Supernova Digital Assets (AQSE:SOL)
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In the news release, "ReneSola Ltd Announces Fourth Quarter and Full Year 2008 Results", issued earlier today by ReneSola Ltd over PR Newswire Asia, we are advised by the company that the section of the release titled 'Senior Management Changes' should have included the following paragraph:
"Julia Xu recently joined ReneSola as vice president of investor relations. Julia has over 10 years of experience in the financial industry. After obtaining her bachelor's degree in Biology from Cornell University, she worked in various divisions at Bankers Trust and Lehman Brothers in New York, Tokyo and Hong Kong. She then joined Deutsche Bank after receiving her MBA from the Johnson School of Cornell University. At Deutsche Bank, she was an equity analyst covering consumer companies and also worked in the Debt Capital Markets corporate coverage team."
Also, we are advised by the company that the column in the Balance Sheet titled 'As at September 30, 2007' should have read 'As at September 30, 2008' as originally issued inadvertently.
Full correct Balance Sheet reads as follows:
CONSOLIDATED BALANCE SHEET
As at As at As at
December September December
31, 2007 30, 2008 31, 2008
US$000 US$000 US$000
ASSETS
Current assets:
Cash and cash equivalents 53,137 99,441 112,333
Restricted cash -- 25,755 5,958
Accounts receivable, net of
allowances for doubtful receivables 8,755 3,367 43,160
Inventories 110,630 319,744 193,036
Advances to suppliers 53,727 123,955 37,573
Amounts due from related parties 17,213 5,954 457
Value added tax recoverable 117 982 15,498
Prepaid expenses and other current
assets 9,654 15,048 15,158
Deferred tax assets 10,487 1,330 18,616
Total current assets 263,720 595,576 441,789
Property, plant and equipment, net 136,598 260,864 341,427
Prepaid land rent, net 7,502 7,900 13,472
Deferred tax assets 284 227 2,340
Deferred convertible bond issue costs 3,336 2,384 1,970
Advances to suppliers over one year -- -- 41,462
Advances for purchases of property,
plant and equipment 29,648 182,586 161,705
Equity investment -- 23,423 --
Other long-term assets -- 760 1,011
Total assets 441,088 1,073,720 1,005,176
LIABILITIES AND SHAREHOLDERS' EQUITY
Current liabilities:
Short-term borrowings 71,691 167,225 191,987
Accounts payable 13,147 20,177 37,942
Advances from customers 59,626 152,189 49,284
Amount due to related party -- -- 11,863
Other current liabilities 13,912 28,283 42,060
Total current liabilities 158,376 367,874 333,136
Convertible bond payable 128,265 139,173 138,904
Long-term borrowings 17,797 44,773 32,833
Advances from customers -- -- 105,203
Other long-term liabilities 1,246 7,875 11,357
Total liabilities 305,684 559,695 621,433
Minority interest: 9,696 775 279
Shareholders' equity
Common shares 36,266 330,666 330,666
Additional paid-in capital 14,827 17,674 17,769
Retained earnings 66,200 139,569 12,949
Accumulated other comprehensive
income 8,415 25,341 22,080
Total shareholders' equity 125,708 513,250 383,464
Total liabilities and shareholders'
equity 441,088 1,073,720 1,005,176
http://www.newscom.com/cgi-bin/prnh/20080506/CNTU030DATASOURCE: ReneSola Ltd
Web site: http://www.renesola.com/