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Note 6 - Investment
3 Months Ended
Sep. 30, 2012
Note 6 - Investment:  
Note 6 - Investment

NOTE 6 – INVESTMENT

 

At September 30, 2012, we had an investment totaling approximately $1.3 million, inclusive of foreign currency exchange, in Wuhai Likang. This investment consisted of $544,000, through the issuance of 4,000,000 shares (pre-Reverse Stock Split) of the Company’s’ stock at $0.136 per share, as an investment in the acquisition target, Inner Mongolia Wuhai Chengtian Chemical Technology Co., Ltd., (“Wuhai Chengtian”). However, the acquisition was cancelled in 2011, Wuhai Chengtian, then changed its name to Inner Mongolia Likang Biological Co., Ltd. (“Wuhai Likang”) in 2011. Accordingly, the initial investment of $544,000 together with an additional capital investment of $729,231 by the Company to Wuhai Chengtian which the Company initially treated as due from related party, has been reclassified as an investment accounted for under the cost method as a result of the Company’s 9.18% ownership interest in Wuhai Likang. There was no impairment of this investment at September 30, 2012.