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Share Name | Share Symbol | Market | Type |
---|---|---|---|
China Industrial Waste Management Inc (CE) | USOTC:CIWT | OTCMarkets | 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% | 0.0001 | 0.00 | 01:00:00 |
Nevada
|
002-95836-NY
|
13-3250816
|
||
(State
or other jurisdiction
|
(Commission
File Number)
|
(IRS
Employer
|
||
of
incorporation)
|
|
|
Identification
No.)
|
Item
2.01
|
Completion
of Acquisition or Disposition of
Assets.
|
Item
9.01
|
Financial
Statements and Exhibits.
|
(a)
|
Financial
Statements
|
Page
|
||
Report
of Independent Registered Public Accounting Firm
|
F-2
|
|
Balance
Sheets as of September 30, 2009 (Unaudited)
and December 31, 2008 (Audited)
|
F-3
|
|
Statements
of Income for the nine months ended September 30,
2009 (Unaudited) and the Year Ended December 31,
2008 (Audited)
|
F-4
|
|
Statements
of Shareholders’ Equity for the nine months ended September 30,
2009 (Unaudited) and the Year Ended December 31,
2008 (Audited)
|
F-5
|
|
Statements
of Cash Flows for the nine months ended September 30,
2009 (Unaudited) and the Year Ended December 31, 2008
(Audited)
|
F-6
|
|
Notes
to Financial Statements September 30, 2009 and December 31,
2008
|
|
F-7
|
September 30,
|
December 31,
|
|||||||
2009
|
2008
|
|||||||
(Unaudited)
|
(Audited)
|
|||||||
ASSETS
|
||||||||
Current
assets
|
||||||||
Cash
and cash equivalents
|
$ | 4,298,231 | $ | 21,987 | ||||
Construction
reimbursement receivable
|
443,170 | - | ||||||
Other
receivable
|
7,170 | 2,975 | ||||||
Inventories
|
7,674 | 3,724 | ||||||
Advances
to suppliers
|
52,010 | - | ||||||
Related
party receivable
|
373,561 | - | ||||||
Total
current assets
|
5,181,816 | 28,686 | ||||||
Property,
plant and equipment, net
|
116,078 | 25,546 | ||||||
Construction
in progress
|
12,926,500 | 7,179,155 | ||||||
Other
assets
|
150,854 | - | ||||||
TOTAL
ASSETS
|
$ | 18,375,248 | $ | 7,233,387 | ||||
LIABILITIES
AND SHAREHOLDERS' EQUITY
|
||||||||
Current
liabilities
|
||||||||
Construction
projects payable
|
$ | 212,327 | $ | 81,809 | ||||
Related
party payable
|
27,758 | 1,256,599 | ||||||
Other
payable
|
20,366 | 1,886 | ||||||
Long-term
loan-current portion
|
1,340,424 | - | ||||||
Total
current liabilities
|
1,600,875 | 1,340,294 | ||||||
Long-term
loan
|
11,111,599 | - | ||||||
Government
subsidy
|
146,494 | 146,573 | ||||||
TOTAL
LIABILITIES
|
12,858,968 | 1,486,867 | ||||||
Commitments
and contingencies
|
||||||||
Shareholders'
equity
|
||||||||
Paid-in
capital
|
5,244,236 | 5,244,236 | ||||||
Cumulated
other comprehensive income
|
604,053 | 607,358 | ||||||
Accumulated
deficit
|
(332,009 | ) | (105,074 | ) | ||||
Total
shareholders' equity
|
5,516,280 | 5,746,520 | ||||||
TOTAL
LIABILITIES AND SHAREHOLDERS' EQUITY
|
$ | 18,375,248 | $ | 7,233,387 |
For the Period Ended
September 30, 2009
|
For the Year Ended
December 31, 2008
|
|||||||
(Unaudited)
|
(Audited)
|
|||||||
Operating
revenue
|
- | - | ||||||
Costs
of revenue
|
- | - | ||||||
Gross
profit
|
- | - | ||||||
Operating
expenses
|
||||||||
General
and administrative expenses
|
320,336 | 55,536 | ||||||
Total
operating expenses
|
320,336 | 55,536 | ||||||
Operating
loss
|
(320,336 | ) | (55,536 | ) | ||||
Other
income
|
||||||||
Interest
income
|
5,578 | 5,060 | ||||||
Other
income
|
87,823 | 43,180 | ||||||
Total
other income
|
93,401 | 48,240 | ||||||
Net
loss from continuing operations before income tax
|
(226,935 | ) | (7,296 | ) | ||||
Income
tax expense
|
- | - | ||||||
Net
loss
|
$ | (226,935 | ) | $ | (7,296 | ) | ||
Foreign
currency translation adjustment
|
(3,305 | ) | 379,624 | |||||
Comprehensive
income (loss)
|
$ | (230,240 | ) | $ | 372,328 |
Paid-in
capital
|
Other
Comprehensive
Income
|
Accumulated
Deficit
|
Total
Shareholders'
Equity
|
|||||||||||||
Balance
at December 31, 2007
|
$ | 5,244,236 | $ | 227,734 | $ | (97,778 | ) | $ | 5,374,192 | |||||||
Foreign
currency translation adjustment
|
- | 379,624 | - | 379,624 | ||||||||||||
Net
loss for the year ended December 31, 2008
|
- | - | (7,296 | ) | (7,296 | ) | ||||||||||
Balance
at December 31, 2008
|
5,244,236 | 607,358 | (105,074 | ) | 5,746,520 | |||||||||||
Foreign
currency translation adjustment
|
- | (3,305 | ) | - | (3,305 | ) | ||||||||||
Net
loss for the period ended September 30, 2009
|
- | - | (226,935 | ) | (226,935 | ) | ||||||||||
Balance
at September 30, 2009
|
$ | 5,244,236 | $ | 604,053 | $ | (332,009 | ) | $ | 5,516,280 |
For the Period Ended
September 30, 2009
|
For the Year Ended
December 31, 2008
|
|||||||
(Unaudited)
|
(Audited)
|
|||||||
Cash
flows from operating activities:
|
||||||||
Net
loss
|
$ | (226,935 | ) | $ | (7,296 | ) | ||
Adjustments
to reconcile net loss to net cash used in operating
activities:
|
||||||||
Depreciation
|
7,821 | 5,819 | ||||||
Government
subsidy recognized as income
|
- | (43,052 | ) | |||||
Changes
in operating assets and liabilities:
|
||||||||
Inventories
|
(3,949 | ) | (3,657 | ) | ||||
Other
receivables
|
(4,193 | ) | 13,357 | |||||
Advance
to suppliers
|
(51,967 | ) | - | |||||
Other
asset
|
(150,727 | ) | - | |||||
Construction
projects payable
|
130,454 | 9,917 | ||||||
Other
payable
|
18,464 | (533 | ) | |||||
Net
cash used in operating activities
|
(281,032 | ) | (25,445 | ) | ||||
Cash
flows from investing activities
|
||||||||
Purchase
of property and equipment
|
(98,292 | ) | (7,341 | ) | ||||
Construction
in progress
|
(6,186,847 | ) | (2,463,199 | ) | ||||
Net
cash used in investing activities
|
(6,285,139 | ) | (2,470,540 | ) | ||||
Cash
flows from financing activities
|
||||||||
Proceeds
from long-term loan
|
12,441,634 | - | ||||||
Due
from related party
|
(373,249 | ) | - | |||||
Repayment
from related party
|
- | 290,443 | ||||||
Proceeds
from related party loan
|
- | 1,209,033 | ||||||
Repayment
of related party loan
|
(1,229,526 | ) | - | |||||
Net
cash provided by financing activities
|
10,838,859 | 1,499,476 | ||||||
Effect
of exchange rate on cash
|
3,556 | 50,140 | ||||||
Net
increase(decrease) in cash and cash equivalents
|
4,276,244 | (946,369 | ) | |||||
Cash
and cash equivalents, beginning of period
|
21,987 | 968,356 | ||||||
Cash
and cash equivalents, end of period
|
$ | 4,298,231 | $ | 21,987 | ||||
Supplemental
cash flow information:
|
||||||||
Cash
paid during the year for:
|
||||||||
Interest
|
$ | 375,392 | $ | - | ||||
Income
taxes
|
$ | - | $ | - |
Useful
Life
|
||
Buildings
|
20
Years
|
|
Machinery
|
10-14
Years
|
|
Vehicles
|
5
Years
|
|
Office
equipment
|
|
3-5
Years
|
|
·
|
Grants
related to revenue, such as certain export subsidies and price control
subsidies, should be recognized in the period of the related
events.
|
|
·
|
Grants
to reimburse current expenditures, such as research and development costs,
wages, training costs and transportation costs, should be treated as a
reduction of current or future related expense, depending on when the
related expense is recognized.
|
|
·
|
Grants
related to developing property, such as timberlands, or mineral reserves,
should be recognized over the useful lives of the
assets.
|
September
30,
2009
|
December 31,
2008
|
|||||||
(Unaudited)
|
(Audited)
|
|||||||
Machinery
and equipment
|
$ | 81,085 | $ | - | ||||
Office
equipment
|
34,472 | 17,192 | ||||||
Vehicles
|
15,393 | 15,401 | ||||||
130,950 | 32,593 | |||||||
Less
accumulated depreciation
|
(14,872 | ) | (7,047 | ) | ||||
Total
property and equipment, net
|
116,078 | 25,546 | ||||||
Construction
in progress
|
12,926,500 | 7,179,155 | ||||||
Total
|
$ | 13,042,578 | $ | 7,204,701 |
Effective Date
|
Maturity
|
Type
|
Annual
Interest Rate
|
Principal
|
||||||
(Unaudited)
|
||||||||||
01-08-2009
|
01-07-2017
|
Secured
|
Above
5 years Benchmark Floating Interest Rate set by the People’s Bank of China
+ 5%;
Adjustable
every 6 months.
|
$ | 12,452,023 |
Year
|
Amount
|
|||
2010
|
$ | 1,787,232 | ||
2011
|
1,787,232 | |||
2012
|
1,787,232 | |||
2013
|
1,787,232 | |||
2014
|
1,787,232 | |||
Thereafter
|
3,515,869 | |||
Total
|
$ | 12,452,023 |
September
30, 2009
|
December
31, 2008
|
|||||||||||||||
(Unaudited)
|
(Audited)
|
|||||||||||||||
Receivable
|
Payable
|
Receivable
|
Payable
|
|||||||||||||
Dalian
Dongtai
|
$ | - | $ | 27,758 | $ | - | $ | 1,256,599 | ||||||||
Lida
|
$ | 373,561 | $ | - | $ | - | $ | - |
Principal
|
Interest Rate (per
annum)
|
Effective
Date
|
Repayment
Date
|
||||||||||||
$ | 586,295 | 4.5 | % | 04-24-2008 | 04-24-2009 | ||||||||||
146,574 | 4.5 | % | 07-29-2008 | 07-28-2009 | |||||||||||
58,630 | 8 | % | 10-29-2008 | 10-28-2009 | |||||||||||
439,721 | 8 | % | 11-13-2008 | 11-12-2009 | |||||||||||
$ | 1,231,220 |
September 30,
2009
|
December 31, 2008
|
|||||||
(Unaudited)
|
(Audited)
|
|||||||
Construction
|
$ | 1,585,524 | $ | 1,907,001 | ||||
Equipment
|
2,378,286 | 2,232,499 | ||||||
Total
|
$ | 3,963,810 | $ | 4,139,500 |
(b)
|
Pro
Forma Financial Information
|
China Industrial Waste
Management, Inc.
|
Dongtai Organic
|
Effects of
Acquisition
|
Consolidated
|
|||||||||||||
September 2009
|
September 2009
|
September 2009
|
||||||||||||||
ASSETS
|
||||||||||||||||
Current
assets
|
||||||||||||||||
Cash
and cash equivalents
|
$ | 8,730,483 | $ | 4,298,231 | $ | 13,028,714 | ||||||||||
Notes
receivable
|
14,649 | - | 14,649 | |||||||||||||
Accounts
receivable, net
|
3,229,123 | 443,170 | 3,672,293 | |||||||||||||
Other
receivables
|
299,780 | 7,170 | 306,950 | |||||||||||||
Inventory
|
2,290,197 | 7,674 | 2,297,871 | |||||||||||||
Advances
to suppliers
|
997,714 | 52,010 | 1,049,724 | |||||||||||||
Related
party receivables
|
57,058 | 373,561 | (27,758 | ) | 402,861 | |||||||||||
Deposit
for business acquisition
|
1,464,944 | - | 1,464,944 | |||||||||||||
Deferred
expense
|
15,382 | - | 15,382 | |||||||||||||
Total
current assets
|
17,099,330 | 5,181,816 | (27,758 | ) | 22,253,388 | |||||||||||
Long-term
equity investment
|
2,790,874 | - | (2,702,977 | ) | 87,897 | |||||||||||
Property,
plant and equipment, net
|
15,237,679 | 116,078 | 15,353,757 | |||||||||||||
Construction
in progress
|
7,004,555 | 12,926,500 | (2,175 | ) | 19,928,880 | |||||||||||
Land
usage right, net of accumulated amortization
|
1,779,482 | - | 1,779,482 | |||||||||||||
Certificate
of deposit
|
1,757,933 | - | 1,757,933 | |||||||||||||
Other
asset
|
445,456 | 150,854 | 596,310 | |||||||||||||
TOTAL
ASSETS
|
46,115,309 | 18,375,248 | (2,732,910 | ) | 61,757,647 | |||||||||||
LIABILITIES
AND STOCKHOLDERS' EQUITY
|
||||||||||||||||
Current
liabilities
|
||||||||||||||||
Accounts
payable
|
$ | 698,873 | - | $ | 698,873 | |||||||||||
Short-term
loan
|
6,738,742 | - | 6,738,742 | |||||||||||||
Tax
payable
|
178,397 | - | 178,397 | |||||||||||||
Advance
from customers
|
546,441 | - | 546,441 | |||||||||||||
Deferred
sales
|
925,000 | - | 925,000 | |||||||||||||
Accrued
expenses
|
8,202 | - | 8,202 | |||||||||||||
Construction
projects payable
|
1,678,542 | 212,327 | 1,890,869 | |||||||||||||
Other
payable
|
111,445 | 20,366 | 131,811 | |||||||||||||
Long-term
loan-current portion
|
457,796 | 1,340,424 | - | 1,798,220 | ||||||||||||
Related
party payable
|
380,885 | 27,758 | (27,758 | ) | 380,885 | |||||||||||
Total
current liabilities
|
11,724,323 | 1,600,875 | (27,758 | ) | 13,297,440 | |||||||||||
Long-term
loan
|
3,204,564 | 11,111,599 | 14,316,163 | |||||||||||||
Asset
retirement obligation
|
529,114 | - | 529,114 | |||||||||||||
Government
subsidy
|
2,445,659 | 146,494 | 2,592,153 | |||||||||||||
TOTAL
LIABILITIES
|
17,903,660 | 12,858,968 | (27,758 | ) | 30,734,870 | |||||||||||
Minority
interest in subsidiary
|
3,353,895 | - | 2,813,303 | 6,167,198 | ||||||||||||
Stockholders'
equity
|
||||||||||||||||
Preferred
stock: par value $.001; 5,000,000
|
||||||||||||||||
shares
authorized; none issued and outstanding
|
- | - | ||||||||||||||
Common
stock: par value $.001; 95,000,000 shares authorized;
15,274,035
and 15,262,035 shares issued and outstanding as of Septermber 30, 2009 and
December 31, 2008 respectively
|
15,274 | - | 15,274 | |||||||||||||
Additional
paid-in capital
|
5,679,398 | 5,244,236 | (5,244,236 | ) | 5,679,398 | |||||||||||
Other
comprehensive income
|
2,274,707 | 604,053 | (651,691 | ) | 2,227,069 | |||||||||||
Retained
earnings
|
16,888,375 | (332,009 | ) | 377,473 | 16,933,839 | |||||||||||
Total
stockholders' equity
|
24,857,754 | 5,516,280 | (5,518,454 | ) | 24,855,580 | |||||||||||
TOTAL
LIABILITIES AND STOCKHOLDERS' EQUITY
|
$ | 46,115,309 | $ | 18,375,248 | $ | (2,732,910 | ) | $ | 61,757,647 |
China Industrial Waste
Management, Inc.
|
Dongtai Organic
|
Effects of
Acquisition
|
Consolidated
|
|||||||||||||
YTD September 2009
|
YTD September 2009
|
YTD September 2009
|
||||||||||||||
Service
fees
|
$ | 4,879,448 | - | $ | 4,879,448 | |||||||||||
Sales
of cupric sulfate
|
879,347 | - | 879,347 | |||||||||||||
Sales
of recycled commodities
|
1,427,418 | - | - | 1,427,418 | ||||||||||||
Operating
revenue
|
7,186,213 | - | - | 7,186,213 | ||||||||||||
Cost
of service fees
|
1,452,911 | - | 1,452,911 | |||||||||||||
Cost
of cupric sulfate
|
410,881 | - | 410,881 | |||||||||||||
Cost
of recycled commodities
|
1,034,513 | - | 1,034,513 | |||||||||||||
Costs
of revenue
|
2,898,305 | - | - | 2,898,305 | ||||||||||||
Gross
profit
|
4,287,908 | - | - | 4,287,908 | ||||||||||||
Operating
expenses
|
||||||||||||||||
Selling
expenses
|
641,066 | - | 641,066 | |||||||||||||
General
and administrative expenses
|
1,818,789 | 320,337 | 2,139,126 | |||||||||||||
Total
operating expenses
|
2,459,855 | 320,337 | - | 2,780,192 | ||||||||||||
Income
from operations
|
1,828,053 | (320,337 | ) | - | 1,507,716 | |||||||||||
Other
income(expense)
|
||||||||||||||||
Investment
income (loss)
|
(89,681 | ) | - | 89,681 | - | |||||||||||
Interest
income
|
5,431 | 5,578 | 11,009 | |||||||||||||
Other
income
|
61,846 | 87,823 | 149,669 | |||||||||||||
Other
expense
|
(139,872 | ) | - | (139,872 | ) | |||||||||||
Total
other income (expense)
|
(162,276 | ) | 93,402 | 89,681 | 20,807 | |||||||||||
Net
income (loss) from continuing operations before minority interest and
income tax
|
1,665,777 | (226,935 | ) | 89,681 | 1,528,523 | |||||||||||
Income
tax expense
|
215,750 | - | 215,750 | |||||||||||||
Income
(loss) from continuing operations
|
1,450,027 | (226,935 | ) | 89,681 | 1,312,773 | |||||||||||
Minority
interest
|
97,044 | - | (108,929 | ) | (11,884 | ) | ||||||||||
Net
income (loss)
|
$ | 1,352,983 | $ | (226,935 | ) | $ | 198,610 | $ | 1,324,657 | |||||||
Foreign
currency translation adjustment
|
(147,460 | ) | (3,305 | ) | (150,765 | ) | ||||||||||
Comprehensive
income (loss)
|
$ | 1,205,523 | $ | (230,240 | ) | $ | - | $ | 1,173,892 | |||||||
Basic
weighted average shares outstanding
|
15,267,387 | 15,267,387 | ||||||||||||||
Diluted
weighted average shares outstanding
|
15,267,387 | 15,267,387 | ||||||||||||||
Basic
and diluted net earnings per share
|
$ | 0.09 | $ | 0.09 |
China Industrial Waste
Management, Inc.
|
Dongtai Organic
|
Effects of
Acquisition
|
Consolidated
|
|||||||||||||
2008
|
2008
|
2008
|
||||||||||||||
Service
fees
|
$ | 8,182,379 | - | $ | 8,182,379 | |||||||||||
Sales
of cupric sulfate
|
1,806,721 | - | 1,806,721 | |||||||||||||
Sales
of recycled commodities
|
3,410,784 | - | 3,410,784 | |||||||||||||
Operating
revenue
|
13,399,884 | - | - | 13,399,884 | ||||||||||||
Cost
of service fees
|
1,547,677 | - | 1,547,677 | |||||||||||||
Cost
of cupric sulfate
|
740,881 | - | 740,881 | |||||||||||||
Cost
of recycled commodities
|
1,866,086 | - | 1,866,086 | |||||||||||||
Costs
of revenue
|
4,154,644 | - | - | 4,154,644 | ||||||||||||
Gross
profit
|
9,245,240 | - | - | 9,245,240 | ||||||||||||
Operating
expenses
|
||||||||||||||||
Selling
expenses
|
806,438 | - | 806,438 | |||||||||||||
General
and administrative expenses
|
2,737,584 | 55,536 | 2,793,120 | |||||||||||||
Total
operating expenses
|
3,544,022 | 55,536 | - | 3,599,558 | ||||||||||||
Income
from operations
|
5,701,218 | (55,536 | ) | - | 5,645,682 | |||||||||||
Other
income(expense)
|
||||||||||||||||
Investment
income (loss)
|
(24,733 | ) | - | 24,733 | - | |||||||||||
Interest
income
|
26,438 | 5,060 | (24,921 | ) | 6,577 | |||||||||||
Other
income
|
725,030 | 43,180 | 768,210 | |||||||||||||
Other
expense
|
(448,468 | ) | - | (448,468 | ) | |||||||||||
Total
other income (expense)
|
278,267 | 48,240 | (188 | ) | 326,318 | |||||||||||
Net
income from continuing operations before minority interest and income
tax
|
5,979,485 | (7,296 | ) | (188 | ) | 5,972,000 | ||||||||||
Income
tax expense
|
659,853 | - | - | 659,853 | ||||||||||||
Income
from continuing operations
|
5,319,632 | (7,296 | ) | (188 | ) | 5,312,147 | ||||||||||
Minority
interest
|
563,531 | - | (3,502 | ) | 560,029 | |||||||||||
Net
income (loss)
|
$ | 4,756,101 | $ | (7,296 | ) | $ | 3,314 | $ | 4,752,118 | |||||||
Foreign
currency translation adjustment
|
1,268,440 | 379,624 | 1,648,064 | |||||||||||||
Comprehensive
income
|
$ | 6,024,541 | $ | 372,328 | $ | 6,400,182 | ||||||||||
Basic
weighted average shares outstanding
|
13,755,274 | 13,755,274 | ||||||||||||||
Diluted
weighted average shares outstanding
|
13,755,274 | 13,755,274 | ||||||||||||||
Basic
and diluted net earnings per share
|
$ | 0.35 | $ | 0.35 |
(d)
|
Exhibits.
|
By:
|
/s/
Dong Jinqing
|
Name:
Dong Jinqing
|
|
Title:
Chief Executive Officer
|
1 Year China Industrial Waste M... (CE) Chart |
1 Month China Industrial Waste M... (CE) Chart |
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