We could not find any results for:
Make sure your spelling is correct or try broadening your search.
Share Name | Share Symbol | Market | Type |
---|---|---|---|
Sharing Economy International Inc (CE) | USOTC:SEII | 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% | 0.000001 | 0.00 | 01:00:00 |
x
|
ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the fiscal year ended December 31, 2013
|
or
|
|
o
|
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the transition period from ______________ to ______________
|
CLEANTECH SOLUTIONS INTERNATIONAL, INC.
|
(
Exact name of registrant as specified in its charter
)
|
NEVADA
|
90-0648920
|
|
(
State or other jurisdiction of incorporation
or organization)
|
(I.R.S. Employer
Identification No.)
|
No. 9 Yanyu Middle Road
Qianzhou Village, Huishan District, Wuxi City
Jiangsu Province, China 214181
(
Address of principal executive offices)
(86) 51083397559
(Registrant’s telephone number, including area code)
Copies to:
Asher S. Levitsky
Ellenoff Grossman & Schole LLP
1345 Avenue of the Americas, New York, NY 10105-0302
Telephone: (212) 370-1300
Fax: (212) 370-7889
alevitsky@egsllp.com
|
Large accelerated filer
|
o
|
Accelerated filer
|
o
|
Non-accelerated filer
(Do not check if smaller reporting company)
|
o
|
Smaller reporting company
|
x
|
Page No.
|
||
Part I
|
||
Item 1.
|
Business.
|
3
|
Item 1A.
|
Risk Factors.
|
13
|
Item 1B.
|
Unresolved Staff Comments.
|
24
|
Item 2.
|
Properties.
|
24
|
Item 3.
|
Legal Proceedings.
|
25
|
Item 4.
|
Mine Safety Disclosures
|
25
|
Part II
|
||
Item 5.
|
Market for Registrant’s Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities.
|
25
|
Item 6.
|
Selected Financial Data.
|
26
|
Item 7.
|
Management’s Discussion and Analysis of Financial Condition and Results of Operations.
|
27
|
Item 7A.
|
Quantitative and Qualitative Disclosures About Market Risk.
|
39
|
Item 8.
|
Financial Statements and Supplementary Data.
|
F-1
|
Item 9.
|
Changes In and Disagreements With Accountants on Accounting and Financial Disclosure.
|
40
|
Item 9A.
|
Controls and Procedures.
|
40
|
Item 9B.
|
Other Information.
|
41
|
Part III
|
||
Item 10.
|
Directors, Executive Officers and Corporate Governance.
|
41
|
Item 11.
|
Executive Compensation
|
44
|
Item 12.
|
Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters.
|
45
|
Item 13.
|
Certain Relationships and Related Transactions, and Director Independence.
|
46
|
Item 14.
|
Principal Accountant Fees and Services.
|
47
|
Part IV
|
||
Item 15.
|
Exhibits, Financial Statement Schedules.
|
48
|
·
|
We produce precision forged rolled rings and other forged components to the energy industry including wind power and other industries. Our forged rolled rings and other related products are sold for use by manufacturers of industrial equipment for the various industries. Forged rolled rings and other forged components for the wind industry are used in wind turbines, which are used to generate wind power
.
|
·
|
Commencing in 2011, we began to manufacture and delivered test subassemblies for solar cell manufacturing equipment, which marked our entry into the solar products market. We generated revenue from the sale of solar industry related products of approximately $1,335,000, or 1.9% of total revenue for 2013, and $1,078,000, or 1.9% of total revenue for 2012. However, we do not anticipate any new orders for solar in the near term.
|
Name of Entity
|
Relationship to Us
|
Nature of Business
|
||
Cleantech Solutions International, Inc
|
N.A.
|
Holding company
|
||
Fulland Limited
|
100% owned by us
|
Holding company
|
||
Wuxi Fulland Wind Energy Equipment Co., Ltd.
|
100% owned by Fulland Limited
|
Manufacture of forged rolled rings and related products at new plant
|
||
Green Power Environment Technology (Shanghai) Co., Ltd.
|
100% owned by Fulland Limited
|
Operates business of Wuxi Huayang Dyeing Machinery Co., Ltd. and Wuxi Huayang Electrical Power Equipment Co., Ltd. pursuant to contracts
|
||
Wuxi Huayang Dyeing Machinery Co., Ltd.
|
Variable interest entity operated by Green Power pursuant to contracts
|
Operates dyeing and finishing equipment segment
|
||
Wuxi Huayang Electrical Power Equipment Co., Ltd.
|
Variable interest entity operated by Green Power pursuant to contracts
|
Operated electric power equipment segment; manufactures and sells forged rolled ring segment pursuant to existing contracts. The business of this entity is being phased out and new business is being generated through Wuxi Fulland Wind Energy Equipment Co., Ltd..
|
·
|
Large forged rolled rings, yaw bearings, tower flanges and shafts used in large-scale windmills
|
·
|
Stainless steel pressure vessel/chambers used in the manufacturing of multi-crystalline solar wafers
|
·
|
Specialty, high tolerance, fabricated components and assemblies used in various clean technology industries
|
·
|
Other fabricated and machined components, assemblies and equipment requiring high precision manufacturing.
|
·
|
High quality manufacturing facilities and production quality;
|
·
|
A prime location in Jiangsu province near major transportation routes which can provide shipping cost savings and a good response time;
|
·
|
Strong management, engineering and technical capabilities;
|
·
|
ISO9001 certification, which covers machining and related service of shaft-shaped forging, ring forging, tubular forging and component assembly.
|
Patent No.
|
Description
|
Expiration
|
||
ZL 2012 2 0165878.7
|
a process to enable more-effective cloth washing in dyeing machines under high temperature and pressure
|
November 2022
|
||
ZL 2012 2 0752919. 2
|
atomizer of airflow dyeing machine
|
June 2023
|
||
ZL 2012 2 0752924.3,
|
mechanical seal for dyeing machine
|
June 2023
|
||
ZL 2012 2 0752922.4
|
hor
izontal manipulated devices for dyeing machine
|
June 3023
|
||
ZL 2012 2 0752921.X
|
dyeing
liquid atomizing device for dyeing machine
|
June 2023
|
||
ZL 2012 2 0752917.3
|
dyeing liquid mixing
device for dyeing machine
|
June 2023
|
•
|
the amount of government involvement;
|
•
|
the level of development;
|
•
|
the growth rate;
|
•
|
the control of foreign exchange; and
|
•
|
the allocation of resources.
|
● |
Quarterly variations in our results of operations.
|
● |
Announcements by us or our competitors of acquisitions, new products, significant contracts, commercial relationships or capital commitments.
|
● |
Our ability to develop and market new and enhanced products on a timely basis.
|
● |
Changes in governmental regulations or in the status of our regulatory approvals.
|
● |
Changes in earnings estimates or recommendations by securities analysts.
|
● |
Market reaction to problems encountered by other Chinese companies that became public companies in the United States through the reverse merger process.
|
● |
Market reaction to reports written by investors about us and about Chinese companies in general.
|
● |
Market reaction to the slowdown in the Chinese wind power industry.
|
● |
General economic conditions and slow or negative growth of related markets.
|
2012
|
2013
|
|||||||||||||||
High
|
Low
|
High
|
Low
|
|||||||||||||
First quarter
|
$ | 4.00 | $ | 1.88 | $ | 4.70 | $ | 3.18 | ||||||||
Second quarter
|
5.71 | 1.98 | 9.70 | 2.97 | ||||||||||||
Third quarter
|
3.38 | 2.08 | 6.85 | 4.94 | ||||||||||||
Fourth quarter
|
$ | 4.86 | $ | 2.54 | $ | 7.36 | $ | 5.07 |
Plan Category
|
Number of securities to be issued upon exercise of outstanding options and warrants
|
Weighted-average exercise price of outstanding options and warrants
|
Number of securities remaining available for future issuance under equity compensation plans
|
|||||||||
Equity compensation plans approved by security holders
|
0 | $ | 0 | 322,009 | ||||||||
Equity compensation plan not approved by security holders
|
0 | $ | 0 | 0 |
Years Ended December 31,
|
||||||||||||||||
2013
|
2012
|
|||||||||||||||
Dollars
|
%
|
Dollars
|
%
|
|||||||||||||
Forged rolled rings and related components:
|
||||||||||||||||
wind power industry
|
$ | 14,816 | 20.5 | % | $ | 15,973 | 27.9 | % | ||||||||
other industries
|
18,960 | 26.3 | % | 15,968 | 27.9 | % | ||||||||||
Total forged rolled rings and related components
|
33,776 | 46.8 | % | 31,941 | 55.8 | % | ||||||||||
Dyeing and finishing equipment
|
38,337 | 53.2 | % | 25,258 | 44.2 | % | ||||||||||
Total
|
$ | 72,113 | 100.0 | % | $ | 57,199 | 100.0 | % |
·
|
We produce precision forged rolled rings and other forged components to the wind and other industries. Our forged rolled rings and other related products are sold to manufacturers of industrial equipment. Forged rolled rings and other forged components for the wind industry are used in wind turbines, which are used to generate wind power.
|
·
|
We manufacture and deliver test subassemblies for solar cell manufacturing equipment, which marked our entry into the solar products market. For the years ended December 31, 2013 and 2012, we generated revenue from the sale of solar industry related products of approximately $1,335,000, or 1.9% of total revenue, and $1,078,000, or 1.9% of total revenue, respectively. However, we do not anticipate new orders for solar products in the near term.
|
Useful Life
|
|||||
Building and building improvements
|
20 |
Years
|
|||
Manufacturing equipment
|
5 – 10 |
Years
|
|||
Office equipment and furniture
|
5 |
Years
|
|||
Vehicle
|
5 |
Years
|
Years Ended December 31,
|
||||||||||||||||
2013
|
2012
|
|||||||||||||||
Dollars
|
Percentage
|
Dollars
|
Percentage
|
|||||||||||||
Revenues
|
$ | 72,113 | 100.0 | % | $ | 57,199 | 100.0 | % | ||||||||
Cost of revenues
|
54,447 | 75.5 | % | 44,063 | 77.0 | % | ||||||||||
Gross profit
|
17,666 | 24.5 | % | 13,136 | 23.0 | % | ||||||||||
Operating expenses
|
6,273 | 8.7 | % | 6,793 | 11.9 | % | ||||||||||
Income from operations
|
11,393 | 15.8 | % | 6,343 | 11.1 | % | ||||||||||
Other income (expenses)
|
(208 | ) | (0.3 | )% | (443 | ) | (0.8 | )% | ||||||||
Income before provision for income taxes
|
11,185 | 15.5 | % | 5,900 | 10.3 | % | ||||||||||
Provision for income taxes
|
3,000 | 4.1 | % | 1,701 | 3.0 | % | ||||||||||
Net income
|
8,185 | 11.4 | % | 4,199 | 7.3 | % | ||||||||||
Other comprehensive income:
|
||||||||||||||||
Foreign currency translation adjustment
|
2,752 | 3.8 | % | 543 | 1.0 | % | ||||||||||
Comprehensive income
|
$ | 10,937 | 15.2 | % | $ | 4,742 | 8.3 | % |
Forged rolled rings and related products
|
Dyeing and finishing equipment
|
Total
|
||||||||||
Year ended December 31, 2013
|
||||||||||||
Revenues
|
$ | 33,776 | $ | 38,337 | $ | 72,113 | ||||||
Cost of revenues
|
$ | 25,598 | $ | 28,849 | $ | 54,447 | ||||||
Gross profit
|
$ | 8,178 | $ | 9,488 | $ | 17,666 | ||||||
Gross margin
|
24.2 | % | 24.7 | % | 24.5 | % |
Forged rolled rings and related products
|
Dyeing and finishing equipment
|
Total
|
||||||||||
Year ended December 31, 2012
|
||||||||||||
Revenues
|
$ | 31,941 | $ | 25,258 | $ | 57,199 | ||||||
Cost of revenues
|
$ | 24,852 | $ | 19,211 | $ | 44,063 | ||||||
Gross profit
|
$ | 7,089 | $ | 6,047 | $ | 13,136 | ||||||
Gross margin
|
22.2 | % | 23.9 | % | 23.0 | % |
For the Year Ended December 31, 2013
|
For the Year Ended December 31, 2012
|
(Decrease)
Increase
|
Percentage Change
|
|||||||||||||
Forged rolled rings and related products
|
||||||||||||||||
Wind power industry
|
$ | 14,816 | $ | 15,973 | $ | (1,157 | ) | (7.2 | )% | |||||||
Other industries
|
18,960 | 15,968 | 2,992 | 18.7 | % | |||||||||||
Total forged rolled rings and related products
|
33,776 | 31,941 | 1,835 | 5.7 | % | |||||||||||
Dyeing and finishing equipment
|
38,337 | 25,258 | 13,079 | 51.8 | % | |||||||||||
Total revenues
|
$ | 72,113 | $ | 57,199 | $ | 14,914 | 26.1 | % |
Years Ended December 31,
|
||||||||
2013
|
2012 | |||||||
Cost of revenues
|
$ | 6,131 | $ | 4,983 | ||||
Operating expenses
|
573 | 1,536 | ||||||
Total
|
$ | 6,704 | $ | 6,519 |
Year Ended
December 31, 2013
|
Year Ended
December 31, 2012
|
|||||||
Professional fees
|
$ | 328 | $ | 331 | ||||
Bad debt recovery
|
(628 | ) | (47 | ) | ||||
Payroll and related benefits
|
1,074 | 786 | ||||||
Travel and entertainment
|
369 | 202 | ||||||
Shipping
|
1,291 | 1,125 | ||||||
Research and development expense
|
93 | - | ||||||
Other
|
600 | 654 | ||||||
Total
|
$ | 3,127 | $ | 3,051 |
·
|
Professional fees for the year ended December 31, 2013 decreased by $3,000, or 0.9%, as compared to the year ended December 31, 2012.
|
·
|
For the year ended December 31, 2013 and 2012, we decreased the allowance for doubtful accounts of approximately $628,000 (net of approximately $1,200,000 write-offs) and $47,000, respectively. During the year ended December 31, 2013, we collected approximately $857,000 of accounts receivable for which we have previously reserved at December 31, 2012. Based on our periodic review of accounts receivable balances, we adjusted the allowance for doubtful accounts after considering management’s evaluation of the collectability of individual receivable balances, including the analysis of subsequent collections, the customers’ collection history, the write off of uncollectible receivables against the existing reserve, and recent economic events.
|
·
|
Payroll and related benefits for the year ended December 31, 2013 increased by $288,000, or 36.6%, as compared to the year ended December 31, 2012. The increase was mainly attributable to an increase in stock-based compensation of approximately $262,000 which reflected an increase in our average stock price used to value shares issued as compensation during the year ended December 31, 2013 as compared to the year ended December 31, 2012, and an increase in employee salaries and related benefits of approximately $26,000 due to the increase in personnel for our expanding business. We expect that payroll and related benefits will keep in its current level with minimal increase in the near future.
|
·
|
Travel and entertainment expense for the year ended December 31, 2013 increased by $167,000, or 82.7%, as compared to the year ended December 31, 2012. The increase was primarily attributable to the increased spending in our travel due to increased on-site communication and discussion with our customers in order to more efficiently manage our business and compete with our competitor and to enhance our visibility.
|
·
|
Shipping expense for the year ended December 31, 2013 increased by $166,000, or 14.8%, as compared to the year ended December 31, 2012. The increase was mainly attributable to the increase in our revenues during the year ended December 31, 2013 as compared to the year ended December 31, 2012.
|
·
|
For the year ended December 31, 2013, we recorded research and development expense of approximately $93,000. Research and development expense related to the development new dyeing and finishing products. We did not record any research and development expense for the year ended December 31, 2012.
|
·
|
Other selling, general and administrative expenses for the year ended December 31, 2013 decreased by $54,000, or 8.3% as compared to the year ended December 31, 2012, which reflected the efforts at reducing non-sales related corporate activities as well as stricter controls on corporate spending.
|
Country:
|
December 31, 2013
|
December 31, 2012
|
||||||||||||||
United States
|
$ | 411 | 36.8 | % | $ | 31 | 2.1 | % | ||||||||
China
|
704 | 63.2 | % | 1,415 | 97.9 | % | ||||||||||
Total cash and cash equivalents
|
$ | 1,115 | 100.0 | % | $ | 1,446 | 100.0 | % |
December 31, 2012 to
December 31, 2013
|
||||||||||||||||
December 31, 2013
|
December 31, 2012
|
Change
|
Percentage Change
|
|||||||||||||
Working capital:
|
||||||||||||||||
Total current assets
|
$ | 23,986 | $ | 19,073 | $ | 4,913 | 25.8 | % | ||||||||
Total current liabilities
|
12,864 | 11,810 | 1,054 | 8.9 | % | |||||||||||
Working capital:
|
$ | 11,122 | $ | 7,263 | $ | 3,859 | 53.1 | % |
·
|
Net cash flow provided by operating activities for the year ended December 31, 2013 primarily reflected net income of $8,186,000 and the add-back of non-cash items primarily consisting of depreciation of $6,704,000, amortization of land use rights of $95,000, an increase in inventory reserve of $41,000, a loss on impairment of equipment held for lease of $2,573,000, and stock-based compensation of $423,000, which was offset by a decrease in allowance for doubtful accounts of $628,000 mainly due to the collection of approximately $857,000 accounts receivable for which we have previously reserved for at December 31, 2012, and changes in operating assets and liabilities primarily consisting of a decrease in inventories of $1,304,000, offset primarily by an increase in notes receivable of $605,000, an increase in accounts receivable of $4,126,000, a decrease in accounts payable of $1,810,000, a decrease in accrued expenses of $113,000, a decrease in income taxes payable of $129,000, and a decrease in advances from customers of $453,000.
|
·
|
Net cash flow provided by operating activities for the year ended December 31, 2012 mainly reflected net income of $4,199,000 and the add-back of non-cash items primarily including depreciation of $6,519,000, the amortization of land use rights of $94,000, loss on impairment of equipment of $2,206,000, the warrant modification expense of $235,000, and stock-based compensation of $168,000, and changes in operating assets and liabilities such as: a decrease in prepaid value-added taxes on purchases of $981,000, an increase in accounts payable of $439,000, an increase in accrued expenses of $210,000, an increase in VAT and service taxes payable of $206,000, an increase in advances from customers of $676,000, offset primarily by an increase in accounts receivable of $2,888,000, an increase in inventories of $1,550,000, an increase in advance to suppliers of $372,000 and a decrease in income tax payable of $326,000.
|
Payments Due by Period
|
||||||||||||||||||||
Contractual obligations:
|
Total
|
Less than 1
year
|
1-3
years
|
3-5
years
|
5
+
years
|
|||||||||||||||
Bank loans (1)
|
$ | 3,109 | $ | 3,109 | $ | - | $ | - | $ | - | ||||||||||
Total
|
$ | 3,109 | $ | 3,109 | $ | - | $ | - | $ | - |
(1)
|
Bank loans consisted of short term bank loans. Historically, we have refinanced these bank loans for an additional term of six months to one year and we expect to continue to refinance these loans upon expiration.
|
Report of Independent Registered Public Accounting Firm
|
F-2 |
Consolidated Financial Statements:
|
|
Consolidated Balance Sheets - As of December 31, 2013 and 2012
|
F-3 |
Consolidated Statements of Income and Comprehensive Income -
|
|
For the Years Ended December 31, 2013 and 2012
|
F-4 |
Consolidated Statements of Changes in Stockholders’ Equity -
|
|
For the Years Ended December 31, 2013 and 2012
|
F-5 |
Consolidated Statements of Cash Flows –
|
|
For the Years Ended December 31, 2013 and 2012
|
F-6 |
Notes to Consolidated Financial Statements
|
F-7 to F-27
|
CLEANTECH SOLUTIONS INTERNATIONAL, INC. AND SUBSIDIARIES
|
||||||||
CONSOLIDATED STATEMENTS OF INCOME AND COMPREHENSIVE INCOME
|
||||||||
For the Years Ended
|
||||||||
December 31,
|
||||||||
2013
|
2012
|
|||||||
REVENUES
|
$ | 72,112,662 | $ | 57,199,221 | ||||
COST OF REVENUES
|
54,446,324 | 44,062,636 | ||||||
GROSS PROFIT
|
17,666,338 | 13,136,585 | ||||||
OPERATING EXPENSES:
|
||||||||
Depreciation
|
573,090 | 1,535,715 | ||||||
Impairment loss
|
2,573,256 | 2,206,253 | ||||||
Selling, general and administrative
|
3,126,992 | 3,050,911 | ||||||
Total Operating Expenses
|
6,273,338 | 6,792,879 | ||||||
INCOME FROM OPERATIONS
|
11,393,000 | 6,343,706 | ||||||
OTHER INCOME (EXPENSE):
|
||||||||
Interest income
|
22,287 | 11,384 | ||||||
Interest expense
|
(300,381 | ) | (305,659 | ) | ||||
Foreign currency gain
|
27,686 | 157 | ||||||
Warrant modification expense
|
- | (235,133 | ) | |||||
Other income
|
42,780 | 85,727 | ||||||
Total Other Income (Expense), net
|
(207,628 | ) | (443,524 | ) | ||||
INCOME BEFORE INCOME TAXES
|
11,185,372 | 5,900,182 | ||||||
INCOME TAXES
|
2,999,795 | 1,701,602 | ||||||
NET INCOME
|
$ | 8,185,577 | $ | 4,198,580 | ||||
COMPREHENSIVE INCOME:
|
||||||||
NET INCOME
|
$ | 8,185,577 | $ | 4,198,580 | ||||
OTHER COMPREHENSIVE INCOME:
|
||||||||
Unrealized foreign currency translation gain
|
2,751,842 | 543,415 | ||||||
COMPREHENSIVE INCOME
|
$ | 10,937,419 | $ | 4,741,995 | ||||
NET INCOME PER COMMON SHARE:
|
||||||||
Basic
|
$ | 2.55 | $ | 1.65 | ||||
Diluted
|
$ | 2.55 | $ | 1.58 | ||||
WEIGHTED AVERAGE COMMON SHARES OUTSTANDING:
|
||||||||
Basic
|
3,210,791 | 2,538,246 | ||||||
Diluted
|
3,210,791 | 2,649,043 |
CLEANTECH SOLUTIONS INTERNATIONAL, INC. AND SUBSIDIARIES
|
||||||||||||||||||||||||||||||||||||
CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS' EQUITY
|
||||||||||||||||||||||||||||||||||||
For the Years Ended December 31, 2013 and 2012
|
||||||||||||||||||||||||||||||||||||
Series A Preferred Stock
|
Common Stock
|
Additional
|
Accumulated Other
|
Total
|
||||||||||||||||||||||||||||||||
Number of |
Number of
|
Paid-in
|
Retained
|
Statutory
|
Comprehensive
|
Stockholders'
|
||||||||||||||||||||||||||||||
Shares
|
Amount
|
Shares
|
Amount
|
Capital
|
Earnings
|
|
Reserve
|
Income
|
Equity
|
|||||||||||||||||||||||||||
Balance, December 31, 2011
|
10,995,807 | $ | 10,996 | 2,101,849 | $ | 2,102 | $ | 27,489,600 | $ | 34,618,341 | $ | 2,064,551 | $ | 7,578,749 | $ | 71,764,339 | ||||||||||||||||||||
Common stock issued for services
|
- | - | 121,053 | 121 | 441,025 | - | - | - | 441,146 | |||||||||||||||||||||||||||
Series A preferred converted to common shares
|
(13,197,389 | ) | (13,198 | ) | 439,912 | 440 | 12,758 | - | - | - | - | |||||||||||||||||||||||||
Series A preferred issued for warrant modification
|
2,201,582 | 2,202 | - | - | 232,931 | - | - | - | 235,133 | |||||||||||||||||||||||||||
Exercise of stock warrants
|
- | - | 73,386 | 73 | 198,069 | - | - | - | 198,142 | |||||||||||||||||||||||||||
Sale of common stock - related parties
|
- | - | 157,966 | 158 | 612,745 | - | - | - | 612,903 | |||||||||||||||||||||||||||
Shares issued for adjustments for 1:10 reverse split
|
- | - | 420 | - | - | - | - | - | - | |||||||||||||||||||||||||||
Adjustment to statutory reserve
|
- | - | - | - | - | (415,187 | ) | 415,187 | - | - | ||||||||||||||||||||||||||
Net income for the year
|
- | - | - | - | - | 4,198,580 | - | - | 4,198,580 | |||||||||||||||||||||||||||
Foreign currency translation adjustment
|
- | - | - | - | - | - | - | 543,415 | 543,415 | |||||||||||||||||||||||||||
Balance, December 31, 2012
|
- | - | 2,894,586 | 2,894 | 28,987,128 | 38,401,734 | 2,479,738 | 8,122,164 | 77,993,658 | |||||||||||||||||||||||||||
Sale of common stock
|
- | - | 578,916 | 579 | 2,388,010 | - | - | - | 2,388,589 | |||||||||||||||||||||||||||
Common stock issued for services
|
- | - | 30,000 | 30 | 157,170 | - | - | - | 157,200 | |||||||||||||||||||||||||||
Adjustment to statutory reserve
|
- | - | - | - | - | (264,982 | ) | 264,982 | - | - | ||||||||||||||||||||||||||
Net income for the year
|
- | - | - | - | - | 8,185,577 | - | - | 8,185,577 | |||||||||||||||||||||||||||
Foreign currency translation adjustment
|
- | - | - | - | - | - | - | 2,751,842 | 2,751,842 | |||||||||||||||||||||||||||
Balance, December 31, 2013
|
- | $ | - | 3,503,502 | $ | 3,503 | $ | 31,532,308 | $ | 46,322,329 | $ | 2,744,720 | $ | 10,874,006 | $ | 91,476,866 |
CLEANTECH SOLUTIONS INTERNATIONAL, INC. AND SUBSIDIARIES
|
||||||||
CONSOLIDATED STATEMENTS OF CASH FLOWS
|
||||||||
For the Years Ended
|
||||||||
December 31,
|
||||||||
2013
|
2012
|
|||||||
CASH FLOWS FROM OPERATING ACTIVITIES:
|
||||||||
Net income
|
$ | 8,185,577 | $ | 4,198,580 | ||||
Adjustments to reconcile net income from operations to net cash
|
||||||||
provided by operating activities:
|
||||||||
Depreciation
|
6,704,386 | 6,519,394 | ||||||
Amortization of land use rights
|
95,491 | 93,537 | ||||||
Increase (decrease) in inventory reserve
|
41,381 | (37,882 | ) | |||||
Decrease in allowance for doubtful accounts
|
(628,188 | ) | (46,672 | ) | ||||
Loss on impairment of equipment held for operating lease
|
2,573,256 | 2,206,253 | ||||||
Loss on disposal of fixed assets
|
11,391 | - | ||||||
Warrant modification expense
|
- | 235,133 | ||||||
Stock-based compensation expense
|
423,112 | 167,714 | ||||||
Changes in operating assets and liabilities:
|
||||||||
Notes receivable
|
(604,798 | ) | (34,178 | ) | ||||
Accounts receivable
|
(4,126,440 | ) | (2,887,716 | ) | ||||
Inventories
|
1,303,519 | (1,549,740 | ) | |||||
Prepaid value-added taxes on purchases
|
70,059 | 981,236 | ||||||
Prepaid and other current assets
|
91,666 | (43,513 | ) | |||||
Advances to suppliers
|
(81,120 | ) | (371,849 | ) | ||||
Accounts payable
|
(1,809,914 | ) | 438,945 | |||||
Accrued expenses
|
(112,797 | ) | 209,831 | |||||
VAT and service taxes payable
|
(86,004 | ) | 206,405 | |||||
Income taxes payable
|
(129,378 | ) | (326,373 | ) | ||||
Advances from customers
|
(452,658 | ) | 675,667 | |||||
NET CASH PROVIDED BY OPERATING ACTIVITIES
|
11,468,541 | 10,634,772 | ||||||
CASH FLOWS FROM INVESTING ACTIVITIES:
|
||||||||
Purchase of property and equipment
|
(14,633,745 | ) | (10,744,247 | ) | ||||
NET CASH USED IN INVESTING ACTIVITIES
|
(14,633,745 | ) | (10,744,247 | ) | ||||
CASH FLOWS FROM FINANCING ACTIVITIES:
|
||||||||
Principal payments on capital lease
|
(391,963 | ) | (246,485 | ) | ||||
Proceeds from bank loans
|
5,653,824 | 3,481,101 | ||||||
Repayments of bank loans
|
(4,846,135 | ) | (3,639,333 | ) | ||||
(Increase) decrease in restricted cash
|
(678,459 | ) | 316,464 | |||||
Increase (decrease) in bank acceptance notes payable
|
678,459 | (316,464 | ) | |||||
Net proceeds from sale of common stock
|
2,388,589 | - | ||||||
Proceeds from sale of common stock - related parties
|
- | 612,903 | ||||||
Proceeds from exercise of warrants
|
- | 198,142 | ||||||
NET CASH PROVIDED BY FINANCING ACTIVITIES
|
2,804,315 | 406,328 | ||||||
EFFECT OF EXCHANGE RATE ON CASH AND CASH EQUIVALENTS
|
30,034 | (3,732 | ) | |||||
NET (DECREASE) INCREASE IN CASH AND CASH EQUIVALENTS
|
(330,855 | ) | 293,121 | |||||
CASH AND CASH EQUIVALENTS - beginning of year
|
1,445,728 | 1,152,607 | ||||||
CASH AND CASH EQUIVALENTS - end of year
|
$ | 1,114,873 | $ | 1,445,728 | ||||
SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION:
|
||||||||
Cash paid for:
|
||||||||
Interest
|
$ | 300,381 | $ | 305,659 | ||||
Income taxes
|
$ | 3,129,174 | $ | 2,027,976 | ||||
NON-CASH INVESTING AND FINANCING ACTIVITIES:
|
||||||||
Property and equipment acquired on credit as payable
|
$ | 1,121,719 | $ | - | ||||
Series A preferred converted to common shares
|
$ | - | $ | 13,198 | ||||
Common stock issued for future service
|
$ | - | $ | 281,265 |
Cash and cash equivalents
|
Quoted Prices
in Active
Markets for
Identical Assets
(Level 1)
|
Significant
Other
Observable
Inputs
(Level 2)
|
Significant
Unobservable
Inputs
(Level 3)
|
Balance at
December 31,
2013
|
Loss
|
||||||||||||||||
Equipment held for operating lease
|
$ | - | $ | - | $ | 4,751,206 | $ | 4,751,206 | $ | 2,573,256 |
Quoted Prices
in Active
Markets for
Identical Assets
(Level 1)
|
Significant
Other
Observable
Inputs
(Level 2)
|
Significant
Unobservable
Inputs
(Level 3)
|
Balance at
December 31,
2012
|
Loss
|
||||||||||||||||
Equipment held for sale
|
$ | - | $ | - | $ | 7,118,555 | $ | 7,118,555 | $ | 2,206,253 |
December 31, 2013
|
December 31, 2012
|
|||||||||||||||
Country:
|
||||||||||||||||
United States
|
$ | 410,482 | 36.8 | % | $ | 31,054 | 2.1 | % | ||||||||
China
|
704,391 | 63.2 | % | 1,414,674 | 97.9 | % | ||||||||||
Total cash and cash equivalents
|
$ | 1,114,873 | 100.0 | % | $ | 1,445,728 | 100.0 | % |
Years Ended December 31,
|
||||||||
2013
|
2012
|
|||||||
Net income available to common stockholders for basic and diluted net income per share of common stock
|
$ | 8,185,577 | $ | 4,198,580 | ||||
Weighted average common stock outstanding – basic
|
3,210,791 | 2,538,246 | ||||||
Effect of dilutive securities:
|
||||||||
Series A convertible preferred stock
|
- | 103,149 | ||||||
Warrants
|
- | 7,648 | ||||||
Weighted average common stock outstanding– diluted
|
3,210,791 | 2,649,043 | ||||||
Net income per common share - basic
|
$ | 2.55 | $ | 1.65 | ||||
Net income per common share - diluted
|
$ | 2.55 | $ | 1.58 |
December 31, 2013
|
December 31, 2012
|
|||||||
Accounts receivable
|
$ | 16,065,074 | $ | 12,670,680 | ||||
Less: allowance for doubtful accounts
|
(830,211 | ) | (2,592,057 | ) | ||||
$ | 15,234,863 | $ | 10,078,623 |
December 31, 2013
|
December 31, 2012
|
|||||||
Raw materials
|
$ | 1,627,784 | $ | 1,685,493 | ||||
Work in process
|
1,778,650 | 2,602,990 | ||||||
Finished goods
|
1,509,606 | 1,745,052 | ||||||
4,916,040 | 6,033,535 | |||||||
Less: reserve for obsolete inventory
|
(182,482 | ) | (135,980 | ) | ||||
$ | 4,733,558 | $ | 5,897,555 |
Useful Life
|
December 31, 2013
|
December 31, 2012
|
||||||||||
Office equipment and furniture
|
5 Years
|
$ | 156,810 | $ | 222,853 | |||||||
Manufacturing equipment
|
5 – 10 Years
|
74,187,972 | 56,916,700 | |||||||||
Vehicles
|
5 Years
|
129,380 | 125,167 | |||||||||
Construction in progress
|
- | 477,299 | 28,785 | |||||||||
Building and building improvements
|
20 Years
|
21,487,286 | 20,785,597 | |||||||||
96,438,747 | 78,079,102 | |||||||||||
Less: accumulated depreciation
|
(25,843,609 | ) | (18,643,002 | ) | ||||||||
$ | 70,595,138 | $ | 59,436,100 |
Useful Life
|
December 31, 2013
|
December 31, 2012
|
|||||||
Land use rights
|
45 - 50 years
|
$ | 4,418,826 | $ | 4,274,916 | ||||
Less: accumulated amortization
|
(632,775 | ) | (518,574 | ) | |||||
$ | 3,786,051 | $ | 3,756,342 |
Years ending December 31:
|
Amount
|
|||
2014
|
$ | 96,743 | ||
2015
|
96,743 | |||
2016
|
96,743 | |||
2017
|
96,743 | |||
2018
|
96,743 | |||
Thereafter
|
3,302,336 | |||
$ | 3,786,051 |
December 31,
2013
|
December 31,
2012
|
|||||||
Loan from Agricultural and Commercial Bank, due on August 26, 2013 with annual interest rate of 6.90% at December 31, 2012, secured by certain assets of the Company and repaid on May 15, 2013.
|
$ | - | $ | 474,977 | ||||
Loan from Agricultural and Commercial Bank, due on May 9, 2014 with annual interest rate of 7.20% at December 31, 2013, secured by certain assets of the Company.
|
490,966 | - | ||||||
Loan from Bank of Communications, due on May 8, 2013 with annual interest rate of 6.72% at December 31, 2012, repaid on due date.
|
- | 316,651 | ||||||
Loan from Bank of Communications, due on May 12, 2013 with annual interest rate of 6.72% at December 31, 2012, repaid on due date.
|
- | 474,977 | ||||||
Loan from Bank of China, due on January 16, 2013 with annual interest rate of 7.35% at December 31, 2012, secured by certain assets of the Company, repaid on due date.
|
- | 949,953 | ||||||
Loan from Bank of China, due on March 1, 2014 with annual interest rate of 6.27% at December 31, 2013, secured by certain assets of the Company and repaid on due date (see note 16).
|
490,966 | - | ||||||
Loan from Bank of China, due on March 4, 2014 with annual interest rate of 6.27% at December 31, 2013, secured by certain assets of the Company and repaid on due date (see note 16).
|
490,966 | - | ||||||
Loan from Jiangsu Huishan Mintai Village Town Bank, due on July 15, 2014 with annual interest rate of 9.30% at December 31, 2013, secured by certain assets of the Company.
|
818,277 | - | ||||||
Loan from Bank of Communications, due on April 21, 2014 with annual interest rate of 6.72% at December 31, 2013.
|
327,312 | - | ||||||
Loan from Bank of Communications, due on April 23, 2014 with annual interest rate of 6.72% at December 31, 2013.
|
490,966 | - | ||||||
Total short-term bank loans
|
$ | 3,109,453 | $ | 2,216,558 |
December 31, 2013
|
December 31, 2012
|
|||||||
Bank of China, non-interest bearing, due on January 4, 2014, collateralized by 100% of restricted cash deposited.
|
$ | 81,828 | $ | - | ||||
Jiangsu Huishan Mintai Village Town Bank, non-interest bearing, due on February 23, 2014, collateralized by 100% of restricted cash deposited.
|
327,311 | - | ||||||
Jiangsu Huishan Mintai Village Town Bank, non-interest bearing, due on April 15, 2014, collateralized by 100% of restricted cash deposited.
|
163,655 | - | ||||||
Bank of China, non-interest bearing, due on May 12, 2014, collateralized by 100% of restricted cash deposited.
|
81,828 | - | ||||||
Bank of Communications, non-interest bearing, due on January 3, 2014, collateralized by 100% of restricted cash deposited.
|
32,731 | - | ||||||
Total
|
$ | 687,353 | $ | - |
December 31, 2013
|
December 31, 2012
|
|||||||
Capital lease obligation - current portion
|
$ | - | $ | 251,413 | ||||
Capital lease obligation - long-term portion
|
- | 132,756 | ||||||
$ | - | $ | 384,169 |
2013
|
2012
|
|||||||
U.S. statutory rates
|
34.0
|
%
|
34.0
|
%
|
||||
U.S. effective rate in excess of China tax rate
|
(9.6
|
)%
|
(10.4
|
)%
|
||||
Other
|
0.0
|
%
|
1.4
|
%
|
||||
U.S. valuation allowance
|
2.4
|
%
|
3.8
|
%
|
||||
Total provision for income taxes
|
26.8
|
%
|
28.8
|
%
|
December 31, 2013
|
December 31, 2012
|
|||||||
Deferred tax assets:
|
||||||||
Net U.S. operating loss carry forward
|
$ | 1,844,921 | $ | 1,571,055 | ||||
Loss on impairment of equipment
|
1,222,216 | 551,890 | ||||||
Allowance for doubtful accounts and inventory reserve
|
253,173 | - | ||||||
Total gross deferred tax assets
|
3,320,310 | 2,122,945 | ||||||
Less: valuation allowance
|
(1,844,921 | ) | (1,571,055 | ) | ||||
Net deferred tax assets
|
$ | 1,475,389 | $ | 551,890 |
Year Ended December 31, 2012
|
||||||||
Number of
Warrants
|
Weighted Average
Exercise Price
|
|||||||
Balance at beginning of year
|
220,158 | $ | 15.73 | |||||
Issued
|
73,386 | 2.70 | ||||||
Exercised
|
(73,386 | ) | (2.70 | ) | ||||
Cancelled
|
(220,158 | ) | (15.73 | ) | ||||
Balance at end of year
|
- | $ | - | |||||
Warrant exercisable at end of year
|
- | $ | - |
(g) 2010 Long-Term Incentive Plan |
Dyeing
|
Electrical
|
Fulland Wind Energy
|
Total
|
|||||||||||||
Balance – December 31, 2011
|
$ | 72,407 | $ | 1,168,796 | $ | 823,348 | $ | 2,064,551 | ||||||||
Addition to statutory reserves
|
300,641 | - | 114,546 | 415,187 | ||||||||||||
Balance – December 31, 2012
|
373,048 | 1,168,796 | 937,894 | 2,479,738 | ||||||||||||
Addition to statutory reserves
|
- | - | 264,982 | 264,982 | ||||||||||||
Balance – December 31, 2013
|
$ | 373,048 | $ | 1,168,796 | $ | 1,202,876 | $ | 2,744,720 |
2013
|
2012
|
|||||||
Revenues:
|
||||||||
Forged rolled rings and related components
|
$ | 33,775,849 | $ | 31,940,931 | ||||
Dyeing and finishing equipment
|
38,336,813 | 25,258,290 | ||||||
72,112,662 | 57,199,221 | |||||||
Depreciation:
|
||||||||
Forged rolled rings and related components
|
4,355,417 | 5,077,390 | ||||||
Dyeing and finishing equipment
|
2,348,969 | 1,442,004 | ||||||
6,704,386 | 6,519,394 | |||||||
Interest expense:
|
||||||||
Forged rolled rings and related components
|
141,324 | 239,974 | ||||||
Dyeing and finishing equipment
|
159,057 | 65,685 | ||||||
300,381 | 305,659 | |||||||
Net income (loss):
|
||||||||
Forged rolled rings and related components
|
3,244,455 | 1,359,449 | ||||||
Dyeing and finishing equipment
|
5,747,096 | 3,737,787 | ||||||
Other (a)
|
(805,974 | ) | (898,656 | ) | ||||
8,185,577 | 4,198,580 | |||||||
Identifiable long-lived tangible assets at December 31, 2013
and 2012 by segment:
|
||||||||
Forged rolled rings and related components
|
$ | 43,987,670 | $ | 40,636,142 | ||||
Dyeing and finishing equipment
|
26,607,468 | 18,799,958 | ||||||
Equipment held for operating lease (b)
|
4,751,206 | 7,118,555 | ||||||
$ | 75,346,344 | $ | 66,554,655 | |||||
Identifiable long-lived tangible assets at December 31, 2013
and 2012 by geographical location:
|
||||||||
China
|
$ | 75,346,344 | $ | 66,554,655 | ||||
United States
|
- | - | ||||||
$ | 75,346,344 | $ | 66,554,655 |
(a)
|
The Company does not allocate any general and administrative expenses of its U.S. activities to its reportable segments, because these activities are managed at a corporate level.
|
(b)
|
The Company does not allocate the equipment held for operating lease to any operating segment.
|
Years Ended December 31,
|
||||
Supplier
|
2013
|
2012
|
||
A
|
27%
|
21%
|
||
B
|
*
|
12%
|
||
C
|
*
|
18%
|
Name
|
Age
|
Position
|
||
Jianhua Wu
|
58
|
Chief executive officer, chairman and director
|
||
Adam Wasserman
|
49
|
Chief financial officer
|
||
Tianxiang Zhou
2,3
|
75
|
Director
|
||
Xi Liu
1,3
|
45
|
Director
|
||
Baowen Wang
1,2,3
|
67
|
Director
|
||
Furen Chen
1,2
|
69
|
Director
|
Board of directors
|
4
|
Audit committee
|
4
|
Compensation committee
|
0
|
Nomination committee
|
0
|
Name and Principal Position
|
Fiscal Year
|
Salary
($)
|
Bonus
($)
|
Stock Awards
($)
|
All Other
Compensation
($)
|
Total ($)
|
|||||||||
Jianhua Wu, chief executive officer (1)
|
2013
2012
|
28,241
23,735
|
0
0
|
102,250
28,000
|
0
0
|
130,491
51,735
|
|||||||||
Adam Wasserman, chief
financial officer (2)
|
2013
|
52,000
|
0
|
103,332
|
0
|
155,332
|
|||||||||
|
2012
|
42,556
|
0
|
28,051
|
0
|
70,607
|
(1)
|
Mr. Wu’s 2013 compensation consisted of salary of $28,241 and 25,000 shares of common stock, valued at $102,250. Mr. Wu’s 2012 compensation consisted of salary of $23,735 and 10,000 shares of common stock, valued at $28,000.
|
(2)
|
Mr. Wasserman has been our chief financial officer since December 2012. Mr. Wasserman served as our vice president of financial reporting from 2008 until his appointment as chief financial officer in December 2012. Mr. Wasserman’s compensation is paid to CFO Oncall Inc. where he serves as chief executive officer. Mr. Wasserman’s 2013 compensation included salary of $52,000 and 23,015 shares of common stock, valued at $103,332. Mr. Wasserman’s 2012 compensation included salary of $42,556 and 9,634 shares of common stock, valued at $28,051.
|
Name
|
Fees earned or
paid in cash
($)
|
Stock awards
($)
|
Total
($)
|
|||||||||
Tianxiang Zhou
|
0
|
0
|
0
|
|||||||||
Xi Liu
|
0
|
0
|
0
|
|||||||||
Furen Chen
|
0
|
0
|
0
|
|||||||||
Baowen Wang
|
0
|
0
|
0
|
OUTSTANDING EQUITY AWARDS AT FISCAL YEAR-END
|
||||||||||||||||||
OPTION AWARDS |
STOCK AWARDS
|
|||||||||||||||||
Name
(a)
|
Number
of
Securities
Underlying
Unexercised
options
(#) (b)
|
Equity
Incentive
Plan
Awards:
Number of
Securities
Underlying
Unexercised
Unearned
Options
(#)
(c)
|
Equity
Incentive
Plan
Awards:
Number of
Securities
Underlying
Unexercised
Unearned
Options
(#)
(d)
|
Option
Exercise
Price
($)
(e)
|
Option
Expiration
Date
($)
(f)
|
Number of
Shares or
Units of
Stock that
have not Vested
(#)
(g)
|
Market
Value of
Shares or
Units of
Stock that
Have not Vested
($)
(h)
|
Equity Incentive
Plan Awards:
Number of
Unearned Shares,
Units or
Other
Rights that
have not
Vested
(#)
(i)
|
Equity Incentive
Plan Awards:
Market or
Payout Value
of Unearned
Shares, Units
or other
Rights that
have not
Vested
($)
(j)
|
|||||||||
Jianhua Wu
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
|||||||||
Adam Wasserman
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
|
•
|
each current director;
|
•
|
each current officer named in the summary compensation table;
|
•
|
each person owning of record or known by us, based on information provided to us by the persons named below, to own beneficially at least 5% of our common stock; and
|
|
|
•
|
all current directors and executive officers as a group.
|
Name of Beneficial Owner
|
Amount and
Nature of
Beneficial
Ownership
|
% of Class
|
||||||
Jianhua Wu (1) (3)
|
806,675
|
23.0
|
%
|
|||||
Adam Wasserman (5)
|
17,286
|
*
|
||||||
Lihua Tang (1) (3)
|
806,675
|
23.0
|
%
|
|||||
Maxworthy International Limited (1)
|
544,267
|
15.5
|
%
|
|||||
Yunxia Ren (2) (4)
|
327,274
|
9.3
|
%
|
|||||
Haoyang Wu (2) (4)
|
327,274
|
9.3
|
%
|
|||||
Xi Liu
|
0
|
0.0
|
%
|
|||||
Tianxiang Zhou
|
0
|
0.0
|
%
|
|||||
Baowen Wang
|
0
|
0.0
|
%
|
|||||
Furen Chen
|
0
|
0.0
|
%
|
|||||
All current officers and directors as a group (two persons owning stock)
|
823,961
|
23.5
|
%
|
(1)
|
Jianhua Wu and Lihua Tang, who are husband and wife, are majority stockholders of Maxworthy International Ltd. Mr. Wu is also managing director of Maxworthy. The shares reflected as being owned by Mr. Wu and Ms. Tang represent (i) 544,267 shares owned by Maxworthy (ii) 175,425 shares owned by Mr. Wu and (iii) 86,983 shares owned by Ms. Tang. Each of Mr. Wu and Ms. Tang disclaims beneficial ownership in the shares of beneficially owned by the other. The address for Maxworthy is P.O. Box 957, Offshore Incorporations Centre, Road Town, Tortola, British Virgin Islands.
|
(2)
|
Yunxia Ren and Haoyang Wu are the daughter-in-law and son of Jianhua Wu and Lihua Tang. Ms. Ren owns 259,022 shares of common stock and Mr. Wu owns 68,252 shares of common stock. Each of Ms. Ren and Mr. Wu disclaims ownership of the shares owned by the other.
|
(3)
|
Address is No. 9 Yanyu Middle Road, Qianzhou Village, Huishan District, Wuxi City, Jiangsu Province, P.R.C.
|
(4)
(5)
|
Address is No. 25 Jin Xiu Second Village, Qianzhou Town Huishan District, Wuxi City, Jiangsu Province,
P.R.C.
17,000 shares are held by Adam Wasserman and 286 shares are held in the name of CFO Oncall Asia, Inc. of which Mr. Wasserman is chief executive office.
|
Year Ended December 31,
|
||||||||
Category
|
2013
|
2012
|
||||||
Audit Fees
|
$ | 105,500 | $ | 105,500 | ||||
Audit Related Fees
|
$ | 0 | $ | 0 | ||||
Tax Fees
|
$ | 3,500 | $ | 3,500 | ||||
All Other Fees
|
$ | 3,500 | $ | 0 |
Exhibit
Number
|
Description
|
|
3.1
|
Articles of incorporation. (4)
|
|
3.2
|
Bylaws. (1)
|
|
10.1
|
Agreement between the Company and Adam Wasserman, dated February 1, 2010 (3)
|
|
10.2
|
2010 Long-Term Incentive Plan (3)
|
|
10.3
|
English translation of equipment lease dated March 3, 2014 between Wuxi Fulland Wind Power Equipment Co., Ltd. and Shanghai Liangting Metallurgy Roll Manufacture Co., Ltd. *
|
|
14.1
|
Code of ethics and business conduct for officers, directors and employees (2)
|
|
14.2
|
Cleantech Solutions International, Inc. ethics hotline/whistleblower program (2)
|
|
21.0
|
List of subsidiaries*
|
|
23.1
|
Consent of RBSM LLP*
|
|
31.1
|
Certification of Chief Executive Officer Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002 *
|
|
31.2
|
Certification of Chief Financial Officer Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002 *
|
|
32.1
|
Certification of the Chief Executive Officer and Chief Financial Officer pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 *
|
|
101.INS
|
XBRL Instance Document
|
|
101.SCH
|
XBRL Taxonomy Schema
|
|
101.CAL
|
XBRL Taxonomy Calculation Linkbase
|
|
101.DEF
|
XBRL Taxonomy Definition Linkbase
|
|
101.LAB
|
XBRL Taxonomy Label Linkbase
|
|
101.PRE
|
XBRL Taxonomy Presentation Linkbase
|
(1)
|
Incorporated by reference to the Form 8-K filed by the Company on August 9, 2012.
|
(2)
|
Incorporated by reference to the Form 10-K filed by the Company on March 31, 2009.
|
(3)
(4)
(5)
|
Incorporated by reference to the Company’s definitive proxy statement for the 2013 annual meeting of shareholders, which was filed by the Company on October 30, 2013.
Incorporated by reference to the Form 10-K filed by the Company on April 11, 2013.
Incorporated by reference to the Form 8-K filed by the Company on July 11, 2013.
|
*
|
filed herewith.
|
Date: March 28, 2014
|
CLEANTECH SOLUTIONS INTERNATIONAL, INC.
|
||
By:
|
/s/ Jianhua Wu
|
||
Jianhua Wu, Chief Executive Officer
|
Signature
|
Title
|
Date
|
||
/s/ Jianhua Wu
|
Chief Executive Officer and Director
|
March 28, 2014
|
||
Jianhua Wu
|
(Principal Executive Officer)
|
|||
/s/ Adam Wasserman
|
Chief Financial Officer
|
March 28, 2014
|
||
Adam Wasserman
|
(Principal Financial and Accounting Officer)
|
|||
/s/ Tianxiang Zhou
|
Director
|
March 28, 2014
|
||
Tianxiang Zhou
|
||||
/s/ Xi Liu
|
Director
|
March 28, 2014
|
||
Xi Liu
|
||||
/s/ Baowen Wang
|
Director
|
March 28, 2014
|
||
Baowen Wang
|
||||
/s/ Furen Chen
|
Director
|
March 28, 2014
|
||
Furen Chen
|
1 Year Sharing Economy (CE) Chart |
1 Month Sharing Economy (CE) Chart |
It looks like you are not logged in. Click the button below to log in and keep track of your recent history.
Support: +44 (0) 203 8794 460 | support@advfn.com
By accessing the services available at ADVFN you are agreeing to be bound by ADVFN's Terms & Conditions