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Share Name | Share Symbol | Market | Type |
---|---|---|---|
Skystar Bio-Pharmaceutical Company (MM) | NASDAQ:SKBID | NASDAQ | Common Stock |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 9.10 | 0 | 01:00:00 |
þ
|
Quarterly
report pursuant to Section 13 or 15(d) of the Securities Exchange Act of
1934
|
For
the quarterly period ended September 30,
2009
|
or
|
|
Transition
report pursuant to Section 13 or 15(d) of the Securities Exchange Act of
1934
|
|
o
|
For
the transition period from
______
to
______.
|
Nevada
(State
or other jurisdiction of
incorporation
or organization)
|
33-0901534
(I.R.S.
employer
identification
number)
|
Room
10601, Jiezuo Plaza, No.4, Fenghui Road South,
Gaoxin
District, Xian Province, P.R. China
(Address
of principal executive offices and zip code)
(8629)
8819-3188
(Registrant’s
telephone number, including area
code)
|
Large
Accelerated Filer
o
|
Accelerated
Filer
o
|
|
Non-accelerated
filer
o
|
Smaller
Reporting Company
þ
|
|
|
Page
Number
|
|
SPECIAL
NOTE REGARDING FORWARD-LOOKING STATEMENTS
|
|||
PART
I. FINANCIAL INFORMATION
|
|||
Item
1.
|
Financial
Statements (unaudited)
|
1
|
|
Consolidated
Balance Sheets as of September 30, 2009 and December 31,
2008
|
1
|
||
Consolidated
Statements of Operations and Other Comprehensive Income (Loss) for the
Three Months and Nine Months Ended September 30, 2009 and
2008
|
2
|
||
Consolidated
Statements of Shareholders’ Equity
|
3
|
||
Consolidated
Statements of Cash Flows for the Nine Months Ended September 30, 2009 and
2008
|
4
|
||
Notes
to the Consolidated Financial Statements as of September 30,
2009
|
5
|
||
Item
2.
|
Management’s
Discussion and Analysis of Financial Condition and Results of
Operations
|
27
|
|
Item
3.
|
Quantitative
and Qualitative Disclosures About Market Risk
|
36
|
|
Item
4.
|
Controls
and Procedures
|
36
|
|
PART
II. OTHER INFORMATION
|
|||
Item
1.
|
Legal
Proceedings
|
38
|
|
Item
1A.
|
Risk
Factors
|
38
|
|
Item
2.
|
Unregistered
Sales of Equity Securities and Use of Proceeds
|
52
|
|
Item
3.
|
Defaults
Upon Senior Securities
|
52
|
|
Item
4.
|
Submission
of Matters to a Vote of Security Holders
|
52
|
|
Item
5.
|
Other
Information
|
52
|
|
Item
6.
|
Exhibits
|
52
|
|
SIGNATURES
|
55
|
September 30,
2009
|
December 31,
2008
|
|||||||
(Unaudited)
|
||||||||
ASSETS
|
||||||||
CURRENT
ASSETS:
|
||||||||
Cash
|
$ | 14,796,990 | $ | 576,409 | ||||
Restricted
cash
|
151 | 80,885 | ||||||
Short-term
investments
|
- | 352,080 | ||||||
Accounts
receivable, net of allowance for doubtful accounts of
$327,857
and $327,857 as of September 30, 2009 and December
31, 2008, respectively
|
6,100,064 | 2,424,102 | ||||||
Inventories
|
7,623,655 | 3,086,060 | ||||||
Deposits
and prepaid expenses
|
5,111,345 | 4,878,851 | ||||||
Loans
receivable
|
2,420,738 | 295,087 | ||||||
Due
from related parties
|
12,056 | - | ||||||
Other
receivables
|
118,943 | 85,099 | ||||||
Total
current assets
|
36,183,942 | 11,778,573 | ||||||
PLANT
AND EQUIPMENT, NET
|
8,772,527 | 7,413,689 | ||||||
CONSTRUCTION-IN-PROGRESS
|
9,207,690 | 6,516,630 | ||||||
OTHER
ASSETS:
|
||||||||
Long-term
prepayments
|
1,041,570 | 5,207,117 | ||||||
Intangible
assets, net
|
1,957,421 | 899,529 | ||||||
Total
other assets
|
2,998,991 | 6,106,646 | ||||||
Total
assets
|
$ | 57,163,150 | $ | 31,815,538 | ||||
LIABILITIES AND SHAREHOLDERS'
EQUITY
|
||||||||
CURRENT
LIABILITIES:
|
||||||||
Accounts
payable
|
$ | 278,932 | $ | 547,430 | ||||
Accrued
expenses
|
626,257 | 1,488,575 | ||||||
Short-term
loans
|
220,050 | 748,170 | ||||||
Short-term
loans from shareholders
|
110,025 | 308,070 | ||||||
Deposits
from customers
|
525,904 | 424,266 | ||||||
Taxes
payable
|
1,696,807 | 212,661 | ||||||
Other
payables
|
102,150 | 68,398 | ||||||
Shares
to be issued to related parties
|
220,245 | 95,204 | ||||||
Due
to related parties
|
- | 242,225 | ||||||
Total
current liabilities
|
3,780,370 | 4,134,999 | ||||||
OTHER
LIABILITIES:
|
||||||||
Deferred
government grant
|
1,100,250 | 1,100,250 | ||||||
Warrant
liability
|
1,226,963 | - | ||||||
Total
other liabilities
|
2,327,213 | 1,100,250 | ||||||
Total
liabilities
|
6,107,583 | 5,235,249 | ||||||
COMMITMENTS
AND CONTINGENCIES
|
||||||||
SHAREHOLDERS'
EQUITY:
|
||||||||
Preferred
stock, $0.001 par value, 50,000,000 Series "A" shares authorized and
2,000,000 shares issued and outstanding as of September
30, 2009 and December 31, 2008, respectively 48,000,000 Series "B" shares
authorized, Nil Series "B" shares issued and outstanding as of September
30, 2009 and December 31, 2008, respectively
|
2,000 | 2,000 | ||||||
Common
stock, $0.001 par value, 40,000,000 shares authorized, 6,963,638 and
3,733,038 shares
issued and outstanding as of September 30, 2009
and December 31, 2008, respectively
|
6,965 | 3,735 | ||||||
Paid-in
capital
|
34,354,481 | 16,345,773 | ||||||
Statutory
reserves
|
3,755,115 | 2,952,710 | ||||||
Retained
earnings
|
10,142,117 | 4,418,464 | ||||||
Accumulated
other comprehensive income
|
2,794,889 | 2,857,607 | ||||||
Total
shareholders' equity
|
51,055,567 | 26,580,289 | ||||||
Total
liabilities and shareholders' equity
|
$ | 57,163,150 | $ | 31,815,538 |
Three months ended
September 30,
|
Nine months ended
September 30,
|
|||||||||||||||
2009
|
2008
|
2009
|
2008
|
|||||||||||||
REVENUE,
NET
|
$ | 12,777,095 | $ | 10,051,259 | $ | 22,844,099 | $ | 17,215,807 | ||||||||
COST
OF REVENUE
|
6,107,477 | 4,865,122 | 11,012,672 | 8,329,025 | ||||||||||||
GROSS
PROFIT
|
6,669,618 | 5,186,137 | 11,831,427 | 8,886,782 | ||||||||||||
OPERATING
EXPENSES:
|
||||||||||||||||
Research
and development
|
398,685 | 203,242 | 882,732 | 369,940 | ||||||||||||
Selling
expenses
|
412,051 | 549,580 | 1,204,653 | 1,042,267 | ||||||||||||
General
and administrative
|
878,866 | 318,470 | 1,818,920 | 1,220,796 | ||||||||||||
Total
operating expenses
|
1,689,602 | 1,071,292 | 3,906,305 | 2,633,003 | ||||||||||||
INCOME
FROM OPERATIONS
|
4,980,016 | 4,114,845 | 7,925,122 | 6,253,779 | ||||||||||||
OTHER
INCOME (EXPENSE):
|
||||||||||||||||
Other
income (expense), net
|
79,068 | (166 | ) | 78,526 | (493,424 | ) | ||||||||||
Interest
income (expense), net
|
9,148 | (6,589 | ) | 8,662 | (489,764 | ) | ||||||||||
Inducement
cost for debentures converted
|
- | - | - | (257,775 | ) | |||||||||||
Change
in fair value of warrants
|
1,092,824 | - | (349,332 | ) | - | |||||||||||
Total
other income (expense), net
|
1,181,040 | (6,755 | ) | (262,144 | ) | (1,240,963 | ) | |||||||||
INCOME
BEFORE PROVISION FOR INCOME TAXES
|
6,161,056 | 4,108,090 | 7,662,978 | 5,012,816 | ||||||||||||
PROVISION
FOR INCOME TAXES
|
813,722 | 642,066 | 1,367,797 | 1,056,506 | ||||||||||||
NET
INCOME
|
5,347,334 | 3,466,024 | 6,295,181 | 3,956,310 | ||||||||||||
OTHER
COMPREHENSIVE INCOME (LOSS):
|
||||||||||||||||
Foreign
currency translation adjustment
|
(8,037 | ) | 110,845 | (62,718 | ) | 1,337,825 | ||||||||||
COMPREHENSIVE
INCOME
|
$ | 5,339,297 | $ | 3,576,869 | $ | 6,232,463 | $ | 5,294,135 | ||||||||
EARNINGS
PER SHARE:
|
||||||||||||||||
Basic
|
$ | 0.77 | $ | 0.93 | $ | 1.30 | $ | 1.09 | ||||||||
Diluted
|
$ | 0.76 | $ | 0.93 | $ | 1.29 | $ | 1.09 | ||||||||
WEIGHTED
AVERAGE NUMBER OF COMMON SHARES:
|
||||||||||||||||
Basic
|
6,960,028 | 3,729,408 | 4,824,306 | 3,617,079 | ||||||||||||
Diluted
|
7,025,343 | 3,729,408 | 4,890,712 | 3,625,271 |
Accumulated
|
||||||||||||||||||||||||||||||||||||
Retained earnings
|
other
|
|||||||||||||||||||||||||||||||||||
Preferred stock
|
Common stock
|
Paid-in
|
Statutory
|
comprehensive
|
||||||||||||||||||||||||||||||||
Shares
|
Amount
|
Shares
|
Amount
|
capital
|
reserves
|
Unrestricted
|
income
|
Total
|
||||||||||||||||||||||||||||
BALANCE,
December 31, 2007
|
2,000,000 | $ | 2,000 | 3,422,240 | $ | 3,422 | $ | 14,692,209 | $ | 1,652,720 | $ | 122,271 | $ | 1,442,602 | $ | 17,915,224 | ||||||||||||||||||||
Stock-based
compensation
|
62,758 | 62,758 | ||||||||||||||||||||||||||||||||||
Shares
issued for services
|
20,608 | 21 | 115,139 | 115,160 | ||||||||||||||||||||||||||||||||
Shares
issued for debt settlement
|
42,080 | 42 | 220,878 | 220,920 | ||||||||||||||||||||||||||||||||
Debentures
converted to common stock
|
245,500 | 247 | 1,239,532 | 1,239,779 | ||||||||||||||||||||||||||||||||
Foreign
currency translation
|
1,337,825 | 1,337,825 | ||||||||||||||||||||||||||||||||||
Net
income
|
3,956,310 | 3,956,310 | ||||||||||||||||||||||||||||||||||
Appropriation
to statutory reserve
|
617,970 | (617,970 | ) | - | ||||||||||||||||||||||||||||||||
BALANCE,
September 30, 2008, (Unaudited)
|
2,000,000 | 2,000 | 3,730,428 | 3,732 | 16,330,516 | 2,270,690 | 3,460,611 | 2,780,427 | 24,847,976 | |||||||||||||||||||||||||||
Shares
issued for services
|
2,610 | 3 | 15,257 | 15,260 | ||||||||||||||||||||||||||||||||
Foreign
currency translation
|
77,180 | 77,180 | ||||||||||||||||||||||||||||||||||
Net
income
|
1,639,873 | 1,639,873 | ||||||||||||||||||||||||||||||||||
Appropriation
to statutory reserves
|
682,020 | (682,020 | ) | - | ||||||||||||||||||||||||||||||||
BALANCE,
December 31, 2008, as previously reported
|
2,000,000 | 2,000 | 3,733,038 | 3,735 | 16,345,773 | 2,952,710 | 4,418,464 | 2,857,607 | 26,580,289 | |||||||||||||||||||||||||||
Cumulative
effect of reclassification of warrants
|
(1,108,508 | ) | 230,877 | (877,631 | ) | |||||||||||||||||||||||||||||||
BALANCE,
January 1, 2009, as adjusted, (Unaudited)
|
2,000,000 | 2,000 | 3,733,038 | 3,735 | 15,237,265 | 2,952,710 | 4,649,341 | 2,857,607 | 25,702,658 | |||||||||||||||||||||||||||
Shares
issued for services
|
8,828 | 8 | 46,757 | 46,765 | ||||||||||||||||||||||||||||||||
Fractional
shares due to the ten-for-one reverse split
|
1,772 | 2 | (2 | ) | - | |||||||||||||||||||||||||||||||
Shares
issued for cash
|
3,220,000 | 3,220 | 19,070,461 | 19,073,681 | ||||||||||||||||||||||||||||||||
Foreign
currency translation
|
(62,718 | ) | (62,718 | ) | ||||||||||||||||||||||||||||||||
Net
income
|
6,295,181 | 6,295,181 | ||||||||||||||||||||||||||||||||||
Appropriation
to statutory reserves
|
802,405 | (802,405 | ) | - | ||||||||||||||||||||||||||||||||
BALANCE,
September 30, 2009, (Unaudited)
|
2,000,000 | $ | 2,000 | 6,963,638 | $ | 6,965 | $ | 34,354,481 | $ | 3,755,115 | $ | 10,142,117 | $ | 2,794,889 | $ | 51,055,567 |
Nine months ended
September 30,
|
||||||||
2009
|
2008
|
|||||||
CASH
FLOWS FROM OPERATING ACTIVITIES:
|
||||||||
Net
income
|
$ | 6,295,181 | $ | 3,956,310 | ||||
Adjustments
to reconcile net income to net cash
|
||||||||
used
in operating activities:
|
||||||||
Depreciation
|
384,465 | 330,155 | ||||||
Amortization
|
115,621 | 113,081 | ||||||
Amortization
of deferred financing costs
|
- | 101,815 | ||||||
Amortization
of discount on debentures
|
- | 406,538 | ||||||
Amortization
of deferred compensation
|
- | 62,758 | ||||||
Inducement
cost for debentures converted
|
- | 257,775 | ||||||
Default
premium on debentures
|
- | 490,713 | ||||||
Common
stock issued for services
|
46,765 | 115,160 | ||||||
Common
stock to be issued to related parties for compensation
|
125,041 | - | ||||||
Inducement
cost for debt settlement
|
- | 42,081 | ||||||
Change
in fair value of warrant liability
|
349,332 | - | ||||||
Change
in operating assets and liabilities
|
||||||||
Accounts
receivable
|
(3,673,207 | ) | (2,191,545 | ) | ||||
Inventories
|
(4,534,194 | ) | (3,504,274 | ) | ||||
Deposits
and prepaid expenses
|
(232,333 | ) | (2,901,353 | ) | ||||
Other
receivables
|
(33,819 | ) | (102,306 | ) | ||||
Accounts
payable
|
(268,295 | ) | 109,968 | |||||
Accrued
expenses
|
(200,078 | ) | 273,498 | |||||
Deposits
from customers
|
101,562 | 179,479 | ||||||
Taxes
payable
|
1,483,034 | 1,966,092 | ||||||
Other
payables
|
33,727 | (2,079 | ) | |||||
Net
cash used in operating activities
|
(7,198 | ) | (296,134 | ) | ||||
CASH
FLOWS FROM INVESTING ACTIVITIES:
|
||||||||
Refund
of long-term prepayments
|
2,711,182 | 559,143 | ||||||
Repay
for potential acquisition
|
- | (430,110 | ) | |||||
Loans
to third parties
|
(1,832,563 | ) | (109,930 | ) | ||||
Proceeds
from loans receivable
|
2,288,490 | 688,176 | ||||||
Addition
to loan receivable
|
(2,579,984 | ) | - | |||||
Purchases
of intangible assets
|
(1,172,720 | ) | - | |||||
Purchases
of plant and equipment
|
(1,742,284 | ) | (1,622,813 | ) | ||||
Payments
on construction-in-progress
|
(1,237,802 | ) | - | |||||
Net
cash used in investing activities
|
(3,565,681 | ) | (915,534 | ) | ||||
CASH
FLOWS FROM FINANCING ACTIVITIES:
|
||||||||
Decrease
(increase) in restricted cash
|
80,673 | (506 | ) | |||||
Proceeds
from short-term loans
|
219,885 | - | ||||||
Repayment
for short-term loans
|
(747,609 | ) | - | |||||
Proceeds
from equity offering
|
18,411,496 | - | ||||||
Proceeds
from short term investment
|
351,816 | - | ||||||
Repayment
to shareholders and directors
|
(307,839 | ) | (492,687 | ) | ||||
Proceeds
from shareholders and directors
|
109,943 | 601,686 | ||||||
Due
from( to) related parties
|
(254,236 | ) | (47,965 | ) | ||||
Proceeds
from shareholders loans
|
- | 301,077 | ||||||
Proceeds
from short-term loans
|
- | 716,850 | ||||||
Net
cash provided by financing activities
|
17,864,129 | 1,078,455 | ||||||
EFFECT
OF EXCHANGE RATE CHANGES ON CASH
|
(70,669 | ) | 47,547 | |||||
INCREASE
(DECREASE) IN CASH
|
14,220,581 | (85,666 | ) | |||||
CASH,
beginning of period
|
576,409 | 771,492 | ||||||
CASH,
end of period
|
$ | 14,796,990 | $ | 685,826 | ||||
SUPPLEMENTAL
DISCLOSURE OF CASH FLOW INFORMATION:
|
||||||||
Cash
paid for interest
|
$ | 51,993 | $ | 12,728 | ||||
Cash
paid for income taxes
|
$ | 794,660 | $ | 740,899 | ||||
Non-cash
investing and financing activities
|
||||||||
Long-term
prepayment transferred to construction-in-progress
|
$ | 2,492,030 | $ | - | ||||
Issuance
of common stock for debt settlement
|
$ | - | $ | 178,839 | ||||
Debentures
converted to common stock
|
$ | - | $ | 982,003 | ||||
Interest
expense capitalized as construction-in-progress
|
$ | 51,596 | $ | - | ||||
Expense
paid through contribution receivable
|
$ | 662,185 | $ | - |
•
|
Level 1 inputs to the valuation
methodology are quoted prices (unadjusted) for identical assets or
liabilities in active
markets.
|
•
|
Level 2 inputs to the valuation
methodology include quoted prices for similar assets and liabilities in
active markets, and inputs that are observable for the assets or
liability, either directly or indirectly, for substantially the full term
of the financial
instruments.
|
•
|
Level 3 inputs to the valuation
methodology are unobservable and significant to the fair value
measurement.
|
|
Warrants – 195,000
|
Warrants – 114,100
|
||||||||||||||
|
September
30, 2009
|
January
1, 2009
|
September
30, 2009
|
January
1, 2009
|
||||||||||||
(Unaudited)
|
(Unaudited)
|
|||||||||||||||
Stock
price
|
$
|
7.80
|
$
|
4.750
|
$
|
7.80
|
$
|
4.75
|
||||||||
Exercise
price
|
$
|
6.00
|
$
|
6.00
|
$
|
5.00
|
$
|
5.00
|
||||||||
Annual
dividend yield
|
—
|
—
|
—
|
—
|
||||||||||||
Expected
term (years)
|
.42
|
1.20
|
2.42
|
3.20
|
||||||||||||
Risk-free
interest rate
|
0.160
|
%
|
0.875
|
%
|
1.200
|
%
|
1.125
|
%
|
||||||||
Expected
volatility
|
74
|
%
|
140
|
%
|
170
|
%
|
130
|
%
|
|
Carrying
Value at
September
30, 2009
|
Fair Value Measurement at
September 30, 2009
|
||||||||||||||
Level 1
|
Level 2
|
Level 3
|
||||||||||||||
Warrant
liability
|
$
|
1,226,963
|
$
|
—
|
$
|
1,226,963
|
$
|
—
|
a.
|
Credit sales: Revenue is
recognized when the products have been delivered to the
customers.
|
b.
|
Full payment before delivering:
Revenue is recognized when the products have been delivered to
customers.
|
|
Three months ended September
30,
|
Nine months ended September 30,
|
||||||||||||||
2009
|
2008
|
2009
|
2008
|
|||||||||||||
(Unaudited)
|
(Unaudited)
|
(Unaudited)
|
(Unaudited)
|
|||||||||||||
Revenues
|
||||||||||||||||
Micro-organism
|
$
|
3,186,453
|
$
|
2,411,526
|
$
|
5,815,280
|
$
|
4,352,781
|
||||||||
Veterinary
Medications
|
8,483,233
|
6,785,154
|
14,999,173
|
11,389,155
|
||||||||||||
Feed
Additives
|
539,856
|
513,980
|
1,003,628
|
784,161
|
||||||||||||
Vaccines
|
567,553
|
340,599
|
1,026,018
|
689,710
|
||||||||||||
Total
Revenues
|
12,777,095
|
10,051,259
|
22,844,099
|
17,215,807
|
||||||||||||
Cost
of Revenues
|
||||||||||||||||
Micro-organism
|
786,741
|
720,667
|
1,560,588
|
1,305,793
|
||||||||||||
Veterinary
Medications
|
5,069,745
|
3,894,925
|
8,938,770
|
6,607,869
|
||||||||||||
Feed
Additives
|
205,543
|
212,938
|
404,349
|
339,578
|
||||||||||||
Vaccines
|
45,448
|
36,592
|
108,965
|
75,785
|
||||||||||||
Total
Cost of Revenues
|
6,107,477
|
4,865,122
|
11,012,672
|
8,329,025
|
||||||||||||
Gross
Profit
|
$
|
6,669,618
|
$
|
5,186,137
|
$
|
11,831,427
|
$
|
8,886,782
|
|
Estimated Useful
Life
|
||
Buildings
|
20-40
years
|
||
Machinery
and equipment
|
10
years
|
||
Computer,
office equipment and furniture
|
5
years
|
||
Vehicles
|
5-10
years
|
|
|
September 30,
2009
|
|
|
December
31,
2008
|
|
||
(Unaudited)
|
||||||||
Account
receivable
|
$
|
6,427,921
|
$
|
2,751,959
|
||||
Allowance
for bad debts
|
(327,857
|
)
|
(327,857
|
)
|
||||
Account receivable,
net
|
$
|
6,100,064
|
$
|
2,424,102
|
Allowance for bad debt, December 31, 2007
|
$
|
199,639
|
||
Addition
|
114,239
|
|||
Recovery
|
—
|
|||
Translation
adjustment
|
13,979
|
|||
Allowance
for bad debt, December 31, 2008
|
327,857
|
|||
Addition
|
—
|
|||
Recovery
|
—
|
|||
Translation
adjustment
|
—
|
|||
Allowance
for bad debt, September 30, 2009(unaudited)
|
$
|
327,857
|
|
September 30,
2009
|
December 31,
2008
|
||||||
(Unaudited)
|
||||||||
Raw
materials
|
$
|
4,219,279
|
$
|
2,087,428
|
||||
Packing
materials
|
388,384
|
165,077
|
||||||
Work-in-process
|
5,520
|
2,446
|
||||||
Finished
goods
|
2,990,901
|
811,538
|
||||||
Other
|
19,571
|
19,571
|
||||||
Total
|
$
|
7,623,655
|
$
|
3,086,060
|
|
September 30,
2009
|
December 31,
2008
|
||||||
(Unaudited)
|
||||||||
Prepayment
for raw materials purchasing
|
$ | 5,038,161 | $ | 4,210,618 | ||||
Prepayment
for packaging materials purchasing
|
43,447 | 499,755 | ||||||
Prepayment
for advertisement fee
|
- | 89,436 | ||||||
Prepayment
for due diligence fee
|
12,916 | 73,350 | ||||||
Other
|
16,821 | 5,692 | ||||||
Total
|
$ | 5,111,345 | $ | 4,878,851 |
|
September 30,
2009
|
December 31,
2008
|
||||||
(Unaudited)
|
||||||||
Shaanxi
Xinbangdike Technology Developing Company (1)
|
$
|
586,800
|
$
|
295,087
|
||||
Other
loans receivable (2)
|
1,833,938
|
—
|
||||||
Total
loans receivables
|
$
|
2,420,738
|
$
|
295,087
|
|
September 30,
2009
|
December 31,
2008
|
||||||
(Unaudited)
|
||||||||
Building
and improvements
|
$
|
6,176,086
|
$
|
4,977,654
|
||||
Machinery
and equipment
|
3,035,620
|
3,035,376
|
||||||
Office
equipment and furniture
|
191,802
|
186,702
|
||||||
Vehicles
|
329,146
|
329,331
|
||||||
Total
|
9,732,654
|
8,529,063
|
||||||
Less:
accumulated depreciation
|
(1,500,127)
|
(1,115,374
|
)
|
|||||
Plant
and equipment, net
|
$
|
8,772,527
|
$
|
7,413,689
|
|
|
September
30, 2009
|
|
|
December 31,
2008
|
|
||
(Unaudited)
|
||||||||
Construction
deposit
|
$
|
1,041,570
|
$
|
2,493,167
|
||||
Deposit
for potential acquisitions
|
-
|
2,713,950
|
||||||
Total
|
$
|
1,041,570
|
$
|
5,207,117
|
|
September 30,
2009
|
December 31,
2008
|
||||||
(Unaudited)
|
||||||||
Land
use rights
|
$
|
378,853
|
$
|
378,853
|
||||
Technological
know-how
|
2,053,800
|
880,200
|
||||||
Total
|
2,432,653
|
1,259,053
|
||||||
Less:
accumulated amortization
|
(475,232)
|
(359,524
|
)
|
|||||
Intangible
assets, net
|
$
|
1,920,421
|
$
|
899,529
|
Years ending December 31,
|
|
Amount
|
|
|
2009
|
$
|
97,249
|
||
2010
|
388,997
|
|||
2011
|
388,997
|
|||
2012
|
269,834
|
|||
2013
|
242,297
|
|||
2014
and thereafter
|
570,047
|
|||
Total
|
$
|
1,957,421
|
Number
of
|
Average
Remaining
|
Average
|
|||||
Warrants
|
Contractual Life
|
Exercise Price
|
|||||
195,000
|
0.42
years
|
$
|
6.00
|
||||
114,100
|
2.42
years
|
$
|
5.00
|
||||
309,100
|
$
|
5.63
|
Outstanding
as of December 31, 2007
|
309,100
|
|||
Granted
|
—
|
|||
Forfeited
|
—
|
|||
Exercised
|
—
|
|||
Outstanding
as of September 30, 2008 (unaudited)
|
309,100
|
|||
Granted
|
—
|
|||
Forfeited
|
—
|
|||
Exercised
|
—
|
|||
Outstanding
as of December 31, 2008
|
309,100
|
|||
Granted
|
—
|
|||
Forfeited
|
—
|
|||
Exercised
|
—
|
|||
Outstanding
as of September 30, 2009 (unaudited)
|
309,100
|
Number of
options
|
Stock price
|
Exercise
price
|
Expected
term
|
Dividend
yield
|
Volatility
|
Risk-free
interest rate
|
||||||||||||||||
140,000
|
$
|
8.97
|
$
|
8.11
|
3.0
years
|
—
|
161
|
%
|
1.67
|
%
|
Outstanding Options
|
Exercisable Options
|
||||||||||||||||||||
Number
|
Average
Remaining
|
Average
|
Number
|
Average
Remaining
|
Average
|
||||||||||||||||
of Options
|
Contractual
Life
|
Exercise Price
|
of Options
|
Contractual
Life
|
Exercise Price
|
||||||||||||||||
140,000
|
4.75
|
$
|
8.11
|
—
|
—
|
$
|
—
|
|
Number of
Options
Outstanding
|
Weighted
-Average
Exercise
Price
|
Aggregate
Intrinsic
Value
|
|||||||||
Outstanding
as of December 31, 2008
|
—
|
—
|
—
|
|||||||||
Granted
|
140,000
|
$
|
8.11
|
—
|
||||||||
Forfeited
|
—
|
—
|
—
|
|||||||||
Exercised
|
—
|
—
|
—
|
|||||||||
Outstanding
as of September 30, 2009(unaudited)
|
140,000
|
$
|
8.11
|
$
|
—
|
•
|
The Amendment amends the terms of
these Debentures by: (a) changing the conversion price from $5.00 per
share to $4.00 per share; (b) deleting the trading conditions for
mandatory conversion; (c) granting the Company the right to mandatory
conversion at any time, and (d) allowing the Company to designate the date
for the mandatory
conversion.
|
|
|
•
|
The Amendment is deemed to be the
Company’s notice to require conversion of the entire outstanding principal
of these Debentures and all accrued but unpaid interest
thereon.
|
2009
|
2008
|
|||||||
(Unaudited)
|
(Unaudited)
|
|||||||
U.S.
Statutory rate
|
34.0 | % | 34.0 | % | ||||
Foreign
income not recognized in the U.S.
|
(34.0 | ) | (34.0 | ) | ||||
China
income tax rate
|
25.0 | 25.0 | ||||||
China
income tax exemption
|
(10.0 | ) | (10.0 | ) | ||||
Other
item
(1)
|
2.9 | 6.1 | ||||||
Total
provision for income taxes
|
17.9 | % | 21.1 | % |
(1)
|
The other item is operating
expenses incurred by Skystar that are not deductible in the PRC which
resulted in an increase in effective tax rate of 2.9% and 6.1% for the
nine months ended September 30, 2009 and 2008,
respectively.
|
For the three months ended
September 30,
|
For the nine months ended
September 30,
|
|||||||||||||||
2009
|
2008
|
2009
|
2008
|
|||||||||||||
Net
income
|
$
|
5,347,334
|
$
|
3,446,024
|
$
|
6,295,181
|
$
|
3,956,310
|
||||||||
Weighted
average shares used in basic computation
|
6,960,028
|
3,729,408
|
4,824,306
|
3,617,079
|
||||||||||||
Diluted
effect of stock warrants
|
65,315
|
66,406
|
8,192
|
|||||||||||||
Weighted
average shares used in diluted computation
|
7,025,343
|
3,729,408
|
4,890,712
|
3,625,271
|
||||||||||||
Earnings
per share:
|
||||||||||||||||
Basic
|
$ |
0.77
|
$ |
0.93
|
$ |
1.30
|
$ |
1.09
|
||||||||
Diluted
|
$ |
0.76
|
$ |
0.93
|
$ |
1.29
|
$ |
1.09
|
September
30,
2009
|
December
31,
2008
|
|||||||
(Unaudited)
|
||||||||
Short-term loans from
shareholders
|
||||||||
Mr.
Weibing Lu – officer and shareholder
(1)
(2)
|
$
|
36,675
|
$
|
220,050
|
||||
Mr.
Wei Wen – officer and shareholder
(2)
|
36,675
|
44,010
|
||||||
Ms.
Aixia Wang – shareholder
(2)
|
36,675
|
44,010
|
||||||
Total
|
$
|
110,025
|
$
|
308,070
|
||||
Shares to be issued to related
party
|
||||||||
Scott
Cramer – non-executive director
(3)
|
$
|
195,243
|
$
|
95,204
|
||||
Mark
D Chen – non-executive director
(3)
|
25,002
|
—
|
||||||
Total
|
$
|
220,245
|
$
|
95,204
|
||||
Amounts due (from) to related
parties
|
||||||||
Bennet
P. Tchaikovsky – CFO
(4)
|
$
|
—
|
$
|
13,168
|
||||
Scott
Cramer – non-executive director and shareholder
(4)
|
43,556
|
224,684
|
||||||
Shaanxi
Xingji Electronics Co. - owned by a director's wife
(4)
|
—
|
4,373
|
||||||
Officer
and shareholder
(4)
|
(55,612)
|
—
|
||||||
Total
|
$
|
(12,056)
|
$
|
242,225
|
Period
|
Amount
|
|||
Three
months ending December 31, 2009
|
$
|
14,824
|
||
Year
ending December 31, 2010
|
59,296
|
|||
Year
ending December 31, 2011
|
59,296
|
|||
Year
ending December 31, 2012
|
35,003
|
|||
Year
ending December 31, 2013
|
35,003
|
|||
Year
ending December 31, 2014 and thereafter
|
89,575
|
|||
Total
|
$
|
292,997
|
·
|
Our bio-pharmaceutical veterinary
vaccine line currently includes over 140
products;
|
·
|
Our veterinary medicine line for
poultry and livestock currently includes over 10
products;
|
·
|
Our feed additives line currently
includes over 10 products;
and
|
·
|
Our micro-organism products line
currently includes over 10
products.
|
•
|
Revenue recognition: Revenues of
the Company include sales of bio-pharmaceutical and veterinary products in
China. Sales are recognized when the following four revenue criteria are
met: persuasive evidence of an arrangement exists, delivery has occurred,
the selling price is fixed or determinable, and collectibility is
reasonably assured. Sales are recorded net of value added tax (“VAT”). No
return allowance is made as product returns are insignificant based on
historical experience.
|
(a)
|
Credit
sales:
Revenue
is recognized when the products have been delivered to the
customers.
|
(b)
|
Full payment
before delivering:
Revenue is recognized when
the products have been delivered to
customers.
|
•
|
Accounts receivable: We perform
ongoing credit evaluations of our customers and adjust credit limits based
upon payment history and the customers’ current credit worthiness, as
determined by a review of their current credit information. We
continuously monitor collections and payments from our customers and
maintain a provision for estimated credit losses based upon historical
experience and any specific customer collection issues that have been
identified. While such credit losses have historically been within our
expectations and the provisions established, we cannot guarantee that we
will continue to experience the same credit loss rates that have been
experienced in the past.
|
From Date of Invoice to Customer:
|
September 30,
2009
|
December 31,
2008
|
||||||
0-30
days
|
$
|
4,266,392
|
$
|
1,639,549
|
||||
31 – 60
days
|
1,752,579
|
543,153
|
||||||
61 – 90
days
|
223,217
|
156,153
|
||||||
91 – 120
days
|
49,554
|
299,828
|
||||||
121 – 150
days
|
136,179
|
113,276
|
||||||
Allowance for bad debts | (327,857 | ) | (327,857 | ) | ||||
Total
|
$
|
6,100,064
|
$
|
2,424,102
|
•
|
Convertible debentures and
warrants: We have adopted the accounting standards of accounting for
convertible debt and debt issued with stock purchase warrants and other
related derivative accounting standards for valuation and accounting
treatment of our outstanding convertible debentures and
warrants.
|
•
|
Liquidated damages: We have
adopted the FASB’s accounting standard of accounting for contingencies and
the EITF’s accounting standard of accounting for derivative financial
instruments indexed to, and potentially settled in, a company’s own stock,
in connection with the liquidated damages, we accrued pursuant to the
terms of our Registration Rights Agreement with certain investors dated
February 27, 2007.
|
|
|
Three Months Ended September 30,
|
||||||||||||||
|
|
2009
|
|
|
2008
|
|||||||||||
|
|
Amount
|
|
|
Percentage of
total revenue
|
|
|
Amount
|
|
|
Percentage of
total revenue
|
|||||
Revenues
|
$
|
12,777,095
|
100.0
|
%
|
$
|
10,051,259
|
100.0
|
%
|
||||||||
Gross
Profit
|
$
|
6,669,618
|
52.2
|
%
|
$
|
5,186,137
|
51.6
|
%
|
||||||||
Operating
Expense
|
$
|
1,689,602
|
13.2
|
%
|
$
|
1,071,292
|
10.7
|
%
|
||||||||
Income
from Operations
|
$
|
4,980,016
|
39.0
|
%
|
$
|
4,114,845
|
40.9
|
%
|
||||||||
Other
(Expenses)/ gains
|
$
|
1,181,040
|
9.2
|
%
|
$
|
(6,755)
|
(0.1
|
)%
|
||||||||
Income
Tax Expenses
|
$
|
813,722
|
6.4
|
%
|
$
|
642,066
|
6.4
|
%
|
||||||||
Net
Income
|
$
|
5,347,334
|
41.9
|
%
|
$
|
3,466,024
|
34.5
|
%
|
|
|
The three Months Ended September 30,
|
|
|||||||||||||
|
|
2009
|
|
|
2008
|
|
||||||||||
|
|
Amount
|
|
|
Percentage of
total revenue
|
|
|
Amount
|
|
|
Percentage of
total revenue
|
|
||||
Gross
Profit
|
$
|
6,669,618
|
52.2
|
%
|
$
|
5,185,137
|
51.6
|
%
|
||||||||
Operating
Expenses
|
$
|
1,689,602
|
13.2
|
%
|
$
|
1,071,292
|
10.7
|
%
|
||||||||
Selling
Expenses
|
$
|
412,051
|
3.2
|
%
|
$
|
549,580
|
5.5
|
%
|
||||||||
General
and Administrative Expenses
|
$
|
878,866
|
6.9
|
%
|
$
|
318,470
|
3.2
|
%
|
||||||||
Research
and Development Costs
|
$
|
398,685
|
3.1
|
%
|
$
|
203,242
|
2.0
|
%
|
||||||||
Income
from Operations
|
$
|
4,980,016
|
39.0
|
%
|
$
|
4,114,845
|
40.9
|
%
|
|
|
Nine Months Ended September 30,
|
||||||||||||||
|
|
2009
|
|
|
2008
|
|||||||||||
|
|
Amount
|
|
|
Percentage of
total revenue
|
|
|
Amount
|
|
|
Percentage of
total revenue
|
|||||
Revenues
|
$
|
22,844,099
|
100.0
|
%
|
$
|
17,215,807
|
100.0
|
%
|
||||||||
Gross
Profit
|
$
|
11,831,427
|
51.8
|
%
|
$
|
8,886,782
|
51.6
|
%
|
||||||||
Operating
Expense
|
$
|
3,906,305
|
17.1
|
%
|
$
|
2,633,003
|
15.3
|
%
|
||||||||
Income
from Operations
|
$
|
7,925,122
|
34.7
|
%
|
$
|
6,253,779
|
36.3
|
%
|
||||||||
Other
Expenses
|
$
|
(262,144)
|
(1.1
|
)%
|
$
|
(1,240,963
|
)
|
(7.2
|
)%
|
|||||||
Income
Tax Expenses
|
$
|
1,367,797
|
6.0
|
%
|
$
|
1,056,506
|
6.1
|
%
|
||||||||
Net
Income (loss)
|
$
|
6,295,181
|
27.6
|
%
|
$
|
3,956,310
|
23.0
|
%
|
|
Nine Months Ended September 30,
|
|||||||||||||||
|
2009
|
2008
|
||||||||||||||
|
Amount
|
Percentage of
total revenue
|
Amount
|
Percentage of
total revenue
|
||||||||||||
Gross
Profit
|
$ | 11,831,427 | 51.8 | % | $ | 8,886,782 | 51.6 | % | ||||||||
Operating
Expenses
|
$ | 3,906,305 | 17.1 | % | $ | 2,633,003 | 15.3 | % | ||||||||
Selling
Expenses
|
$ | 1,204,653 | 5.3 | % | $ | 1,042,267 | 6.1 | % | ||||||||
General
and Administrative Expenses
|
$, | 1,818,920 | 8.0 | % | $ | 1,220,796 | 7.1 | % | ||||||||
Research
and Development Costs
|
$ | 882,732 | 3.9 | % | $ | 369,940 | 2.1 | % | ||||||||
Income
from Operations
|
$ | 7,925,122 | 34.7 | % | $ | 6,253,779 | 36.3 | % |
|
|
Payments Due by Period
|
|
|||||||||||||||||
Contractual Obligations
|
|
Total
|
|
|
Less than
1 year
|
|
|
1 – 3 years
|
|
3 – 5 years
|
|
|
More than
5 years
|
|
||||||
R&D
Project Obligation
|
|
$
|
676,778
|
|
|
$
|
676,778
|
|
|
$
|
|
|
$
|
|
|
$
|
|
|||
Operating
Lease Obligations
|
292,997
|
59,296
|
94,299
|
70,006
|
69,396
|
|||||||||||||||
Total
|
$
|
969,775
|
$
|
736,074
|
$
|
94,299
|
$
|
70,006
|
$
|
69,396
|
|
September 30, 2009
|
|
December 31, 2008
|
|
September 30, 2008
|
|
Assets
and liabilities
|
USD0.1467:RMB1
|
|
USD0.1467:RMB1
|
|
USD0.1463:RMB1
|
|
|
|
|
|
|
||
Statements
of operations and cash flows for the period/year ended
|
USD0.14659:RMB1
|
|
USD0.14415:RMB1
|
|
USD0.1434:RMB1
|
1.
|
Accounting
and Finance Personnel Weaknesses
- The current accounting
staffs are relatively inexperienced, and require substantial training so
as to meet with the higher demands necessary to fulfill the requirements
of U.S. GAAP-based reporting and SEC rules and
regulations.
|
2.
|
Lack of
Internal Audit Function
- The Company lacks qualified
resources to perform the internal audit functions properly. The Company
lacked an internal audit department, which rendered the Company
ineffective in preventing and detecting control lapses and errors in the
accounting of certain key areas like revenue recognition, purchase
approvals, inter-company transactions, cash receipt and cash disbursement
authorizations, inventory safeguard and proper accumulation for cost of
products, in accordance with the appropriate costing method used by the
Company.
|
·
|
offer new and innovative products
to attract and retain a larger customer
base;
|
·
|
attract additional customers and
increase spending per
customer;
|
·
|
increase awareness of our brand
and continue to develop user and customer
loyalty;
|
·
|
raise sufficient capital to
sustain and expand our
business;
|
·
|
maintain effective control of our
costs and expenses;
|
·
|
respond to changes in our
regulatory environment;
|
·
|
respond to competitive market
conditions;
|
·
|
manage risks associated with
intellectual property
rights;
|
·
|
attract, retain and motivate
qualified personnel;
|
·
|
upgrade our technology to support
additional research and development of new products;
and
|
·
|
maintain or improve our position
as one of the market leaders in
China.
|
·
|
terminates or suspends its
agreement with us;
|
·
|
causes
delays;
|
·
|
fails
to timely develop or manufacture in adequate quantities a substance needed
in order to conduct clinical
trials;
|
·
|
fails to adequately perform
clinical trials;
|
·
|
determines not to develop,
manufacture or commercialize a product to which it has rights;
or
|
·
|
otherwise fails to meet its
contractual obligations.
|
·
|
any of our patent applications
will result in the issuance of
patents;
|
·
|
we will develop additional
patentable products;
|
·
|
the patents we have been issued
will provide us with any competitive
advantages;
|
·
|
the patents of others will not
impede our ability to do business;
or
|
·
|
third parties will not be able to
circumvent our patents.
|
•
|
the commercialization of our
products could be adversely
affected;
|
•
|
any competitive advantages of the
products could be diminished;
and
|
•
|
revenues or collaborative
milestones from the products could be reduced or
delayed.
|
•
|
we only have contractual control
over Xian Tianxing. We do not own it due to the restriction of foreign
investment in Chinese businesses;
and
|
•
|
uncertainties relating to the
regulation of the bio-pharmaceutical business in China, including evolving
licensing practices, means that permits, licenses or operations at our
company may be subject to challenge. This may disrupt our business, or
subject us to sanctions, requirements to increase capital or other
conditions or enforcement, or compromise enforceability of related
contractual arrangements, or have other harmful effects on
us.
|
•
|
a limited availability of market
quotations for our common
stock;
|
•
|
a limited amount of news and
analyst coverage for our company;
and
|
•
|
a decreased ability to issue
additional securities or obtain additional financing in the
future.
|
•
|
actual or anticipated
fluctuations in our quarterly operating
results;
|
•
|
changes in financial estimates by
securities research
analysts;
|
•
|
conditions in bio-pharmaceutical
and agricultural markets;
|
•
|
changes in the economic
performance or market valuations of other bio-pharmaceutical
companies;
|
•
|
announcements by us or our
competitors of new products, acquisitions, strategic partnerships, joint
ventures or capital
commitments;
|
•
|
addition or departure of key
personnel;
|
•
|
fluctuations of exchange rates
between RMB and the U.S.
dollar;
|
•
|
intellectual property litigation;
and
|
•
|
general economic or political
conditions in China.
|
Exhibit
Number
|
|
Description
|
2.1
|
Share
Purchase Agreement by and between The Cyber Group Network, Inc. and Howard
L. Allen and Donald G. Jackson (stockholders of Hollywood Entertainment
Network, Inc.) dated May 12, 2000
(1)
|
|
2.2
|
Plan
of Merger Agreement between The Cyber Group Network Corp. and CGN
Acquisitions Corporation dated December 7, 2000
(2)
|
|
2.3
|
Share
Exchange Agreement between The Cyber Group Network Corporation, R. Scott
Cramer, Steve Lowe, David Wassung and Skystar Bio-Pharmaceutical, and the
Skystar Stockholders dated September 20, 2005
(3)
|
3.1
|
Charter
of The Cyber Group Network Corporation as filed with the State of
Nevada
(4)
|
|
3.2
|
Certificate
of Amendment and Certificate of Change
(5)
|
|
3.3
|
Certificate
of Amendment to Increase Number of Authorized Shares of Common Stock
(13)
|
|
3.4
|
Amended
and Restated Bylaws of Skystar Bio-Pharmaceutical Company
(14)
|
|
3.5
|
Certificate
of Designation of Series B Convertible Preferred Stock
(4)
|
|
3.6
|
Certificate
of Change
(16)
|
|
4.1
|
Form
of Common Stock Certificate
(19)
|
|
4.2
|
Form
of Class A Convertible Debenture
(6)
|
|
4.3
|
Form
of Class B Convertible Debenture
(6)
|
|
4.4
|
Form
of Class A Warrant
(6)
|
|
4.5
|
Form
of Class B Warrant
(6)
|
|
4.6
|
Form
of Common Stock Purchase Option granted to the representative of the
underwriters
(19)
|
|
10.1
|
Form
of Securities Purchase Agreement, dated as of February 26, 2007 by and
among the Company and the Purchasers
(6)
|
|
10.2
|
Form
of Registration Rights Agreement, dated as of February 26, 2007 by and
among the Company and the Purchasers
(6)
|
|
10.3
|
Form
of Company Principal Lockup Agreement in connection with the Securities
Purchase Agreement dated as of February 26, 2007
(6)
|
|
10.4
|
Form
of the Amendment, Exchange and Waiver Agreement between Skystar
Bio-Pharmaceutical Company and the Participating Purchasers dated November
9, 2007
(7)
|
|
10.5
|
Form
of the Amendment and Waiver Agreement between Skystar Bio-Pharmaceutical
Company and two institutional and accredited investors dated March 31,
2008
(10)
|
|
10.6
|
Form
of 6-month Lock-up Agreement
(15)
|
|
10.7
|
Consulting
Services Agreement between Skystar Bio-Pharmaceutical (Cayman) Holdings,
Co., Ltd. (“Skystar Cayman”) and Xian Tianxing Bio-Pharmaceutical Co.,
Ltd. (“Xian Tianxing”) dated October 28, 2005
(4)
|
|
10.8
|
Equity
Pledge Agreement among Skystar Cayman, Xian Tianxing and Xian Tianxing’s
Majority Stockholders dated October 28, 2005
(4)
|
|
10.9
|
Operating
Agreement among Skystar Cayman, Xian Tianxing, Xian Tianxing’s Majority
Stockholders, and Weibing Lu dated October 28, 2005
(4)
|
|
10.10
|
Proxy
Agreement among Skystar Cayman, Xian Tianxing, Xian Tianxing’s Majority
Stockholders and Weibing Lu dated October 28, 2005
(4)
|
|
10.11
|
Option
Agreement among Skystar Cayman, Xian Tianxing, Xian Tianxing Majority
Stockholders and Weibing Lu dated October 28, 2005
(4)
|
|
10.12
|
Amendment
to Consulting Services Agreement among Skystar Cayman, Xian Tianxing and
Sida Biotechnology (Xian) Co., Ltd. (“Sida”) dated March 10, 2008
(8)
|
|
10.13
|
Amendment
to Equity Pledge Agreement among Skystar Cayman, Xian Tianxing, Xian
Tianxing’s Majority Stockholders, and Sida dated March 10, 2008
(8)
|
|
10.14
|
Agreement
to Transfer of Operating Agreement among Skystar Cayman, Xian Tianxing,
Xian Tianxing’s Majority Stockholders, Weibing Lu and Sida dated March 10,
2008
(8)
|
|
10.15
|
Designation
Agreement among Skystar Cayman, Xian Tianxing, Xian Tianxing’s Majority
Stockholders, Weibing Lu and Sida dated March 10, 2008
(8)
|
|
10.16
|
Agreement
to Transfer of Option Agreement among Skystar Cayman, Xian Tianxing, Xian
Tianxing Majority Stockholders, Weibing Lu and Sida dated March 10,
2008
(8)
|
|
10.17
|
Employment
Agreement with Weibing Lu dated May 5, 2008
(11)
|
|
10.18
|
Loanout
Agreement with Worldwide Officers, Inc. with respect to the services of
Bennet Tchaikovsky, our Chief Financial Officer, dated May 5, 2008
(18)
|
|
10.19
|
Form
of Director Offer Letter with Mr. Qiang Fan and Mr. Winston Yen
(14)
|
|
10.20
|
Form
of Director Offer Letter with Mr. Chengtun Qu and Mr. Shouguo Zhao
(14)
|
|
10.21
|
Form
of Amendment to Loanout Agreement with Wordwide Officers, Inc
(17)
|
|
10.22
|
Form
of Director Offer Letter with Mr. Mark D. Chen
(17)
|
|
31.1
|
Section
302 Certification by the Corporation’s Chief Executive
Officer*
|
|
31.2
|
Section
302 Certification by the Corporation’s Chief Financial
Officer*
|
|
32.1
|
Section
906 Certification by the Corporation's Chief Executive
Officer*
|
32.2
|
Section
906 Certification by the Corporation's Chief Financial
Officer*
|
|
99.1
|
Legal
Opinion from Allbright Law Offices regarding, among other things, the
contractual arrangements Skystar Cayman entered into with Xian Tianxing
and its stockholders, dated November 3, 2005
(12)
|
|
99.2
|
Legal
Opinion from Allbright Law Offices regarding the transfer of the
contractual arrangements from Skystar Cayman to Sida, dated April 29,
2008
(12)
|
|
99.3
|
Lease
Agreement between Xian Tianxing and Weibing Lu dated June 1, 2007
(9)
|
|
99.4
|
Lease
Agreement between Shanghai Siqiang Biotechnological Co., Ltd. and Weibing
Lu dated June 17, 2007
(12)
|
|
99.5
|
Summary
of Research Arrangement between Shanghai Poultry Verminosis Institute and
Xian Tianxing
(12)
|
|
99.6
|
Cooperation
Agreement between Shaanxi Microbial Institute and Xian Tianxing
(12)
|
November
16, 2009
|
SKYSTAR
BIO-PHARMACEUTICAL COMPANY
|
|
By:
|
/s/ Weibing Lu | |
Weibing
Lu
Chief
Executive Officer
(Principal
Executive Officer)
|
||
By:
|
/s/ Bennet P. Tchaikovsky | |
Bennet
P. Tchaikovsky
Chief
Financial Officer
(Principal
Financial and Accounting
Officer)
|
1 Year Skystar Bio-Pharmaceutical Company (MM) Chart |
1 Month Skystar Bio-Pharmaceutical Company (MM) Chart |
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