:19.55pt;padding:0in 5.4pt 0in 5.4pt'> $ </td> <td width="83" style='width:62.35pt;border:none;border-bottom:double windowtext 1.5pt;padding:0in 5.4pt 0in 5.4pt'> 355,371 </td> <td width="26" style='width:19.5pt;padding:0in 5.4pt 0in 5.4pt'> $ </td> <td width="90" style='width:67.8pt;border:none;border-bottom:double windowtext 1.5pt;padding:0in 5.4pt 0in 5.4pt'> 316,178 </td> <td width="22" style='width:16.45pt;padding:0in 5.4pt 0in 5.4pt'> $ </td> <td width="133" style='width:99.9pt;border:none;border-bottom:double windowtext 1.5pt;padding:0in 5.4pt 0in 5.4pt'> 1,060,610 </td> </tr> </table>

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

10342

118784

103784

9110581

9343491

130567

9474058

10342000

-26

25500

-20

-19500

99873

-91370

24965

1288206

122454

1410660

-128718

10348

218651

37379

10398787

10665165

124303

10789468

10348000

-14

13500

-20

-19500

36251

42770

3902

198113

67023

265136

-125640

10342

254908

84051

10596900

65686

11011887

10342000

7498

6163

7375484 7552133 1992 5915 146339 55034 136 42 619465 581130 3 4 0 3536

455547

620353

201007

220411

34880

186792

188373 178230

35549

203831

65383 61899

106176

444251

5450

28571

42770

11629

8065

7065

3000000

-1088000

743 40487 697 697 15385 15385 3333 10000

18718

25385

0.2336

0.1864

80827

217766

80827

217766

0.3400

-0.3400 -0.3400

0.0686

0.0214

0.1650 0.1650

0.2336

0.1864

314103

125640

293191

823234

254540

399942

4911

7380

1284317

1075578

1912000

33558

11606685

11632415

218009

186501

208306

32545

43153

149350

219482

312650

261854

96365

119984

558365

601320

12623910

12671695

1316742

1054919

38673

20744

143274

663450

58882

100013

44095

1440

41184

8917

1917

1612023

1882227

10342

10348

254908

218651

84051

37379

10596900

10398787

10946201

10665165

65686

124303

11011887

10789468

12623910

12671695

10342000

103043

34158

10859

10531

36251

46538

130560

-151415

2470

-1580

70142

-50322

-208736

-1098078

15655

-29991

261822

375709

17929

16868

-520143

-53141

-41142

-98661

7000

77643

202570

248781

228516

-139874

-22275

-139874

-22275

-125640

-128718

9858

69947

-49602

-62782

-165384

-121553

-56477

84688

3437

13327

8203957

8051872

8150917

8149887

810

-3174

8026

6692

40729

42770

11629

1457970

1714464

2858176

3236816

24613

13896

67452

5083

7000

868

2586

4099

5778

1463921

1746746

2883208

3317046

647290

641898

1363201

1189685

77253

123442

211290

199541

199477

133290

362506

264320

5008

55315

14842

39332

18441

22388

113902

44689

326370

224997

493834

440900

1273839

1201330

2559575

2178467

190082

545416

323633

1138579

1043

973

2038

1783

3185

3037

8065

7065

12772

26818

17677

49337

-0

28571

5450

28571

17000

2257

22330

29614

207082

547673

345963

1168193

59609

93997

80827

217766

147473

453676

265136

950427

-26124

-25571

-67023

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Note 3 - Cash: Schedule of Cash and Cash Equivalents (Details) (USD $)	Jun. 30, 2012	Dec. 31, 2011	Jun. 30, 2011	Dec. 31, 2010
Cash in hand	$ 7,498	$ 6,163
China Construction Bank (Asia) (formerly known as Bank of America (Asia))	7,375,484	7,552,133
United Overseas Bank	1,992	5,915
Bank of China	146,339	55,034
Sun Hung Kei Financial	136	42
Bank of Shanghai	619,465	581,130
Industrial and Commercial Bank of China	3	4
Hui Shang Bank	0	3,536
Cash and cash equivalents	$ 8,150,917	$ 8,203,957	$ 8,149,887	$ 8,051,872

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Includes currency on hand as well as demand deposits with banks or financial institutions. It also includes other kinds of accounts that have the general characteristics of demand deposits in that the Entity may deposit additional funds at any time and also effectively may withdraw funds at any time without prior notice or penalty. Cash equivalents, excluding items classified as marketable securities, include short-term, highly liquid investments that are both readily convertible to known amounts of cash, and so near their maturity that they present minimal risk of changes in value because of changes in interest rates. Generally, only investments with original maturities of three months or less qualify under that definition. Original maturity means original maturity to the entity holding the investment. For example, both a three-month US Treasury bill and a three-year Treasury note purchased three months from maturity qualify as cash equivalents. However, a Treasury note purchased three years ago does not become a cash equivalent when its remaining maturity is three months. Compensating balance arrangements that do not legally restrict the withdrawal or usage of cash amounts may be reported as Cash and Cash Equivalents, while legally restricted deposits held as compensating balances against borrowing arrangements, contracts entered into with others, or company statements of intention with regard to particular deposits are not generally reported as cash and cash equivalents. Includes cash and cash equivalents associated with the entity's continuing operations. Excludes cash and cash equivalents associated with the disposal group (and discontinued operation).

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For banks and other depository institutions: Includes cash on hand (currency and coin), cash items in process of collection, noninterest bearing deposits due from other financial institutions (including corporate credit unions), and noninterest bearing balances with the Federal Reserve Banks, Federal Home Loan Banks and central banks.

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Note 14 - Noncontrolling Interest (Details) (USD $)	Jun. 30, 2012
Dividends, Cash	$ 314,103
Dividend paid	$ 125,640

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Equity impact of cash dividends declared by an entity during the period for all classes of stock (common, preferred, etc.). This element includes paid and unpaid dividends declared during the period.

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Note 9 - Due To Directors: Schedule of Accounts Payable and Accrued Liabilities (Details) (USD $)	Jun. 30, 2012	Dec. 31, 2011
Due to directors	$ 1,440	$ 41,184
Andrew Liu Fu Kang	743	40,487
John Liu Shou Kang	$ 697	$ 697

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Amounts due to recorded owners or owners with a beneficial interest of more than 10 percent of the voting interests or officers of the company. For classified balance sheets, used to reflect the current portion of the liabilities (due within one year or within the normal operating cycle if longer); for unclassified balance sheets, used to reflect the total liabilities (regardless of due date).

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Note 16 - Subsequent Events (Details) (USD $)	Jun. 30, 2012
Business Acquisition, Contingent Consideration, Potential Cash Payment	$ 293,191
Noncash or Part Noncash Acquisition, Other Assets Acquired	$ 823,234

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The amount of assets that an Entity acquires in a noncash (or part noncash) acquisition that are not presented as a separate disclosure or not otherwise listed in the existing taxonomy. Noncash is defined as information about all investing and financing activities of an enterprise during a period that affect recognized assets or liabilities but that do not result in cash receipts or cash payments in the period.

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Note 7 - Fair Value of Available For Sale Marketable Securities Investments and Investment Income: Investment Income (Details) (USD $)	6 Months Ended
	Jun. 30, 2012	Jun. 30, 2011
Dividend from the publicly traded equity securities	$ 8,065	$ 7,065

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Interest and dividend income on securities that are bought and held principally for the purpose of selling them in the near term ("trading securities") and on securities measured at fair value through earnings.

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6 Months Ended

Jun. 30, 2012

Investment Income:

Investment Income

		Period ended June 30,
Investment Income		2012		2011

Dividend from the publicly traded equity securities	$	8,065	$	7,065

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Tabular disclosure of investment income derived from investments in debt and equity securities consisting of interest income earned from investments in debt securities and on cash and cash equivalents, dividend income from investments in equity securities, and income or expense derived from the amortization of investment related discounts or premiums, respectively. This item does not include realized or unrealized gains or losses on the sale or holding of investments in debt and equity securities required to be included in earnings for the period or for other than temporary losses related to investments in debt and equity securities which are included in realized losses in the period recognized.

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Note 2 - Significant Accounting Policies: Foreign Currency and Other Comprehensive Income (Policies)
6 Months Ended

Jun. 30, 2012

Foreign Currency and Other Comprehensive Income:

Foreign Currency and Other Comprehensive Income
Foreign Currency and Other Comprehensive Income

The accompanying financial statements are presented in United States (US) dollars. The functional currency of Andrew Liu & Co Ltd (“ALC”), Chang An Consultants Ltd (“CAC”) and Edushipasia Limited (“ESA”) is the Hong Kong dollar (HK$). The financial statements are translated into US dollars from HK$ at year-end exchange rates for assets and liabilities, and weighted average exchange rates for revenues and expenses. Capital accounts are translated at their historical exchange rates when the capital transactions occurred.

The Hong Kong Monetary Authority (“HKMA”), Hong Kong's central bank, maintains a Linked Exchange Rate System since 1983. The HKMA operates Convertibility Undertakings on both the strong side and the weak side of the Linked Rate of US$1: HK$7.8. In fact, the exchange rate for HK$ to US dollars has varied by only 100ths during the first six months 2012 and 2011. Thus, the consistent exchange rate used has been 7.80 HK$ per each US dollar. Since there have been no greater fluctuations in the exchange rate, there is no gain or loss from foreign currency translation and no resulting other comprehensive income or loss.

Foreign currency transactions are those that required settlement in a currency other than HK$. Gain or loss from foreign currency transactions, or exchange loss, are recognized in income in the period they occur.

The functional currency of Shanghai Heshili Broker Co. Limited (“SHB”) and AL Marine Consulting Services (Shanghai) Ltd (“ALM Shanghai”) is the Chinese Yuan (“CNY”). The financial statements of SHB and ALM Shanghai are translated into United States dollars in accordance with the Financial Accounting Standards Board (“FASB”) Accounting Standards Codification Code (ASC) No. 830, " Foreign Currency Matters”, using quarter-end rates of exchange for assets and liabilities, and average rates of exchange for the period for revenues, costs, and expenses and historical rates for the equity. Translation adjustments resulting from the process of translating the local currency financial statements into U.S. dollars are included in determining comprehensive income.

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

Balance sheet items, as of period-end date: US$0.15736:CNY1

Amounts included in the statements of operations, statements of changes in shareholders’ equity and statements of cash flows for the period: US$0.15751:CNY1

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Note 12 - Income Taxes (Details)
6 Months Ended

Jun. 30, 2012

Jun. 30, 2011

Effective Income Tax Rate, Continuing Operations 23.36% 18.64%

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A ratio calculated by dividing the reported amount of income tax expense attributable to continuing operations for the period by GAAP-basis pretax income from continuing operations.

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Note 6 - Property, Plant and Equipment: Property, Plant and Equipment, Schedule of Significant Acquisitions and Disposals (Details) (USD $)

Jun. 30, 2012

Dec. 31, 2011

Furniture and fixtures $ 34,880 $ 186,792

Office equipment 188,373 178,230

Leasehold improvements 35,549 203,831

Motor Vehicle 65,383 61,899

Accumulated depreciation $ 106,176 $ 444,251

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Note 12 - Income Taxes: Schedule of Effective Income Tax Rate Reconciliation (Tables)
6 Months Ended

Jun. 30, 2012

Schedule of Effective Income Tax Rate Reconciliation:

Schedule of Effective Income Tax Rate Reconciliation

Period ended June 30,

2012

2011

U.S. statutory rate

34.00%

34.00%

Foreign income not recognized in the U.S.

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Miscellaneous permanent differences

6.86%

2.14%

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Jun. 30, 2011

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The portion of the difference between the effective income tax rate and domestic federal statutory income tax rate attributable to all other items not otherwise listed in the existing taxonomy.

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Note 8 - Loan Receivable: Schedule of Financing Receivables (Details) (USD $)

Jun. 30, 2012

Dec. 31, 2011

Loan amount $ 3,000,000 $ 3,000,000

Repayment (1,088,000) (1,088,000)

Loan receivable $ 1,912,000 $ 1,912,000

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Amount of the total principal payments made during the annual reporting period.

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Total of loans held-for-sale and held-in-portfolio net of unearned income, allowance for loan and lease losses, if any, unamortized loan origination and other fees and costs, and purchased premiums or discounts.

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Note 4 - Commissions Receivable
6 Months Ended

Jun. 30, 2012

Note 4 - Commissions Receivable:

Note 4 - Commissions Receivable
Note 4 – Commissions Receivable

June 30,

2012

December 31,

2011

Commissions receivable consist of the following:

Commissions receivable

$

455,547

$

620,353

Less: allowances for doubtful accounts

201,007

220,411

Commissions receivable, net

$

254,540

$

399,942

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Note 6 - Property, Plant and Equipment (Details) (USD $)
6 Months Ended

Jun. 30, 2012

Jun. 30, 2011

Depreciation expense $ 103,043 $ 34,158

Loss on disposal of fixed asset $ 5,450 $ 28,571

X

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Amount of total depreciation expense for property, plant and equipment. Includes production and non-production related depreciation.

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-Name Accounting Principles Board Opinion (APB)

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-Paragraph 5

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Note 12 - Income Taxes: Accounting For Uncertainty in Income Taxes (Policies)
6 Months Ended

Jun. 30, 2012

Accounting For Uncertainty in Income Taxes:

Accounting For Uncertainty in Income Taxes
Accounting for Uncertainty in Income Taxes

The Company adopted the provisions of Accounting for Uncertainty in Income Taxes on January 1, 2007. The provisions clarify the accounting for uncertainty in income taxes recognized in an enterprise’s financial statements in accordance with the standard “Accounting for Income Taxes,” and prescribes a recognition threshold and measurement process for financial statement recognition and measurement of a tax position taken or expected to be taken in a tax return. The provisions of Accounting for Uncertainty in Income Taxes also provides guidance on derecognition, classification, interest and penalties, accounting in interim periods, disclosure and transition.

Based on the Company’s evaluation, the Company has concluded that there are no significant uncertain tax positions requiring recognition in its financial statements.

The Company may from time to time be assessed interest or penalties by major tax jurisdictions. In the event it receives an assessment for interest and/or penalties, it will be classified in the financial statements as tax expense.

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Note 10 - Stock-based Compensation: Restricted Stock Plans (Policies)
6 Months Ended

Jun. 30, 2012

Restricted Stock Plans:

Restricted Stock Plans
2010 restricted stock plan

On June 1, 2010, the board of directors approved and the Company granted an award of 198,000 shares of restricted stock to certain key employees and directors of the Company. The award was made pursuant to the 2010 Restricted Share Stock Compensation Plan as approved by the Company’s Board of Directors. Under the plan, a maximum of 500,000 common shares may be delivered in satisfaction of awards. Key employees and directors are eligible to participate in the plan. Each grant of restricted shares under the Plan is subject to certain terms and conditions such as the shares cannot be transferred during the restriction period and the shares will be forfeited if the employment is terminated by the holder or the Company. Restricted stocks are granted at a strike price that is equal to the fair value of the Company’s stock on the date of grant.

The aggregate value of this award was $310,860, as determined by multiplying the number of shares times the fair value of the Company’s stock on June 1, 2010, the date of the grant award. The fair value is based on discounted free cash flow analyses, which involve management’s best estimate of future revenue, operation expenses, investing activities, and financing activities. In the valuation, the free cash flow is projected for five years and is determined by using the Company’s historical figures such as revenue and operation expenses which are compounded annually with 5% growth rate. Free cash flow occurring beyond the five-year projection period is assumed to be in perpetuity and determined by using the Perpetuity Growth Model in which the project net cash flow is divided by the risk-free rate. The sums of the five-year free cash flow together with the perpetual free cash flow are then discounted by the risk free rate. As a result, the fair value of the Company’s stock on the date of the grant award is $1.57 per share. When determining the risk-free rate, Hong Kong unsecured long term loan rate, 7.25%, in effect at the time of grant is used in the calculation.

2011 restricted stock plan

On June 1, 2011, the board of directors approved and the Company granted an award of 25,600 shares of restricted stock to certain key employees of the Company. The award was made pursuant to the 2010 Restricted Share Stock Compensation Plan mentioned as above. The aggregate value of this award was $71,145, as determined by multiplying the number of shares times the fair value of the Company’s stock on June 1, 2011, the date of the grant award. The fair value is calculated based on the same approach mentioned above and the fair value of the Company’s stock on the date of the grant award is $2.79 per share. When determining the risk-free rate of this award, Hong Kong unsecured long term loan rate, 7.25%, in effect at the time of grant is used in the calculation.

2012 restricted stock plan

On June 1, 2012, the board of directors approved and the Company granted an award of 13,500 shares of restricted stock to a key employee of the Company. The award was made pursuant to the 2010 Restricted Share Stock Compensation Plan mentioned as above. The aggregate value of this award was $22,275, as determined by multiplying the number of shares times the fair value of the Company’s stock on June 1, 2012, the date of the grant award. The fair value is calculated based on the same approach mentioned above and the fair value of the Company’s stock on the date of the grant award is $1.65 per share. When determining the risk-free rate of this award, Hong Kong unsecured long term loan rate, 8.25%, in effect at the time of grant is used in the calculation.

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Note 7 - Fair Value of Available For Sale Marketable Securities Investments and Investment Income: Trading Securities (and Certain Trading Assets) (Details) (USD $)

Jun. 30, 2012

Dec. 31, 2011

Marketable securities $ 312,650 $ 261,854

X

- Definition

Total debt and equity financial instruments including: (1) securities held-to-maturity, (2) trading securities, and (3) securities available-for-sale.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef

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Note 3 - Cash: Schedule of Cash and Cash Equivalents (Tables)
6 Months Ended

Jun. 30, 2012

Schedule of Cash and Cash Equivalents:

Schedule of Cash and Cash Equivalents

June 30,

2012

December 31,

2011

Cash consist of the following:

Cash in hand

$

7,498

$

6,163

Cash in bank - Saving & Checking

China Construction Bank (Asia) (formerly known as Bank of America (Asia))

7,375,484

7,552,133

United Overseas Bank

1,992

5,915

Bank of China

146,339

55,034

Sun Hung Kei Financial

136

42

Bank of Shanghai

619,465

581,130

Industrial and Commercial Bank of China

3

4

Hui Shang Bank

0

3,536

Cash and cash equivalents

$

8,150,917

$

8,203,957

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Note 6 - Property, Plant and Equipment: Property, Plant and Equipment, Schedule of Significant Acquisitions and Disposals (Tables)
6 Months Ended

Jun. 30, 2012

Property, Plant and Equipment, Schedule of Significant Acquisitions and Disposals:

Property, Plant and Equipment, Schedule of Significant Acquisitions and Disposals

June 30,

2012

December 31,

2011

Property, Plant and Equipment consists of the following:

Furniture and fixtures

$

34,880

$

186,792

Office equipment

188,373

178,230

Leasehold improvements

35,549

203,831

Motor Vehicle

65,383

61,899

324,185

630,752

Less: Accumulated depreciation

106,176

444,251

$

218,009

$

186,501

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Tabular disclosure of all information related to any significant acquisition and disposal. Disclosure may include methodology and assumptions, type of asset, asset classification, useful life, useful purpose, acquisition cost, method of acquisition or disposal, depreciation method, gain (loss) on disposal pretax and net of tax, date of acquisition or disposal and restrictions on amount of proceeds from donated assets.

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Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Statement of Financial Accounting Standard (FAS)

-Number 144

-Paragraph 47

-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

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Note 3 - Cash
6 Months Ended

Jun. 30, 2012

Note 3 - Cash:

Note 3 - Cash
Note 3 – Cash

June 30,

2012

December 31,

2011

Cash consist of the following:

Cash in hand

$

7,498

$

6,163

Cash in bank - Saving & Checking

China Construction Bank (Asia) (formerly known as Bank of America (Asia))

7,375,484

7,552,133

United Overseas Bank

1,992

5,915

Bank of China

146,339

55,034

Sun Hung Kei Financial

136

42

Bank of Shanghai

619,465

581,130

Industrial and Commercial Bank of China

3

4

Hui Shang Bank

0

3,536

Cash and cash equivalents

$

8,150,917

$

8,203,957

Cash balances are held principally at one financial institution and are not insured. The Company believes it mitigates its risk by investing in or through major financial institutions. Recoverability is dependent upon the performance of the institution.

Although the cash balances are not insured, however, starting in September 2006, cash balances (except accounts with overdraft facilities) are protected by the Deposit Protection Scheme which is maintaining by the Hong Kong Deposit Protection Board, an independent statutory body established under the Deposit Protection Scheme Ordinance (Cap. 581).

Under the scheme, compensation up to a limit of HK$100,000 (US$12,821) per depositor would be paid from the scheme to depositor if the bank with which the depositor holds his/her eligible deposits fails. On October 14, 2008, the Hong Kong Government announced that they would use the Exchange Fund to guarantee the repayment of all customer deposits held in authorized institutions in Hong Kong, following the principles of the Deposit Protection Scheme. This action began on October 14, 2008 and expired at the end of 2010. Following the enactment of the Deposit Protection Scheme (Amendment) Ordinance 2010 in June 2010, the protection limit of the Deposit Protection Scheme is increased from HK$100,000 per depositor to HK$500,000 (approximately US$64,103) per depositor with effect from January 1, 2011.

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Note 7 - Fair Value of Available For Sale Marketable Securities Investments and Investment Income: Trading Securities (and Certain Trading Assets) (Tables)
6 Months Ended

Jun. 30, 2012

Trading Securities (and Certain Trading Assets):

Trading Securities (and Certain Trading Assets)

Assets

Fair value

Fair value Hierarchy

June 30, 2012

December 31, 2011

Marketable securities

$

312,650

$

261,854

Level 1

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Note 4 - Commissions Receivable (Details) (USD $)

Jun. 30, 2012

Dec. 31, 2011

Commissions receivable $ 455,547 $ 620,353

Less: allowances for doubtful accounts 201,007 220,411

Commissions receivable, net $ 254,540 $ 399,942

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Note 13 - Operating Leases (Details) (USD $)

Jun. 30, 2012

Operating Leases, Future Minimum Payments Due, Current $ 389,061

Operating Leases, Future Minimum Payments, Due in Two Years 355,371

Operating Leases, Future Minimum Payments, Due Thereafter 316,178

Operating Leases, Future Minimum Payments Due $ 1,060,610

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CONSOLIDATED BALANCE SHEET (USD $)

Jun. 30, 2012

Dec. 31, 2011

Current assets:

Cash and cash equivalents $ 8,150,917 $ 8,203,957

Commissions receivable, net 254,540 399,942

Enrolment fee receivable 4,911 7,380

Fiduciary asset 1,284,317 1,075,578

Loan receivable 1,912,000 1,912,000

Income tax receivable 0 33,558

Total current assets 11,606,685 11,632,415

Property, plant and equipment, net 218,009 186,501

Goodwill 208,306 208,306

Intangible asset 32,545 43,153

Other non-current assets:

Deposits and prepayment 149,350 219,482

Marketable securities 312,650 261,854

Other receivable 96,365 119,984

Total other non-current assets 558,365 601,320

Total Assets 12,623,910 12,671,695

Current Liabilities:

Trade accounts payable 1,316,742 1,054,919

Claim payable 38,673 20,744

Other payable 143,274 663,450

Accrued expenses 58,882 100,013

Income tax payable 44,095 0

Due to directors 1,440 41,184

Deferred revenue 8,917 1,917

Total Current Liabilities 1,612,023 1,882,227

Stockholders' Equity

Preferred stock ^[1] ^[2]

Common stock 10,342 ^[3] 10,348 ^[4]

Additional paid-in capital 254,908 218,651

Accumulated other comprehensive income 84,051 37,379

Retained earnings 10,596,900 10,398,787

Total stockholder's equity 10,946,201 10,665,165

Noncontrolling interest 65,686 124,303

Total equity 11,011,887 10,789,468

Total Liabilities and Stockholders' Equity $ 12,623,910 $ 12,671,695

[1] Preferred stock, par value $0.01, 5,000,000 shares authorized; no shares issued and outstanding for the period ending June 30, 2012

[2] Preferred stock, par value $0.01, 5,000,000 shares authorized; no shares issued and outstanding for the year ending December 31, 2011

[3] Common stock, par value $0.001, 50,000,000 shares authorized; 10,342,000 shares issued and outstanding for the period ending June 30, 2012

[4] Common stock, par value $0.001, 50,000,000 shares authorized; 10,348,000 shares issued and outstanding for the year ending December 31, 2011

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Amounts due to recorded owners or owners with a beneficial interest of more than 10 percent of the voting interests or officers of the company. For classified balance sheets, used to reflect the current portion of the liabilities (due within one year or within the normal operating cycle if longer); for unclassified balance sheets, used to reflect the total liabilities (regardless of due date).

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Total of loans held-for-sale and held-in-portfolio net of unearned income, allowance for loan and lease losses, if any, unamortized loan origination and other fees and costs, and purchased premiums or discounts.

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Note 7 - Fair Value of Available For Sale Marketable Securities Investments and Investment Income (Details) (USD $)
6 Months Ended

Jun. 30, 2012

Unrealized Gain on Securities $ 42,770

Unrealized Loss on Securities $ 11,629

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Note 1 - Organization and Operations
6 Months Ended

Jun. 30, 2012

Note 1 - Organization and Operations:

Note 1 - Organization and Operations
Note 1 – Organization and Operations

Description of Business and Basis of Presentation

ALCO, Inc. (“ALCO,” “we,” “us,” the “Company”) was incorporated under the laws of the State of Nevada on June 7, 1999 as Seahorse, Inc. and changed its name to Lotus Capital Corp. (“Lotus”) on September 20, 2004. The Company changed its name to ALCO, Inc. on February 13, 2006.

The accompanying unaudited consolidated financial statements have been prepared in accordance with generally accepted accounting principles for interim financial information and with the SEC instructions to Form 10-Q. Accordingly, they do not include all of the information and footnotes required by generally accepted accounting principles for complete financial statements. In the opinion of management, all adjustments (consisting of only normal recurring adjustments) considered necessary for a fair presentation have been included. Results for the six-month period ended June 30, 2012 are not necessarily indicative of the results that may be expected for the year ended December 31, 2012. For further information, refer to the consolidated financial statements and footnotes thereto included in ALCO’s Annual Report on Form 10-K for the fiscal year ended December 31, 2011.

The consolidated financial statements include the accounts of the Company and all its majority-owned subsidiaries which require consolidation. Inter-company transactions have been eliminated in consolidation.

Certain accounting principles, which are stipulated by General Accepted Accounting Principles in the United States (“US GAAP”), are not applicable in the Hong Kong Accounting Standards (“HKAS”). The difference between HKAS accounts of the Company and its US GAAP financial statements is adjusted in the Company consolidated financial statement.

The Company maintains its books and accounting records in Hong Kong dollar ("HK$"), which is determined as the functional currency. Assets and liabilities of the Company are translated at the prevailing exchange rate at each year end. Contributed capital accounts are translated using the historical rate of exchange when capital is injected. Income statement accounts are translated at the average rate of exchange during the year. Translation adjustments arising from the use of different exchange rates from period to period are included in the cumulative translation adjustment account in shareholders' equity. Gain and losses resulting from foreign currency transactions are included in operations.

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Note 9 - Due To Directors: Schedule of Accounts Payable and Accrued Liabilities (Tables)
6 Months Ended

Jun. 30, 2012

Schedule of Accounts Payable and Accrued Liabilities:

Schedule of Accounts Payable and Accrued Liabilities

June 30,

2012

December 31,

2011

Due to directors consist of the following:

Andrew Liu Fu Kang

743

40,487

John Liu Shou Kang

697

697

Due to directors

$

1,440

$

41,184

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Note 1 - Organization and Operations: Description of Business and Basis of Presentation (Policies)
6 Months Ended

Jun. 30, 2012

Description of Business and Basis of Presentation:

Description of Business and Basis of Presentation
Description of Business and Basis of Presentation

ALCO, Inc. (“ALCO,” “we,” “us,” the “Company”) was incorporated under the laws of the State of Nevada on June 7, 1999 as Seahorse, Inc. and changed its name to Lotus Capital Corp. (“Lotus”) on September 20, 2004. The Company changed its name to ALCO, Inc. on February 13, 2006.

The accompanying unaudited consolidated financial statements have been prepared in accordance with generally accepted accounting principles for interim financial information and with the SEC instructions to Form 10-Q. Accordingly, they do not include all of the information and footnotes required by generally accepted accounting principles for complete financial statements. In the opinion of management, all adjustments (consisting of only normal recurring adjustments) considered necessary for a fair presentation have been included. Results for the six-month period ended June 30, 2012 are not necessarily indicative of the results that may be expected for the year ended December 31, 2012. For further information, refer to the consolidated financial statements and footnotes thereto included in ALCO’s Annual Report on Form 10-K for the fiscal year ended December 31, 2011.

The consolidated financial statements include the accounts of the Company and all its majority-owned subsidiaries which require consolidation. Inter-company transactions have been eliminated in consolidation.

Certain accounting principles, which are stipulated by General Accepted Accounting Principles in the United States (“US GAAP”), are not applicable in the Hong Kong Accounting Standards (“HKAS”). The difference between HKAS accounts of the Company and its US GAAP financial statements is adjusted in the Company consolidated financial statement.

The Company maintains its books and accounting records in Hong Kong dollar ("HK$"), which is determined as the functional currency. Assets and liabilities of the Company are translated at the prevailing exchange rate at each year end. Contributed capital accounts are translated using the historical rate of exchange when capital is injected. Income statement accounts are translated at the average rate of exchange during the year. Translation adjustments arising from the use of different exchange rates from period to period are included in the cumulative translation adjustment account in shareholders' equity. Gain and losses resulting from foreign currency transactions are included in operations.

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Note 12 - Income Taxes: Schedule of Components of Income Tax Expense (Benefit) (Tables)
6 Months Ended

Jun. 30, 2012

Schedule of Components of Income Tax Expense (Benefit):

Schedule of Components of Income Tax Expense (Benefit)

Period ended June 30,

Hong Kong only:

2012

2011

Current

$

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217,766

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Note 2 - Significant Accounting Policies: Use of Estimates (Policies)
6 Months Ended

Jun. 30, 2012

Use of Estimates:

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 disclosure of contingent assets and liabilities at the date of the financial statements, and the reported amounts of revenue and expenses during the reporting period. Actual results, when ultimately realized could differ from those estimates.

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Note 2 - Significant Accounting Policies
6 Months Ended

Jun. 30, 2012

Note 2 - Significant Accounting Policies:

Note 2 - Significant Accounting Policies
Note 2 – Significant Accounting Policies

For significant accounting policies, see notes to the consolidated financial statements included in the Company’s annual report of Form 10-K for the year ended December 31, 2011 filed with the SEC.

Use of Estimates

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

Foreign Currency and Other Comprehensive Income

The accompanying financial statements are presented in United States (US) dollars. The functional currency of Andrew Liu & Co Ltd (“ALC”), Chang An Consultants Ltd (“CAC”) and Edushipasia Limited (“ESA”) is the Hong Kong dollar (HK$). The financial statements are translated into US dollars from HK$ at year-end exchange rates for assets and liabilities, and weighted average exchange rates for revenues and expenses. Capital accounts are translated at their historical exchange rates when the capital transactions occurred.

The Hong Kong Monetary Authority (“HKMA”), Hong Kong's central bank, maintains a Linked Exchange Rate System since 1983. The HKMA operates Convertibility Undertakings on both the strong side and the weak side of the Linked Rate of US$1: HK$7.8. In fact, the exchange rate for HK$ to US dollars has varied by only 100ths during the first six months 2012 and 2011. Thus, the consistent exchange rate used has been 7.80 HK$ per each US dollar. Since there have been no greater fluctuations in the exchange rate, there is no gain or loss from foreign currency translation and no resulting other comprehensive income or loss.

Foreign currency transactions are those that required settlement in a currency other than HK$. Gain or loss from foreign currency transactions, or exchange loss, are recognized in income in the period they occur.

The functional currency of Shanghai Heshili Broker Co. Limited (“SHB”) and AL Marine Consulting Services (Shanghai) Ltd (“ALM Shanghai”) is the Chinese Yuan (“CNY”). The financial statements of SHB and ALM Shanghai are translated into United States dollars in accordance with the Financial Accounting Standards Board (“FASB”) Accounting Standards Codification Code (ASC) No. 830, " Foreign Currency Matters”, using quarter-end rates of exchange for assets and liabilities, and average rates of exchange for the period for revenues, costs, and expenses and historical rates for the equity. Translation adjustments resulting from the process of translating the local currency financial statements into U.S. dollars are included in determining comprehensive income.

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

Balance sheet items, as of period-end date: US$0.15736:CNY1

Amounts included in the statements of operations, statements of changes in shareholders’ equity and statements of cash flows for the period: US$0.15751:CNY1

Earnings Per Share

Basic earnings per share is computed by dividing income available to common shareholders by the weighted-average number of common shares outstanding during the period. Diluted earnings per share is computed similar to basic earnings per share except that the denominator is increased to include the number of additional common shares that would have been outstanding if the potential common shares had been issued and if the additional common shares were dilutive. There were no dilutive shares for the six months ended June 30, 2012.

Recent Accounting Pronouncements

The Company has evaluated all the recent accounting pronouncements through the filing date and believes that none of them will have a material effect on the Company.

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CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME (UNAUDITED) (USD $)
3 Months Ended 6 Months Ended

Jun. 30, 2012

Jun. 30, 2011

Jun. 30, 2012

Jun. 30, 2011

Revenues

Commission income $ 1,457,970 $ 1,714,464 $ 2,858,176 $ 3,236,816

Consulting income 24,613 13,896 67,452

Website advertising 5,083 5,083 7,000 7,000

Enrollment fee income 868 2,586 4,099 5,778

Total revenues 1,463,921 1,746,746 2,883,208 3,317,046

Operating Expenses

Salaries 647,290 641,898 1,363,201 1,189,685

Travel expenses 77,253 123,442 211,290 199,541

Rents 199,477 133,290 362,506 264,320

Bad debt expenses 5,008 55,315 14,842 39,332

Depreciation and amortization 18,441 22,388 113,902 44,689

Other general and administrative 326,370 224,997 493,834 440,900

Total Operating Expenses 1,273,839 1,201,330 2,559,575 2,178,467

Income from Operations 190,082 545,416 323,633 1,138,579

Other (Expense) / Income

Interest income 1,043 973 2,038 1,783

Investment income 3,185 3,037 8,065 7,065

Other revenues 12,772 26,818 17,677 49,337

Loss on disposal of fixed asset 0 (28,571) (5,450) (28,571)

Total Other (Expense) / Income 17,000 2,257 22,330 29,614

Income before provision for Income Taxes 207,082 547,673 345,963 1,168,193

Provision for Income Taxes 59,609 93,997 80,827 217,766

Net Income 147,473 453,676 265,136 950,427

Less: Net income attributable to the noncontrolling interest (26,124) (25,571) (67,023) (53,128)

Net Income attributable to ALCO, Inc. 121,349 428,105 198,113 897,299

Other Comprehensive Income (loss)

Unrealized gain (loss) on marketable securities 49 (20,403) 42,770 (11,629)

Foreign currency translation adjustments (1,497) 10,503 3,902 15,282

Comprehensive Income 146,025 443,776 311,808 954,080

Less: comprehensive income attributable to non-controlling interest (26,124) (25,571) (67,023) (53,128)

Comprehensive Income attributable to ALCO. Inc. $ 119,901 $ 418,205 $ 244,785 $ 900,952

Basic and Fully Diluted Earnings per Share $ 0.01 $ 0.04 $ 0.02 $ 0.09

Weighted average shares outstanding 10,342,000 10,345,824 10,343,055 10,343,923

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Note 13 - Operating Leases
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Note 13 – Operating Leases

Future minimum lease payments for operating leases for the succeeding years consists of following:

July 2012 – June 2013

July 2013 – June 2014

July 2014 and thereafter

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Carmel Hill, Hong Kong (Director Quarter)

$

-

$

-

$

-

$

-

25^th Floor, Fortis Tower, Hong Kong (New Hong Kong Office)

312,615

312,615

312,615

937,845

Union Building, Shanghai, China (Shanghai Office)

8,384

-

-

8,384

Union Building, Shanghai, China (ALM Shanghai Office)

12,916

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12,916

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14,208

-

-

14,208

Sino Plaza, Fuzhou (Fuzhou Office)

40,938

42,756

3,563

87,257

Total

$

389,061

$

355,371

$

316,178

$

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The Company has seven material operating lease commitments for its facilities. For details of the leases, see notes to the consolidated financial statements included in the Company’s annual report of Form 10-K for the year ended December 31, 2011 filed with the SEC.

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Note 12 - Income Taxes:

Note 12 - Income Taxes
Note 12 – Income Taxes

The Company's effective tax rate for the six months ended June 30, 2012 and 2011 was 23.36% and 18.64%, respectively. The provisions for income taxes for the periods ended June 30, 2012 and 2011 are summarized as follows:

Period ended June 30,

Hong Kong only:

2012

2011

Current

$

80,827

$

217,766

Deferred

 -

 -

Provision for income taxes

$

80,827

$

217,766

A reconciliation between the income tax computed at the U.S. statutory rate and the Company’s provision for income tax is as follows:

Period ended June 30,

2012

2011

U.S. statutory rate

34.00%

34.00%

Foreign income not recognized in the U.S.

-34.00%

-34.00%

Miscellaneous permanent differences

6.86%

2.14%

Hong Kong income tax rate

 16.50%

16.50%

Provision for income tax

23.36%

18.64%

There were no significant permanent or temporary differences.

Accounting for Uncertainty in Income Taxes

The Company adopted the provisions of Accounting for Uncertainty in Income Taxes on January 1, 2007. The provisions clarify the accounting for uncertainty in income taxes recognized in an enterprise’s financial statements in accordance with the standard “Accounting for Income Taxes,” and prescribes a recognition threshold and measurement process for financial statement recognition and measurement of a tax position taken or expected to be taken in a tax return. The provisions of Accounting for Uncertainty in Income Taxes also provides guidance on derecognition, classification, interest and penalties, accounting in interim periods, disclosure and transition.

Based on the Company’s evaluation, the Company has concluded that there are no significant uncertain tax positions requiring recognition in its financial statements.

The Company may from time to time be assessed interest or penalties by major tax jurisdictions. In the event it receives an assessment for interest and/or penalties, it will be classified in the financial statements as tax expense.

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CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED) (USD $)
6 Months Ended

Jun. 30, 2012

Jun. 30, 2011

Operating Activities

Net Income $ 265,136 $ 950,427

Bad debt expenses 14,842 39,332

Depreciation expense 103,043 34,158

Amortization expense 10,859 10,531

Stock based compensation 36,251 46,538

Loss on disposal of fixed assets 5,450 28,571

Changes in operating assets and liabilities:

(Increase)/Decrease in commission receivable 130,560 (151,415)

(Increase)/Decrease in enrolment fee receivable 2,470 (1,580)

(Increase)/Decrease in deposit and prepayment 70,142 (50,322)

(Increase)/Decrease in fiduciary asset (208,736) (1,098,078)

(Increase)/Decrease in other receivable 15,655 (29,991)

Increase/(Decrease) in accounts payable 261,822 375,709

Increase/(Decrease) in claims payable 17,929 16,868

Increase/(Decrease) in other payable (520,143) (53,141)

Increase/(Decrease) in accrued expenses (41,142) (98,661)

Increase/(Decrease) in deferred revenue 7,000 7,000

Increase/(Decrease) in income tax payable / receivable 77,643 202,570

Net cash provided by operating activities 248,781 228,516

Investing Activities

Cash paid for purchase of fixed assets (139,874) (22,275)

Net cash used in investing activities (139,874) (22,275)

Financing Activities

Dividend paid to non-controlling shareholders (125,640) (128,718)

Borrowings on related party debt 9,858 69,947

Principal payments on related party debt (49,602) (62,782)

Net cash (used) in financing activities (165,384) (121,553)

Net (decrease) / increase in cash and cash equivalent (56,477) 84,688

Effect of exchange rate changes on cash and cash equivalent 3,437 13,327

Initial cash and cash equivalent 8,203,957 8,051,872

Final cash and cash equivalent 8,150,917 8,149,887

Supplemental Disclosures of Cash Flow Information:

Cash paid / (receive) during year for interest 0 810

Cash paid / (receive) during year for income taxes (3,174) 0

Non-Cash Transactions

Dividend received 8,026 6,692

Purchase price allocation adjustment 0 40,729

Change in fair value for Available-for-sales securities $ 42,770 $ 11,629

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Note 7 - Fair Value of Available For Sale Marketable Securities Investments and Investment Income
6 Months Ended

Jun. 30, 2012

Note 7 - Fair Value of Available For Sale Marketable Securities Investments and Investment Income:

Note 7 - Fair Value of Available For Sale Marketable Securities Investments and Investment Income
Note 7 – Fair Value of Available for Sale Marketable Securities Investments and Investment Income

The following are the Company’s investments owned and securities sold by level within the fair value hierarchy at June 30, 2012 and December 31, 2011:

Assets

Fair value

Fair value Hierarchy

June 30, 2012

December 31, 2011

Marketable securities

$

312,650

$

261,854

Level 1

Unrealized gain of $42,770 and unrealized loss of $11,629 for the investments were recognized in the other comprehensive income for the six months ended June 30, 2012 and 2011, respectively. All these gain and loss are related to the investments listed in the Hong Kong Stock Exchange.

Period ended June 30,

Investment Income

2012

2011

Dividend from the publicly traded equity securities

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-Name Accounting Standards Codification

-Glossary Equity Security

-URI http://asc.fasb.org/extlink&oid=6511694

-Topic 320

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-Name Accounting Standards Codification

-Topic 320

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-Paragraph 2

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-Name Accounting Standards Codification

-Glossary Debt Security

-URI http://asc.fasb.org/extlink&oid=6509901

-Topic 320

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-Name Statement of Financial Accounting Standard (FAS)

-Number 115

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-Name Accounting Standards Codification

-Topic 942

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Note 6 - Property, Plant and Equipment
6 Months Ended

Jun. 30, 2012

Note 6 - Property, Plant and Equipment:

Note 6 - Property, Plant and Equipment
Note 6 – Property, Plant and Equipment

June 30,

2012

December 31,

2011

Property, Plant and Equipment consists of the following:

Furniture and fixtures

$

34,880

$

186,792

Office equipment

188,373

178,230

Leasehold improvements

35,549

203,831

Motor Vehicle

65,383

61,899

324,185

630,752

Less: Accumulated depreciation

106,176

444,251

$

218,009

$

186,501

Depreciation expense for the six-month period ended June 30, 2012 and 2011 were $ 103,043 and $34,158.

Loss on disposal of fixed assets for the six-month period ended June 30, 2012 and 2011 were $5,450 and $28,571 respectively.

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-Name Accounting Principles Board Opinion (APB)

-Number 12

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Note 1 - Organization and Operations: Reclassification (Policies)
6 Months Ended

Jun. 30, 2012

Reclassification:

Reclassification
Reclassification

Certain prior year amounts have been reclassified to conform to the current year presentation.

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-Name Regulation S-X (SX)

-Number 210

-Section 04

-Article 3

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-Name Accounting Research Bulletin (ARB)

-Number 43

-Chapter 2

-Section A

-Paragraph 2

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Note 14 - Noncontrolling Interest
6 Months Ended

Jun. 30, 2012

Note 14 - Noncontrolling Interest:

Note 14 - Noncontrolling Interest
Note 14 – Noncontrolling Interest

On February 1, 2012, the Company subsidiary Chang An Consultants Ltd., declared dividends of approximately $314,103. The Company has paid $125,640 to the noncontrolling shareholders.

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-Topic 810

-SubTopic 10

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-Number 51

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Note 10 - Stock-based Compensation
6 Months Ended

Jun. 30, 2012

Note 10 - Stock-based Compensation:

Note 10 - Stock-based Compensation
Note 10 – Stock-based Compensation

2010 restricted stock plan

On June 1, 2010, the board of directors approved and the Company granted an award of 198,000 shares of restricted stock to certain key employees and directors of the Company. The award was made pursuant to the 2010 Restricted Share Stock Compensation Plan as approved by the Company’s Board of Directors. Under the plan, a maximum of 500,000 common shares may be delivered in satisfaction of awards. Key employees and directors are eligible to participate in the plan. Each grant of restricted shares under the Plan is subject to certain terms and conditions such as the shares cannot be transferred during the restriction period and the shares will be forfeited if the employment is terminated by the holder or the Company. Restricted stocks are granted at a strike price that is equal to the fair value of the Company’s stock on the date of grant.

The aggregate value of this award was $310,860, as determined by multiplying the number of shares times the fair value of the Company’s stock on June 1, 2010, the date of the grant award. The fair value is based on discounted free cash flow analyses, which involve management’s best estimate of future revenue, operation expenses, investing activities, and financing activities. In the valuation, the free cash flow is projected for five years and is determined by using the Company’s historical figures such as revenue and operation expenses which are compounded annually with 5% growth rate. Free cash flow occurring beyond the five-year projection period is assumed to be in perpetuity and determined by using the Perpetuity Growth Model in which the project net cash flow is divided by the risk-free rate. The sums of the five-year free cash flow together with the perpetual free cash flow are then discounted by the risk free rate. As a result, the fair value of the Company’s stock on the date of the grant award is $1.57 per share. When determining the risk-free rate, Hong Kong unsecured long term loan rate, 7.25%, in effect at the time of grant is used in the calculation.

2011 restricted stock plan

On June 1, 2011, the board of directors approved and the Company granted an award of 25,600 shares of restricted stock to certain key employees of the Company. The award was made pursuant to the 2010 Restricted Share Stock Compensation Plan mentioned as above. The aggregate value of this award was $71,145, as determined by multiplying the number of shares times the fair value of the Company’s stock on June 1, 2011, the date of the grant award. The fair value is calculated based on the same approach mentioned above and the fair value of the Company’s stock on the date of the grant award is $2.79 per share. When determining the risk-free rate of this award, Hong Kong unsecured long term loan rate, 7.25%, in effect at the time of grant is used in the calculation.

2012 restricted stock plan

On June 1, 2012, the board of directors approved and the Company granted an award of 13,500 shares of restricted stock to a key employee of the Company. The award was made pursuant to the 2010 Restricted Share Stock Compensation Plan mentioned as above. The aggregate value of this award was $22,275, as determined by multiplying the number of shares times the fair value of the Company’s stock on June 1, 2012, the date of the grant award. The fair value is calculated based on the same approach mentioned above and the fair value of the Company’s stock on the date of the grant award is $1.65 per share. When determining the risk-free rate of this award, Hong Kong unsecured long term loan rate, 8.25%, in effect at the time of grant is used in the calculation.

During the six months ended June 30, 2012 and 2011, the Company recognized $36,251 and $46,539 respectively, of stock-based compensation expense.

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-Name Statement of Position (SOP)

-Number 93-6

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-Name Staff Accounting Bulletin (SAB)

-Number Topic 14

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-Name Statement of Financial Accounting Standard (FAS)

-Number 123R

-Paragraph 64, 65, A240

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-Topic 505

-SubTopic 50

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-Paragraph 1

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Note 8 - Loan Receivable
6 Months Ended

Jun. 30, 2012

Note 8 - Loan Receivable:

Note 8 - Loan Receivable
Note 8 – Loan Receivable

On August 4, 2011, the Company subsidiary Andrew Liu & Company Limited (“ALC”) entered into a loan agreement with its clients, Jian Mao International Shipping Co Ltd (“JMISCL”) and Jian Xing Intl Shipping Co Ltd (“JXISCL”). Under the loan agreement, ALC will make available to JMISCL and JXISCL an on demand loan facility in the principal amount of up to US$3,000,000. The loan is interest free and secured by the claim proceeds under a claim filed by JMISCL and JXISCL under the terms an existing Hull & Machinery insurance policy insuring a vessel owned and managed by JMISCL and JXISCL respectively. The loan is payable upon demand at any time following settlement of the claim if the claim proceeds are not adequate to cover the loan in full, and in any event is due and payable in full on or before August 4, 2012.

As of June 2012, the outstanding balance of the loan is as follows:

June 30,

2012

December 31,

2011

Loan amount

$

3,000,000

$

3,000,000

Repayment

(1,088,000)

(1,088,000)

Loan receivable

$

1,912,000

$

1,912,000

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-Name Regulation S-X (SX)

-Number 210

-Section 03

-Paragraph 7

-Article 9

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-Number 01-6

-Paragraph 13

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Note 9 - Due To Directors
6 Months Ended

Jun. 30, 2012

Note 9 - Due To Directors:

Note 9 - Due To Directors
Note 9 – Due to Directors

June 30,

2012

December 31,

2011

Due to directors consist of the following:

Andrew Liu Fu Kang

743

40,487

John Liu Shou Kang

697

697

Due to directors

$

1,440

$

41,184

Due to director represents loans payable that are unsecured, non-interest bearing and have no fixed terms of repayment, therefore, deemed payable on demand.

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-Section 02

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-Article 5

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Note 11 - Related Party Transaction
6 Months Ended

Jun. 30, 2012

Note 11 - Related Party Transaction:

Note 11 - Related Party Transaction
Note 11 – Related Party Transaction

The Company rents quarters for directors in Hong Kong and Shanghai from companies owned by directors of the Company. The relevant rent expenses consist of following:

Period ended June 30,

2012

2011

Location

Landlord

Shanghai Quarter

Fortune Ocean and Andrew Liu Fu Kang

15,385

15,385

Director (Andrew) Quarter

First Pacific Development Ltd

3,333

10,000

Related Party Transaction

$

18,718

$

25,385

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-Article 3A

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Note 8 - Loan Receivable: Schedule of Financing Receivables (Tables)
6 Months Ended

Jun. 30, 2012

Schedule of Financing Receivables:

Schedule of Financing Receivables

June 30,

2012

December 31,

2011

Loan amount

$

3,000,000

$

3,000,000

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(1,088,000)

(1,088,000)

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$

1,912,000

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Note 12 - Income Taxes: Schedule of Components of Income Tax Expense (Benefit) (Details) (USD $)
6 Months Ended

Jun. 30, 2012

Jun. 30, 2011

Current $ 80,827 $ 217,766

Provision for income taxes $ 80,827 $ 217,766

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Note 16 - Subsequent Events
6 Months Ended

Jun. 30, 2012

Note 16 - Subsequent Events:

Note 16 - Subsequent Events
Note 16 – Subsequent Events

On June 19, 2012, the company agreed to acquire 75% shares of an insurance broker in Asia. Consideration of the acquisition is around $293,191cash and the total assets of the insurance broker are about $823,234. The acquisition is subject to approval of the local government and relevant application is in progress. Once the approval is obtained, the acquisition will be completed and the consideration will be fully settled in cash As of the report, the approval is still pending.

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Note 2 - Significant Accounting Policies: Earnings Per Share (Policies)
6 Months Ended

Jun. 30, 2012

Earnings Per Share:

Earnings Per Share
Earnings Per Share

Basic earnings per share is computed by dividing income available to common shareholders by the weighted-average number of common shares outstanding during the period. Diluted earnings per share is computed similar to basic earnings per share except that the denominator is increased to include the number of additional common shares that would have been outstanding if the potential common shares had been issued and if the additional common shares were dilutive. There were no dilutive shares for the six months ended June 30, 2012.

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Note 11 - Related Party Transaction (Details) (USD $)
6 Months Ended

Jun. 30, 2012

Jun. 30, 2011

Related Party Transaction $ 18,718 $ 25,385

Shanghai Quarter 15,385 15,385

Director (Andrew) Quarter $ 3,333 $ 10,000

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Note 5 - Fiduciary Asset (Details) (USD $)

Jun. 30, 2012

Dec. 31, 2011

Fiduciary asset $ 1,284,317 $ 1,075,578

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The aggregate carrying amounts, as of the balance sheet date, of assets not separately disclosed in the balance sheet.

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CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS' EQUITY (UNAUDITED) (USD $)

Common Stock

Additional Paid in Capital

Accumulated other comprehensive income

Retained earnings

Total Stockholders' Equity

Non-controlling Interest

Total Equity

Stockholder Equity at Dec. 31, 2010 $ 10,342 $ 118,784 $ 103,784 $ 9,110,581 $ 9,343,491 $ 130,567 $ 9,474,058

Shares issued at Dec. 31, 2010 10,342,000

Restricted stock 26 (26)

Restricted stock issued 25,500

Stock forfeited (value) (20) 20

Stock forfeited (19,500)

Stock based compensation 99,873 99,873 99,873

Unrealized gain (loss) on marketable securities (91,370) (91,370) (91,370)

Foreign currency translation adjustments 24,965 24,965 24,965

Net Income 1,288,206 1,288,206 122,454 1,410,660

Dividend paid (128,718) (128,718)

Stockholder Equity at Dec. 31, 2011 10,348 218,651 37,379 10,398,787 10,665,165 124,303 10,789,468

Shares issued at Dec. 31, 2011 10,348,000

Restricted stock 14 (14)

Restricted stock issued 13,500

Stock forfeited (value) (20) 20

Stock forfeited (19,500)

Stock based compensation 36,251 36,251 36,251

Unrealized gain (loss) on marketable securities 42,770 42,770 42,770

Foreign currency translation adjustments 3,902 3,902 3,902

Net Income 198,113 198,113 67,023 265,136

Dividend paid (125,640) (125,640)

Stockholder Equity at Jun. 30, 2012 $ 10,342 $ 254,908 $ 254,908 $ 84,051 $ 10,596,900 $ 65,686 $ 11,011,887

Shares issued at Jun. 30, 2012 10,342,000

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Note 5 - Fiduciary Asset
6 Months Ended

Jun. 30, 2012

Note 5 - Fiduciary Asset:

Note 5 - Fiduciary Asset
Note 5 – Fiduciary Asset

Fiduciary assets are cash balances held by a bank, mainly consisting of premiums collected from customers and payable to insurers, and claims received from insurers and payable to policyholders.

When the Company receives a premium from a customer, it debits the lump sum amount into one bank account and establishes a schedule to keep track of the amount of premium payable to the insurer. At the monthly closing, the Company reclassifies the amount of premium payable to insurers as fiduciary assets. Also, when the Company receives a claim on behalf of a policyholder, it debits fiduciary assets and credits claims payable and other payables, if necessary. The fiduciary asset had a balance of $1,284,317 and $1,075,578 at June 30, 2012 and December 31, 2011, respectively.

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Note 2 - Significant Accounting Policies: Recent Accounting Pronouncements (Policies)
6 Months Ended

Jun. 30, 2012

Recent Accounting Pronouncements:

Recent Accounting Pronouncements
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The Company has evaluated all the recent accounting pronouncements through the filing date and believes that none of them will have a material effect on the Company.

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Note 13 - Operating Leases: Schedule of Future Minimum Rental Payments for Operating Leases (Tables)
6 Months Ended

Jun. 30, 2012

Schedule of Future Minimum Rental Payments for Operating Leases:

Schedule of Future Minimum Rental Payments for Operating Leases

July 2012 – June 2013

July 2013 – June 2014

July 2014 and thereafter

Total

Carmel Hill, Hong Kong (Director Quarter)

$

-

$

-

$

-

$

-

25^th Floor, Fortis Tower, Hong Kong (New Hong Kong Office)

312,615

312,615

312,615

937,845

Union Building, Shanghai, China (Shanghai Office)

8,384

-

-

8,384

Union Building, Shanghai, China (ALM Shanghai Office)

12,916

 -

-

12,916

Union Building, Shanghai, China (SHB Office)

14,208

-

-

14,208

Sino Plaza, Fuzhou (Fuzhou Office)

40,938

42,756

3,563

87,257

Total

$

389,061

$

355,371

$

316,178

$

1,060,610

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Note 15 - Commitments and Contingencies
6 Months Ended

Jun. 30, 2012

Note 15 - Commitments and Contingencies:

Note 15 - Commitments and Contingencies
Note 15 – Commitments and Contingencies

The Company's business operations exist solely in the PRC and are subject to significant risks not typically associated with companies in North America and Western Europe. These include risks associated with, among others, the political, economic and legal environments and foreign currency limitations.

The Company's results may thus be adversely affected by changes in the political and social conditions in the PRC, and by changes in governmental policies, laws, regulations, anti-inflationary measures, currency conversion and remittance limitation, and rates and methods of taxation, among other things.

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Note 12 - Income Taxes (Details)	6 Months Ended
Note 12 - Income Taxes (Details)	Jun. 30, 2012	Jun. 30, 2011
Effective Income Tax Rate, Continuing Operations	23.36%	18.64%

Note 6 - Property, Plant and Equipment: Property, Plant and Equipment, Schedule of Significant Acquisitions and Disposals (Details) (USD $)	Jun. 30, 2012	Dec. 31, 2011
Furniture and fixtures	$ 34,880	$ 186,792
Office equipment	188,373	178,230
Leasehold improvements	35,549	203,831
Motor Vehicle	65,383	61,899
Accumulated depreciation	$ 106,176	$ 444,251

Note 8 - Loan Receivable: Schedule of Financing Receivables (Details) (USD $)	Jun. 30, 2012	Dec. 31, 2011
Loan amount	$ 3,000,000	$ 3,000,000
Repayment	(1,088,000)	(1,088,000)
Loan receivable	$ 1,912,000	$ 1,912,000

Note 4 - Commissions Receivable (Details) (USD $)	Jun. 30, 2012	Dec. 31, 2011
Commissions receivable	$ 455,547	$ 620,353
Less: allowances for doubtful accounts	201,007	220,411
Commissions receivable, net	$ 254,540	$ 399,942

Note 13 - Operating Leases (Details) (USD $)	Jun. 30, 2012
Operating Leases, Future Minimum Payments Due, Current	$ 389,061
Operating Leases, Future Minimum Payments, Due in Two Years	355,371
Operating Leases, Future Minimum Payments, Due Thereafter	316,178
Operating Leases, Future Minimum Payments Due	$ 1,060,610

Note 7 - Fair Value of Available For Sale Marketable Securities Investments and Investment Income (Details) (USD $)	6 Months Ended
	Jun. 30, 2012
Unrealized Gain on Securities	$ 42,770
Unrealized Loss on Securities	$ 11,629

Document and Entity Information (USD $)	6 Months Ended
Document and Entity Information (USD $)	Jun. 30, 2012	Aug. 03, 2012
Document and Entity Information
Entity Registrant Name	ALCO, INC.
Document Type	10-Q
Document Period End Date	Jun. 30, 2012
Amendment Flag	false
Entity Central Index Key	0000734543
Current Fiscal Year End Date	--12-31
Entity Common Stock, Shares Outstanding		10,342,000
Entity Public Float	$ 0	$ 0
Entity Filer Category	Smaller Reporting Company
Entity Current Reporting Status	No
Entity Voluntary Filers	No
Entity Well-known Seasoned Issuer	No
Document Fiscal Year Focus	2012
Document Fiscal Period Focus	Q2

Note 11 - Related Party Transaction (Details) (USD $)	6 Months Ended
Note 11 - Related Party Transaction (Details) (USD $)	Jun. 30, 2012	Jun. 30, 2011
Related Party Transaction	$ 18,718	$ 25,385
Shanghai Quarter	15,385	15,385
Director (Andrew) Quarter	$ 3,333	$ 10,000

CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS' EQUITY (UNAUDITED) (USD $)	Common Stock	Additional Paid in Capital	Accumulated other comprehensive income	Retained earnings	Total Stockholders' Equity	Non-controlling Interest	Total Equity
Stockholder Equity at Dec. 31, 2010	$ 10,342	$ 118,784	$ 103,784	$ 9,110,581	$ 9,343,491	$ 130,567	$ 9,474,058
Shares issued at Dec. 31, 2010	10,342,000
Restricted stock	26	(26)
Restricted stock issued	25,500
Stock forfeited (value)	(20)	20
Stock forfeited	(19,500)
Stock based compensation		99,873			99,873		99,873
Unrealized gain (loss) on marketable securities			(91,370)		(91,370)		(91,370)
Foreign currency translation adjustments			24,965		24,965		24,965
Net Income				1,288,206	1,288,206	122,454	1,410,660
Dividend paid						(128,718)	(128,718)
Stockholder Equity at Dec. 31, 2011	10,348	218,651	37,379	10,398,787	10,665,165	124,303	10,789,468
Shares issued at Dec. 31, 2011	10,348,000
Restricted stock	14	(14)
Restricted stock issued	13,500
Stock forfeited (value)	(20)	20
Stock forfeited	(19,500)
Stock based compensation		36,251			36,251		36,251
Unrealized gain (loss) on marketable securities			42,770		42,770		42,770
Foreign currency translation adjustments			3,902		3,902		3,902
Net Income				198,113	198,113	67,023	265,136
Dividend paid						(125,640)	(125,640)
Stockholder Equity at Jun. 30, 2012	$ 10,342	$ 254,908	$ 254,908	$ 84,051	$ 10,596,900	$ 65,686	$ 11,011,887
Shares issued at Jun. 30, 2012	10,342,000