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144853
Q1
CYIG
CHINA YCT INTERNATIONAL GROUP, INC.
true
Smaller Reporting Company
2011
10-Q
The Form 10Q/A is being amended to restate our previously issued financial statements for the quarter ended June 30, 2011. On February 28, 2011, we acquired a United States patent which was accounted for as an acquisition of an asset. However, we recognized the contingent considerations that would be accounted for under the acquisition of a business. Therefore, we overstated the fair value of the patent. We restated our financial statements to correct this error. The changes in the financial statements at June 30, 2011 include, but are not limited to, a decrease in the amount recorded for net intangible assets by $22,761,681 a decrease in the amount recorded as a contingent liability by $23,391,902, and a reduction of $471,770 in retained earnings. We have also provided additional explanation as to (i) the intended purposes of the patent, (ii) the lack of accounts receivable as of June 30, 2011 and (iii) the lack of effectiveness of our internal controls and procedures at June 30, 2011.
2011-06-30
0000847464
--03-31
4361919
22222
-115624
<div style="FONT: 10pt Times New Roman, Times, Serif">
<p style="MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"><b>NOTE
2 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES</b></p>
<p style="MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif">
 </p>
<p style="TEXT-ALIGN: justify; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif">
<i><u>Basis of presentation</u></i></p>
<p style="MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif">
 </p>
<p style="TEXT-ALIGN: justify; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif">
The consolidated financial statements of the Company are prepared
in accordance with accounting principles generally accepted in the
United States of America (“US GAAP”).</p>
<p style="MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif">
 </p>
<p style="TEXT-ALIGN: justify; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif">
<i><u>Principles of consolidation</u></i></p>
<p style="MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif">
 </p>
<p style="TEXT-ALIGN: justify; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif">
The consolidated financial statements include the financial
statements of China YCT, Landway Nano and its wholly owned
subsidiary, Shandong Spring.  All inter-company
transactions and balances are eliminated in consolidation.</p>
<p style="MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif">
 </p>
<p style="TEXT-ALIGN: justify; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif">
<i><u>Use of estimates</u></i></p>
<p style="MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif">
 </p>
<p style="TEXT-ALIGN: justify; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif">
The preparation of financial statements in conformity with
US GAAP requires management to make estimates and assumptions
that affect the reported amounts of assets and liabilities and the
disclosure of contingent assets and liabilities at the date of the
financial statements, as well as the reported amounts of revenues
and expenses during the reporting period. Actual results could
differ from those estimates. Significant accounting estimates
reflected in the Company’s consolidated financial statements
include: the valuation of inventory, and estimated useful lives and
impairment of property and equipment and intangible assets.</p>
<p style="MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif">
 </p>
<p style="TEXT-ALIGN: justify; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif">
<i><u>Cash and cash equivalents</u></i></p>
<p style="MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif">
 </p>
<p style="TEXT-ALIGN: justify; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif">
For the purposes of the statement of cash flow, the Company
considers all highly liquid investments with an original maturity
of three months or less to be cash equivalents.</p>
<p style="TEXT-ALIGN: justify; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif">
 </p>
<p style="TEXT-ALIGN: justify; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif">
<i><u>Inventory</u></i></p>
<p style="MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif">
 </p>
<p style="TEXT-ALIGN: justify; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif">
Inventory is primarily composed of raw materials and packing
materials for manufacturing, work in process, and finished goods.
Inventories are valued at the lower of cost or market with cost
determined on a weighted average basis. Management compares the
cost of inventory with the market value and an allowance is made
for writing down the inventory to its market value, if lower than
cost.</p>
<p style="MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif">
 </p>
<p style="TEXT-ALIGN: justify; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif">
<i><u>Property and equipment</u></i></p>
<p style="MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif">
 </p>
<p style="TEXT-ALIGN: justify; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif">
Property and equipment are stated at cost. The cost of an asset
comprises its purchase price and any directly attributable costs of
bringing the asset to its present working condition and locations
for its intended use. Depreciation is calculated using the
straight-like method over the following useful lives:</p>
<p style="MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif">
 </p>
<table style="WIDTH: 100%; BORDER-COLLAPSE: collapse; FONT: 10pt Times New Roman, Times, Serif" cellspacing="0" cellpadding="0">
<tr style="VERTICAL-ALIGN: top">
<td style="WIDTH: 35%">Buildings</td>
<td style="WIDTH: 65%">30-35 years</td>
</tr>
<tr style="VERTICAL-ALIGN: top">
<td> </td>
<td> </td>
</tr>
<tr style="VERTICAL-ALIGN: top">
<td>Machinery, equipment and automobiles</td>
<td>7-15 years</td>
</tr>
</table>
<p style="MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif">
 </p>
<p style="TEXT-ALIGN: justify; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif">
Expenditures for maintenance and repairs are charged to expense as
incurred. Additions, renewals and betterments are capitalized.</p>
<p style="MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif">
 </p>
<p style="TEXT-ALIGN: justify; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif">
<i><u>Intangible Assets</u></i></p>
<p style="MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif">
 </p>
<table style="WIDTH: 100%; BORDER-COLLAPSE: collapse; FONT: 10pt Times New Roman, Times, Serif" cellspacing="0" cellpadding="0">
<tr style="VERTICAL-ALIGN: top">
<td style="WIDTH: 3%"> </td>
<td style="FONT-STYLE: italic; WIDTH: 4%; FONT-WEIGHT: bold">
<b><i>(i)</i></b></td>
<td style="FONT-STYLE: italic; WIDTH: 93%; FONT-WEIGHT: bold">
<b><i>Land Use Rights:</i></b></td>
</tr>
</table>
<p style="MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif">
 </p>
<p style="TEXT-ALIGN: justify; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif">
All land in the PRC is owned by the government and cannot be sold
to any individual or company.  However, the government
may grant a “land use right” for occupying, developing
and using land. The Company records land use rights obtained as
intangible assets at cost, which is amortized evenly over the grant
period of 50 years.</p>
<p style="MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif">
 </p>
<table style="WIDTH: 100%; BORDER-COLLAPSE: collapse; FONT: 10pt Times New Roman, Times, Serif" cellspacing="0" cellpadding="0">
<tr style="VERTICAL-ALIGN: top">
<td style="WIDTH: 3%"> </td>
<td style="FONT-STYLE: italic; WIDTH: 4%; FONT-WEIGHT: bold">
<b><i>(ii)</i></b></td>
<td style="FONT-STYLE: italic; WIDTH: 93%; FONT-WEIGHT: bold">
<b><i>Patents:</i></b></td>
</tr>
</table>
<p style="MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif">
 </p>
<p style="TEXT-ALIGN: justify; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif">
In March 2010, the Company purchased one patent from Shandong YCT
Corp.  The patent is the Company’s exclusive right
to use an aglycone type and purification method of
biotransformation in the gingko product manufacturing process for a
period of 20 years from the patent application date.  The
patent was recorded at cost when purchased, and is being amortized
over the shorter of its remaining legal life, 16.5 years, or its
useful life, on a straight-line basis.</p>
<p style="MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif">
 </p>
<p style="TEXT-ALIGN: justify; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif">
On February 28, 2011, the Company acquired U.S. patent No.
6,475,531 B1 titled “Safe Botanical Drug for Treatment and
Prevention of Influenza and Increasing Immune Function”)
through a purchase agreement with L.Y. Research Corp., a New Jersey
Corporation.</p>
<p style="MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif">
 </p>
<p style="TEXT-ALIGN: justify; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif">
According to the purchase agreement between the Company and L.Y.
Hong Kong Biotech Limited (LYHK), CYIG acquires the patent for a
consideration of issuing total 44,254,952 shares of CYIG common
stock. The total value of the consideration on the acquisition date
is $32,748,665 which is calculated by the total issuing shares,
multiplying CYIG’s quoted stock price $0.74 per share on
February 28, 2011. The patent is amortized straightly over the
patent’s remaining legal life of 9.9 years starting from
March 1, 2011.</p>
<p style="MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif">
 </p>
<p style="TEXT-ALIGN: justify; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif">
<i><u>Revenue recognition</u></i></p>
<p style="MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif">
 </p>
<p style="TEXT-ALIGN: justify; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif">
The Company’s revenue recognition policies are in compliance
with Staff Accounting Bulletin (“SAB”) 104, included in
the Codification as ASC 605, Revenue Recognition. Sales revenue is
recognized at the date of shipment to customers when a formal
arrangement exists, the price is fixed or determinable, the
delivery is completed, no other significant obligations of the
Company exist and collectability is reasonably assured. Payments
received before all of the relevant criteria for revenue
recognition are recorded as customer deposits.</p>
<p style="MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif">
 </p>
<p style="TEXT-ALIGN: justify; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif">
<i><u>Unearned revenue</u></i></p>
<p style="MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif">
 </p>
<p style="TEXT-ALIGN: justify; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif">
Revenue from the sale of goods or services is recognized at the
time that goods are delivered or services are rendered. Receipts in
advance for goods to be delivered or services to be rendered in a
subsequent period are carried forward as unearned revenue.</p>
<p style="MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif">
 </p>
<p style="TEXT-ALIGN: justify; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif">
<i><u>Impairment of long-lived assets</u></i></p>
<p style="MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif">
 </p>
<p style="TEXT-ALIGN: justify; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif">
The Company reviews its long-lived assets for impairment whenever
events or changes in circumstances indicate that the carrying
amount of an asset may no longer be recoverable. An impairment
loss, measured based on the fair value of the asset, is recognized
if expected future undiscounted cash flows are less than the
carrying amount of the assets.</p>
<p style="MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif">
 </p>
<p style="TEXT-ALIGN: justify; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif">
<i><u>Value-added tax</u></i></p>
<p style="MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif">
 </p>
<p style="TEXT-ALIGN: justify; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif">
Sales revenue represents the invoiced value of goods, net of a
Value-Added Tax (“VAT”). All of the Company’s
products that are sold in the PRC are subject to a Chinese
value-added tax at a rate of 17% of the gross sales price. This VAT
may be offset by VAT paid by the Company on raw materials and other
materials included in the cost of producing their finished
product.</p>
<p style="MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif">
 </p>
<p style="TEXT-ALIGN: justify; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif">
The Company recorded net VAT Payable in amount of $85,160 and
$465,811 as of June 30, 2011 and March 30, 2011, respectively.</p>
<p style="MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif">
 </p>
<p style="TEXT-ALIGN: justify; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif">
<i><u>Research and development</u></i></p>
<p style="MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif">
 </p>
<p style="TEXT-ALIGN: justify; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif">
Research and development costs are related primarily to the
Company’s developing its intellectual property. Research and
development costs are expensed as incurred. The costs of material
and equipment that are acquired or constructed for research and
development activities and have alternative future uses are
classified as plant and equipment and depreciated over their
estimated useful lives.</p>
<p style="TEXT-ALIGN: justify; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif">
 </p>
<p style="TEXT-ALIGN: justify; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif">
The research and development expense for the three months ended
June 30, 2011 and 2010 was $193,518 and $60,338, respectively.</p>
<p style="MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif">
 </p>
<p style="TEXT-ALIGN: justify; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif">
<i><u>Advertising costs</u></i></p>
<p style="MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif">
 </p>
<p style="TEXT-ALIGN: justify; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif">
Advertising costs for newspaper and television are expensed as
incurred.  The Company incurred advertising costs of
$76,910 and nil for the three months ended June, 2011 and 2010,
respectively.</p>
<p style="MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif">
 </p>
<p style="TEXT-ALIGN: justify; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif">
<i><u>Mailing and handling costs</u></i></p>
<p style="MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif">
 </p>
<p style="TEXT-ALIGN: justify; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif">
The Company accounts for mailing and handling fees in accordance
with the FASB ASC 605-45 (Emerging Issues Task Force (EITF) Issue
No. 00-10, Accounting for Shipping and Handling Fees and Costs).
The Company includes shipping and handling fees billed to customers
in net revenues. Amounts incurred by the Company for freight are
included in cost of goods sold. For the three months ended June 30,
2011 and 2010, the Company incurred $390,010 and $247,031 mailing
and handling costs, respectively.</p>
<p style="MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif">
 </p>
<p style="TEXT-ALIGN: justify; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif">
<i><u>Net income (loss) per share (“EPS”)</u></i></p>
<p style="MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif">
 </p>
<p style="TEXT-ALIGN: justify; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif">
Basic EPS excludes dilution and is computed by dividing net income
(loss) attributable to common stockholders by the weighted average
number of common shares outstanding for the period. Diluted EPS
reflects the potential dilution that could occur if securities or
other contracts to issue common stock (convertible preferred stock,
forward contracts, warrants to purchase common stock, contingently
issuable shares, common stock options and warrants and their
equivalents using the treasury stock method) were exercised or
converted into common stock. There are 31,610,679 and nil common
stock equivalents available for dilution purposes as of June 30,
2011 and 2010, respectively.</p>
<p style="MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif">
 </p>
<p style="TEXT-ALIGN: justify; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif">
<i><u>Risks and uncertainties</u></i></p>
<p style="MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif">
 </p>
<p style="TEXT-ALIGN: justify; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif">
The Company’s operations are carried out in the PRC.
Accordingly, the Company’s business, financial condition and
results of operations may be influenced by the political, economic
and legal environments in the PRC, and by the general state of the
PRC’s economy. The Company’s operations in the PRC are
subject to specific considerations and significant risks not
typically associated with companies in the North America and
Western Europe. These include risks associated with, among others,
the political, economic and legal environments and foreign currency
exchange. The Company’s results may be adversely affected by
changes in governmental policies with respect to laws and
regulations, anti-inflationary measures, currency conversion and
remittance abroad, and rates and methods of taxation, among other
things.</p>
<p style="TEXT-ALIGN: justify; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif">
 </p>
<p style="TEXT-ALIGN: justify; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif">
<i><u>Fair Value of Financial Instruments</u></i></p>
<p style="MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif">
 </p>
<p style="TEXT-ALIGN: justify; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif">
For certain of the Company’s financial instruments, including
cash and cash equivalents, restricted cash, accounts receivable,
accounts payable, accrued liabilities and short-term debt, the
carrying amounts approximate their fair values due to their short
maturities.</p>
<p style="MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif">
 </p>
<p style="TEXT-ALIGN: justify; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif">
As of June 30, 2011, the Company did not identify any financial
instruments that are required to be presented on the balance sheet
at fair value other than those whose carrying amounts approximate
fair value due to their short maturities.</p>
<p style="MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif">
 </p>
<p style="TEXT-ALIGN: justify; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif">
<i><u>Foreign currency translation</u></i></p>
<p style="MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif">
 </p>
<p style="TEXT-ALIGN: justify; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif">
The accounts of the Company’s Chinese subsidiary are
maintained in the RMB and the accounts of the U.S. parent company
are maintained in the USD. The accounts of the Chinese subsidiary
were translated into USD in accordance with Accounting Standards
Codification (“ASC”) Topic 830 “Foreign Currency
Matters,” with the RMB as the functional currency for the
Chinese subsidiary. According to Topic 830, all assets and
liabilities were translated at the exchange rate on the balance
sheet date; stockholders’ equity is translated at historical
rates and statement of income items are translated at the weighted
average exchange rate for the period. The resulting translation
adjustments are reported under other comprehensive income in
accordance with ASC Topic 220, “Comprehensive Income.”
Gains and losses resulting from the translations of foreign
currency transactions and balances are reflected in the statements
of income.</p>
<p style="MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif">
 </p>
<p style="TEXT-ALIGN: justify; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif">
Translation adjustments resulting from this process amounted to
$417,275 and $144,853 for the three months ended June 30, 2011
and 2010, respectively.</p>
<p style="MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif">
 </p>
<p style="TEXT-ALIGN: justify; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif">
The following exchange rates were adopted to translate the amounts
from RMB into United States dollars (“USD$”) for the
respective periods:</p>
<p style="MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif">
 </p>
<table style="WIDTH: 80%; BORDER-COLLAPSE: collapse; FONT: 10pt Times New Roman, Times, Serif" cellspacing="0" cellpadding="0">
<tr style="VERTICAL-ALIGN: bottom">
<td nowrap="nowrap"> </td>
<td style="PADDING-BOTTOM: 1pt" nowrap="nowrap"> </td>
<td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: center" colspan="2" nowrap="nowrap">June 30,<br />
2011</td>
<td style="PADDING-BOTTOM: 1pt" nowrap="nowrap"> </td>
<td style="PADDING-BOTTOM: 1pt" nowrap="nowrap"> </td>
<td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: center" colspan="2" nowrap="nowrap">March 31,<br />
2011</td>
<td style="PADDING-BOTTOM: 1pt" nowrap="nowrap"> </td>
<td style="PADDING-BOTTOM: 1pt" nowrap="nowrap"> </td>
<td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: center" colspan="2" nowrap="nowrap">June 30,<br />
2010</td>
<td style="PADDING-BOTTOM: 1pt" nowrap="nowrap"> </td>
</tr>
<tr style="BACKGROUND-COLOR: rgb(204,255,204); VERTICAL-ALIGN: bottom">
<td style="TEXT-ALIGN: left; WIDTH: 61%">Three Months End RMB
Exchange Rate (RMB/USD$)</td>
<td style="WIDTH: 1%"> </td>
<td style="TEXT-ALIGN: left; WIDTH: 1%"> </td>
<td style="TEXT-ALIGN: right; WIDTH: 10%">6.4716</td>
<td style="TEXT-ALIGN: left; WIDTH: 1%"> </td>
<td style="WIDTH: 1%"> </td>
<td style="TEXT-ALIGN: left; WIDTH: 1%"> </td>
<td style="TEXT-ALIGN: right; WIDTH: 10%">6.5564</td>
<td style="TEXT-ALIGN: left; WIDTH: 1%"> </td>
<td style="WIDTH: 1%"> </td>
<td style="TEXT-ALIGN: left; WIDTH: 1%"> </td>
<td style="TEXT-ALIGN: right; WIDTH: 10%">6.7909</td>
<td style="TEXT-ALIGN: left; WIDTH: 1%"> </td>
</tr>
<tr style="BACKGROUND-COLOR: white; VERTICAL-ALIGN: bottom">
<td>Average Period RMB Exchange Rate (RMB/USD$)</td>
<td> </td>
<td style="TEXT-ALIGN: left"> </td>
<td style="TEXT-ALIGN: right">6.5011</td>
<td style="TEXT-ALIGN: left"> </td>
<td> </td>
<td style="TEXT-ALIGN: left"> </td>
<td style="TEXT-ALIGN: right">6.7111</td>
<td style="TEXT-ALIGN: left"> </td>
<td> </td>
<td style="TEXT-ALIGN: left"> </td>
<td style="TEXT-ALIGN: right">6.8235</td>
<td style="TEXT-ALIGN: left"> </td>
</tr>
</table>
<p style="TEXT-ALIGN: justify; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif">
 </p>
<p style="TEXT-ALIGN: justify; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif">
<i><u>Recent accounting pronouncements</u></i></p>
<p style="MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif">
 </p>
<p style="TEXT-ALIGN: justify; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif">
In April 2010, the FASB issued FSP FAS 107-1 and APB 28-1,
<i>Interim Disclosures about Fair Value of Financial
Instruments.</i> This FSP amends SFAS No. 107, <i>Disclosures about
Fair Value of Financial Instruments,</i> to require an entity to
provide disclosures about the fair value of financial instruments
in interim financial information. This FSP also amends Accounting
Principles Board Opinion No. 28, <i>Interim Financial
Reporting,</i> to require those disclosures in summarized financial
information at interim reporting periods. FSP FAS 107-1 and APB
28-1 are effective for interim periods ending after June 15, 2009,
with early adoption permitted for periods ending after March 15,
2009.  Effective April 1, 2009, the Company adopted
this pronouncement.  The adoption of this pronouncement
did not have any significant impact on the Company’s
financial condition or results of operations.</p>
<p style="MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif">
 </p>
<p style="TEXT-ALIGN: justify; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif">
In January 2010, the FASB issued authoritative guidance to
improve disclosures about fair value measurements. This guidance
amends previous guidance on fair value measurements to add new
requirements for disclosures about transfers into and out of Levels
1 and 2 and separate disclosures about purchases, sales, issuances,
and settlements relating to Level 3 measurement on a gross basis
rather than on a net basis as currently required. This guidance
also clarifies existing fair value disclosures about the level of
disaggregation and about inputs and valuation techniques used to
measure fair value. This guidance is effective for annual and
interim periods beginning after December 15, 2009, except for
the requirement to provide the Level 3 activities of purchases,
sales, issuances, and settlements on a gross basis, which will be
effective for annual and interim periods beginning after
December 15, 2010. Early application is permitted and, in the
period of initial adoption, entities are not required to provide
the amended disclosures for any previous periods presented for
comparative purposes. The Company does not expect the adoption of
this pronouncement to have a significant impact on its financial
condition or results of operations.</p>
</div>
9953092
68215
3582345
1936972
417275
-10030688
1158537
1653427
1648203
1236152
193518
1179552
-646397
-41
0
77596
<div style="font: 10pt Times New Roman, Times, Serif">
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">
<b>NOTE 1 - ORGANIZATION AND PRINCIPAL ACTIVITIES</b></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">
 </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">
China YCT International Group, Inc. (“China YCT”) was
incorporated in the State of Florida, in the United States (the
“US”) in January 1989, and reincorporated in the State
of Delaware on April 4, 2007.  China YCT principally
operates through the following directly owned subsidiaries: Landway
Nano Bio-Tech, Inc. (100% owned), incorporated in Delaware, in the
United States, and Shandong Spring Pharmaceutical Co., Ltd.
(“Shandong Spring”), (100% owned), incorporated in the
People’s Republic of China (“PRC”). China YCT
International Group, Inc. and its subsidiaries are collectively
referred to as the “Company.”</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">
 </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">
China YCT, through its wholly owned subsidiary, Shandong Spring, is
engaged in the business of developing, manufacturing and marketing
its own medicine from gingko extract, and other dietary supplement
products in the P.R. China.</p>
</div>
2050602
7944264
1580029
209871
<div style="font: 10pt Times New Roman, Times, Serif">
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">
<b>NOTE 5 - INVENTORY</b></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">
 </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">
Inventory consists of finished goods, work-in-process, and raw
materials. No allowance for inventory was made for the three months
ended June 30, 2011 and 2010.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">
 </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">
</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">
The components of inventories as of June 30, 2011 and March 31,
2011 were as follows:</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">
 </p>
<table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
<tr style="vertical-align: bottom">
<td> </td>
<td style="font-weight: bold; padding-bottom: 1pt"> </td>
<td colspan="6" nowrap="nowrap" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">
Period Ended</td>
<td nowrap="nowrap" style="padding-bottom: 1pt; font-weight: bold">
 </td>
</tr>
<tr style="vertical-align: bottom">
<td nowrap="nowrap"> </td>
<td nowrap="nowrap" style="font-weight: bold; padding-bottom: 1pt">
 </td>
<td colspan="2" nowrap="nowrap" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">
June 30, 2011</td>
<td nowrap="nowrap" style="padding-bottom: 1pt; font-weight: bold">
 </td>
<td nowrap="nowrap" style="font-weight: bold; padding-bottom: 1pt">
 </td>
<td colspan="2" nowrap="nowrap" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">
March 31, 2011</td>
<td style="padding-bottom: 1pt; font-weight: bold"> </td>
</tr>
<tr style="vertical-align: bottom; background-color: rgb(204,255,204)">
<td style="width: 74%; text-align: left">Raw materials</td>
<td style="width: 1%"> </td>
<td style="width: 1%; text-align: left">$</td>
<td style="width: 10%; text-align: right"><b>854,854</b></td>
<td style="width: 1%; text-align: left"> </td>
<td style="width: 1%; font-weight: bold"> </td>
<td style="width: 1%; font-weight: bold; text-align: left">$</td>
<td style="width: 10%; font-weight: bold; text-align: right">
8,699</td>
<td style="width: 1%; font-weight: bold; text-align: left">
 </td>
</tr>
<tr style="vertical-align: bottom; background-color: White">
<td>Work-in-progress</td>
<td style="font-weight: bold"> </td>
<td style="font-weight: bold; text-align: left"> </td>
<td style="font-weight: bold; text-align: right">212,846</td>
<td style="font-weight: bold; text-align: left"> </td>
<td style="font-weight: bold"> </td>
<td style="font-weight: bold; text-align: left"> </td>
<td style="font-weight: bold; text-align: right">27,225</td>
<td style="font-weight: bold; text-align: left"> </td>
</tr>
<tr style="vertical-align: bottom; background-color: rgb(204,255,204)">
<td style="text-align: left">Finished goods</td>
<td style="font-weight: bold"> </td>
<td style="font-weight: bold; text-align: left"> </td>
<td style="font-weight: bold; text-align: right">567,550</td>
<td style="font-weight: bold; text-align: left"> </td>
<td style="font-weight: bold"> </td>
<td style="font-weight: bold; text-align: left"> </td>
<td style="font-weight: bold; text-align: right">23,259</td>
<td style="font-weight: bold; text-align: left"> </td>
</tr>
<tr style="vertical-align: bottom; background-color: White">
<td style="font-weight: bold; text-align: left">Total
Inventories</td>
<td> </td>
<td style="text-align: left">$</td>
<td style="text-align: right">1,635,250</td>
<td style="text-align: left"> </td>
<td> </td>
<td style="text-align: left">$</td>
<td style="text-align: right">59,183</td>
<td style="text-align: left"> </td>
</tr>
</table>
</div>
<div style="font: 10pt Times New Roman, Times, Serif">
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">
<b>NOTE 6 – PLANT, PROPERTY AND EQUIPMENT, NET</b></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">
 </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">
The components of property and equipment as of June 30, 2011 and
March 31, 2011 were as follows:</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">
 </p>
<table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 80%; font: 10pt Times New Roman, Times, Serif">
<tr style="vertical-align: bottom">
<td> </td>
<td style="font-weight: bold"> </td>
<td colspan="6" nowrap="nowrap" style="font-weight: bold; text-align: center">Period Ended</td>
<td nowrap="nowrap" style="font-weight: bold"> </td>
</tr>
<tr style="vertical-align: bottom">
<td nowrap="nowrap"> </td>
<td nowrap="nowrap" style="font-weight: bold"> </td>
<td colspan="2" nowrap="nowrap" style="font-weight: bold; text-align: center">
June 30, 2011</td>
<td nowrap="nowrap" style="font-weight: bold"> </td>
<td nowrap="nowrap" style="font-weight: bold"> </td>
<td colspan="2" nowrap="nowrap" style="font-weight: bold; text-align: center">March 31, 2011</td>
<td style="font-weight: bold"> </td>
</tr>
<tr style="vertical-align: bottom; background-color: rgb(204,255,204)">
<td style="width: 64%; font-weight: bold; text-align: left">
Machinery & Equipment</td>
<td style="width: 1%; font-weight: bold"> </td>
<td style="width: 1%; font-weight: bold; text-align: left">$</td>
<td style="width: 15%; font-weight: bold; text-align: right">
512,191</td>
<td style="width: 1%; font-weight: bold; text-align: left">
 </td>
<td style="width: 1%; font-weight: bold"> </td>
<td style="width: 1%; font-weight: bold; text-align: left">$</td>
<td style="width: 15%; font-weight: bold; text-align: right">
516,935</td>
<td style="width: 1%; font-weight: bold; text-align: left">
 </td>
</tr>
<tr style="vertical-align: bottom; background-color: White">
<td style="font-weight: bold; text-align: left">Furniture &
Fixture</td>
<td style="font-weight: bold"> </td>
<td style="font-weight: bold; text-align: left"> </td>
<td style="font-weight: bold; text-align: right">129,405</td>
<td style="font-weight: bold; text-align: left"> </td>
<td style="font-weight: bold"> </td>
<td style="font-weight: bold; text-align: left"> </td>
<td style="font-weight: bold; text-align: right">96,156</td>
<td style="font-weight: bold; text-align: left"> </td>
</tr>
<tr style="vertical-align: bottom; background-color: rgb(204,255,204)">
<td style="font-weight: bold; padding-bottom: 1pt">Building</td>
<td style="font-weight: bold; padding-bottom: 1pt"> </td>
<td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">
 </td>
<td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">
9,632,593</td>
<td style="padding-bottom: 1pt; font-weight: bold; text-align: left">
 </td>
<td style="font-weight: bold; padding-bottom: 1pt"> </td>
<td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">
 </td>
<td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">
9,685,212</td>
<td style="padding-bottom: 1pt; font-weight: bold; text-align: left">
 </td>
</tr>
<tr style="vertical-align: bottom; background-color: White">
<td style="font-weight: bold">Subtotal</td>
<td style="font-weight: bold"> </td>
<td style="font-weight: bold; text-align: left"> </td>
<td style="font-weight: bold; text-align: right">10,474,188</td>
<td style="font-weight: bold; text-align: left"> </td>
<td style="font-weight: bold"> </td>
<td style="font-weight: bold; text-align: left"> </td>
<td style="font-weight: bold; text-align: right">10,298,303</td>
<td style="font-weight: bold; text-align: left"> </td>
</tr>
<tr style="vertical-align: bottom; background-color: rgb(204,255,204)">
<td style="font-weight: bold; text-align: left; padding-bottom: 1pt">Less:
Accumulated Depreciation</td>
<td style="font-weight: bold; padding-bottom: 1pt"> </td>
<td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">
 </td>
<td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">
(796, 399</td>
<td style="padding-bottom: 1pt; font-weight: bold; text-align: left">
)<b> </b></td>
<td style="font-weight: bold; padding-bottom: 1pt"> </td>
<td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">
 </td>
<td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">
(668,745</td>
<td style="padding-bottom: 1pt; font-weight: bold; text-align: left">)</td>
</tr>
<tr style="vertical-align: bottom; background-color: White">
<td style="font-weight: bold; text-align: left; padding-bottom: 2.5pt; padding-left: 9pt">
Total plant, property and equipment, net</td>
<td style="font-weight: bold; padding-bottom: 2.5pt"> </td>
<td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left">
$</td>
<td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right">
9,677,789</td>
<td style="padding-bottom: 2.5pt; font-weight: bold; text-align: left">
 </td>
<td style="font-weight: bold; padding-bottom: 2.5pt"> </td>
<td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left">
$</td>
<td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right">
9,629,558</td>
<td style="padding-bottom: 2.5pt; font-weight: bold; text-align: left">
 </td>
</tr>
</table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">
 </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">
The depreciation expense for the three months ended June 30, 2011
and 2010 was $127,654 and $54,456, respectively.</p>
</div>
412051
10269655
-841973
<div style="font: 10pt Times New Roman, Times, Serif">
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">
<b>NOTE 11 - INCOME TAXES</b></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">
 </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">
Shandong Spring Pharmaceutical Co., Ltd is subject to the
Enterprise income tax (“EIT”) at a statutory rate of
25%.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">
 </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">
For the quarters ended June 30, 2011 and 2010, Shandong Spring
Pharmaceutical Co., Ltd. recorded income tax provisions of $412,051
and $459,533, respectively.</p>
</div>
81
1576067
2781890
<div style="font: 10pt Times New Roman, Times, Serif">
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">
<b>NOTE 8 - MAJOR CUSTOMER AND VENDOR</b></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">
 </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">
In the three months ended June 30, 2011, the Company mainly sells
products to individual retail customers through eight major
distributors.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">
 </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">
For the three months ended June 30, 2011, the purchase from the two
major vendors was $4,774,381, representing 83% of the
Company’s total purchase for the quarter.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">
 </p>
<table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 80%; font: 10pt Times New Roman, Times, Serif">
<tr style="vertical-align: bottom; background-color: rgb(204,255,204)">
<td style="width: 87%; font-weight: bold; text-align: left">
Shandong Kangyuan</td>
<td style="width: 1%; font-weight: bold"> </td>
<td style="width: 1%; font-weight: bold; text-align: left">
 </td>
<td style="width: 10%; font-weight: bold; text-align: right">
3,329,167</td>
<td style="width: 1%; font-weight: bold; text-align: left">
 </td>
</tr>
<tr style="vertical-align: bottom; background-color: White">
<td style="font-weight: bold; text-align: left">Shandong YCT</td>
<td style="font-weight: bold"> </td>
<td style="font-weight: bold; text-align: left"> </td>
<td style="font-weight: bold; text-align: right">1,445,213</td>
<td style="font-weight: bold; text-align: left"> </td>
</tr>
<tr style="vertical-align: bottom; background-color: rgb(204,255,204)">
<td><b>Total</b>  </td>
<td> </td>
<td style="text-align: left">$</td>
<td style="text-align: right">4,774,381</td>
<td style="text-align: left"> </td>
</tr>
</table>
</div>
<div style="font: 10pt Times New Roman, Times, Serif">
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">
<b>NOTE 9 - INTANGIBLE ASSETS, NET</b></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">
 </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">
The intangible assets of the Company consist of land use right and
purchased patents.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">
 </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">
Net land use right and purchased patents were as follows:</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">
 </p>
<table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 80%; font: 10pt Times New Roman, Times, Serif">
<tr style="vertical-align: bottom">
<td> </td>
<td> </td>
<td> </td>
<td>Amortization</td>
<td> </td>
<td> </td>
<td colspan="6" style="text-align: center">As of</td>
<td> </td>
</tr>
<tr style="vertical-align: bottom">
<td> </td>
<td> </td>
<td> </td>
<td>Period</td>
<td> </td>
<td> </td>
<td colspan="2" style="text-align: center">
June 30, 2011</td>
<td> </td>
<td> </td>
<td colspan="2" style="text-align: center">March 31,<br />
2011</td>
<td> </td>
</tr>
<tr style="vertical-align: bottom">
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td colspan="2" style="text-align: center">(Restated)</td>
<td> </td>
<td> </td>
<td colspan="2" style="text-align: center">(Restated)</td>
<td> </td>
</tr>
<tr style="vertical-align: bottom; background-color: rgb(204,255,204)">
<td style="width: 45%; font-weight: bold; text-align: left">Land
use right</td>
<td style="width: 1%; font-weight: bold"> </td>
<td style="width: 1%; font-weight: bold; text-align: left">
 </td>
<td style="width: 26%; font-weight: bold; text-align: left"><b>50
years</b></td>
<td style="width: 1%; font-weight: bold; text-align: left">
 </td>
<td style="width: 1%; font-weight: bold"> </td>
<td style="width: 1%; font-weight: bold; text-align: left">
 </td>
<td style="width: 10%; font-weight: bold; text-align: right">
1,547,801</td>
<td style="width: 1%; font-weight: bold; text-align: left">
 </td>
<td style="width: 1%; font-weight: bold"> </td>
<td style="width: 1%; font-weight: bold; text-align: left">
 </td>
<td style="width: 10%; font-weight: bold; text-align: right">
1,547,801</td>
<td style="width: 1%; font-weight: bold; text-align: left">
 </td>
</tr>
<tr style="vertical-align: bottom; background-color: White">
<td style="font-weight: bold; text-align: left; padding-bottom: 1pt">Less:
Accumulated amortization</td>
<td style="padding-bottom: 1pt"> </td>
<td style="padding-bottom: 1pt; text-align: left"> </td>
<td style="padding-bottom: 1pt; text-align: right"> </td>
<td style="padding-bottom: 1pt; text-align: left"> </td>
<td style="font-weight: bold; padding-bottom: 1pt"> </td>
<td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">
 </td>
<td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">
(149,626</td>
<td style="padding-bottom: 1pt; font-weight: bold; text-align: left">)</td>
<td style="font-weight: bold; padding-bottom: 1pt"> </td>
<td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">
 </td>
<td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">
(139,821</td>
<td style="padding-bottom: 1pt; font-weight: bold; text-align: left">)</td>
</tr>
<tr style="vertical-align: bottom; background-color: rgb(204,255,204)">
<td style="font-weight: bold; text-align: left; padding-bottom: 2.5pt">Land
use right, net</td>
<td style="padding-bottom: 2.5pt"> </td>
<td style="padding-bottom: 2.5pt; text-align: left"> </td>
<td style="padding-bottom: 2.5pt; text-align: right"> </td>
<td style="padding-bottom: 2.5pt; text-align: left"> </td>
<td style="font-weight: bold; padding-bottom: 2.5pt"> </td>
<td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left">
 </td>
<td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right">
1,398,175</td>
<td style="padding-bottom: 2.5pt; font-weight: bold; text-align: left">
 </td>
<td style="font-weight: bold; padding-bottom: 2.5pt"> </td>
<td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left">
 </td>
<td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right">
1,407,980</td>
<td style="padding-bottom: 2.5pt; font-weight: bold; text-align: left">
 </td>
</tr>
<tr style="vertical-align: bottom; background-color: White">
<td style="font-weight: bold">Patent 1</td>
<td style="font-weight: bold"> </td>
<td style="font-weight: bold; text-align: left"> </td>
<td style="font-weight: bold; text-align: left"><b>16.5
years</b></td>
<td style="font-weight: bold; text-align: left"> </td>
<td style="font-weight: bold"> </td>
<td style="font-weight: bold; text-align: left"> </td>
<td style="font-weight: bold; text-align: right">7,016,042</td>
<td style="font-weight: bold; text-align: left"> </td>
<td style="font-weight: bold"> </td>
<td style="font-weight: bold; text-align: left"> </td>
<td style="font-weight: bold; text-align: right">7,016,045</td>
<td style="font-weight: bold; text-align: left"> </td>
</tr>
<tr style="vertical-align: bottom; background-color: rgb(204,255,204)">
<td style="font-weight: bold; text-align: left">Patent (U.S. No.
6,475,531 B1)</td>
<td style="font-weight: bold"> </td>
<td style="font-weight: bold; text-align: left"> </td>
<td style="font-weight: bold; text-align: left"><b>119
months</b></td>
<td style="font-weight: bold; text-align: left"> </td>
<td style="font-weight: bold"> </td>
<td style="font-weight: bold; text-align: left"> </td>
<td style="font-weight: bold; text-align: right">32,748,665</td>
<td style="font-weight: bold; text-align: left"> </td>
<td style="font-weight: bold"> </td>
<td style="font-weight: bold; text-align: left"> </td>
<td style="font-weight: bold; text-align: right">32,748,665</td>
<td style="font-weight: bold; text-align: left"> </td>
</tr>
<tr style="vertical-align: bottom; background-color: White">
<td style="font-weight: bold; text-align: left; padding-bottom: 1pt">Less:
Accumulated amortization</td>
<td style="padding-bottom: 1pt"> </td>
<td style="padding-bottom: 1pt; text-align: left"> </td>
<td style="padding-bottom: 1pt; text-align: right"> </td>
<td style="padding-bottom: 1pt; text-align: left"> </td>
<td style="font-weight: bold; padding-bottom: 1pt"> </td>
<td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">
 </td>
<td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">
(1,787,557</td>
<td style="padding-bottom: 1pt; font-weight: bold; text-align: left">)</td>
<td style="font-weight: bold; padding-bottom: 1pt"> </td>
<td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">
 </td>
<td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">
(612,674</td>
<td style="padding-bottom: 1pt; font-weight: bold; text-align: left">)</td>
</tr>
<tr style="vertical-align: bottom; background-color: rgb(204,255,204)">
<td style="font-weight: bold; text-align: left; padding-bottom: 2.5pt">
Patents, net</td>
<td style="padding-bottom: 2.5pt"> </td>
<td style="padding-bottom: 2.5pt; text-align: left"> </td>
<td style="padding-bottom: 2.5pt; text-align: right"> </td>
<td style="padding-bottom: 2.5pt; text-align: left"> </td>
<td style="font-weight: bold; padding-bottom: 2.5pt"> </td>
<td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left">
$</td>
<td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right">
37,977,150</td>
<td style="padding-bottom: 2.5pt; font-weight: bold; text-align: left">
 </td>
<td style="font-weight: bold; padding-bottom: 2.5pt"> </td>
<td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left">
$</td>
<td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right">
39,152,036</td>
<td style="padding-bottom: 2.5pt; font-weight: bold; text-align: left">
 </td>
</tr>
</table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">
 </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">
The amortization expense of land use right for the three months
ended June 30, 2011 and 2010 was $9,805 and $8,141,
respectively.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">
 </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">
The amortization expense of the patents for the three months ended
June 30, 2011 and 2010 was $1,174,887 and $84,819,
respectively.</p>
</div>
1408820
0.02
73780610
<div style="font: 10pt Times New Roman, Times, Serif">
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">
<b>NOTE 10 - TAX PAYABLE</b></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">
 </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">
Tax payable at June 30, 2011 and March 31, 2011 were as
follows:</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">
 </p>
<table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 80%; font: 10pt Times New Roman, Times, Serif">
<tr style="vertical-align: bottom">
<td> </td>
<td style="font-weight: bold"> </td>
<td colspan="6" nowrap="nowrap" style="font-weight: bold; text-align: center">As of</td>
<td nowrap="nowrap" style="font-weight: bold"> </td>
</tr>
<tr style="vertical-align: bottom">
<td nowrap="nowrap"> </td>
<td nowrap="nowrap" style="font-weight: bold; padding-bottom: 1pt">
 </td>
<td colspan="2" nowrap="nowrap" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">
June 31,<br />
2011</td>
<td nowrap="nowrap" style="padding-bottom: 1pt; font-weight: bold">
 </td>
<td nowrap="nowrap" style="font-weight: bold; padding-bottom: 1pt">
 </td>
<td colspan="2" nowrap="nowrap" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">
March 31,<br />
2011</td>
<td style="padding-bottom: 1pt; font-weight: bold"> </td>
</tr>
<tr style="vertical-align: bottom">
<td> </td>
<td> </td>
<td colspan="2" style="text-align: center"> (Restated)</td>
<td> </td>
<td> </td>
<td colspan="2" style="text-align: center"> (Restated)</td>
<td> </td>
</tr>
<tr style="vertical-align: bottom; background-color: rgb(204,255,204)">
<td style="width: 74%; font-weight: bold; text-align: left">
Corporate Income Tax</td>
<td style="width: 1%; font-weight: bold"> </td>
<td style="width: 1%; font-weight: bold; text-align: left">$</td>
<td style="width: 10%; font-weight: bold; text-align: right">
514,240</td>
<td style="width: 1%; font-weight: bold; text-align: left">
 </td>
<td style="width: 1%; font-weight: bold"> </td>
<td style="width: 1%; font-weight: bold; text-align: left">$</td>
<td style="width: 10%; font-weight: bold; text-align: right">
1,190,436</td>
<td style="width: 1%; font-weight: bold; text-align: left">
 </td>
</tr>
<tr style="vertical-align: bottom; background-color: White">
<td style="font-weight: bold">Value-Added Tax</td>
<td style="font-weight: bold"> </td>
<td style="font-weight: bold; text-align: left"> </td>
<td style="font-weight: bold; text-align: right">85,160</td>
<td style="font-weight: bold; text-align: left"> </td>
<td style="font-weight: bold"> </td>
<td style="font-weight: bold; text-align: left"> </td>
<td style="font-weight: bold; text-align: right">489,962</td>
<td style="font-weight: bold; text-align: left"> </td>
</tr>
<tr style="vertical-align: bottom; background-color: rgb(204,255,204)">
<td style="font-weight: bold; text-align: left; padding-bottom: 1pt">Other
Tax & Fees</td>
<td style="font-weight: bold; padding-bottom: 1pt"> </td>
<td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">
 </td>
<td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">
(2,009</td>
<td style="padding-bottom: 1pt; font-weight: bold; text-align: left">)</td>
<td style="font-weight: bold; padding-bottom: 1pt"> </td>
<td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">
 </td>
<td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">
3,546</td>
<td style="padding-bottom: 1pt; font-weight: bold; text-align: left">
 </td>
</tr>
<tr style="vertical-align: bottom; background-color: White">
<td> </td>
<td> </td>
<td style="text-align: left"> </td>
<td style="text-align: right"> </td>
<td style="text-align: left"> </td>
<td> </td>
<td style="text-align: left"> </td>
<td style="text-align: right"> </td>
<td style="text-align: left"> </td>
</tr>
<tr style="vertical-align: bottom; background-color: rgb(204,255,204)">
<td style="font-weight: bold; text-align: left; padding-bottom: 2.5pt">Total
Tax Payable</td>
<td style="font-weight: bold; padding-bottom: 2.5pt"> </td>
<td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left">
$</td>
<td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right">
597,391</td>
<td style="padding-bottom: 2.5pt; font-weight: bold; text-align: left">
 </td>
<td style="font-weight: bold; padding-bottom: 2.5pt"> </td>
<td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left">
$</td>
<td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right">
1,683,944</td>
<td style="padding-bottom: 2.5pt; font-weight: bold; text-align: left">
 </td>
</tr>
</table>
</div>
<div style="font: 10pt Times New Roman, Times, Serif">
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">
<b>NOTE 4 – PREPAID ACCOUNTS</b></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">
 </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">
The prepaid account in amount of $5,551,348 is a cash payment to a
Chinese research company for the acquisition of a
patent.  During the quarter ended June 30, 2011,
$10,050,910 prepayment was refunded by the owner of the patent due
to the incompletion of the required transferring paper
work.  When the Company obtains the title of the patent,
the rest of the payment will be made to the owner of the patent and
the prepayment will be reclassified to a patent.</p>
</div>
<div style="font: 10pt Times New Roman, Times, Serif">
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">
<b>NOTE 7 – CONSTRUCTION IN PROGRESS</b></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">
 </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">
Construction in progress represents direct costs of construction or
acquisition and design fees incurred for the Company’s new
plant and equipment. Capitalization of these costs ceases and the
construction in progress is transferred to plant and equipment when
substantially all the activities necessary to prepare the assets
for their intended use are completed. No depreciation is made until
construction is completed and put into use.</p>
</div>
-1236152
<div style="FONT: 10pt Times New Roman, Times, Serif">
<p style="MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"><b>NOTE
3 - RESTATEMENT OF FINANCIAL STATEMENTS</b></p>
<p style="MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif">
<b> </b></p>
<p style="MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif">On
<font style="COLOR: black">April 4, 2012</font>, the Audit
Committee of the Board of Directors, based on discussions with
management, concluded that the Company would restate its
consolidated financial statements for the quarter ended June 30,
2011 in conjuction with the restatement of the financial statements
for the year ended March 31, 2011 to correct the following
errors:</p>
<p style="MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif">
 </p>
<table style="MARGIN-TOP: 0pt; WIDTH: 100%; FONT: 10pt Times New Roman, Times, Serif; MARGIN-BOTTOM: 0pt" cellspacing="0" cellpadding="0">
<tr style="VERTICAL-ALIGN: top">
<td style="WIDTH: 0.25in"></td>
<td style="WIDTH: 0.25in"><font style="FONT-FAMILY: Symbol">·</font></td>
<td>On February 28, 2011, we acquired a US patent which was
accounted for as an acquisition of an asset. However, we recognized
as part of the patent’s value the contingent consideration in
the form of additional common stock that could be issued to the
seller of the patent. Therefore, we overstated the fair value of
the patent as recorded as the value for our intangible assets on
the balance sheets since the year ended March 31, 2011. As a
result, we adjusted the value of the intangible assets to reduce
the value of the intangible asset by $22,761,679 at June 30, 2011;
we made adjustment to reduce the contingent liability associated
with the unissued shares by $23,391,902 at June 30, 2011;</td>
</tr>
</table>
<p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt"> </p>
<p style="MARGIN: 0pt 0px 0pt 0.5in"></p>
<table style="MARGIN-TOP: 0pt; WIDTH: 100%; FONT: 10pt Times New Roman, Times, Serif; MARGIN-BOTTOM: 0pt" cellspacing="0" cellpadding="0">
<tr style="VERTICAL-ALIGN: top">
<td style="WIDTH: 0.25in"></td>
<td style="WIDTH: 0.25in"><font style="FONT-FAMILY: Symbol">·</font></td>
<td>We did not accrue the amortization expense for the acquired US
patent for the three month ended June 30, 2011 due to the
uncertainty about continuing the contract. Therefore, we made an
adjustment to increase by $825,597 the amortization expense and
accumulated amortization for the US patent based on its restated
value. We also made an adjustment to decrease by $157,256 the
income tax based on the restated net income.</td>
</tr>
</table>
<p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt"> </p>
<p style="MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"></p>
<p style="MARGIN: 0pt 0px">The effect of the adjustments on the
consolidated statement of operations for the three months ended
June 30, 2011 is to decrease net income attributable to common
shares by $619,198. The effect of the adjustments on net income per
common share from operations for the three months ended June 30,
2011 is a $0.01 decrease in net income per common share.</p>
<p style="MARGIN: 0pt 0px"> </p>
<p style="MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"></p>
<p style="MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"></p>
<p style="TEXT-ALIGN: center; MARGIN-TOP: 0pt; FONT: 10pt Times New Roman, Times, Serif; MARGIN-BOTTOM: 0pt">
<b>China YCT International Group, Inc.</b></p>
<p style="TEXT-ALIGN: center; MARGIN-TOP: 0pt; FONT: 10pt Times New Roman, Times, Serif; MARGIN-BOTTOM: 0pt">
<b>Consolidated Balance Sheet</b></p>
<p style="MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"></p>
<p style="MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif">
 </p>
<p style="MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"></p>
<table style="WIDTH: 100%; BORDER-COLLAPSE: collapse; FONT: 10pt Times New Roman, Times, Serif" cellspacing="0" cellpadding="0">
<tr style="VERTICAL-ALIGN: bottom">
<td style="FONT-SIZE: 10pt"> </td>
<td style="PADDING-BOTTOM: 1pt; FONT-SIZE: 10pt; FONT-WEIGHT: bold">
 </td>
<td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: center; FONT-SIZE: 10pt; FONT-WEIGHT: bold" colspan="10">June 30, 2011</td>
<td style="PADDING-BOTTOM: 1pt; FONT-SIZE: 10pt; FONT-WEIGHT: bold">
 </td>
</tr>
<tr style="VERTICAL-ALIGN: bottom">
<td style="PADDING-BOTTOM: 1pt; FONT-SIZE: 10pt"> </td>
<td style="PADDING-BOTTOM: 1pt; FONT-SIZE: 10pt; FONT-WEIGHT: bold">
 </td>
<td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: center; FONT-SIZE: 10pt; FONT-WEIGHT: bold" colspan="2">As Previously<br />
Reported</td>
<td style="PADDING-BOTTOM: 1pt; FONT-SIZE: 10pt; FONT-WEIGHT: bold">
 </td>
<td style="PADDING-BOTTOM: 1pt; FONT-SIZE: 10pt; FONT-WEIGHT: bold">
 </td>
<td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: center; FONT-SIZE: 10pt; FONT-WEIGHT: bold" colspan="2">Adjustments</td>
<td style="PADDING-BOTTOM: 1pt; FONT-SIZE: 10pt; FONT-WEIGHT: bold">
 </td>
<td style="PADDING-BOTTOM: 1pt; FONT-SIZE: 10pt; FONT-WEIGHT: bold">
 </td>
<td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: center; FONT-SIZE: 10pt; FONT-WEIGHT: bold" colspan="2">As Restated</td>
<td style="PADDING-BOTTOM: 1pt; FONT-SIZE: 10pt; FONT-WEIGHT: bold">
 </td>
</tr>
<tr style="BACKGROUND-COLOR: rgb(204,255,204); VERTICAL-ALIGN: bottom">
<td style="FONT-SIZE: 10pt; FONT-WEIGHT: bold">Assets</td>
<td style="FONT-SIZE: 10pt"> </td>
<td style="TEXT-ALIGN: left; FONT-SIZE: 10pt"> </td>
<td style="TEXT-ALIGN: right; FONT-SIZE: 10pt"> </td>
<td style="TEXT-ALIGN: left; FONT-SIZE: 10pt"> </td>
<td style="FONT-SIZE: 10pt"> </td>
<td style="TEXT-ALIGN: left; FONT-SIZE: 10pt"> </td>
<td style="TEXT-ALIGN: right; FONT-SIZE: 10pt"> </td>
<td style="TEXT-ALIGN: left; FONT-SIZE: 10pt"> </td>
<td style="FONT-SIZE: 10pt"> </td>
<td style="TEXT-ALIGN: left; FONT-SIZE: 10pt"> </td>
<td style="TEXT-ALIGN: right; FONT-SIZE: 10pt"> </td>
<td style="TEXT-ALIGN: left; FONT-SIZE: 10pt"> </td>
</tr>
<tr style="BACKGROUND-COLOR: white; VERTICAL-ALIGN: bottom">
<td style="TEXT-ALIGN: left; FONT-SIZE: 10pt; FONT-WEIGHT: bold">
Current assets:</td>
<td style="FONT-SIZE: 10pt"> </td>
<td style="TEXT-ALIGN: left; FONT-SIZE: 10pt"> </td>
<td style="TEXT-ALIGN: right; FONT-SIZE: 10pt"> </td>
<td style="TEXT-ALIGN: left; FONT-SIZE: 10pt"> </td>
<td style="FONT-SIZE: 10pt"> </td>
<td style="TEXT-ALIGN: left; FONT-SIZE: 10pt"> </td>
<td style="TEXT-ALIGN: right; FONT-SIZE: 10pt"> </td>
<td style="TEXT-ALIGN: left; FONT-SIZE: 10pt"> </td>
<td style="FONT-SIZE: 10pt"> </td>
<td style="TEXT-ALIGN: left; FONT-SIZE: 10pt"> </td>
<td style="TEXT-ALIGN: right; FONT-SIZE: 10pt"> </td>
<td style="TEXT-ALIGN: left; FONT-SIZE: 10pt"> </td>
</tr>
<tr style="BACKGROUND-COLOR: rgb(204,255,204); VERTICAL-ALIGN: bottom">
<td style="TEXT-ALIGN: left; TEXT-INDENT: 20pt; WIDTH: 58%; FONT-SIZE: 10pt">
Cash and cash equivalent</td>
<td style="WIDTH: 2%; FONT-SIZE: 10pt"> </td>
<td style="TEXT-ALIGN: left; WIDTH: 1%; FONT-SIZE: 10pt">$</td>
<td style="TEXT-ALIGN: right; WIDTH: 10%; FONT-SIZE: 10pt">
16,316,460</td>
<td style="TEXT-ALIGN: left; WIDTH: 1%; FONT-SIZE: 10pt">
 </td>
<td style="WIDTH: 2%; FONT-SIZE: 10pt"> </td>
<td style="TEXT-ALIGN: left; WIDTH: 1%; FONT-SIZE: 10pt">$</td>
<td style="TEXT-ALIGN: right; WIDTH: 10%; FONT-SIZE: 10pt">-</td>
<td style="TEXT-ALIGN: left; WIDTH: 1%; FONT-SIZE: 10pt">
 </td>
<td style="WIDTH: 2%; FONT-SIZE: 10pt"> </td>
<td style="TEXT-ALIGN: left; WIDTH: 1%; FONT-SIZE: 10pt">$</td>
<td style="TEXT-ALIGN: right; WIDTH: 10%; FONT-SIZE: 10pt">
16,316,460</td>
<td style="TEXT-ALIGN: left; WIDTH: 1%; FONT-SIZE: 10pt">
 </td>
</tr>
<tr style="BACKGROUND-COLOR: white; VERTICAL-ALIGN: bottom">
<td style="TEXT-ALIGN: left; TEXT-INDENT: 20pt; FONT-SIZE: 10pt">
Prepaid accounts</td>
<td style="FONT-SIZE: 10pt"> </td>
<td style="TEXT-ALIGN: left; FONT-SIZE: 10pt"> </td>
<td style="TEXT-ALIGN: right; FONT-SIZE: 10pt">5,551,348</td>
<td style="TEXT-ALIGN: left; FONT-SIZE: 10pt"> </td>
<td style="FONT-SIZE: 10pt"> </td>
<td style="TEXT-ALIGN: left; FONT-SIZE: 10pt"> </td>
<td style="TEXT-ALIGN: right; FONT-SIZE: 10pt">-</td>
<td style="TEXT-ALIGN: left; FONT-SIZE: 10pt"> </td>
<td style="FONT-SIZE: 10pt"> </td>
<td style="TEXT-ALIGN: left; FONT-SIZE: 10pt"> </td>
<td style="TEXT-ALIGN: right; FONT-SIZE: 10pt">5,551,348</td>
<td style="TEXT-ALIGN: left; FONT-SIZE: 10pt"> </td>
</tr>
<tr style="BACKGROUND-COLOR: rgb(204,255,204); VERTICAL-ALIGN: bottom">
<td style="PADDING-BOTTOM: 1pt; TEXT-INDENT: 20pt; FONT-SIZE: 10pt">
Inventory</td>
<td style="PADDING-BOTTOM: 1pt; FONT-SIZE: 10pt"> </td>
<td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left; FONT-SIZE: 10pt">
 </td>
<td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right; FONT-SIZE: 10pt">
1,635,250</td>
<td style="TEXT-ALIGN: left; PADDING-BOTTOM: 1pt; FONT-SIZE: 10pt">
 </td>
<td style="PADDING-BOTTOM: 1pt; FONT-SIZE: 10pt"> </td>
<td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left; FONT-SIZE: 10pt">
 </td>
<td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right; FONT-SIZE: 10pt">
-</td>
<td style="TEXT-ALIGN: left; PADDING-BOTTOM: 1pt; FONT-SIZE: 10pt">
 </td>
<td style="PADDING-BOTTOM: 1pt; FONT-SIZE: 10pt"> </td>
<td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left; FONT-SIZE: 10pt">
 </td>
<td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right; FONT-SIZE: 10pt">
1,635,250</td>
<td style="TEXT-ALIGN: left; PADDING-BOTTOM: 1pt; FONT-SIZE: 10pt">
 </td>
</tr>
<tr style="BACKGROUND-COLOR: white; VERTICAL-ALIGN: bottom">
<td style="TEXT-ALIGN: left; TEXT-INDENT: 20pt; FONT-SIZE: 10pt; FONT-WEIGHT: bold">
Total current assets</td>
<td style="FONT-SIZE: 10pt; FONT-WEIGHT: bold"> </td>
<td style="TEXT-ALIGN: left; FONT-SIZE: 10pt; FONT-WEIGHT: bold">
 </td>
<td style="TEXT-ALIGN: right; FONT-SIZE: 10pt; FONT-WEIGHT: bold">
23,503,058</td>
<td style="TEXT-ALIGN: left; FONT-SIZE: 10pt; FONT-WEIGHT: bold">
 </td>
<td style="FONT-SIZE: 10pt; FONT-WEIGHT: bold"> </td>
<td style="TEXT-ALIGN: left; FONT-SIZE: 10pt; FONT-WEIGHT: bold">
 </td>
<td style="TEXT-ALIGN: right; FONT-SIZE: 10pt; FONT-WEIGHT: bold">
-</td>
<td style="TEXT-ALIGN: left; FONT-SIZE: 10pt; FONT-WEIGHT: bold">
 </td>
<td style="FONT-SIZE: 10pt; FONT-WEIGHT: bold"> </td>
<td style="TEXT-ALIGN: left; FONT-SIZE: 10pt; FONT-WEIGHT: bold">
 </td>
<td style="TEXT-ALIGN: right; FONT-SIZE: 10pt; FONT-WEIGHT: bold">
23,503,058</td>
<td style="TEXT-ALIGN: left; FONT-SIZE: 10pt; FONT-WEIGHT: bold">
 </td>
</tr>
<tr style="BACKGROUND-COLOR: rgb(204,255,204); VERTICAL-ALIGN: bottom">
<td style="TEXT-ALIGN: left; FONT-SIZE: 10pt">Plant, property and
equipment, net</td>
<td style="FONT-SIZE: 10pt"> </td>
<td style="TEXT-ALIGN: left; FONT-SIZE: 10pt"> </td>
<td style="TEXT-ALIGN: right; FONT-SIZE: 10pt">9,677,789</td>
<td style="TEXT-ALIGN: left; FONT-SIZE: 10pt"> </td>
<td style="FONT-SIZE: 10pt"> </td>
<td style="TEXT-ALIGN: left; FONT-SIZE: 10pt"> </td>
<td style="TEXT-ALIGN: right; FONT-SIZE: 10pt">-</td>
<td style="TEXT-ALIGN: left; FONT-SIZE: 10pt"> </td>
<td style="FONT-SIZE: 10pt"> </td>
<td style="TEXT-ALIGN: left; FONT-SIZE: 10pt"> </td>
<td style="TEXT-ALIGN: right; FONT-SIZE: 10pt">9,677,789</td>
<td style="TEXT-ALIGN: left; FONT-SIZE: 10pt"> </td>
</tr>
<tr style="BACKGROUND-COLOR: white; VERTICAL-ALIGN: bottom">
<td style="TEXT-ALIGN: left; FONT-SIZE: 10pt">Construction in
progress</td>
<td style="FONT-SIZE: 10pt"> </td>
<td style="TEXT-ALIGN: left; FONT-SIZE: 10pt"> </td>
<td style="TEXT-ALIGN: right; FONT-SIZE: 10pt">213,956</td>
<td style="TEXT-ALIGN: left; FONT-SIZE: 10pt"> </td>
<td style="FONT-SIZE: 10pt"> </td>
<td style="TEXT-ALIGN: left; FONT-SIZE: 10pt"> </td>
<td style="TEXT-ALIGN: right; FONT-SIZE: 10pt">-</td>
<td style="TEXT-ALIGN: left; FONT-SIZE: 10pt"> </td>
<td style="FONT-SIZE: 10pt"> </td>
<td style="TEXT-ALIGN: left; FONT-SIZE: 10pt"> </td>
<td style="TEXT-ALIGN: right; FONT-SIZE: 10pt">213,956</td>
<td style="TEXT-ALIGN: left; FONT-SIZE: 10pt"> </td>
</tr>
<tr style="BACKGROUND-COLOR: rgb(204,255,204); VERTICAL-ALIGN: bottom">
<td style="TEXT-ALIGN: left; PADDING-BOTTOM: 1pt; FONT-SIZE: 10pt">
Intangible assets, net</td>
<td style="PADDING-BOTTOM: 1pt; FONT-SIZE: 10pt"> </td>
<td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left; FONT-SIZE: 10pt">
 </td>
<td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right; FONT-SIZE: 10pt">
62,137,004</td>
<td style="TEXT-ALIGN: left; PADDING-BOTTOM: 1pt; FONT-SIZE: 10pt">
 </td>
<td style="PADDING-BOTTOM: 1pt; FONT-SIZE: 10pt"> </td>
<td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left; FONT-SIZE: 10pt">
 </td>
<td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right; FONT-SIZE: 10pt">
(22,761,679</td>
<td style="TEXT-ALIGN: left; PADDING-BOTTOM: 1pt; FONT-SIZE: 10pt">
)</td>
<td style="PADDING-BOTTOM: 1pt; FONT-SIZE: 10pt"> </td>
<td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left; FONT-SIZE: 10pt">
 </td>
<td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right; FONT-SIZE: 10pt">
39,375,325</td>
<td style="TEXT-ALIGN: left; PADDING-BOTTOM: 1pt; FONT-SIZE: 10pt">
 </td>
</tr>
<tr style="BACKGROUND-COLOR: white; VERTICAL-ALIGN: bottom">
<td style="TEXT-ALIGN: left; TEXT-INDENT: 20pt; FONT-SIZE: 10pt; FONT-WEIGHT: bold">
Total assets</td>
<td style="FONT-SIZE: 10pt; FONT-WEIGHT: bold"> </td>
<td style="TEXT-ALIGN: left; FONT-SIZE: 10pt; FONT-WEIGHT: bold">
 </td>
<td style="TEXT-ALIGN: right; FONT-SIZE: 10pt; FONT-WEIGHT: bold">
95,531,808</td>
<td style="TEXT-ALIGN: left; FONT-SIZE: 10pt; FONT-WEIGHT: bold">
 </td>
<td style="FONT-SIZE: 10pt; FONT-WEIGHT: bold"> </td>
<td style="TEXT-ALIGN: left; FONT-SIZE: 10pt; FONT-WEIGHT: bold">
 </td>
<td style="TEXT-ALIGN: right; FONT-SIZE: 10pt; FONT-WEIGHT: bold">
(22,761,679</td>
<td style="TEXT-ALIGN: left; FONT-SIZE: 10pt; FONT-WEIGHT: bold">
)</td>
<td style="FONT-SIZE: 10pt; FONT-WEIGHT: bold"> </td>
<td style="TEXT-ALIGN: left; FONT-SIZE: 10pt; FONT-WEIGHT: bold">
 </td>
<td style="TEXT-ALIGN: right; FONT-SIZE: 10pt; FONT-WEIGHT: bold">
72,770,128</td>
<td style="TEXT-ALIGN: left; FONT-SIZE: 10pt; FONT-WEIGHT: bold">
 </td>
</tr>
<tr style="BACKGROUND-COLOR: rgb(204,255,204); VERTICAL-ALIGN: bottom">
<td style="FONT-SIZE: 10pt"> </td>
<td style="FONT-SIZE: 10pt"> </td>
<td style="TEXT-ALIGN: left; FONT-SIZE: 10pt"> </td>
<td style="TEXT-ALIGN: right; FONT-SIZE: 10pt"> </td>
<td style="TEXT-ALIGN: left; FONT-SIZE: 10pt"> </td>
<td style="FONT-SIZE: 10pt"> </td>
<td style="TEXT-ALIGN: left; FONT-SIZE: 10pt"> </td>
<td style="TEXT-ALIGN: right; FONT-SIZE: 10pt"> </td>
<td style="TEXT-ALIGN: left; FONT-SIZE: 10pt"> </td>
<td style="FONT-SIZE: 10pt"> </td>
<td style="TEXT-ALIGN: left; FONT-SIZE: 10pt"> </td>
<td style="TEXT-ALIGN: right; FONT-SIZE: 10pt"> </td>
<td style="TEXT-ALIGN: left; FONT-SIZE: 10pt"> </td>
</tr>
<tr style="BACKGROUND-COLOR: white; VERTICAL-ALIGN: bottom">
<td style="TEXT-ALIGN: left; FONT-SIZE: 10pt; FONT-WEIGHT: bold">
Liabilities and Stockholders’ Equity (Deficit)</td>
<td style="FONT-SIZE: 10pt"> </td>
<td style="TEXT-ALIGN: left; FONT-SIZE: 10pt"> </td>
<td style="TEXT-ALIGN: right; FONT-SIZE: 10pt"> </td>
<td style="TEXT-ALIGN: left; FONT-SIZE: 10pt"> </td>
<td style="FONT-SIZE: 10pt"> </td>
<td style="TEXT-ALIGN: left; FONT-SIZE: 10pt"> </td>
<td style="TEXT-ALIGN: right; FONT-SIZE: 10pt"> </td>
<td style="TEXT-ALIGN: left; FONT-SIZE: 10pt"> </td>
<td style="FONT-SIZE: 10pt"> </td>
<td style="TEXT-ALIGN: left; FONT-SIZE: 10pt"> </td>
<td style="TEXT-ALIGN: right; FONT-SIZE: 10pt"> </td>
<td style="TEXT-ALIGN: left; FONT-SIZE: 10pt"> </td>
</tr>
<tr style="BACKGROUND-COLOR: rgb(204,255,204); VERTICAL-ALIGN: bottom">
<td style="FONT-SIZE: 10pt; FONT-WEIGHT: bold">Liabilities:</td>
<td style="FONT-SIZE: 10pt"> </td>
<td style="TEXT-ALIGN: left; FONT-SIZE: 10pt"> </td>
<td style="TEXT-ALIGN: right; FONT-SIZE: 10pt"> </td>
<td style="TEXT-ALIGN: left; FONT-SIZE: 10pt"> </td>
<td style="FONT-SIZE: 10pt"> </td>
<td style="TEXT-ALIGN: left; FONT-SIZE: 10pt"> </td>
<td style="TEXT-ALIGN: right; FONT-SIZE: 10pt"> </td>
<td style="TEXT-ALIGN: left; FONT-SIZE: 10pt"> </td>
<td style="FONT-SIZE: 10pt"> </td>
<td style="TEXT-ALIGN: left; FONT-SIZE: 10pt"> </td>
<td style="TEXT-ALIGN: right; FONT-SIZE: 10pt"> </td>
<td style="TEXT-ALIGN: left; FONT-SIZE: 10pt"> </td>
</tr>
<tr style="BACKGROUND-COLOR: white; VERTICAL-ALIGN: bottom">
<td style="TEXT-ALIGN: left; FONT-SIZE: 10pt; FONT-WEIGHT: bold">
Current liabilities:</td>
<td style="FONT-SIZE: 10pt"> </td>
<td style="TEXT-ALIGN: left; FONT-SIZE: 10pt"> </td>
<td style="TEXT-ALIGN: right; FONT-SIZE: 10pt"> </td>
<td style="TEXT-ALIGN: left; FONT-SIZE: 10pt"> </td>
<td style="FONT-SIZE: 10pt"> </td>
<td style="TEXT-ALIGN: left; FONT-SIZE: 10pt"> </td>
<td style="TEXT-ALIGN: right; FONT-SIZE: 10pt"> </td>
<td style="TEXT-ALIGN: left; FONT-SIZE: 10pt"> </td>
<td style="FONT-SIZE: 10pt"> </td>
<td style="TEXT-ALIGN: left; FONT-SIZE: 10pt"> </td>
<td style="TEXT-ALIGN: right; FONT-SIZE: 10pt"> </td>
<td style="TEXT-ALIGN: left; FONT-SIZE: 10pt"> </td>
</tr>
<tr style="BACKGROUND-COLOR: rgb(204,255,204); VERTICAL-ALIGN: bottom">
<td style="TEXT-ALIGN: left; TEXT-INDENT: 20pt; FONT-SIZE: 10pt">
Accounts payable</td>
<td style="FONT-SIZE: 10pt"> </td>
<td style="TEXT-ALIGN: left; FONT-SIZE: 10pt"> </td>
<td style="TEXT-ALIGN: right; FONT-SIZE: 10pt">209,871</td>
<td style="TEXT-ALIGN: left; FONT-SIZE: 10pt"> </td>
<td style="FONT-SIZE: 10pt"> </td>
<td style="TEXT-ALIGN: left; FONT-SIZE: 10pt"> </td>
<td style="TEXT-ALIGN: right; FONT-SIZE: 10pt">-</td>
<td style="TEXT-ALIGN: left; FONT-SIZE: 10pt"> </td>
<td style="FONT-SIZE: 10pt"> </td>
<td style="TEXT-ALIGN: left; FONT-SIZE: 10pt"> </td>
<td style="TEXT-ALIGN: right; FONT-SIZE: 10pt">209,871</td>
<td style="TEXT-ALIGN: left; FONT-SIZE: 10pt"> </td>
</tr>
<tr style="BACKGROUND-COLOR: white; VERTICAL-ALIGN: bottom">
<td style="TEXT-ALIGN: left; TEXT-INDENT: 20pt; FONT-SIZE: 10pt">
Tax payable</td>
<td style="FONT-SIZE: 10pt"> </td>
<td style="TEXT-ALIGN: left; FONT-SIZE: 10pt"> </td>
<td style="TEXT-ALIGN: right; FONT-SIZE: 10pt">754,647</td>
<td style="TEXT-ALIGN: left; FONT-SIZE: 10pt"> </td>
<td style="FONT-SIZE: 10pt"> </td>
<td style="TEXT-ALIGN: left; FONT-SIZE: 10pt"> </td>
<td style="TEXT-ALIGN: right; FONT-SIZE: 10pt">(157,256</td>
<td style="TEXT-ALIGN: left; FONT-SIZE: 10pt">)</td>
<td style="FONT-SIZE: 10pt"> </td>
<td style="TEXT-ALIGN: left; FONT-SIZE: 10pt"> </td>
<td style="TEXT-ALIGN: right; FONT-SIZE: 10pt">597,391</td>
<td style="TEXT-ALIGN: left; FONT-SIZE: 10pt"> </td>
</tr>
<tr style="BACKGROUND-COLOR: rgb(204,255,204); VERTICAL-ALIGN: bottom">
<td style="TEXT-ALIGN: left; TEXT-INDENT: 20pt; FONT-SIZE: 10pt">
Other payable</td>
<td style="FONT-SIZE: 10pt"> </td>
<td style="TEXT-ALIGN: left; FONT-SIZE: 10pt"> </td>
<td style="TEXT-ALIGN: right; FONT-SIZE: 10pt">113,937</td>
<td style="TEXT-ALIGN: left; FONT-SIZE: 10pt"> </td>
<td style="FONT-SIZE: 10pt"> </td>
<td style="TEXT-ALIGN: left; FONT-SIZE: 10pt"> </td>
<td style="TEXT-ALIGN: right; FONT-SIZE: 10pt">-</td>
<td style="TEXT-ALIGN: left; FONT-SIZE: 10pt"> </td>
<td style="FONT-SIZE: 10pt"> </td>
<td style="TEXT-ALIGN: left; FONT-SIZE: 10pt"> </td>
<td style="TEXT-ALIGN: right; FONT-SIZE: 10pt">113,937</td>
<td style="TEXT-ALIGN: left; FONT-SIZE: 10pt"> </td>
</tr>
<tr style="BACKGROUND-COLOR: white; VERTICAL-ALIGN: bottom">
<td style="TEXT-ALIGN: left; PADDING-BOTTOM: 1pt; TEXT-INDENT: 20pt; FONT-SIZE: 10pt; FONT-WEIGHT: bold">
Total current liabilities</td>
<td style="PADDING-BOTTOM: 1pt; FONT-SIZE: 10pt; FONT-WEIGHT: bold">
 </td>
<td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left; FONT-SIZE: 10pt; FONT-WEIGHT: bold">
 </td>
<td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right; FONT-SIZE: 10pt; FONT-WEIGHT: bold">
1,078,454</td>
<td style="TEXT-ALIGN: left; PADDING-BOTTOM: 1pt; FONT-SIZE: 10pt; FONT-WEIGHT: bold">
 </td>
<td style="PADDING-BOTTOM: 1pt; FONT-SIZE: 10pt; FONT-WEIGHT: bold">
 </td>
<td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left; FONT-SIZE: 10pt; FONT-WEIGHT: bold">
 </td>
<td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right; FONT-SIZE: 10pt; FONT-WEIGHT: bold">
(157,255</td>
<td style="TEXT-ALIGN: left; PADDING-BOTTOM: 1pt; FONT-SIZE: 10pt; FONT-WEIGHT: bold">
)</td>
<td style="PADDING-BOTTOM: 1pt; FONT-SIZE: 10pt; FONT-WEIGHT: bold">
 </td>
<td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left; FONT-SIZE: 10pt; FONT-WEIGHT: bold">
 </td>
<td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right; FONT-SIZE: 10pt; FONT-WEIGHT: bold">
921,199</td>
<td style="TEXT-ALIGN: left; PADDING-BOTTOM: 1pt; FONT-SIZE: 10pt; FONT-WEIGHT: bold">
 </td>
</tr>
<tr style="BACKGROUND-COLOR: rgb(204,255,204); VERTICAL-ALIGN: bottom">
<td style="TEXT-INDENT: 20pt; FONT-SIZE: 10pt">Contingency</td>
<td style="FONT-SIZE: 10pt"> </td>
<td style="TEXT-ALIGN: left; FONT-SIZE: 10pt"> </td>
<td style="TEXT-ALIGN: right; FONT-SIZE: 10pt">23,391,902</td>
<td style="TEXT-ALIGN: left; FONT-SIZE: 10pt"> </td>
<td style="FONT-SIZE: 10pt"> </td>
<td style="TEXT-ALIGN: left; FONT-SIZE: 10pt"> </td>
<td style="TEXT-ALIGN: right; FONT-SIZE: 10pt">(23,391,902</td>
<td style="TEXT-ALIGN: left; FONT-SIZE: 10pt">)</td>
<td style="FONT-SIZE: 10pt"> </td>
<td style="TEXT-ALIGN: left; FONT-SIZE: 10pt"> </td>
<td style="TEXT-ALIGN: right; FONT-SIZE: 10pt">-</td>
<td style="TEXT-ALIGN: left; FONT-SIZE: 10pt"> </td>
</tr>
<tr style="BACKGROUND-COLOR: white; VERTICAL-ALIGN: bottom">
<td style="TEXT-ALIGN: left; PADDING-BOTTOM: 1pt; TEXT-INDENT: 20pt; FONT-SIZE: 10pt; FONT-WEIGHT: bold">
Total liabilities</td>
<td style="PADDING-BOTTOM: 1pt; FONT-SIZE: 10pt; FONT-WEIGHT: bold">
 </td>
<td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left; FONT-SIZE: 10pt; FONT-WEIGHT: bold">
 </td>
<td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right; FONT-SIZE: 10pt; FONT-WEIGHT: bold">
24,470,356</td>
<td style="TEXT-ALIGN: left; PADDING-BOTTOM: 1pt; FONT-SIZE: 10pt; FONT-WEIGHT: bold">
 </td>
<td style="PADDING-BOTTOM: 1pt; FONT-SIZE: 10pt; FONT-WEIGHT: bold">
 </td>
<td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left; FONT-SIZE: 10pt; FONT-WEIGHT: bold">
 </td>
<td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right; FONT-SIZE: 10pt; FONT-WEIGHT: bold">
(23,549,157</td>
<td style="TEXT-ALIGN: left; PADDING-BOTTOM: 1pt; FONT-SIZE: 10pt; FONT-WEIGHT: bold">
)</td>
<td style="PADDING-BOTTOM: 1pt; FONT-SIZE: 10pt; FONT-WEIGHT: bold">
 </td>
<td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left; FONT-SIZE: 10pt; FONT-WEIGHT: bold">
 </td>
<td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right; FONT-SIZE: 10pt; FONT-WEIGHT: bold">
921,199</td>
<td style="TEXT-ALIGN: left; PADDING-BOTTOM: 1pt; FONT-SIZE: 10pt; FONT-WEIGHT: bold">
 </td>
</tr>
<tr style="BACKGROUND-COLOR: rgb(204,255,204); VERTICAL-ALIGN: bottom">
<td style="FONT-SIZE: 10pt"> </td>
<td style="FONT-SIZE: 10pt"> </td>
<td style="TEXT-ALIGN: left; FONT-SIZE: 10pt"> </td>
<td style="TEXT-ALIGN: right; FONT-SIZE: 10pt"> </td>
<td style="TEXT-ALIGN: left; FONT-SIZE: 10pt"> </td>
<td style="FONT-SIZE: 10pt"> </td>
<td style="TEXT-ALIGN: left; FONT-SIZE: 10pt"> </td>
<td style="TEXT-ALIGN: right; FONT-SIZE: 10pt"> </td>
<td style="TEXT-ALIGN: left; FONT-SIZE: 10pt"> </td>
<td style="FONT-SIZE: 10pt"> </td>
<td style="TEXT-ALIGN: left; FONT-SIZE: 10pt"> </td>
<td style="TEXT-ALIGN: right; FONT-SIZE: 10pt"> </td>
<td style="TEXT-ALIGN: left; FONT-SIZE: 10pt"> </td>
</tr>
<tr style="BACKGROUND-COLOR: white; VERTICAL-ALIGN: bottom">
<td style="TEXT-ALIGN: left; FONT-SIZE: 10pt; FONT-WEIGHT: bold">
Stockholders’ equity</td>
<td style="FONT-SIZE: 10pt"> </td>
<td style="TEXT-ALIGN: left; FONT-SIZE: 10pt"> </td>
<td style="TEXT-ALIGN: right; FONT-SIZE: 10pt"> </td>
<td style="TEXT-ALIGN: left; FONT-SIZE: 10pt"> </td>
<td style="FONT-SIZE: 10pt"> </td>
<td style="TEXT-ALIGN: left; FONT-SIZE: 10pt"> </td>
<td style="TEXT-ALIGN: right; FONT-SIZE: 10pt"> </td>
<td style="TEXT-ALIGN: left; FONT-SIZE: 10pt"> </td>
<td style="FONT-SIZE: 10pt"> </td>
<td style="TEXT-ALIGN: left; FONT-SIZE: 10pt"> </td>
<td style="TEXT-ALIGN: right; FONT-SIZE: 10pt"> </td>
<td style="TEXT-ALIGN: left; FONT-SIZE: 10pt"> </td>
</tr>
<tr style="BACKGROUND-COLOR: rgb(204,255,204); VERTICAL-ALIGN: bottom">
<td style="FONT-SIZE: 10pt">Preferred stock, par value $500.00 per
share; 45 shares authorized and issued at September 30, 2010 and
March 31, 2010</td>
<td style="FONT-SIZE: 10pt"> </td>
<td style="TEXT-ALIGN: left; FONT-SIZE: 10pt"> </td>
<td style="TEXT-ALIGN: right; FONT-SIZE: 10pt">22,500</td>
<td style="TEXT-ALIGN: left; FONT-SIZE: 10pt"> </td>
<td style="FONT-SIZE: 10pt"> </td>
<td style="TEXT-ALIGN: left; FONT-SIZE: 10pt"> </td>
<td style="TEXT-ALIGN: right; FONT-SIZE: 10pt">-</td>
<td style="TEXT-ALIGN: left; FONT-SIZE: 10pt"> </td>
<td style="FONT-SIZE: 10pt"> </td>
<td style="TEXT-ALIGN: left; FONT-SIZE: 10pt"> </td>
<td style="TEXT-ALIGN: right; FONT-SIZE: 10pt">22,500</td>
<td style="TEXT-ALIGN: left; FONT-SIZE: 10pt"> </td>
</tr>
<tr style="BACKGROUND-COLOR: white; VERTICAL-ALIGN: bottom">
<td style="TEXT-ALIGN: left; FONT-SIZE: 10pt">Common stock, par
value $0.001 per share; 100,000,000 shares authorized, 29,461,304
shares issued and outstanding at March 31, 2010; and 73,731,361
shares issued and outstanding at March 31, 2011.</td>
<td style="FONT-SIZE: 10pt"> </td>
<td style="TEXT-ALIGN: left; FONT-SIZE: 10pt"> </td>
<td style="TEXT-ALIGN: right; FONT-SIZE: 10pt">73,780</td>
<td style="TEXT-ALIGN: left; FONT-SIZE: 10pt"> </td>
<td style="FONT-SIZE: 10pt"> </td>
<td style="TEXT-ALIGN: left; FONT-SIZE: 10pt"> </td>
<td style="TEXT-ALIGN: right; FONT-SIZE: 10pt">-</td>
<td style="TEXT-ALIGN: left; FONT-SIZE: 10pt"> </td>
<td style="FONT-SIZE: 10pt"> </td>
<td style="TEXT-ALIGN: left; FONT-SIZE: 10pt"> </td>
<td style="TEXT-ALIGN: right; FONT-SIZE: 10pt">73,780</td>
<td style="TEXT-ALIGN: left; FONT-SIZE: 10pt"> </td>
</tr>
<tr style="BACKGROUND-COLOR: rgb(204,255,204); VERTICAL-ALIGN: bottom">
<td style="TEXT-ALIGN: left; FONT-SIZE: 10pt">Additional paid-in
capital</td>
<td style="FONT-SIZE: 10pt"> </td>
<td style="TEXT-ALIGN: left; FONT-SIZE: 10pt"> </td>
<td style="TEXT-ALIGN: right; FONT-SIZE: 10pt">36,879,643</td>
<td style="TEXT-ALIGN: left; FONT-SIZE: 10pt"> </td>
<td style="FONT-SIZE: 10pt"> </td>
<td style="TEXT-ALIGN: left; FONT-SIZE: 10pt"> </td>
<td style="TEXT-ALIGN: right; FONT-SIZE: 10pt">-</td>
<td style="TEXT-ALIGN: left; FONT-SIZE: 10pt"> </td>
<td style="FONT-SIZE: 10pt"> </td>
<td style="TEXT-ALIGN: left; FONT-SIZE: 10pt"> </td>
<td style="TEXT-ALIGN: right; FONT-SIZE: 10pt">36,879,643</td>
<td style="TEXT-ALIGN: left; FONT-SIZE: 10pt"> </td>
</tr>
<tr style="BACKGROUND-COLOR: white; VERTICAL-ALIGN: bottom">
<td style="TEXT-ALIGN: left; FONT-SIZE: 10pt">Statutory
reserve</td>
<td style="FONT-SIZE: 10pt"> </td>
<td style="TEXT-ALIGN: left; FONT-SIZE: 10pt"> </td>
<td style="TEXT-ALIGN: right; FONT-SIZE: 10pt">956,633</td>
<td style="TEXT-ALIGN: left; FONT-SIZE: 10pt"> </td>
<td style="FONT-SIZE: 10pt"> </td>
<td style="TEXT-ALIGN: left; FONT-SIZE: 10pt"> </td>
<td style="TEXT-ALIGN: right; FONT-SIZE: 10pt">-</td>
<td style="TEXT-ALIGN: left; FONT-SIZE: 10pt"> </td>
<td style="FONT-SIZE: 10pt"> </td>
<td style="TEXT-ALIGN: left; FONT-SIZE: 10pt"> </td>
<td style="TEXT-ALIGN: right; FONT-SIZE: 10pt">956,633</td>
<td style="TEXT-ALIGN: left; FONT-SIZE: 10pt"> </td>
</tr>
<tr style="BACKGROUND-COLOR: rgb(204,255,204); VERTICAL-ALIGN: bottom">
<td style="TEXT-ALIGN: left; FONT-SIZE: 10pt">Retained
earnings</td>
<td style="FONT-SIZE: 10pt"> </td>
<td style="TEXT-ALIGN: left; FONT-SIZE: 10pt"> </td>
<td style="TEXT-ALIGN: right; FONT-SIZE: 10pt">31,929,575</td>
<td style="TEXT-ALIGN: left; FONT-SIZE: 10pt"> </td>
<td style="FONT-SIZE: 10pt"> </td>
<td style="TEXT-ALIGN: left; FONT-SIZE: 10pt"> </td>
<td style="TEXT-ALIGN: right; FONT-SIZE: 10pt">(471,770</td>
<td style="TEXT-ALIGN: left; FONT-SIZE: 10pt">)</td>
<td style="FONT-SIZE: 10pt"> </td>
<td style="TEXT-ALIGN: left; FONT-SIZE: 10pt"> </td>
<td style="TEXT-ALIGN: right; FONT-SIZE: 10pt">31,457,805</td>
<td style="TEXT-ALIGN: left; FONT-SIZE: 10pt"> </td>
</tr>
<tr style="BACKGROUND-COLOR: white; VERTICAL-ALIGN: bottom">
<td style="TEXT-ALIGN: left; FONT-SIZE: 10pt">Accumulated other
comprehensive income</td>
<td style="FONT-SIZE: 10pt"> </td>
<td style="TEXT-ALIGN: left; FONT-SIZE: 10pt"> </td>
<td style="TEXT-ALIGN: right; FONT-SIZE: 10pt">1,199,321</td>
<td style="TEXT-ALIGN: left; FONT-SIZE: 10pt"> </td>
<td style="FONT-SIZE: 10pt"> </td>
<td style="TEXT-ALIGN: left; FONT-SIZE: 10pt"> </td>
<td style="TEXT-ALIGN: right; FONT-SIZE: 10pt">1,259,247</td>
<td style="TEXT-ALIGN: left; FONT-SIZE: 10pt"> </td>
<td style="FONT-SIZE: 10pt"> </td>
<td style="TEXT-ALIGN: left; FONT-SIZE: 10pt"> </td>
<td style="TEXT-ALIGN: right; FONT-SIZE: 10pt">2,458,568</td>
<td style="TEXT-ALIGN: left; FONT-SIZE: 10pt"> </td>
</tr>
<tr style="BACKGROUND-COLOR: rgb(204,255,204); VERTICAL-ALIGN: bottom">
<td style="TEXT-ALIGN: left; PADDING-BOTTOM: 1pt; TEXT-INDENT: 40pt; FONT-SIZE: 10pt; FONT-WEIGHT: bold">
Total stockholders’ equity</td>
<td style="PADDING-BOTTOM: 1pt; FONT-SIZE: 10pt; FONT-WEIGHT: bold">
 </td>
<td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left; FONT-SIZE: 10pt; FONT-WEIGHT: bold">
 </td>
<td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right; FONT-SIZE: 10pt; FONT-WEIGHT: bold">
71,061,452</td>
<td style="TEXT-ALIGN: left; PADDING-BOTTOM: 1pt; FONT-SIZE: 10pt; FONT-WEIGHT: bold">
 </td>
<td style="PADDING-BOTTOM: 1pt; FONT-SIZE: 10pt; FONT-WEIGHT: bold">
 </td>
<td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left; FONT-SIZE: 10pt; FONT-WEIGHT: bold">
 </td>
<td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right; FONT-SIZE: 10pt; FONT-WEIGHT: bold">
787,477</td>
<td style="TEXT-ALIGN: left; PADDING-BOTTOM: 1pt; FONT-SIZE: 10pt; FONT-WEIGHT: bold">
 </td>
<td style="PADDING-BOTTOM: 1pt; FONT-SIZE: 10pt; FONT-WEIGHT: bold">
 </td>
<td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left; FONT-SIZE: 10pt; FONT-WEIGHT: bold">
 </td>
<td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right; FONT-SIZE: 10pt; FONT-WEIGHT: bold">
71,848,929</td>
<td style="TEXT-ALIGN: left; PADDING-BOTTOM: 1pt; FONT-SIZE: 10pt; FONT-WEIGHT: bold">
 </td>
</tr>
<tr style="BACKGROUND-COLOR: white; VERTICAL-ALIGN: bottom">
<td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2.5pt; TEXT-INDENT: 40pt; FONT-SIZE: 10pt; FONT-WEIGHT: bold">
Total liabilities and stockholders’ equity</td>
<td style="PADDING-BOTTOM: 2.5pt; FONT-SIZE: 10pt; FONT-WEIGHT: bold">
 </td>
<td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: left; FONT-SIZE: 10pt; FONT-WEIGHT: bold">
$</td>
<td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: right; FONT-SIZE: 10pt; FONT-WEIGHT: bold">
95,531,808</td>
<td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2.5pt; FONT-SIZE: 10pt; FONT-WEIGHT: bold">
 </td>
<td style="PADDING-BOTTOM: 2.5pt; FONT-SIZE: 10pt; FONT-WEIGHT: bold">
 </td>
<td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: left; FONT-SIZE: 10pt; FONT-WEIGHT: bold">
$</td>
<td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: right; FONT-SIZE: 10pt; FONT-WEIGHT: bold">
(22,761,680</td>
<td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2.5pt; FONT-SIZE: 10pt; FONT-WEIGHT: bold">
)</td>
<td style="PADDING-BOTTOM: 2.5pt; FONT-SIZE: 10pt; FONT-WEIGHT: bold">
 </td>
<td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: left; FONT-SIZE: 10pt; FONT-WEIGHT: bold">
$</td>
<td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: right; FONT-SIZE: 10pt; FONT-WEIGHT: bold">
72,770,128</td>
<td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2.5pt; FONT-SIZE: 10pt; FONT-WEIGHT: bold">
 </td>
</tr>
</table>
<p style="MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"></p>
<p style="MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif">
 </p>
<p style="MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"></p>
<p style="MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif">
 </p>
<p style="MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"></p>
<p style="TEXT-ALIGN: center; MARGIN-TOP: 0pt; FONT: 10pt Times New Roman, Times, Serif; MARGIN-BOTTOM: 0pt">
<b>China YCT International Group, Inc.</b></p>
<p style="TEXT-ALIGN: center; MARGIN-TOP: 0pt; FONT: 10pt Times New Roman, Times, Serif; MARGIN-BOTTOM: 0pt">
<b>Consolidated Income Statement</b></p>
<p style="MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"></p>
<p style="MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif">
 </p>
<p style="MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"></p>
<table style="WIDTH: 100%; BORDER-COLLAPSE: collapse; FONT: 10pt Times New Roman, Times, Serif" cellspacing="0" cellpadding="0">
<tr style="VERTICAL-ALIGN: bottom">
<td style="FONT-SIZE: 10pt"> </td>
<td style="PADDING-BOTTOM: 1pt; FONT-SIZE: 10pt; FONT-WEIGHT: bold">
 </td>
<td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: center; FONT-SIZE: 10pt; FONT-WEIGHT: bold" colspan="10">Three Months Ended June 30, 2011</td>
<td style="PADDING-BOTTOM: 1pt; FONT-SIZE: 10pt; FONT-WEIGHT: bold">
 </td>
</tr>
<tr style="VERTICAL-ALIGN: bottom">
<td style="FONT-SIZE: 10pt"> </td>
<td style="PADDING-BOTTOM: 1pt; FONT-SIZE: 10pt; FONT-WEIGHT: bold">
 </td>
<td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: center; FONT-SIZE: 10pt; FONT-WEIGHT: bold" colspan="2">As Previously Reported</td>
<td style="PADDING-BOTTOM: 1pt; FONT-SIZE: 10pt; FONT-WEIGHT: bold">
 </td>
<td style="PADDING-BOTTOM: 1pt; FONT-SIZE: 10pt; FONT-WEIGHT: bold">
 </td>
<td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: center; FONT-SIZE: 10pt; FONT-WEIGHT: bold" colspan="2">Adjustments</td>
<td style="PADDING-BOTTOM: 1pt; FONT-SIZE: 10pt; FONT-WEIGHT: bold">
 </td>
<td style="PADDING-BOTTOM: 1pt; FONT-SIZE: 10pt; FONT-WEIGHT: bold">
 </td>
<td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: center; FONT-SIZE: 10pt; FONT-WEIGHT: bold" colspan="2">As Restated</td>
<td style="PADDING-BOTTOM: 1pt; FONT-SIZE: 10pt; FONT-WEIGHT: bold">
 </td>
</tr>
<tr style="BACKGROUND-COLOR: rgb(204,255,204); VERTICAL-ALIGN: bottom">
<td style="TEXT-ALIGN: left; WIDTH: 58%; FONT-SIZE: 10pt">Sales
Revenue</td>
<td style="WIDTH: 2%; FONT-SIZE: 10pt"> </td>
<td style="TEXT-ALIGN: left; WIDTH: 1%; FONT-SIZE: 10pt">$</td>
<td style="TEXT-ALIGN: right; WIDTH: 10%; FONT-SIZE: 10pt">
7,944,264</td>
<td style="TEXT-ALIGN: left; WIDTH: 1%; FONT-SIZE: 10pt">
 </td>
<td style="WIDTH: 2%; FONT-SIZE: 10pt"> </td>
<td style="TEXT-ALIGN: left; WIDTH: 1%; FONT-SIZE: 10pt">$</td>
<td style="TEXT-ALIGN: right; WIDTH: 10%; FONT-SIZE: 10pt">-</td>
<td style="TEXT-ALIGN: left; WIDTH: 1%; FONT-SIZE: 10pt">
 </td>
<td style="WIDTH: 2%; FONT-SIZE: 10pt"> </td>
<td style="TEXT-ALIGN: left; WIDTH: 1%; FONT-SIZE: 10pt">$</td>
<td style="TEXT-ALIGN: right; WIDTH: 10%; FONT-SIZE: 10pt">
7,944,264</td>
<td style="TEXT-ALIGN: left; WIDTH: 1%; FONT-SIZE: 10pt">
 </td>
</tr>
<tr style="BACKGROUND-COLOR: white; VERTICAL-ALIGN: bottom">
<td style="TEXT-ALIGN: left; PADDING-BOTTOM: 1pt; FONT-SIZE: 10pt">
Cost of Goods Sold</td>
<td style="PADDING-BOTTOM: 1pt; FONT-SIZE: 10pt"> </td>
<td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left; FONT-SIZE: 10pt">
 </td>
<td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right; FONT-SIZE: 10pt">
3,582,345</td>
<td style="TEXT-ALIGN: left; PADDING-BOTTOM: 1pt; FONT-SIZE: 10pt">
 </td>
<td style="PADDING-BOTTOM: 1pt; FONT-SIZE: 10pt"> </td>
<td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left; FONT-SIZE: 10pt">
 </td>
<td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right; FONT-SIZE: 10pt">
-</td>
<td style="TEXT-ALIGN: left; PADDING-BOTTOM: 1pt; FONT-SIZE: 10pt">
 </td>
<td style="PADDING-BOTTOM: 1pt; FONT-SIZE: 10pt"> </td>
<td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left; FONT-SIZE: 10pt">
 </td>
<td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right; FONT-SIZE: 10pt">
3,582,345</td>
<td style="TEXT-ALIGN: left; PADDING-BOTTOM: 1pt; FONT-SIZE: 10pt">
 </td>
</tr>
<tr style="BACKGROUND-COLOR: rgb(204,255,204); VERTICAL-ALIGN: bottom">
<td style="TEXT-ALIGN: left; FONT-SIZE: 10pt; FONT-WEIGHT: bold">
Gross Profit</td>
<td style="FONT-SIZE: 10pt; FONT-WEIGHT: bold"> </td>
<td style="TEXT-ALIGN: left; FONT-SIZE: 10pt; FONT-WEIGHT: bold">
 </td>
<td style="TEXT-ALIGN: right; FONT-SIZE: 10pt; FONT-WEIGHT: bold">
4,361,919</td>
<td style="TEXT-ALIGN: left; FONT-SIZE: 10pt; FONT-WEIGHT: bold">
 </td>
<td style="FONT-SIZE: 10pt; FONT-WEIGHT: bold"> </td>
<td style="TEXT-ALIGN: left; FONT-SIZE: 10pt; FONT-WEIGHT: bold">
 </td>
<td style="TEXT-ALIGN: right; FONT-SIZE: 10pt; FONT-WEIGHT: bold">
-</td>
<td style="TEXT-ALIGN: left; FONT-SIZE: 10pt; FONT-WEIGHT: bold">
 </td>
<td style="FONT-SIZE: 10pt; FONT-WEIGHT: bold"> </td>
<td style="TEXT-ALIGN: left; FONT-SIZE: 10pt; FONT-WEIGHT: bold">
 </td>
<td style="TEXT-ALIGN: right; FONT-SIZE: 10pt; FONT-WEIGHT: bold">
4,361,919</td>
<td style="TEXT-ALIGN: left; FONT-SIZE: 10pt; FONT-WEIGHT: bold">
 </td>
</tr>
<tr style="BACKGROUND-COLOR: white; VERTICAL-ALIGN: bottom">
<td style="FONT-SIZE: 10pt"> </td>
<td style="FONT-SIZE: 10pt"> </td>
<td style="TEXT-ALIGN: left; FONT-SIZE: 10pt"> </td>
<td style="TEXT-ALIGN: right; FONT-SIZE: 10pt"> </td>
<td style="TEXT-ALIGN: left; FONT-SIZE: 10pt"> </td>
<td style="FONT-SIZE: 10pt"> </td>
<td style="TEXT-ALIGN: left; FONT-SIZE: 10pt"> </td>
<td style="TEXT-ALIGN: right; FONT-SIZE: 10pt"> </td>
<td style="TEXT-ALIGN: left; FONT-SIZE: 10pt"> </td>
<td style="FONT-SIZE: 10pt"> </td>
<td style="TEXT-ALIGN: left; FONT-SIZE: 10pt"> </td>
<td style="TEXT-ALIGN: right; FONT-SIZE: 10pt"> </td>
<td style="TEXT-ALIGN: left; FONT-SIZE: 10pt"> </td>
</tr>
<tr style="BACKGROUND-COLOR: rgb(204,255,204); VERTICAL-ALIGN: bottom">
<td style="TEXT-ALIGN: left; FONT-SIZE: 10pt">Selling Expenses</td>
<td style="FONT-SIZE: 10pt"> </td>
<td style="TEXT-ALIGN: left; FONT-SIZE: 10pt"> </td>
<td style="TEXT-ALIGN: right; FONT-SIZE: 10pt">1,179,552</td>
<td style="TEXT-ALIGN: left; FONT-SIZE: 10pt"> </td>
<td style="FONT-SIZE: 10pt"> </td>
<td style="TEXT-ALIGN: left; FONT-SIZE: 10pt"> </td>
<td style="TEXT-ALIGN: right; FONT-SIZE: 10pt">-</td>
<td style="TEXT-ALIGN: left; FONT-SIZE: 10pt"> </td>
<td style="FONT-SIZE: 10pt"> </td>
<td style="TEXT-ALIGN: left; FONT-SIZE: 10pt"> </td>
<td style="TEXT-ALIGN: right; FONT-SIZE: 10pt">1,179,552</td>
<td style="TEXT-ALIGN: left; FONT-SIZE: 10pt"> </td>
</tr>
<tr style="BACKGROUND-COLOR: white; VERTICAL-ALIGN: bottom">
<td style="FONT-SIZE: 10pt">G&A Expense</td>
<td style="FONT-SIZE: 10pt"> </td>
<td style="TEXT-ALIGN: left; FONT-SIZE: 10pt"> </td>
<td style="TEXT-ALIGN: right; FONT-SIZE: 10pt">583,223</td>
<td style="TEXT-ALIGN: left; FONT-SIZE: 10pt"> </td>
<td style="FONT-SIZE: 10pt"> </td>
<td style="TEXT-ALIGN: left; FONT-SIZE: 10pt"> </td>
<td style="TEXT-ALIGN: right; FONT-SIZE: 10pt">825,597</td>
<td style="TEXT-ALIGN: left; FONT-SIZE: 10pt"> </td>
<td style="FONT-SIZE: 10pt"> </td>
<td style="TEXT-ALIGN: left; FONT-SIZE: 10pt"> </td>
<td style="TEXT-ALIGN: right; FONT-SIZE: 10pt">1,408,820</td>
<td style="TEXT-ALIGN: left; FONT-SIZE: 10pt"> </td>
</tr>
<tr style="BACKGROUND-COLOR: rgb(204,255,204); VERTICAL-ALIGN: bottom">
<td style="PADDING-BOTTOM: 1pt; FONT-SIZE: 10pt">R&D
Expenses</td>
<td style="PADDING-BOTTOM: 1pt; FONT-SIZE: 10pt"> </td>
<td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left; FONT-SIZE: 10pt">
 </td>
<td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right; FONT-SIZE: 10pt">
193,518</td>
<td style="TEXT-ALIGN: left; PADDING-BOTTOM: 1pt; FONT-SIZE: 10pt">
 </td>
<td style="PADDING-BOTTOM: 1pt; FONT-SIZE: 10pt"> </td>
<td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left; FONT-SIZE: 10pt">
 </td>
<td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right; FONT-SIZE: 10pt">
-</td>
<td style="TEXT-ALIGN: left; PADDING-BOTTOM: 1pt; FONT-SIZE: 10pt">
 </td>
<td style="PADDING-BOTTOM: 1pt; FONT-SIZE: 10pt"> </td>
<td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left; FONT-SIZE: 10pt">
 </td>
<td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right; FONT-SIZE: 10pt">
193,518</td>
<td style="TEXT-ALIGN: left; PADDING-BOTTOM: 1pt; FONT-SIZE: 10pt">
 </td>
</tr>
<tr style="BACKGROUND-COLOR: white; VERTICAL-ALIGN: bottom">
<td style="TEXT-ALIGN: left; PADDING-BOTTOM: 1pt; FONT-SIZE: 10pt; FONT-WEIGHT: bold">
Total expense</td>
<td style="PADDING-BOTTOM: 1pt; FONT-SIZE: 10pt; FONT-WEIGHT: bold">
 </td>
<td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left; FONT-SIZE: 10pt; FONT-WEIGHT: bold">
 </td>
<td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right; FONT-SIZE: 10pt; FONT-WEIGHT: bold">
1,956,293</td>
<td style="TEXT-ALIGN: left; PADDING-BOTTOM: 1pt; FONT-SIZE: 10pt; FONT-WEIGHT: bold">
 </td>
<td style="PADDING-BOTTOM: 1pt; FONT-SIZE: 10pt; FONT-WEIGHT: bold">
 </td>
<td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left; FONT-SIZE: 10pt; FONT-WEIGHT: bold">
 </td>
<td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right; FONT-SIZE: 10pt; FONT-WEIGHT: bold">
825,597</td>
<td style="TEXT-ALIGN: left; PADDING-BOTTOM: 1pt; FONT-SIZE: 10pt; FONT-WEIGHT: bold">
 </td>
<td style="PADDING-BOTTOM: 1pt; FONT-SIZE: 10pt; FONT-WEIGHT: bold">
 </td>
<td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left; FONT-SIZE: 10pt; FONT-WEIGHT: bold">
 </td>
<td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right; FONT-SIZE: 10pt; FONT-WEIGHT: bold">
2,781,890</td>
<td style="TEXT-ALIGN: left; PADDING-BOTTOM: 1pt; FONT-SIZE: 10pt; FONT-WEIGHT: bold">
 </td>
</tr>
<tr style="BACKGROUND-COLOR: rgb(204,255,204); VERTICAL-ALIGN: bottom">
<td style="TEXT-ALIGN: left; FONT-SIZE: 10pt; FONT-WEIGHT: bold">
Income from operation</td>
<td style="FONT-SIZE: 10pt; FONT-WEIGHT: bold"> </td>
<td style="TEXT-ALIGN: left; FONT-SIZE: 10pt; FONT-WEIGHT: bold">
 </td>
<td style="TEXT-ALIGN: right; FONT-SIZE: 10pt; FONT-WEIGHT: bold">
2,405,626</td>
<td style="TEXT-ALIGN: left; FONT-SIZE: 10pt; FONT-WEIGHT: bold">
 </td>
<td style="FONT-SIZE: 10pt; FONT-WEIGHT: bold"> </td>
<td style="TEXT-ALIGN: left; FONT-SIZE: 10pt; FONT-WEIGHT: bold">
 </td>
<td style="TEXT-ALIGN: right; FONT-SIZE: 10pt; FONT-WEIGHT: bold">
(825,597</td>
<td style="TEXT-ALIGN: left; FONT-SIZE: 10pt; FONT-WEIGHT: bold">
)</td>
<td style="FONT-SIZE: 10pt; FONT-WEIGHT: bold"> </td>
<td style="TEXT-ALIGN: left; FONT-SIZE: 10pt; FONT-WEIGHT: bold">
 </td>
<td style="TEXT-ALIGN: right; FONT-SIZE: 10pt; FONT-WEIGHT: bold">
1,580,029</td>
<td style="TEXT-ALIGN: left; FONT-SIZE: 10pt; FONT-WEIGHT: bold">
 </td>
</tr>
<tr style="BACKGROUND-COLOR: white; VERTICAL-ALIGN: bottom">
<td style="TEXT-ALIGN: left; FONT-SIZE: 10pt">Interest Income
(Expense)</td>
<td style="FONT-SIZE: 10pt"> </td>
<td style="TEXT-ALIGN: left; FONT-SIZE: 10pt"> </td>
<td style="TEXT-ALIGN: right; FONT-SIZE: 10pt">(41</td>
<td style="TEXT-ALIGN: left; FONT-SIZE: 10pt">)</td>
<td style="FONT-SIZE: 10pt"> </td>
<td style="TEXT-ALIGN: left; FONT-SIZE: 10pt"> </td>
<td style="TEXT-ALIGN: right; FONT-SIZE: 10pt">-</td>
<td style="TEXT-ALIGN: left; FONT-SIZE: 10pt"> </td>
<td style="FONT-SIZE: 10pt"> </td>
<td style="TEXT-ALIGN: left; FONT-SIZE: 10pt"> </td>
<td style="TEXT-ALIGN: right; FONT-SIZE: 10pt">(41</td>
<td style="TEXT-ALIGN: left; FONT-SIZE: 10pt">)</td>
</tr>
<tr style="BACKGROUND-COLOR: rgb(204,255,204); VERTICAL-ALIGN: bottom">
<td style="TEXT-ALIGN: left; PADDING-BOTTOM: 1pt; FONT-SIZE: 10pt">
Other income (Expense)</td>
<td style="PADDING-BOTTOM: 1pt; FONT-SIZE: 10pt"> </td>
<td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left; FONT-SIZE: 10pt">
 </td>
<td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right; FONT-SIZE: 10pt">
68,215</td>
<td style="TEXT-ALIGN: left; PADDING-BOTTOM: 1pt; FONT-SIZE: 10pt">
 </td>
<td style="PADDING-BOTTOM: 1pt; FONT-SIZE: 10pt"> </td>
<td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left; FONT-SIZE: 10pt">
 </td>
<td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right; FONT-SIZE: 10pt">
-</td>
<td style="TEXT-ALIGN: left; PADDING-BOTTOM: 1pt; FONT-SIZE: 10pt">
 </td>
<td style="PADDING-BOTTOM: 1pt; FONT-SIZE: 10pt"> </td>
<td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left; FONT-SIZE: 10pt">
 </td>
<td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right; FONT-SIZE: 10pt">
68,215</td>
<td style="TEXT-ALIGN: left; PADDING-BOTTOM: 1pt; FONT-SIZE: 10pt">
 </td>
</tr>
<tr style="BACKGROUND-COLOR: white; VERTICAL-ALIGN: bottom">
<td style="TEXT-ALIGN: left; FONT-SIZE: 10pt; FONT-WEIGHT: bold">
Profit before tax</td>
<td style="FONT-SIZE: 10pt; FONT-WEIGHT: bold"> </td>
<td style="TEXT-ALIGN: left; FONT-SIZE: 10pt; FONT-WEIGHT: bold">
 </td>
<td style="TEXT-ALIGN: right; FONT-SIZE: 10pt; FONT-WEIGHT: bold">
2,473,800</td>
<td style="TEXT-ALIGN: left; FONT-SIZE: 10pt; FONT-WEIGHT: bold">
 </td>
<td style="FONT-SIZE: 10pt; FONT-WEIGHT: bold"> </td>
<td style="TEXT-ALIGN: left; FONT-SIZE: 10pt; FONT-WEIGHT: bold">
 </td>
<td style="TEXT-ALIGN: right; FONT-SIZE: 10pt; FONT-WEIGHT: bold">
(825,597</td>
<td style="TEXT-ALIGN: left; FONT-SIZE: 10pt; FONT-WEIGHT: bold">
)</td>
<td style="FONT-SIZE: 10pt; FONT-WEIGHT: bold"> </td>
<td style="TEXT-ALIGN: left; FONT-SIZE: 10pt; FONT-WEIGHT: bold">
 </td>
<td style="TEXT-ALIGN: right; FONT-SIZE: 10pt; FONT-WEIGHT: bold">
1,648,203</td>
<td style="TEXT-ALIGN: left; FONT-SIZE: 10pt; FONT-WEIGHT: bold">
 </td>
</tr>
<tr style="BACKGROUND-COLOR: rgb(204,255,204); VERTICAL-ALIGN: bottom">
<td style="TEXT-ALIGN: left; PADDING-BOTTOM: 1pt; FONT-SIZE: 10pt">
Income tax</td>
<td style="PADDING-BOTTOM: 1pt; FONT-SIZE: 10pt"> </td>
<td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left; FONT-SIZE: 10pt">
 </td>
<td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right; FONT-SIZE: 10pt">
618,450</td>
<td style="TEXT-ALIGN: left; PADDING-BOTTOM: 1pt; FONT-SIZE: 10pt">
 </td>
<td style="PADDING-BOTTOM: 1pt; FONT-SIZE: 10pt"> </td>
<td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left; FONT-SIZE: 10pt">
 </td>
<td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right; FONT-SIZE: 10pt">
(206,399</td>
<td style="TEXT-ALIGN: left; PADDING-BOTTOM: 1pt; FONT-SIZE: 10pt">
)</td>
<td style="PADDING-BOTTOM: 1pt; FONT-SIZE: 10pt"> </td>
<td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left; FONT-SIZE: 10pt">
 </td>
<td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right; FONT-SIZE: 10pt">
412,051</td>
<td style="TEXT-ALIGN: left; PADDING-BOTTOM: 1pt; FONT-SIZE: 10pt">
 </td>
</tr>
<tr style="BACKGROUND-COLOR: white; VERTICAL-ALIGN: bottom">
<td style="FONT-SIZE: 10pt"> </td>
<td style="FONT-SIZE: 10pt"> </td>
<td style="TEXT-ALIGN: left; FONT-SIZE: 10pt"> </td>
<td style="TEXT-ALIGN: right; FONT-SIZE: 10pt"> </td>
<td style="TEXT-ALIGN: left; FONT-SIZE: 10pt"> </td>
<td style="FONT-SIZE: 10pt"> </td>
<td style="TEXT-ALIGN: left; FONT-SIZE: 10pt"> </td>
<td style="TEXT-ALIGN: right; FONT-SIZE: 10pt"> </td>
<td style="TEXT-ALIGN: left; FONT-SIZE: 10pt"> </td>
<td style="FONT-SIZE: 10pt"> </td>
<td style="TEXT-ALIGN: left; FONT-SIZE: 10pt"> </td>
<td style="TEXT-ALIGN: right; FONT-SIZE: 10pt"> </td>
<td style="TEXT-ALIGN: left; FONT-SIZE: 10pt"> </td>
</tr>
<tr style="BACKGROUND-COLOR: rgb(204,255,204); VERTICAL-ALIGN: bottom">
<td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2.5pt; FONT-SIZE: 10pt; FONT-WEIGHT: bold">
Net income</td>
<td style="PADDING-BOTTOM: 2.5pt; FONT-SIZE: 10pt; FONT-WEIGHT: bold">
 </td>
<td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: left; FONT-SIZE: 10pt; FONT-WEIGHT: bold">
 </td>
<td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: right; FONT-SIZE: 10pt; FONT-WEIGHT: bold">
1,855,350</td>
<td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2.5pt; FONT-SIZE: 10pt; FONT-WEIGHT: bold">
 </td>
<td style="PADDING-BOTTOM: 2.5pt; FONT-SIZE: 10pt; FONT-WEIGHT: bold">
 </td>
<td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: left; FONT-SIZE: 10pt; FONT-WEIGHT: bold">
 </td>
<td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: right; FONT-SIZE: 10pt; FONT-WEIGHT: bold">
(619,198</td>
<td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2.5pt; FONT-SIZE: 10pt; FONT-WEIGHT: bold">
)</td>
<td style="PADDING-BOTTOM: 2.5pt; FONT-SIZE: 10pt; FONT-WEIGHT: bold">
 </td>
<td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: left; FONT-SIZE: 10pt; FONT-WEIGHT: bold">
 </td>
<td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: right; FONT-SIZE: 10pt; FONT-WEIGHT: bold">
1,236,152</td>
<td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2.5pt; FONT-SIZE: 10pt; FONT-WEIGHT: bold">
 </td>
</tr>
<tr style="BACKGROUND-COLOR: white; VERTICAL-ALIGN: bottom">
<td style="TEXT-ALIGN: left; FONT-SIZE: 10pt; FONT-WEIGHT: bold">
 Other comprehensive income</td>
<td style="FONT-SIZE: 10pt"> </td>
<td style="TEXT-ALIGN: left; FONT-SIZE: 10pt"> </td>
<td style="TEXT-ALIGN: right; FONT-SIZE: 10pt"> </td>
<td style="TEXT-ALIGN: left; FONT-SIZE: 10pt"> </td>
<td style="FONT-SIZE: 10pt"> </td>
<td style="TEXT-ALIGN: left; FONT-SIZE: 10pt"> </td>
<td style="TEXT-ALIGN: right; FONT-SIZE: 10pt"> </td>
<td style="TEXT-ALIGN: left; FONT-SIZE: 10pt"> </td>
<td style="FONT-SIZE: 10pt"> </td>
<td style="TEXT-ALIGN: left; FONT-SIZE: 10pt"> </td>
<td style="TEXT-ALIGN: right; FONT-SIZE: 10pt"> </td>
<td style="TEXT-ALIGN: left; FONT-SIZE: 10pt"> </td>
</tr>
<tr style="BACKGROUND-COLOR: rgb(204,255,204); VERTICAL-ALIGN: bottom">
<td style="TEXT-ALIGN: left; PADDING-BOTTOM: 1pt; TEXT-INDENT: 10pt; FONT-SIZE: 10pt">
Foreign currency translation adjustment</td>
<td style="PADDING-BOTTOM: 1pt; FONT-SIZE: 10pt"> </td>
<td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left; FONT-SIZE: 10pt">
 </td>
<td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right; FONT-SIZE: 10pt">
(841,973</td>
<td style="TEXT-ALIGN: left; PADDING-BOTTOM: 1pt; FONT-SIZE: 10pt">
)</td>
<td style="PADDING-BOTTOM: 1pt; FONT-SIZE: 10pt"> </td>
<td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left; FONT-SIZE: 10pt">
 </td>
<td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right; FONT-SIZE: 10pt">
1,259,248</td>
<td style="TEXT-ALIGN: left; PADDING-BOTTOM: 1pt; FONT-SIZE: 10pt">
 </td>
<td style="PADDING-BOTTOM: 1pt; FONT-SIZE: 10pt"> </td>
<td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left; FONT-SIZE: 10pt">
 </td>
<td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right; FONT-SIZE: 10pt">
417,275</td>
<td style="TEXT-ALIGN: left; PADDING-BOTTOM: 1pt; FONT-SIZE: 10pt">
 </td>
</tr>
<tr style="BACKGROUND-COLOR: white; VERTICAL-ALIGN: bottom">
<td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2.5pt; FONT-SIZE: 10pt; FONT-WEIGHT: bold">
 Comprehensive income</td>
<td style="PADDING-BOTTOM: 2.5pt; FONT-SIZE: 10pt; FONT-WEIGHT: bold">
 </td>
<td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: left; FONT-SIZE: 10pt; FONT-WEIGHT: bold">
 </td>
<td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: right; FONT-SIZE: 10pt; FONT-WEIGHT: bold">
1 ,013,377</td>
<td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2.5pt; FONT-SIZE: 10pt; FONT-WEIGHT: bold">
 </td>
<td style="PADDING-BOTTOM: 2.5pt; FONT-SIZE: 10pt; FONT-WEIGHT: bold">
 </td>
<td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: left; FONT-SIZE: 10pt; FONT-WEIGHT: bold">
 </td>
<td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: right; FONT-SIZE: 10pt; FONT-WEIGHT: bold">
640,050</td>
<td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2.5pt; FONT-SIZE: 10pt; FONT-WEIGHT: bold">
 </td>
<td style="PADDING-BOTTOM: 2.5pt; FONT-SIZE: 10pt; FONT-WEIGHT: bold">
 </td>
<td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: left; FONT-SIZE: 10pt; FONT-WEIGHT: bold">
 </td>
<td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: right; FONT-SIZE: 10pt; FONT-WEIGHT: bold">
1,653,427</td>
<td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2.5pt; FONT-SIZE: 10pt; FONT-WEIGHT: bold">
 </td>
</tr>
<tr style="BACKGROUND-COLOR: rgb(204,255,204); VERTICAL-ALIGN: bottom">
<td style="FONT-SIZE: 10pt"> </td>
<td style="FONT-SIZE: 10pt"> </td>
<td style="TEXT-ALIGN: left; FONT-SIZE: 10pt"> </td>
<td style="TEXT-ALIGN: right; FONT-SIZE: 10pt"> </td>
<td style="TEXT-ALIGN: left; FONT-SIZE: 10pt"> </td>
<td style="FONT-SIZE: 10pt"> </td>
<td style="TEXT-ALIGN: left; FONT-SIZE: 10pt"> </td>
<td style="TEXT-ALIGN: right; FONT-SIZE: 10pt"> </td>
<td style="TEXT-ALIGN: left; FONT-SIZE: 10pt"> </td>
<td style="FONT-SIZE: 10pt"> </td>
<td style="TEXT-ALIGN: left; FONT-SIZE: 10pt"> </td>
<td style="TEXT-ALIGN: right; FONT-SIZE: 10pt"> </td>
<td style="TEXT-ALIGN: left; FONT-SIZE: 10pt"> </td>
</tr>
<tr style="BACKGROUND-COLOR: white; VERTICAL-ALIGN: bottom">
<td style="TEXT-ALIGN: left; FONT-SIZE: 10pt; FONT-WEIGHT: bold">
Basic and diluted income per common share</td>
<td style="FONT-SIZE: 10pt"> </td>
<td style="TEXT-ALIGN: left; FONT-SIZE: 10pt"> </td>
<td style="TEXT-ALIGN: right; FONT-SIZE: 10pt"> </td>
<td style="TEXT-ALIGN: left; FONT-SIZE: 10pt"> </td>
<td style="FONT-SIZE: 10pt"> </td>
<td style="TEXT-ALIGN: left; FONT-SIZE: 10pt"> </td>
<td style="TEXT-ALIGN: right; FONT-SIZE: 10pt"> </td>
<td style="TEXT-ALIGN: left; FONT-SIZE: 10pt"> </td>
<td style="FONT-SIZE: 10pt"> </td>
<td style="TEXT-ALIGN: left; FONT-SIZE: 10pt"> </td>
<td style="TEXT-ALIGN: right; FONT-SIZE: 10pt"> </td>
<td style="TEXT-ALIGN: left; FONT-SIZE: 10pt"> </td>
</tr>
<tr style="BACKGROUND-COLOR: rgb(204,255,204); VERTICAL-ALIGN: bottom">
<td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2.5pt; TEXT-INDENT: 10pt; FONT-SIZE: 10pt; FONT-WEIGHT: bold">
Basic and Diluted</td>
<td style="PADDING-BOTTOM: 2.5pt; FONT-SIZE: 10pt; FONT-WEIGHT: bold">
 </td>
<td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: left; FONT-SIZE: 10pt; FONT-WEIGHT: bold">
$</td>
<td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: right; FONT-SIZE: 10pt; FONT-WEIGHT: bold">
0.03</td>
<td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2.5pt; FONT-SIZE: 10pt; FONT-WEIGHT: bold">
 </td>
<td style="PADDING-BOTTOM: 2.5pt; FONT-SIZE: 10pt; FONT-WEIGHT: bold">
 </td>
<td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: left; FONT-SIZE: 10pt; FONT-WEIGHT: bold">
$</td>
<td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: right; FONT-SIZE: 10pt; FONT-WEIGHT: bold">
(0.01</td>
<td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2.5pt; FONT-SIZE: 10pt; FONT-WEIGHT: bold">
)</td>
<td style="PADDING-BOTTOM: 2.5pt; FONT-SIZE: 10pt; FONT-WEIGHT: bold">
 </td>
<td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: left; FONT-SIZE: 10pt; FONT-WEIGHT: bold">
$</td>
<td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: right; FONT-SIZE: 10pt; FONT-WEIGHT: bold">
0.02</td>
<td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2.5pt; FONT-SIZE: 10pt; FONT-WEIGHT: bold">
 </td>
</tr>
<tr style="BACKGROUND-COLOR: white; VERTICAL-ALIGN: bottom">
<td style="FONT-SIZE: 10pt"> </td>
<td style="FONT-SIZE: 10pt"> </td>
<td style="TEXT-ALIGN: left; FONT-SIZE: 10pt"> </td>
<td style="TEXT-ALIGN: right; FONT-SIZE: 10pt"> </td>
<td style="TEXT-ALIGN: left; FONT-SIZE: 10pt"> </td>
<td style="FONT-SIZE: 10pt"> </td>
<td style="TEXT-ALIGN: left; FONT-SIZE: 10pt"> </td>
<td style="TEXT-ALIGN: right; FONT-SIZE: 10pt"> </td>
<td style="TEXT-ALIGN: left; FONT-SIZE: 10pt"> </td>
<td style="FONT-SIZE: 10pt"> </td>
<td style="TEXT-ALIGN: left; FONT-SIZE: 10pt"> </td>
<td style="TEXT-ALIGN: right; FONT-SIZE: 10pt"> </td>
<td style="TEXT-ALIGN: left; FONT-SIZE: 10pt"> </td>
</tr>
<tr style="BACKGROUND-COLOR: rgb(204,255,204); VERTICAL-ALIGN: bottom">
<td style="FONT-SIZE: 10pt; FONT-WEIGHT: bold">Weighted average
number of common shares outstanding</td>
<td style="FONT-SIZE: 10pt"> </td>
<td style="TEXT-ALIGN: left; FONT-SIZE: 10pt"> </td>
<td style="TEXT-ALIGN: right; FONT-SIZE: 10pt"> </td>
<td style="TEXT-ALIGN: left; FONT-SIZE: 10pt"> </td>
<td style="FONT-SIZE: 10pt"> </td>
<td style="TEXT-ALIGN: left; FONT-SIZE: 10pt"> </td>
<td style="TEXT-ALIGN: right; FONT-SIZE: 10pt"> </td>
<td style="TEXT-ALIGN: left; FONT-SIZE: 10pt"> </td>
<td style="FONT-SIZE: 10pt"> </td>
<td style="TEXT-ALIGN: left; FONT-SIZE: 10pt"> </td>
<td style="TEXT-ALIGN: right; FONT-SIZE: 10pt"> </td>
<td style="TEXT-ALIGN: left; FONT-SIZE: 10pt"> </td>
</tr>
<tr style="BACKGROUND-COLOR: white; VERTICAL-ALIGN: bottom">
<td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2.5pt; TEXT-INDENT: 10pt; FONT-SIZE: 10pt; FONT-WEIGHT: bold">
Basic and Diluted</td>
<td style="PADDING-BOTTOM: 2.5pt; FONT-SIZE: 10pt; FONT-WEIGHT: bold">
 </td>
<td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: left; FONT-SIZE: 10pt; FONT-WEIGHT: bold">
 </td>
<td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: right; FONT-SIZE: 10pt; FONT-WEIGHT: bold">
73,780,610</td>
<td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2.5pt; FONT-SIZE: 10pt; FONT-WEIGHT: bold">
 </td>
<td style="PADDING-BOTTOM: 2.5pt; FONT-SIZE: 10pt; FONT-WEIGHT: bold">
 </td>
<td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: left; FONT-SIZE: 10pt; FONT-WEIGHT: bold">
 </td>
<td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: right; FONT-SIZE: 10pt; FONT-WEIGHT: bold">
73,780,610</td>
<td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2.5pt; FONT-SIZE: 10pt; FONT-WEIGHT: bold">
 </td>
<td style="PADDING-BOTTOM: 2.5pt; FONT-SIZE: 10pt; FONT-WEIGHT: bold">
 </td>
<td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: left; FONT-SIZE: 10pt; FONT-WEIGHT: bold">
 </td>
<td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: right; FONT-SIZE: 10pt; FONT-WEIGHT: bold">
73,780,610</td>
<td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2.5pt; FONT-SIZE: 10pt; FONT-WEIGHT: bold">
 </td>
</tr>
</table>
<p style="MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"></p>
<p style="MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"></p>
<p style="MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif">
 </p>
<p style="MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"></p>
<p style="TEXT-ALIGN: center; MARGIN-TOP: 0pt; FONT: 10pt Times New Roman, Times, Serif; MARGIN-BOTTOM: 0pt">
<b>China YCT International Group, Inc.</b></p>
<p style="TEXT-ALIGN: center; MARGIN-TOP: 0pt; FONT: 10pt Times New Roman, Times, Serif; MARGIN-BOTTOM: 0pt">
<b>Consolidated Statement of Cash Flows</b></p>
<p style="MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"></p>
<p style="MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif">
 </p>
<p style="MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"></p>
<table style="WIDTH: 100%; BORDER-COLLAPSE: collapse; FONT: 10pt Times New Roman, Times, Serif" cellspacing="0" cellpadding="0">
<tr style="VERTICAL-ALIGN: bottom">
<td style="FONT-SIZE: 10pt"> </td>
<td style="PADDING-BOTTOM: 1pt; FONT-SIZE: 10pt; FONT-WEIGHT: bold">
 </td>
<td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: center; FONT-SIZE: 10pt; FONT-WEIGHT: bold" colspan="10">Three Months Ended June 30, 2011</td>
<td style="PADDING-BOTTOM: 1pt; FONT-SIZE: 10pt; FONT-WEIGHT: bold">
 </td>
</tr>
<tr style="VERTICAL-ALIGN: bottom">
<td style="FONT-SIZE: 10pt"> </td>
<td style="PADDING-BOTTOM: 1pt; FONT-SIZE: 10pt; FONT-WEIGHT: bold">
 </td>
<td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: center; FONT-SIZE: 10pt; FONT-WEIGHT: bold" colspan="2">As Previously Reported</td>
<td style="PADDING-BOTTOM: 1pt; FONT-SIZE: 10pt; FONT-WEIGHT: bold">
 </td>
<td style="PADDING-BOTTOM: 1pt; FONT-SIZE: 10pt; FONT-WEIGHT: bold">
 </td>
<td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: center; FONT-SIZE: 10pt; FONT-WEIGHT: bold" colspan="2">Adjustments</td>
<td style="PADDING-BOTTOM: 1pt; FONT-SIZE: 10pt; FONT-WEIGHT: bold">
 </td>
<td style="PADDING-BOTTOM: 1pt; FONT-SIZE: 10pt; FONT-WEIGHT: bold">
 </td>
<td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: center; FONT-SIZE: 10pt; FONT-WEIGHT: bold" colspan="2">As Restated</td>
<td style="PADDING-BOTTOM: 1pt; FONT-SIZE: 10pt; FONT-WEIGHT: bold">
 </td>
</tr>
<tr style="BACKGROUND-COLOR: rgb(204,255,204); VERTICAL-ALIGN: bottom">
<td style="TEXT-ALIGN: left; FONT-SIZE: 10pt; FONT-WEIGHT: bold">
Cash Flows From Operating Activities:</td>
<td style="FONT-SIZE: 10pt"> </td>
<td style="TEXT-ALIGN: left; FONT-SIZE: 10pt"> </td>
<td style="TEXT-ALIGN: right; FONT-SIZE: 10pt"> </td>
<td style="TEXT-ALIGN: left; FONT-SIZE: 10pt"> </td>
<td style="FONT-SIZE: 10pt"> </td>
<td style="TEXT-ALIGN: left; FONT-SIZE: 10pt"> </td>
<td style="TEXT-ALIGN: right; FONT-SIZE: 10pt"> </td>
<td style="TEXT-ALIGN: left; FONT-SIZE: 10pt"> </td>
<td style="FONT-SIZE: 10pt"> </td>
<td style="TEXT-ALIGN: left; FONT-SIZE: 10pt"> </td>
<td style="TEXT-ALIGN: right; FONT-SIZE: 10pt"> </td>
<td style="TEXT-ALIGN: left; FONT-SIZE: 10pt"> </td>
</tr>
<tr style="BACKGROUND-COLOR: white; VERTICAL-ALIGN: bottom">
<td style="TEXT-ALIGN: left; TEXT-INDENT: 40pt; WIDTH: 58%; FONT-SIZE: 10pt">
Net income</td>
<td style="WIDTH: 2%; FONT-SIZE: 10pt"> </td>
<td style="TEXT-ALIGN: left; WIDTH: 1%; FONT-SIZE: 10pt">$</td>
<td style="TEXT-ALIGN: right; WIDTH: 10%; FONT-SIZE: 10pt">
1,855,350</td>
<td style="TEXT-ALIGN: left; WIDTH: 1%; FONT-SIZE: 10pt">
 </td>
<td style="WIDTH: 2%; FONT-SIZE: 10pt"> </td>
<td style="TEXT-ALIGN: left; WIDTH: 1%; FONT-SIZE: 10pt">$</td>
<td style="TEXT-ALIGN: right; WIDTH: 10%; FONT-SIZE: 10pt">
(619,198</td>
<td style="TEXT-ALIGN: left; WIDTH: 1%; FONT-SIZE: 10pt">)</td>
<td style="WIDTH: 2%; FONT-SIZE: 10pt"> </td>
<td style="TEXT-ALIGN: left; WIDTH: 1%; FONT-SIZE: 10pt">$</td>
<td style="TEXT-ALIGN: right; WIDTH: 10%; FONT-SIZE: 10pt">
1,236,152</td>
<td style="TEXT-ALIGN: left; WIDTH: 1%; FONT-SIZE: 10pt">
 </td>
</tr>
<tr style="BACKGROUND-COLOR: rgb(204,255,204); VERTICAL-ALIGN: bottom">
<td style="TEXT-ALIGN: left; FONT-SIZE: 10pt">Adjustments to
reconcile net income to net cash provided by operating
activities:</td>
<td style="FONT-SIZE: 10pt"> </td>
<td style="TEXT-ALIGN: left; FONT-SIZE: 10pt"> </td>
<td style="TEXT-ALIGN: right; FONT-SIZE: 10pt"> </td>
<td style="TEXT-ALIGN: left; FONT-SIZE: 10pt"> </td>
<td style="FONT-SIZE: 10pt"> </td>
<td style="TEXT-ALIGN: left; FONT-SIZE: 10pt"> </td>
<td style="TEXT-ALIGN: right; FONT-SIZE: 10pt"> </td>
<td style="TEXT-ALIGN: left; FONT-SIZE: 10pt"> </td>
<td style="FONT-SIZE: 10pt"> </td>
<td style="TEXT-ALIGN: left; FONT-SIZE: 10pt"> </td>
<td style="TEXT-ALIGN: right; FONT-SIZE: 10pt"> </td>
<td style="TEXT-ALIGN: left; FONT-SIZE: 10pt"> </td>
</tr>
<tr style="BACKGROUND-COLOR: white; VERTICAL-ALIGN: bottom">
<td style="TEXT-ALIGN: left; TEXT-INDENT: 40pt; FONT-SIZE: 10pt">
Depreciation and amortization</td>
<td style="FONT-SIZE: 10pt"> </td>
<td style="TEXT-ALIGN: left; FONT-SIZE: 10pt"> </td>
<td style="TEXT-ALIGN: right; FONT-SIZE: 10pt">1,225,006</td>
<td style="TEXT-ALIGN: left; FONT-SIZE: 10pt"> </td>
<td style="FONT-SIZE: 10pt"> </td>
<td style="TEXT-ALIGN: left; FONT-SIZE: 10pt"> </td>
<td style="TEXT-ALIGN: right; FONT-SIZE: 10pt">825,596</td>
<td style="TEXT-ALIGN: left; FONT-SIZE: 10pt"> </td>
<td style="FONT-SIZE: 10pt"> </td>
<td style="TEXT-ALIGN: left; FONT-SIZE: 10pt"> </td>
<td style="TEXT-ALIGN: right; FONT-SIZE: 10pt">2,050,602</td>
<td style="TEXT-ALIGN: left; FONT-SIZE: 10pt"> </td>
</tr>
<tr style="BACKGROUND-COLOR: rgb(204,255,204); VERTICAL-ALIGN: bottom">
<td style="TEXT-INDENT: 40pt; FONT-SIZE: 10pt">Issue of common
shares as compensation</td>
<td style="FONT-SIZE: 10pt"> </td>
<td style="TEXT-ALIGN: left; FONT-SIZE: 10pt"> </td>
<td style="TEXT-ALIGN: right; FONT-SIZE: 10pt">-</td>
<td style="TEXT-ALIGN: left; FONT-SIZE: 10pt"> </td>
<td style="FONT-SIZE: 10pt"> </td>
<td style="TEXT-ALIGN: left; FONT-SIZE: 10pt"> </td>
<td style="TEXT-ALIGN: right; FONT-SIZE: 10pt">-</td>
<td style="TEXT-ALIGN: left; FONT-SIZE: 10pt"> </td>
<td style="FONT-SIZE: 10pt"> </td>
<td style="TEXT-ALIGN: left; FONT-SIZE: 10pt"> </td>
<td style="TEXT-ALIGN: right; FONT-SIZE: 10pt">-</td>
<td style="TEXT-ALIGN: left; FONT-SIZE: 10pt"> </td>
</tr>
<tr style="BACKGROUND-COLOR: white; VERTICAL-ALIGN: bottom">
<td style="TEXT-ALIGN: left; FONT-SIZE: 10pt">Changes in operating
assets and liabilities:</td>
<td style="FONT-SIZE: 10pt"> </td>
<td style="TEXT-ALIGN: left; FONT-SIZE: 10pt"> </td>
<td style="TEXT-ALIGN: right; FONT-SIZE: 10pt"> </td>
<td style="TEXT-ALIGN: left; FONT-SIZE: 10pt"> </td>
<td style="FONT-SIZE: 10pt"> </td>
<td style="TEXT-ALIGN: left; FONT-SIZE: 10pt"> </td>
<td style="TEXT-ALIGN: right; FONT-SIZE: 10pt"> </td>
<td style="TEXT-ALIGN: left; FONT-SIZE: 10pt"> </td>
<td style="FONT-SIZE: 10pt"> </td>
<td style="TEXT-ALIGN: left; FONT-SIZE: 10pt"> </td>
<td style="TEXT-ALIGN: right; FONT-SIZE: 10pt"> </td>
<td style="TEXT-ALIGN: left; FONT-SIZE: 10pt"> </td>
</tr>
<tr style="BACKGROUND-COLOR: rgb(204,255,204); VERTICAL-ALIGN: bottom">
<td style="TEXT-INDENT: 40pt; FONT-SIZE: 10pt">Inventory</td>
<td style="FONT-SIZE: 10pt"> </td>
<td style="TEXT-ALIGN: left; FONT-SIZE: 10pt"> </td>
<td style="TEXT-ALIGN: right; FONT-SIZE: 10pt">(1,576,067</td>
<td style="TEXT-ALIGN: left; FONT-SIZE: 10pt">)</td>
<td style="FONT-SIZE: 10pt"> </td>
<td style="TEXT-ALIGN: left; FONT-SIZE: 10pt"> </td>
<td style="TEXT-ALIGN: right; FONT-SIZE: 10pt">-</td>
<td style="TEXT-ALIGN: left; FONT-SIZE: 10pt"> </td>
<td style="FONT-SIZE: 10pt"> </td>
<td style="TEXT-ALIGN: left; FONT-SIZE: 10pt"> </td>
<td style="TEXT-ALIGN: right; FONT-SIZE: 10pt">(1,576,067</td>
<td style="TEXT-ALIGN: left; FONT-SIZE: 10pt">)</td>
</tr>
<tr style="BACKGROUND-COLOR: white; VERTICAL-ALIGN: bottom">
<td style="TEXT-ALIGN: left; TEXT-INDENT: 40pt; FONT-SIZE: 10pt">
Advance to suppliers</td>
<td style="FONT-SIZE: 10pt"> </td>
<td style="TEXT-ALIGN: left; FONT-SIZE: 10pt"> </td>
<td style="TEXT-ALIGN: right; FONT-SIZE: 10pt"> </td>
<td style="TEXT-ALIGN: left; FONT-SIZE: 10pt"> </td>
<td style="FONT-SIZE: 10pt"> </td>
<td style="TEXT-ALIGN: left; FONT-SIZE: 10pt"> </td>
<td style="TEXT-ALIGN: right; FONT-SIZE: 10pt"> </td>
<td style="TEXT-ALIGN: left; FONT-SIZE: 10pt"> </td>
<td style="FONT-SIZE: 10pt"> </td>
<td style="TEXT-ALIGN: left; FONT-SIZE: 10pt"> </td>
<td style="TEXT-ALIGN: right; FONT-SIZE: 10pt"> </td>
<td style="TEXT-ALIGN: left; FONT-SIZE: 10pt"> </td>
</tr>
<tr style="BACKGROUND-COLOR: rgb(204,255,204); VERTICAL-ALIGN: bottom">
<td style="TEXT-ALIGN: left; TEXT-INDENT: 40pt; FONT-SIZE: 10pt">
Other receivable from related parties</td>
<td style="FONT-SIZE: 10pt"> </td>
<td style="TEXT-ALIGN: left; FONT-SIZE: 10pt"> </td>
<td style="TEXT-ALIGN: right; FONT-SIZE: 10pt">-</td>
<td style="TEXT-ALIGN: left; FONT-SIZE: 10pt"> </td>
<td style="FONT-SIZE: 10pt"> </td>
<td style="TEXT-ALIGN: left; FONT-SIZE: 10pt"> </td>
<td style="TEXT-ALIGN: right; FONT-SIZE: 10pt">-</td>
<td style="TEXT-ALIGN: left; FONT-SIZE: 10pt"> </td>
<td style="FONT-SIZE: 10pt"> </td>
<td style="TEXT-ALIGN: left; FONT-SIZE: 10pt"> </td>
<td style="TEXT-ALIGN: right; FONT-SIZE: 10pt">-</td>
<td style="TEXT-ALIGN: left; FONT-SIZE: 10pt"> </td>
</tr>
<tr style="BACKGROUND-COLOR: white; VERTICAL-ALIGN: bottom">
<td style="TEXT-ALIGN: left; TEXT-INDENT: 40pt; FONT-SIZE: 10pt">
Accounts payable</td>
<td style="FONT-SIZE: 10pt"> </td>
<td style="TEXT-ALIGN: left; FONT-SIZE: 10pt"> </td>
<td style="TEXT-ALIGN: right; FONT-SIZE: 10pt">209,871</td>
<td style="TEXT-ALIGN: left; FONT-SIZE: 10pt"> </td>
<td style="FONT-SIZE: 10pt"> </td>
<td style="TEXT-ALIGN: left; FONT-SIZE: 10pt"> </td>
<td style="TEXT-ALIGN: right; FONT-SIZE: 10pt">-</td>
<td style="TEXT-ALIGN: left; FONT-SIZE: 10pt"> </td>
<td style="FONT-SIZE: 10pt"> </td>
<td style="TEXT-ALIGN: left; FONT-SIZE: 10pt"> </td>
<td style="TEXT-ALIGN: right; FONT-SIZE: 10pt">209,871</td>
<td style="TEXT-ALIGN: left; FONT-SIZE: 10pt"> </td>
</tr>
<tr style="BACKGROUND-COLOR: rgb(204,255,204); VERTICAL-ALIGN: bottom">
<td style="TEXT-ALIGN: left; TEXT-INDENT: 40pt; FONT-SIZE: 10pt">
Taxes payable</td>
<td style="FONT-SIZE: 10pt"> </td>
<td style="TEXT-ALIGN: left; FONT-SIZE: 10pt"> </td>
<td style="TEXT-ALIGN: right; FONT-SIZE: 10pt">(439,998</td>
<td style="TEXT-ALIGN: left; FONT-SIZE: 10pt">)</td>
<td style="FONT-SIZE: 10pt"> </td>
<td style="TEXT-ALIGN: left; FONT-SIZE: 10pt"> </td>
<td style="TEXT-ALIGN: right; FONT-SIZE: 10pt">(206,399</td>
<td style="TEXT-ALIGN: left; FONT-SIZE: 10pt">)</td>
<td style="FONT-SIZE: 10pt"> </td>
<td style="TEXT-ALIGN: left; FONT-SIZE: 10pt"> </td>
<td style="TEXT-ALIGN: right; FONT-SIZE: 10pt">(646,397</td>
<td style="TEXT-ALIGN: left; FONT-SIZE: 10pt">)</td>
</tr>
<tr style="BACKGROUND-COLOR: white; VERTICAL-ALIGN: bottom">
<td style="TEXT-ALIGN: left; PADDING-BOTTOM: 1pt; TEXT-INDENT: 40pt; FONT-SIZE: 10pt">
Accrued expenses and other payables</td>
<td style="PADDING-BOTTOM: 1pt; FONT-SIZE: 10pt"> </td>
<td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left; FONT-SIZE: 10pt">
 </td>
<td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right; FONT-SIZE: 10pt">
(115,624</td>
<td style="TEXT-ALIGN: left; PADDING-BOTTOM: 1pt; FONT-SIZE: 10pt">
)</td>
<td style="PADDING-BOTTOM: 1pt; FONT-SIZE: 10pt"> </td>
<td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left; FONT-SIZE: 10pt">
 </td>
<td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right; FONT-SIZE: 10pt">
-</td>
<td style="TEXT-ALIGN: left; PADDING-BOTTOM: 1pt; FONT-SIZE: 10pt">
 </td>
<td style="PADDING-BOTTOM: 1pt; FONT-SIZE: 10pt"> </td>
<td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left; FONT-SIZE: 10pt">
 </td>
<td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right; FONT-SIZE: 10pt">
(115,624</td>
<td style="TEXT-ALIGN: left; PADDING-BOTTOM: 1pt; FONT-SIZE: 10pt">
)</td>
</tr>
<tr style="BACKGROUND-COLOR: rgb(204,255,204); VERTICAL-ALIGN: bottom">
<td style="FONT-SIZE: 10pt"> </td>
<td style="FONT-SIZE: 10pt"> </td>
<td style="TEXT-ALIGN: left; FONT-SIZE: 10pt"> </td>
<td style="TEXT-ALIGN: right; FONT-SIZE: 10pt"> </td>
<td style="TEXT-ALIGN: left; FONT-SIZE: 10pt"> </td>
<td style="FONT-SIZE: 10pt"> </td>
<td style="TEXT-ALIGN: left; FONT-SIZE: 10pt"> </td>
<td style="TEXT-ALIGN: right; FONT-SIZE: 10pt"> </td>
<td style="TEXT-ALIGN: left; FONT-SIZE: 10pt"> </td>
<td style="FONT-SIZE: 10pt"> </td>
<td style="TEXT-ALIGN: left; FONT-SIZE: 10pt"> </td>
<td style="TEXT-ALIGN: right; FONT-SIZE: 10pt"> </td>
<td style="TEXT-ALIGN: left; FONT-SIZE: 10pt"> </td>
</tr>
<tr style="BACKGROUND-COLOR: white; VERTICAL-ALIGN: bottom">
<td style="TEXT-ALIGN: left; PADDING-BOTTOM: 1pt; FONT-SIZE: 10pt; FONT-WEIGHT: bold">
Net cash provided by (used in) operating activities</td>
<td style="PADDING-BOTTOM: 1pt; FONT-SIZE: 10pt; FONT-WEIGHT: bold">
 </td>
<td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left; FONT-SIZE: 10pt; FONT-WEIGHT: bold">
 </td>
<td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right; FONT-SIZE: 10pt; FONT-WEIGHT: bold">
1,158,538</td>
<td style="TEXT-ALIGN: left; PADDING-BOTTOM: 1pt; FONT-SIZE: 10pt; FONT-WEIGHT: bold">
 </td>
<td style="PADDING-BOTTOM: 1pt; FONT-SIZE: 10pt; FONT-WEIGHT: bold">
 </td>
<td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left; FONT-SIZE: 10pt; FONT-WEIGHT: bold">
 </td>
<td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right; FONT-SIZE: 10pt; FONT-WEIGHT: bold">
(1</td>
<td style="TEXT-ALIGN: left; PADDING-BOTTOM: 1pt; FONT-SIZE: 10pt; FONT-WEIGHT: bold">
)</td>
<td style="PADDING-BOTTOM: 1pt; FONT-SIZE: 10pt; FONT-WEIGHT: bold">
 </td>
<td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left; FONT-SIZE: 10pt; FONT-WEIGHT: bold">
 </td>
<td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right; FONT-SIZE: 10pt; FONT-WEIGHT: bold">
1,158,537</td>
<td style="TEXT-ALIGN: left; PADDING-BOTTOM: 1pt; FONT-SIZE: 10pt; FONT-WEIGHT: bold">
 </td>
</tr>
<tr style="BACKGROUND-COLOR: rgb(204,255,204); VERTICAL-ALIGN: bottom">
<td style="FONT-SIZE: 10pt"> </td>
<td style="FONT-SIZE: 10pt"> </td>
<td style="TEXT-ALIGN: left; FONT-SIZE: 10pt"> </td>
<td style="TEXT-ALIGN: right; FONT-SIZE: 10pt"> </td>
<td style="TEXT-ALIGN: left; FONT-SIZE: 10pt"> </td>
<td style="FONT-SIZE: 10pt"> </td>
<td style="TEXT-ALIGN: left; FONT-SIZE: 10pt"> </td>
<td style="TEXT-ALIGN: right; FONT-SIZE: 10pt"> </td>
<td style="TEXT-ALIGN: left; FONT-SIZE: 10pt"> </td>
<td style="FONT-SIZE: 10pt"> </td>
<td style="TEXT-ALIGN: left; FONT-SIZE: 10pt"> </td>
<td style="TEXT-ALIGN: right; FONT-SIZE: 10pt"> </td>
<td style="TEXT-ALIGN: left; FONT-SIZE: 10pt"> </td>
</tr>
<tr style="BACKGROUND-COLOR: white; VERTICAL-ALIGN: bottom">
<td style="TEXT-ALIGN: left; FONT-SIZE: 10pt; FONT-WEIGHT: bold">
Cash flows from investing activities:</td>
<td style="FONT-SIZE: 10pt"> </td>
<td style="TEXT-ALIGN: left; FONT-SIZE: 10pt"> </td>
<td style="TEXT-ALIGN: right; FONT-SIZE: 10pt"> </td>
<td style="TEXT-ALIGN: left; FONT-SIZE: 10pt"> </td>
<td style="FONT-SIZE: 10pt"> </td>
<td style="TEXT-ALIGN: left; FONT-SIZE: 10pt"> </td>
<td style="TEXT-ALIGN: right; FONT-SIZE: 10pt"> </td>
<td style="TEXT-ALIGN: left; FONT-SIZE: 10pt"> </td>
<td style="FONT-SIZE: 10pt"> </td>
<td style="TEXT-ALIGN: left; FONT-SIZE: 10pt"> </td>
<td style="TEXT-ALIGN: right; FONT-SIZE: 10pt"> </td>
<td style="TEXT-ALIGN: left; FONT-SIZE: 10pt"> </td>
</tr>
<tr style="BACKGROUND-COLOR: rgb(204,255,204); VERTICAL-ALIGN: bottom">
<td style="TEXT-ALIGN: left; TEXT-INDENT: 40pt; FONT-SIZE: 10pt">
Addition to plant and equipment</td>
<td style="FONT-SIZE: 10pt"> </td>
<td style="TEXT-ALIGN: left; FONT-SIZE: 10pt"> </td>
<td style="TEXT-ALIGN: right; FONT-SIZE: 10pt">(77,596</td>
<td style="TEXT-ALIGN: left; FONT-SIZE: 10pt">)</td>
<td style="FONT-SIZE: 10pt"> </td>
<td style="TEXT-ALIGN: left; FONT-SIZE: 10pt"> </td>
<td style="TEXT-ALIGN: right; FONT-SIZE: 10pt">-</td>
<td style="TEXT-ALIGN: left; FONT-SIZE: 10pt"> </td>
<td style="FONT-SIZE: 10pt"> </td>
<td style="TEXT-ALIGN: left; FONT-SIZE: 10pt"> </td>
<td style="TEXT-ALIGN: right; FONT-SIZE: 10pt">(77,596</td>
<td style="TEXT-ALIGN: left; FONT-SIZE: 10pt">)</td>
</tr>
<tr style="BACKGROUND-COLOR: white; VERTICAL-ALIGN: bottom">
<td style="TEXT-ALIGN: left; TEXT-INDENT: 40pt; FONT-SIZE: 10pt">
Reduction of construction in progress</td>
<td style="FONT-SIZE: 10pt"> </td>
<td style="TEXT-ALIGN: left; FONT-SIZE: 10pt"> </td>
<td style="TEXT-ALIGN: right; FONT-SIZE: 10pt">-</td>
<td style="TEXT-ALIGN: left; FONT-SIZE: 10pt"> </td>
<td style="FONT-SIZE: 10pt"> </td>
<td style="TEXT-ALIGN: left; FONT-SIZE: 10pt"> </td>
<td style="TEXT-ALIGN: right; FONT-SIZE: 10pt">-</td>
<td style="TEXT-ALIGN: left; FONT-SIZE: 10pt"> </td>
<td style="FONT-SIZE: 10pt"> </td>
<td style="TEXT-ALIGN: left; FONT-SIZE: 10pt"> </td>
<td style="TEXT-ALIGN: right; FONT-SIZE: 10pt">-</td>
<td style="TEXT-ALIGN: left; FONT-SIZE: 10pt"> </td>
</tr>
<tr style="BACKGROUND-COLOR: rgb(204,255,204); VERTICAL-ALIGN: bottom">
<td style="TEXT-ALIGN: left; TEXT-INDENT: 40pt; FONT-SIZE: 10pt">
Investment in Intagible Assets</td>
<td style="FONT-SIZE: 10pt"> </td>
<td style="TEXT-ALIGN: left; FONT-SIZE: 10pt"> </td>
<td style="TEXT-ALIGN: right; FONT-SIZE: 10pt">-</td>
<td style="TEXT-ALIGN: left; FONT-SIZE: 10pt"> </td>
<td style="FONT-SIZE: 10pt"> </td>
<td style="TEXT-ALIGN: left; FONT-SIZE: 10pt"> </td>
<td style="TEXT-ALIGN: right; FONT-SIZE: 10pt">-</td>
<td style="TEXT-ALIGN: left; FONT-SIZE: 10pt"> </td>
<td style="FONT-SIZE: 10pt"> </td>
<td style="TEXT-ALIGN: left; FONT-SIZE: 10pt"> </td>
<td style="TEXT-ALIGN: right; FONT-SIZE: 10pt">-</td>
<td style="TEXT-ALIGN: left; FONT-SIZE: 10pt"> </td>
</tr>
<tr style="BACKGROUND-COLOR: white; VERTICAL-ALIGN: bottom">
<td style="TEXT-ALIGN: left; PADDING-BOTTOM: 1pt; TEXT-INDENT: 40pt; FONT-SIZE: 10pt">
Prepayment for acquisition of patent</td>
<td style="PADDING-BOTTOM: 1pt; FONT-SIZE: 10pt"> </td>
<td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left; FONT-SIZE: 10pt">
 </td>
<td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right; FONT-SIZE: 10pt">
10,030,688</td>
<td style="TEXT-ALIGN: left; PADDING-BOTTOM: 1pt; FONT-SIZE: 10pt">
 </td>
<td style="PADDING-BOTTOM: 1pt; FONT-SIZE: 10pt"> </td>
<td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left; FONT-SIZE: 10pt">
 </td>
<td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right; FONT-SIZE: 10pt">
-</td>
<td style="TEXT-ALIGN: left; PADDING-BOTTOM: 1pt; FONT-SIZE: 10pt">
 </td>
<td style="PADDING-BOTTOM: 1pt; FONT-SIZE: 10pt"> </td>
<td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left; FONT-SIZE: 10pt">
 </td>
<td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right; FONT-SIZE: 10pt">
10,030,688</td>
<td style="TEXT-ALIGN: left; PADDING-BOTTOM: 1pt; FONT-SIZE: 10pt">
 </td>
</tr>
<tr style="BACKGROUND-COLOR: rgb(204,255,204); VERTICAL-ALIGN: bottom">
<td style="FONT-SIZE: 10pt"> </td>
<td style="FONT-SIZE: 10pt"> </td>
<td style="TEXT-ALIGN: left; FONT-SIZE: 10pt"> </td>
<td style="TEXT-ALIGN: right; FONT-SIZE: 10pt"> </td>
<td style="TEXT-ALIGN: left; FONT-SIZE: 10pt"> </td>
<td style="FONT-SIZE: 10pt"> </td>
<td style="TEXT-ALIGN: left; FONT-SIZE: 10pt"> </td>
<td style="TEXT-ALIGN: right; FONT-SIZE: 10pt"> </td>
<td style="TEXT-ALIGN: left; FONT-SIZE: 10pt"> </td>
<td style="FONT-SIZE: 10pt"> </td>
<td style="TEXT-ALIGN: left; FONT-SIZE: 10pt"> </td>
<td style="TEXT-ALIGN: right; FONT-SIZE: 10pt"> </td>
<td style="TEXT-ALIGN: left; FONT-SIZE: 10pt"> </td>
</tr>
<tr style="BACKGROUND-COLOR: white; VERTICAL-ALIGN: bottom">
<td style="TEXT-ALIGN: left; PADDING-BOTTOM: 1pt; FONT-SIZE: 10pt; FONT-WEIGHT: bold">
Net cash provided by (used in) investing activities</td>
<td style="PADDING-BOTTOM: 1pt; FONT-SIZE: 10pt; FONT-WEIGHT: bold">
 </td>
<td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left; FONT-SIZE: 10pt; FONT-WEIGHT: bold">
 </td>
<td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right; FONT-SIZE: 10pt; FONT-WEIGHT: bold">
9,953,092</td>
<td style="TEXT-ALIGN: left; PADDING-BOTTOM: 1pt; FONT-SIZE: 10pt; FONT-WEIGHT: bold">
 </td>
<td style="PADDING-BOTTOM: 1pt; FONT-SIZE: 10pt"> </td>
<td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left; FONT-SIZE: 10pt">
 </td>
<td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right; FONT-SIZE: 10pt">
-</td>
<td style="TEXT-ALIGN: left; PADDING-BOTTOM: 1pt; FONT-SIZE: 10pt">
 </td>
<td style="PADDING-BOTTOM: 1pt; FONT-SIZE: 10pt; FONT-WEIGHT: bold">
 </td>
<td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left; FONT-SIZE: 10pt; FONT-WEIGHT: bold">
 </td>
<td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right; FONT-SIZE: 10pt; FONT-WEIGHT: bold">
9,953,092</td>
<td style="TEXT-ALIGN: left; PADDING-BOTTOM: 1pt; FONT-SIZE: 10pt; FONT-WEIGHT: bold">
 </td>
</tr>
<tr style="BACKGROUND-COLOR: rgb(204,255,204); VERTICAL-ALIGN: bottom">
<td style="FONT-SIZE: 10pt"> </td>
<td style="FONT-SIZE: 10pt"> </td>
<td style="TEXT-ALIGN: left; FONT-SIZE: 10pt"> </td>
<td style="TEXT-ALIGN: right; FONT-SIZE: 10pt"> </td>
<td style="TEXT-ALIGN: left; FONT-SIZE: 10pt"> </td>
<td style="FONT-SIZE: 10pt"> </td>
<td style="TEXT-ALIGN: left; FONT-SIZE: 10pt"> </td>
<td style="TEXT-ALIGN: right; FONT-SIZE: 10pt"> </td>
<td style="TEXT-ALIGN: left; FONT-SIZE: 10pt"> </td>
<td style="FONT-SIZE: 10pt"> </td>
<td style="TEXT-ALIGN: left; FONT-SIZE: 10pt"> </td>
<td style="TEXT-ALIGN: right; FONT-SIZE: 10pt"> </td>
<td style="TEXT-ALIGN: left; FONT-SIZE: 10pt"> </td>
</tr>
<tr style="BACKGROUND-COLOR: white; VERTICAL-ALIGN: bottom">
<td style="TEXT-ALIGN: left; PADDING-BOTTOM: 1pt; FONT-SIZE: 10pt; FONT-WEIGHT: bold">
Effect of exchange rate changes on cash and cash equivalents</td>
<td style="PADDING-BOTTOM: 1pt; FONT-SIZE: 10pt; FONT-WEIGHT: bold">
 </td>
<td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left; FONT-SIZE: 10pt; FONT-WEIGHT: bold">
 </td>
<td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right; FONT-SIZE: 10pt; FONT-WEIGHT: bold">
(841,973</td>
<td style="TEXT-ALIGN: left; PADDING-BOTTOM: 1pt; FONT-SIZE: 10pt; FONT-WEIGHT: bold">
)</td>
<td style="PADDING-BOTTOM: 1pt; FONT-SIZE: 10pt"> </td>
<td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left; FONT-SIZE: 10pt">
 </td>
<td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right; FONT-SIZE: 10pt">
-</td>
<td style="TEXT-ALIGN: left; PADDING-BOTTOM: 1pt; FONT-SIZE: 10pt">
 </td>
<td style="PADDING-BOTTOM: 1pt; FONT-SIZE: 10pt; FONT-WEIGHT: bold">
 </td>
<td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left; FONT-SIZE: 10pt; FONT-WEIGHT: bold">
 </td>
<td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right; FONT-SIZE: 10pt; FONT-WEIGHT: bold">
(841,973</td>
<td style="TEXT-ALIGN: left; PADDING-BOTTOM: 1pt; FONT-SIZE: 10pt; FONT-WEIGHT: bold">
)</td>
</tr>
<tr style="BACKGROUND-COLOR: rgb(204,255,204); VERTICAL-ALIGN: bottom">
<td style="FONT-SIZE: 10pt"> </td>
<td style="FONT-SIZE: 10pt"> </td>
<td style="TEXT-ALIGN: left; FONT-SIZE: 10pt"> </td>
<td style="TEXT-ALIGN: right; FONT-SIZE: 10pt"> </td>
<td style="TEXT-ALIGN: left; FONT-SIZE: 10pt"> </td>
<td style="FONT-SIZE: 10pt"> </td>
<td style="TEXT-ALIGN: left; FONT-SIZE: 10pt"> </td>
<td style="TEXT-ALIGN: right; FONT-SIZE: 10pt"> </td>
<td style="TEXT-ALIGN: left; FONT-SIZE: 10pt"> </td>
<td style="FONT-SIZE: 10pt"> </td>
<td style="TEXT-ALIGN: left; FONT-SIZE: 10pt"> </td>
<td style="TEXT-ALIGN: right; FONT-SIZE: 10pt"> </td>
<td style="TEXT-ALIGN: left; FONT-SIZE: 10pt"> </td>
</tr>
<tr style="BACKGROUND-COLOR: white; VERTICAL-ALIGN: bottom">
<td style="TEXT-ALIGN: left; FONT-SIZE: 10pt">Net increase
(decrease) in cash and cash equivalents</td>
<td style="FONT-SIZE: 10pt"> </td>
<td style="TEXT-ALIGN: left; FONT-SIZE: 10pt"> </td>
<td style="TEXT-ALIGN: right; FONT-SIZE: 10pt">10,269,657</td>
<td style="TEXT-ALIGN: left; FONT-SIZE: 10pt"> </td>
<td style="FONT-SIZE: 10pt"> </td>
<td style="TEXT-ALIGN: left; FONT-SIZE: 10pt"> </td>
<td style="TEXT-ALIGN: right; FONT-SIZE: 10pt">(1</td>
<td style="TEXT-ALIGN: left; FONT-SIZE: 10pt">)</td>
<td style="FONT-SIZE: 10pt"> </td>
<td style="TEXT-ALIGN: left; FONT-SIZE: 10pt"> </td>
<td style="TEXT-ALIGN: right; FONT-SIZE: 10pt">10,269,656</td>
<td style="TEXT-ALIGN: left; FONT-SIZE: 10pt"> </td>
</tr>
<tr style="BACKGROUND-COLOR: rgb(204,255,204); VERTICAL-ALIGN: bottom">
<td style="FONT-SIZE: 10pt"> </td>
<td style="FONT-SIZE: 10pt"> </td>
<td style="TEXT-ALIGN: left; FONT-SIZE: 10pt"> </td>
<td style="TEXT-ALIGN: right; FONT-SIZE: 10pt"> </td>
<td style="TEXT-ALIGN: left; FONT-SIZE: 10pt"> </td>
<td style="FONT-SIZE: 10pt"> </td>
<td style="TEXT-ALIGN: left; FONT-SIZE: 10pt"> </td>
<td style="TEXT-ALIGN: right; FONT-SIZE: 10pt"> </td>
<td style="TEXT-ALIGN: left; FONT-SIZE: 10pt"> </td>
<td style="FONT-SIZE: 10pt"> </td>
<td style="TEXT-ALIGN: left; FONT-SIZE: 10pt"> </td>
<td style="TEXT-ALIGN: right; FONT-SIZE: 10pt"> </td>
<td style="TEXT-ALIGN: left; FONT-SIZE: 10pt"> </td>
</tr>
<tr style="BACKGROUND-COLOR: white; VERTICAL-ALIGN: bottom">
<td style="TEXT-ALIGN: left; PADDING-BOTTOM: 1pt; FONT-SIZE: 10pt; FONT-WEIGHT: bold">
Cash and cash equivalents at beginning of period</td>
<td style="PADDING-BOTTOM: 1pt; FONT-SIZE: 10pt; FONT-WEIGHT: bold">
 </td>
<td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left; FONT-SIZE: 10pt; FONT-WEIGHT: bold">
 </td>
<td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right; FONT-SIZE: 10pt; FONT-WEIGHT: bold">
6,046,804</td>
<td style="TEXT-ALIGN: left; PADDING-BOTTOM: 1pt; FONT-SIZE: 10pt; FONT-WEIGHT: bold">
 </td>
<td style="PADDING-BOTTOM: 1pt; FONT-SIZE: 10pt; FONT-WEIGHT: bold">
 </td>
<td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left; FONT-SIZE: 10pt; FONT-WEIGHT: bold">
 </td>
<td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right; FONT-SIZE: 10pt; FONT-WEIGHT: bold">
-</td>
<td style="TEXT-ALIGN: left; PADDING-BOTTOM: 1pt; FONT-SIZE: 10pt; FONT-WEIGHT: bold">
 </td>
<td style="PADDING-BOTTOM: 1pt; FONT-SIZE: 10pt; FONT-WEIGHT: bold">
 </td>
<td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left; FONT-SIZE: 10pt; FONT-WEIGHT: bold">
 </td>
<td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right; FONT-SIZE: 10pt; FONT-WEIGHT: bold">
6,046,804</td>
<td style="TEXT-ALIGN: left; PADDING-BOTTOM: 1pt; FONT-SIZE: 10pt; FONT-WEIGHT: bold">
 </td>
</tr>
<tr style="BACKGROUND-COLOR: rgb(204,255,204); VERTICAL-ALIGN: bottom">
<td style="FONT-SIZE: 10pt"> </td>
<td style="FONT-SIZE: 10pt"> </td>
<td style="TEXT-ALIGN: left; FONT-SIZE: 10pt"> </td>
<td style="TEXT-ALIGN: right; FONT-SIZE: 10pt"> </td>
<td style="TEXT-ALIGN: left; FONT-SIZE: 10pt"> </td>
<td style="FONT-SIZE: 10pt"> </td>
<td style="TEXT-ALIGN: left; FONT-SIZE: 10pt"> </td>
<td style="TEXT-ALIGN: right; FONT-SIZE: 10pt"> </td>
<td style="TEXT-ALIGN: left; FONT-SIZE: 10pt"> </td>
<td style="FONT-SIZE: 10pt"> </td>
<td style="TEXT-ALIGN: left; FONT-SIZE: 10pt"> </td>
<td style="TEXT-ALIGN: right; FONT-SIZE: 10pt"> </td>
<td style="TEXT-ALIGN: left; FONT-SIZE: 10pt"> </td>
</tr>
<tr style="BACKGROUND-COLOR: white; VERTICAL-ALIGN: bottom">
<td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2.5pt; FONT-SIZE: 10pt; FONT-WEIGHT: bold">
Cash and cash equivalents at ending of period</td>
<td style="PADDING-BOTTOM: 2.5pt; FONT-SIZE: 10pt; FONT-WEIGHT: bold">
 </td>
<td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: left; FONT-SIZE: 10pt; FONT-WEIGHT: bold">
$</td>
<td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: right; FONT-SIZE: 10pt; FONT-WEIGHT: bold">
16,316,460</td>
<td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2.5pt; FONT-SIZE: 10pt; FONT-WEIGHT: bold">
 </td>
<td style="PADDING-BOTTOM: 2.5pt; FONT-SIZE: 10pt; FONT-WEIGHT: bold">
 </td>
<td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: left; FONT-SIZE: 10pt; FONT-WEIGHT: bold">
$</td>
<td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: right; FONT-SIZE: 10pt; FONT-WEIGHT: bold">
-</td>
<td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2.5pt; FONT-SIZE: 10pt; FONT-WEIGHT: bold">
 </td>
<td style="PADDING-BOTTOM: 2.5pt; FONT-SIZE: 10pt; FONT-WEIGHT: bold">
 </td>
<td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: left; FONT-SIZE: 10pt; FONT-WEIGHT: bold">
$</td>
<td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: right; FONT-SIZE: 10pt; FONT-WEIGHT: bold">
16,316,460</td>
<td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2.5pt; FONT-SIZE: 10pt; FONT-WEIGHT: bold">
 </td>
</tr>
</table>
</div>
417275
417275
1236152
-11111
22
22222
11089
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