0001437749-12-003124.txt : 20120330 0001437749-12-003124.hdr.sgml : 20120330 20120330160123 ACCESSION NUMBER: 0001437749-12-003124 CONFORMED SUBMISSION TYPE: 10-K PUBLIC DOCUMENT COUNT: 13 CONFORMED PERIOD OF REPORT: 20111231 FILED AS OF DATE: 20120330 DATE AS OF CHANGE: 20120330 FILER: COMPANY DATA: COMPANY CONFORMED NAME: China Armco Metals, Inc. CENTRAL INDEX KEY: 0001410711 STANDARD INDUSTRIAL CLASSIFICATION: WHOLESALE-METALS, MINERALS (NO PETROLEUM) [5050] IRS NUMBER: 260491904 STATE OF INCORPORATION: NV FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 10-K SEC ACT: 1934 Act SEC FILE NUMBER: 001-34631 FILM NUMBER: 12729103 BUSINESS ADDRESS: STREET 1: ONE WATERS PARK DRIVE, SUITE 98 CITY: SAN MATEO STATE: CA ZIP: 94403 BUSINESS PHONE: (650) 212-7620 MAIL ADDRESS: STREET 1: ONE WATERS PARK DRIVE, SUITE 98 CITY: SAN MATEO STATE: CA ZIP: 94403 FORMER COMPANY: FORMER CONFORMED NAME: Cox Distributing Inc. DATE OF NAME CHANGE: 20070827 10-K 1 cnam_10k-123111.htm FORM 10-K cnam_10k-123111.htm
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

FORM 10-K

(Mark One)
 
x
ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
 
For the fiscal year ended December 31, 2011
 
o
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
 
For the transition period from ___________ to ___________
 
Commission file number 001-34631

CHINA ARMCO METALS, INC.
(Exact name of registrant as specified in its charter)
 
Nevada
26-0491904
(State or other jurisdiction of
incorporation or organization)
(I.R.S. Employer Identification No.)
 
One Waters Park Drive, Suite 98, San Mateo, California
94403
(Address of principal executive offices)
(Zip Code)
 
Registrant’s telephone number, including area code: (650) 212-7620
 
Securities registered under Section 12(b) of the Act:
 
Title of each class registered:
Name of each exchange on which registered:
Common Stock, par value $0.001
NYSE Amex LLC
 
Securities registered under Section 12(g) of the Act:
Common Stock, par value $0.001
 (Title of class)
 
Indicate by check mark if the registrant is a well-known seasoned issuer, as defined in Rule 405 of the Securities Act.  Yes o Nox
 
Indicate by check mark if the registrant is not required to file reports pursuant to Section 13 or Section 15(d) of the Act. Yes o Nox
 
Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.  Yes x Noo

 
 
 
 
Indicate by check mark whether the registrant has submitted electronically and posted on its Corporate Website, if any, every Interactive Data File required to be submitted and posted pursuant to Rule 405 of Regulation S-T (§229.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit and post such files). Yes x No o
 
Indicate by check mark if disclosure of delinquent filers pursuant to Item 405 of Regulation S-K (§ 229.405 of this chapter) is not contained herein, and will not be contained, to the best of registrant’s knowledge, in definitive proxy or information statements incorporated by reference Part III of this Form 10-K or any amendment to this Form 10-K. x

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, or a smaller reporting company.  See the definitions of “large accelerated filer,” “accelerated filer” and “smaller reporting company” in Rule 12b-2 of the Exchange Act.
 
Large accelerated filer
o
  
Accelerated filer
o
 Non-accelerated filer
o
  
 Smaller reporting company
x
 
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Act).  Yes o No x

State the aggregate market value of the voting and non-voting common equity held by non-affiliates computed by reference to the price at which the common equity was sold, or the average bid and asked prices of such common equity, as of the last business day of the registrant's most recently completed second fiscal quarter ended June 30, 2011: $17,076,922.
 
As of March 21, 2012, the registrant had 15,712,087 shares of its common stock outstanding, par value $0.001 per share.


Documents Incorporated by Reference:
 
None.
 
 
 
 
 
CHINA ARMCO METALS, INC.

TABLE OF CONTENTS
 
 
PART I
1
ITEM 1.
BUSINESS.
1
ITEM 1A.
RISK FACTORS
10
ITEM 1B.
UNRESOLVED STAFF COMMENTS
19
ITEM 2.
PROPERTIES
19
ITEM 3.
LEGAL PROCEEDINGS
19
ITEM 4.
MINE SAFETY DISCLOSURES
20
PART II
20
ITEM 5.
MARKET FOR REGISTRANT’S COMMON EQUITY, RELATED STOCKHOLDER MATTERS AND ISSUER PURCHASES OF EQUITY SECURITIES
20
ITEM 6.
SELECTED FINANCIAL DATA
21
ITEM 7.
MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS.
21
ITEM 7A.
QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK
41
ITEM 8.
FINANCIAL STATEMENTS AND SUPPLEMENTARY DATA
41
ITEM 9.
CHANGES IN AND DISAGREEMENTS WITH ACCOUNTANTS ON ACCOUNTING AND FINANCIAL DISCLOSURE
41
ITEM 9A
CONTROLS AND PROCEDURES
41
ITEM 9B.
OTHER INFORMATION
42
PART III
43
ITEM 10.
DIRECTORS, EXECUTIVE OFFICERS, AND CORPORATE GOVERNANCE
43
ITEM 11.
EXECUTIVE COMPENSATION
46
ITEM 12.
SECURITY OWNERSHIP OF CERTAIN BENEFICIAL OWNERS AND MANAGEMENT AND RELATED STOCKHOLDER MATTERS
49
ITEM 13.
CERTAIN RELATIONSHIPS AND RELATED TRANSACTIONS, AND DIRECTOR INDEPENDENCE
50
ITEM 14.
PRINCIPAL ACCOUNTING FEES AND SERVICES
52
PART IV
  53
ITEM 15.
EXHIBITS, FINANCIAL STATEMENT SCHEDULES
53
 
 
 
 
 
SPECIAL NOTE REGARDING FORWARD-LOOKING STATEMENTS

Throughout this report, or in other reports or registration statements filed from time to time with the Securities and Exchange Commission under the Securities Exchange Act of 1934, or under the Securities Act of 1933, as well as in documents we incorporate by reference or in press releases or oral statements made by our officers or representatives, we may make statements that express our opinions, expectations, or projections regarding future events or future results, in contrast with statements that reflect historical facts.  These predictive statements, which we generally precede or accompany by such typical conditional words as “anticipate,” “intend,” “believe,” “estimate,” “plan,” “seek,” “project” or “expect,” or by the words “may,” “will,” or “should,” are intended to operate as “forward-looking statements” of the kind permitted by the Private Securities Litigation Reform Act of 1995, incorporated in Section 27A of the Securities Act and Section 21E of the Securities Exchange Act.  That legislation protects such predictive statements by creating a “safe harbor” from liability in the event that a particular prediction does not turn out as anticipated.

While we always intend to express our best judgment when we make statements about what we believe will occur in the future, and although we base these statements on assumptions that we believe to be reasonable when made, these forward-looking statements are not a guarantee of performance, and you should not place undue reliance on such statements.  Forward-looking statements are subject to many uncertainties and other variable circumstances, many of which are outside of our control, that could cause our actual results and experience to differ materially from those we thought would occur.

The following listing represents some, but not necessarily all, of the factors that may cause actual results to differ from those we may have anticipated or predicted:

·
We operate in cyclical industries and we experience volatile demand for our products.
·
Our ability to operate our scrap metal recycling facility efficiently and profitably.

·
Our ability to obtain sufficient capital to fund a potential expansion of our scrap metal recycling facility.
·
Our ability to establish adequate management, legal and financial controls in the United States and the PRC.

·
The availability to us of supplies of metal ore and scrap metal upon favorable terms.
·
The availability of electricity to operate our scrap metal recycling facility.

·
Fluctuations in raw material prices may affect our operating results as we may not be able to pass on cost increases to customers.
·
The lack of various legal protections in certain agreements to which we are a party which are customarily contained in similar contracts prepared in the United States and which are material to our operations.

·
Our dependence on our key management personnel.
·
Our potential inability to meet the filing and internal control reporting requirements imposed by the SEC.

·
The effect of changes resulting from the political and economic policies of the Chinese government on our assets and operations located in the PRC.
·
The limitation on our ability to receive and use our revenues effectively as a result of restrictions on currency exchange in the PRC.

·
The impact on future inflation in China on economic activity in China.
·
Our ability to enforce our rights due to policies regarding the regulation of foreign investments in the PRC.

·
The restrictions imposed under regulations relating to offshore investment activities by Chinese residents and the increased administrative burden we face and the creation of regulatory uncertainties that may limit or adversely affect our ability to complete any business combinations with our PRC-based subsidiaries.
·
Our ability to comply with the United States Foreign Corrupt Practices Act which could subject us to penalties and other adverse consequences.

·
The provisions of our articles of incorporation and bylaws which may delay or prevent a takeover which may not be in the best interests of our shareholders.
·
Our controlling stockholders may take actions that conflict with your interests.

Additional factors that could cause actual results, performance or achievements to differ materially from the forward-looking statements contained herein include, but are not limited to, those discussed in the section headed "Risk Factors" in this Form 10-K.  In light of these and other risks and uncertainties, the inclusion of forward-looking statements in this Form 10-K should not be regarded as representations by us that our plans and objectives will be achieved.  We do not intend to update these forward-looking statements in connection with our ongoing disclosure obligations pursuant to the SEC disclosure rules or other requirements of the stock exchange upon which our securities are listed.
 
 
 
 
 
OTHER PERTINENT INFORMATION

Unless specifically set forth to the contrary, when used in this report the terms the “Company,” "we," "us," "ours," and similar terms refers to China Armco Metals, Inc., a Nevada corporation, and our subsidiaries, the term “MT” refers to metric tons, the term “PRC” refers to the People’s Republic of China and the term “Facility” refers to our new metal recycling facility located in the Banqiao Industrial Zone of Lianyungang Economic Development Zone in the Jiangsu province of the PRC.

When used in this report, “2009” means the fiscal year ended December 31, 2009, “2010” means the fiscal year ended December 31, 2010, “2011” means the fiscal year ending December 31, 2011 and “2012” means the fiscal year ending December 31, 2012.

The information which appears on our web site at www.armcometals.com is not part of this report.
 
 
 
 

PART I
 
ITEM 1.           BUSINESS.

Overview
 
We are a U.S. company that is engaged in metal ore trading and distribution and scrap metal recycling.  Our operations are conducted primarily in the PRC.

In our metal ore trading and distribution business, we import, sell and distribute to the metal refinery industry in the PRC a variety of metal ore which includes iron, chrome, nickel, copper and manganese ore, as well as non-ferrous metals, and coal.  We obtain these raw materials from global suppliers primarily in Brazil, India, Indonesia, Ukraine and the United States and distribute them in the PRC.  In addition, we provide sourcing and pricing services for various metals to our network of customers.

In our scrap metal recycling business, we recycle scrap metal at our recycling facility (the "Facility") and sell the recycled product to steel mills for use in the production of recycled steel.  Our scrap metal recycling business is conducted through the Facility, which commenced formal operations in the third quarter of 2010.
 
Steel Industry and Market for Iron Ore
 
The PRC is the largest developing country in the world, and the demand for steel has been growing steadily over the past decade as the country continues to experience an industrial revolution.  We believe that domestic steel production will continue to increase at current levels as the PRC continues to grow.  The steel industry is an important basic industry of the PRC’s national economy, and it plays a vital role in the PRC’s industrialization efforts.  According to the World Steel Association, worldwide crude steel production reached 1, 527 million MT for 2011 and increased 6.8% from 2010 to 2011 and 15.0% from 2009 to 20101. Crude steel production in the PRC reached 695.5 million MT in 2011 and increased 8.9% from 2010 to 2011 and 9.3% from 2009 to 20102.  The PRC’s share of world steel production accounted for 33.8% of global production in 2006, and increased to 45.5% of global production in 20113.

Current world demand for iron ore presently exceeds supply, and as a result we believe there will be sustained upward pressure on prices.   Moreover, the PRC is the largest importer of iron ore in the world.  The PRC imported 619 million MT of iron ore in 2010, a decrease of 9 million MT, or 1.46%, from 2009.4  In 2011, the PRC imported approximately 686 million MT of iron ore, an increase of 10.9% from 2010.5 The demand for iron ore in the PRC is expected to be approximately 730 million MT in 2012, an increase of 6.4% compared to 2011.6
1 http://www.worldsteel.org/?action=newsdetail&id=319
 http://www.worldsteel.org/?action=newsdetail&id=319
 http://news.jc001.cn/12/0207/649552.html
 http://www.chinamining.org/News/2010-01-14/1263456549d33404.html
5 http://www.worldmetals.com.cn/hyyw/201202/t20120214_157035.htm
 http://finance.qq.com/a/20120306/000876.htm
 
 
1
 
 
Scrap Metal Recycling Industry
 
The PRC is the largest market in the world for scrap metal that is used in the production of steel.  The PRC produced over 695.5 million MT and consumed approximately 91 million MT of steel for the year ended December 31, 2011.  We anticipate that our growth will be enhanced by favorable Chinese government environmental and other economic stimulus policies, which seek to reduce pollution and save energy. The Chinese government’s stated goal in 12th Five Year Plan (2011-2015) is to increase consumption of scrap metal by producers from 15% in 2010 to 20% in 2015.  It is less costly to recycle metal than to mine iron ore and manipulate it through the production process to form 'new' steel.  Metal does not lose any of its inherent physical properties during the recycling process and the recycling process has drastically reduced energy and material requirements as compared to the refinement from iron ore.  The continued utilization of scrap metal is a vital component of the Chinese steel manufacturing industry.  Every ton of steel recycled saves 2,500 pounds of iron ore; 1,400 pounds of coal, and 120 pounds of limestone.7  Recycled steel requires 60% less energy, reduces air pollution by 86% and water pollution by 76% as compared to traditional iron ore to steel processing methods.89
3 http://wuliu.acs.gov.cn/sites/xmwz/sjbsc.jsp?contentId=2596474013058
4 http://www.chinamining.org/News/2010-01-14/1263456549d33404.html
5 http://www.ironoreteam.com/content/china-2010-iron-ore-imports-down
6 http://www.miningweekly.com/article/china-iron-ore-imports-to-rise-6-pct-in-2011---cccmc-2011-03-17
 
Based upon Chinese government’s estimate that 880 million MT of steel will be consumed annually by the year 2015, domestic demand for scrap is likely to substantially increase by 2015.

The PRC's crude steel consumption is expected to increase by 4% to approximate 700 million MT in 201210, and accordingly we expect that demand for scrap metal will continue to be strong.   For the steel industry, the Chinese government’s stated goal in the 12th Five Year Plan (2011-2015) is to increase consumption of scrap metal by producers from 15% in 2010 to 20% in 2015.11 The government’s stated goal will have impact on the development of our scrap steel business favorably in the next few years.  So it is estimated that the PRC’s total demand for scrap metal in 2015 should be approximately 140 million MT.

The amount of domestic steel available for recycling is largely a function of the amount of steel in products or other applications nearing the end of their useful lives. Much of the PRC’s steel reserves, or the steel in use in the PRC today, has only recently been put into use. For example, according to the China Iron and Steel Association, the accumulated steel product consumption in the PRC from 1949 to 2007, or the total volume of steel products consumed during that period, was approximately 4.13 billion MT, of which approximately 2.23 billion MT, or approximately 54%, was consumed in the period from 2001 to 2007.

Many of the steel products in use in the PRC today have yet to reach the end of their useful lives. However, that is expected to change in the near future because many of the products put into use in the PRC over the last few years have relatively short life spans, such as vehicles and home appliances.  Moreover, many buildings and other infrastructure projects with longer life spans that were built during the early stages of the PRC’s industrialization are soon expected to reach the end of their useful lives.  We expect that each of these products will provide a significant source of domestic scrap steel available for recycling.

In addition, the PRC’s steel production technology has become increasingly efficient, and enhancements in production technology have resulted in a reduction of scrap steel produced by steel manufacturers.  As a result, the amount of scrap steel created by steel companies per MT of steel produced has decreased.

We expect the increasing focus on environmental matters and efficient utilization of resources will further strengthen demand for scrap steel in domestic steel production in the PRC. With the expected increase in steel available for recycling, we believe scrap steel recycling companies with strong domestic supply networks like us should be particularly well positioned to capitalize on these trends.
 http://www.journalofcommerce.com/article/id23321/steel
8 http://www.cnljxh.com/ZCFG/2010/12/15/1215H2CA3.html;
 http://www.steelinfo.com.cn/luliao/news.asp?col=hyzx&id=28853
10 http://wenku.baidu.com/view/d58ed8d33186bceb19e8bb54.html
11 http://www.steelinfo.com.cn/luliao/news.asp?col=hyzx&id=28853
 
 
2
 
 
Prices of scrap steel are highly correlated to the price of steel. According to the China Association of Metal Scrap Utilization, the spread between hot rolled coil prices and average scrap steel prices in the PRC remained relatively constant over the past few years. As a result, factors that affect the price of steel in the PRC often have a similar impact on the price of scrap steel in the PRC.

The PRC government has identified the scrap metal recycling industry as a way to minimize the use of scarce natural resources and reduce energy consumption and emissions in the steel manufacturing industry.  In July 2005, the PRC’s “Steel Industry Development Policy” recommended that domestic steel producers increase the use of scrap metal in the production of steel.  The PRC also implemented a preferential tax policy that provided us with an exemption from income tax in 2008 and 2009, followed by a 50% income tax exemption for 2010 through 2012.  In February 2006, The National Development and Reform Commission of the PRC, The Ministry of Science and Technology of the PRC, and The Ministry of Environmental Protection of the PRC jointly issued the “Automotive Products Recycling Technology Policy.”  Under the terms of this policy, auto makers were charged with the responsibility to recover and recycle abandoned vehicles.  We believe that this law has increased the availability of raw materials necessary for scrap metal recycling.
 
The PRC government also encourages the development of the scrap metal recycling industry.  After the accession to the World Trade Organization, the PRC government adopted a favorable policy of zero tariffs on scrap steel imports and implemented a quota-free policy on the volume of imports via self-registration.  In order to facilitate and regulate the domestic scrap steel recycling market, the PRC government further revised the PRC’s taxation policy on waste to encourage development of the scrap steel recycling industry. The PRC government once increased the export tax rebate to 13% for some steel and non-ferrous metal products  effected for the period between April 2009 and the end of 2010. Since 2011, scrap steel and non-ferrous metal products no longer enjoy rebate for export tax." The favorable tariffs and taxation policies for scrap steel continue being in place, and we believe these policies will further benefit the scrap metal industry in China over the next few years.
 
Our Metal Ore Trading and Distribution Business
 
We believe that we are a leader in the PRC in the trading and distribution of metal ore and non-ferrous metals to the metal refining industry in the PRC.  The PRC is the largest non-ferrous metal consuming country in the world.

Our products include a wide variety of metal ores such as iron ore, chrome ore, nickel ore, copper ore, manganese ore and scrap metal.  We obtain our products from global suppliers in primarily Brazil, India, Indonesia, Ukraine, and the United States.  We have established strong relationships with our clients and service their needs through our internal sales representatives and other company resources.

Customers.
 
We sell processed and non-ferrous ore to end-users such as specialty steelmakers, foundries, aluminum sheet and ingot manufacturers, copper refineries and smelters, brass and bronze ingot manufacturers, wire and cable producers, utilities and telephone networks.  In addition to coal and steel billet (which is a section of steel used for rolling into bars, rods and sections), we buy and sell the following metal ore from time to time:

 
•
Iron Ore, which is the raw material used to make pig iron, which is in turn one of the main raw materials used to make steel.  Approximately 98% of the mined iron ore is used to make steel;
 
•
Chrome Ore, which is used to reinforce steel and, in association with high carbon, gives resistance to wear and abrasion.  It is also used in heat-resisting steels and high duty cast irons;
 
•
Nickel Ore, which is a silvery-white metal that takes on a high polish.  It belongs to the transition metals, and is hard and ductile.  It occurs most usually in combination with sulfur and iron in pentlandite, with sulfur in millerite, with arsenic in the mineral nickeline, and with arsenic and sulfur in nickel glance;
 
•
Copper Ore, which is used as a heat conductor, an electrical conductor, as a building material and as a constituent of various metal alloys;
 
 
3
 
 
 
•
Manganese Ore, which is a chemical element that is used industrially as pigments and as oxidation chemicals; and
 
•
Magnesium Ore, which is used in aluminum alloying.  The addition of magnesium to aluminum produces high-strength, corrosion-resistant alloys.

The following table sets forth our major customers for metal ore whose sales accounted for more than 10% of our total revenues for the year of 2011:

 
•
Derby Materials Co., Limited
 
•
Shandong Yongjia Import & Export Co., Ltd.

Suppliers.
 
In general, we obtain ferrous and non-ferrous ore from a variety of sources, including mining companies, brokers and other intermediaries.  Our metal ore distribution business requires a significant amount of working capital to pay for the various ore and scrap metal we purchase and distribute.  We currently finance these purchases through a combination of various facilities, including letters of credit, bank credit lines, internally generated funds and loans from Kexuan Yao, our Chairman and Chief Executive Officer.  We believe that our access to sufficient capital is critical to our future growth in this business.  In January 2011, we entered into a contract with a Brazilian company, Mineracao Usiminas S.A., pursuant to which we agreed to purchase 150,000 MT of iron ore for distribution in the PRC.  By February 17, 2012, we had received delivery of 150,000 metric tons of iron ore at purchase cost of approximately $17 million. In January 2012, we sold the iron ore delivered by the Brazilian company to our customers in China under favorable terms. We are focusing our efforts on securing additional contracts for various ore and metals and are in the early stages of evaluating potential new supply opportunities.

In 2011, our five top suppliers in our metal ore business were:

 
•
Mineracao Usiminas S.A.-MUSA;
 
•
Xinjiang Bayi Steel International Trade Co., Ltd.
 
•
Oversea Enterprise Pte,. Ltd
 
•
Smart Trading LLP ; and
 
•
Bridge Group Finance Ltd

Our current practice is to enter into single transaction contracts for the purchase and sale of metal ore, in which the sales price charged to our customers is based on the price we pay for the metal ore plus a predetermined amount.  In the future, our goal is to enter into either long-term contracts with both suppliers and customers or negotiated spot sales contracts which establish the quantity purchased for the month.

In general, the price we charge for ore depends upon market demand, supply and transportation costs, as well as quality and grade of the metal ore.  In many cases, our selling price also includes the cost of transportation to the destination port of the end-user.
 
Our Metal Recycling Operations
 
In the third quarter of 2010, we commenced formal operations at the Facility, which is located in the Banqiao Industrial Zone of Lianyungang Economic Development Zone in the Jiangsu province of the PRC, one of the PRC’s major industrial centers.  The Jiangsu province is located in eastern PRC.  Lianyungang is home to one of the PRC's 10 largest deep-sea ports and has large ship access.  Lianyungang is also located near 11 steel mills in the Jiangsu province.  The Facility is strategically located near this deep-sea port.
 
 
4
 
 
The Facility is situated on 32 acres.  As discussed below, if we decide to expand the Facility, we can do so on the existing site.  The Facility includes a scrap metal cutting production line, a large scrap metal cutting line, light thin waste/thin metal packing line and a preproduction facility that includes scrap metal grasping machines, scrap transportation machines, radiation detection equipment, factory, administrative and operations offices, material pile stock and load meters.  The Facility is designed to recycle machinery, building materials, automobile parts and various other scrap metals and to dismantle ships.  The Facility is designed to have a production capacity to recycle approximately one million MT of metal annually, which includes 800,000 MT from a shredder and 200,000 MT from cutting machines. We believe we are the first company to install and operate in the PRC a Texas Shredder Lindeman System, one of the most advanced metal recycling systems in the world.

We recycle scrap metals at the Facility using both heavy equipment and manual labor. Recycling scrap metal consists of a variety of steps, including collecting, inspecting, sorting, stripping, shearing, cutting, shredding and bailing. The precise steps involved depend upon the types and condition of the raw materials that we purchase.

For thin scrap metal, we primarily use our shredder to process the raw material, and for the medium and larger sized scrap metal, we use hydraulic machinery, including cutting machines, and manual labor to break down the scrap metals into standard sized pieces. In the shredding process, the ferrous metal is separated from other metals by an automated electronic magnetic drum.  We also recover non-ferrous scrap metal through the use of an eddy current separator in the shredding process, which separates non-ferrous metals from non-metal materials. The non-ferrous metals are then manually separated into copper, aluminum and other non-ferrous metals, primarily based on color and weight of the extracted metal pieces.
 
Customers

We commenced operations at the Facility in the third quarter of 2010, and in 2011 we processed and sold approximately 84,304 and 91,283 MT of scrap metal, respectively. In 2009, the Facility was under construction and therefore we did not process any scrap metal. The following table sets forth our major customers for scrap metal whose sales accounted for more than 10% of our total revenues for the year of 2011:

 
•
Ningbo Bonded Area Hanggang Foreign Trade Development Co., Ltd.
 
•
CNBM International Corporation

Suppliers
 
In 2011, our recycling operations obtained supply from small local scrap metal collectives.  In 2011, we entered into short-term agreements with five local suppliers for the purchase of scrap metals.   The names of these suppliers are as follows:

 
•
Lianyungang Tongke Trading Co., Ltd.;
 
•
Hongjian Xie;
 
•
Xiaolei Liang;
 
•
Tewoo Metals International Trade Co., Ltd.; and
 
•
Hangzhou Hanggang Foreign Economic Relations and Trade Co., Ltd.

The raw scrap metal that we purchase is transported to the Facility primarily via railroads, waterways and major highways.  The Facility is located in close proximity (11 kilometers) to railroad facilities and the closest shipping port is approximately 10 kilometers from the Facility.

Similar to our metal ore business, our current practice in our recycling business is to enter into single transaction contracts for the purchase and sale of scrap metal.  In the future, our goal is to enter into either long-term contracts with suppliers of scrap metal or negotiated spot sales contracts which establish the quantity purchased for the month.  The price we pay for scrap metal depends upon market demand, supply and transportation costs, as well as quality and grade of the scrap metal.  In periods of low prices, suppliers may elect to hold metal to wait for higher prices or intentionally slow their metal collection activities.  In addition, a global slowdown of industrial production would reduce the supply of industrial grades of metal to the metal recycling industry, potentially reducing the amount of metals available for us to recycle.
 
 
5
 
 
Our primary target customers in our scrap metal recycling operations are steel mills, which use our recycled metal in the production of steel.  In February 2010, we entered into a contract for the sale of scrap metal, crushed aggregates, charging materials and heavy scrap to a PRC steel producer.  Under the terms of the agreement, the purchaser agreed to purchase up to 23,000 MT per month of a mixture of these materials for 10 months beginning in March 2010.  However, as a result the electricity reduction policies implemented by the PRC in the third and fourth quarters of 2010, and delay in the delivery of certain machinery, we delivered approximately 14,170 MT under this contract to the customer as of February 2012 (which constituted of 10,000 MT delivered in 2010 and 4,170 MT delivered in February 2012), and the contract expired at the end of 2010.

Depending on future market conditions and our ability to operate our plant at its current production capacity, we may seek to expand the capacity of the Facility, and we have begun to formulate a plan for the second phase of these operations.  This next phase would include an expansion to increase our production capacity to two million MT per year and construction of additional scrap automobile dismantling lines to address the emerging market demand of automobile recycling. The PRC has become the largest automobile market in the world since 2009.  Expansion of the Facility would require a significant investment by us and would likely require us to raise additional capital.  As the Facility only became operational in the third quarter of 2010, our decisions regarding the need to expand our recycling operations will be made in future periods as market conditions and availability of capital dictate.

During the third and fourth quarters of 2010, the Chinese authorities mandated a significant reduction of energy usage and instituted “rolling brownouts” in an effort to meet the targets for energy consumption and emission set by the 11th Five Year Plan (2006–2010).  This policy adversely impacted our revenues in the end of third quarter and the entire fourth quarter of 2010 by reducing our ability to operate the Facility.  The energy restrictions also negatively affected steel companies’ production thereby reducing the demand and prices for the metal ore we distributed and the processed scrap metal produced at the Facility.  As a result, we experienced a decrease in revenues, which adversely impact our business, financial condition and results of operations for the third and fourth quarters.

PRC’s 12th Five Year Plan (2011-2015) implemented beginning January 1, 2011 includes as one of its stated objectives the increase use of recycled steel to save energy and reduce emission. For the steel industry, the 12th Five Year Plan's goal is to increase consumption of scrap metal by producers from 15% in 2010 to 20% in 2015. We expect that the customer and supplier bases for our metal recycling operations will increase as a result of the 12th Five Year Plan and we believe we are well-positioned to benefit directly from this government mandate in 2012 and beyond.

Sales and Marketing
 
We operate our sales network through our offices in the PRC and we supervise certain import and export activities in our office in San Mateo, California.  As of March 2012, our sales and marketing team included approximately 17 employees.  Our sales teams are responsible for coordinating with our PRC customers, and our U.S. staff focuses on both overseas and PRC customers. Members of our sales team contact our customers to negotiate sales orders and prices and provide after-sales services, including delivery logistics and handling questions and feedback on our products. The sales team members in the PRC and the United States also visit customers to provide administrative and logistical support where necessary.

Competition
 
Each of our businesses operate in highly competitive environments.

The principal competitive factors in our ore trading and distribution business are price, product availability, quantity, service, and financing terms for purchases and sales of ore.
 
 
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The scrap metal recycling business is subject to cyclical fluctuations based upon the availability and price of unprocessed scrap metal and demand for steel and non-ferrous metals. The scrap metal recycling industry in the PRC is highly fragmented and competitive, and we compete with numerous other companies for both raw materials and sales of recycled scrap metal. We compete with large steel manufacturers that have vertically integrated their operations and have their own scrap steel processing and production lines, and who have substantially greater financial, marketing and other resources.  We also compete with a number of specialized scrap steel companies that have emerged in recent years.

Competition for raw materials is primarily based on price and proximity to the source of raw materials. Competition for sales of recycled scrap metal is primarily based on price and quality of the recycled scrap metal, the level of service in terms of capacity, reliability and timely delivery, proximity to customers and the availability of scrap metal and scrap metal substitutes.

We compete primarily with local metal recycling companies and new entrants to the market, some of which may have a lower cost structure than ours due to lower capital expenditures or lower labor costs resulting from being located in other regions of the PRC. The barriers to entry in the metal recycling industry are relatively low. However, many of these local metal recycling companies have small production capacity and relatively low efficiency.

We also compete with large metal recycling companies and may face competition from other sources as well, such as foreign metal recycling companies and metal manufacturers seeking to vertically integrate their operations. Many of our competitors may have greater financial and other resources than we do.

Finally, we also face competition from companies in the PRC that import recycled scrap metal from overseas markets such as the United States, Australia and Europe. Further appreciation of the Renminbi, which may have the effect of lowering the cost of imported recycled scrap metal, may intensify such competition.

While we believe that our operations and use of advanced equipment will allow us to compete effectively, we cannot assure you that we will be able to successfully compete in our existing markets.
 
Government Regulation
 
Despite efforts to develop the legal system over the past several decades, including but not limited to legislation dealing with economic matters such as foreign investment, corporate organization and governance, commerce, taxation and trade, the PRC continues to lack a comprehensive system of laws.  Further, the laws that do exist in the PRC are often vague, ambiguous and difficult to enforce, which could have a material adverse effect on our business, financial condition and results of operations.

In September 2006, the Ministry of Commerce, or MOFCOM, promulgated the Regulations on Foreign Investors' Mergers and Acquisitions of Domestic Enterprises (M&A Regulations) in an effort to better regulate foreign investment in the PRC.  The M&A Regulations were adopted in part as a needed codification of certain joint venture formation and operating practices, and also in response to the government's increasing concern about protecting domestic companies in perceived key industries and those associated with national security, as well as the outflow of well-known trademarks, including traditional Chinese brands.

As a U.S. based company doing business in the PRC and Hong Kong, we seek to comply with all Chinese laws, rules and regulations and pronouncements, and endeavor to obtain all necessary approvals from applicable Chinese regulatory agencies such as the MOFCOM, the State Assets Supervision and Administration Commission, or SASAC, the State Administration for Taxation, the State Administration for Industry and Commerce, the PRC Securities Regulatory Commission, or CSRC, the State Administration of Foreign Exchange, or SAFE, and all applicable laws of Hong Kong.

Economic Reform Issues.  Since 1979, the Chinese government has reformed its economic systems.  Many reforms are unprecedented or experimental; therefore they are expected to be refined and improved.  Other political, economic and social factors, such as political changes, changes in the rates of economic growth, unemployment, inflation, or the disparities in per capita wealth between regions within the PRC, could lead to further readjustment of the reform measures.  We cannot predict if this refining and readjustment process may have a material adverse effect on our business, financial condition and results of operations, particularly in relation to future policies including but not limited to foreign investment, taxation, inflation and trade.
 
 
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Currency.  The value of the Renminbi, or RMB, the main currency used in the PRC, fluctuates and is affected by, among other things, changes in the PRC’s political and economic conditions.  The conversion of RMB into foreign currencies such as the U.S. dollar have been generally based on rates set by the People’s Bank of China, which are set daily based on the previous day’s interbank foreign exchange market rates and current exchange rates on the world financial markets.

Environment.  We are currently subject to numerous Chinese provincial and local laws and regulations relating to the protection of the environment that are highly relevant to our metal ore business and the Facility.  These laws continue to evolve and are becoming increasingly stringent.  The ultimate impact of complying with such laws and regulations is not always clearly known or determinable because regulations under some of these laws have not yet been promulgated or are undergoing revision.  In 2009 we did not spend any funds related to compliance with environmental regulations and in 2010 the amounts spent were immaterial.

According to Chinese environmental laws and regulations, we are required to adopt effective measures to prevent and control pollution to the environment during the course of our operations.  We were required to carry out an environmental impact assessment before commencing construction of the Facility, and to install equipment to reduce pollution in accordance with relevant environmental standards. The scrap metal recycling process involves sorting, cutting, shredding, shearing, stripping and baling. The principal environmental impact is the discharge of dust and sound generated in the physical or mechanical breaking process. Substantially all materials output from the recycling process are sold, including the non-metal components. The principal solid waste produced during the recycling process is dust, which is collected by a dust filtering sub-system of the shredder and disposed of through the urban department of the local government. We have also installed water drainage and filtering systems in the Facility for the waste minimization control for our operations and to process rainwater passing through the stored scrap metal.

Scrap metal recycling companies in the PRC are subject to laws and regulations governing various aspects of their operations, including the import of solid waste and the handling of waste vehicles and disused vessels. Under the PRC’s Law on Prevention and Control of Environmental Pollution by Solid Waste and related regulations, waste materials are classified into various categories that have differing restrictions and licensing requirements for import. Scrap iron, steel and copper in fragments generally fall within the automatic category of solid waste usable as raw materials and are eligible for import under the automatic licensing administration. Scrap wires, appliances and electrical equipment, which are imported for the purpose of recycling iron, steel and copper in such wires, appliances and equipment, fall within the restrictive category of solid waste usable as raw materials and are eligible for import under the restricted licensing administration.

The disposal and recycling of waste vehicles and disused vessels are strictly regulated in the PRC, and only companies that have been authorized by the economic and trade commission of the local government in the PRC are permitted to recycle waste vehicles, and only companies that have been authorized by the local environmental protection authority or port supervision authority in the PRC may recycle disused vessels. We have on occasion acquired waste vehicle scraps but these scraps had been crushed and stripped of their engines, airbags and other components that contain potentially hazardous materials. As a result, these waste vehicle scraps were not deemed to be waste vehicles for purposes of Chinese regulations. To date, our principal source of raw materials has been scrap metal from household appliances and the construction and manufacturing industries, not vehicles or vessels. Our raw materials may at times include pieces of scrap metal that were originally part of vehicles or vessels.  Our policy is to purchase raw materials from suppliers that are properly authorized and admitted by the relevant government authority.

We believe we have obtained all material approvals, permits, licenses and certificates required for our operations, including registrations from the local police department authorizing the purchase of raw materials and an approval from the local environmental protection authorities indicating that the Facility has passed an environmental protection assessment. We are not required to obtain licenses or approvals for scrap metal sourced from suppliers within the PRC.
 
 
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Employees
 
As of March21, 2012 we have 115 full time employees, including 111 in the PRC and 3 employees in the United States, and one part time employee.  We believe we have good working relationships with our employees.  We are currently not a party to any collective bargaining agreements.

For our employees in the PRC, we are required to contribute a portion of their total salaries to the Chinese government’s social insurance funds, including medical insurance, unemployment insurance and job injuries insurance, as well as a housing assistance fund, in accordance with relevant regulations.  We expect the amount of our contribution to the government’s social insurance funds to increase in the future as we expand our workforce and operations.
 
Our Corporate History
 
We were formerly known as Cox Distributing, Inc., which was founded as an unincorporated business in January 1984 and became a “C” corporation in the State of Nevada on April 6, 2007.  Cox Distributing, Inc. was founded by Stephen E. Cox, our former president and chief executive officer, and engaged in the distribution of organic fertilizer products used to improve soil and growing conditions for the potato farmers of eastern Idaho.
Prior to June 27, 2008, Mr. Cox was our only employee.
 
On June 27, 2008, we entered into a share purchase agreement with Armco Metals International Limited (formerly “Armco & Metawise (H.K) Limited”) (“Armco HK”)and Feng Gao, the sole shareholder of Armco HK.  In connection with the acquisition, we purchased from Ms. Gao 100% of the issued and outstanding shares of Armco HK’s capital stock for $6,890,000 by delivery of our purchase money promissory note.  In addition, we issued to Ms. Gao a stock option entitling Ms. Gao to purchase a total of 5,300,000 shares of our common stock exercisable at $1.30 per share which expired on September 30, 2008 and 2,000,000 shares exercisable at $5.00 per share which expired on June 30, 2010.  On August 12, 2008, Ms. Gao exercised her option to purchase and we issued 5,300,000 shares of our common stock in exchange for our $6,890,000 note held by Ms. Gao.  Prior to the acquisition, there were 10,000,000 shares of our common stock issued and outstanding.  In connection with the acquisition, 7,694,000 shares of common stock held by Mr. Cox were cancelled, leaving 2,306,000 shares of common stock issued and outstanding.  The 5,300,000 shares issued to Ms. Gao represented approximately 69.7% of our issued and outstanding common stock giving effect to the cancellation of 7,694,000 shares of our common stock owned by Mr. Cox.  No additional common stock was issued to Mr. Cox in connection with the acquisition.  After the cancellation of 7,694,000 shares of common stock, Mr. Cox held 6,200 shares.  These shares were exchanged on December 30, 2008 for all of the assets and liabilities of our fertilizer business, after which time we no longer operated the fertilizer business and Mr. Cox was no longer a shareholder.  

As a result of the ownership interests of the former shareholders of Armco HK, for financial statement reporting purposes, the merger between us and Armco HK was treated as a reverse acquisition with Armco HK deemed the accounting acquirer and our company deemed the accounting acquiree under the purchase method of accounting in accordance with paragraph 805-40-05-2 of the FASB Accounting Standards Codification.  The reverse merger is deemed a capital transaction and the net assets of Armco HK (the accounting acquirer) were carried forward to us (the legal acquirer and the reporting entity) at their carrying value before the combination.  The acquisition process utilized our capital structure and the assets and liabilities of Armco HK which were recorded at historical cost. As a result of our reverse acquisition of Armco HK, we have assumed the business and operations of Armco HK with our principle activities engaged in the import, export and distribution of ferrous and non-ferrous ore and metals. On June 27, 2008, we amended our Articles of Incorporation, and changed our name to China Armco Metals, Inc. to better identify the Company with the business conducted, through its wholly owned subsidiaries in China, import, export and distribution of ferrous and non-ferrous ores and metals, and processing and distribution of scrap steel.

Armco HK was incorporated on July 13, 2001 under the laws of the Hong Kong Special Administrative Region (“HK SAR”) of the People’s Republic of China (“PRC”). On March 22, 2011, Armco HK amended its Memorandum and Articles of Association, and changed its name from Armco & Metawise (H.K) Limited to its current name.
 
 
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On January 9, 2007, Armco HK formed Armco (Lianyungang) Renewable Metals, Inc. (“Renewable Metals”, formerly known as "Armet”), a wholly-owned foreign enterprise (“WOFE”) subsidiary in the City of Lianyungang, Jiangsu Province, PRC.  Renewable Metals engages in the processing and distribution of scrap metal. On December 28, 2007, Armco HK entered into a Share Transfer Armco Agreement with Renewable Metals, whereby Armco HK transferred to Renewable Metals all of its equity interest in Henan Armco and Metawise Trading Co., Ltd. (“Henan”), a company under common control of Armco HK. On December 1, 2008, Armco HK transferred its 100% equity interest in Renewable Metals to Armco Metals.

Henan Armco was incorporated on June 6, 2002 in the City of Zhengzhou, Henan Province, PRC.  Henan Armco engages in the import, export and distribution of ferrous and non-ferrous ores and metals.

On June 4, 2009, the Company formed Armco (Lianyungang) Holdings, Inc. (“Lianyungang Armco”), a WOFE subsidiary in the City of Lianyungang, Jiangsu Province, PRC.  Lianyungang Armco intends to engage in marketing and distribution of the recycled scrap steel.

On July 16, 2010, we formed a new subsidiary named Armco Metals (Shanghai) Holdings, Ltd. (“Armco Shanghai”).  Armco Shanghai serves as our China operations headquarters and oversees the activities of the company regarding financing and international trading.

Trademarks, Licenses and Patents
 
We do not own any trademarks, intellectual property licenses or patents, but we claim ownership to the tradename “Armco.”
 
ITEM 1A.         RISK FACTORS.

An investment in our common stock involves a high degree of risk. Many risk factors could have a material adverse effect on our business, financial condition and results of operations.  We are subject to various risks resulting from economic change, environmental, political, industry, business and financial conditions.  You should carefully consider the risks described below, together with all of the other information included in this report, before making an investment decision.  If any of the following risks actually occurs, our business, financial condition or results of operations could suffer.  In that case, the trading price of our common stock could decline, and you may lose all or part of your investment.

Risks Related To Our Business
 
WE OPERATE IN A BUSINESS THAT IS CYCLICAL AND WHERE DEMAND CAN BE VOLATILE, WHICH COULD HAVE A MATERIAL ADVERSE EFFECT ON OUR BUSINESS, FINANCIAL CONDITION OR RESULTS OF OPERATIONS.

We operate in a business that is cyclical and where demand can be volatile, which could have a material adverse effect on our results of operations and financial condition.  The timing and magnitude of the cycles in the business in which we operate are difficult to predict.  Purchase prices for the raw materials we purchase (metal ore and scrap metal), and selling prices for our products (metal ore, scrap and recycled metal) are volatile and beyond our control.  While we attempt to respond to changing raw material costs through adjustments to the sales price of our products, our ability to do so is limited by competitive and other market factors.  Differences in economic conditions between the foreign markets, where we acquire our metal ore and a significant portion of our scrap metal, and the markets in the PRC, where we sell our products, could have a material adverse effect on our business, financial condition and results of operations.  A significant reduction in selling prices for our products may have a material adverse effect on our business, financial condition and results of operations, and adversely impact our ability to recover purchase costs from end customers.  A decline in market prices for our products between the date of the sales order and shipment of the product may impact the customer’s ability to obtain letters of credit to cover the full sales amount.  A decline in selling prices for our products coupled with customers failing to meet their contractual obligations may also result in a net realizable value adjustment to the average cost of inventory to reflect the lower of cost or fair market value.  Additionally, changing prices could potentially impact the volume of raw materials available to us, the volume of ore and processed metal sold by us and inventory levels.  The cyclical nature of our businesses tends to reflect and be amplified by changes in general economic conditions, both domestically and internationally.  For example, the automobile and construction industries typically experience cutbacks in production, resulting in decreased demand for steel, copper and aluminum.  This can lead to significant decreases in demand and pricing for our metal ore and recycled metal.
 
 
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OUR BUSINESS DEPENDS ON ADEQUATE SUPPLY AND AVAILABILITY OF METAL ORE AND SCRAP METAL.

Our business requires metal ore and scrap metal that are sourced from third-party suppliers.  We are affected by industry supply conditions, which generally involve risks beyond our control, including costs of these materials, transportation costs and market demand.  As a result, we may not be able to obtain an adequate supply of quality metal ore or scrap metal in a timely or cost-effective manner.  If an adequate supply of scrap metal is not available to us, we would be unable to recycle metals at desired volumes, which would have a material adverse effect on our business, financial condition and results of operations.

OUR BUSINESS DEPENDS ON ADEQUATE SUPPLY AND AVAILABILITY OF ELECTRICITY, WHICH HAS RECENTLY BEEN CURTAILED BY THE CHINESE AUTHORITIES.

We rely on electricity to operate equipment at the Facility. Our steel mill and other customers are also dependent on electricity to convert our recycled scrap metal into steel and other products. Accordingly, the successful operation of our business and the Facility requires a reliable supply of electricity. The PRC’s electricity industry has historically experienced shortages and price volatility as a result of a variety of factors, including surging demand as a result of rapid growth in the PRC and disruptions in the supply of coal used to produce electricity.  In addition, the Chinese authorities mandated a significant reduction of energy usage and instituted “rolling brownouts” during the third and fourth quarters of 2010 in an effort to meet targets for energy consumption and emissions set by the 11th Five Year Plan (2006-2010).  This policy adversely impacted our revenues in the end of third quarter and the entire fourth quarter of 2010 by reducing our ability to operate the Facility.  The energy restrictions also negatively affected steel companies’ production thereby reducing the demand and prices for the metal ore we distributed and the processed scrap metal produced at the Facility.  As a result, we experienced a decrease in revenues, which adversely impact our business, financial condition and results of operations for the third and fourth quarters of 2010.
While the “rolling brownouts” restrictions has been eliminated with the implementation of the PRC’s 12th Five Year Plan (2011-2015) on January 1, 2011, there can be no assurances that additional energy use restrictions will not be imposed in the future.  Any continuation of these restrictions will have a material adverse effect on our business, financial condition and results of operations.  We are also unable to predict whether other energy or environmental policies will be adopted by the Chinese government that could adversely impact our operations in future periods.
 
UNEXPECTED EQUIPMENT FAILURES MAY LEAD TO PRODUCTION CURTAILMENTS OR SHUTDOWNS.

If we suffer interruptions in our production capabilities, such interruptions will adversely affect our production costs, steel available for sales and revenues for the affected period, and may have a material adverse effect on our business, financial condition and results of operations.  In addition to equipment failures, the Facility is also subject to the risk of catastrophic loss due to unanticipated events such as acts of god (including earthquakes and floods), fires, explosions, terrorism, public health pandemics and labor disputes.  Our recycling processes are highly dependent upon critical pieces of equipment, such as shredders and cutting machines, as well as electrical equipment.  This equipment may, on occasion, be out of service as a result of unanticipated failures.  We may in the future experience material shutdowns of the Facility or periods of reduced production as a result of such equipment failures.  Our shredding machine is highly complex and requires experienced and knowledgeable personnel to efficiently operate and maintain.  Because we are in the early stages of operating this machine, we have experienced delays and inefficiencies due to our lack of operational experience with the machine.
 
 
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THE FACILITY IS IN AN EARLY STAGE OF OPERATION AND IS NOT CURRENTLY OPERATING AT  FULL PRODUCTION CAPABILITY
 
We have only recently begun operations at the Facility and we are currently operating at significantly less than full production capacity.  Our ability to achieve full production capacity is dependent upon, among other items, our ability to attract sufficient customers to purchase the scrap metal that we recycle and our ability to obtain raw materials at favorable prices to support our production.  There can be no assurance that we will achieve full production capability at the Facility in the future.
 
THE SCRAP METAL RECYCLING MARKETS IN WHICH WE OPERATE ARE HIGHLY COMPETITIVE. COMPETITIVE PRESSURES FROM EXISTING AND NEW COMPANIES COULD HAVE A MATERIAL ADVERSE EFFECT ON OUR BUSINESS, FINANCIAL CONDITION AND RESULTS OF OPERATIONS.
 
The markets for scrap metal are highly competitive, both in the purchase of raw scrap and the sale of processed scrap. We compete to purchase raw scrap with numerous independent recyclers, large public scrap processors and smaller scrap companies. Successful procurement of materials is determined primarily by the price and promptness of payment for the raw scrap and the proximity of the Facility to the source of the unprocessed scrap. We occasionally face competition for purchases of unprocessed scrap from producers of steel products, such as integrated steel mills and mini-mills, which have vertically integrated their operations by entering the scrap metal recycling business. Many of these producers have substantially greater financial, marketing and other resources. Our operating costs could increase as a result of competition with these other companies for raw scrap.

We compete in a global market with regard to the sale of processed scrap. Competition for sales of processed scrap is based primarily on the price, quantity and quality of the scrap metals, as well as the level of service provided in terms of consistency of quality, reliability and timing of delivery. To the extent that one or more of our competitors becomes more successful with respect to any key factor, our ability to attract and retain consumers could be materially and adversely affected. Our scrap metal processing operations also face competition from substitutes for prepared ferrous scrap, such as pre-reduced iron pellets, hot briquetted iron, pig iron, iron carbide and other forms of processed iron. The availability of substitutes for ferrous scrap could result in a decreased demand for processed ferrous scrap, which could result in lower prices for such products.

UNANTICIPATED DISRUPTIONS IN OUR SCRAP METAL RECYCLING OPERATIONS OR SLOWDOWNS BY OUR SHIPPING COMPANIES COULD ADVERSELY AFFECT OUR ABILITY TO DELIVER OUR PRODUCTS, WHICH COULD HAVE A MATERIAL ADVERSE EFFECT ON OUR BUSINESS, FINANCIAL CONDITION AND RESULTS OF OPERATION, AND OUR RELATIONSHIP WITH OUR CONSUMERS.
 
 Our ability to process and fulfill orders and manage inventory depends on the efficient and uninterrupted operation of the Facility. In addition, our products are usually transported to consumers by third-party truck, rail carriers and vessel services. As a result, we rely on the timely and uninterrupted performance of these third party shipping companies. Due to factors beyond our control, including changes in fuel prices, political events, governmental regulation of transportation, changes in market rates, carrier availability and disruptions in transportation infrastructure, we may be forced to increase our charges for transportation services.  Consequently, we may not be able to transport our products in a timely and cost-effective manner. Any interruption in our operations or interruption or delay in transportation services could cause orders to be canceled, lost or delivered late, goods to be returned or receipt of goods to be refused. As a result, any disruption could negatively impact our relationships with our customers and have a material adverse effect on our business, financial condition and results of operations.
 
 
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DURING UNCERTAIN ECONOMIC CONDITIONS, CUSTOMERS MAY BE UNABLE TO FULFILL THEIR CONTRACTUAL OBLIGATIONS.

We enter into sales contracts preceded by negotiations that include fixing price, quantities, shipping terms and other contractual elements.  Upon finalization of these terms and satisfactory completion of other contractual contingencies by us, our customers typically open a letter of credit to satisfy their obligation under the contract prior to shipment by us.  In many instances, and particularly during uncertain economic conditions, we are at risk on consummating the transaction until our customers successfully obtain the letter of credit.  As a result, the customer may not be able to fulfill its obligation under the contract in times of illiquid market conditions.  Moreover, as described elsewhere in this Form 10-K, suppliers and customers in the PRC often breach contracts and there may be inadequate recourse for us to enforce such agreements.

IF WE WERE TO LOSE ORDER VOLUMES FROM ANY OF OUR MAJOR CUSTOMERS, OUR SALES WOULD DECLINE SIGNIFICANTLY AND OUR CASH FLOWS WOULD BE REDUCED, WHICH COULD HAVE A MATERIAL ADVERSE EFFECT ON OUR BUSINESS, RESULTS OF OPERATIONS AND FINANCIAL CONDITION.

In 2011, our largest customers purchased products from us on a spot or short term contract basis and in the future may choose not to continue to purchase our products.  A loss of order volumes from any major customer, or a significant reduction in their purchase orders could have a material adverse effect on our business, financial condition and results of operations.  In addition, if we experience such a loss of order volumes or significant reduction in purchase orders, we would likely be required to increase borrowings under our credit facilities to meet our cash flow needs.,

WE WILL NEED ADDITIONAL FINANCING TO FUND WORKING CAPITAL AND THE POTENTIAL EXPANSION OF THE FACILITY.  ADDITIONAL CAPITAL RAISING EFFORTS IN FUTURE PERIODS IS LIKELY TO BE DILUTIVE TO OUR THEN CURRENT SHAREHOLDERS OR RESULT IN INCREASED INTEREST EXPENSE IN FUTURE PERIODS.

We will need to raise additional capital to increase the volume of our purchases of metal ore that we trade and distribute.  Moreover, if we decide to expand the capacity of the Facility, we will also need additional capital to fund that expansion.  Our future capital requirements depend on a number of factors.  These factors include, but are not limited to, the scope of our expansion efforts and the amount of available metal ore, our ability to manage growth and expansion and our ability to control expenses.  In the event we seek to raise additional capital through the issuance of debt or its equivalents, this will result in increased interest expense.  If we raise additional capital through the issuance of equity or convertible debt securities, the percentage ownership of our company held by existing shareholders will be reduced and those shareholders may experience significant dilution.  As we will generally not be required to obtain the consent of our shareholders if we elect to expand the Facility or to purchase more raw materials required in our operations, shareholders are dependent upon the sole discretion and judgment of our management in determining the number of, and characteristics of, stock issued to raise funds for these purposes and others.  In addition, new securities may contain certain rights, preferences or privileges that are senior to those of our common stock.  We cannot assure you that we will be able to raise the working capital as needed in the future on terms acceptable to us, if at all.  Any inability to raise capital as needed would have a material adverse effect on our business, financial condition and results of operations.

CERTAIN AGREEMENTS TO WHICH WE ARE A PARTY AND WHICH ARE MATERIAL TO OUR OPERATIONS LACK VARIOUS LEGAL PROTECTIONS WHICH ARE CUSTOMARILY CONTAINED IN SIMILAR CONTRACTS PREPARED IN THE UNITED STATES.

Our subsidiaries include companies organized under the laws of the PRC and which conduct all of their business and operations in the PRC and Hong Kong.  We are a party to certain contracts related to our operations in the PRC and Hong Kong.  While these contracts contain the basic business terms of the agreements between the parties, these contracts do not contain certain clauses which are customarily contained in similar contracts prepared in the United States.  These clauses include representations and warranties of the parties, confidentiality and non-compete clauses, provisions outlining events of defaults and termination provisions.  In addition, remedies and dispute resolution mechanisms in our contracts are typically vague, rendering enforcement of these contracts difficult. Because our contracts in the PRC omit these customary clauses, notwithstanding the differences in Chinese and U.S. laws, we may not have the same legal protections as we would if the contracts contained these additional clauses.  We anticipate that our Chinese and Hong Kong subsidiaries will likely enter into contracts in the future which will likewise omit these customary legal protections.  While we have not been subject to any material adverse consequences as a result of the omission of these customary clauses, and we generally consider the contracts to which we are a party to contain all the material terms of our business arrangements with the other party, future events may occur which lead to a dispute which could have been avoided if the contracts included customary clauses in conformity with U.S. standards.  Contractual disputes which may arise from this lack of legal protection could divert management's time from the operation of our business, require us to expend funds attempting to settle a possible dispute, limit the time our management would otherwise devote to the operation of our business, and have a material adverse effect on our business, financial condition and results of operations.
 
 
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WE DEPEND ON OUR KEY MANAGEMENT PERSONNEL AND THE LOSS OF THEIR SERVICES COULD ADVERSELY AFFECT OUR BUSINESS.

Our future performance depends substantially on the services of our senior management and other key personnel, as well as our ability to retain and motivate them. The loss of the services of any of our executive officers, including a Chairman and CEO, or other key employees could have a material adverse effect on our business, results of operations and financial condition. Although we entered into a three-year employment agreement with Kexuan Yao, our Chairmen of the Board, President, and Chief Executive Officer and pursuant to such employment agreement we will purchase on the life of Kexuan Yao up to $50 million of key man life insurance with the Company as the beneficiary of the death benefit, we cannot guarantee that these measures will sufficiently secure Kexuan Yao’s services with us or remedy the loss of the services of Kexuan Yao if that occurs.

Our business depends on attracting and retaining key personnel. Our future success also will depend on our ability to attract, train, retain and motivate highly skilled technical, managerial, sales, and customer support personnel. Competition for these personnel is intense, and we may be unable to successfully attract, integrate, or retain sufficiently qualified personnel.
 
IF OUR CUSTOMERS DO NOT COMPLY WITH THEIR EXISTING COMMERCIAL CONTRACTS AND COMMITMENTS, IT COULD HAVE A MATERIAL ADVERSE EFFECT ON OUR BUSINESS, FINANCIAL CONDITION AND RESULTS OF OPERATIONS.

Most consumers of the metals products we sell have been adversely impacted by the global recession and related economic downturn.  Many of our customers have experienced reductions in their operations.  Prices for many of the metals products we sell have declined, in some instances substantially.  These factors have contributed to attempts by some of our customers to seek renegotiation or cancellation of their existing purchase commitments.  In addition, some of our customers have breached previously agreed upon contracts to buy our products by refusing delivery of the products.  Where appropriate, we will in the future pursue litigation to recover our damages resulting from customer contract defaults, although the success of any such litigation and our ultimate ability to recover for contractual breaches is uncertain.  If a large number of our customers were to default on their existing contractual obligations to purchase our products, it would have a material adverse effect on our business, financial condition and results of operations.
 
Risks Related To Doing Business in the PRC
 
A SUBSTANTIAL PORTION OF OUR ASSETS AND OPERATIONS ARE LOCATED IN THE PRC AND ARE SUBJECT TO CHANGES RESULTING FROM THE POLITICAL AND ECONOMIC POLICIES OF THE PRC GOVERNMENT.

Our business operations could be restricted by the political environment in the PRC.  The PRC has operated as a socialist state since 1949 and is controlled by the Communist Party of China.  In recent years, however, the government has introduced reforms aimed at creating a "socialist market economy" and policies have been implemented to allow business enterprises greater autonomy in their operations.  Changes in the political leadership of the PRC may have a significant effect on laws and policies related to the current economic reform programs, the other policies affecting business and the general political, economic and social environment in the PRC, including the introduction of measures to control inflation, changes in the rate or method of taxation, the imposition of additional restrictions on currency conversion and remittances abroad, and foreign investment.  The PRC's economy has experienced significant growth in the past decade, although growth has recently been slowing.  Moreover, economic reforms and growth in the PRC have been more successful in certain provinces than in others, and the continuation or increases of such disparities could affect the political or social stability of the PRC.
 
 
14
 
 
Because these economic reform measures may be inconsistent or ineffective, there are no assurances that:

 
•
the Chinese government will continue its pursuit of economic reform policies;
 
•
economic policies, even if pursued, will be successful;
 
•
policies will not be significantly altered from time to time; or
 
•
operations in the PRC will not become subject to the risk of nationalization.

Although we believe that the economic reform and the macroeconomic measures adopted by the Chinese government have had a positive effect on the economic development of the PRC, the future direction of these economic reforms is uncertain and the uncertainty may have a material adverse effect on our business, results of operations and financial condition.

We cannot assure you that we will be able to capitalize on these economic reforms, assuming the reforms continue.  Because our business model is dependent upon the continued economic reform and growth in the PRC, any change in Chinese government policy could have a material adverse effect on our business, financial condition and results of operations.  Even if the Chinese government continues its policies of economic reform, there are no assurances that economic growth in the PRC will continue or that we will be able to take advantage of these opportunities in a fashion that will provide financial benefit to us.

THE CHINESE GOVERNMENT EXERTS SUBSTANTIAL INFLUENCE OVER THE MANNER IN WHICH OUR CHINESE SUBSIDIARIES MUST CONDUCT THEIR BUSINESS ACTIVITIES.

The PRC has permitted provincial and local economic autonomy and private economic activities.  The government of the PRC has exercised and continues to exercise substantial control over virtually every sector of the Chinese economy through regulation and state ownership.  Accordingly, government actions in the future, including any decision not to continue to support recent economic reforms and to return to a more centrally planned economy or regional or local variations in the implementation of economic policies, could have a significant effect on economic conditions in the PRC or particular regions of the PRC, and could require us to operate our business differently, including by requiring us to divest ourselves of any interest we then hold in our Chinese subsidiaries.

FLUCTUATION IN THE VALUE OF THE RENMINBI (RMB)  MAY HAVE A MATERIAL ADVERSE EFFECT ON YOUR INVESTMENT.
 
The change in value of the RMB, the main currency in the PRC, against the U.S. dollar and other currencies is affected by, among other things, changes in the PRC’s political and economic conditions. Under the current PRC policy, the RMB is permitted to fluctuate within a narrow and managed band against a basket of certain foreign currencies. This policy has resulted in the appreciation of the RMB against the U.S. dollar. While the international reaction to the RMB revaluation has generally been positive, there remains significant international pressure on the Chinese government to adopt an even more flexible currency policy, which could result in a further and more significant appreciation of the RMB against the U.S. dollar. Because a significant portion of our costs and expenses is denominated in RMB, any potential future revaluation could further increase our costs and have a material adverse effect on our business, financial condition and results of operations.
 
 
15
 

RESTRICTIONS ON CURRENCY EXCHANGE LIMIT OUR ABILITY TO RECEIVE AND USE OUR REVENUES EFFECTIVELY.  WE MAY NOT HAVE READY ACCESS TO CASH ON DEPOSIT IN BANKS IN THE PRC.

Because a substantial portion of our revenues are in the form of RMB, any future restrictions on currency exchanges may limit our ability to use revenue generated in RMB to fund any future business activities outside the PRC or to make dividend or other payments in U.S. dollars.  Although the Chinese government introduced regulations in 1996 to allow greater convertibility of the RMB for current account transactions, significant restrictions still remain, including primarily the restriction that foreign-invested enterprises may only buy, sell or remit foreign currencies, after providing valid commercial documents, at those banks authorized to conduct foreign exchange business.  In addition, conversion of RMB for capital account items, including direct investment and loans, is subject to government approval in the PRC, and companies are required to open and maintain separate foreign exchange accounts for capital account items.  We cannot be certain that we could have ready access to the cash should we wish to transfer it to bank accounts outside the PRC nor can we be certain that the Chinese regulatory authorities will not impose more stringent restrictions on the convertibility of the RMB, especially with respect to foreign exchange transactions.  As a result, we may suffer delays in our ability to meet our obligations outside the PRC and may be required to seek additional amounts of borrowings to fund our operations outside the PRC.

WE MAY BE UNABLE TO ENFORCE OUR RIGHTS DUE TO POLICIES REGARDING THE REGULATION OF FOREIGN INVESTMENTS IN THE PRC.

The PRC's legal system is a civil law system based on written statutes in which decided legal cases have little value as precedent, unlike the common law system prevalent in the United States.  The PRC does not have a well-developed, consolidated body of laws governing foreign investment enterprises.  As a result, the administration of laws and regulations by government agencies may be subject to considerable discretion and variation, and may be subject to influence by external forces unrelated to the legal merits of a particular matter.  The PRC's regulations and policies with respect to foreign investments are evolving.  Definitive regulations and policies with respect to such matters as the permissible percentage of foreign investment and permissible rates of equity returns have not yet been published.  Statements regarding these evolving policies have been conflicting and any such policies, as administered, are likely to be subject to broad interpretation and discretion and to be modified, perhaps on a case-by-case basis.  The uncertainties regarding such regulations and policies present risks which may affect our current operations and future plans in the PRC and elsewhere.  If we are unable to enforce any legal rights we may have under our contracts or otherwise, our ability to compete with other companies in the steel industry and the other industries in which we compete could be severely limited.  As a consequence, we would experience a loss of revenue in future periods which could have a material adverse effect on our business, financial condition and results of operations.

BECAUSE THERE IS LIMITED BUSINESS AND LITIGATION INSURANCE COVERAGE AVAILABLE IN THE PRC, ANY BUSINESS DISRUPTION OR LITIGATION WE EXPERIENCE MIGHT RESULT IN OUR INCURRING SUBSTANTIAL COSTS AND DIVERTING SIGNIFICANT RESOURCES TO HANDLE SUCH DISRUPTION OR LITIGATION.

While business disruption insurance may be available to a limited extent in the PRC, we have determined that the risks of disruption and the difficulties and costs associated with acquiring such insurance render it commercially impractical for us to have such insurance.  As a result, we do not have any business liability or business disruption coverage for our operations in the PRC.  Accordingly, any business disruption or litigation might result in our incurring substantial costs and the diversion of resources.

CHINESE REGULATIONS RELATING TO OFFSHORE INVESTMENT ACTIVITIES BY CHINESE RESIDENTS AND EMPLOYEE STOCK OPTIONS GRANTED BY OVERSEAS-LISTED COMPANIES MAY INCREASE OUR ADMINISTRATIVE BURDEN.  IF OUR SHAREHOLDERS WHO ARE CHINESE RESIDENTS, OR OUR PRC EMPLOYEES WHO ARE GRANTED OR EXERCISE STOCK OPTIONS, FAIL TO MAKE ANY REQUIRED REGISTRATIONS OR FILINGS, WE MAY BE UNABLE TO DISTRIBUTE PROFITS AND MAY BECOME SUBJECT TO LIABILITY UNDER CHINESE LAWS.

The State Administration of Foreign Exchange ("SAFE") has promulgated regulations that require Chinese residents and PRC corporate entities to register with local branches of SAFE in connection with their direct or indirect offshore investment activities.  Under the SAFE regulations, Chinese residents who make, or have previously made, direct or indirect investments in offshore companies will be required to register those investments.  In addition, any Chinese resident who is a direct or indirect shareholder of an offshore company is required to file or update the registration with the local branch of SAFE with respect to that offshore company regarding certain material changes to the capital of the offshore company.  If any Chinese shareholder fails to make the required SAFE registration or file or update the registration, the Chinese subsidiaries of that offshore parent company may be prohibited from distributing their profits and the proceeds from any reduction in capital, share transfer or liquidation to their offshore parent company.  In addition, the offshore parent company may also be prohibited from injecting additional capital into its Chinese subsidiaries.  Moreover, failure to comply with the various SAFE registration requirements described above could result in liability under Chinese laws for evasion of applicable foreign exchange restrictions.
 
 
16
 
 
We cannot provide any assurances that all of our shareholders who are Chinese residents will make or obtain any applicable registrations or approvals required by these SAFE regulations.  The failure or inability of our Chinese resident shareholders to comply with the registration procedures set forth therein may subject us to fines and legal sanctions, restrict our cross-border investment activities, or limit our Chinese subsidiaries' ability to distribute dividends or obtain foreign-exchange-denominated loans used by our company.

On March 28, 2007, SAFE promulgated the Application Procedure of Foreign Exchange Administration for Domestic Individuals Participating in Employee Stock Holding Plan or Stock Option Plan of Overseas Listed Company (the "Stock Option Rule"), to regulate foreign exchange procedures for Chinese individuals participating in employee stock holding and stock option plans of overseas companies.  Under the Stock Option Rule, a Chinese domestic individual must comply with various foreign exchange procedures through a domestic agent institution when participating in any employee stock holding plan or stock option plan of an overseas listed company.  Certain domestic agent institutions, such as the Chinese subsidiaries of an overseas listed company, a labor union of such company that is a legal person or a qualified financial institution, among others things, shall file with SAFE and be responsible for completing relevant foreign exchange procedures on behalf of Chinese domestic individuals.  These procedures include but are not limited to applying to obtain SAFE approval for exchanging foreign currency in connection with owning stock or stock option exercises.  Concurrent with the filing of such applications with SAFE, the Chinese subsidiary, as a domestic agent, must obtain approval from SAFE to open a special foreign exchange account at a Chinese domestic bank to hold the funds in connection with the stock purchase or option exercise, any returns based on stock sales, any stock dividends issued and any other income or expenditures approved by SAFE.  Chinese subsidiaries are also required to obtain approval from SAFE to open an overseas special foreign exchange account at an overseas trust bank to hold overseas funds used in connection with any stock purchase.

Under the Stock Option Rule, all proceeds obtained by Chinese domestic individuals from sales of stock shall be fully remitted back to the PRC after relevant overseas expenses are deducted.  The foreign exchange proceeds from these sales can be converted into RMB or transferred to the individual's foreign exchange savings account after the proceeds have been remitted back to the special foreign exchange account opened at the Chinese domestic bank.  If the stock option is exercised in a cashless exercise, the Chinese domestic individuals are required to remit the proceeds to the special foreign exchange account.  We and our Chinese employees who have been granted stock options are subject to this Stock Option Rule.  If we or our Chinese employees holding options fail to comply with these regulations, we or our employees may be subject to fines and legal sanctions.

 FUTURE INFLATION IN THE PRC MAY INHIBIT ECONOMIC ACTIVITY IN THE PRC.

In recent years, the Chinese economy has experienced periods of rapid expansion and high rates of inflation.  These factors have led to the adoption by the Chinese government, from time to time, of various corrective measures designed to restrict the availability of credit or regulate growth and contain inflation.  While inflation has been more moderate since 1995, high inflation in the future could cause the Chinese government to impose controls on credit and/or prices, or to take other action, which could inhibit economic activity in the PRC.  Any actions by the Chinese government to regulate growth and contain inflation could have the effect of limiting our ability to operate our business in future periods.
 
 
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Risks Related To Our Stock Performance
 
OUR STOCK PRICE IS HIGHLY VOLATILE.
 
The market price of our common stock is volatile, and this volatility may continue. Numerous factors, many of which are beyond our control, may cause the market price of our common stock to fluctuate significantly. In addition to market and industry factors, the price and trading volume for our common stock may be highly volatile for factors that are specific to our company.  These factors include but are not limited to our low public float, that we have a controlling shareholder, our recent financial performance and the heightened regulatory scrutiny that certain companies with significant operations in China are experiencing in the United States.  These and other factors could cause the market price for our shares to change substantially.

Securities class action litigation is often instituted against companies following periods of volatility in their stock price. This type of litigation could result in substantial costs to us and divert our management's attention and resources.

Moreover, the trading market for our common stock will be influenced by research or reports that industry or securities analysts publish about us or our business. If one or more analysts who cover us downgrade our common stock, the market price for our common stock would likely decline. If one or more of these analysts cease coverage of us or fail to regularly publish reports on us, we could lose visibility in the financial markets, which, in turn, could cause the market price for our common stock or trading volume to decline.

Furthermore, securities markets may from time to time experience significant price and volume fluctuations for reasons unrelated to operating performance of particular companies. These market fluctuations may adversely affect the price of our common stock and other interests in our company at a time when you want to sell your interest in us.

WE MAY HAVE DIFFICULTY ESTABLISHING ADEQUATE MANAGEMENT, LEGAL AND FINANCIAL CONTROLS IN THE PRC.

Our personnel employed in China are generally unfamiliar Western styles of management and financial reporting concepts and practices, which include sufficient corporate governance, internal controls and computer, financial and other control systems.  In addition, we may have difficulty in hiring and retaining a sufficient number of qualified employees to work in the PRC, as we compete for global talent with larger and more well funded enterprises.  As a result of these factors, we may experience difficulties in establishing management, legal and financial controls, collecting financial data and preparing financial statements, books of account and corporate records and instituting business practices that meet Western standards and applicable law in connection with our operations and our potential future acquisitions, if any.  Therefore, we are likely to experience difficulties in implementing and maintaining adequate internal controls.  Any such deficiencies, weaknesses or lack of compliance could have a material adverse effect on our business, financial condition and results of operations.

FAILURE TO COMPLY WITH THE UNITED STATES FOREIGN CORRUPT PRACTICES ACT COULD SUBJECT US TO PENALTIES AND OTHER ADVERSE CONSEQUENCES.

We are subject to the United States Foreign Corrupt Practices Act, which generally prohibits United States companies from engaging in bribery or other prohibited payments to foreign officials for the purpose of obtaining or retaining business.  We have implemented these policies through our Code of Conduct.  Corruption, extortion, bribery, pay-offs, theft and other fraudulent practices occur from time-to-time in the PRC.  While we make every effort to comply with FCPA and our Company Code of Conduct, we can make no assurance that our employees or other agents will not engage in such conduct for which we might be held responsible.  If our employees or other agents are found to have engaged in such practices, we could suffer severe penalties and other consequences that will likely have a material adverse effect on our business, financial condition and results of operations.
 
 
18
 
 
Risks Related to our Securities
 
PROVISIONS OF OUR ARTICLES OF INCORPORATION AND BYLAWS MAY DELAY OR PREVENT A TAKEOVER WHICH MAY NOT BE IN THE BEST INTERESTS OF OUR STOCKHOLDERS.

Provisions of our Articles of Incorporation and Bylaws may be deemed to have anti-takeover effects, which include when and by whom special meetings of our stockholders may be called, and may delay, defer or prevent a takeover attempt.  In addition, certain provisions of the Nevada Revised Statutes also may be deemed to have certain anti-takeover effects which include that control of shares acquired in excess of certain specified thresholds will not possess any voting rights unless these voting rights are approved by a majority of a corporation's disinterested stockholders.  Further, our Articles of Incorporation authorizes the issuance of up to 1,000,000 shares of preferred stock with such rights and preferences as may be determined from time to time by our Board of Directors in their sole discretion.  Our Board of Directors may, without stockholder approval, issue series of preferred stock with dividends, liquidation, conversion, voting or other rights that could adversely affect the voting power or other rights of the holders of our common stock.

OUR CONTROLLING SECURITY HOLDERS MAY TAKE ACTIONS THAT CONFLICT WITH YOUR INTERESTS.

Our officers and directors beneficially own approximately 45.4% in the aggregate of our common stock.  In this case, all of our officers and directors together will then likely be able to exercise control over all matters requiring stockholder approval, including the election of directors, amendment of our Articles of Incorporation and approval of significant corporate transactions, and they will have significant control over our management and policies.  The directors elected by these security holders will be able to significantly influence decisions affecting our capital structure.  This control may have the effect of delaying or preventing changes in control or changes in management, or limiting the ability of our other security holders to approve transactions that they may deem to be in their best interest.
 
ITEM 1B.         UNRESOLVED STAFF COMMENTS.

Not applicable to a smaller reporting company.
 
ITEM 2.           PROPERTIES.
 
Our principal executive offices in the United States are located at One Waters Park Drive, Suite 98, San Mateo, CA 94403.  We paid rent of $3,645 per month for 2011 and will pay rent of $3,743 per month for 2012 and $3,842 per month for 2013 to occupy a 1,970 square foot office pursuant to a lease that expires in December 2013.
 
Henan Armco operates from offices located in Zhengzhou, within the Henan Province of the PRC.  The office space consists of three suites with approximately 5,611 square feet in total.  Henan Armco owns two suites with approximately 3,713 square feet and leases another suite with approximately 1,898 square feet from Mr. Yao, our Chairman and CEO, pursuant to a lease with a three-year term till December 31, 2014 after the prior lease expired on December 31, 2011.  The monthly rent is approximately $1, 582, due on the last day of the previous month.

Our subsidiary, Armco (Lianyungang) Renewable Metals, Inc. (“Renewable Metals”), performs certain operational functions from offices located in Lianyungang, of the Jiangsu province in the PRC.

Renewable Metals has acquired land use rights for approximately 32 acres of land located in Lianyungang upon which the Facility is located pursuant to a land use right acquirement agreement dated September 28, 2007.  The land use rights allow for industrial production pursuant to a land use rights certificate we obtained in November 2007.  The land use rights expire in 2057.  We occupy a 14,779 square foot building which we constructed on this land that houses our Facility, our scrap metal recycling administrative offices and an employee dormitory.

Our subsidiary, Armco Metals (Shanghai) Holdings. Ltd., or Armco Shanghai, leases a suite in Shanghai with approximately 3,333 square feet. The rent is approximately $8,850 per month, and the lease is renewable annually.
 
ITEM 3.           LEGAL PROCEEDINGS.
 
Except as described below, we are not a party to any pending legal proceedings and, to our knowledge, none of our officers, directors or principal shareholders are party to any legal proceeding in which they have an interest adverse  to us.
 
 
19
 
 
Our company and our directors were a party to a lawsuit filed on September 16, 2010 by Crawford Shaw in the U.S. District Court, District of Nevada (Case No.: 2:10-cv-01581-JCM-RJJ), which seeks unspecified damages, injunctive relief and appointment of a receiver.  The complaint alleges that the defendants engaged in common law fraud, civil conspiracy and conspiracy to commit securities fraud against our stockholders as a result of a failure to disclose the removal of a restrictive legend on 1.3 million shares of common stock Mr. Yao owned and pledged as collateral for a loan transaction with the Crisnic Fund, SA. The allegations in this complaint stem from a purported stock loan transaction where Crisnic Fund, SA was to loan, and Mr. Yao was to borrow, $2.5 million.  In connection with that loan, Mr. Yao pledged his personal shares of our common stock to Crisnic Fund, SA and believing he entered into a debtor-creditor agreement, relied on legal counsel arranged for by Crisnic Fund, SA’s agent, to instruct our transfer agent to remove the restrictive legend on the 1.3 million shares of stock. Subsequently, Mr. Yao filed a lawsuit in the Federal District Court for the Central District of California (Case No.: SACV 10-1299 (JCGx) seeking, among other things, to rescind the loan when he believed that the Crisnic Fund, SA may have sold all or a portion of the 1.3 million shares of our stock in violation of Federal securities laws. The lawsuit against the Crisnic Fund, SA and its founder and principal Anthony Gentile is in its early stages.  The defendants in this case have resisted service of process, failed to comply with discovery and are contesting the Court’s jurisdiction over them. Consequently, Mr. Yao has yet to ascertain if any or all of the 1.3 million shares of our common stock he pledged has been sold. Once Mr. Yao and our company learn of the disposition of the 1.3 million shares of stock, Mr. Yao will file the required reports with the SEC, if any are required.

On October 12, 2010, the Company filed a motion to dismiss the complaint filed by Mr. Shaw on grounds that, among other things, the Complaint failed to state a claim for relief.  Subsequent to the filing of the motion to dismiss, Mr. Shaw’s counsel withdrew from the lawsuit and at a hearing to consider this motion the District Court ordered Mr. Shaw to obtain new counsel by November 19, 2010 and file a response to our motion to dismiss by December 6, 2010 before ruling on our motion to dismiss.  On January 24, 2011, the United States District Court granted the Company’s motion to dismiss the complaint against the Company without prejudice.  On March 3, 2011, the Court dismissed the lawsuit against the Company’s officers and directors without prejudice on grounds that the plaintiff failed to serve the complaint.
 
ITEM 4.           MINE SAFETY DISCLOSURES.

The Company is not required to provide disclosures required by this Item.
 
PART II
 
ITEM 5.           MARKET FOR REGISTRANT’S COMMON EQUITY, RELATED STOCKHOLDER MATTERS AND ISSUER PURCHASES OF EQUITY SECURITIES.
 
Our common stock is listed on the NYSE Amex LLC under the symbol “CNAM”.  The following table sets forth the reported high and low closing prices for our common stock as reported for the periods indicated below.  These prices below do not include retail mark-ups, markdowns or commissions, and may not necessarily represent actual transactions.

   
High
    
Low
  
January 1, 2010 to March 31, 2010
     $9.64       $3.05  
April 1, 2010 to June 30, 2010
     $9.03       $2.90  
July 1, 2010 to September 30, 2010
     $4.23       $2.94  
October 1, 2010 to December 31, 2010
     $4.57       $2.78  
                 
January 1, 2011 to March 31, 2011
     $4.14       $2.35  
April 1, 2011 to June 30, 2011
     $2.53       $1.26  
July 1, 2011 to September 30, 2011
     $1.68       $0.41  
October 1, 2011 to December 31, 2011
     $0.55       $0.27  
 
 
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As of March 21, 2012, the last reported sale price of the common stock on NYSE Amex was $0.60.  As of March 21, 2012, there were approximately 68 stockholders of record of our common stock.

Dividend Policy
 
We have not declared any cash dividends on our common stock.  Under Nevada law, we are prohibited from paying dividends if the distribution would result in our company not be able to pay its debts as they become due in the usual course of business or if our total assets would be less than the sum of our total liabilities plus the amount that would be needed, if we were to be dissolved at the time of distribution, to satisfy the preferential rights upon dissolution of stockholders whose preferential rights are superior to those receiving the distribution.  We currently intend to retain and use any future earnings for the development and expansion of our business and do not anticipate paying any cash dividends in the foreseeable future.  Our board of directors has complete discretion on whether to pay dividends.  Even if our board of directors decides to pay dividends, the form, frequency and amount will depend upon our future operations and earnings, capital requirements and surplus, general financial condition, contractual restrictions and other such factors that the board of directors may deem relevant.

Recent Sales of Unregistered Securities.  None.
 
ITEM 6.           SELECTED FINANCIAL DATA.
 
Not applicable to a smaller reporting company.
 
ITEM 7.           MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS.
 
The following discussion and analysis of our consolidated financial condition and results of operations for the years ended December 31, 2011 and 2010 should be read in conjunction with the consolidated financial statements, including footnotes, and other information presented elsewhere in this Form 10-K.  The year ended December 31, 2011 is referred to as “2011,” the year ended December 31, 2010 is referred to as “2010,” and the coming year which will end December 31, 2012 is referred to as “2012.”

OVERVIEW OF OUR PERFORMANCE AND OPERATIONS

Our Business and Recent Developments

We import, sell and distribute to the metal refinery industry in the PRC a variety of metal ore which includes iron, chrome, nickel, copper and manganese ore as well as non-ferrous metals, scrap metals and coal.  We obtain these raw materials from global suppliers primarily in Brazil, India, Indonesia, Ukraine and the United Sates and distribute them in the PRC.  We also recycle scrap metal used by steel mills in the production of recycled steel.

In 2011, there were many major events in the world’s economy adversely affecting the global steel industry, including, but not limited to, the European debt crisis, the slow economic recovery in the United States, rising inflation in the Chinese economy and real estate and financial market turmoil. China’s 12th five-year period (2011-2015, “5 Year Plan”) commenced in 2011, and China’s steel industry initially responded with fast growth in the first half year but in the second half, especially the fourth quarter, plunged dramatically as the Chinese government tightened monetary and other controls amid a deteriorating European economic environment and debt crisis.
 
Demand for iron ore was erratic throughout 2011 as the global steel industry reacted to these adverse conditions. As a result, the market for iron ore correspondingly collapsed with the decrease in demand for steel, particularly in the fourth quarter of 2011. The prices for other main metal ores such as manganese and chrome ores in China have also suffered a continuous downtrend in pricing during 2011. While the pricing in the iron ore market has regained general stability, the industry is still adjusting to be new pricing structure which changed from annual to monthly pricing to more accurately reflect market demand for the period. Pricing for iron and other ores was consequently initiated by the major ore suppliers. This change created unavoidable short-term fluctuations that adversely affected the management of demand for such ores by our customers and their operations. In response to this unexpected and highly volatile environment, we have been constantly adjusting our operations and strategies manage our risk exposure, particularly with respect to our metal ores trading business.
 
 
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In instituting these new operational changes, we have sort to manage market risk while operating at a moderate gross margin. These changes include, but are not limited to, greater reliance on short-term market and trend analysis and greater selectivity both with respect to suppliers and customers who under certain circumstances may be forced not to honor our previously agreed upon contractual terms. Such actions are not only taken by smaller companies, but when the market prices have declined sharply, even the state owned steel mills will seek to void their contractual obligations or force us to reduce the price. As a normal business practice in order to minimize these risks, we seek to secure more customer deposits and other terms that minimize the market price movement risk.

Throughout 2011, pricing for the China’s scrap metal market fluctuated radically as it reacted to a more complex market environment. As a result, our results of operations for 2011 were dramatically adversely affected. In 2011, Chinese steel mills purchase 93% of its scrap metals from domestic suppliers with imports accounting for only 7% 1. With the domestic steel mills relying on local resources, scrap imports maintained only a supplementary role in China with scrap of 6.76 million metric tons (“MT”). The primary suppliers were United States (41.06%) and Japan (33.43%) 2. Commencing in 2011, the Chinese government levied a 17% VAT on scrap, which in combination with the appreciation of the RMB, increased pricing for scrap imports by 15.71% compared to back in 2010. With such price increases and volatility, we found it difficult to compete on a profitable basis. As a whole, the factors described above adversely impacted our results of operations for the year ended December 31, 2011.

To mitigate our risks, however, we have been working on building a local supply network near our recycling facility and establishing a global supply channel to provide for the purchase of an expanding and secure source of scrap product. While the market environment for our scrap recycling business has become more challenging and remains subject to uncertainties created by world events, we believe that we have taken the necessary steps to improve our operations which will enable us to meet our expectations of profitability for our recycling business. While we can offer no certainty that our operational changes to date will continue to be effective in managing future risks, early indicators regarding our recycling business underlies such belief. Gross margin for the fourth quarter of 2011 in the recycling business increased significantly to 16% from 4% compared to the same period of 2010, although we do not expect such margins to be sustainable in the future.

            We continue to refine our business model in response to fluctuations in market prices.  We seek to secure longer term supply contracts in response to known opportunities rather than sell goods purchased in the spot market.  Wherever possible, we seek to structure transaction-specific terms with our customers in order to better manage our risk and to ensure an acceptable profit margin.  While this strategy can limit certain trading opportunities, we believe that it will enhance our competitive position as the market for ore prices recovers. In implementing this strategy in 2011 we added 10 new customers, nine of which are located in the Jiangsu province of the PRC. These customers, along with our growing base of customers throughout China, will help us meet our goal of obtaining a strong market and brand position in the metal ore trading and recycled scrap metals market. In the third and fourth quarters of 2011, in response to the market change and decrease in demand from our customers, we limited our purchases to manage both the price and market risks. We are also evaluating other methods to manage market and price risks in the future, such as hedging.

We formally commenced the operation of our scrap metal recycling facility in the Banqiao Industrial Zone of Lianyungang Economic Development Zone in the Jiangsu province of the PRC (the “Facility”) late in the third quarter of 2010.  As a result, no comparisons can be made with respect to prior comparable periods for the year ended December 31, 2010.  The Facility recycles automobiles, machinery, building materials, dismantled ships and various other scrap metals.  We sell and distribute the recycled scrap metal to the metal refinery industry in the PRC, utilizing our existing network of metal ore customers while successfully expanding our customer base. In 2011, our net revenue and gross profit in the scrap metal recycling business was $43.7 million and $2.9 million, respectively.  We sold approximately 91,283MT of scrap metal in 2011. For the fourth quarter of 2011, our scrap metal recycling business sold approximately 14,681MT of scrap metals, generating approximately $6.9 million of revenue and $1.1 million of gross profit.
 
 
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We continue to believe that our recycling business will become a strong growth driver for our company as natural resources continue to be depleted and larger amounts of unprocessed scrap metal become available as a result of increases in consumer demand for products made from steel that eventually are recycled.  We also believe the profit margin of our recycling business will gradually stabilize and could further increase as we gain more experience in operating our Facility, marketing our products and establishing our reputation and presence in the recycled scrap metal industry. We have conducted a series of cost testing and variance analysis to improve our cost control and implement precise management in our recycling operations.

1. http://info.china.alibaba.com/news/detail/v6-d1022974847.html
 2.  http://www.mysteel.net/article/ll/list-c030302-b-p2.html
In 2011, approximately 90% of the raw materials for our recycling business were purchased from domestic suppliers and market in the PRC.  We have developed a strategy to expand our sources of raw material acquisition and to establish a supply chain network locally to increase and stabilize the availability of raw materials near and for our recycling operation. In furtherance of this strategy, in June 2011 we signed a lease agreement to manage, operate and control a scrap recycling facility in the area.  This facility is capable of recycling scrap metals and will increase our control over the local supply of recycled and raw materials and has supplied over 4,259 MT scrap metals since October 2011. Additionally, by the end of 2011, we have entered into three other lease arrangements with local scrap recyclers and were in negotiations with five other comparable scrap recyclers in the area.  Each such small scrap recycling facility is expected to be able to acquire and process scrap metals 1,000 MT monthly. We also expanded our purchase from overseas markets, acquiring approximately 10,000 MT of unprocessed scrap metals for the year ended December 31, 2011. We expect to continue to expend resources to build our overseas supply channels, particularly in Brazil and other Latin American countries.
 
We invested a total of approximately $48.6 million in the aggregate to acquire land use rights and to construct and purchase equipment for the Facility.  These capital expenditures were funded from a portion of the net proceeds we received from sales of securities and debt and vendor financing.  In 2011, we continued to build on our achievements from the prior year in our continuing efforts to secure financing for our business.  We maintain nine bank facilities, which provide for the issuance of commercial lines of credit for letters of credit in the aggregate amount of $110 million with approximately $78 million available to us at December 31, 2011.  These bank facilities improve our ability to finance our continued business expansion and help us develop our brand in the industries we operate in.

 
Update on our investment in Apollo Minerals

On June 8, 2010, we entered into a subscription agreement to acquire up to a 19.9% stake in Apollo Minerals Limited (“Apollo Minerals”), a publicly traded company on the Australian Stock Exchange. On July 19, 2010 Apollo Minerals issued to us 29,250,000 shares of its common stock in exchange for $4,387,500 (approximately $3.4 million). Apollo Minerals used the cash infusion to advance its exploration activities at its major iron ore project at Mount Oscar, which is located in the Pilbara region of West Australia (“Mount Oscar”).  Apollo Minerals has the rights to mine an iron ore deposit on Mount Oscar and also has mining rights for iron ore, gold and copper in the Gawler Craton region of South Australia at Commonwealth Hill.  In addition, Apollo Minerals also issued to us options to purchase an additional 5 million shares of its common stock at $0.25 (approximately $0.20) per share, half of which will vest on the first anniversary of issuance with the balance vesting on the second anniversary of issuance.  The options expire after five years, and we may only exercise them in order for the Company to maintain up to a 19.9% ownership stake in the event that Apollo Minerals issues additional common shares in the future.  As part of our investment, Apollo Minerals has agreed to give us the rights to purchase no less than 15% of the iron ore production from its mine at Mount Oscar at market rates.  We account for these securities as a cost method investment in our consolidated financial statements.
 
As of December 31, 2011, our ownership stake in Apollo Minerals decreased from 19.9% to 16.2% as a result of 23,545,454 new shares issued by Apollo Minerals to an investor for gross proceeds of $1,295,000.  The management of Apollo has advised us that the net proceeds received will be used for funding a maiden drilling program and project development scoping study for the Sequoia prospect at the Commonwealth Hill Iron Project. According to its public filings with the Australian Stock Exchange, Apollo has obtained all approvals necessary for exploration in the eastern half of its Commonwealth Hill tenements, covering an area ofapproximately 535 sq.km.
 
 
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In accordance with generally accepted accounting principles, we value marketable securities using Australia quoted market prices on Apollo Mineral stock. At December 31, 2011, the estimated fair value of the investment in Apollo Minerals was approximately ($1.76) million less than its original costs inclusive of ($1.98) million in impairment and $0.22 million of foreign currency transaction gain. While Apollo Minerals continues to make slow but steady progress in implementing its business plan, through our board participation, we concluded that the decline in the fair value was other than temporary and recorded the unrealized loss of marketable securities to (i) impairment – other than temporary of ($1.98) million in other income (loss) and (ii) foreign currency transaction gain in other income (loss) in the accompanying consolidated statements of operations and comprehensive income (loss).


Our Performance
 
During 2011, our net revenues were $106.2 million, representing an increase of approximately 54% from 2010.  Our gross profit, as a percentage of revenues, also increased during 2011 to 5.5%, compared to 3.6 % during 2010.   The gross profit margins for our metal ore trading business and scrap metal recycling business were approximately 4.9% and 6.4%, respectively, during 2011. Our net loss for 2011 was $3.3 million, compared to a net loss of $2.2 million for 2010.  The loss increased in 2011was mainly due to a recorded loss of $1.98 million sustained from the unrealized loss on our investment in Apollo Minerals. Our total assets at December 31, 2011 remained at approximately $95 million, comparable to that amount held at December 31, 2010. 

  Our performance for 2011 for our metal ore trading business was adversely affected by the slowdown of domestic steel production in the PRC and the change of the market pricing setting system described above.  During 2011, our trading business gross profit margin was approximately 6.4% for the first quarter of 2011, compared to 6.5% during same period of 2010, 4% for the second quarter of 2011, compared to 1% during same period of 2010, 2% for the third quarter of 2011, compared to 4% during the same period of 2010, and -23% for the fourth quarter of 2011 compared to 3% during the fourth quarter of 2010.  

Our performance in 2011 for our scrap metal recycling business was also adversely affect by the slowdown of domestic steel production and extreme market volatility. Nevertheless, our scrap metal recycling business profit margin for the fourth quarter was as high as 16%, although we do not expect such margins to be sustainable in the future. Because our scrap metal operations did not commence until late in the third quarter of 2010, there is no basis for comparison to 2010.
  
In addition to our capital lease obligation of $4.1 million, current maturities of capital lease obligation of $2.2 million and current maturities of long-term debt of $3.9 million for the Facility, we borrowed $14.9 million as of the end of 2011 from banks in the PRC on a short term basis to finance the purchase of inventory related to executed resale contracts.  These borrowings are secured by the inventory we purchase and the contracts for their sale.  This indebtedness is repaid upon receipt of payment from our customers.  In addition, our inventory increased by $22.9 million from 2010.  $19.5 million was attributable to increases in our metal ores inventory and our strategy to accumulate inventory (which includes raw materials, purchased merchandise for resale and finished goods) for our recycling operation, representing approximately $13 million.  We believe that the maintenance of such inventory levels for our recycling operation is normal for our current production level.  The iron ore products described above have been sold during the first quarter of 2012.  


Our Outlook

While our financial performance during 2011 showed an increased net loss primarily due to the write-down of our investment in Apollo Minerals, our sales increased significantly with improved gross margin in compared to 2010 in both our trading and recycling business.   We believe the investments we have made to diversify our revenue base will enable us to improve our overall performance in 2012.  Additionally, we believe our efforts to obtain a long-term and consistent supply sources through the establishment of relationships with Brazilian steel and mining companies will enable us to attain better gross margins in our metals trading and distribution business in the future.
 
 
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Metal Ore Trading.  Our metals ore distribution business witnessed high price corrections for metal ores in the PRC market before September of 2011and then plunge substantially in the last quarter of 2011. With the beginning of 2012, we have witnessed more stabilized pricing for iron ore amid the recovering market confidence and restocking activities by Chinese steel mills. Currently, the pricing for metal ores remains stable. Our net revenues for our metal ore trading business increased approximately 26% in 2011 to $62.5 million, compared to $49.7 million to 2010.  Our gross profit margin for our metal ore trading business increased approximately 10% to 4.8% for the fiscal year ended 2011, compared to 4.4% for the fiscal year ended 2010.    Despite the continued great uncertainties surrounding global economies, we believe the demand for iron ore on a global basis will grow in 2012.  We intend to continue our efforts to obtain consistent supply sources and secure longer term ore supply contracts with our customers.  We believe that these efforts will allow us to be more opportunistic in the metal ore market, enabling us to obtain increases to our gross margins in this business.

By February 17, 2012, China Armco had completed the shipment of 150,000 MT of iron ore. The shipment was purchased from Brazil with a purchase contract value of approximately $17 million. As of the date of this filing, the ore had already been sold to our customers in PRC upon favorable terms.

Scrap Metal Recycling.  We believe our scrap metal recycling operation can provide increased revenues and profitability in 2012 and subsequent years. Our recycling production started in the late of 2010 and increased steadily until the second quarter of 2011. Our operations were adversely affected in the third and fourth quarter in 2011 due to sharp price changes and market uncertainty. In response, our scrap metal customers temporarily reduced or postponed pre-order significantly while we also lowered our procurement and pre-selling sales to control our market risk. We believe that there is an opportunity to obtain supplies at these lower pricing levels as the demand recovers over time and we have sought to acquire such supply in anticipation of such recovery. In such event, we will be well positioned to capitalize by having taking advantage of the lower cost of the acquisition of supply.

We believe that we will benefit from the PRC governmental mandates to increase the use of scrap metal steel as it encourages the use of scrap as opposed to the use of iron ore to satisfy the demand for steel products per China’s 5 Year Plan and related national policies. Based upon this belief, we have started to stockpile raw materials to prepare for an increase in our recycling production. We have concentrated our efforts on streamlining our production and operations by developing standardized production processes, improving cost controls with greater precision and efficiencies. With the expected improvement of our supply chain management, we anticipate that our recycling operation will be the largest driver of revenues for the foreseeable future.  We intend to devote a significant amount of our resources towards the improvement of our operations and if appropriate, its expansion. At the same time, we will continue to pursue our strategy to create a local network of raw material suppliers for our Facility.    
 
While we believe our business is well positioned to grow in the coming years, we will need to continue our efforts to acquire sufficient liquidity to support that growth, although we can offer no assurances that we can acquire such capital on terms acceptable to us.

 
RESULTS OF OPERATIONS

The table below summarizes the consolidated operating results for 2011 and 2010.  The percentages represent each line item as an approximate percentage of net revenues unless otherwise noted.

   
For the Years Ended December 31,
              
   
2011
    
2010
    
$ Change
    
% Change
  
Net revenues
  
$
106,216,065
    
100
%
  
$
68,786,790
    
100
%
  
$
37,429,275
      
54.4
%
Cost of goods sold
    
100,363,253
      
94.49
%
    
66,325,780
      
96.49
%
    
34,037,473
      
51.3
%
Gross profit
    
5,852,812
      
5.51
%
    
2,461,010
      
3.6
%
    
3,391,802
      
137.8
%
                                                 
Total operating expenses
    
6,763,932
      
6.37
%
    
4,820,376
      
7.0
%
    
1,943,556
      
40.3
%
Operating income (loss)
    
(911,120
)
   
0.86
%
    
(2,359,366)
      
-3.4
%
    
1,448,246
      
61.4
%
 
 
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Net Revenues

Net revenues in 2011 increased by $37.4 million to $106.2 million compared to 2010, primarily due to an approximately $24.2 million increase in the sale of scrap metals, a $11.1 million increase in sale of iron pellets, a $4.6 million increase in the sale of chrome ore and a $2.2 million increase in the sale of iron ore.  The increases were partially offset by a decrease in manganese ore sales of $3.5 million.  Our recycling business generated net revenues of approximately $43.7 million in 2011.

The increases in scrap metals sales are attributable to our new production and sales from our scrap recycling business which commenced operation in the late September of 2010.  (The increases in iron pellets and chrome ore sales were resulted from our effort to attract new customers, as well as current customers who purchased new or greater quantities than previously from us.

Cost of Goods Sold

Cost of goods sold includes the cost of the products we purchase from our vendors, shipping and handling costs on shipments to our customers, port charges, depreciation of certain of our machinery and equipment and other direct product cost.  Cost of goods sold of $100.4 million increased by $34.0 million compared to 2010, primarily due to a $37.4 million increase in net revenues.  This increase was partially offset by an increase in gross margins to 5.5% in 2011 from 3.6% in 2010, due primarily to higher margins on iron ore and manganese ore sales, and sales of scrap metal valued at $43.7 million in 2011 with a gross margin of 6.6%.
 
Total Operating Expenses

Operating expenses of $6.8 million in 2011 increased by $1.9 million, or 40%, compared to 2010 primarily due to an increase in operating cost of our idle manufacturing facility of $1.9 million, an increase in general and administrative expenses of $0.71 million, and an increase in professional fees of $0.15 million including legal fees, audit fees, investor relations, website design and SEC filing services. These increases were partially offset by decreases in selling expenses of $0.86 million. Selling expenses include commissions, salaries and travel for the sales agents and warehouse fees. The decreased of selling expenses of $0.86 million was mainly due to decrease in warehouse fees for our trading business.  
 
    The increase in operating cost of idle manufacturing facility of $1.9 million includes mainly depreciation and other operating costs of maintaining our recycling facility which did not commence operations until the end of September 2010 and there were no such operating cost in 2010. General and administrative expenses include salaries, depreciation of our fixed assets other than machinery and equipment, and office expenses across all of our operating subsidiaries. Our general and administrative costs increased by $0.71 million in 2011 as compared to 2010, primarily due to $0.55 million of increases in operating costs relating to increased activities of production and operation at our  recycling facility and $0.43 million of increases in operating costs relating to increased operation at Armco Shanghai which serves as our China headquarters.  General and administrative expenses in 2011 as a percentage of net revenues decreased to 3.5%, as compared to 4.4% for 2010, primarily due to a $37.4 million increase in our net revenues in 2011.  The increase in professional fees of $0.15 million was due to our efforts to improve corporate governance, financial reporting and investor relations.
 
Total Other (Income) Expense

Total other expense (income) includes interest expense, interest income, foreign currency transaction gain – marketable securities, impairment other than temporary – marketable securities, change in fair value of delivery liability, loan guarantee expense, investment credit from government, and gains and losses not reflected within income from operations.  
 
 
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Total other expense was $2.2 million in 2011, compared to total other income of $0.3 million for 2010.  This change was primarily a result of an other than temporary impairment in marketable securities of $1.98 million, an increase in interest expense of $1.3 million, a lack of one-time gain from a vendor price adjustment ($1.0 million), and an increase in other expense of $0.1 million. The increases in other expenses were partially offset by an investment credit from government of $1.5 million, a gain from foreign currency transaction gain in marketable securities of 0.2 million and a decrease in loan guarantee of $0.1 million.

Income Tax Expense

Income tax expense of $0.23 million in 2011 increased by $79,000 compared to 2010.  In 2011, our income taxes are primarily the function of the application of a 16.5% effective income tax rate for our Hong Kong subsidiary, which our income tax for Hong Kong was $0.19 million in 2011, as compared to $0.11 million in 2010.

Net Income (Loss)

Our net loss in 2011 was $3.3 million, compared to net loss of $2.2 million in 2010, the increase in loss primarily due write down of $1.98 million from our investment in Apollo Minerals, partially offset by increase in gross profit of $3.4 million.

Comprehensive Income (Loss)

During 2011 our comprehensive loss was $1.8 million.  Comprehensive loss consists of our net loss, change in unrealized loss on marketable securities and foreign currency translation gain (loss).  The functional currency of three of our subsidiaries operating in the PRC is the RMB.  The financial statements of our subsidiaries are translated to U.S. dollars using period end rates of exchange for assets and liabilities, and average rates of exchange (for the period) for revenues, costs and expenses.  Net gains and losses resulting from foreign exchange transactions are included in the consolidated statements of operations.  As a result of these translations, we reported a foreign currency translation gain of $1.6 million for 2011 compared to a gain of $1.3 million for 2010, and a change of unrealized loss of marketable securities of $797 in 2011compared to a change of unrealized loss of 0.5 million in 2010.  These non-cash losses and gains had the effect of increasing both our reported comprehensive income (loss) for 2011 and 2010.


LIQUIDITY AND CAPITAL RESOURCES

Liquidity is the ability of a company to generate adequate amounts of cash to meet its cash needs.

At December 31, 2011 and December 31, 2010, we had cash and cash equivalents of $1.0 million and $3.1 million, respectively.  At December 31, 2011, our working capital was $1.6 million as compared to $12.2 million at December 31, 2010. The decrease in working capital was mainly due to our investment in property, plant and equipment of $7.5 million and an increase in land use right of $4.1 million for our future expansion.

            In 2011, we acquired 150 MU land use right for another piece of land in Lianyungang, Jiangsu in the PRC and completed the land leveling project.  The short term plan for the land is to storage raw materials and products and the long term plan for the land is to construct automobile dismantling production line or build a scrap metal trading market center, depending on our progress on obtaining necessary license and permits and market conditions as well. Acquisition of the land use right provides us enough space for future expansion as land available within Lianyungang become scarce.

As of December 31, 2011, we had invested a total of approximately $48.6 million for the acquisition of land use rights, construction and equipment purchases for our recycling business.  We expect to expand our production capacity in the future and expect to build or acquire additional facilities in the future, depending on market conditions.  We have not set a timeframe for this expansion.  
 
 
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We have not yet determined how we plan to finance this future expansion if we determine to proceed with it.  Unless we can obtain additional financing on terms we deem favorable to us, we will be unable to complete any such expansion or construct additional facilities in the future, and there can be no assurance that we will be successful in obtaining any such additional financing, or that such financing would be on terms deemed to be desirable to our management.  Moreover, in the event we do obtain such financing, there can be no assurance that such investment will result in enhanced operating performance or produce significant revenues and related profits in the future.

In addition, we will continue to need to fund future capital expenditures for our existing operations, service our debt and purchase the raw materials required in our recycling operations.  We have historically financed our cash needs primarily through the sales of our common stock and warrants, internally generated funds and debt financing.  We collect cash from our customers based on our sales to them and their respective payment terms.
 
We believe our working capital is sufficient for our operations for at least the next 12 months.  We have bank facilities which provide for cash borrowings or the issuance of commercial letters of credit that we require in our metal ore trading business in the aggregate amount of $110 million.  Approximately $78 million was available under these facilities at December 31, 2011.
 
Substantially all of our cash reserves are held in the form of RMB in bank accounts at financial institutions located in the PRC.  Cash held in banks in the PRC is not insured.  As described above under "Risk Factors," the Chinese regulatory authorities impose a number of restrictions regarding RMB conversions and restrictions on foreign investments.  Accordingly, our cash on deposit in banks in the PRC is not readily deployable by us for purposes outside of China.
 
On December 20, 2011, Armco Metal International  Limited (“Armco HK,” formerly as “Armco & Metawise”) entered into a Banking Facilities Agreement with DBS Bank (Hong Kong) Limited of $20,000,000 for issuance of commercial letters of credit in connection with the Company’s purchase of metal ore.  The Company pays interest at LIBOR or DBS Bank’s cost of funds plus 2.50% per annum on issued letters of credit in addition to an export bill collection commission equal to 1/8% of the first $50,000 and 1/16% of the balance and an opening commission of 1/4% on the first $50,000 and 1/16% of the balance for each issuance.  Amounts advanced under this facility are repaid from the proceeds of the sale of metal ore.  The lender may terminate the facility at anytime at its sole discretion. The facility is secured by the charge on cash deposit of the borrower, the borrower’s restricted pledged deposit in the minimum amount of 3% of the letter of credit amount, the Company’s letter of comfort and the guarantee of Mr. Kexuan Yao.   At December 31, 2011, the balance outstanding under this facility was $1,620,000.

              On July 29, 2011, Armco HK obtained a $30,000,000 line of credit from ING Bank Hong Kong Branch for issuance of letters of credit to finance the purchase of metal ore along with a sub-limit facility for freight advance of $3,000,000.  The letters of credit require the Company to pledge cash equal to 5% of the letter of credit, subject to increase by the lender in the event of price fluctuations and market demand while the letter of credit remains open.  The Company pays interest at the lender’s cost of funds plus 250 basis points per annum on issued letters of credit in addition to an export bill collection commission equal to 1/4% of the first $50,000 and 1/16% of the balance for each issuance.  Amounts advanced under this line of credit are repaid from the proceeds of the sale of metal ore.  The lender may terminate the facility at anytime at its sole discretion. The facility is secured by the Company’s restricted cash deposit in the minimum amount of 5% of the letter of credit amount, the Company’s guarantee, the guarantee of Mr. Kexuan Yao and a security interest in the contract for the purchase of the ore for which the letter of credit has been issued and the contract for the sale of the ore.  At December 31, 2011, the balance outstanding under this facility was $16,526,000.
 
 
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               On September 30, 2011, Armco HK, entered into Amendment No. 2 to the March 25, 2009 uncommitted Trade Finance Facility with RZB Austria Finance (Hong Kong) Limited.  The amendment provides for the issuance of $15,000,000 of commercial letters of credit in connection with the purchase of metal ore, an increase of $5,000,000 over the amounts provided for in the March 25, 2010 facility.  The Company pays interest at 200 basis points per annum plus the lender’s cost of funds per annum on issued letters of credit in addition to fees upon issuance of the letter of credit of 1/16% for issuance commissions, negotiation commissions, commission-in-lieu and collection commissions.  Amounts advanced under this facility are repaid from the proceeds of the sale of metal ore.  The lender may, however, terminate the facility at anytime or at its sole discretion upon the occurrence of any event which causes a material market disruption in respect of unusual movement in the level of funding costs to the lender or the unusual loss of liquidity in the funding market. The lender has the sole discretion to decide whether or not such event has occurred.  The facility is secured by restricted cash deposits held by the lender, the personal guarantee of Mr. Kexuan Yao, the Company’s guarantee and a security interest in the contract for the purchase of the ore for which the letter of credit has been issued and the contract for the sale of the ore.  At December 31, 2011, no balance was outstanding under this facility.
 
On April 27, 2011, Henan Armco obtained a RMB 50,000,000 (approximately U.S. $7.8 million) line of credit from China CITIC Bank, Zhengzhou Branch, for issuance of letters of credit to finance the purchase of metal ore and scrap metal expiring one year from the date of issuance. The letters of credit require the Company to pledge cash deposits equal to 20% of the letter of credit for letters of credit at sight, or 30% for term letters of credit. Term letters of credit are limited to no more than 90 days. The interest rates are variable depending on the LIBOR and the lender’s cost of funds at the time when a letter of credit is issued. The facility is guaranteed by Renewable Metals and Mr. Kexuan Yao, the Company’s Chairman and Chief Executive Officer.  At December 31, 2011, no balance was outstanding under this facility.  
 
On June 18, 2011, Henan Armco obtained a RMB 70,000,000 (approximately $11 million) line of credit from Guangdong Development Bank Zhengzhou Branch for issuance of letters of credit to finance the purchase of metal ore.  The term of this facility is one year.  The Company pays interest at 120% of the applicable base rate for lending published by the People’s Bank of China (“PBC”) at the time the loan is made on issued letters of credit.  The credit facility is secured by the guarantee provided by Mr. Kexuan Yao and Renewable Metals jointly and the pledge of moveable assets provided by the borrower.  Amounts advanced under this line of credit are repaid from the proceeds of the sale of metal ore.  At December 31, 2011, the balance outstanding under this facility was $474,000.
 
On November 26, 2011, Henan Armco obtained a RMB 20,000,000 (approximately U.S. $3.1 million) line of credit from China Minsheng Bank, Zhengzhou Branch, for issuance of letters of credit to finance the purchase of metal ore and scrap metal expiring one year from the date of issuance. The facility is guaranteed by Renewable Metals and Mr. Kexuan Yao, the Company’s Chairman and Chief Executive Officer.  At December 31, 2011, the outstanding under this facility was $1,286,000.
 
             On September 4, 2009, Renewable Metals entered into a line of credit facility (“Line of Credit”) in the amount of RMB 70,000,000 (approximately $11 million) from Bank of China, Lianyungang Branch expiring September 3, 2012, which can be drawn in the form of long term debt or a bank acceptable payable. The purpose of this credit facility was to finance construction of our recycling facility. We withdrew RMB 60 million in 2009 as long-term loan under the facility and repaid RMB 20 million in 2010 and RMB 15 million in 2011, respectively. At December 31, 2011, the remaining balance of the long-term debt was RMB25,000,000 (approximately $3.9 million) and is due on August 25, 2012. Renewable Metals pays interest quarterly at the annual rate of 5.838% for the long-term debt.   On January 30, 2012, Renewable Metals entered into a new line of facility in the amount of RMB 75,000,000 (approximately $11.8 million) from Bank of China, Lianyungang Branch, for the purchase of raw materials.  This new facility replaced the previous facility and the long-term debt balance of RMB25,000,000 (approximately $3.9 million) under the previous facility was carried forwarded to new facility without term change until expiration. The terms of the new facility (excluding the long-term debt balance of $3.9 million carried from previous facility) is 12 months with interest at 120% of the applicable base rate for lending published by the People’s Bank of China (“PBOC”) at the time the loan is drawn down per annum. The new facility is secured by the guarantees provided by Mr. Kexuan Yao, Mr. Yi Chu, Henan Armco and Henan Chaoyang, respectively.  At December 31, 2011, the balance outstanding under this facility was $3.9 million.
 
 
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On July 1, 2011, Renewable Metals obtained a RMB 72,000,000 (approximately $11.3 million) line of credit from Bank of Communications, Lianyungang Branch expiring two (2) years from the date of issuance, for issuance of letters of credit in connection with the purchase of scrap metal. The letters of credit require Renewable Metals to pledge cash deposit equal to 20% of the letter of credit for letters of credit at sight, or 30% for other domestic letters of credit and for extended domestic letters of credit, the collateral of inventory equal to 166% of the letter of credit. The facility is secured by Renewable Metals inventories and the guarantee provided by Mr. Kexuan Yao, the Company’s Chairman and Chief Executive Officer.  At December 31, 2011, $8,178,000 was outstanding under this facility.
 
The following table provides certain selected balance sheet comparisons as of December 31, 2011 and December 31, 2010.
 
               
Increase
        
    December 31, 2011     December 31, 2010    
(decrease)
    
%
  
                         
 Cash
     1,042,591       3,097,917       (2,055,326 )     -66.3 %
 Pledged deposits
     8,357,670       12,643,671       (4,286,001 )     -33.9 %
 Marketable securities
     1,636,742       2,890,380       (1,253,638 )     -43.4 %
 Bank acceptance notes receivable
     -       -       -          
 Accounts receivable
     758,500       19,115,019       (18,356,519 )     -96.0 %
 Inventories
     33,344,547       10,439,831       22,904,716       219.4 %
 Advance on purchases
     3,079,684       6,509,846       (3,430,162 )     -52.7 %
 Prepaid value added taxes
     -       -       -          
 Prepaid corp income taxes-Renewable Metals
     467,546       -       467,546          
 Prepayments and other current assets
     1,744,047       4,729,935       (2,985,888 )     -63.1 %
Total Current Assets
     50,431,327       59,426,599       (8,995,272 )        
                                 
 Loans payable
     6,711,898       24,765,820       (18,053,922 )     -72.9 %
Banker's acceptance notes payable and letters of credit
  
 Current maturities of capital lease obligation
     2,195,177       727,756       1,467,421       201.6 %
 Current maturities of long-term debt
     3,931,745       4,537,342       (605,597 )     -13.3 %
 Accounts payable
     18,543,129       3,435,528       15,107,601       439.7 %
 Advances received from  Chairman and CEO
     607,009       799,394       (192,385 )     -24.1 %
 Customer deposits
     5,851,769       1,345,304       4,506,465       335.0 %
 Corporate income tax payable-HK
     99,042       1,091,038       (991,996 )     -90.9 %
 Value added tax and other taxes payable
     1,150       -       1,150          
 Accrued expenses and other current liabilities
     2,713,532       6,316,568       (3,603,036 )     -57.0 %
Total Current Liabilities
     48,832,480       47,193,105       1,639,375          
 
Our current assets at December 31, 2011 decreased by $9.0 million, or 15.1%, from December 31, 2010.  This decrease reflects decreases in accounts receivable of $18,4 million, pledged deposits of $4.3 million, advance on purchases of $3.4 million, prepayments and other current assets of $3.0 million, cash of $2.1 million, and marketable securities of $1.3 million, partially offset by a increase in inventories of $22.9 million, and prepaid corporate income taxes for Renewable Metals of $468,000 .

Our current liabilities at December 31, 2011 increased by $1.6 million, or 3.5%, from December 31, 2010.  This increase reflects an increase in accounts payable of $15.1 million, customer deposits of $4.5 million, banker's acceptance notes payable and letters of credit of $4.0 million, and current maturities of capital lease obligation of $1.5 million, , and, partially offset by decreases in loan payable of $18.1million, accrued expenses and other current liabilities of $3.6 million, corporate income taxes payable (Hong Kong) of $1.0 million, current maturities of long term debt of $0.6 million and advances from our Chairman and CEO of $0.2 million.
 
 
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Our cash at December 31, 2011 decreased by $2.1 million from December 31, 2010, as we used more cash for (i) the payment of our raw materials purchase for our increased scrap recycling production , (ii)increased operation expenses and(iii) professional fees due to the efforts to improve corporate governance, financial reporting and investor relations.

Pledged deposits at December 31, 2011 decreased by $4.3 million from December 31, 2010.  We make these pledged deposits with financial institutions as collateral for letters of credit and bank acceptance bills.  Pledged deposits are released to pay vendors upon acceptance of goods.

Our accounts receivable, net of allowance for doubtful accounts, decreased approximately $18.4 million, mainly due to our pre-selling strategy and other measures we took to expediate our capital turnover and meet our cash needs in the preparation of raw materials in our scrap recycling operation.
 
          Inventories at December 31, 2011 increased by $22.9 million from December 31, 2010, which is mainly attributed to the increase in our metal ores inventory for trading of iron ore of approximately  $17 million and our strategy to accumulate inventory (which includes raw materials, purchased merchandise for resale and finished goods) for our recycling operation of approximately $13 million. In keeping with our strategy to better manage our operations and market risk, we took advantage of lower steel prices and in anticipation of increased production at the Facility in 2012.  We monitor the inventory levels of our raw materials (metal ore and recycled scrap) and finished products to better balance our production needs and our exposure to changes in metal prices. We currently maintain an inventory of scrap metals sufficient for approximately 15 -20 days of sales on a continue basis. The iron ore inventory of $17 million was already sold in the first quarter of 2012.
 
Advances on purchases at December 31, 2011 decreased by $3.4 million from December 31, 2010, mainly due to an advance payment of $3.1 million made in 2010 and reclassified as a property asset in 2011 on our books, for a construction we had initially planned for storage of materials and products and future expansion of our operations.
 
Our prepayments and other current assets decreased $3.0 million at December 31, 2011 compared to December 31, 2010, primarily due to receipt of raw materials we prepaid for our Facility.

Loans payable at December 31, 2011 decreased approximately $18.1 million from December 31, 2010, as a result of our repayment of short term financing used for the acquisition of raw materials for our recycling business. We used collections of accounts receivable to repay these short-term borrowings.

Banker’s acceptance note payable and letters of credit increased $4.0 million at December 31, 2011 compared to December 31, 2010, primarily due to an increase in short-term borrowings used in raw material acquisitions.

Corporate income tax payable (Hong Kong) at December 31, 2011 decreased $ 1.0 million from December 31, 2010, primarily due to decreases in net income.

 Accounts payable increased $15.1 million at December 31, 2011compared to December 31, 2010, primarily due to an iron ore purchase of $17 million we made in the December of 2011. The iron ore has already been sold and the accounts payable has been paid off in full.

At December 31, 2011, we owed our Chairman and CEO, Mr. Kexuan Yao, an aggregate amount of $607,009 for funds he has advanced to us from time to time on an as needed basis for working capital purposes.

Customer deposits at December 31, 2011 increased $4.5 million compared to $1.3 million at December 31, 2010.  This increase is due to our pre-selling strategy, increased sales, the timing of customer orders and amounts that we require for deposits.  We recognize customer deposits as revenue when the goods have been delivered and risk of loss has transferred to the customer either at the port of origin or port of destination, depending upon the shipping terms agreed to with the customer.
 
 
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Accrued expenses and other current liabilities at December 31, 2011 decreased $3.6 million from 6.3 million at December 31, 2010.  This decrease resulted from the completion of sales and recognition of revenue in 2011 which reduced the advance payments received by Henan Armco from our customers in 2010.

Current maturities of capital lease obligation at December 31, 2011 increased $1.5 million as compared to December 31, 2010, resulting from our increased capitalized lease on machinery and our Facility.
 
Current maturities of long-term debt at December 31, 2011 decreased $0.61 million from December 31, 2010 as we paid off a long-term loan of $4.5 million in 2011. Such amount was partially offset by a long-term loan of $3.9 million that has a current maturity due on August 25, 2012.

We did not make any commitments for capital expenditures at December 31, 2011.

Statements of Cash Flows
 
Our cash decreased $2.1 million during 2011, as compared to an increase of $2.4 million during 2010.  In 2011, we generated cash in the amounts of $14.3 million from our operating activities.  We used cash in the amount of $859,000 in investing activities and $15.6 million in financing activities.  In 2010, we used cash in the amount of $5.7 million in operating activities and $29.4 million in investing activities, and we obtained cash in the amount of $36.8 million through financing activities.

Net Cash Provided by (Used in) Operating Activities

In 2011, net cash provided by operating activities of $14.3 million was mainly comprised of cash provided by collections of account receivable of $18.6 million, an increase in account payable of $15.0 million, a decrease in prepayments and other current assets of 2.7 million, and an increase in accrued expenses and other current liabilities of $1.3 million. These inflows were partially offset by outflows related to an increase in inventory of $22.5 million, a decrease in taxes payable of $1.0 million, an increase in advance on purchases $0.9 million, and a decrease in customer deposits of $0.5 million.  In 2010, net cash used in operating activities of $5.7 million was mainly comprised of outflows related to an increase in inventory of $9.9 million, a decrease in accounts payable of $3.6 million, a decrease in taxes payable of $2.3 million, a decrease in customer deposit of $1.2 million, an increase in advance on purchases of $3.6 million, and an increase in prepayment and other current assets of $5.6 million.  These outflows were partially offset by cash provided by collections of accounts receivable of $9.7 million, and an increase of accrued expenses and other current liability of $5.6 million.


Cash Used in (Provided by) Investing Activities

In 2011, cash used in investing activities of $859,000 was due to purchases of property and equipment of $3.0 million payments made towards pledged deposits of $45.4 million, and purchase of land use rights of $2.7 million, partially offset by cash inflow in proceeds from release of pledged deposits of $50.1 million.

In 2010, cash used in investing activities of $29.4 million was due to purchases of property and equipment associated with our Facility construction of $14.2 million, payments made towards pledged deposits of $11.8 million and purchase of marketable securities in the amount of $3.4 million.

 
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Cash Used in (Provided by) Financing Activities

In 2011, cash used in financing activities of $15.6 million consisted of repayment of loans payable of $79.8 million, repayment of long-term debt of $4.7 million, the repayment of mortgage payable of $1.9 million and repayment to shareholder advance of $0.2 million. These amounts were partially offset by cash provided in proceeds from loans payable of $61.3 million, proceeds from mortgage payable of $5.9 million, and banker’s acceptance notes payable of $3.8 million.

In 2010 cash provided in financing activities of $36.8 million consisted of proceeds from loans payable of $7.6 million and banker’s acceptance notes payable of $4.2 million used to finance the purchase of inventories, proceeds from long-term debt of $1.5 million for property, plant and equipment purchases related to the Facility, proceeds from mortgage payable of $2.3 million for machinery used in the Facility, amounts received from our Chairman and CEO of $1.3 million, proceeds from sales of common stock and warrants of $9.1 million, and proceeds from exercise of warrants and options of $13.2 million, partially offset by repayments of long-term loan payable of $2.3 million.

Off Balance Sheet Arrangements

Under SEC regulation, we are required to disclose our off-balance sheet arrangements that have or are reasonably likely to have a current or future effect on our financial condition, such as changes in financial condition, revenues or expenses, results of operations, liquidity, capital expenditures or capital resources that are material to investors.  An off-balance sheet arrangement means a transaction, agreement or contractual arrangement to which any entity that is not consolidated with us is a party, under which we have:
 
 
o
Any obligation under certain guarantee contracts;
 
o
Any retained or contingent interest in assets transferred to an unconsolidated entity or similar arrangement that serves as credit, liquidity or market risk support to that entity for such assets;

 
o
Any obligation under a contract that would be accounted for as a derivative instrument, except that it is both indexed to our stock and classified in stockholder’s equity in our statement of financial position; and
 
o
Any obligation arising out of a material variable interest held by us in an unconsolidated entity that provides financing, liquidity, market risk or credit risk support to us, or engages in leasing, hedging or research and development services with us.

We do not have any off-balance sheet arrangements that we are required to disclose pursuant to these regulations.  In the ordinary course of business, we enter into operating lease commitments, purchase commitments and other contractual obligations.  These transactions are recognized in our financial statements in accordance with generally accepted accounting principles in the United States.

Contractual Obligations and Commitments.  At December 31, 2011, our long-term debt and financial obligations and commitments by due dates were as follows:
 
   
 
 
Less than
          
More than
Contractual obligations
  
Total
  
1 year
  
1-3 years
  
3-5 years
  
5 years
Banker's acceptance notes payable and letters of credit (1)
  
8,178,029
    
8,178,029
            
Long-Term Debt Obligations(2)
  
3,931,745
    
3,931,745
          
-
Short-Term Loans Payable (3)
  
6,711,898
    
6,711,898
            
Capital Lease Obligations (4)
  
6,322,531
    
2,195,177
  
4,127,354
  
-
  
-
Operating Lease Obligations (5)
  
146,106
    
98,372
  
47,734
  
-
  
-
Purchase Obligations
  
-
                  
Other Long-Term Liabilities Reflected on the Registrant's Balance Sheet under GAAP
  
-
    
-
  
-
  
-
  
-
Total
  
25,290,309
    
21,115,221
  
4,175,088
      
-
 
 
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(1)
See Note 10 – Banker’s Acceptance Notes Payable and Letters of Credit in our audited consolidated financial statements included in this report.
(2)
See Note13– Long-Term Debt in our audited consolidated financial statements included in this report.
(3)
See Note 9 – Loans Payable in our audited consolidated financial statements included in this report.
(4)
See Note 12 – Capital Lease Obligation in our audited consolidated financial statements included in this report.
(5)
See Note 15 – Commitments and Contingencies for Operating lease Obligations in our audited consolidated financial statements included in this report.
 
Critical Accounting Policies

The discussion and analysis of our financial condition and results of operations are based upon our consolidated financial statements, which have been prepared in accordance with U.S. GAAP.  The preparation of these consolidated financial statements requires us to make estimates and judgments that affect the reported amounts of assets, liabilities, revenues and expenses, and related disclosure of contingent assets and liabilities.  On an on-going basis, we evaluate our estimates based on historical experience and on various other assumptions that are believed to be reasonable under the circumstances, the results of which form the basis for making judgments about the carrying values of assets and liabilities that are not readily apparent from other sources.  Actual results may differ from these estimates under different assumptions or conditions.

A summary of significant accounting policies is included in Note 2 to the consolidated financial statements included in this report.  Of these policies, we believe that the following items described in Note 2 are the most critical in preparing our financial statements and will be discussed further below.

 Fair Value of Financial Instruments

We follow paragraph 825-10-50-10 of the FASB Accounting Standards Codification for disclosures about fair value of its financial instruments and has adopted paragraph 820-10-35-37 of the FASB Accounting Standards Codification (“Paragraph 820-10-35-37”) to measure the fair value of its financial instruments. Paragraph 820-10-35-37 establishes a framework for measuring fair value in accounting principles generally accepted in the United States of America (U.S. GAAP), and expands disclosures about fair value measurements. To increase consistency and comparability in fair value measurements and related disclosures, Paragraph 820-10-35-37 establishes a fair value hierarchy which prioritizes the inputs to valuation techniques used to measure fair value into three (3) broad levels.  The three (3) levels of fair value hierarchy defined by Paragraph 820-10-35-37 are described below:
 
Level 1
  
Quoted market prices available in active markets for identical assets or liabilities as of the reporting date.
     
Level 2
  
Pricing inputs other than quoted prices in active markets included in Level 1, which are either directly or indirectly observable as of the reporting date.
     
Level 3
  
Pricing inputs that are generally observable inputs and not corroborated by market data.

Financial assets are considered Level 3 when their fair values are determined using pricing models, discounted cash flow methodologies or similar techniques and at least one significant model assumption or input is unobservable.

The fair value hierarchy gives the highest priority to quoted prices (unadjusted) in active markets for identical assets or liabilities and the lowest priority to unobservable inputs.  If the inputs used to measure the financial assets and liabilities fall within more than one level described above, the categorization is based on the lowest level input that is significant to the fair value measurement of the instrument.

The carrying amounts of our financial assets and liabilities, such as cash, pledged deposits, accounts receivable, advance on purchases, prepayments and other current assets, accounts payable, customer deposits, corporate income tax payable, accrued expenses and other current liabilities approximate their fair values because of the short maturity of these instruments.
 
 
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Our loans payable, banker’s acceptance notes payable, capital lease obligation, and long-term debt approximate the fair value of such instruments based upon management’s best estimate of interest rates that would be available to us for similar financial arrangements at December 31, 2011and 2010.

Our Level 3 financial liabilities consist of the derivative warrant issued in July 2008 for which there is no current market for these securities such that the determination of fair value requires significant judgment or estimation.  We valued the automatic conditional conversion, re-pricing/down-round, change of control; default and follow-on offering provisions using a lattice model, with the assistance of a valuation specialist, for which management understands the methodologies.  These models incorporate transaction details such as Company stock price, contractual terms, maturity, risk free rates, as well as assumptions about future financings, volatility, and holder behavior as of the date of issuance and each balance sheet date.

Transactions involving related parties cannot be presumed to be carried out on an arm's-length basis, as the requisite conditions of competitive, free-market dealings may not exist. Representations about transactions with related parties, if made, shall not imply that the related party transactions were consummated on terms equivalent to those that prevail in arm's-length transactions unless such representations can be substantiated.

Fair Value of Financial Assets and Liabilities Measured on a Recurring Basis

Level 1 Financial Asset – Marketable Securities

We use Level 1 of the fair value hierarchy to measure the fair value of the marketable securities and marks the available for sale marketable securities at fair value in the statement of financial position at each balance sheet date and reports the unrealized holding gains and losses for available-for-sale securities in other comprehensive income (loss) until realized provided the unrealized holding gains and losses is temporary.  If the fair value of an investment is less than its cost basis at the balance sheet date of the reporting period for which impairment is assessed, and it is determined that the impairment is other than temporary, then an impairment loss is recognized in earnings equal to the entire difference between the investment’s cost and its fair value at the balance sheet date of the reporting period.

Level 3 Financial Liabilities – Derivative Warrant Liabilities

We use Level 3 of the fair value hierarchy to measure the fair value of the derivative liabilities and revalue its derivative warrant liability at every reporting period and recognizes gains or losses in the consolidated statements of operations and comprehensive income (loss) that are attributable to the change in the fair value of the derivative warrant liability.

Carrying Value, Recoverability and Impairment of Long-Lived Assets

We have adopted paragraph 360-10-35-17 of the FASB Accounting Standards Codification for its long-lived assets. Our long-lived assets, which include property, plant and equipment and land use rights are reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount of an asset may not be recoverable.

We assess the recoverability of its long-lived assets by comparing the projected undiscounted net cash flows associated with the related long-lived asset or group of long-lived assets over their remaining estimated useful lives against their respective carrying amounts. Impairment, if any, is based on the excess of the carrying amount over the fair value of those assets.  Fair value is generally determined using the asset’s expected future discounted cash flows or market value, if readily determinable.  When long-lived assets are determined to be recoverable, but the newly determined remaining estimated useful lives are shorter than originally estimated, the net book values of the long-lived assets are depreciated over the newly determined remaining estimated useful lives.
 
 
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We consider the following to be some examples of important indicators that may trigger an impairment review: (i) significant under-performance or losses of assets relative to expected historical or projected future operating results; (ii) significant changes in the manner or use of assets or in the Company’s overall strategy with respect to the manner or use of the acquired assets or changes in the Company’s overall business strategy; (iii) significant negative industry or economic trends; (iv) increased competitive pressures; (v) a significant decline in the Company’s stock price for a sustained period of time; and (vi) regulatory changes.  We evaluate acquired assets for potential impairment indicators at least annually and more frequently upon the occurrence of such events.

The key assumptions used in management’s estimates of projected cash flow deal largely with forecasts of sales levels, gross margins, and operating costs of the manufacturing facilities.  These forecasts are typically based on historical trends and take into account recent developments as well as management’s plans and intentions.  Any difficulty in manufacturing or sourcing raw materials on a cost effective basis would significantly impact the projected future cash flows of the Company’s manufacturing facilities and potentially lead to an impairment charge for long-lived assets.  Other factors, such as increased competition or a decrease in the desirability of the Company’s products, could lead to lower projected sales levels, which would adversely impact cash flows.  A significant change in cash flows in the future could result in an impairment of long lived assets.

The impairment charges, if any, is included in operating expenses in the accompanying consolidated statements of income and comprehensive income (loss).

Marketable Securities, Available for Sale

We account for marketable securities, available for sale, in accordance with sub-topic 320-10 of the FASB Accounting Standards Codification (“Sub-topic 320-10”).

Pursuant to Paragraph 320-10-35-1, investments in debt securities that are classified as available for sale and equity securities that have readily determinable fair values that are classified as available for sale shall be measured subsequently at fair value in the consolidated balance sheets at each balance sheet date. Unrealized holding gains and losses for available-for-sale securities (including those classified as current assets) shall be excluded from earnings and reported in other comprehensive income until realized except an available-for-sale security that is designated as being hedged in a fair value hedge, from which all or a portion of the unrealized holding gain and loss of shall be recognized in earnings during the period of the hedge, pursuant to paragraphs 815-25-35-1 through 815-25-35-4.

We follow Paragraphs 320-10-35-17 through 34E and assess whether an investment is impaired in each reporting period.  An investment is impaired if the fair value of the investment is less than its cost. Impairment indicators include, but are not limited to the following: a. a significant deterioration in the earnings performance, credit rating, asset quality, or business prospects of the investee; b. a significant adverse change in the regulatory, economic, or technological environment of the investee; c. a significant adverse change in the general market condition of either the geographic area or the industry in which the investee operates; d. a bona fide offer to purchase (whether solicited or unsolicited), an offer by the investee to sell, or a completed auction process for the same or similar security for an amount less than the cost of the investment; e. factors that raise significant concerns about the investee's ability to continue as a going concern, such as negative cash flows from operations, working capital deficiencies, or noncompliance with statutory capital requirements or debt covenants. If the fair value of an investment is less than its cost basis at the balance sheet date of the reporting period for which impairment is assessed, the impairment is either temporary or other than temporary.  Pursuant to Paragraph 320-10-35-34, if it is determined that the impairment is other than temporary, then an impairment loss shall be recognized in earnings equal to the entire difference between the investment’s cost and its fair value at the balance sheet date of the reporting period for which the assessment is made. The measurement of the impairment shall not include partial recoveries after the balance sheet date. The fair value of the investment would then become the new basis of the investment and shall not be adjusted for subsequent recoveries in fair value.  For presentation purpose, the entity shall recognize and present the total other-than-temporary impairment in the statement of earnings with an offset for the amount of the total other-than-temporary impairment that is recognized in other comprehensive income, in accordance with paragraph 320-10-35-34D, if any, pursuant to Paragraph 320-10-45-8A; and separately present, in the financial statement in which the components of accumulated other comprehensive income are reported, amounts recognized therein related to held-to-maturity and available-for-sale debt securities for which a portion of an other-than-temporary impairment has been recognized in earnings pursuant to Paragraph 320-10-45-9A.  Pursuant to Paragraphs 320-10-35-36 and 37 the entire change in the fair value of foreign-currency-denominated available-for-sale debt securities shall be reported in other comprehensive income and An entity holding a foreign-currency-denominated available-for-sale debt security is required to consider, among other things, changes in market interest rates and foreign exchange rates since acquisition in determining whether an other-than-temporary impairment has occurred.
 
 
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Derivative Warrant Liability

We evaluate our convertible debt, options, warrants or other contracts, if any, to determine if those contracts or embedded components of those contracts qualify as derivatives to be separately accounted for in accordance with paragraph 810-10-05-4 and Section 815-40-25 of the FASB Accounting Standards Codification.  The result of this accounting treatment is that the fair value of the embedded derivative is marked-to-market each balance sheet date and recorded as either an asset or a liability.  In the event that the fair value is recorded as a liability, the change in fair value is recorded in the consolidated statement of operations and comprehensive income (loss) as other income or expense.  Upon conversion, exercise or cancellation of a derivative instrument, the instrument is marked to fair value at the date of conversion, exercise or cancellation and then that the related fair value is reclassified to equity.

In circumstances where the embedded conversion option in a convertible instrument is required to be bifurcated and there are also other embedded derivative instruments in the convertible instrument that are required to be bifurcated, the bifurcated derivative instruments are accounted for as a single, compound derivative instrument.

The classification of derivative instruments, including whether such instruments should be recorded as liabilities or as equity, is re-assessed at the end of each reporting period.  Equity instruments that are initially classified as equity that become subject to reclassification are reclassified to liability at the fair value of the instrument on the reclassification date.  Derivative instrument liabilities will be classified in the balance sheet as current or non-current based on whether or not net-cash settlement of the derivative instrument is expected within 12 months of the balance sheet date
 
 Revenue Recognition

We apply paragraph 605-10-S99-1 of the FASB Accounting Standards Codification for revenue recognition.  The Company recognizes revenue when it is realized or realizable and earned.  We consider revenue realized or realizable and earned when all of the following criteria are met: (i) persuasive evidence of an arrangement exists, (ii) the product has been shipped or the services have been rendered to the customer, (iii) the sales price is fixed or determinable, and (iv) collectability is reasonably assured.

We derive our revenues from sales contracts with customers with revenues being generated upon the shipment of merchandise.  Persuasive evidence of an arrangement is demonstrated via sales invoice or contract; product delivery is evidenced by warehouse shipping log as well as a signed bill of lading from the vessel or rail company and title transfers upon shipment, based on free on board (“FOB”) warehouse terms; the sales price to the customer is fixed upon acceptance of the signed purchase order or contract and there is no separate sales rebate, discount, or volume incentive.  When we recognize revenue, no provisions are made for returns because, historically, there have been very few sales returns and adjustments that have impacted the ultimate collection of revenues.

Stock-Based Compensation for Obtaining Employee Services

We account for our stock based compensation in which we obtain employee services in share-based payment transactions under the recognition and measurement principles of the fair value recognition provisions of section 718-10-30 of the FASB Accounting Standards Codification. Pursuant to paragraph 718-10-30-6 of the FASB Accounting Standards Codification, all transactions in which goods or services are the consideration received for the issuance of equity instruments are accounted for based on the fair value of the consideration received or the fair value of the equity instrument issued, whichever is more reliably measurable.  The measurement date used to determine the fair value of the equity instrument issued is the earlier of the date on which the performance is complete or the date on which it is probable that performance will occur.
 
 
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The fair value of options and similar instruments is estimated on the date of grant using a Black-Scholes option-pricing valuation model.  The ranges of assumptions for inputs are as follows:

o
Expected term of share options and similar instruments: The expected life of options and similar instruments represents the period of time the option and/or warrant are expected to be outstanding.  Pursuant to Paragraph 718-10-50-2 of the FASB Accounting Standards Codification the expected term of share options and similar instruments represents the period of time the options and similar instruments are expected to be outstanding taking into consideration of the contractual term of the instruments and employees’ expected exercise and post-vesting employment termination behavior into the fair value (or calculated value) of the instruments.  The Company uses historical data to estimate employee termination behavior.  The contractual term of share options or similar instruments is used as expected term of share options or similar instruments for the Company if it is a newly formed corporation.

o
Expected volatility of the entity’s shares and the method used to estimate it.  An entity that uses a method that employs different volatilities during the contractual term shall disclose the range of expected volatilities used and the weighted-average expected volatility.  A thinly-traded or nonpublic entity that uses the calculated value method shall disclose the reasons why it is not practicable for the Company to estimate the expected volatility of its share price, the appropriate industry sector index that it has selected, the reasons for selecting that particular index, and how it has calculated historical volatility using that index. The Company uses the average historical volatility of the comparable companies over the expected contractual life of the share options or similar instruments as its expected volatility.  If shares of a company are thinly traded the use of weekly or monthly price observations would generally be more appropriate than the use of daily price observations as the volatility calculation using daily observations for such shares could be artificially inflated due to a larger spread between the bid and asked quotes and lack of consistent trading in the market.

o
Expected annual rate of quarterly dividends.  An entity that uses a method that employs different dividend rates during the contractual term shall disclose the range of expected dividends used and the weighted-average expected dividends.  The expected dividend yield is based on the Company’s current dividend yield as the best estimate of projected dividend yield for periods within the expected contractual life of the option and similar instruments.

o
Risk-free rate(s). An entity that uses a method that employs different risk-free rates shall disclose the range of risk-free rates used.  The risk-free interest rate is based on the U.S. Treasury yield curve in effect at the time of grant for periods within the contractual life of the option and similar instruments.

Our policy is to recognize compensation cost for awards with only service conditions and a graded vesting schedule on a straight-line basis over the requisite service period for the entire award.

Equity Instruments Issued to Parties Other Than Employees for Acquiring Goods or Services

We account for equity instruments issued to parties other than employees for acquiring goods or services under guidance of section 505-50-30 of the FASB Accounting Standards Codification (“Section 505-50-30”).
 
 
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Pursuant to Section 505-50-30, all transactions in which goods or services are the consideration received for the issuance of equity instruments are accounted for based on the fair value of the consideration received or the fair value of the equity instrument issued, whichever is more reliably measurable.  The measurement date used to determine the fair value of the equity instrument issued is the earlier of the date on which the performance is complete or the date on which it is probable that performance will occur.

The fair value of option or warrant award is estimated on the date of grant using a Black-Scholes option-pricing valuation model.  The ranges of assumptions for inputs are as follows:

o
Expected term of share options and similar instruments: Pursuant to Paragraph 718-10-50-2 of the FASB Accounting Standards Codification the expected term of share options and similar instruments represents the period of time the options and similar instruments are expected to be outstanding taking into consideration of the contractual term of the instruments and holder’s expected exercise behavior into the fair value (or calculated value) of the instruments.  We use historical data to estimate holder’s expected exercise behavior.  The contractual term of share options or similar instruments is used as expected term of share options or similar instruments for the Company if it is a newly formed corporation.

o
Expected volatility of the entity’s shares and the method used to estimate it.  An entity that uses a method that employs different volatilities during the contractual term shall disclose the range of expected volatilities used and the weighted-average expected volatility.  A thinly-traded or nonpublic entity that uses the calculated value method shall disclose the reasons why it is not practicable for the Company to estimate the expected volatility of its share price, the appropriate industry sector index that it has selected, the reasons for selecting that particular index, and how it has calculated historical volatility using that index. We uses the average historical volatility of the comparable companies over the expected contractual life of the share options or similar instruments as its expected volatility.  If shares of a company are thinly traded the use of weekly or monthly price observations would generally be more appropriate than the use of daily price observations as the volatility calculation using daily observations for such shares could be artificially inflated due to a larger spread between the bid and asked quotes and lack of consistent trading in the market.

o
Expected annual rate of quarterly dividends.  An entity that uses a method that employs different dividend rates during the contractual term shall disclose the range of expected dividends used and the weighted-average expected dividends.  The expected dividend yield is based on our current dividend yield as the best estimate of projected dividend yield for periods within the expected contractual life of the option and similar instruments.

o
Risk-free rate(s). An entity that uses a method that employs different risk-free rates shall disclose the range of risk-free rates used.  The risk-free interest rate is based on the U.S. Treasury yield curve in effect at the time of grant for periods within the contractual life of the option and similar instruments.
 
Pursuant to ASC paragraph 505-50-25-7, if fully vested, nonforfeitable equity instruments are issued at the date the grantor and grantee enter into an agreement for goods or services (no specific performance is required by the grantee to retain those equity instruments), then, because of the elimination of any obligation on the part of the counterparty to earn the equity instruments, a measurement date has been reached. A grantor shall recognize the equity instruments when they are issued (in most cases, when the agreement is entered into). Whether the corresponding cost is an immediate expense or a prepaid asset (or whether the debit should be characterized as contra-equity under the requirements of paragraph 505-50-45-1) depends on the specific facts and circumstances. Pursuant to ASC paragraph 505-50-45-1, a grantor may conclude that an asset (other than a note or a receivable) has been received in return for fully vested, nonforfeitable equity instruments that are issued at the date the grantor and grantee enter into an agreement for goods or services (and no specific performance is required by the grantee in order to retain those equity instruments). Such an asset shall not be displayed as contra-equity by the grantor of the equity instruments. The transferability (or lack thereof) of the equity instruments shall not affect the balance sheet display of the asset. This guidance is limited to transactions in which equity instruments are transferred to other than employees in exchange for goods or services. Section 505-50-30 provides guidance on the determination of the measurement date for transactions that are within the scope of this Subtopic.

Pursuant to Paragraphs 505-50-25-8 and 505-50-25-9, an entity may grant fully vested, nonforfeitable equity instruments that are exercisable by the grantee only after a specified period of time if the terms of the agreement provide for earlier exercisability if the grantee achieves specified performance conditions. Any measured cost of the transaction shall be recognized in the same period(s) and in the same manner as if the entity had paid cash for the goods or services or used cash rebates as a sales discount instead of paying with, or using, the equity instruments. A recognized asset, expense, or sales discount shall not be reversed if a stock option that the counterparty has the right to exercise expires unexercised.
 
Pursuant to Paragraph 505-50-30-S99-1, if we receive a right to receive future services in exchange for unvested, forfeitable equity instruments, those equity instruments are treated as unissued for accounting purposes until the future services are received (that is, the instruments are not considered issued until they vest). Consequently, there would be no recognition at the measurement date and no entry should be recorded.
 
Use of Estimates and Assumptions

The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period.
 
 
39
 
 
Our significant estimates and assumptions include the fair value of financial instruments; allowance for doubtful accounts; normal production capacity, inventory valuation and obsolescence; the carrying value, recoverability and impairment, if any, of long-lived assets, including the values assigned to and the estimated useful lives of property, plant and equipment, and land use rights; interest rate; revenue recognized or recognizable; sales returns and allowances; valued added tax rate, income tax rate and related income tax provision, reporting currency, functional currency and foreign currency exchange rate.  Those significant accounting estimates or assumptions bear the risk of change due to the fact that there are uncertainties attached to those estimates or assumptions, and certain estimates or assumptions are difficult to measure or value.

Recently Issued Accounting Pronouncements

FASB Accounting Standards Update No. 2011-05

In June 2011, the FASB issued the FASB Accounting Standards Update No. 2011-05 “Comprehensive Income” (“ASU 2011-05”), which was the result of a joint project with the IASB and amends the guidance in ASC 220, Comprehensive Income, by eliminating the option to present components of other comprehensive income (OCI) in the statement of stockholders’ equity. Instead, the new guidance now gives entities the option to present all non-owner changes in stockholders’ equity either as a single continuous statement of comprehensive income or as two separate but consecutive statements. Regardless of whether an entity chooses to present comprehensive income in a single continuous statement or in two separate but consecutive statements, the amendments require entities to present all reclassification adjustments from OCI to net income on the face of the statement of comprehensive income.

The amendments in this Update should be applied retrospectively and are effective for public entity for fiscal years, and interim periods within those years, beginning after December 15, 2011.

FASB Accounting Standards Update No. 2011-08

In September 2011, the FASB issued the FASB Accounting Standards Update No. 2011-08 “Intangibles—Goodwill and Other: Testing Goodwill for Impairment” (“ASU 2011-08”). This Update is to simplify how public and nonpublic entities test goodwill for impairment. The amendments permit an entity to first assess qualitative factors to determine whether it is more likely than not that the fair value of a reporting unit is less than its carrying amount as a basis for determining whether it is necessary to perform the two-step goodwill impairment test described in Topic 350. Under the amendments in this Update, an entity is not required to calculate the fair value of a reporting unit unless the entity determines that it is more likely than not that its fair value is less than its carrying amount.

The guidance is effective for interim and annual periods beginning on or after December 15, 2011. Early adoption is permitted

FASB Accounting Standards Update No. 2011-10

In December 2011, the FASB issued the FASB Accounting Standards Update No. 2011-10 “Property, Plant and Equipment: Derecognition of in Substance Real Estate-a Scope Clarification” (“ASU 2011-09”). This Update is to resolve the diversity in practice as to how financial statements have been reflecting circumstances when parent company reporting entities cease to have controlling financial interests in subsidiaries that are in substance real estate, where the situation arises as a result of default on nonrecourse debt of the subsidiaries.

The amended guidance is effective for annual reporting periods ending after June 15, 2012 for public entities. Early adoption is permitted.
 
 
40
 
 
FASB Accounting Standards Update No. 2011-11

In December 2011, the FASB issued the FASB Accounting Standards Update No. 2011-11 “Balance Sheet: Disclosures about Offsetting Assets and Liabilities” (“ASU 2011-11”). This Update requires an entity to disclose information about offsetting and related arrangements to enable users of its financial statements to understand the effect of those arrangements on its financial position. The objective of this disclosure is to facilitate comparison between those entities that prepare their financial statements on the basis of U.S. GAAP and those entities that prepare their financial statements on the basis of IFRS.

The amended guidance is effective for annual reporting periods beginning on or after January 1, 2013, and interim periods within those annual periods.

FASB Accounting Standards Update No. 2011-12

In December 2011, the FASB issued the FASB Accounting Standards Update No. 2011-12 “Comprehensive Income:  Deferral of the Effective Date for Amendments to the Presentation of Reclassifications of Items Out of Accumulated Other Comprehensive Income in Accounting Standards Update No. 2011-05” (“ASU 2011-12”). This Update is a deferral of the effective date pertaining to reclassification adjustments out of accumulated other comprehensive income in ASU 2011-05. FASB is to going to reassess the costs and benefits of those provisions in ASU 2011-05 related to reclassifications out of accumulated other comprehensive income. Due to the time required to properly make such a reassessment and to evaluate alternative presentation formats, the FASB decided that it is necessary to reinstate the requirements for the presentation of reclassifications out of accumulated other comprehensive income that were in place before the issuance of Update 2011-05.

All other requirements in Update 2011-05 are not affected by this Update, including the requirement to report comprehensive income either in a single continuous financial statement or in two separate but consecutive financial statements. Public entities should apply these requirements for fiscal years, and interim periods within those years, beginning after December 15, 2011.

 
ITEM 7A.         QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK.
 
Not applicable to a smaller reporting company.
 
ITEM 8.            FINANCIAL STATEMENTS AND SUPPLEMENTARY DATA.
 
Our financial statements are contained in pages F-1 through F- 34 which appear at the end of this annual report.
 
ITEM 9.            CHANGES IN AND DISAGREEMENTS WITH ACCOUNTANTS ON ACCOUNTING AND FINANCIAL DISCLOSURE.

None.
 
ITEM 9A.         CONTROLS AND PROCEDURES.
  
Evaluation of Disclosure Controls and Procedures
 
We maintain disclosure controls and procedures (as defined in Rule 13a-15(e) under the Exchange Act) that are designed to ensure that information required to be disclosed by us in reports that we file under the Exchange Act is recorded, processed, summarized and reported as specified in the SEC’s rules and forms and that such information required to be disclosed by us in reports that we file under the Exchange Act is accumulated and communicated to our management, including our Chief Executive Officer, or CEO, and our Chief Financial Officer, CFO, to allow timely decisions regarding required disclosure.  Management, with the participation of our CEO and CFO, performed an evaluation of the effectiveness of our disclosure controls and procedures as of December 31, 2011.  Based on that evaluation and as described below under “Management’s Report on Internal Control over Financial Reporting,” we have identified material weaknesses in our internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f)).  These weaknesses involve our lack of experience with U.S. GAAP requirements, as described in more detail in the next section.  Solely as a result of these material weaknesses, our management, including our CEO and CFO, concluded that our disclosure controls and procedures were not effective as of December 31, 2011.
 
 
41
 
 
Management’s Report on Internal Control over Financial Reporting
 
Our management is responsible for establishing and maintaining adequate internal control over financial reporting (as defined in Rule 13a-15(f) under the Exchange Act).  Under the supervision and with the participation of our management, including our CEO and CFO, we conducted an evaluation of the effectiveness of our internal control over financial reporting based on the framework in Internal Control - Integrated Framework issued by the Committee of Sponsoring Organizations of the Treadway Commission.  Based on that evaluation, our management concluded that, due to the material weaknesses described below, our internal control over financial reporting was not effective as of December 31, 2011.

A “material weakness” is a deficiency, or combination of deficiencies, in internal control over financial reporting such that there is a reasonable possibility that a material misstatement of the company’s annual or interim financial statements would not be prevented or detected on a timely basis.

Based on management’s assessment of the effectiveness of our internal controls over financial reporting, management concluded that our internal controls over financial reporting were not effective as of December 31, 2011, due to insufficiently qualified accounting and other finance personnel with an appropriate level of U.S. GAAP knowledge and experience.  Management believes that our lack of experience with U.S. GAAP constitutes a material weakness in our internal control.

Our management, including our CEO and our CFO, does not expect that our disclosure controls and procedures or our internal controls will prevent all error and all fraud.  A control system, no matter how well conceived and operated, can provide only reasonable, not absolute, assurance that the objectives of the control system are met.  Further, the design of a control system must reflect the fact that there are resource constraints and the benefits of controls must be considered relative to their costs.  Due to the inherent limitations in all control systems, no evaluation of controls can provide absolute assurance that all control issues and instances of fraud, if any, within our company have been detected.
 
Remediation Plan
 
As a result of management’s audit of our internal controls, we are considering the costs and benefits associated with remediating our control deficiencies.  We plan to devote significant resources to remediate, improve and document our disclosure controls and procedures and internal controls and procedures, including our recent engagement of a CPA consultant who has U.S. GAAP knowledge to assist in the preparation of our U.S. GAAP financial statements.  We did not make any meaningful progress in implementing our remediation plan during the past fiscal year.  We continue to consider the following remediation options, or some combination thereof: (i) hiring additional personnel with sufficient U.S. GAAP experience, (ii) hiring of a professional services firm that has expertise in accounting and U.S. GAAP matters with publicly-traded companies and (iii) implementing ongoing training in U.S. GAAP requirements for our CFO and accounting and other finance personnel.

Changes in Internal Control
 
There were no changes in our internal control over financial reporting identified in connection with the evaluation of our controls performed during the fourth quarter of the fiscal year of 2011 that have materially affected, or are reasonably likely to materially affect, our internal control over financial reporting.
 
ITEM 9B.         OTHER INFORMATION.

None.
 
 
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PART III

ITEM 10.          DIRECTORS, EXECUTIVE OFFICERS, AND CORPORATE GOVERNANCE.
 
Executive Officers and Key Employees

The following table sets forth information about our executive officers and key employees as of the date of this report:

Name
  
Age
  
Positions and Offices Held
Kexuan Yao
  
40
  
Chairman and Chief Executive Officer
Fengtao Wen
  
38
  
Chief Financial Officer
Weigang Zhao
  
33
  
Vice General Manager of Renewable Metals and Director
Ji Zhang* 
  44   Former General Manager of Renewable Metals
 
*Mr. Zhang resigned from the position of General Manager of Renewable Metals in September 2011.
 
Kexuan Yao.  Mr. Yao has served as the Chairman of the Board of Directors and Chief Executive Officer since June 2008.  Mr. Yao has served as the Chairman and General Manager of our subsidiary Armco Metals International Limited (formerly “Armco & Metawise (H.K) Limited”) (“Armco HK”) since its inception in 2001.  From 1996 to 2001, Mr. Yao served as the General Manager of the Tianjian Branch for Zhengzhou Gaoxin District Development Co., Ltd., a Chinese metal distribution business.  While at Zhengzhou Gaozin District Development Co., Ltd., his main responsibility was the management of the iron ore import department, which coordinated the delivery of iron ore from around the world into China.  Mr. Yao received a bachelor’s degree from Henan University of Agriculture in 1996 and expects to obtain an EMBA degree from the China Europe International Business School (CEIBS) within this year. Our Board of Directors believes Mr. Yao’s experience in the metal ore business and his experience and success in operating Armco Metals International Limited are important attributes that enhance the quality of the Board of Directors.

Fengtao Wen.  Mr. Wen has served as our Chief Financial Officer since June 2008.  Mr. Wen has served as the accounting manager of our subsidiary Armco Metals International Limited and its subsidiary Henan Armco & Metawise Trading Co., Ltd.  (“Henan Armco”) since 2005 and is responsible for supervision of financial controls and management of these entities.  From 1996 to 2005, Mr. Wen worked in the accounting department of Zhengzhou Smithing Co., Ltd.  Mr. Wen graduated from the Economics Department of Zhengzhou University in 1996.

Weigang Zhao.  Mr. Zhao has been a member of our Board of Directors since June 2008.  Mr. Zhao is a key employee and has served as the Vice General Manager of Armco Metals International Limited’s subsidiary Armco (Lianyungang) Renewable Metals, Inc. (“Renewable Metals”, formerly known as “Armet Lianyuang”) since 2007.  From 2005 through 2006 Mr. Zhao served as a manager in the supply department at Henan Anyang Steel Co., Ltd.  From 2003 through 2004 Mr. Zhao served as the marketing manager at Sinotrans Henan Co., Ltd.  Mr. Zhao graduated with a bachelor’s degree in Economics from Henan College of Finance and Economics in 2002. Our Board of Directors believes Mr. Zhao’s experience in the steel industry is a key qualification for his inclusion on the Board of Directors.
 
Board of Directors

Our Board of Directors oversees our business affairs and monitors the performance of management. In accordance with our corporate governance principles, the Board of Directors does not involve itself in day-to-day operations. The directors keep themselves informed through discussions with the Chief Executive Officer, other key executives and by reading the reports and other materials that we send them and by participating in Board of Directors and committee meetings. Our directors hold office until their successors have been elected and duly qualified unless the director resigns or by reason of death or other cause is unable to serve in the capacity of director. All directors will be up for re-election at our next annual meeting of stockholders, which is expected to occur in July 2012.  The Board of Directors adheres to corporate governance principles designed to assure the continued vitality of the Board of Directors and excellence in the execution of its duties. The Board of Directors is responsible for supervision of the overall affairs of the company.  The Board of Directors currently consists of five directors.  Four of directors are citizens of the PRC and one a citizen of Canada.  There are no family relationship between any of the executive officers and directors.  The current board membership as well as committee assignments and biographical information about our current directors is provided below.
 
 
43
 

Board of Directors and Committee Membership

Director
Audit
Committee
Member
Compensation
Committee
Member
Nominating and
Governance
Committee Member
Kexuan Yao
      
Weigang Zhao
      
Tao (“Tom”) Pang
X
X
X(1)
William Thomson
X(1)
X(1)
X
Kamping Chan
X
X
X
(1 ) Denotes Chairman.
 
Kexuan Yao.  Please see Mr. Yao’s biography above under the caption “Executive Officers.”

Weigang Zhao. Please see Mr. Zhao’s biography above under the caption “Executive Officers.”

Tao Pang, age 44, is the incumbent Branch Manager of Bank of China in the Lianyungang Economic and Technological Development Zone in Lianyungang City branch, Jiangsu Province of China. Mr. Pang has been working for Bank of China since July 1993, where he has been the Secretary to the Branch Manager in Liangyungang branch, Branch Office Manager, and President of Xinpu branch successively before he was promoted to the current position in January 2008. From September 1988 to July 1993, Mr. Pang taught at Jiangsu Province Haizhou Normal College. Mr. Pang has expertise in import and export trading settlements, business loans, personal loans, and stock exchange. Mr. Pang has been certified as Senior Financial Managerial Talent by Bank of China and a member of Outstanding Talent Bank and Reserve Talent Bank of Jiangsu Branch of Bank of China. Mr. Tao obtained a Masters Degree in Economic and Management in June 2004 and a Bachelors Degree in Chinese Language and Literature from Educational University of Jiangsu Province in June 1993. Mr. Pan, one of our three independent directors, has a successful track record in commercial banking and finance in China. We believe Mr. Pan's experiences in commercial banking and finance provides important assistance to our board in evaluating our capital needs and identifying potential sources of capital.
 
William Thomson, age 70, has been the president of Thomson Associates, Inc., a leading merchant banking and crisis management company, since 1978. Mr. Thomson sits on the board of directors of the following publicly-listed companies: China Automotive Systems, Inc. since 2005, Score Media, Inc. since 2004, and Asia Bio-Chem Group Co. since 2008, Ltd. During the past 10 years, Mr. Thomson was previously on the board of directors of the following public companies: Atlast Pain & Injury Solutions, Inc. from 2006 to 2009, Industrial Minerals, Inc. from March 2007 to June 2009, JITE Technologies, Inc. from June 2006 to February 2007, Maxus Technology Corporation from February 2004 to 2009, Med-Emerg International, Inc. from February 1998 to May 2004 and Open EC Technologies from November 2005 to February 2010. Mr. Thomson received his Bachelors’ Degree in Business Commerce from Dalhousie University in 1961, and became a Chartered Accountant affiliated with Institute of Chartered Accountants in 1963. Mr. Thomson, one of our three independent directors, is also chairman of the Audit Committee. Our Board of Directors believes Mr. Thomson’s professional qualifications as a chartered accountant as well as his experience in finance, corporate governance and development and business operations bring valuable insights to the board’s oversight of business operations, financing and corporate governance.

Mr. Kamping Chan, age 57, was appointed as a member of our Board of Directors to replace Mr. Heping Ma effective September 16, 2010.  Since 1994, Mr. Chan has been the Chairman and Executive Director of PNK International, Ltd. and Beston Holdings Group, Ltd. which are engaged in the distribution of metal and metal ore. From 2003 to 2004 Mr. Chan was the Director of International Mineral Limited, an iron ore company, which was acquired by the CITIC PACIFIC in 2004. International Mineral Ltd. was engaged in iron ore exploration and production. From 1989 to 1994, Mr.Chan managed the trading department of Prosperous Enrich, Ltd. which was engaged in importing minerals and ore into the Asian market. From 1985 to 1988 Mr. Chan served as a trader at Cargill Limited in Hong Kong. Mr. Chan graduated from China Fujian Teachers University in 1976 with a Bachelors degree in English.  Mr. Chan brings vast experience in the metals and minerals industries to our Board of Directors.
 
 
44
 

In addition to the individual skills and background described above, the board has also concluded that each of these individuals will continue to provide knowledgeable advice to our other directors and to senior management on numerous issues facing our company and on the development and execution of our strategy.

Audit Committee.  The Company’s Board of Directors has a separately designated Audit Committee that is responsible to the Board of Directors for the areas of audit and compliance, and oversees our financial reporting process, including monitoring the integrity of the financial statements and the independence and performance of the registered public accounting firm and supervises our compliance with legal and regulatory requirements. As indicated in the chart above, the current members of the Audit Committee are Tao “Tom” Pang, William Thomson and Kamping Chan. The Board of Directors has determined that Mr. Thomson, Chairman of the Audit Committee, is an “Audit Committee financial expert” as defined under SEC rules. The Board of Directors has affirmatively determined that none of the members of the Audit Committee have a material relationship with us that would interfere with the exercise of independent judgment and each of the members of the Audit Committee are “independent” as defined in the applicable NYSE Amex rules.  The responsibilities of the Audit Committee, as approved by the Board of Directors, are set forth in the Audit Committee charter, a copy of which is included as Exhibit 99.1 of our Form 8-K filed with the SEC on October 28, 2009, and which is also available on our website.

Family Relationship

There are no family relationships between any of our directors or executive officers.
 
Involvement in Certain Legal Proceedings

To our knowledge, no director, nominee for director, or executive officer of the Company has been a party in any legal proceeding that occurred during the past ten years and that is material to an evaluation of his ability or integrity.

Compliance with Section 16(a) of the Exchange Act

Based solely upon a review of Forms 3 and 4 and amendments thereto furnished to us under Rule 16a-3(d) of the Securities Exchange Act of 1934 during the fiscal year ended December 31, 2011, and Forms 5 and amendments thereto furnished to us with respect to the fiscal year ended December 31, 2011, as well as any written representation from a reporting person that no Form 5 is required, we are not aware that any officer, director or 10% or greater beneficial owner failed to file on a timely basis, as disclosed in the aforementioned Forms, reports required by Section 16(a) of the Securities Exchange Act of 1934 during the fiscal year ended December 31, 2011.
 
Code of Business Conduct and Ethics

We adopted a Code of Business Conduct and Ethics that applies to all of our directors, officers and employees, including our principal executive officer and principal financial and accounting officer. Our Code of Business Conduct and Ethics is filed as an Exhibit 14.1 to the Annual Report on Form 10-K for the year ended December 31, 2009 filed with the Commission on March 31, 2010.  A copy of the Code of Business Conduct and Ethics is also available on the Investor Relations page of our website at www.armcometals.com. We will post on our website any amendment to our Code of Business Conduct and Ethics or waivers of our Code of Business Conduct and Ethics for directors and executive officers.
 
 
45
 

ITEM 11.          EXECUTIVE COMPENSATION.

DIRECTOR COMPENSATION

The Board of Directors' general policy on director compensation is that compensation for non-employee directors should consist of a combination of cash and equity based compensation. The following table summarizes the compensation paid by us to our directors during the fiscal year of 2011.

Director Compensation Table for the 2011 Fiscal Year
             
Director
  
Fees earned
or paid
in cash ($)
  
Stock
Awards ($)
  
Total ($)
Kexuan Yao (1)
       0     0              0
Weigang Zhao (1)
       0     0           
0
Tao (“Tom”) Pang
    
0
  
22,136
  (2)
22,136
William Thomson
    
20,000
  
2,700  
 
22,700
Kamping Chan
    
20,000
  
0         
 
20,000
               
(1) In accordance with our Board of Directors' general policy directors who are full time employees (Messrs. Yao and Zhao) are not paid for board service in addition to their regular employee compensation.  
(2) Based on 10,000 shares granted and a closing stock price of $0.27 per share as reported by the NASDAQ on December 15, 2011, the date of grant.
  
 
Pursuant to our agreement with Tao Pang, Mr. Pang, as compensation for serving as our director, shall receive an annual salary of CNY 50,000(equivalent of $8,636), payable on a quarterly basis and later was converted to shares.  Mr. Pang  also received 50,000 shares of common stock, which represents $13,500 divided by the closing price of the common stock issued on December 15, 2011.

Pursuant to our agreement with William Thomson, Mr. Thomson, as compensation for serving as our director, shall receive an annual salary of $20,000, payable on a quarterly basis.  Mr. Thomson also received 10,000 shares of common stock, which represents $2,700 divided by the closing price of the common stock issued on December 15, 2011.

Pursuant to our agreement with Kamping Chan, Mr. Chan, as compensation for serving as our director, shall receive an annual salary of $20,000, payable on a quarterly basis.
 
EXECUTIVE COMPENSATION
Summary Compensation Table

The following table summarizes all compensation recorded by us in the last two fiscal years for:
 
 
·
our principal executive officer, our principal financial officer or other individuals serving in a similar capacities; and
 
·
our two most highly compensated executive officers other than our principal executive officer and principal financial officer, who were serving as executive officers as of December 31, 2011.

For definitional purposes these individuals are sometimes referred to as the “named executive officers”. The value attributable to any stock or option awards is computed in accordance with ASC Topic 718. The amounts reflected in columns (e) represent the dollar amount recognized for financial statement reporting purposes with respect to 2011 and 2010 for the grant date fair value of securities granted in each respective year in accordance with ASC Topic 718. Pursuant to SEC rules, the amounts shown exclude the impact of estimated forfeitures related to service-based vesting conditions. These amounts reflect our accounting expense for these awards, and do not correspond to the actual value that may be realized upon exercise or vesting.
 
Name and
principal
position (a)
  
Year (b)
  
Salary ($)
(c)
    
Bonus ($)
(d)
    
Stock
Awards($)
(e)
    
Option
Awards ($)
(f)
    
All Other
Compensation
(i)
    
Total
($)
  
                                         
Kexuan Yao, Chief
                                        
Executive Officer
                                        
and Director
  
2011
  
$
99,945
        -    
$
38,170
        -    
$
  -    
$
138,115
  
   
2010
  
$
73,759
    
$
  -    
$
79,856
        -    
$
  -    
$
153,615
  
                                                     
Fengtao Wen, Chief
                                                    
Financial Officer
                                                    
   
2011
  
$
26,880
        -    
$
10,335
        -    
$
  -    
$
37,215
  
   
2010
  
$
29,504
        -    
$
15,812
        -    
$
  -    
$
45,316
  
                                                     
Weigang Zhao,
                                                   
Vice General
                                                    
Manager of Renewable Metals
                                                    
and Director
 
2011
  
$
8,364
        -    
$
2,291
        -    
$
 -    
$
10,655
  
   
2010
  
$
11,063
        -    
$
3,922
        -    
$
  -    
$
14,985
  
 
 
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Outstanding Equity Awards at Year End

OPTION AWARDS
  
STOCK AWARDS
  
Name
  
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)
  
Equity Incentive Plan Awards: Market Number of Shares or Units of Stock that have not Vested (#)(g) (1) (3)
  
Value of Shares or Units of Stock that have not Vested ($)(h)(2)
  
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) (2)
  
Kexuan Yao
  
-
  
-
  
-
  
-
  
-
  
66,667
  
$
18,667
  
66,667
  
$
18,667
  
Fengtao Wen
  
-
  
-
  
-
  
-
  
-
  
-
    
-
  
-
    
-
  
Weigang Zhao
  
-
  
-
  
-
  
-
  
-
  
-
    
-
  
-
    
-
  

(1) This column reflects the number of shares of our restricted common stock awarded to the respective named executive officer that had not yet vested as of December 31, 2011.
(2) Determined based on the closing market price of our common stock on December 30, 2011, the last trading day in fiscal year ended December 31, 2011, of $0.28 per share.
(3) Number of shares reflects 66,667 shares of restricted common stock which vest on December 15, 2012 if Mr. Yao is our employee at the time of vesting.

Additional Information regarding Stock Grants
 
On December 19, 2011, we awarded 6,250 shares of our common stock to our director Mr. Kamping Chan pursuant to his contract renewal clause. 50% of the shares will be vested on June 30, 2012 and 50% will be vested on December 31, 2012.
 
On December 20, 2011, we awarded 50,000 shares of our common stock to our director Mr. Tao Pang pursuant to his contract renewal clause. 50% of the shares will be vested on June 30, 2012 and 50% will be vested on December 31, 2012.
 
On February 6, 2012, our company authorized its stock transfer agent to issue 57,743 shares in aggregate of our restricted stock to the following individuals pursuant to our 2009 Stock Incentive Plan: (i) 10,000 shares were issued to Fengtao Wen; (ii) 27,000 shares were issued to Ms. Yi Chu; (iii) 10,000 shares were issued to Xing Wu; (vi) 10,743 shares were issued to Yong Xia.  All such shares were issued as part of the employee’s respective compensation for services rendered for the year ended December 31, 2011.
 
On February 8, 2012, we awarded 1,500,000 shares of our restricted common stock to Kexuan Yao, in his capacity as Chief Executive Officer, pursuant to our 2009 Stock Incentive Plan. 125,000 shares are vested on a quarterly basis.
 
 
47
 

Executive Employment Agreements and Narrative Regarding Executive Compensation

Kexuan Yao

On December 18, 2008, we entered into an employment agreement with Mr. Yao, our Chief Executive Officer and Chairman of the Board of Directors, for a term of thirty-six (36) months commencing January 1, 2009 (the “CEO Agreement”). The CEO Agreement expired on December 31, 2011.

On February 8, 2012, China Armco Metals, Inc. (the “Company”) and Kexuan Yao entered into a second Employment Agreement (the “New CEO Agreement”), to employ Mr. Yao as the Company’s Chairmen of the Board, President, and Chief Executive Officer. The initial term of employment under the agreement is from January 1, 2012 (the “Effective Date”) until December 31, 2014, unless sooner terminated in accordance with the terms of the Employment Agreement. Pursuant to the Employment Agreement, Mr. Yao is entitled to, among others, the following compensation and benefits:
 
● A base salary at an annual rate of (i) $250,000 for the period beginning on the Effective Date through December 31, 2012; (ii) $270,000 for the period beginning on January 1, 2013 through December 31, 2013; and (iii) $300,000 for the period beginning on January 1, 2014 through December 31, 2014.

● A cash bonus equal to 50% of Mr. Yao’s base salary for each year during the contract term.
 
● During the employment term, the compensation committee shall have the discretion to grant Mr. Yao annual bonuses pursuant to a specified time or fixed schedule specified under the compensation plan at the date of the deferral of such compensation.  Mr. Yao is also eligible to receive any other bonus under any other bonus plan, stock option or equity-based plan, or other policy or program of the Company, as may be approved by the compensation committee and in accordance with any stockholder approval incentive plan in effect at the time of such decision.
 
● Mr. Yao to receive 1,500,000 shares of the Company’s common stock (the “Restricted Shares”), subject to the terms and conditions of the Amended and Restated China Armco Metals, Inc. 2009 Stock Incentive Plan.  The Restricted Shares will vest according to the following schedule:  125,000 shares of Restricted Shares to vest on the first day of each quarter over a three year period commencing on April 1, 2012a and terminating on January 1, 2015.
 
● Eligibility to participate in the Company’s benefit plans that are generally provided for executive employees.
 
Upon certain termination events and a change in control of the Company, Mr. Yao is entitled to certain payments from the Company as described in the Employment Agreement. Pursuant to the Employment Agreement, the Company will indemnify Mr. Yao to the fullest extent that would be permitted by for certain liabilities arising by reason of his employment by the Company, excluding liabilities resulted from gross negligence, gross misconduct, or gross malfeasance of Mr. Yao.  Pursuant to the Employment Agreement, Mr. yao is also subject to a confidentiality covenant, a non-interference covenant, a non-competition covenant.
 
On October 26, 2009, we awarded 200,000 shares of our restricted common stock (the “CEO Restricted Stock Award”) pursuant to our 2009 Stock Incentive Plan to Mr. Yao. The shares awarded to Mr. Yao vest 66,667 shares on December 15, 2010, 66,667 shares on December 15, 2011 and 66,666 shares on December 15, 2012. For accounting purposes, we will recognize as compensation expense the approximately $656,000 associated with this restricted stock award over the three (3) year vesting period.

On February 8, 2011, we awarded 200,000 shares of our restricted common stock (the “CEO Restricted Stock Award”) pursuant to our 2009 Stock Incentive Plan to Mr. Yao. The shares awarded to Mr. Yao vest 125,00 shares on a quarterly basis. For accounting purposes, we will recognize as compensation expense the approximately $748,500 associated with this restricted stock award over the three (3) year vesting period.

The New CEO Agreement and the CEO Restricted Stock Award were approved by our Board of Directors when there were no independent directors on the board. Accordingly, Mr. Yao and other members of management who were also board members in 2011, each had significant influence over the terms and conditions of the New CEO Agreement.
 
 
48
 

Other Executive Officers

The compensation of our Chief Financial Officer is determined by our Chief Executive Officer and Board of Directors who considered a number of factors in determining his compensation including the scope of his duties and responsibilities to our company and the time devoted to our business. Our Chief Executive Officer or Board of Directors did not consult with any experts or other third parties in fixing the amount of compensation for our Chief Financial Officer, however the Company and the Compensation Committee intend to engage a compensation consultant in the near future to review and recommend revisions to the Company’s executive and director compensation practices.

Securities Authorized for Issuance under Equity Compensation Plans
 
The following table sets forth securities authorized for issuance under any equity compensation plans approved by our stockholders as well as any equity compensation plans not approved by our stockholders as of December 31, 2011.

   
Number of securities to be issued upon exercise of outstanding options, warrants and rights (a)
    
Weighted average exercise price of outstanding options, warrants and rights (b)
    
Number of securities remaining available for future issuance under equity compensation plans (excluding securities reflected in column (a)) (c)
  
Plan category
                  
Plans approved by our stockholders:
    
40,000
      
5
      
1,517,743
  
                         
Plans not approved by stockholders:
                        
2009 Stock Incentive Plan (1)    
-
      
-
         -  

(1) Remaining available for issuance Under the Amended and Restated 2009 Stock Inceptive Plan. As of February 8, 2012, there were no shares of common stock remaining available for issuance under the Amended and Restated 2009 Stock Inceptive Plan. For a description of each of the Amended and Restated 2009 Stock Incentive Plan and see “Note 16 - Stockholders' Equity – 2009 Stock Incentive Plan as Amended” to the consolidated financial statements in our Annual Report, as filed with the SEC.
 
ITEM 12.           SECURITY OWNERSHIP OF CERTAIN BENEFICIAL OWNERS AND MANAGEMENT AND RELATED STOCKHOLDER MATTERS.
 
At March 21, 2012, the Company had 15,712,087 shares of common stock issued and outstanding. The following table sets forth information known to us as of March 21, 2012 relating to the beneficial ownership of shares of our common stock by:
 
 
·
each person who is known by us to be the beneficial owner of more than 5% of our outstanding common stock;
 
·
each director and nominee;
 
·
each named executive officer; and
 
·
all named executive officers and directors as a group.

 
49
 
 
Name and Address of Beneficial Owner(1)
  
Amount and
Nature of
Beneficial
Ownership (2)
    
Percentage
of Class (2)
  
Kexuan Yao(3)
    
7,374,951
      
37.3
%
Weigang Zhao(4)
    
19,666
      
*
%
Fengtao Wen(5)
    
50,954
      
*
%
Tao (“Tom”) Pang
    
50,000
      
*
%
Kamping Chan
    
6,250
      
*
%
William Thomson(6)
    
16,250
      
*
%
All Directors and Executive Officers as a Group
    
7,509,071
      
38.00
%
(1) Except as otherwise noted below, the address of each of the persons shown in the above table is c/o China Armco Metals, One Waters Park Drive Suite 98, San Mateo, California 94403.
(2) Includes, where applicable, shares of common stock issuable upon the exercise of options to acquire common stock held by such person that may be exercised within 60 days after March 21, 2012. Also includes unvested shares of restricted stock as to which such person has voting power but no dispositive power. Unless otherwise indicated, we believe that all persons named in the table above have sole voting power and/or investment power with respect to all shares of common stock beneficially owned by them.
(3) The number of shares beneficially owned by Mr. Yao, our Chief Executive Officer, including 7,314,997 shares of common stock directly owned by himself, and 59,954 shares of common stock owned by his spouse, presently are outstanding and 66,664 shares of unvested restricted common stock awarded pursuant to our 2009 Stock Incentive Plan, which will be vested  66,666 shares on December 15, 2012.
(4) The number of shares beneficially owned by Mr. Zhao, Vice General Manager of Renewable Metals and a director, includes 9,666 shares of common stock presently outstanding and 5,000 shares underlying warrants to purchase our common stock at $5.00 per share issued in connection with his purchase of 5,000 shares on common stock on July 31, 2008 expiring on July 31, 2013.
(5) The number of shares beneficially owned by Mr. Wen, our Chief Financial Officer, includes 50,954 shares of common stock presently outstanding and 4,000 shares underlying warrants to purchase our common stock at $5.00 per share issued in connection with his purchase of 5,000 shares on common stock on July 31, 2008 expiring on July 31, 2013.
(6) The number of shares beneficially owned by Mr. Thomson includes 16,250 shares of our restricted common stock awarded pursuant to our Amended and Restated 2009 Stock Incentive Plan of which 25% of 6,250 shares vested on March 31, 2010, and of which 25% of 6,250 shares vested on June 30, 2010, 25% of 6,250 shares vested on September 30, 2010 and 25% of 6,250 shares vested on December 31, 2010, and 10,000 shares vested on December 15, 2011.

ITEM 13.           CERTAIN RELATIONSHIPS AND RELATED TRANSACTIONS, AND DIRECTOR INDEPENDENCE.

Certain Relationships and Related Transactions
 
The following sets forth a summary of transactions since the beginning of the fiscal year of 2010, or any currently proposed transaction, in which the Company was to be a participant and the amount involved exceeded or exceeds $120,000 and in which any related person had or will have a direct or indirect material interest (other than compensation described under “Executive Compensation”). We believe the terms obtained or consideration that we paid or received, as applicable, in connection with the transactions described below were comparable to terms available or the amounts that would be paid or received, as applicable, in arm’s-length transactions.
 
 
50
 
 
Operating lease from Chairman, Chief Executive Officer and Stockholder

On January 1, 2006, Henan Armco entered into a non-cancellable operating lease for its 176.37 square meter commercial office space in the City of Zhengzhou, Henan Province, PRC from Mr. Yao, our Chairman, Chief Executive Officer and a significant stockholder of the company for RMB 10,000 per month, which expired on December 31, 2008 and has been extended through December 31, 2011. Total lease payments for the years ended December 31, 2011 and 2010 amounted to RMB120,000 per year (equivalent to $18,564 and $17,702).    Future minimum lease payments required under the non-cancelable operating lease are RMB120,000 per year (equivalent to $18,564) for 2012.

Advances from our Chairman, Chief Executive Officer and Stockholder

As discussed more fully under the heading “Liquidity and Capital Resources” in our Annual Report, Mr. Yao, our Chairman, Chief Executive Officer and a significant stockholder, has provided certain personal guarantees for certain of our credit facilities and has had to advance the Company funds from time to time to meet the Company’s liquidity needs.  Such discussion is incorporated by reference under this Item 13.

Advances to the Company, which do not bear interest and have no formal repayment terms, from Mr. Yao at December 31, 2011 and 2010 consisted of $607,009 and $799,394 respectively.  The Company expects to continue to have the Chairman make such advances as he is able to do so and as needed by the Company and will seek in the future to reimburse the Chairman for such advances upon mutually agreeable terms between the Chairman and the Compensation Committee.

Related Person Transaction Policy

On October 26, 2009, our Board of Directors adopted a written Related Person Transaction Policy that requires the Board of Directors or Audit Committee to approve or ratify transactions between our company or one or more of our subsidiaries and any related person involving an amount in excess of $120,000. Under the Related Person Transaction Policy, the Board of Directors or Audit Committee will review the relevant facts of the proposed transaction and the interest of the related person in the transaction, and either approve or reject the proposed transaction. If a related person transaction that has not been previously approved or previously ratified is discovered, that transaction will be presented to the Board of Directors or Audit Committee for ratification. No director can participate in the deliberation or approval of any related person transaction in which such director is the related person.

For purposes of the Related Person Transaction Policy, a "related person" means (i) any director or executive officer of ours, (ii) any nominee for director, (iii) any 5% beneficial owner of our common stock, (iv) any immediate family member of a director, nominee for director, executive officer or 5% beneficial owner of our common stock, and (v) any firm, corporation, or other entity in which any of these persons is employed or is a partner or principal or in a similar position, or in which such person has a 10% or greater beneficial ownership interest. The Related Person Transaction Policy will provide that the following types of transactions are deemed to be pre-approved under the policy: (1) transactions that are available to related persons on the same terms as such transactions are available to all employees generally; (2) compensation or indemnification arrangements of any executive officer, other than an individual who is an immediate family member of a related person, if such arrangements have been approved by the Board of Directors or the Compensation Committee; (3) transactions in which the related person's interest derives solely from his or her ownership of less than 10% of the equity interest in another person (other than a general partnership interest) that is a party to the transaction; (4) transactions in which the related person's interest derives solely from his or her ownership of a class of our equity securities and all holders of that class of equity securities received the same benefit on a pro rata basis, (5) director compensation arrangements, if such arrangements have been approved by the Board of Directors or the Nominating and Corporate Governance Committee; and (6) any other transaction which is not required to be disclosed as a "related person transaction" under applicable securities regulations. The Related Person Transaction Policy defines the term "immediate family member" to mean any child, stepchild, parent, stepparent, spouse, sibling, mother-in-law, father-in-law, son-in-law, daughter-in-law, brother-in-law, or sister-in-law of a director, nominee for director, executive officer, or 5% beneficial owner of our common stock, and any person (other than a tenant or employee) sharing the household of such director, nominee for director, executive officer, or 5% beneficial owner.
 
Director Independence

We are required to have a majority of independent directors within the meaning of applicable NYSE Amex Company Guide rules. The Board of Directors has determined three of the five directors are independent, which excludes Kexuan Yao, our Chairman and Chief Executive Officer, and Weigang Zhao, vice general manager of our subsidiary Renewable Metals.
 
 
51
 

ITEM 14.           PRINCIPAL ACCOUNTING FEES AND SERVICES.

Information About Auditors

The Audit Committee of the Board of Directors appointed Li & Company, PC as the independent registered public accounting firm to conduct the audit of our consolidated financial statements for the 2011 fiscal year and to report on our consolidated balance sheets, statements of income and other related statements, which appointment was ratified by the stockholders at the 2011 annual meeting of stockholders. Li & Company, PC has served as our independent registered public accounting firm since May 2008. The Audit Committee Charter includes the procedures for pre-approval of all fees charged by our independent registered public accounting firm. Under the procedure, the Audit Committee of the Board of Directors approves the engagement letter with respect to audit, tax and review services. Other fees are subject to pre-approval by the Audit Committee. The audit and audit-related fees paid to the auditors with respect to the 2011 fiscal year were pre-approved by the Audit Committee of the Board of Directors.

Fees and Services

The following table shows the fees that were billed for the audit and other services provided by Li & Company, PC for the years ended December 31, 2011 and 2010.
 
   
2011
    
2010
  
Audit Fees
            
   
$
130,000
    
$
125,500
  
Audit-Related Fees 
                
     
-
      
-
  
Tax Fees  
                
     
7,500
      
6,000
  
All Other Fees   
                
     
1,600
      
13,100
  
Total: 
                
   
$
139,100
    
$
144,600
  

Audit Fees – This category includes the audit of our annual financial statements, review of financial statements included in our quarterly reports and services that are normally provided by the independent registered public accounting firm in connection with engagements for those years and services that are normally provided by our independent registered public accounting firm in connection with statutory audits and SEC regulatory filings or engagements.

Audit-Related Fees – This category consists of assurance and related services by the independent registered public accounting firm that are reasonably related to the performance of the audit or review of our financial statements and are not reported above under “Audit Fees”.

Tax Fees – This category consists of professional services rendered by our independent registered public accounting firm for tax compliance and tax advice. The services for the fees disclosed under this category include tax return preparationand technical tax advice.
 
All Other Fees – This category consists of fees for attending annual stockholder meeting.

Pre-Approval Policies and Procedure for Audit and Permitted Non-Audit Services

The Audit Committee has developed policies and procedures regarding the approval of all non-audit services that are to be rendered by our independent registered public accounting firm, as permitted under applicable laws, and the corresponding fees for such services. In situations where the full Audit Committee is unavailable to pre-approve any permitted non-audit services to be rendered by our independent registered public accounting firm: (i) our chief executive officer will evaluate the proposed engagement to confirm that the engagement is not prohibited by any applicable rules of the SEC or NYSE Amex, (ii) following such confirmation by the chief executive officer , the chairperson of the Audit Committee will determine whether we should engage our independent registered public accounting firm for such permitted non-audit services and, if so, negotiate the terms of the engagement with our independent registered public accounting firm, and (iii) the chairperson of the Audit Committee will report to the full Audit Committee at its next regularly scheduled meeting about any engagements of our independent registered public accounting firm for permitted non-audit services that have been approved by the chairperson. Alternatively, after confirmation by the chief executive officer, the full committee may pre-approve engagements of our independent registered public accounting firm at Audit Committee meetings.

All audit services and non-audit services and all fees associated with such services performed by our independent registered public accounting firm in the 2011 fiscal year were approved by our Audit Committee and in the 2010 fiscal year were approved by our Audit Committee. . Consistent with these policies and procedures, all future audit services and non-audit services and all fees associated with such services performed by our independent registered public accounting firm will be approved by the chairperson of the Audit Committee and ratified by the Audit Committee or approved by the full Audit Committee.
 
 
52
 
 
PART IV
 
ITEM 15.         EXHIBITS, FINANCIAL STATEMENT SCHEDULES.
 
Exhibit
      
Filed
    
Index
  
Description of Document
  
Herewith
  
Incorporated by Reference To:
             
2.1
  
Share Purchase Agreement between Cox Distributing, Inc. and Armco & Metawise (HK), Ltd., dated June 27, 2008.
      
Exhibit 10.4 to the Registrant’s Current Report on Form 8-K filed on July 1, 2008.
             
3.1
  
Articles of Incorporation of the Registrant as filed with the Secretary of State of Nevada.
      
Exhibits 3.1 to the Registrant’s Registration Statement on Form SB-2 filed on August 27, 2007.
             
3.2
  
Bylaws of the registrant.
      
Exhibit 3.2 to the Registrant’s Registration Statement on Form SB-2 filed on August 27, 2007.
             
3.3
  
Amendment to Bylaws
      
Exhibit 3.3 to the Current Report on Form 8-K as filed on April 1, 2010.
 
4.1
  
Form of Warrant
      
Exhibit 4.1 to the Registrant’s Current Report on Form 8-K filed on July 31, 2008.
             
4.2
  
Form of $7.50 warrant
      
Exhibit 4.2 to the Current Report on Form 8-K filed on April 22, 2010.
             
4.3
  
Form of Amendment to Subscription Agreement and Common Stock Purchase Warrant
      
Exhibit 4.2 to the Quarterly Report on Form 10-Q for the period ended March 31, 2010 filed on May 17, 2010.
             
10.1
  
Stock Option Agreement between Cox Distributing, Inc. and Feng Gao dated June 27, 2008
      
Exhibit 10.5 to the Registrant’s Current Report on Form 8-K filed on July 1, 2008.
             
10.2
  
Call Option Agreement between Kexuan Yao and Feng Gao, dated June 27, 2008
      
Exhibit 10.6 to the Registrant’s Current Report on Form 8-K filed on July 1, 2008.
             
10.3
  
Exclusive Consulting Agreement between Armco & Metawise (HK) Ltd. and Henan Armco & Metawise Trading Co., Ltd. dated June 27, 2008.
      
Exhibit 10.7 to the Registrant’s Current Report on Form 8-K filed on July 1, 2008.
             
10.4
  
Exclusive Consulting Agreement between Armco & Metawise (HK) Ltd. and Armco (Lianyungang) Scraps Co., Ltd. dated June 27, 2008.
      
Exhibit 10.8 to the Registrant’s Current Report on Form 8-K filed on July 1, 2008.
             
10.5
  
Consulting Agreement between Stephen E. Cox (“Client”), and Capital Once Resource Co., Ltd. dated June 27, 2008
      
Exhibit 10.9 to the Registrant’s Current Report on Form 8-K filed on July 1, 2008.
             
10.6
  
Services Agreement between Stephen D. Cox Supply and Cox Distributing, Inc. dated June 27, 2008.
      
Exhibit 10.10 to the Registrant’s Current Report on Form 8-K filed on July 1, 2008.
             
10.7
  
Form of Subscription Agreement
      
Exhibit 10.1 to the Registrant’s Current Report on Form 8-K filed on July 31, 2008.
  
 
53
 
 
Exhibit
      
Filed
    
Index
  
Description of Document
  
Herewith
  
Incorporated by Reference To:
10.8
  
Form of Regulation S Subscription Agreement
      
Exhibit 10.2 to the Registrant’s Current Report on Form 8-K filed on July 31, 2008.
             
10.9
  
Cancellation Agreement with Feng Gao
      
Exhibit 10.9 to the Registrant’s Registration Statement on Form S-1 filed on September 11, 2008. 
             
10.10
  
Employment Agreement with Mr. Kexuan Yao dated December 18, 2008
      
Exhibit 10.1 to the Registrant’s Current Report on Form 8-K filed on January 13, 2009
             
10.11
  
Amendment to Call Option between Mr. Kexuan Yao and Ms. Feng Gao dated December 18, 2008
      
Exhibit 10.2 to the Registrant’s Current Report on Form 8-K filed on January 13, 2009
             
10.12
  
China Armco Metals, Inc. 2009 Stock Incentive Plan
      
Exhibit 10.1 to the Registrant’s Current Report on Form 8-K filed on October 28, 2009
             
10.13
  
Form of China Armco Metals, Inc. Restricted Stock Agreement
      
Exhibit 10.2 to the Registrant’s Current Report on Form 8-K filed on October 28, 2009
             
10.14
  
Loan Agreement between Armco (Lianyungang) Renewable Metals, Inc. and Bank of China Dated September 4, 2009
      
Exhibit 10.14 to the Registrant’s Annual Report on Form 10-K for the year ended December 312, 2009
 
10.15
  
Banking Facilities Agreement between Armco & Metawise (H.K.) Limited and DBS Bank (Hong Kong) Limited dated April 22, 2009
      
Exhibit 10.15 to the Registrant’s Annual Report on Form 10-K for the year ended December 312, 2009
             
10.16
  
Uncommitted Trade Finance Facilities Agreement between Armco & Metawise (H.K.) Limited and RZB Austria Finance (Hong Kong) dated March 25, 2009
      
Exhibit 10.16 to the Registrant’s Annual Report on Form 10-K for the year ended December 312, 2009
             
10.17
  
Line of Credit Review Approval Notice between Henan Armco & Metawise Trading Co., Ltd. and Guangdong Development Bank Zhengzhou Branch dated October 21, 2009
      
Exhibit 10.17 to the Registrant’s Annual Report on Form 10-K for the year ended December 312, 2009
             
10.18
  
General Agreement Relating to Commercial Credits between Armco & Metawise (HK) Limited and ING Bank N.V., Hong Kong Branch dated December 3, 2009
 
      
Exhibit 10.18 to the Registrant’s Annual Report on Form 10-K for the year ended December 312, 2009
             
10.19
  
Armco (Lianyungang) Renewable Metals, Inc. Scrap Metal Sales Contract between dated February 21, 2010.
      
Exhibit 10.19 to the Quarterly Report on Form 10-Q for the period ended March 31, 2010.
             
10.20
  
Form of Securities Purchase Agreement
      
Exhibit 10.20 to the Current Report on Form 8-K as filed on April 22, 2010.
             
10.21
  
Form of Registration Rights Agreement
      
Exhibit 10.21 to the Current Report on Form 8-K as filed on April 22, 2010.
             
10.22
  
Scrap Metal Sales Contract
      
Exhibit 10.19 to the Quarterly Report on Form 10-Q for the period ended March 31, 2010.
             
10.23
  
Guaranty Cooperation Agreement
      
Exhibit 10.23 to the Current Report on Form 8-K as filed on June 17, 2010.
             
10.24
  
Addendum dated August 12, 2010 to Guaranty Cooperation Agreement
      
Exhibit 10.21 to the Quarterly Report on Form 10-Q for the period ended June 30, 2010.
             
10.25
  
Banking Facilities Agreement between Armco & Metawise (H.K.) Limited and DBS Bank (Hong Kong) Limited dated August 6, 2010
      
Exhibit 10.22 to the Quarterly Report on Form 10-Q for the period ended September 30, 2010.
             
10.26
  
Uncommitted Banking Facilities Agreement between Armco & Metawise (HK) Limited and ING Bank, N.V. dated August 12, 2010.
      
Exhibit 10.23 to the Quarterly Report on Form 10-Q for the period ended September 30, 2010.
 
 
54
 
 
Exhibit
      
Filed
    
Index
  
Description of Document
  
Herewith
  
Incorporated by Reference To:
10.27
  
Amendment No. 1 dated July 23, 2010 to the Uncommitted Trade Finance Facilities Agreement between Armco & Metawise (H.K.) Limited and RZB Austria Finance (Hong Kong) dated March 25, 2009.
      
Exhibit 10.24 to the Quarterly Report on Form 10-Q for the period ended September 30, 2010.
             
10.28
  
Loan Cooperation Agreement between Fremery Holdings, Ltd. and China Armco Metals, Inc. dated August 5, 2010.
      
Exhibit 10.25 to the Quarterly Report on Form 10-Q for the period ended September 30, 2010.
             
14.1
  
Code of Ethics
      
Exhibit 14.1 to the Registrant’s Annual Report on Form 10-K for the year ended December 31, 2009
 
21.1
  
List of subsidiaries of the Registrant
  
√
    
             
23.1
  
Consent of Li & Company, PC
  
√
    
             
31.1
  
Rule 13a-14(a)/ 15d-14(a) Certification of Chief Executive Officer
  
√
    
             
31.2+
  
Rule 13a-14(a)/ 15d-14(a) Certification of Chief Financial Officer
  
√
    
             
32.1
  
Section 1350 Certification of Chief Executive Officer
  
√
    
             
32.2+
  
Section 1350 Certification of Chief Financial Officer
  
√
    
             
             
       
 Furnished
Herewith
    
101. INS*
  
XBRL Taxonomy Extension Schema Document
  
√
    
             
101. SCH*
  
XBRL Taxonomy Extension Calculation Linkbase Document
  
√
    
             
101. CAL*
  
XBRL Taxonomy Extension Calculation Linkbase Document
  
√
    
             
101. LAB*
  
XBRL Taxonomy Extension Label Linkbase Document
  
√
    
             
101. PRE*
  
XBRL Taxonomy Extension Presentation Linkbase Document.
  
√
    
             
101.DEF*
  
XBRL Taxonomy Extension Definition Linkbase Document.
  
√
    
+In accordance with the SEC Release 33-8238, deemed being furnished and not filed.
*Furnished and not filed or a part of a registration statement or prospectus for purposes of Sections 11 or 12 of the Securities Act of 1933, as amended, deemed not filed for purposes of Section 18 of the Securities Exchange Act of 1934, as amended, and otherwise not subject to liability under these sections.
 
 
55
 
 
SIGNATURES
 
Pursuant to the requirements of Section 13 or 15(d) of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, there unto duly authorized.
 
 
CHINA ARMCO METALS, INC. 
  
       
 Date: March 30, 2012
 By: By: /s/Kexuan Yao  
 
  Kexuan Yao, President and Chief Executive Officer
  (Duly Authorized Officer and Principal Executive Officer)
 
Each person whose signature appears below hereby constitutes and appoints severally Kexuan Yao and Fengtao Wen, and each of them singly, his true and lawful attorney-in-fact and agent, with full power of substitution and resubstitution, for him and in his name, place and stead, in any and all capacities, to sign any and all amendments to this Annual Report on Form 10-K, and to file the same, with all exhibits thereto, and other documents in connection therewith, with the Securities and Exchange Commission, and hereby grants to such attorney-in-fact and agent, full power and authority to do and perform each and every act and thing requisite and necessary to be done, as fully to all intents and purposes as he might or could do in person, hereby ratifying and confirming all that said attorney-in-fact and agent, or his substitute or substitutes, may lawfully do or cause to be done by virtue hereof.

Pursuant to the requirements of the Securities Exchange Act of 1934, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.
 
 
Signature
    
Title
  
Date
       
/s/ Kexuan Yao   Chairman, President and Chief Executive Officer March 30, 2012
Kexuan Yao   (Principal Executive Officer)  
       
/s/Fengtao Wen   Chief Financial Officer March 30, 2012
Fengtao Wen   (Principal Financial and Accounting Officer)  
       
/s/Weigang Zhao 
  
Director
March 30, 2012
Weigang Zhao
      
       
/s/ Tao Pang
  
Director
March 30, 2012
 Tao Pang
      
       
/s/ Kam Ping Chan
  
Director
March 30, 2012
Kam Ping Chan
      
       
/s/ William Thomson
  
Director
March 30, 2012
William Thomson
      
 
 
56
 
 
China Armco Metals, Inc. and Subsidiaries

December 31, 2011 and 2010

Index to Consolidated Financial Statements
 
 
Contents
Page(s)
   
Report of Independent Registered Public Accounting Firm
F-2
   
Consolidated Balance Sheets
F-3
   
Consolidated Statements of Operations and Comprehensive Income (Loss)
F-4
   
Consolidated Statement of Stockholders’ Equity
F-5
   
Consolidated Statements of Cash Flows
F-6
   
Notes to the Consolidated Financial Statements
F-7 to F-33
   
Schedule:
  
   
Schedule II Valuation and Qualifying Accounts for the year ended December 31, 2010 and 2009
F-34
 
 
F-1
 
 
REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

To the Board of Directors and Stockholders of
China Armco Metals, Inc.
San Mateo, California

We have audited the accompanying consolidated balance sheets of China Armco Metals, Inc. and Subsidiaries (collectively “Armco Metals” or the “Company”) as of December 31, 2011 and 2010, and the related consolidated statements of operations and comprehensive income (loss), stockholders’ equity and cash flows for the years then ended.  These consolidated financial statements are the responsibility of the Company’s management.  Our responsibility is to express an opinion on these consolidated financial statements based on our audits.

We conducted our audits in accordance with the standards of the Public Company Accounting Oversight Board (United States).  Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the consolidated financial statements are free of material misstatement.  The Company is not required to have, nor were we engaged to perform, an audit of its internal control over financial reporting.  Our audits included consideration of internal control over financial reporting as a basis for designing audit procedures that are appropriate in the circumstances, but not for the purposes of expressing an opinion on the effectiveness of the Company’s internal control over financial reporting.  Accordingly, we express no such opinion.  An audit includes examining on a test basis, evidence supporting the amount and disclosures in the consolidated financial statements.  An audit also includes assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation.  We believe that our audits provide a reasonable basis for our opinion.

In our opinion, the consolidated financial statements referred to above present fairly, in all material respects, the financial position of the Company as of December 31, 2011 and 2010, and the related consolidated statements of operations and comprehensive income (loss), stockholders’ equity and cash flows for the years then ended in conformity with accounting principles generally accepted in the United States of America.



/s/Li & Company, PC
Li & Company, PC

Skillman, New Jersey
March 30, 2012
 
 
F-2
 
 
 CHINA ARMCO METALS, INC. AND SUBSIDIARIES
 CONSOLIDATED BALANCE SHEETS
 
 
   
December 31, 2011
    
December 31, 2010
  
             
             
ASSETS
            
CURRENT ASSETS:
            
Cash
   $ 1,042,591     $ 3,097,917  
Pledged deposits
     8,357,670       12,643,671  
Marketable securities
     1,636,742       2,890,380  
Accounts receivable
     758,500       19,115,019  
Inventories
     33,344,547       10,439,831  
Advance on purchases
     3,079,684       6,509,846  
Prepaid corporate income taxes-Renewable Metals
     467,546       -  
Prepayments and other current assets
     1,744,047       4,729,935  
                 
Total Current Assets
     50,431,327       59,426,599  
                 
PROPERTY, PLANT AND EQUIPMENT
                
Property, plant and equipment
     42,165,437       34,633,639  
Accumulated depreciation
     (3,514,893 )     (761,515 )
                 
PROPERTY, PLANT AND EQUIPMENT, net
     38,650,544       33,872,124  
                 
LAND USE RIGHT
                
Land use right
     6,422,956       2,338,289  
Accumulated amortization
     (209,474 )     (153,965 )
                 
LAND USE RIGHT, net
     6,213,482       2,184,324  
                 
Total Assets
   $ 95,295,353     $ 95,483,047  
                 
LIABILITIES AND STOCKHOLDERS' EQUITY
                
CURRENT LIABILITIES:
                
Loans payable
   $ 6,711,898     $ 24,765,820  
Banker's acceptance notes payable and letters of credit     8,178,029       4,174,355  
Current maturities of capital lease obligation
     2,195,177       727,756  
Current maturities of long-term debt
     3,931,745       4,537,342  
Accounts payable
     18,543,129       3,435,528  
Advances received from Chairman and CEO
     607,009       799,394  
Customer deposits
     5,851,769       1,345,304  
Corporate income tax payable-HK
     99,042       1,091,038  
Value added tax and other taxes payable
     1,150       -  
Accrued expenses and other current liabilities
     2,713,532       6,316,568  
                 
Total Current Liabilities
     48,832,480       47,193,105  
                 
CAPITAL LEASE OBLIGATION, net of current maturities     4,127,354       1,540,915  
                 
LONG-TERM DEBT, net of current maturities
     -       3,781,119  
                 
DERIVATIVE LIABILITY
     203       138,143  
                 
Total Liabilities
     52,960,037       52,653,282  
                 
COMMITMENTS AND CONTINGENCIES
                
                 
STOCKHOLDERS' EQUITY:
                
Preferred stock, $0.001 par value; 1,000,000 shares authorized; none issued or outstanding
     -       -  
Common stock, $0.001 par value, 74,000,000 shares authorized, 15,421,008 and 14,840,948 shares issued and outstanding, respectively     15,421       14,841  
Additional paid-in capital
     29,733,619       28,966,596  
Retained earnings
     9,366,035       12,711,039  
Accumulated other comprehensive income (loss):
                
Change in unrealized loss on marketable securities     (797 )     (506,278 )
Foreign currency translation gain
     3,221,038       1,643,567  
                 
Total Stockholders' Equity
     42,335,316       42,829,765  
                 
Total Liabilities and Stockholders' Equity
   $ 95,295,353     $ 95,483,047  
 
See accompanying notes to the consolidated financial statements.
 
 
F-3
 
 
 CHINA ARMCO METALS, INC. AND SUBSIDIARIES
 CONSOLIDATED ONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME (LOSS)
 
 
For the Year
  
For the Year
  
 
Ended
  
Ended
  
   
December 31, 2011
    
December 31, 2010
  
             
             
NET REVENUES
   $ 106,216,065     $ 68,786,790  
                 
COST OF GOODS SOLD
     100,363,253       66,325,780  
                 
GROSS PROFIT
     5,852,812       2,461,010  
                 
OPERATING EXPENSES:
                
Selling expenses
     293,887       1,157,725  
Professional fees
     824,275       673,547  
General and administrative expenses
     3,699,401       2,989,104  
Operating cost of Renewable Metals idle manufacturing facility     1,946,369       -  
                 
Total operating expenses
     6,763,932       4,820,376  
                 
LOSS FROM OPERATIONS
     (911,120 )     (2,359,366 )
                 
OTHER (INCOME) EXPENSE:
                
Interest income
     (102,456 )     (45,020 )
Interest expense
     1,792,885       475,871  
Foreign currency transaction gain - marketable securities     (220,881 )     -  
Impairment other than temporary - marketable securities     1,980,000       -  
Gain from vendor price adjustment
     -       (1,011,080 )
Change in fair value of derivative liability
     (137,940 )     (91,269 )
Loan guarantee expense
     158,066       244,998  
Investment credit - government
     (1,547,030 )     -  
Other (income) expense
     278,578       139,747  
                 
Total other (income) expense
     2,201,222       (286,753 )
                 
LOSS BEFORE INCOME TAXES
     (3,112,342 )     (2,072,613 )
                 
INCOME TAX PROVISION
     232,662       153,263  
                 
NET LOSS
     (3,345,004 )     (2,225,876 )
                 
OTHER COMPREHENSIVE INCOME (LOSS):
                
Change in unrealized loss of marketable securities     505,481       (506,278 )
Foreign currency translation gain
     1,577,471       1,345,886  
                 
COMPREHENSIVE INCOME (LOSS)
   $ (1,262,052 )   $ (1,386,268 )
                 
NET LOSS PER COMMON SHARE - BASIC AND DILUTED:                
                 
Net loss per common share - basic and diluted
   $ (0.22 )   $ (0.16 )
                 
Weighted Average Common Shares Outstanding - basic and diluted     15,366,743       13,804,381  
 
 See accompanying notes to the consolidated financial statements.
 
 
F-4
 
 
CHINA ARMCO METALS, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENT OF STOCKHOLDERS' EQUITY
For the Years Ended December 31, 2011 and 2010
 
    Common Stock, $0.001 Par Value       Accumulated Other Comprehensive Income (Loss)        
   
Number of Shares
    
Amount
    
Additional Paid-in Capital
    
Retained Earnings
   Change in Unrealized Loss on Marketable Securities    
Foreign Currency Translation Gain
    
Total Stockholders' Equity
  
                                           
Balance, December 31, 2009
     10,310,699     $ 10,310     $ 1,880,466     $ 14,936,915     $ -     $ 297,681     $ 17,125,372  
                                                         
Issuance of common stock upon exercise of warrants to purchase 1,324,346 common shares at $5.00 per share for the three-month period ending March 31, 2010
     1,324,346       1,325       6,620,405                               6,621,730  
                                                         
Issuance of 78,217 common shares upon cashless exercise of warrants to purchase 167,740 common shares at $5.00 per share for the three-month period ending March 31, 2010
     78,217       78       (78 )                             -  
                                                         
Extinguishment of derivative liability associated with the exercise of warrants to purchase common stock for the three-month period ending March 31, 2010
                     1,875,106                               1,875,106  
                                                         
Reclassification of derivative liability to additional paid-in capital associated with the waiver of anti-dilution provision of warrants to purchase 1,031,715 common shares
                     1,292,227                               1,292,227  
                                                         
Issuance of common stock upon exercise of warrants to purchase 13,806 common shares at $5.00 per share for the three-month period ending June 30, 2010
     13,806       14       69,016                               69,030  
                                                         
Reclassification of derivative liability to additional paid-in capital associated with the exercise of warrants to purchase 13,806 common shares
                     21,229                               21,229  
                                                         
Sale of common stock and warrant at $6.50 per unit on April 20, 2010
     1,538,464       1,538       9,111,436                               9,112,974  
                                                         
Issuance of common stock upon exercise of options to purchase 1,400,000 common shares at $5.00 per share for the three-month period ending June 30, 2010
     1,400,000       1,400       6,998,600                               7,000,000  
                                                         
Issuance of common stock to China Direct Industries, Inc. for consulting services
     80,000       80       392,720                               392,800  
                                                         
Issuance of common stock to Bespoke for consulting services
     22,500       23       78,502                               78,525  
                                                         
Loan guarantee services received and shares vested from common sharesissued to Chaoyang Steel on June 11, 2010 for 5 year loan guarantee services expiring June 30, 2016
     66,666       67       244,930                               244,997  
                                                         
Issuance of restricted stock to Director pursuant to 2009 Stock Incentive Plan for future services valued at $3.28 per share granted on September 16, 2010
     6,250       6       19,494                               19,500  
                                                         
Issuance of restricted stock to Director pursuant to 2009 Stock Incentive Plan for future services valued at $3.28 per share granted on September 16, 2010
                     (19,500 )                             (19,500 )
                                                         
Amortization of deferred compensation
                     244,043                               244,043  
                                                         
Issuance of stock options to an employee pursuantto 2009 Stock Incentive Plan for services on October 6, 2010
                     138,000                               138,000  
                                                         
Comprehensive income (loss)
                                                        
Net loss
                             (2,225,876 )                     (2,225,876 )
Change in unrealized loss on marketable securities
                                     (506,278 )             (506,278 )
Foreign currency translation gain
                                             1,345,886       1,345,886  
                                                         
Total comprehensive income (loss)
                                                     (1,386,268 )
                                                         
Balance, December 31, 2010
     14,840,948       14,841       28,966,596       12,711,039       (506,278 )     1,643,567       42,829,765  
                                                         
Loan guarantee services received and shares vested from common shares issued to Chaoyang Steel on June 11, 2010 for 5 year loan guarantee services expiring June 30, 2016
     33,333       33       89,633                               89,666  
                                                         
Issuance of common stock to an employee pursuant to 2009 Stock Incentive Plan for services valued at $3.38 per share granted on October 6, 2010
     55,378       55       187,125                               187,180  
                                                         
Issuance of common stock to HCI for public relation services for first quarter 2011
     10,800       11       29,040                               29,051  
                                                         
Issuance of common shares to an employee for future services
     10,000       10       27,390                               27,400  
                                                         
Issuance of common shares to an employee for future services
             -       (27,400 )                             (27,400 )
                                                         
Amortization of deferred employee services
                     260,693                               260,693  
                                                         
Loan guarantee services received and shares vested from common shares issued to Chaoyang Steel on June 11, 2010 for 5 year loan guarantee services expiring June 30, 2016
     33,333       34       45,299                               45,333  
                                                         
Issuance of common stock to HCI for public relation services for second quarter 2011
     10,800       10       14,678                               14,688  
                                                         
Loan guarantee services received and shares vested from common sharesissued to Chaoyang Steel on June 11, 2010 for 5 year loan guarantee services expiring June 30, 2016
     33,333       33       13,634                               13,667  
                                                         
Issuance of common shares for conversion of accrued expenses-Director cash compensation
     17,371       18       23,742                               23,760  
                                                         
Issuance of common stock to HCI for public relation services for 3rd quarter 2011
     10,800       10       4,418                               4,428  
                                                         
Loan guarantee services received and shares vested from common shares issued to Chaoyang Steel on June 11, 2010 for 5 year loan guarantee services expiring June 30, 2016
     33,333       34       9,366                               9,400  
                                                         
Issuance of common stock to HCI for public relation services for 4th quarter 2011
     7,200       7       2,146                               2,153  
                                                         
Issuance of common stock to an employee pursuant to 2009 Stock Incentive Plan for services valued at $0.27 per share granted on December 15, 2011
     264,379       264       71,119                               71,383  
                                                         
Issuance of common stock to Directors for 2011 services
     60,000       60       16,140                               16,200  
                                                         
                                                         
Comprehensive income (loss)
                                                        
Net Loss
                             (3,345,004 )                     (3,345,004 )
Change in unrealized loss on marketable securities
                                     505,481               505,481  
Foreign currency translation gain
                                             1,577,471       1,577,471  
                                                         
Total comprehensive income (loss)
                                                     (1,262,052 )
                                                         
Balance, December 31, 2011
     15,421,008     $ 15,421     $ 29,733,619     $ 9,366,035     $ (797 )   $ 3,221,038     $ 42,335,316  
 
See accompanying notes to the consolidated financial statements.
 
 
F-5
 
 
 CHINA ARMCO METALS, INC. AND SUBSIDIARIES
 CONSOLIDATED STATEMENTS OF CASH FLOWS
 
 
For the Year
  
For the Year
  
 
Ended
  
Ended
  
   
December 31, 2011
    
December 31, 2010
  
             
             
CASH FLOWS FROM OPERATING ACTIVITIES:                
Net loss
   $ (3,345,004 )   $ (2,225,876 )
Adjustments to reconcile net loss to net cash provided by (used in) operating activities                
Depreciation expense     2,726,315        620,411  
Amortization expense
     49,376       47,484  
Change in fair value of derivative liability
     (137,940 )     (91,269 )
Gain from foreign currency exchange rate change on marketable securities     (220,881 )     -  
Marketable securities impairment - other than temporary     1,980,000       -  
Stock based compensation
     580,423       1,098,366  
Changes in operating assets and liabilities:
                
Accounts receivable
     18,569,271       9,726,980  
Inventories
     (22,498,388 )     (9,926,767 )
Advance on purchases
     (852,982 )     (2,498,632 )
Prepayments and other current assets
     2,688,460       (1,084,517 )
Accounts payable
     14,992,427       (3,575,163 )
Customer deposits
     (491,603 )     (1,191,421 )
Taxes payable
     (990,833 )     (2,256,437 )
Accrued expenses and other current liabilities     1,305,792       5,639,489  
                 
NET CASH PROVIDED BY (USED IN) OPERATING ACTIVITIES     14,354,433       (5,717,352 )
                 
CASH FLOWS FROM INVESTING ACTIVITIES:                
Proceeds from release of pledged deposits
     50,146,115       -  
Payment made towards pledged deposits
     (45,373,468 )     (11,844,576 )
Purchase of marketable securities
     -       (3,396,658 )
Purchases of property and equipment
     (2,967,453 )     (14,180,038 )
Purchase of land use rights
     (2,664,162 )     -  
                 
NET CASH USED IN INVESTING ACTIVITIES
     (858,968 )     (29,421,272 )
                 
CASH FLOWS FROM FINANCING ACTIVITIES:                
Proceeds from loans payable
     61,308,628       7,582,524  
Repayment of loans payable
     (79,757,796 )     -  
Banker's acceptance notes payable
     3,837,383       4,174,355  
Proceeds from mortgage payable
     5,897,617       2,268,671  
Repayment of mortgage payable
     (1,934,133 )     -  
Proceeds from long-term debt
     -       1,512,447  
Repayment of long-term debt
     (4,718,094 )     (2,268,671 )
Advances from (repayment to) Chairman and CEO     (192,385 )     1,264,801  
Sales of common stock and warrants, net of offering costs     -       9,112,974  
Proceeds from exercise of warrants
     -       6,690,760  
Proceeds from exercise of options
     -       6,500,000  
                 
NET CASH PROVIDED BY (USED IN) FINANCING ACTIVITIES     (15,558,780 )     36,837,861  
                 
EFFECT OF EXCHANGE RATE CHANGES ON CASH     7,990       654,870  
                 
NET CHANGE IN CASH
     (2,055,325 )     2,354,107  
                 
Cash at beginning of year
     3,097,917       743,810  
                 
Cash at end of year
   $ 1,042,591     $ 3,097,917  
                 
SUPPLEMENTAL DISCLOSURE OF CASH FLOWS INFORMATION:                
Interest paid
   $ 1,792,885     $ 475,871  
Income tax paid
   $ 1,224,230     $ 1,489,888  
                 
NON CASH FINANCING AND INVESTING ACTIVITIES:                
Accrued compensation paid in common shares in lieu of cash   $ 282,323     $ 500,000  
Advance payments used towards construction in progress and land use rights   $ 4,468,337     $ -  
 
See accompanying notes to the consolidated financial statements.
 
 
F-6
 
 
China Armco Metals, Inc. and Subsidiaries
December 31, 2011 and 2010
Notes to the Consolidated Financial Statements


Note 1 – Organization and Operations

China Armco Metals, Inc. (formerly Cox Distributing, Inc.)

Cox Distributing was founded as an unincorporated business in January 1984 and was incorporated as Cox Distributing, Inc. (“Cox Distributing”), a C corporation under the laws of the State of Nevada on April 6, 2007 at which time 9,100,000 shares of common stock were issued to the founder in exchange for the existing unincorporated business.  No value was given to the stock issued by the newly formed corporation.  Therefore, the shares were recorded to reflect the $.001 par value and paid in capital was recorded as a negative amount ($9,100).   Cox Distributing engaged in the distribution of organic fertilizer products used to improve soil and growing conditions for the potato farmers of eastern Idaho (“Legacy Business”).

On June 27, 2008, Cox Distributing amended its Articles of Incorporation, and changed its name to China Armco Metals, Inc. (“Armco Metals” or the “Company”) upon the acquisition of Armco Metals International Limited (formerly “Armco & Metawise (H.K) Limited” or “Armco HK”) and Subsidiaries to better identify the Company with the business conducted, through its wholly owned subsidiaries in China, import, export and distribution of ferrous and non-ferrous ores and metals, and processing and distribution of scrap steel.

Cox Distributing conducted nominal organic fertilizer distribution business post the acquisition of Armco HK.  On December 30, 2008, the Company entered into an Agreement of Assumption and Release and Bill of Sale (“Spin-Out Agreement”) with its former Chairman and Chief Executive Officer, Stephen E. Cox, with respect to its Legacy Business of fertilizer distribution business.  Pursuant to the terms of the Spin-Out Agreement, Mr. Cox assumed all of the assets and liabilities of the Legacy Business and surrendered 6,200 shares of the Company’s common stock he owned for cancellation.  As a result of the consummation of the Spin-Out Agreement, the Company discontinued its Legacy Business of distribution of organic fertilizer products.

Armco Metal International Limited (formerly Armco & Metawise (H.K) Limited) and Subsidiaries

Armco Metal International Limited (formerly Armco & Metawise (H.K) Limited)

Armco & Metawise (H.K) Limited was incorporated on July 13, 2001 under the laws of the Hong Kong Special Administrative Region (“HK SAR”) of the People’s Republic of China (“PRC”).  Armco HK engages in the import, export and distribution of ferrous and non-ferrous ore and metals.

On March 22, 2011, Armco & Metawise (H.K) Limited amended its Memorandum and Articles of Association, and changed its name to Armco Metal International Limited (“Armco HK”).

Formation of Henan Armco and Metawise Trading Co., Ltd.

Henan Armco and Metawise Trading Co., Ltd. (“Henan”) was incorporated on June 6, 2002 in the City of Zhengzhou, Henan Province, PRC.  Henan engages in the import, export and distribution of ferrous and non-ferrous ores and metals.

Formation of Armco (Lianyungang) Renewable Metals, Inc.

On January 9, 2007, Armco HK formed Armco (Lianyungang) Renewable Metals, Inc. (“Renewable Metals”), a wholly-owned foreign enterprise (“WOFE”) subsidiary in the City of Lianyungang, Jiangsu Province, PRC.  Renewable Metals engages in the processing and distribution of scrap metal.

On December 1, 2008, Armco HK transferred its 100% equity interest in Renewable Metals to Armco Metals.

Merger of Henan with Renewable Metals, Companies under Common Control

On December 28, 2007, Armco HK entered into a Share Transfer Agreement with Renewable Metals, whereby Armco HK transferred to Renewable Metals all of its equity interest in Henan, a company under common control of Armco HK.

The acquisition of Henan has been recorded on the purchase method of accounting at historical amounts as Renewable Metals and Henan were under common control since June 2002.  The consolidated financial statements have been presented as if the acquisition of Henan had occurred as of the first date of the first period presented.
 
 
F-7
 
 
Acquisition of Armco Metal International Limited and Subsidiaries (“Armco HK”) Recognized as a Reverse Acquisition

On June 27, 2008, the Company entered into and consummated a share purchase agreement (the “Share Purchase Agreement”) with Armco HK and Feng Gao, who owned 100% of the issued and outstanding shares of Armco HK.  In connection with the consummation of the Share Purchase Agreement, (i) Stephen Cox surrendered 7,694,000 common shares, representing his controlling interest in the Company for cancellation and resigned as an officer and director; (ii) the Company purchased from the Armco HK Shareholder 100% of the issued and outstanding shares of Armco HK’s capital stock for $6,890,000 by delivery of the Company’s purchase money promissory note; (iii) issued to Ms. Gao (a) a stock option entitling Ms. Gao to purchase 5,300,000 shares of the Company’s common stock, par value $.001 per share (the “Common Stock”) with an exercise price of $1.30 per share expiring on September 30, 2008 and (b) a stock option entitling Ms. Gao to purchase 2,000,000 shares of the Company’s common stock with an exercise price of $5.00 per share expiring two (2) years from the date of issuance on June 27, 2010 (the “Gao Options”).  On August 12, 2008, Ms. Gao exercised her option to purchase and the Company issued 5,300,000 shares of its common stock in exchange for the $6,890,000 note owed to Ms. Gao.  The shares issued represented approximately 69.7% of the issued and outstanding common stock immediately after the consummation of the Share Purchase and exercise of the option to purchase 5,300,000 shares of the Company’s common stock at $1.30 per share.

As a result of the ownership interests of the former stockholder of Armco HK, for financial statement reporting purposes, the merger between the Company and Armco HK has been treated as a reverse acquisition with Armco HK deemed the accounting acquirer and the Company deemed the accounting acquiree under the purchase method of accounting in accordance with section 805-10-55 of the FASB Accounting Standards Codification. The reverse merger is deemed a capital transaction and the net assets of Armco HK (the accounting acquirer) are carried forward to the Company (the legal acquirer and the reporting entity) at their carrying value before the combination.  The acquisition process utilizes the capital structure of the Company and the assets and liabilities of Armco HK which are recorded at historical cost.  The equity of the Company is the historical equity of Armco HK retroactively restated to reflect the number of shares issued by the Company in the transaction.

Formation of Armco (Lianyungang) Holdings, Inc.

On June 4, 2009, the Company formed Armco (Lianyungang) Holdings, Inc. (“Lianyungang Armco”), a WOFE subsidiary in the City of Lianyungang, Jiangsu Province, PRC.  Lianyungang Armco intends to engage in marketing and distribution of the recycled scrap steel.

Formation of Armco Metals (Shanghai) Holdings, Ltd.

On July 16, 2010, the Company formed Armco Metals (Shanghai) Holdings. Ltd. (“Armco Shanghai”) as a WOFE subsidiary in Shanghai, China. Armco Shanghai serves as the headquarters for the Company’s China operations and oversees the activities of the Company in financing and international trading.

Note 2 – Summary of Significant Accounting Policies

Basis of Presentation

The Company’s consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”).

Principles of Consolidation

The consolidated financial statements include all accounts of the entities as of the reporting period ending date(s) and for the reporting period(s) as follows:

Entity
　
Reporting period ending date(s) and reporting period(s)
     
Armco Metals
  
As of December 31, 2011 and 2010 and for the years then ended
     
Armco HK
  
As of December 31, 2011 and 2010 and for the years then ended
     
Henan Armco
  
As of December 31, 2011 and 2010 and for the years then ended
     
Renewable Metals
  
As of December 31, 2011 and 2010 and for the years then ended
     
Lianyungang Armco
  
As of December 31, 2011 and 2010 and for the years then ended
     
Armco Shanghai
  
As of December 31, 2011 and 2010, for the year ended December 31, 2011 and for the period from July 16, 2010 (inception) through December 31, 2010
 
 
F-8
 
 
All inter-company balances and transactions have been eliminated.

Reclassification

Certain amounts in the prior period financial statements have been reclassified to conform to the current period presentation.   These reclassifications had no effect on reported losses.

Use of Estimates and Assumptions

The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period.

The Company’s significant estimates and assumptions include the fair value of financial instruments; allowance for doubtful accounts; normal production capacity, inventory valuation and obsolescence; the carrying value, recoverability and impairment, if any, of long-lived assets, including the values assigned to and the estimated useful lives of property, plant and equipment, and land use rights; interest rate; revenue recognized or recognizable; sales returns and allowances; valued added tax rate, income tax rate and related income tax provision, reporting currency, functional currency and foreign currency exchange rate.  Those significant accounting estimates or assumptions bear the risk of change due to the fact that there are uncertainties attached to those estimates or assumptions, and certain estimates or assumptions are difficult to measure or value.

Management bases its estimates on historical experience and on various assumptions that are believed to be reasonable in relation to the financial statements taken as a whole under the circumstances, the results of which form the basis for making judgments about the carrying values of assets and liabilities that are not readily apparent from other sources.

Management regularly evaluates the key factors and assumptions used to develop the estimates utilizing currently available information, changes in facts and circumstances, historical experience and reasonable assumptions. After such evaluations, and if deemed appropriate, those estimates are adjusted accordingly. Actual results could differ from those estimates.

Fair Value of Financial Instruments

The Company follows paragraph 825-10-50-10 of the FASB Accounting Standards Codification for disclosures about fair value of its financial instruments and has adopted paragraph 820-10-35-37 of the FASB Accounting Standards Codification (“Paragraph 820-10-35-37”) to measure the fair value of its financial instruments. Paragraph 820-10-35-37 establishes a framework for measuring fair value in accounting principles generally accepted in the United States of America (U.S. GAAP), and expands disclosures about fair value measurements. To increase consistency and comparability in fair value measurements and related disclosures, Paragraph 820-10-35-37 establishes a fair value hierarchy which prioritizes the inputs to valuation techniques used to measure fair value into three (3) broad levels.  The three (3) levels of fair value hierarchy defined by Paragraph 820-10-35-37 are described below:
   
Level 1
Quoted market prices available in active markets for identical assets or liabilities as of the reporting date.
   
Level 2
Pricing inputs other than quoted prices in active markets included in Level 1, which are either directly or indirectly observable as of the reporting date.
   
Level 3
Pricing inputs that are generally observable inputs and not corroborated by market data.

Financial assets are considered Level 3 when their fair values are determined using pricing models, discounted cash flow methodologies or similar techniques and at least one significant model assumption or input is unobservable.

The fair value hierarchy gives the highest priority to quoted prices (unadjusted) in active markets for identical assets or liabilities and the lowest priority to unobservable inputs.  If the inputs used to measure the financial assets and liabilities fall within more than one level described above, the categorization is based on the lowest level input that is significant to the fair value measurement of the instrument.
 
 
F-9
 
 
The carrying amounts of the Company’s financial assets and liabilities, such as cash, pledged deposits, accounts receivable, advance on purchases, prepayments and other current assets, accounts payable, customer deposits, corporate income tax payable, accrued expenses and other current liabilities approximate their fair values because of the short maturity of these instruments.

The Company’s loans payable, banker’s acceptance notes payable, capital lease obligation, and long-term debt approximate the fair value of such instruments based upon management’s best estimate of interest rates that would be available to the Company for similar financial arrangements at December 31, 2011and 2010.

The Company’s Level 3 financial liabilities consist of the derivative warrant issued in July 2008 for which there is no current market for these securities such that the determination of fair value requires significant judgment or estimation.  The Company valued the automatic conditional conversion, re-pricing/down-round, change of control; default and follow-on offering provisions using a lattice model, with the assistance of a valuation specialist, for which management understands the methodologies.  These models incorporate transaction details such as Company stock price, contractual terms, maturity, risk free rates, as well as assumptions about future financings, volatility, and holder behavior as of the date of issuance and each balance sheet date.

Transactions involving related parties cannot be presumed to be carried out on an arm's-length basis, as the requisite conditions of competitive, free-market dealings may not exist. Representations about transactions with related parties, if made, shall not imply that the related party transactions were consummated on terms equivalent to those that prevail in arm's-length transactions unless such representations can be substantiated.

It is not, however, practical to determine the fair value of advances from significant stockholder and lease arrangement with the significant stockholder due to their related party nature.

Fair Value of Financial Assets and Liabilities Measured on a Recurring Basis

Level 1 Financial Assets – Marketable Securities

The Company uses Level 1 of the fair value hierarchy to measure the fair value of the marketable securities and marks the available for sale marketable securities at fair value in the statement of financial position at each balance sheet date and reports the unrealized holding gains and losses for available-for-sale securities in other comprehensive income (loss) until realized provided the unrealized holding gains and losses is temporary.  If the fair value of an investment is less than its cost basis at the balance sheet date of the reporting period for which impairment is assessed, and it is determined that the impairment is other than temporary, then an impairment loss is recognized in earnings equal to the entire difference between the investment’s cost and its fair value at the balance sheet date of the reporting period.

Level 3 Financial Liabilities – Derivative Warrant Liabilities

The Company uses Level 3 of the fair value hierarchy to measure the fair value of the derivative liabilities and revalues its derivative warrant liability at every reporting period and recognizes gains or losses in the consolidated statements of operations and comprehensive income (loss) that are attributable to the change in the fair value of the derivative warrant liability.

Fair Value of Non-Financial Assets or Liabilities Measured on a Recurring Basis

The Company’s non-financial assets include inventories.  The Company identifies potentially excess and slow-moving inventories by evaluating turn rates, inventory levels and other factors.  Excess quantities are identified through evaluation of inventory aging, review of inventory turns and historical sales experiences. The Company provides lower of cost or market reserves for such identified excess and slow-moving inventories. The Company establishes a reserve for inventory shrinkage, if any, based on the historical results of physical inventory cycle counts.

Carrying Value, Recoverability and Impairment of Long-Lived Assets

The Company has adopted paragraph 360-10-35-17 of the FASB Accounting Standards Codification for its long-lived assets. The Company’s long-lived assets, which include property, plant and equipment and land use rights are reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount of an asset may not be recoverable.

The Company assesses the recoverability of its long-lived assets by comparing the projected undiscounted net cash flows associated with the related long-lived asset or group of long-lived assets over their remaining estimated useful lives against their respective carrying amounts. Impairment, if any, is based on the excess of the carrying amount over the fair value of those assets.  Fair value is generally determined using the asset’s expected future discounted cash flows or market value, if readily determinable.  When long-lived assets are determined to be recoverable, but the newly determined remaining estimated useful lives are shorter than originally estimated, the net book values of the long-lived assets are depreciated over the newly determined remaining estimated useful lives.
 
 
F-10
 
 
The Company considers the following to be some examples of important indicators that may trigger an impairment review: (i) significant under-performance or losses of assets relative to expected historical or projected future operating results; (ii) significant changes in the manner or use of assets or in the Company’s overall strategy with respect to the manner or use of the acquired assets or changes in the Company’s overall business strategy; (iii) significant negative industry or economic trends; (iv) increased competitive pressures; (v) a significant decline in the Company’s stock price for a sustained period of time; and (vi) regulatory changes.  The Company evaluates acquired assets for potential impairment indicators at least annually and more frequently upon the occurrence of such events.

The key assumptions used in management’s estimates of projected cash flow deal largely with forecasts of sales levels, gross margins, and operating costs of the manufacturing facilities.  These forecasts are typically based on historical trends and take into account recent developments as well as management’s plans and intentions.  Any difficulty in manufacturing or sourcing raw materials on a cost effective basis would significantly impact the projected future cash flows of the Company’s manufacturing facilities and potentially lead to an impairment charge for long-lived assets.  Other factors, such as increased competition or a decrease in the desirability of the Company’s products, could lead to lower projected sales levels, which would adversely impact cash flows.  A significant change in cash flows in the future could result in an impairment of long lived assets.

The impairment charges, if any, is included in operating expenses in the accompanying consolidated statements of income and comprehensive income (loss).

Cash Equivalents

The Company considers all highly liquid investments with maturities of three months or less at the time of purchase to be cash equivalents.

Pledged Deposits

Pledged deposits consist of amounts held in financial institutions for (i) outstanding letters of credit and (ii) open banker’s acceptance notes payable maturing between three (3) and nine (9) months from the date of issuance.

The Company uses letters of credit in connection with its purchases of ferrous and non-ferrous ores and metals, and scrap metal for processing and distribution.  The issuing financial institutions of those letters of credit require the Company to deposit and pledge certain percentage of the maximum amount stipulated under those letters of the credit as collateral.  The pledged deposits are either released to the Company in the event of vendors' non-performance or to be released to the Company as part of the payment toward the letters of credit when vendors delivers the goods under those letters of credit on or before maturity date.

The Company satisfies certain accounts payable, through banker’s acceptance notes issued by financial institutions to certain of the Company’s vendors.  The issuing financial institutions of those banker’s acceptance notes require the Company to deposit and pledge certain percentage of the amount stipulated under those banker’s acceptance notes as collateral.  The pledged deposits are released to the Company as part of the payment toward banker’s acceptance notes upon maturity.

The Management of the Company believes it is appropriate to classify such amounts as current assets as those letters of credit are of a short term nature, three (3) to nine (9) months in length from the date of issuance.

Marketable Debt and Equity Securities, Available for Sale

The Company accounts for marketable debt and equity securities, available for sale, in accordance with sub-topic 320-10 of the FASB Accounting Standards Codification (“Sub-topic 320-10”).

Pursuant to Paragraph 320-10-35-1, investments in debt securities that are classified as available for sale and equity securities that have readily determinable fair values that are classified as available for sale shall be measured subsequently at fair value in the consolidated balance sheets at each balance sheet date. Unrealized holding gains and losses for available-for-sale securities (including those classified as current assets) shall be excluded from earnings and reported in other comprehensive income until realized except an available-for-sale security that is designated as being hedged in a fair value hedge, from which all or a portion of the unrealized holding gain and loss of shall be recognized in earnings during the period of the hedge, pursuant to paragraphs 815-25-35-1 through 815-25-35-4.
 
 
F-11
 
 
The Company follows Paragraphs 320-10-35-17 through 34E and assess whether an investment is impaired in each reporting period.  An investment is impaired if the fair value of the investment is less than its cost. Impairment indicators include, but are not limited to the following: a. a significant deterioration in the earnings performance, credit rating, asset quality, or business prospects of the investee; b. a significant adverse change in the regulatory, economic, or technological environment of the investee; c. a significant adverse change in the general market condition of either the geographic area or the industry in which the investee operates; d. a bona fide offer to purchase (whether solicited or unsolicited), an offer by the investee to sell, or a completed auction process for the same or similar security for an amount less than the cost of the investment; e. factors that raise significant concerns about the investee's ability to continue as a going concern, such as negative cash flows from operations, working capital deficiencies, or noncompliance with statutory capital requirements or debt covenants. If the fair value of an investment is less than its cost basis at the balance sheet date of the reporting period for which impairment is assessed, the impairment is either temporary or other than temporary.  Pursuant to Paragraph 320-10-35-34, if it is determined that the impairment is other than temporary, then an impairment loss shall be recognized in earnings equal to the entire difference between the investment’s cost and its fair value at the balance sheet date of the reporting period for which the assessment is made. The measurement of the impairment shall not include partial recoveries after the balance sheet date. The fair value of the investment would then become the new basis of the investment and shall not be adjusted for subsequent recoveries in fair value.  For presentation purpose, the entity shall recognize and present the total other-than-temporary impairment in the statement of earnings with an offset for the amount of the total other-than-temporary impairment that is recognized in other comprehensive income, in accordance with paragraph 320-10-35-34D, if any, pursuant to Paragraph 320-10-45-8A; and separately present, in the financial statement in which the components of accumulated other comprehensive income are reported, amounts recognized therein related to held-to-maturity and available-for-sale debt securities for which a portion of an other-than-temporary impairment has been recognized in earnings pursuant to Paragraph 320-10-45-9A.  Pursuant to Paragraphs 320-10-35-36 and 37 the entire change in the fair value of foreign-currency-denominated available-for-sale debt securities shall be reported in other comprehensive income and An entity holding a foreign-currency-denominated available-for-sale debt security is required to consider, among other things, changes in market interest rates and foreign exchange rates since acquisition in determining whether an other-than-temporary impairment has occurred.

Accounts Receivable and Allowance for Doubtful Accounts

Accounts receivable are recorded at the invoiced amount, net of an allowance for doubtful accounts.  The Company follows paragraph 310-10-50-9 of the FASB Accounting Standards Codification to estimate the allowance for doubtful accounts.  The Company performs on-going credit evaluations of its customers and adjusts credit limits based upon payment history and the customer’s current credit worthiness, as determined by the review of their current credit information; and determines the allowance for doubtful accounts based on historical write-off experience, customer specific facts and economic conditions.

Outstanding account balances are reviewed individually for collectability.  The allowance for doubtful accounts is the Company’s best estimate of the amount of probable credit losses in the Company’s existing accounts receivable. Bad debt expense is included in general and administrative expenses, if any.  Pursuant to paragraph 310-10-50-2 of the FASB Accounting Standards Codification account balances are charged off against the allowance after all means of collection have been exhausted and the potential for recovery is considered remote.  The Company has adopted paragraph 310-10-50-6 of the FASB Accounting Standards Codification and determine when receivables are past due or delinquent based on how recently payments have been received.

The Company does not have any off-balance-sheet credit exposure to its customers.

Advance on Purchases

Advance on purchases primarily represent amounts paid to vendors for future delivery of products ranging from three (3) months to nine (9) months, all of which were fully or partially refundable depending upon the terms and conditions of the purchase agreements.

Inventories

The Company values inventories, consisting of raw materials, packaging material and finished goods, at the lower of cost or market.  Cost is determined on the first-in and first-out (“FIFO”) method for raw materials and packaging materials and the weighted average cost method for finished goods. Cost of finished goods comprises direct labor, direct materials, direct production cost and an allocated portion of production overhead. The Company reduces inventories for the diminution of value, resulting from product obsolescence, damage or other issues affecting marketability, equal to the difference between the cost of the inventory and its estimated market value.  Factors utilized in the determination of estimated market value include (i) current sales data and historical return rates, (ii) estimates of future demand, (iii) competitive pricing pressures, (iv) new product introductions, (v) product expiration dates, and (vi) component and packaging obsolescence.

The Company follows paragraph 330-10-30-3 of the FASB Accounting Standards Codification for the allocation of production costs and charges to inventories.  The Company allocates fixed production overhead to inventories based on the normal capacity of the production facilities expected to be achieved over a number of periods or seasons under normal circumstances, taking into account the loss of capacity resulting from planned maintenance.  Judgment is required to determine when a production level is abnormally low (that is, outside the range of expected variation in production).  Factors that might be anticipated to cause an abnormally low production level include significantly reduced demand, labor and materials shortages, and unplanned facility or equipment down time.  The actual level of production may be used if it approximates normal capacity.  In periods of abnormally high production, the amount of fixed overhead allocated to each unit of production is decreased so that inventories are not measured above cost.  The amount of fixed overhead allocated to each unit of production is not increased as a consequence of abnormally low production or idle plant and  unallocated overheads of underutilized or idle capacity of the production facilities are recognized as period costs in the period in which they are incurred rather than as a portion of the inventory cost.
 
 
F-12
 
 
The Company evaluates its current level of inventories considering historical sales and other factors and, based on this evaluation, classify inventory markdowns in the income statement as a component of cost of goods sold pursuant to Paragraph 420-10-S99 of the FASB Accounting Standards Codification to adjust inventories to net realizable value. These markdowns are estimates, which could vary significantly from actual requirements if future economic conditions, customer demand or competition differ from expectations. Other significant estimates include the allocation of variable and fixed production overheads. While variable production overheads are allocated to each unit of production on the basis of actual use of production facilities, the allocation of fixed production overhead to the costs of conversion is based on the normal capacity of the Company’s production facilities, and recognizes abnormal idle facility expenses as current period charges. Certain costs, including categories of indirect materials, indirect labor and other indirect manufacturing costs which are included in the overhead pools are estimated. The management of the Company determines its normal capacity based upon the amount of operating hours of the manufacturing machinery and equipment in a reporting period.

Property, Plant and Equipment

Property, plant and equipment are recorded at cost.  Expenditures for major additions and betterments are capitalized.  Maintenance and repairs are charged to operations as incurred.  Depreciation of property, plant and equipment is computed by the straight-line method (after taking into account their respective estimated residual values) over the assets estimated useful lives ranging from five (5) years to twenty (20) years.  Upon sale or retirement of property, plant and equipment, the related cost and accumulated depreciation are removed from the accounts and any gain or loss is reflected in the consolidated statements of income and comprehensive income.  Leasehold improvements, if any, are amortized on a straight-line basis over the term of the lease or the estimated useful lives, whichever is shorter.  Upon becoming fully amortized, the related cost and accumulated amortization are removed from the accounts.

Land Use Rights

Land use rights represent the cost to obtain the right to use certain parcels of land in the City of Lianyungang, Jiangsu Province, PRC.  Land use rights are carried at cost and amortized on a straight-line basis over the lives of the rights of fifty (50) years.  Upon becoming fully amortized, the related cost and accumulated amortization are removed from the accounts.

Banker’s Acceptance Notes Payable

The Company satisfies certain accounts payable, through the issuance of banker’s acceptance notes issued by financial institutions to certain of the Company’s vendors.  These notes are usually of a short term nature, three (3) to nine (9) months in length.  They are non-interest bearing,  are due upon maturity, and are paid by the Company’s banks directly to the vendors upon presentation on the date of maturity and the Company is obliged to repay the note in full to the financial institutions.  In the event of insufficient funds to repay these notes, the Company's bank will convert them to loans on demand with interest at a predetermined rate per annum payable monthly.

Customer Deposits

Customer deposits primarily represent amounts received from customers for future delivery of products, which are fully or partially refundable depending upon the terms and conditions of the sales agreements.

Leases

Lease agreements are evaluated to determine whether they are capital leases or operating leases in accordance with paragraph 840-10-25-1 of the FASB Accounting Standards Codification (“Paragraph 840-10-25-1”).  When substantially all of the risks and benefits of property ownership have been transferred to the Company, as determined by the test criteria in Paragraph 840-10-25-1, the lease then qualifies as a capital lease.  Capital lease assets are depreciated on a straight line method, over the capital lease assets estimated useful lives consistent with the Company’s normal depreciation policy for tangible fixed assets.  Interest charges are expensed over the period of the lease in relation to the carrying value of the capital lease obligation.

Rent expense for operating leases, which may include free rent or fixed escalation amounts in addition to minimum lease payments, is recognized on a straight-line basis over the duration of each lease term.
 
 
F-13
 
 
Derivative Instruments and Hedging Activities

The Company accounts for derivative instruments and hedging activities in accordance with paragraph 810-10-05-4 of the FASB Accounting Standards Codification (“Paragraph 810-10-05-4”). Paragraph 810-10-05-4 requires companies to recognize all derivative instruments as either assets or liabilities in the balance sheet at fair value.  The accounting for changes in the fair value of a derivative instrument depends upon: (i) whether the derivative has been designated and qualifies as part of a hedging relationship, and (ii) the type of hedging relationship.  For those derivative instruments that are designated and qualify as hedging instruments, a company must designate the hedging instrument based upon the exposure being hedged as either a fair value hedge, cash flow hedge or hedge of a net investment in a foreign operation.

From time to time, the Company employs foreign currency forward contracts to convert unforeseeable foreign currency exchange rates to fixed foreign currency exchange rates.  The Company does not use derivatives for speculation or trading purposes.  Changes in the fair value of derivatives are recorded each period in current earnings or through other comprehensive income, depending on whether a derivative is designated as part of a hedge transaction and the type of hedge transaction.  The ineffective portion of all hedges is recognized in current earnings.  The Company has sales and purchase commitments denominated in foreign currencies.  Foreign currency forward contracts are used to hedge against the risk of change in the fair value of these commitments attributable to fluctuations in exchange rates (“Fair Value Hedges”).  Changes in the fair value of the derivative instrument are generally offset in the income statement by changes in the fair value of the item being hedged.

The Company did not employ foreign currency forward contracts to convert unforeseeable foreign currency exchange rates to fixed foreign currency exchange rates for the year ended December 31, 2011 or 2010.

Derivative Warrant Liability

The Company evaluates its convertible debt, options, warrants or other contracts, if any, to determine if those contracts or embedded components of those contracts qualify as derivatives to be separately accounted for in accordance with paragraph 810-10-05-4 and Section 815-40-25 of the FASB Accounting Standards Codification.  The result of this accounting treatment is that the fair value of the embedded derivative is marked-to-market each balance sheet date and recorded as either an asset or a liability.  In the event that the fair value is recorded as a liability, the change in fair value is recorded in the consolidated statement of operations and comprehensive income (loss) as other income or expense.  Upon conversion, exercise or cancellation of a derivative instrument, the instrument is marked to fair value at the date of conversion, exercise or cancellation and then that the related fair value is reclassified to equity.

In circumstances where the embedded conversion option in a convertible instrument is required to be bifurcated and there are also other embedded derivative instruments in the convertible instrument that are required to be bifurcated, the bifurcated derivative instruments are accounted for as a single, compound derivative instrument.

The classification of derivative instruments, including whether such instruments should be recorded as liabilities or as equity, is re-assessed at the end of each reporting period.  Equity instruments that are initially classified as equity that become subject to reclassification are reclassified to liability at the fair value of the instrument on the reclassification date.  Derivative instrument liabilities will be classified in the balance sheet as current or non-current based on whether or not net-cash settlement of the derivative instrument is expected within 12 months of the balance sheet date.

On January 1, 2009, the Company adopted Section 815-40-15 of the FASB Accounting Standards Codification (“Section 815-40-15”) to determine whether an instrument (or an embedded feature) is indexed to the Company’s own stock.  Section 815-40-15 provides that an entity should use a two-step approach to evaluate whether an equity-linked financial instrument (or embedded feature) is indexed to its own stock, including evaluating the instrument’s contingent exercise and settlement provisions.   The adoption of Section 815-40-15 has affected the accounting for (i) certain freestanding warrants that contain exercise price adjustment features and (ii) convertible bonds issued by foreign subsidiaries with a strike price denominated in a foreign currency.

The Company initially classified the warrants to purchase 2,728,913 shares of its common stock issued in connection with its July 2008 offering of common stock as additional paid-in capital upon issuance of the warrants.  Upon the adoption of Section 815-40-15 on January 1, 2009, these warrants are no longer deemed to be indexed to the Company’s own stock and were reclassified from equity to a derivative liability with a fair value of $3,251,949 effective as of January 1, 2009.  The reclassification entry included a cumulative adjustment to retained earnings of $1,845,455 and a reduction of additional paid-in capital of $5,097,404, the amount originally classified as additional paid-in capital upon issuance of the warrants on July 31, 2008.

The Company marks to market the fair value of the remaining embedded derivative warrants at each balance sheet date and records the change in the fair value of the remaining embedded derivative warrants as other income or expense in the consolidated statements of operations and comprehensive income (loss).

Related Parties

The Company follows subtopic 850-10 of the FASB Accounting Standards Codification for the identification of related parties and disclosure of related party transactions.
 
 
F-14
 
 
Pursuant to Section 850-10-20 the related parties include a. affiliates of the Company; b. entities for which investments in their equity securities would be required, absent the election of the fair value option under the Fair Value Option Subsection of Section 825–10–15, to be accounted for by the equity method by the investing entity; c. trusts for the benefit of employees, such as pension and profit-sharing trusts that are managed by or under the trusteeship of management; d. principal owners of the Company; e. management of the Company; f. other parties with which the Company may deal if one party controls or can significantly influence the management or operating policies of the other to an extent that one of the transacting parties might be prevented from fully pursuing its own separate interests; and g. other parties that can significantly influence the management or operating policies of the transacting parties or that have an ownership interest in one of the transacting parties and can significantly influence the other to an extent that one or more of the transacting parties might be prevented from fully pursuing its own separate interests.

The financial statements shall include disclosures of material related party transactions, other than compensation arrangements, expense allowances, and other similar items in the ordinary course of business. However, disclosure of transactions that are eliminated in the preparation of consolidated or combined financial statements is not required in those statements. The disclosures shall include:  a. the nature of the relationship(s) involved; b. a description of the transactions, including transactions to which no amounts or nominal amounts were ascribed, for each of the periods for which income statements are presented, and such other information deemed necessary to an understanding of the effects of the transactions on the financial statements; c. the dollar amounts of transactions for each of the periods for which income statements are presented and the effects of any change in the method of establishing the terms from that used in the preceding period; and d. amounts due from or to related parties as of the date of each balance sheet presented and, if not otherwise apparent, the terms and manner of settlement.

Commitment and Contingencies

The Company follows subtopic 450-20 of the FASB Accounting Standards Codification to report accounting for contingencies. Certain conditions may exist as of the date the consolidated financial statements are issued, which may result in a loss to the Company but which will only be resolved when one or more future events occur or fail to occur.  The Company assesses such contingent liabilities, and such assessment inherently involves an exercise of judgment.  In assessing loss contingencies related to legal proceedings that are pending against the Company or unasserted claims that may result in such proceedings, the Company evaluates the perceived merits of any legal proceedings or unasserted claims as well as the perceived merits of the amount of relief sought or expected to be sought therein.

If the assessment of a contingency indicates that it is probable that a material loss has been incurred and the amount of the liability can be estimated, then the estimated liability would be accrued in the Company’s consolidated financial statements.  If the assessment indicates that a potential material loss contingency is not probable but is reasonably possible, or is probable but cannot be estimated, then the nature of the contingent liability, and an estimate of the range of possible losses, if determinable and material, would be disclosed.

Loss contingencies considered remote are generally not disclosed unless they involve guarantees, in which case the guarantees would be disclosed.  Management does not believe, based upon information available at this time, that these matters will have a material adverse effect on the Company’s consolidated financial position, results of operations or cash flows. However, there is no assurance that such matters will not materially and adversely affect the Company’s business, financial position, and results of operations or cash flows.

Revenue Recognition

The Company applies paragraph 605-10-S99-1 of the FASB Accounting Standards Codification for revenue recognition.  The Company recognizes revenue when it is realized or realizable and earned.  The Company considers revenue realized or realizable and earned when all of the following criteria are met: (i) persuasive evidence of an arrangement exists, (ii) the product has been shipped or the services have been rendered to the customer, (iii) the sales price is fixed or determinable, and (iv) collectability is reasonably assured.

The Company derives its revenues from sales contracts with customers with revenues being generated upon the shipment of merchandise.  Persuasive evidence of an arrangement is demonstrated via sales invoice or contract; product delivery is evidenced by warehouse shipping log as well as a signed bill of lading from the vessel or rail company and title transfers upon shipment, based on free on board (“FOB”) warehouse terms; the sales price to the customer is fixed upon acceptance of the signed purchase order or contract and there is no separate sales rebate, discount, or volume incentive.  When the Company recognizes revenue, no provisions are made for returns because, historically, there have been very few sales returns and adjustments that have impacted the ultimate collection of revenues.

Net sales of products represent the invoiced value of goods, net of value added taxes (“VAT”).  The Company is subject to VAT which is levied on the majority of the Company’s products at the rate of 13% on the invoiced value of sales prior to December 31, 2008 and 17% on the invoiced value of sales as of January 1, 2009 and forward.  Sales or Output VAT is borne by customers in addition to the invoiced value of sales and Purchase or Input VAT is borne by the Company in addition to the invoiced value of purchases to the extent not refunded for export sales.
 
 
F-15
 

Shipping and Handling Costs

The Company accounts for shipping and handling fees in accordance with paragraph 605-45-45-19 of the FASB Accounting Standards Codification.  While amounts charged to customers for shipping products are included in revenues, the related costs are classified in cost of goods sold as incurred.

Foreign Currency Transactions

The Company applies the guidelines as set out in Section 830-20-35 of the FASB Accounting Standards Codification (“Section 830-20-35”) for foreign currency transactions.  Pursuant to Section 830-20-35 of the FASB Accounting Standards Codification, foreign currency transactions are transactions denominated in currencies other than U.S. Dollar, the Company’s reporting currency or Chinese Yuan or Reminbi, the Company’s Chinese operating subsidiaries' functional currency.  Foreign currency transactions may produce receivables or payables that are fixed in terms of the amount of foreign currency that will be received or paid.  A change in exchange rates between the functional currency and the currency in which a transaction is denominated increases or decreases the expected amount of functional currency cash flows upon settlement of the transaction. That increase or decrease in expected functional currency cash flows is a foreign currency transaction gain or loss that generally shall be included in determining net income for the period in which the exchange rate changes. Likewise, a transaction gain or loss (measured from the transaction date or the most recent intervening balance sheet date, whichever is later) realized upon settlement of a foreign currency transaction generally shall be included in determining net income for the period in which the transaction is settled. The exceptions to this requirement for inclusion in net income of transaction gains and losses pertain to certain intercompany transactions and to transactions that are designated as, and effective as, economic hedges of net investments and foreign currency commitments.  Pursuant to Section 830-20-25 of the FASB Accounting Standards Codification, the following shall apply to all foreign currency transactions of an enterprise and its investees: (a) at the date the transaction is recognized, each asset, liability, revenue, expense, gain, or loss arising from the transaction shall be measured and recorded in the functional currency of the recording entity by use of the exchange rate in effect at that date as defined in section 830-10-20 of the FASB Accounting Standards Codification; and (b) at each balance sheet date, recorded balances that are denominated in currencies other than the functional currency or reporting currency of the recording entity shall be adjusted to reflect the current exchange rate.

Stock-Based Compensation for Obtaining Employee Services

The Company accounts for its stock based compensation in which the Company obtains employee services in share-based payment transactions under the recognition and measurement principles of the fair value recognition provisions of section 718-10-30 of the FASB Accounting Standards Codification. Pursuant to paragraph 718-10-30-6 of the FASB Accounting Standards Codification, all transactions in which goods or services are the consideration received for the issuance of equity instruments are accounted for based on the fair value of the consideration received or the fair value of the equity instrument issued, whichever is more reliably measurable.  The measurement date used to determine the fair value of the equity instrument issued is the earlier of the date on which the performance is complete or the date on which it is probable that performance will occur.

The fair value of options and similar instruments is estimated on the date of grant using a Black-Scholes option-pricing valuation model.  The ranges of assumptions for inputs are as follows:

·
Expected term of share options and similar instruments: The expected life of options and similar instruments represents the period of time the option and/or warrant are expected to be outstanding.  Pursuant to Paragraph 718-10-50-2 of the FASB Accounting Standards Codification the expected term of share options and similar instruments represents the period of time the options and similar instruments are expected to be outstanding taking into consideration of the contractual term of the instruments and employees’ expected exercise and post-vesting employment termination behavior into the fair value (or calculated value) of the instruments.  The Company uses historical data to estimate employee termination behavior.  The contractual term of share options or similar instruments is used as expected term of share options or similar instruments for the Company if it is a newly formed corporation.

·
Expected volatility of the entity’s shares and the method used to estimate it.  An entity that uses a method that employs different volatilities during the contractual term shall disclose the range of expected volatilities used and the weighted-average expected volatility.  A thinly-traded or nonpublic entity that uses the calculated value method shall disclose the reasons why it is not practicable for the Company to estimate the expected volatility of its share price, the appropriate industry sector index that it has selected, the reasons for selecting that particular index, and how it has calculated historical volatility using that index. The Company uses the average historical volatility of the comparable companies over the expected contractual life of the share options or similar instruments as its expected volatility.  If shares of a company are thinly traded the use of weekly or monthly price observations would generally be more appropriate than the use of daily price observations as the volatility calculation using daily observations for such shares could be artificially inflated due to a larger spread between the bid and asked quotes and lack of consistent trading in the market.
 
 
F-16
 
 
·
Expected annual rate of quarterly dividends.  An entity that uses a method that employs different dividend rates during the contractual term shall disclose the range of expected dividends used and the weighted-average expected dividends.  The expected dividend yield is based on the Company’s current dividend yield as the best estimate of projected dividend yield for periods within the expected contractual life of the option and similar instruments.

·
Risk-free rate(s). An entity that uses a method that employs different risk-free rates shall disclose the range of risk-free rates used.  The risk-free interest rate is based on the U.S. Treasury yield curve in effect at the time of grant for periods within the contractual life of the option and similar instruments.

The Company’s policy is to recognize compensation cost for awards with only service conditions and a graded vesting schedule on a straight-line basis over the requisite service period for the entire award.

Equity Instruments Issued to Parties Other Than Employees for Acquiring Goods or Services

The Company accounts for equity instruments issued to parties other than employees for acquiring goods or services under guidance of Sub-topic 505-50 of the FASB Accounting Standards Codification (“Sub-topic 505-50”).

Pursuant to ASC Section 505-50-30, all transactions in which goods or services are the consideration received for the issuance of equity instruments are accounted for based on the fair value of the consideration received or the fair value of the equity instrument issued, whichever is more reliably measurable.  The measurement date used to determine the fair value of the equity instrument issued is the earlier of the date on which the performance is complete or the date on which it is probable that performance will occur.

The fair value of option or warrant award is estimated on the date of grant using a Black-Scholes option-pricing valuation model.  The ranges of assumptions for inputs are as follows:

·
Expected term of share options and similar instruments: Pursuant to Paragraph 718-10-50-2 of the FASB Accounting Standards Codification the expected term of share options and similar instruments represents the period of time the options and similar instruments are expected to be outstanding taking into consideration of the contractual term of the instruments and holder’s expected exercise behavior into the fair value (or calculated value) of the instruments.  The Company uses historical data to estimate holder’s expected exercise behavior.  The contractual term of share options or similar instruments is used as expected term of share options or similar instruments for the Company if it is a newly formed corporation.

·
Expected volatility of the entity’s shares and the method used to estimate it.  An entity that uses a method that employs different volatilities during the contractual term shall disclose the range of expected volatilities used and the weighted-average expected volatility.  A thinly-traded or nonpublic entity that uses the calculated value method shall disclose the reasons why it is not practicable for the Company to estimate the expected volatility of its share price, the appropriate industry sector index that it has selected, the reasons for selecting that particular index, and how it has calculated historical volatility using that index. The Company uses the average historical volatility of the comparable companies over the expected contractual life of the share options or similar instruments as its expected volatility.  If shares of a company are thinly traded the use of weekly or monthly price observations would generally be more appropriate than the use of daily price observations as the volatility calculation using daily observations for such shares could be artificially inflated due to a larger spread between the bid and asked quotes and lack of consistent trading in the market.

·
Expected annual rate of quarterly dividends.  An entity that uses a method that employs different dividend rates during the contractual term shall disclose the range of expected dividends used and the weighted-average expected dividends.  The expected dividend yield is based on the Company’s current dividend yield as the best estimate of projected dividend yield for periods within the expected contractual life of the option and similar instruments.

·
Risk-free rate(s). An entity that uses a method that employs different risk-free rates shall disclose the range of risk-free rates used.  The risk-free interest rate is based on the U.S. Treasury yield curve in effect at the time of grant for periods within the contractual life of the option and similar instruments.
 
 
F-17
 
 
Pursuant to ASC paragraph 505-50-25-7, if fully vested, nonforfeitable equity instruments are issued at the date the grantor and grantee enter into an agreement for goods or services (no specific performance is required by the grantee to retain those equity instruments), then, because of the elimination of any obligation on the part of the counterparty to earn the equity instruments, a measurement date has been reached. A grantor shall recognize the equity instruments when they are issued (in most cases, when the agreement is entered into). Whether the corresponding cost is an immediate expense or a prepaid asset (or whether the debit should be characterized as contra-equity under the requirements of paragraph 505-50-45-1) depends on the specific facts and circumstances. Pursuant to ASC paragraph 505-50-45-1, a grantor may conclude that an asset (other than a note or a receivable) has been received in return for fully vested, nonforfeitable equity instruments that are issued at the date the grantor and grantee enter into an agreement for goods or services (and no specific performance is required by the grantee in order to retain those equity instruments). Such an asset shall not be displayed as contra-equity by the grantor of the equity instruments. The transferability (or lack thereof) of the equity instruments shall not affect the balance sheet display of the asset. This guidance is limited to transactions in which equity instruments are transferred to other than employees in exchange for goods or services. Section 505-50-30 provides guidance on the determination of the measurement date for transactions that are within the scope of this Subtopic.

Pursuant to Paragraphs 505-50-25-8 and 505-50-25-9, an entity may grant fully vested, nonforfeitable equity instruments that are exercisable by the grantee only after a specified period of time if the terms of the agreement provide for earlier exercisability if the grantee achieves specified performance conditions. Any measured cost of the transaction shall be recognized in the same period(s) and in the same manner as if the entity had paid cash for the goods or services or used cash rebates as a sales discount instead of paying with, or using, the equity instruments. A recognized asset, expense, or sales discount shall not be reversed if a stock option that the counterparty has the right to exercise expires unexercised.

Pursuant to ASC paragraph 505-50-30-S99-1, if the Company receives a right to receive future services in exchange for unvested, forfeitable equity instruments, those equity instruments are treated as unissued for accounting purposes until the future services are received (that is, the instruments are not considered issued until they vest). Consequently, there would be no recognition at the measurement date and no entry should be recorded.

Investment Credit - Government

Certain Chinese local government provides investment credit to encourage enterprises to invest in local communities which are non-refundable. Investment credits from local government are credited to other income – investment credit - government upon receipt. Renewable Metals was granted RMB10,000,000 in investment credit from Lianyungang Economic and Technology Development Zone on November 25, 2011, which was received on November 30, 2011.

Income Tax Provision

The Company accounts for income taxes under Section 740-10-30 of the FASB Accounting Standards Codification, which requires recognition of deferred tax assets and liabilities for the expected future tax consequences of events that have been included in the financial statements or tax returns.  Under this method, deferred tax assets and liabilities are based on the differences between the financial statement and tax bases of assets and liabilities using enacted tax rates in effect for the year in which the differences are expected to reverse.  Deferred tax assets are reduced by a valuation allowance to the extent management concludes it is more likely than not that the assets will not be realized.  Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled.  The effect on deferred tax assets and liabilities of a change in tax rates is recognized in the Consolidated Statements of Income and Comprehensive Income in the period that includes the enactment date.

The Company adopted section 740-10-25 of the FASB Accounting Standards Codification (“Section 740-10-25”). Section 740-10-25 addresses the determination of whether tax benefits claimed or expected to be claimed on a tax return should be recorded in the financial statements.  Under Section 740-10-25, the Company may recognize the tax benefit from an uncertain tax position only if it is more likely than not that the tax position will be sustained on examination by the taxing authorities, based on the technical merits of the position.  The tax benefits recognized in the financial statements from such a position should be measured based on the largest benefit that has a greater than fifty (50) percent likelihood of being realized upon ultimate settlement.  Section 740-10-25 also provides guidance on de-recognition, classification, interest and penalties on income taxes, accounting in interim periods and requires increased disclosures.

The estimated future tax effects of temporary differences between the tax basis of assets and liabilities are reported in the accompanying consolidated balance sheets, as well as tax credit carry-backs and carry-forwards. The Company periodically reviews the recoverability of deferred tax assets recorded on its consolidated balance sheets and provides valuation allowances as management deems necessary.

Management makes judgments as to the interpretation of the tax laws that might be challenged upon an audit and cause changes to previous estimates of tax liability. In addition, the Company operates within multiple taxing jurisdictions and is subject to audit in these jurisdictions. In management’s opinion, adequate provisions for income taxes have been made for all years. If actual taxable income by tax jurisdiction varies from estimates, additional allowances or reversals of reserves may be necessary.

Uncertain Tax Positions

The Company did not take any uncertain tax positions and had no adjustments to its income tax liabilities or benefits pursuant to the provisions of Section 740-10-25 for the year ended December 31, 2011 or 2010.
 
 
F-18
 
 
Foreign Currency Translation

The Company follows Section 830-10-45 of the FASB Accounting Standards Codification (“Section 830-10-45”) for foreign currency translation to translate the financial statements of the foreign subsidiary from the functional currency, generally the local currency, into U.S. Dollars.  Section 830-10-45 sets out the guidance relating to how a reporting entity determines the functional currency of a foreign entity (including of a foreign entity in a highly inflationary economy), re-measures the books of record (if necessary), and characterizes transaction gains and losses. Pursuant to Section 830-10-45, the assets, liabilities, and operations of a foreign entity shall be measured using the functional currency of that entity. An entity’s functional currency is the currency of the primary economic environment in which the entity operates; normally, that is the currency of the environment, or local currency, in which an entity primarily generates and expends cash.

The functional currency of each foreign subsidiary is determined based on management’s judgment and involves consideration of all relevant economic facts and circumstances affecting the subsidiary. Generally, the currency in which the subsidiary transacts a majority of its transactions, including billings, financing, payroll and other expenditures, would be considered the functional currency, but any dependency upon the parent and the nature of the subsidiary’s operations must also be considered.  If a subsidiary’s functional currency is deemed to be the local currency, then any gain or loss associated with the translation of that subsidiary’s financial statements is included in accumulated other comprehensive income. However, if the functional currency is deemed to be the U.S. Dollar, then any gain or loss associated with the re-measurement of these financial statements from the local currency to the functional currency would be included in the consolidated statements of income and comprehensive income (loss). If the Company disposes of foreign subsidiaries, then any cumulative translation gains or losses would be recorded into the consolidated statements of income and comprehensive income (loss).  If the Company determines that there has been a change in the functional currency of a subsidiary to the U.S. Dollar, any translation gains or losses arising after the date of change would be included within the statement of income and comprehensive income (loss).

Based on an assessment of the factors discussed above, the management of the Company determined the relevant subsidiaries’ local currencies to be their respective functional currencies.

The financial records of the Company's Chinese operating subsidiaries are maintained in their local currency, the Renminbi (“RMB”), which is the functional currency.  Assets and liabilities are translated from the local currency into the reporting currency, U.S. dollars, at the exchange rate prevailing at the balance sheet date.  Revenues and expenses are translated at weighted average exchange rates for the period to approximate translation at the exchange rates prevailing at the dates those elements are recognized in the consolidated financial statements.  Foreign currency translation gain (loss) resulting from the process of translating the local currency financial statements into U.S. dollars are included in determining accumulated other comprehensive income in the consolidated statement of stockholders’ equity.

RMB is not a fully convertible currency.  All foreign exchange transactions involving RMB must take place either through the People’s Bank of China (the “PBOC”) or other institutions authorized to buy and sell foreign exchange.  The exchange rate adopted for the foreign exchange transactions are the rates of exchange quoted by the PBOC.  Commencing July 21, 2005, China adopted a managed floating exchange rate regime based on market demand and supply with reference to a basket of currencies.  The exchange rate of the US dollar against the RMB was adjusted from approximately RMB 8.28 per U.S. dollar to approximately RMB 8.11 per U.S. dollar on July 21, 2005.  Since then, the PBOC administers and regulates the exchange rate of the U.S. dollar against the RMB taking into account demand and supply of RMB, as well as domestic and foreign economic and financial conditions.

Unless otherwise noted, the rate presented below per U.S. $1.00 was the midpoint of the interbank rate as quoted by OANDA Corporation (www.oanda.com) contained in its consolidated financial statements.  Management believes that the difference between RMB vs. U.S. dollar exchange rate quoted by the PBOC and RMB vs. U.S. dollar exchange rate reported by OANDA Corporation were immaterial.  Translations do not imply that the RMB amounts actually represent, or have been or could be converted into, equivalent amounts in U.S. dollars.  Translation of amounts from RMB into U.S. dollars has been made at the following exchange rates for the respective periods:

       
December 31, 2011
          
 
December 31, 2010
  
                               
Balance sheet
          
6.3585
              
6.6118
  
                               
Statement of operations and comprehensive income (loss)
          
6.4640
              
6.7788
  

Net gains and losses resulting from foreign exchange transactions, if any, are included in the Company’s Consolidated Statements of Operations and Comprehensive Income (Loss).
 
 
F-19
 
 
Comprehensive Income (Loss)

The Company has applied section 220-10-45 of the FASB Accounting Standards Codification. This statement establishes rules for the reporting of comprehensive income and its components.  Comprehensive income (loss), for the Company, consists of net income (loss), change in unrealized loss of marketable securities and foreign currency translation adjustments and is presented in the Company’s Consolidated Statements of Operations and Comprehensive Income (Loss) and Stockholders’ Equity.

Net Income (Loss) per Common Share

Net income (loss) per common share is computed pursuant to section 260-10-45 of the FASB Accounting Standards Codification.   Basic net income (loss) per common share is computed by dividing net income (loss) by the weighted average number of shares of common stock outstanding during the period.  Diluted net income (loss) per common share is computed by dividing net income (loss) by the weighted average number of shares of common stock and potentially outstanding shares of common stock during the period to reflect the potential dilution that could occur from common shares issuable through contingent share arrangements, stock options and warrants.

The following table shows the potentially outstanding dilutive common shares excluded from the diluted net income (loss) per common share calculation for the year ended December 31, 2011 and 2010 as they were anti-dilutive:

   
Potentially Outstanding Dilutive Common Shares
  
   
For the Year Ended
December 31,
2011
    
For the Year Ended
December 31,
2010
  
                 
Warrants issued on August 1, 2008 in connection with the Company’s August 1, 2008 equity financing inclusive of non-derivative warrants to purchase 1,031,715 shares and derivative warrants to purchase 186,306 shares at $5.00 per share expiring five (5) years from date of issuance
    
1,218,021
      
1,218,021
  
                 
Warrants issued on April 20, 2010 in connection with the Company’s April 20, 2010 equity financing inclusive of warrants to purchase 1,538,464 shares to the investors and warrants to purchase 76,923 shares to the placement agent at $7.50 per share expiring five (5) years from date of issuance
    
1,615,387
      
1,615,387
  
                 
Sub-total - Warrants
    
2,833,408
      
2,833,408
  
                 
Options issued on October 5, 2010 to an employee to purchase 40,000 common shares exercisable at $5.00 per share expiring five (5) years from the date of issuance
    
40,000
      
40,000
  
                 
Sub-total - Options
    
40,000
      
40,000
  
                 
Total potentially outstanding dilutive common shares
    
2,873,408
      
2,873,408
  

Cash Flows Reporting

The Company adopted paragraph 230-10-45-24 of the FASB Accounting Standards Codification for cash flows reporting, classifies cash receipts and payments according to whether they stem from operating, investing, or financing activities and provides definitions of each category, and uses the indirect or reconciliation method (“Indirect method”) as defined by paragraph 230-10-45-25 of the FASB Accounting Standards Codification to report net cash flow from operating activities by adjusting net income to reconcile it to net cash flow from operating activities by removing the effects of (a) all deferrals of past operating cash receipts and payments and all accruals of expected future operating cash receipts and payments and (b) all items that are included in net income that do not affect operating cash receipts and payments.  The Company reports the reporting currency equivalent of foreign currency cash flows, using the current exchange rate at the time of the cash flows and the effect of exchange rate changes on cash held in foreign currencies is reported as a separate item in the reconciliation of beginning and ending balances of cash and cash equivalents and separately provides information about investing and financing activities not resulting in cash receipts or payments in the period pursuant to paragraph 830-230-45-1 of the FASB Accounting Standards Codification.
 
 
F-20
 
 
Subsequent Events

The Company follows the guidance in Section 855-10-50 of the FASB Accounting Standards Codification for the disclosure of subsequent events. The Company will evaluate subsequent events through the date when the financial statements are issued.  Pursuant to ASU 2010-09 of the FASB Accounting Standards Codification, the Company as an SEC filer considers its financial statements issued when they are widely distributed to users, such as through filing them on EDGAR.

Recently Issued Accounting Pronouncements

FASB Accounting Standards Update No. 2011-05

In June 2011, the FASB issued the FASB Accounting Standards Update No. 2011-05 “Comprehensive Income” (“ASU 2011-05”), which was the result of a joint project with the IASB and amends the guidance in ASC 220, Comprehensive Income, by eliminating the option to present components of other comprehensive income (OCI) in the statement of stockholders’ equity. Instead, the new guidance now gives entities the option to present all non-owner changes in stockholders’ equity either as a single continuous statement of comprehensive income or as two separate but consecutive statements. Regardless of whether an entity chooses to present comprehensive income in a single continuous statement or in two separate but consecutive statements, the amendments require entities to present all reclassification adjustments from OCI to net income on the face of the statement of comprehensive income.

The amendments in this Update should be applied retrospectively and are effective for public entity for fiscal years, and interim periods within those years, beginning after December 15, 2011.

FASB Accounting Standards Update No. 2011-08

In September 2011, the FASB issued the FASB Accounting Standards Update No. 2011-08 “Intangibles—Goodwill and Other: Testing Goodwill for Impairment” (“ASU 2011-08”). This Update is to simplify how public and nonpublic entities test goodwill for impairment. The amendments permit an entity to first assess qualitative factors to determine whether it is more likely than not that the fair value of a reporting unit is less than its carrying amount as a basis for determining whether it is necessary to perform the two-step goodwill impairment test described in Topic 350. Under the amendments in this Update, an entity is not required to calculate the fair value of a reporting unit unless the entity determines that it is more likely than not that its fair value is less than its carrying amount.

The guidance is effective for interim and annual periods beginning on or after December 15, 2011. Early adoption is permitted.

FASB Accounting Standards Update No. 2011-10

In December 2011, the FASB issued the FASB Accounting Standards Update No. 2011-10 “Property, Plant and Equipment: Derecognition of in Substance Real Estate-a Scope Clarification” (“ASU 2011-09”). This Update is to resolve the diversity in practice as to how financial statements have been reflecting circumstances when parent company reporting entities cease to have controlling financial interests in subsidiaries that are in substance real estate, where the situation arises as a result of default on nonrecourse debt of the subsidiaries.

The amended guidance is effective for annual reporting periods ending after June 15, 2012 for public entities. Early adoption is permitted.

FASB Accounting Standards Update No. 2011-11

In December 2011, the FASB issued the FASB Accounting Standards Update No. 2011-11 “Balance Sheet: Disclosures about Offsetting Assets and Liabilities” (“ASU 2011-11”). This Update requires an entity to disclose information about offsetting and related arrangements to enable users of its financial statements to understand the effect of those arrangements on its financial position. The objective of this disclosure is to facilitate comparison between those entities that prepare their financial statements on the basis of U.S. GAAP and those entities that prepare their financial statements on the basis of IFRS.

The amended guidance is effective for annual reporting periods beginning on or after January 1, 2013, and interim periods within those annual periods.
 
 
F-21
 
 
FASB Accounting Standards Update No. 2011-12

In December 2011, the FASB issued the FASB Accounting Standards Update No. 2011-12 “Comprehensive Income:  Deferral of the Effective Date for Amendments to the Presentation of Reclassifications of Items Out of Accumulated Other Comprehensive Income in Accounting Standards Update No. 2011-05” (“ASU 2011-12”). This Update is a deferral of the effective date pertaining to reclassification adjustments out of accumulated other comprehensive income in ASU 2011-05. FASB is to going to reassess the costs and benefits of those provisions in ASU 2011-05 related to reclassifications out of accumulated other comprehensive income. Due to the time required to properly make such a reassessment and to evaluate alternative presentation formats, the FASB decided that it is necessary to reinstate the requirements for the presentation of reclassifications out of accumulated other comprehensive income that were in place before the issuance of Update 2011-05.

All other requirements in Update 2011-05 are not affected by this Update, including the requirement to report comprehensive income either in a single continuous financial statement or in two separate but consecutive financial statements. Public entities should apply these requirements for fiscal years, and interim periods within those years, beginning after December 15, 2011.

Management does not believe that any other recently issued, but not yet effective accounting pronouncements, if adopted, would have a material effect on the accompanying consolidated financial statements.

Note 3 – Pledged Deposits

Pledged deposits consist of amounts held in financial institutions for (i) outstanding letters of credit and (ii) open banker’s acceptance notes payable maturing between three (3) to nine (9) months from the date of issuance.  Pledged deposits at December 31, 2011and 2010 consisted of the following:

   
December 31, 2011
    
December 31, 2010
  
                 
Armco HK
                
                 
Letters of credit (i)
  
$
2,109,832
    
$
427,553
  
                 
Sub-total – Armco HK
    
2,109,832
      
427,553
  
                 
Renewable Metals
                
                 
Bank acceptance notes payable (ii)
    
1,100,889
      
1,906,684
  
                 
Letters of credit (iii)
    
3,774,475
      
7,134,727
  
                 
Deposit under capital lease agreement(iv)
    
471,809
      
-
  
                 
Sub-total – Renewable Metals
    
5,347,173
      
9,041,411
  
                 
Henan Armco
                
                 
Letters of credit (v)
    
900,665
      
3,174,707
  
                 
Sub-total – Henan Armco
    
900,665
      
3,174,707
  
                 
 
 
$
8,357,670
    
$
12,643,671
  

 
(i)
$15,718 was released to Armco HK as part of the payment toward fulfilled letters of credit in January  2012 and the remaining balance of $2,094,114 is to be released to the Company as part of the payment toward outstanding letters of credit when those letters of credit mature, ranging from April 30, 2012 through May 15, 2012.

 
(ii)
$1,100,889 is to be released to the Company when the related banker’s acceptance notes payable mature on May 25, 2012.

 
(iii)
$3,774,475 was released to the Company for payment toward fulfilled letters of credit when those letters of credit matured on March 21, 2012.

 
(iv)
$471,809 is to be released to the Company as part of the payment towards capital lease installment payment when the capital lease agreement mature on December 15, 2014

 
(v)
$795,704 was released to the Company as part of the payment toward fulfilled letters of credit in March  2012 and the remaining balance of $104,962 is to be released to the Company as part of the payment toward outstanding letters of credit when those letters of credit mature on May 15, 2012.
 
 
F-22
 
 
Note 4 – Marketable Equity Securities, Available for Sale

On June 8, 2010, China Armco Metals, Inc. (the “Company”) entered into a Subscription Agreement (the “Subscription Agreement”) with Apollo Minerals Limited (“Apollo Minerals”), an Australian iron ore exploration company listed on the Australian Securities Exchange (ASX: AON).  Under the terms of the Subscription Agreement, the Company agreed to acquire up to a 19.9% stake in Apollo for US $3,396,658 in cash. On July 19, 2010 Apollo Minerals issued 29,250,000 shares of its common stock to the Company.  Pursuant to the Subscription Agreement, the Company received a seat on Apollo Minerals’ Board of Directors in July 2010.  The board representation continues as long as the Company maintains a minimum 12% stake in Apollo Minerals.

The Company has the right to name one member to Apollo Mineral’s board of directors for as long as it maintains at least a 12% stake in Apollo Minerals.  Apollo Minerals intends to use the cash infusion to advance its exploration activities, to carry out processing option studies and to evaluate opportunities to access local infrastructure and other project opportunities.

Apollo Minerals also issued to the Company, five (5) year options to purchase an additional 5 million shares of common stock at $0.25 (approximately $0.20) per share, half of which will vest on the first anniversary of the initial issuance with the balance vesting on the second anniversary of the initial issuance.  The options may only be exercised in order for the Company to maintain its 19.9% stake should Apollo Minerals issue additional common shares in the future.

The Company values marketable securities using Australia quoted market prices on Apollo Mineral stock. At December 31, 2011, the estimated fair value of the investment in Apollo Minerals was approximately ($1.76) million less than its original costs inclusive of ($1.98) million in impairment and $0.22 million of foreign currency transaction gain.  The Company intends to hold these shares and the management of the Company concluded that the decline in the fair value was other than temporary and recorded the unrealized loss of marketable securities to (i) impairment – other than temporary of ($1.98) million in other income (loss) and (ii) foreign currency transaction gain in other income (loss) in the accompanying consolidated statements of operations and comprehensive income (loss).

The table below provides a summary of the changes in the fair value of marketable securities, available for sale measured at fair value on a recurring basis using Level 1 of the fair value hierarchy to measure the fair value during the year ended December 31, 2011:

         
Fair Value Measurement Using Level 1 Inputs
  
   
Original cost
    
Impairment – Other Than Temporary
    
Accumulated Foreign Currency Transaction Gain (Loss)
    
Other Comp. Loss - Change in Unrealized Loss
    
Fair Value
  
                                         
Balance, December 31, 2009
  
$
-
    
$
-
    
$
-
      
-
    
$
-
  
                                         
Purchases, issuances and settlements
    
3,396,658
      
-
      
-
      
-
      
3,396,658
  
                                         
Total gains or losses (realized/unrealized) included in:
                                        
                                         
Net Loss: Gain (loss) on foreign currency rate change
                    
-
      
-
      
-
  
                                         
Other comprehensive income (loss): Changes in unrealized loss
                    
-
      
(506,278
)
    
(506,278
)
                                         
Balance, December 31, 2010
    
3,396,658
      
-
    
 
-
      
(506,278
)
  
 
2,890,380
  
                                         
Purchases, issuances and settlements
    
-
      
-
      
-
      
-
      
-
  
                                         
Total gains or losses (realized/unrealized) included in:
                                        
                                         
Net Loss: Impairment – other than temporary
            
(1,980,000
)
    
-
      
-
      
(1,980,000
)
                                         
Net Loss: Gain (loss) on foreign currency rate change
                    
220,881
      
-
      
220,881
  
                                         
Other comprehensive income (loss): Changes in unrealized loss
                    
-
      
505,481
      
505,481
  
                                         
Balance, December 31, 2011
  
$
3,396,658
    
$
(1,980,000
)
  
$
220,881
    
$
(797
)
  
$
1,636,742
  
 
 
F-23
 
 
Note 5 – Accounts Receivable

Accounts receivable at December 31, 2011and 2010 consisted of the following:

   
December 31, 2011
    
December 31, 2010
  
                 
Accounts receivable
  
$
758,500
    
$
19,115,019
  
                 
Allowance for doubtful accounts
    
(-
)
    
(-
)
                 
   
$
758,500
    
$
19,115,019
  

Note 6 – Inventories

Inventories at December 31, 2011 and 2010 consisted of the following:

   
December 31, 2011
    
December 31, 2010
  
                 
Raw materials – scrap metal
  
$
10,031,186
*
  
$
1,925,159
*
                 
Finished goods – processed scrap metal
    
3,833,910
*
    
4,719,339
*
                 
Purchased merchandise for resale
    
19,479,451
**
    
3,795,333
  
                 
   
$
33,344,547
    
$
10,439,831
  

* Renewable Metals’s raw materials and finished goods are collateralized for loans from the Bank of Communications Lianyungang Branch. Raw materials consisted of scrap metals to be processed and finished goods were comprised of all of the processed scrap metal at Renewable Metals.  Due to the short duration time for the processing of its scrap metal, there was no material work-in-process inventory at December 31, 2011 or 2010. Substantially all of Renewable Metals’s raw materials at December 31, 2011 along with processed scrap metal have been processed and sold during the first quarter of 2012.

** Purchased merchandise for sale is comprised of all of the metal ores to be resold through the distribution business at Armco HK and Henan, all of which were sold and delivered in the first quarter of 2012.

Slow-Moving or Obsolescence Markdowns

The Company recorded no inventory obsolescence adjustments for the year ended December 31, 2011 or 2010.

Lower of Cost or Market Adjustments

There was no lower of cost or market adjustments for the year ended December 31, 2011 or 2010.
 
 
F-24
 
 
Note 7 – Property, Plant and Equipment

Property, plant and equipment, stated at cost, less accumulated depreciation at December 31, 2011and 2010 consisted of the following:

 
Estimated Useful Life (Years)
  
December 31, 2011
    
December 31, 2010
  
                   
Buildings and leasehold improvements (i)
20
  
$
23,923,160
    
$
21,426,672
  
                   
Construction in progress
  
 
 
3,251,525
      
32,682
  
                   
Machinery and equipment
7
    
13,536,934
      
11,954,005
  
                   
Vehicles
5
    
1,203,692
      
1,034,961
  
                   
Office equipment
5-8
    
250,126
      
185,319
  
                   
       
42,165,437
      
34,633,639
  
                   
Less accumulated depreciation (ii)
      
(3,514,893
)
    
(761,515
)
                   
     
$
38,650,544
    
$
33,872,124
  

(i)           Capitalized Interest

For the year ended December 31, 2011 and 2010, the Company capitalized $0 and $257,020 of interest to fixed assets, respectively.

(ii)          Depreciation and Amortization Expense

Depreciation and amortization expense for the year ended December 31, 2011 and 2010 was $2,726,315, and $629,272, respectively.

(iii)        Collateralization of Property, Plant and Equipment

Both Renewable Metals and Lianyungang Armco’s property, plant and equipment representing substantially all of the Company’s property, plant and equipment are collateralized for loans from the Bank of China Lianyungang Branch.

Note 8 – Land Use Rights

Renewable Metals

On September 28, 2007, Renewable Metals entered into an agreement with the Chinese government, whereby the Company paid RMB 14,384,002 to acquire the right to use 129,585.60 square meter of land for approximate 50 years.  In November 2007, the Company expended additional RMB 1,076,300 in aggregate in land survey, transfer agent fees and land use right transfer tax in connection with the acquisition of the land use right and obtained the land use right certificate (Certificate No. 017158277) expiring December 30, 2058 on November 20, 2007.  The purchase price and related acquisition costs are being amortized over the term of the right of approximately fifty (50) years.

Lianyungang Armco

On September 2, 2010, the Company entered into an agreement with the Chinese government, whereby the Company made a deposit of RMB8,160,000 in aggregate towards the acquisition of the right to use 199,999 square meter of land for RMB40,800,000.  On April 13, 2011, the Company paid an additional RMB16,320,000 to acquire the land use right to use 100,045 square meter of land and obtained the related certificate of the land use right (Certificate No. (L) LUR (2011) Y003218) expiring September 9, 2060 on October 25, 2011.  The Company expended an additional RMB 900,067 in aggregate in land survey, transfer agent fees and land use right transfer tax in connection with the acquisition of the land use right.  In addition, Lianyungang Armco expended an additional RMB20,674,830 to level the land as of December 31, 2011, which was recorded as construction in progress included in consolidated balance sheets.  The purchase price and related acquisition costs shall be amortized over the term of the right of approximately fifty (50) years when the land is ready to use in the intended purpose.
 
 
F-25
 
 
The Company needs to pay an additional RMB16,320,000 (equivalent to $2,566,643 using U.S. Dollar to RMB at 6.3585 exchange rate) to acquire the land use right to use the remaining 100,045 square meter of land.

The short term plan for this parcel of land is for warehouse of raw materials and products when Renewable Metals’ space becomes scarce for future expansion and the long term plan for the land is to construct automobile dismantling production line or build a scrap metal trading market center, depending on the Company’s progress on obtaining necessary license and permits and market conditions.

Land use rights, stated at cost, less accumulated amortization at December 31, 2011 and 2010, consisted of the following:

   
December 31, 2011
    
December 31, 2010
  
                 
Renewable Metals
                
                 
Land use right
  
$
2,431,438
    
$
2,338,289
  
                 
Accumulated amortization
    
(209,474
)
    
(153,965
)
                 
     
2,221,964
      
2,184,324
  
                 
Lianyungang Armco
                
                 
Land use right
    
3,991,518
      
-
  
                 
Accumulated amortization
    
(-
)
    
(-
)
                 
     
3,991,518
      
-
  
                 
Total
                
                 
Land use right
    
6,422,956
      
-
  
                 
Accumulated amortization
    
(209,474
)
    
(-
)
                 
   
$
6,213,482
    
$
2,184,324
  

(i)           Amortization Expense

Amortization expense for the year ended December 31, 2011and 2010 was $49,376 and $34,736 respectively.

(iii)        Collateralization of Land Use Rights

Both Renewable Metals and Lianyungang Armco’s land use rights representing all of the Company’s land use rights are collateralized for loans from the Bank of China Lianyungang Branch.
 
 
F-26
 
 
Note 9 – Loans Payable

Loans payable at December 31, 2011and 2010 consisted of the following:

    December 31, 2011     December 31, 2010  
Armco HK
                
                 
Loan payable to RZB Austria Finance (Hong Kong) Limited, collateralized by certain of the Company’s inventory, guaranteed by the Company’s Chairman and Chief Executive Officer, with interest at the bank’s cost of funds plus 200 basis points, per annum, payable monthly, with principal due and repaid in full on January 26, 2011.
    
-
      
2,145,246
  
                 
Loan payable to RZB Austria Finance (Hong Kong) Limited, collateralized by certain of the Company’s inventory, guaranteed by the Company’s Chairman and Chief Executive Officer, with interest at the bank’s cost of funds plus 200 basis points per annum, with principal and interest due and repaid in full on January 12, 2012.
    
325,196
      
-
  
                 
Loan payable to ING Bank, Hong Kong Branch, in the form of letters of credits, secured by (i) pledged deposits equal to 5% of the letters of credits, (ii) guarantee from China Armco Metals, Inc., (iii) guarantee by the Company’s Chairman and Chief Executive Officer, and (iv) assignment of specific receivables, with interest at the bank’s cost of funds plus 250 basis points, per annum, payable monthly with principal due and repaid in full on January 3, 2011.
    
-
      
11,198,830
  
                 
Loan payable to ING Bank, Hong Kong Branch, in the form of letters of credits, secured by (i) pledged deposits equal to 5% of the letters of credits, (ii) guarantee from China Armco Metals, Inc., (iii) guarantee by the Company’s Chairman and Chief Executive Officer, and (iv) assignment of specific receivables, with interest at the bank’s cost of funds plus 250 basis points (3.63%) per annum, payable monthly with principal due December 7, 2011 and repaid in full on January 9, 2012.
    
702,250
      
-
  
                 
Unsecured loan payable to Fremery Holdings, Ltd., with interest at 15% per annum, with principal and interest due March 26, 2011 and repaid in full by March 23, 2011.
    
-
      
1,500,000
  
                 
Sub-total - Armco HK
    
1,027,446
      
14,844,076
  
                 
Renewable Metals
                
                 
Loan payable to Bank of Communications, Lianyungang Branch, under trade credit facilities, collateralized by Renewable Metals inventories and guaranteed by the Company’s Chairman and Chief Executive Officer, with interest at 120% of the bank’s benchmark rate, payable monthly, with principal of $4,403,554 due and repaid as of March 22, 2012 and the remaining balance of principal due May 25, 2012.
    
5,504,443
      
9,074,685
  
                 
Loan payable to Bank of China, Lianyungang Branch, under trade credit facilities, guaranteed by the Company’s Chairman and Chief Executive Officer, with interest at 5.838%, per annum, payable monthly, with principal due and repaid in full on October 28, 2011.
    
-
      
756,224
  
                 
Sub-total – Renewable Metals
    
5,504,443
      
9,830,909
  
                 
Henan Armco
                
                 
Loan payable to Guangdong Development Bank Zhengzhou Branch, with interest at 4.5%, per annum, payable monthly, with principal due and paid March 21, 2011
    
-
      
90,835
  
                 
Loan payable to Guangdong Development Bank Zhengzhou Branch, with interest at 5.8%, per annum, payable monthly, with principal due and paid on January 6, 2012
    
180,009
      
-
  
                 
Sub-total – Henan Armco
    
180,009
      
90,835
  
                 
   
$
6,711,898
    
$
24,765,820
  
 
 
F-27
 
 
Note 10 – Banker’s Acceptance Notes Payable and Letters of Credit

Banker’s acceptance notes payable at December 31, 2011 and 2010, consisted of the following:

   
December 31, 2011
    
December 31, 2010
  
                 
Renewable Metals
                
                 
Banker’s acceptance notes payable maturing May 25, 2012
  
$
1,100,889
    
$
4,174,355
  
                 
Letters of credit maturing and repaid in full on March 21, 2012
    
7,077,141
      
-
  
                 
   
$
8,178,029
    
$
4,174,355
  

Note 11 – Related Party Transactions

Advances from Stockholder

From time to time, the Chairman, CEO and significant stockholder of the Company advance funds to the Company for working capital purpose.  Those advances are unsecured, non-interest bearing and due on demand.

Advances from stockholder at December 31, 2011and 2010 consisted of the following:

   
December 31, 2011
    
December 31, 2010
  
                 
Advances from chairman, chief executive officer and stockholder
  
$
607,009
    
$
799,394
  
                 
   
$
607,009
    
$
799,394
  

Operating Lease from Chairman, CEO and Stockholder

On January 1, 2006, Henan entered into a non-cancellable operating lease for its 176.37 square meter commercial office space in the City of Zhengzhou, Henan Province, PRC from the Chairman, Chief Executive Officer and significant stockholder of the Company for RMB10,000 per month, which expired on December 31, 2008 and has been extended through December 31, 2012.  Total lease payments for the years ended December 31, 2011and 2010 amounted to RMB120, 000 (equivalent to $18,564 and $17,702).  Future minimum lease payments required under the non-cancelable operating lease are RMB120, 000 per year (equivalent to $18, 564) for 2012.

Note 12 – Capital Lease Obligation

Capital lease obligation at December 31, 2011and 2010 consisted of the following:

    December 31, 2011     December 31, 2010  
                 
Renewable Metals
                
                 
(i)    Capital lease obligation to a financing company for a term of three (3) years, collateralized certain of Renewable Metals’s machinery and equipment, with interest at 11.8% per annum, with principal and interest due and payable in monthly installment of RMB497,897 on the 23rd of each month.
  
$
1,604,437
    
$
2,268,671
  
                 
Less current maturities
    
(789,733
)
    
(727,756
)
                 
Capital lease obligation, net of current maturities
    
814,704
      
1,540,915
  
                 
(ii)   Capital lease obligation to a financing company for a term of three (3) years, collateralized by certain of Renewable Metals’s machinery and equipment, with interest at 11% per annum, with principal and interest due and payable in quarterly installment of RMB2,969,054 on the 15th of each quarter.
    
4,718,094
      
-
  
                 
Less current maturities
    
(1,405,444
)
    
-
  
                 
Capital lease obligation, net of current maturities
    
3,312,650
      
-
  
                 
Total capital lease obligation
    
6,322,531
      
-
  
                 
Less current maturities
    
(2,195,177
)
    
-
  
                 
TOTAL CAPITAL LEASE OBLIGATION, net of current maturities
  
$
4,127,354
    
$
1,540,915
  
 
 
F-28
 
 
The future minimum payments under this capital lease obligation at December 31, 2011 were as follows:

Year ending December 31:
        
         
2012
  
$
2,812,595
  
         
2013
    
2,733,859
  
         
2014
    
1,867,770
  
         
Total capital lease obligation payments
    
7,414,224
  
         
Less amounts representing interest
    
(1,091,693
)
         
Present value of total future capital lease obligation payments
    
6,322,531
  
         
Less current maturities of capital lease obligation
    
(2,195,177
)
         
Capital lease obligation, net of current maturities
  
$
4,127,354
  

Note 13 – Long-Term Debt

Long-term debt at December 31, 2011 and 2010 consisted of the following:

    December 31, 2011     December 31, 2010  
                 
Renewable Metals
                
                 
Long-term debt due to Bank of China, Lianyungang Branch, collateralized by all of Renewable Metals’s building and land use rights, with interest at 5.40% per annum payable monthly, with the remaining principal of RMB25,000,000 due August 25, 2012.
  
$
3,931,745
    
$
8,318,461
  
                 
Less current maturities
    
(3,931,745
)
    
(4,537,342
)
                 
LONG-TERM DEBT, net of current maturities
  
$
-
    
$
3,781,119
  

Note 14 – Derivative Instruments and the Fair Value of Financial Instruments

(i) Warrants Issued in 2008

Description of Warrants and Fair Value on Date of Grant

In connection with the four (4) rounds of private placements from July 25, 2008 through August 8, 2008 (the “2008 Unit Offering”), the Company issued (i) warrants to purchase 2,486,649 common shares of the Company to the investors and (ii) warrants t purchase 242,264 common shares of the Company to the brokers, or 2,728,913 common shares in aggregate (“2008 Warrants”) with an exercise price of $5.00 per share expiring on August 31, 2013, all of which have been earned upon issuance.
 
 
F-29
 
 
The Company estimated the fair value of 2008 warrants, estimated on the date of grant, using the Black-Scholes option-pricing model with the following weighted-average assumptions:

Expected life (year)
            
5
  
                 
Expected volatility
            
89.00%
  
                 
Expected annual rate of quarterly dividends
            
0.00%
  
                 
Risk-free interest rate
            
3.23%
  

The expected life is based on the expiration term of the warrants.  Expected volatility is based on historical volatility for the Company’s common stock. The Company currently has no reason to believe future volatility over the expected life of these warrants is likely to differ materially from its historical volatility.  The risk-free interest rate is based on a yield curve of U.S. treasury interest rates on the date of valuation based on the contractual life of the warrant.  Expected annual rate of quarterly dividends is based on the Company’s dividend history and anticipated dividend policy.

The fair value of 2008 warrants, estimated on the date of grant, was $5,097,404, which was originally recorded as additional paid-in capital and the remaining balance of the net proceeds of $1,523,277 has been assigned to common stock.

Derivative Analysis

The exercise price of 2008 warrants and the number of shares issuable upon exercise is subject to reset adjustment in the event of stock splits, stock dividends, recapitalization, most favored nation clause and similar corporate events.  Pursuant to the most favored nation provision of the 2008 Unit Offering, if the Company issues any common stock or securities other than the excepted issuances,  to any person or entity at a purchase or exercise price per share less than the share purchase price of the 2008 Unit Offering without the consent of the subscriber holding purchased shares, warrants or warrant shares of the 2008 Unit Offering, then the subscriber shall have the right to apply the lowest such purchase price or exercise price of the offering or sale of such new securities to the purchase price of the purchased shares then held by the subscriber (and, if necessary, the Company will issue additional shares), the reset adjustments are also referred to as full reset adjustments.

Because these warrants have full reset adjustments tied to future issuances of equity securities by the Company, they are subject to derivative liability treatment under Section 815-40-15 of the FASB Accounting Standard Codification (“Section 815-40-15”) (formerly FASB Emerging Issues Task Force (“EITF”) Issue No. 07-5: Determining Whether an Instrument (or Embedded Feature) Is Indexed to an Entity's Own Stock (“EITF 07-5”))). Section 815-40-15 became effective for the Company on January 1, 2009 and as of that date the Warrants issued in the 2008 Unit Offering have been measured at fair value using a lattice model at each reporting period with gains and losses from the change in fair value of derivative liabilities recognized on the consolidated statement of income and comprehensive income.

Valuation of Derivative Liability

(a) Valuation Methodology

The Company’s 2008 warrants do not trade in an active securities market, as such, the Company developed a lattice model that values the derivative liability of the warrants based on a probability weighted discounted cash flow model. This model is based on future projections of the various potential outcomes. The features that were analyzed and incorporated into the model included the exercise feature and the full ratchet reset.

Based on these features, there are two primary events that can occur; the Holder exercises the Warrants or the Warrants are held to expiration. The model analyzed the underlying economic factors that influenced which of these events would occur, when they were likely to occur, and the specific terms that would be in effect at the time (i.e. stock price, exercise price, volatility, etc.). Projections were then made on these underlying factors which led to a set of potential scenarios. As the result of the large Warrant overhang we accounted for the dilution affects, volatility and market cap to adjust the projections.

Probabilities were assigned to each of these scenarios based on management projections. This led to a cash flow projection and a probability associated with that cash flow. A discounted weighted average cash flow over the various scenarios was completed to determine the value of the derivative warrant liability.
 
 
F-30
 
 
(b) Valuation Assumptions
 
The Company’s 2008 derivative warrants were valued at each period ending date with the following assumptions:

·
The underlying stock price was used as the fair value of the common stock on period end date;

·
The stock price would fluctuate with the CNAM projected volatility. The projected volatility curve for each valuation period was based on the historical volatility of 14 comparable companies in the metal/industrial metals industries;

·
The Holder would exercise the warrant at maturity if the stock price was above the exercise price;

·
Reset events projected to occur are based on no future projected capital needs;

·
The Holder would exercise the warrant as they become exercisable at target prices of $7.50 for the 2008 Offering, and lowering such target as the warrants approached maturity;

·
The probability weighted cash flows are discounted using the risk free interest rates.

·
The risk-free interest rate is based on a yield curve of U.S treasury interest rates on the date of valuation based on the contractual life of the warrants

·
Expected annual rate of quarterly dividends is based on the Company’s dividend history and anticipated dividend policy.

The fair value of the 2008 derivative warrants were computed using the lattice model with the following assumptions at December 31, 2011and 2010:

 
December 31, 2011
    
December 31, 2010
  
             
Expected life (year)
1.50
      
2.50
  
             
Expected volatility
69.00
%
    
159.00
%
             
Risk-free interest rate
0.25
%
    
1.02
%
             
Expected annual rate of quarterly dividends
0.00
%
    
0.00
%

(c) Fair Value of Derivative Warrants

The fair value of the embedded derivative warrants is marked-to-market at each balance sheet date and the change in the fair value of the embedded derivative warrants is recorded in the consolidated statements of operations and comprehensive income (loss) as other income or expense.

The Company valued the derivative warrants at $203 at December 31, 2011and recognized a gain of $137,940 on the change in the fair value of the remaining derivative warrants to purchase 186,306 shares of Company’s common stock for the year then ended.
 
 
The table below provides a summary of the fair value of the remaining derivative warrant liability and the changes in the fair value of the remaining derivative warrants to purchase 186,306 shares of the Company’s common stock, including net transfers in and/or out, of derivative warrants measured at fair value on a recurring basis using significant unobservable inputs (Level 3) at December 31, 2011 and for the year then ended:

   
Fair Value Measurement Using Level 3 Inputs
  
   
Derivative warrants Assets (Liability)
    
Total
  
Balance, December 31, 2010
  
$
(138,143
)
  
$
(138,143
)
                 
Total gains or losses (realized/unrealized) included in:
                
                 
Net income (loss)
    
137,940
      
137,940
  
                 
Other comprehensive income (loss)
    
-
      
-
  
                 
Purchases, issuances and settlements
    
-
      
-
  
                 
Transfers in and/or out of Level 3
    
-
      
-
  
                 
Balance, December 31, 2011
  
$
(203
)
  
$
(203
)
 
 
F-31
 
 
Exercise and Extinguishment of Warrants

On January 30, 2009, the Company issued 5,000 shares of its common stock for cash at $5.00 per share and received a cash payment of $25,000 in connection with the exercise of the 2008 warrants for 5,000 shares with an exercise price of $5.00 per share by one (1) investor and 2008 warrants holder.

During the three months ended March 31, 2010, the Company issued 1,324,346 shares of its common stock for cash at $5.00 per share and received cash of $6,621,730 in connection with the exercise of the warrants to purchase 1,324,346 shares with an exercise price of $5.00 per share to fifty (50) of the 2008 warrant holders.  In addition, the Company issued 78,217 shares of its common stock in connection with the exercise of the 2008 warrants to purchase 167,740 shares with an exercise price of $5.00 per share on a cashless basis to thirteen (13) of the 2008 warrant holders.  The Company reclassified $1,665,011 and $210,095 of the derivative liability to additional paid-in capital, respectively.

In addition, during the three months ended March 31, 2010, certain holders of 2008 warrants to purchase 1,031,715 shares of the Company’s common stock reached agreements with the Company, effective as of January 1, 2010, whereby the Company waived its right to offer or sell additional shares of its common stock below $5.00 per share in the future and the certain 2008 warrant holders waived their anti-dilution or commonly known as a most favored nation clause thus making those warrants no longer derivative warrant, for which the Company reclassified $1,292,227 of the derivative liability to additional paid-in capital.

During April 2010, four (4) of the 2008 warrant holders exercised their warrants to purchase 13,806 shares of the Company’s common stock at an exercise price of $5.00 per share resulting in cash proceeds of $69,030 to the Company, for which the Company issued 13,806 shares of its common stock to the 2008 warrant holders and reclassified $21,229 of the derivative liability to additional paid-in capital.

Warrants Outstanding

As of December 31, 2011 warrants to purchase 1,218,021 shares of Company common stock remain outstanding.
 
 
F-32
 
 
The table below summarizes the Company’s derivative warrant activity through December 310, 2011:

   
2008 Warrant Activities
    
APIC
    
(Gain) Loss
  
   
Derivative Shares
    
Non-derivative Shares
  
Total Warrant Shares
    
Fair Value of Derivative Warrants
    
Reclassification of Derivative Liability
    
Change in Fair Value of Derivative Liability
  
                                           
Derivative warrant at December 31, 2009
    
2,728,913
    
-
  
2,728,913
    
$
(3,417,974
)
 
$
-
    
$
166,025
  
                                           
Exercise of warrants
    
(5,000
)
 
-
  
(5,000
)
   
6,263
      
(6,263
)
   
-
  
                                           
Exercise of warrants
    
(1,324,346
)
 
-
  
(1,324,346
)
   
1,658,748
      
(1,658,748
)
   
-
  
                                           
Exercise of warrants – Cashless
    
(167,740
)
 
-
  
(167,740
)
   
210,095
      
(210,095
)
   
-
  
                                           
Total warrant exercised
    
(1,497,086
)
 
-
  
(1,497,086
)
   
1,875,106
      
(1,875,106
)
   
-
  
                                           
Extinguishment of warrant liability resulting from waiver of anti-dilution
    
(1,031,715
)
 
1,031,715
  
-
      
1,292,227
      
(1,292,227
)
   
-
  
                                           
Derivative warrants remaining
    
200,112
    
-
  
-
      
(250,641
)
    
-
      
-
  
                                           
Mark to market
    
-
    
-
          
(321,752
)
   
-
      
321,752
  
                                           
Derivative warrant at March 31, 2010
    
200,112
    
1,031,715
  
1,231,827
      
(572,393
)
   
-
      
321,752
  
                                           
Exercise of warrants in April 20, 2010
    
(13,806
)
 
-
  
(13,806
)
   
21,229
      
(21,229
)
   
-
  
                                           
Derivative warrants remaining
    
186,306
    
-
  
186,306
      
(551,164
)
    
-
      
-
  
                                           
Mark to market
    
-
    
-
          
427,875
      
-
      
(427,875
)
                                           
Derivative warrant at June 30, 2010
    
186,306
    
1,031,715
  
1,218,021
      
(123,289
)
   
-
      
(106,123
)
                                           
Mark to market
    
-
    
-
          
(13,211
)
    
-
      
13,211
  
                                           
Derivative warrant at September 30, 2010
    
186,306
    
1,031,715
  
1,218,021
      
(136,500
)
   
-
      
(92,912
)
                                           
Mark to market
    
-
    
-
          
(1643
)
    
-
      
1643
  
                                           
Derivative warrant at December 31, 2010
    
186,306
    
1,031,715
  
1,218,021
      
(138,143
)
   
-
      
(91,269
)
                                           
Mark to market
    
-
    
-
          
51,223
      
-
      
(51,223
)
                                           
Derivative warrant at March 31, 2011
    
186,306
    
1,031,715
  
1,218,021
      
(86,920
)
   
-
      
(51,223
)
                                           
Mark to market
                      
76,897
              
(76,897
)
                                           
Derivative warrant at June 30, 2011
    
186,306
    
1,031,715
  
1,218,021
      
(10,023
)
            
(128,120
)
                                           
Mark to market
                      
8,688
              
(8,688)
  
                                           
Derivative warrant at September 30, 2011
    
186,306
    
1,031,715
  
1,218,021
      
(1,335
)
            
(136,808
)
                                           
Mark to market
                      
1,132
              
(1,132
)
                                           
Derivative warrant at December 31, 2011
    
186,306
    
1,031,715
  
1,218,021
      
(203
)
            
(137,940
)
 
 
F-33
 
 
(ii) Warrants Issued in April 2010

Description of Warrants

In connection with the sale of 1,538,464 shares of its common stock at $6.50 per share or $10,000,016 in gross proceeds to nine (9) accredited and institutional investors on April 20, 2010, the Company issued warrants to purchase an additional 1,538,464 shares of its common stock with an exercise price of $7.50 per share (“2010 Warrants”) expiring five (5) years from date of grant exercisable commencing 181 days following the date of issuance.  At the closing of the private offering, the Company paid Rodman & Renshaw, LLC, a FINRA member firm that served as placement agent for the Company in the offering, (i) a fee of $500,000 as compensation for their services and (ii) a warrant to purchase 76,923 shares of the Company’s common stock with an exercise price of $7.50 per share expiring five (5) years from date of grant exercisable commencing 181 days following the date of issuance, as well as a $15,000 non-accountable expense allowance to one of the nine (9) investors in the offering.

Warrants Valuation and Related Assumptions

The 2010 warrants were valued on the date of grant with the following assumptions:

·
The underlying NYSEAmex stock price $6.95 was used as the fair value of the common stock on April 20, 2010;

·
The stock price would fluctuate with the CNAM projected volatility. The projected volatility curve for each valuation period was based on the historical volatility of 14 comparable companies in the metal/industrial metals industries; At April 20, 2010 one (1) through five (5) years were 76%, 134%, 155%, 167% and 182%, respectively.

·
The Holder would exercise the warrant at maturity if the stock price was above the exercise price;

·
Reset events projected to occur are based on no future projected capital needs;

·
The Holder would exercise the warrants as they become exercisable at target prices of $11.25 for the 2010 Offering, and lowering such target as the warrants approaches maturity;

·
The probability weighted cash flows are discounted using the risk free interest rates.

·
The risk-free interest rate is based on a yield curve of U.S treasury interest rates on the date of valuation based on the contractual life of the warrants

·
Expected annual rate of quarterly dividends is based on the Company’s dividend history and anticipated dividend policy.

The Company estimated the fair value of 2010 warrants, estimated on the date of grant, using the lattice model with the Black-Scholes option-pricing model with the following weighted-average assumptions:

Expected life of the warrants (year)
            
5
  
                 
Expected volatility
            
182.00%
  
                 
Risk-free interest rate
            
2.56%
  
                 
Expected annual rate of quarterly dividends
            
0.00%
  

The fair value of the 2010 warrants, estimated on the date of issuance, was $2,483,938, which was recorded as additional paid-in capital and the remaining balance of the net proceeds of $6,629,036, net of issuance cost, has been assigned to common stock.

Derivative Analysis

The warrants issued as part of the April 20, 2010 private placement were analyzed to determine the appropriate treatment under ASC 815-40. The warrants meet the provisions of Section 815-40-15 of the FASB Accounting Standard Codification (“Section 815-40-15”) (formerly FASB Emerging Issues Task Force (“EITF”) Issue No. 07-5: Determining Whether an Instrument (or Embedded Feature) Is Indexed to an Entity's Own Stock (“EITF 07-5”)) to be considered indexed to the Company’s own stock. In addition, the warrants meet all the criteria in Section 815-40-55 of the FASB Accounting Standard Codification (“Section 815-40-55”) (formerly FASB EITF Issue No. 00-19: Accounting for Derivative Financial Instruments Indexed to, and Potentially Settled in, a Company’s Own Stock (“EITF 00-19”)) to be accounted for as equity.

Warrants Outstanding

As of December 31, 2011 warrants to purchase 1,615,387 shares of its common stock remain outstanding.
 
 
F-34
 
 
(iii) Warrant Activities

The table below summarizes the Company’s non-derivative warrant activities through December 31, 2011:

   
Number of Warrant Shares
    
Exercise Price Range Per Share
    
Weighted Average Exercise Price
    
Fair Value at Date of Issuance
    
Aggregate Intrinsic Value
  
                                         
Balance, December 31, 2009
    
2,723,913
    
$
5.00
    
$
5.00
    
$
-
    
$
-
  
                                         
Granted
    
1,615,387
      
7.50
      
7.50
      
2,483,938
      
-
  
Canceled for cashless exercise
    
(89,523
)
    
-
      
-
      
-
      
-
  
                                         
Exercised (Cashless)
    
(78,217
)
    
-
      
-
      
-
      
-
  
Exercised
    
(1,338,152
)
    
5.00
      
5.00
      
-
      
-
  
Expired
    
-
      
-
      
-
      
-
      
-
  
Balance, December 31, 2010
    
2,833,408
    
$
5.00 - 7.50
    
$
6.43
    
$
-
    
$
-
  
                                         
Granted
    
-
      
-
      
-
      
-
      
-
  
Canceled for cashless exercise
    
(-
)
    
-
      
-
      
-
      
-
  
                                         
Exercised (Cashless)
    
(-
)
    
-
      
-
      
-
      
-
  
Exercised
    
(-
)
    
-
      
-
      
-
      
-
  
Expired
    
-
      
-
      
-
      
-
      
-
  
Balance, December 31, 2011
    
2,833,408
    
$
5.00 - 7.50
    
$
6.43
    
$
-
    
$
-
  
                                         
Earned and exercisable, December 31, 2011
    
2,833,408
    
$
5.00 - 7.50
    
$
6.43
    
$
-
    
$
-
  
                                         
Unvested, December 31, 2011
    
-
    
$
-
    
$
-
    
$
-
    
$
-
  

The following table summarizes information concerning outstanding and exercisable warrants as of December 31, 2011:

     
Warrants Outstanding
  
Warrants Exercisable
  
Range of Exercise Prices
    
Number Outstanding
  
Average Remaining Contractual Life  (in years)
  
Weighted Average Exercise Price
  
Number Exercisable
  
Average Remaining Contractual Life  (in years)
  
Weighted Average Exercise Price
  
                                   
$5.00      
1,218,021
  
1.58
  
$
5.00
  
1,218,021
  
1.58
  
$
5.00
  
                                     
$7.50      
1,615,387
  
3.30
  
$
7.50
  
1,615,387
  
3.30
  
$
7.50
  
                                     
$5.00 - $7.50      
2,833,408
  
2.56
  
$
6.43
  
2,833,408
  
2.56
  
$
6.43
  

Note 15 – Commitments and Contingencies

Uncommitted Trade Credit Facilities

The Company entered into uncommitted trade credit facilities with certain financial institutions.  Substantially all of the uncommitted trade credit facilities were guaranteed by Mr. Yao, the Company’s chairman, Chief Executive Officer and principal stockholder.
 
 
F-35
 
 
The uncommitted trade credit facilities at December 31, 2011 were as follows:

 
Date of Expiration
    
Total Facilities
    
Facilities Used
    
Facilities Available
  
                               
Armco HK
                              
                               
DBS (Hong Kong) Limited (i)
  
December 20, 2012
    
$
20,000,000
    
$
1,620,000
    
$
18,380,000
  
                               
ING Bank, N.V. Hong Kong Branch (ii)
  
July 28, 2012
      
30,000,000
      
16,526,000
      
13,474,000
  
                               
RZB (Beijing) Branch (iii)
  
February 28, 2013
      
15,000,000
      
-
      
15,000,000
  
                           
Sub-total - Armco HK
          
65,000,000
      
18,146,000
      
46,854,000
  
                           
Henan Armco
                              
                               
Guangdong Development Bank Zhengzhou Branch (iv)
  
June 17, 2012
      
11,009,000
      
474,000
      
10,535,000
  
                               
China CITIC Bank Zhengzhou Branch (v)
  
April 26, 2012
      
7,863,000
      
0.00
      
7,863,000
  
                               
China Minsheng Bank Zhengzhou Branch (vi)
  
November 26 2011
      
3,145,000
      
1,286,000
      
1,859,000
  
                           
Sub-total – Henan Armco
          
22,017,000
      
1,760,000
      
20,257,000
  
                           
Renewable Metals
                              
                               
Bank of China Lianyungang Branch (vii)
  
January 29, 2013
      
11,795,000
      
3,932,000
      
7,863,000
  
                               
Bank of Communications Lianyungang Branch (viii)
  
June 30, 2013
      
11,323,000
      
8,178,000
      
3,145,000
  
                           
Sub-total – Renewable Metals
          
23,118,000
      
12,110,000
      
11,008,000
  
                           
         
$
110,135,000
    
$
32,016,000
    
$
78,119,000
  
 
(i) On December 20, 2011, Armco HK entered into a Banking Facilities Agreement with DBS Bank (Hong Kong) Limited of $20,000,000 for issuance of commercial letters of credit in connection with the Company’s purchase of metal ore.  The Company pays interest at LIBOR or DBS Bank’s cost of funds plus 2.50% per annum on issued letters of credit in addition to an export bill collection commission equal to 1/8% of the first $50,000 and 1/16% of the balance and an opening commission of 1/4% on the first $50,000 and 1/16% of the balance for each issuance.  Amounts advanced under this facility are repaid from the proceeds of the sale of metal ore.  The lender may terminate the facility at anytime at its sole discretion. The facility is secured by the charge on cash deposit of the borrower, the borrower’s restricted pledged deposit in the minimum amount of 3% of the letter of credit amount, the Company’s letter of comfort and the guarantee of Mr. Kexuan Yao.

(ii) On July 29, 2011, Armco HK obtained a $30,000,000 line of credit from ING Bank Hong Kong Branch for issuance of letters of credit to finance the purchase of metal ore along with a sub-limit facility for freight advance of $3,000,000.  The letters of credit require the Company to pledge cash equal to 5% of the letter of credit, subject to increase by the lender in the event of price fluctuations and market demand while the letter of credit remains open.  The Company pays interest at the lender’s cost of funds plus 250 basis points per annum on issued letters of credit in addition to an export bill collection commission equal to 1/4% of the first $50,000 and 1/16% of the balance for each issuance.  Amounts advanced under this line of credit are repaid from the proceeds of the sale of metal ore.  The lender may terminate the facility at anytime at its sole discretion. The facility is secured by the Company’s restricted cash deposit in the minimum amount of 5% of the letter of credit amount, the Company’s guarantee, the guarantee of Mr. Kexuan Yao and a security interest in the contract for the purchase of the ore for which the letter of credit has been issued and the contract for the sale of the ore.

 (iii) On September 30, 2011, Armco HK entered into Amendment No. 2 to the March 25, 2009 uncommitted Trade Finance Facility with RZB Austria Finance (Hong Kong) Limited.  The amendment provides for the issuance of $15,000,000 of commercial letters of credit in connection with the purchase of metal ore, an increase of $5,000,000 over the amounts provided for in the March 25, 2010 facility.  The Company pays interest at 200 basis points per annum plus the lender’s cost of funds per annum on issued letters of credit in addition to fees upon issuance of the letter of credit of 1/16% for issuance commissions, negotiation commissions, commission-in-lieu and collection commissions.  Amounts advanced under this facility are repaid from the proceeds of the sale of metal ore.  The lender may, however, terminate the facility at anytime or at its sole discretion upon the occurrence of any event which causes a material market disruption in respect of unusual movement in the level of funding costs to the lender or the unusual loss of liquidity in the funding market. The lender has the sole discretion to decide whether or not such event has occurred.  The facility is secured by restricted cash deposits held by the lender, the personal guarantee of Mr. Kexuan Yao, the Company’s guarantee, and a security interest in the contract for the purchase of the ore for which the letter of credit has been issued and the contract for the sale of the ore.
 
 
F-36
 
 
(iv) On June 18, 2011, Henan Armco obtained a RMB 70,000,000 (approximately $11.0 million) line of credit from Guangdong Development Bank Zhengzhou Branch for issuance of letters of credit to finance the purchase of metal ore.  The Company pays interest at 120% of the applicable base rate for lending published by the People’s Bank of China (“PBC”) at the time the loan is made on issued letters of credit.  The facility is secured by the guarantee provided by Mr. Kexuan Yao and Renewable Metals jointly and the pledge of movable assets provided by the borrower. Amounts advanced under this line of credit are repaid from the proceeds of the sale of metal ore. The term of the facility is one year.

(v) On April 27, 2011, Henan Armco obtained a RMB 50,000,000 (approximately $7,8 million) line of credit from China CITIC Bank, Zhengzhou Branch, for issuance of letters of credit to finance the purchase of metal ore and scrap metal expiring one (1) year from the date of issuance. The letters of credit require the Company to pledge cash deposits equal to 20% of the letter of credit for letters of credit at sight, or 30% for term letters of credit.  Term letters of credit are limited to no more than 90 days. The interest rates are variable depending on the lender’s cost of funds at the time when the letter of credit is issued. The facility is guaranteed by Renewable Metals and Mr. Kexuan Yao, the Company’s Chairman and Chief Executive Officer.

(vi) On November 26, 2011, Henan Armco obtained a RMB 20,000,000 (approximately $3,1 million) line of credit from China Minsheng Bank, Zhengzhou Branch, for issuance of letters of credit to finance the purchase of metal ore and scrap metal expiring one (1) year from the date of issuance. The facility is guaranteed by Renewable Metals and Mr. Kexuan Yao, the Company’s Chairman and Chief Executive Officer.

(vii) On January 30, 2012, Renewable Metals entered into a line of facility in the amount of RMB75, 000,000 (approximately $11.8 million) from Bank of China, Lianyungang Branch for the purchase of raw materials. The term of the facility is 12 months with interest at 120% of the applicable base rate for lending published by the People’s Bank of China (“PBOC”) at the time the loan is drawn down per annum. The facility is secured by the guarantees provided by Mr. Kexuan Yao, Mr. Yi Chu, Henan Armco and Henan Chaoyang, respectively.

(viii) On July 1, 2011, Renewable Metals obtained a RMB 72,000,000 (approximately $11.3 million) line of credit from Bank of Communications, Lianyungang Branch expiring two (2) years from the date of issuance, for issuance of letters of credit in connection with the purchase of scrap metal. The letters of credit require Renewable Metals to pledge cash deposit equal to 20% of the letter of credit for letters of credit at sight, or 30% for other domestic letters of credit and for extended domestic letters of credit, the collateral of inventory equal to 166% of the letter of credit. The facility is secured by Renewable Metals inventories and guarantee provided by Mr. Kexuan Yao, the Company’s Chairman and Chief Executive Officer.

Operating Leases

(i) Operating Lease - San Mateo Office

On December 17, 2010, China Armco entered into a non-cancelable operating lease for office space that will expire on December 31, 2013.  Future minimum payments required under this non-cancelable operating lease were as follows:

Year ending December 31:
        
         
2012
    
43,734
  
         
2013
    
43,734
  
         
   
$
87,468
  

(ii) Operating Lease - Armco Shanghai Office

On July 16, 2010, Armco Shanghai entered into a non-cancelable operating lease for office space that will expire on July 15, 2012.  Future minimum payments required under this non-cancelable operating lease were as follows:

Year ending December 31:
        
         
2012
    
50,638
  
         
   
$
50,638
  
 
 
F-37
 
 
(iii) Operating Lease of Property, Plant and Equipment and Facilities

On June 24, 2011, Renewable Metals entered into a non-cancelable operating lease agreement with an independent third party for property, plant, equipment and facilities expiring one (1) year from date of signing.  Renewable Metals is required to pay RMB 30 (equivalent to $4.64) per metric ton of scrap metal processed at this facility over the term of the lease.  The fee will be paid annually and necessary adjustment will be made at the end of term.

For the period from June 24, 2011 (date of signing) through December 31, 2011, 4,259 tons of scrap metal had been processed at this facility and RMB127,770 (equivalent to $20,094 using December 31, 2011 U.S. Dollar to RMB exchange rate of $1=RMB6.3585) were accrued and included in the inventory of the finished goods – processed scrap metal.

Note 16 – Stockholders’ Equity

Shares Authorized

Upon formation the aggregate number of shares which the Corporation shall have authority to issue is seventy five million (75,000,000) shares, consisting of two classes to be designated, respectively, “Common Stock” and “Preferred Stock,” with all of such shares having a par value of $.001 per share.  The total number of shares of Preferred Stock that the Corporation shall have authority to issue is one million (1,000,000) shares.  The total number of shares of Common Stock that the Corporation shall have authority to issue is seventy four million (74,000,000) shares.

Common Stock

Immediately prior to the consummation of the Share Purchase Agreement on July 27, 2008, the Company had 10,000,000 common shares issued and outstanding.

On July 27, 2008, upon the consummation of the Share Purchase Agreement, (i) Stephen Cox surrendered 7,694,000 common shares, representing his controlling interest in the Company for cancellation and resigned as an officer and director; (ii) the Company issued a  promissory note of $6,890,000 (the “Share Purchase Note”) to purchase from Ms. Gao, the sole stockholder of Armco HK, the 100% of the issued and outstanding capital stock of Armco HK; and (iii) (a) a stock option entitling Ms. Gao to purchase 5,300,000 shares of its common stock, par value $.001 per share (the “Common Stock”) with an exercise price of $1.30 per share expiring on September 30, 2008 and (b) a stock option entitling Ms. Gao to purchase 2,000,000 shares of its common stock with an exercise price of $5.00 per share expiring two (2) years from the date of issuance on June 27, 2010, vested immediately (the “Gao Options”).  The Company did not record the fair value of the Gao Options as the options were included as part of the reverse acquisition and recapitalization.

On August 12, 2008, Ms. Gao exercised her option to purchase and the Company issued 5,300,000 shares of its common stock in exchange for the $6,890,000 note owed to Ms. Gao.

On April 12, 2010, Mr. Kexuan Yao purchased the Gao option to purchase 2,000,000 shares of the Company’s common stock with an exercise price of $5.00 per share originally granted to and owned by Ms. Feng Gao pursuant to a share purchase agreement to consummate the reverse merger capital transaction with Armco HK on June 27, 2008.  In addition, on April 12, 2010 and June 25, 2010, Mr. Yao exercised part of the option and purchased 1,000,000 and 400,000 shares of the Company’s common stock at $5.00 per share resulting in net proceeds of $4,500,000, forgiveness of debt of $500,000 and $2,000,000 to the Company, respectively. The balance of the stock option to purchase the remaining 600,000 common shares expired on June 27, 2010.

Sale of Common Stock

On April 20, 2010, the Company entered into a Securities Purchase Agreement with nine (9) accredited and institutional investors for the sale of 1,538,464 shares of its common stock at an offering price of $6.50 per share resulting in gross proceeds to the Company of $10,000,016.  At closing the Company issued the investors warrants to purchase an additional 1,538,464 shares of its common stock at an exercise price of $7.50 per share expiring five (5) years from the date of grant.  The warrants are exercisable commencing 181 days after the date of issuance.  The private offering, which was made under an exemption from the registration requirements of the Securities Act of 1933 in reliance on exemptions provided by Section 4(2) of that act and Rule 506 of Regulation D.  At closing, the Company paid Rodman & Renshaw, LLC, a FINRA member firm that served as placement agent for the Company in the offering, (i) a fee of $500,000 as compensation for its services and (ii) a warrant to purchase 76,923 shares of the Company’s common stock at an exercise price of $7.50 per share expiring five (5) years from the date of issuance which are exercisable commencing 181 days after the date of issuance, as well as a $15,000 non-accountable expense allowance to one (1) of the investors in the offering.  The Company intends to use the net proceeds from this offering for its working capital.
 
 
F-38
 
 
Issuance of Common Stock for Services

Management and Accounting Services - China Direct Investments, Inc.

On February 5, 2010, the Company issued 80,000 shares of its common stock to China Direct Investments, Inc. as consideration for management and accounting consulting services for the period beginning January 1, 2010 through December 31, 2010.  There is no performance commitment at the date of the agreement therefore the company will use the date(s) at which performance is complete as the measurement date(s).  The services are earned and forfeitable on a ratable basis throughout each quarter during the year.  The 20,000 shares each earned for each quarter in 2010 were valued at $9.39, $2.90, $3.47 and $3.88 per share, or $187,800, $58,000, $69,400 and $77,600 in aggregate, which was recorded as consulting fees for the relevant quarter. In aggregate, $392,800 was recorded as consulting fee for the year ended December 31, 2010.

Investor Relation Services – Bespoke Growth Partners, Inc.

On April 30 and July 9, 2010, the Company issued 12,500 shares and 10,000 shares, or 22,500 shares in aggregate to Bespoke Growth Partners, Inc. as consulting fees for investor relations services rendered, valued at $3.49 per share for $78,525.

Loan Guarantee - Henan Chaoyang Steel Co., Ltd.

On June 11, 2010 the Company entered into a Guaranty Cooperation Agreement with Henan Chaoyang Steel Co., Ltd. (“Henan Chaoyang”) to provide additional liquidity to meet anticipated working capital requirements of Renewable Metals scrap metal recycling facility.  Under the terms of the guaranty, Henan Chaoyang agreed to provide loan guarantees to Renewable Metals existing and pending bank lines of credit of up to 300 million RMB in aggregate (approximately $45,400,000) for five (5) years expiring June 30, 2015.  As consideration for the guaranty, the Company issued a designee of Henan Chaoyang 500,000 shares of its common stock. The shares are earned ratable over the term of the agreement and the unearned shares are forfeitable in the event of nonperformance by the guarantor.

Mr. Heping Ma, a former member of the Company’s Board of Directors, is a founder, Chairman and owns an 85% equity interest of Henan Chaoyang Steel Co., Ltd. Co, a corporation incorporated under the laws of the PRC.  This transaction was approved by the members of the Board of Directors of the Company who were independent in the matter in accordance with the Company’s Related Persons Transaction Policy.  On September 16, 2010, Mr. Ma resigned from the Company’s Board of Directors.

33,333 shares each earned for quarters ended September 30, 2010 and December 31, 2010 were valued at $3.47 and $3.88 per share, or $115,666 and $129,332, which was recorded as loan guarantee expense and included in the consolidated statements of operations and comprehensive income (loss) for the relevant periods. In aggregate, $244,998 was recorded as loan guarantee expense for the year ended December 31, 2010.

33,333 common shares each earned for quarter ended March 31, 2011, June 30, 2011, September 30, 2011 and December 31, 2011 were valued at $2.61, $1.36, $0.41 and $0.282 per share, or $86,996, $45,333, $13,667 and $9,400, which was recorded as loan guarantee expense and included in the consolidated statements of operations and comprehensive income (loss) for the relevant periods.

Investor Relation Services – HCI International Inc.

On November 19, 2010, the Company entered into an investor relations consulting agreement with HCI International Inc. expiring December 31, 2011.  Either party may terminate the agreement any time during the term of the contract.  Pursuant to the agreement the Company is required to pay the investor relation firm 3,600 shares of the Company’s restricted stock per month payable at the first of each month for the 12 month service period, or 43,200 shares in aggregate for 2011 investor relations services.  10,800 shares per quarter were valued at $2.69 per share, or $29,052, $1.36 per share, or $14,688 in aggregate, $0.41 per share, or $4,428 in aggregate and recorded as investor relations expense for the quarterly period ended March 31, 2011, June 30, 2011 and September 30, 2011, respectively. For the 4th quarter of 2011, the Company issued 7,200 shares to HCI, which were valued at $0.299 per share, or $2,153. At the end of November 2011, the Company terminated HCI’s services.

2009 Stock Incentive Plan as Amended

Adoption of 2009 Stock Incentive Plan

On October 26, 2009, the Board of Directors of the Company adopted the 2009 Stock Incentive Plan, whereby the Board of Directors authorized 1,200,000 shares of the Company’s common stock to be reserved for issuance (the “2009 Stock Incentive Plan”). The purpose of the 2009 Stock Incentive Plan is to advance the interests of the Company by providing an incentive to attract, retain and motivate highly qualified and competent persons who are important to us and upon whose efforts and judgment the success of the company is largely dependent. Grants to be made under the Plan will be limited to the Company’s employees, including employees of the Company’s subsidiaries, the Company’s directors and consultants to the Company. The recipient of any grant under the Plan, and the amount and terms of a specific grant, will be determined by the board of directors.  Should any option granted or stock awarded under the Plan expire or become un-exercisable for any reason without having been exercised in full or fail to vest, the shares subject to the portion of the option not so exercised or lapsed will become available for subsequent stock or option grants.
 
 
F-39
 
 
2011 Amendment to the 2009 Stock Incentive Plan

On May 19, 2011, the Company’s Board of Directors adopted and approved the Amended and Restated 2009 Stock Incentive Plan, subject to stockholder approval at the Annual Meeting.  At the 2011 Annual Meeting of Stockholders (the “Annual Meeting”) of the Company held on July 9, 2011, the Company’s stockholders approved an amendment and restatement of the Company’s 2009 Stock Incentive Plan (the “Amended and Restated 2009 Stock Incentive Plan”).  The primary purpose for the Amended and Restated 2009 Stock Incentive Plan was to increase the number of shares of the Company’s common stock available for issuance thereunder by 1,000,000 shares to 2,200,000 shares of the Company’s common stock.

Shares Awarded during 2009

On October 26, 2009, the Company awarded 200,000 shares of its restricted common stock, par value $.001 per share, pursuant to the 2009 Stock Incentive Plan, to Mr. Kexuan Yao, the Company’s Chief Executive Officer.  The shares awarded to Mr. Yao will vest 66,667 shares on December 15, 2010, 66,667 shares on December 15, 2011 and 66,666 shares on December 15, 2012.  These shares were valued at $3.28 per share or $656,000 on the date of grant and were amortized over the vesting period, or $54,667 per quarter.

On October 26, 2009, the Company agreed to pay Mr. William Thomson the sum of $20,000 and awarded 6,250 shares of the Company’s restricted common stock to Mr. William Thomson in conjunction with his appointment to the Company's board of directors.  The shares awarded to Mr. Thomson will vest 25% on March 31, 2010, 25% on June 30, 2010, 25% on September 30, 2010 and 25% on December 31, 2010.  The restricted stock vests only if Mr. Thomson is still a director of the Company on the vesting date (with limited exceptions), and the shares are eligible for the payment of dividends, if the Board of Directors was to declare dividends on the Company’s common stock.  These shares were valued at $3.28 per share or $20,500 on the date of grant and were amortized over the vesting period, all of which was earned and recorded as stock based compensation for the year ended December 31, 2010.

Shares and Options Awarded during 2010

On September 16, 2010, the Company agreed to pay Mr. J.P. Chan the sum of $20,000 and awarded 6,250 shares of the Company’s restricted common stock to Mr. Chan in conjunction with his appointment to the Company's board of directors.  The shares awarded to Mr. Chan will vest 50% on March 10, 2011 and 50% on September 10, 2011.  The restricted stock vests only if Mr. Chan is still a director of the Company on the vesting date (with limited exceptions), and the shares are eligible for the payment of dividends, if the Board of Directors was to declare dividends on the Company’s common stock. These shares were valued at $3.12 per share or $19,500 on the date of grant and were amortized over the vesting period, or $4,875 per quarter.

On October 5, 2010, the Company awarded a stock option to purchase 40,000 shares of the Company’s common stock exercisable at $5.00 per share expiring five (5) years from the date of grant to an employee in conjunction with his employment agreement as the Company's Director of Administration, vested upon grant.  The Company estimated the fair value of option granted, estimated on the date of grant, using the Black-Scholes option-pricing model with the following weighted-average assumptions:

Expected life (year)
    
5
  
         
Expected volatility
    
187.00
%
         
Expected annual rate of quarterly dividends
    
0.00
%
         
Risk-free interest rate
    
1.21
%

The expected life is based on the expiration term of the option.  Expected volatility is based on historical volatility for the Company’s common stock. The Company currently has no reason to believe future volatility over the expected life of the option is likely to differ materially from its historical volatility.  The risk-free interest rate is based on a yield curve of U.S treasury interest rates on the date of valuation based on the contractual life of the option.  Expected dividend yield is based on our dividend history and anticipated dividend policy.

The fair value of option granted, estimated on the date of grant, using the Black-Scholes option-pricing model, was $138,000.  The Company recorded the entire amount as stock based compensation expense on the date of grant.

Shares Awarded during 2011

On January 25, 2011, the Company issued 55,378 shares of its common shares to certain of its employees for their 2010 services of approximately $187,180 in lieu of cash, which was recorded as compensation expenses in 2010 and credited the same to the accrued expenses at December 31, 2010.
 
 
F-40
 
 
On March 29, 2011, the Company awarded 10,000 shares of the Company’s common stock to an employee for his 2011 employment service vesting on July 1, 2011. These shares were valued at $2.74 per share or $27,400 on the date of grant and are being amortized over the service period of one year in 2011.

On December 15, 2011, the Company issued 60,000 shares of its common shares to its directors for their 2011 services. These shares were valued at $0.27 per share, or $16,200 on the date of grant, which was recorded as stock based compensation.

On December 15, 2011, the Company issued 264,379 shares of its common shares to certain of its employees for their 2011 services of approximately $71,383 in lieu of cash, which was recorded as compensation expenses in 2011.

Summary of the Company’s Amended and Restated 2009 Stock Incentive Plan Activities

The table below summarizes the Company’s Amended and Restated 2009 Stock Incentive Plan activities as of December 31, 2011:

   
Number of
Shares or Options
    
Fair Value at
Date of Grant
  
                 
Balance, December 31, 2009
    
206,250
    
$
676,500
  
                 
Granted – shares
    
6,250
      
19,500
  
                 
Canceled – shares
    
-
      
-
  
                 
Granted – options
    
40,000
      
138,000
  
                 
Canceled – options
    
-
      
-
  
                 
Balance, December 31, 2010
    
252,500
      
834,000
  
                 
Granted – shares
    
389,757
      
302,163
  
                 
Canceled – shares
    
-
      
-
  
                 
Granted – options
    
-
      
-
  
                 
Canceled – options
    
-
      
-
  
                 
Balance, December 31, 2011
    
642,257
    
$
1,136,163
  
                 
Vested, December 31, 2011
    
575,593
      
917,499
  
                 
Unvested, December 31, 2011
    
66,664
    
$
218,664
  

As of December 31, 2011, there were 1,557,743 shares of common stock remaining available for issuance under the Amended and Restated 2009 Stock Inceptive Plan.

Shares Awarded during the First Quarter of 2012

On February 6, 2012, the Company issued 57,743 shares of its common shares to certain of its employees for their 2011 services of approximately $15,591 in lieu of cash, which was recorded as compensation expenses in 2011.
 
 
F-41
 
 
On February 8, 2012, the Company awarded 1,500,000 shares of its restricted common stock, par value $.001 per share, pursuant to the Amended and Restated 2009 Stock Incentive Plan, to Mr. Kexuan Yao, the Company’s Chief Executive Officer.  Mr. Yao to receive 1,500,000 shares of the Company’s common stock (the “Restricted Shares”), subject to the terms and conditions of the Amended and Restated China Armco Metals, Inc. 2009 Stock Incentive Plan.  The Restricted Shares will vest according to the following schedule:  125,000 shares of Restricted Shares to vest on the first day of each quarter over a three (3) year period commencing on April 1, 2012 and terminating on December 31, 2014. These shares were valued at $0.499 per share or $748,500 on the date of grant and are amortized over the vesting period, or $62,375 per quarter.

As of February 8, 2012, there were no shares of common stock remaining available for issuance under the Amended and Restated 2009 Stock Inceptive Plan.

Note 17 – Operating Cost of Idle Manufacturing Facility

Renewable Metals’s manufacturing facility is idle from time to time depending upon market conditions.  Total operating costs of the idle manufacturing facility, including mainly depreciation and other operating costs of maintaining the manufacturing facility, were $1,946,369 for the year ended December 31, 2011.  There were no operating costs of the idle manufacturing facility for the year ended December 31, 2010 as Renewable Metals did not complete the construction of its manufacturing facility and commence operations until the end of 2010.

Note 18 – Income Tax Provision

Armco Metals is a non-operating holding company. Armco HK, the Company’s Hong Kong subsidiary is subject to Hong Kong SAR income taxes.  Henan, Renewable Metals, Lianyungang Armco and Armco Shanghai, the Company’s PRC subsidiaries are subject to PRC income taxes, file income tax returns under the Income Tax Law of the People’s Republic of China concerning Foreign Investment Enterprises and Foreign Enterprises and local income tax laws (the “PRC Income Tax Law”) accordingly.  Henan, Renewable Metals, Lianyungang Armco and Armco Shanghai derive substantially all of their income (loss) before income taxes and related tax expenses from PRC sources.

United States income tax

Armco Metals is incorporated in the State of Nevada and is subjected to United States of America tax law.

Hong Kong SAR income tax

Armco HK is registered and operates in the Hong Kong Special Administrative Region (“HK SAR”) of the People’s Republic of China (“PRC”) and is subject to HK SAR tax law.  Armco HK’s statutory income tax rate is 16.5% and there were no significant differences between income reported for financial reporting purposes and income reported for income tax purposes for the year ended December 31, 2011 and 2010.

PRC Tax

Henan, Renewable Metals, Lianyungang Armco and Armco Shanghai are governed by and file separate income tax returns under the Income Tax Law of the People’s Republic of China concerning Foreign Investment Enterprises and Foreign Enterprises and local income tax laws (the “PRC Income Tax Law”), which, until January 2008, generally subject to tax at a statutory rate of 33% (30% state income tax plus 3% local income tax) on income reported in the statutory financial statements after appropriate tax adjustments.  On March 16, 2007, the National People’s Congress of China approved the Corporate Income Tax Law of the People’s Republic of China (the “New CIT Law”), effective January 1, 2008.  Under the New CIT Law, the corporate income tax rate applicable to all Companies, including both domestic and foreign-invested companies, will be 25%.  However, tax concession granted to eligible companies prior to March 16, 2007 will be grand fathered in.

Henan is registered and operates in the City of Zhengzhou, Henan Province, PRC.  No provision for income taxes has been made as Henan had net operating loss (“NOL”) carry-forwards for the year ended December 31, 2011 and 2010.  Henan’s statutory tax rate for relevant periods is 25% for the year ended December 31, 2011 and 2010.

Renewable Metals is registered and operates in the Lianyungang Economic and Technology Development Zone, City of Lianyungang, Jiangsu Province, PRC, and is recognized as a “Manufacturing Enterprise Located in Special Economic Zone”.  In accordance with the relevant income tax laws, the profits of Renewable Metals, if any, are fully exempt from income tax for year 2008 and 2009, followed by a 50% exemption for the following three calendar years from 2010 through 2012 (“tax holidays”).  Renewable Metals’s statutory tax rate for relevant periods is 25% for the year ended December 31, 2011 and 2010.

Lianyungang Armco is registered and operates in the Lianyungang Economic and Technology Development Zone, City of Lianyungang, Jiangsu Province, PRC.  Lianyungang Armco’s statutory tax rate for relevant periods is 25% for 2011 and period from June 4, 2009 (inception) through December 31, 2010.
 
 
F-42
 
 
Armco Shanghai is registered and operates in Shanghai, PRC.  Armco Shanghai’s statutory tax rate for relevant periods is 25% for the period from July 16 (inception) through December 31, 2011.

Note 19 – Concentrations and Credit Risk

Customers and Credit Concentrations

Customer concentrations for the years ended December 31, 2011and 2010 and credit concentrations at December 31, 2011 and 2010 are as follows:

  Net Sales for the Year Ended       Accounts Receivable at  
 
December 31,
2011
    
December 31,
2010
      
December 31,
2011
    
December 31,
2010
  
                         
Customer #206010 Lianyungang Jiaxin
-
%
  
12.0
%
    
-
%
  
15.5
%
                         
Customer #122024 Jianshu Provincial
-
%
  
9.6
%
    
-
%
  
11.5
%
                         
Customer #122021 Shagang South-Asia
-
%
  
16.6
%
    
-
%
  
59.8
%
                         
Customer #101007 Jiangsu LiHuai
-
%
  
-
%
    
-
%
  
12.0
%
                         
Customer # 0102010 China JianCai Co., Ltd.
12.1
%
  
-
%
      
%
  
-
%
                         
Customer #1122024 Derby Materials
21.0
%
  
-
%
    
-
%
  
-
%
                         
Customer #302023 Shangdong Yongjia
10.5
%
  
-
%
    
-
%
  
-
%
                         
Customer #101009 NingBo HanGang
15.4
%
  
-
%
    
-
%
  
-
%
                         
Customer # 102003 ZhongJin Renewable
-
%
  
-
%
    
92.2
%
  
-
%
                         
                 
%
      
                         
 
59.0
%
  
38.2
%
    
92.2
%
  
98.8
%

A reduction in sales from or loss of such customers would have a material adverse effect on the Company’s results of operations and financial condition.

Vendor Concentrations

Vendor purchase concentrations for the year ended December 31, 2011and 2010 and accounts payable concentration at December 31, 2011 and 2010 are as follows:

 
  Net Purchases for the Year Ended     Accounts Payable at  
 
December 31, 
2011
    
December 31 ,
2010
    
December 31 ,
2011
    
December 31,
 2010
  
                               
Vendor #302006 Anhui huatai
  
-
%
    
10.4
%
    
-
%
    
-
%
                               
Vendor #010030 LinYi LiYuan
  
-
%
    
14.3
%
    
-
%
    
-
%
                               
Vendor #204014 Mineracao
  
30.7
%
    
-
%
    
92.2
%
    
-
%
                               
Vendor #301009 XinJiang BaGang
  
9.1
%
    
-
%
    
-
%
    
-
%
                               
Vendor #204033 Oversea Enterprise Pte, Ltd.
  
5.9
%
    
17.5
%
    
-
%
      
%
                               
Vendor #2202019 Smart Trading LLP
  
5.4
%
    
14.8
%
    
-
%
    
-
%
                               
Vendor #102001 OM Materials
  
-
%
    
-
%
    
-
%
    
71.3
%
                               
   
51.1
%
    
57.0
%
    
92.2
%
    
71.3
%
 
 
F-43
 

Credit Risk Arising from Financial Instruments

Financial instruments that potentially subject the Company to significant concentration of credit risk consist primarily of cash and cash equivalents.

As of December 31, 2011, substantially all of the Company’s cash and cash equivalents were held by major financial institutions located in the PRC, none of which are insured.  However, the Company has not experienced losses on these accounts and management believes that the Company is not exposed to significant risks on such accounts.

Foreign Currency Risk

The Company is exposed to fluctuations in foreign currencies for transactions denominated in currencies other than RMB, the functional currency due to the fact the majority of the Company’s purchasing activities are transacted in foreign currencies.

The Company had no foreign currency hedges in place for the year ended December 31, 2011or 2010 to reduce such exposure.

Interest Risk

Substantially all of the Company’s operations are carried out in the PRC. The tight monetary policy currently instituted by the PRC government and increases in interest rate would have a material adverse effect on the Company’s results of operations and financial condition.

Note 20 - Foreign Operations

Operations

Substantially all of the Company’s operations are carried out and all of its assets are located in the PRC.  Accordingly, the Company’s business, financial condition and results of operations may be influenced by the political, economic and legal environments in the PRC.  The Company’s business may be influenced by changes in governmental policies with respect to laws and regulations, monetary policies, anti-inflationary measures, currency fluctuation and remittances and methods of taxation, among other things.

Dividends and Reserves

Under the laws of the PRC, net income after taxation can only be distributed as dividends after appropriation has been made for the following: (i) cumulative prior years’ losses, if any; (ii) allocations to the “Statutory Surplus Reserve” of at least 10% of net income after tax, as determined under PRC accounting rules and regulations, until the fund amounts to 50% of the Company’s registered capital; (iii) allocations of 5-10% of income after tax, as determined under PRC accounting rules and regulations, to the Company’s “Statutory Common Welfare Fund”, which is established for the purpose of providing employee facilities and other collective benefits to employees in PRC; and (iv) allocations to any discretionary surplus reserve, if approved by stockholders.

As of December 31, 2011, the Company had no Statutory Surplus Reserve and the Statutory Common Welfare Fund established and segregated in retained earnings.

Note 21 – Subsequent Events

The Company has evaluated all events that occurred after the balance sheet date through the date when the financial statements were issued.  The Management of the Company determined that there were the following reportable subsequent event to be disclosed as follows:
 
 
F-44
 
 
Entry into Employment with the Chairman and CEO

On February 8, 2012, the Company and the CEO Mr. Yao entered into an Employment Agreement (the “Employment Agreement”), to employ Mr. Yao as the Company’s Chairmen of the Board, President, and Chief Executive Officer. The initial term of employment under the agreement is from January 1, 2012 (the “Effective Date”) until December 31, 2014, unless sooner terminated in accordance with the terms of the Employment Agreement. Pursuant to the Employment Agreement, Mr. Yao is entitled to, among others, the following compensation and benefits:

 
a.
A base salary at an annual rate of (i) $250,000 for the period beginning on the Effective Date through December 31, 2012; (ii) $270,000 for the period beginning on January 1, 2013 through December 31, 2013; and (iii) $300,000 for the period beginning on January 1, 2014 through December 31, 2014.

 
b.
A cash bonus equal to 50% of Mr. Yao’s base salary for each year during the contract term.

 
c.
During the employment term, the compensation committee shall have the discretion to grant Mr. Yao annual bonuses pursuant to a specified time or fixed schedule specified under the compensation plan at the date of the deferral of such compensation.  Mr. Yao is also eligible to receive any other bonus under any other bonus plan, stock option or equity-based plan, or other policy or program of the Company, as may be approved by the compensation committee and in accordance with any stockholder approval incentive plan in effect at the time of such decision.

 
d.
Mr. Yao to receive 1,500,000 shares of the Company’s common stock (the “Restricted Shares ”), subject to the terms and conditions of the Amended and Restated China Armco Metals, Inc. 2009 Stock Incentive Plan.  The Restricted Shares will vest according to the following schedule:  125,000 shares of Restricted Shares to vest on the first day of each quarter over a three (3) year period commencing on April 1, 2012a and terminating on December 31, 2014.

 
e.
Eligibility to participate in the Company’s benefit plans that are generally provided for executive employees.

 
F-45
 
 
China Armco Metals, Inc. and Subsidiaries
Valuation and Qualifying Accounts
For the Year Ended December 31, 2011 and 2010

   
Balance at Beginning of Period
    
Add Charge to Income
    
Deduct bad debt written off
    
Add translation adjustment
    
Balance At End of period
  
For the Year Ended December 31, 2010:
                                        
                                         
Allowance for doubtful accounts
  
$
-
    
$
-
    
$
-
    
$
-
    
$
-
  
                                         
For the Year Ended December 31, 2011:
                                        
                                         
Allowance for doubtful accounts
  
$
-
    
$
-
    
$
-
    
$
-
    
$
-
  

 
F-46
 EX-21.1 2 ex21-1.htm EXHIBIT 21.1 ex21-1.htm
EXHIBIT 21.1

China Armco Metals, Inc.
Subsidiaries of the Company

Name
Country of Incorporation
Date Created
Armco Metal International Limited
Hong Kong
July 13, 2001
Henan Armco & Metawise Trading Co., Ltd.
PRC
June 6, 2002
Armco (Lianyungang) Metals, Inc.
PRC
January 9, 2007
Armco (Lianyungang) Holdings, Inc.
PRC
June 4, 2009
Armco Metals (Shanghai) Holdings, Ltd.
PRC
July 16, 2010

EX-23.1 3 ex23-1.htm EXHIBIT 23.1 ex23-1.htm
EXHIBIT 23.1

 
CONSENT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

We hereby consent to the incorporation by reference by China Armco Metals, Inc. (the “Company”) in the Registration Statements on Form S-3 (No. 333-167168) and Form S-8 (No. 333-162774) of the Company of our report dated March 30, 2012 relating to the consolidated balance sheets of the Company as of December 31, 2011 and 2010, and the related consolidated statements of operations and comprehensive income (loss), stockholders' equity and cash flows for the years then ended appearing in the Company’s Annual Report on Form 10-K for the year ended December 31, 2011.

/s/Li & Company, PC
Li & Company, PC

Skillman, New Jersey
March 30, 2012
 EX-31.1 4 ex31-1.htm EXHIBIT 31.1 ex31-1.htm
EXHIBIT 31.1

CERTIFICATION OF PRINCIPAL EXECUTIVE OFFICER
PURSUANT TO SECTION 302 OF THE
SARBANES-OXLEY ACT OF 2002

I, Kexuan Yao, certify that:

1.
I have reviewed this annual report on Form 10-K for the year ended December 31, 2011 of China Armco Metals, Inc.;
2.
Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;
3.
Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;
4.
The registrant’s other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:
 
(a)
Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;
 
(b)
Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;
 
(c)
Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and
 
(d)
Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and
5.
The registrant's other certifying officer(s) and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):
 
(a)
All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize and report financial information; and
 
(b)
Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.
     
March 30, 2012
  
/s/ Kexuan Yao
Kexuan Yao, Chief Executive Officer
(Principal Executive Officer)
 

 EX-31.2 5 ex31-2.htm EXHIBIT 31.2 ex31-2.htm
EXHIBIT 31.2

CERTIFICATION OF PRINCIPAL FINANCIAL AND ACCOUNTING OFFICER
PURSUANT TO SECTION 302 OF THE
SARBANES-OXLEY ACT OF 2002
I, Fengtao Wen, certify that:

1.
I have reviewed this annual report on Form 10-K for the year ended December 31, 2011 of China Armco Metals, Inc.;
2.
Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;
3.
Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;
4.
The registrant’s other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:
 
(a)
Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;
 
(b)
Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;
 
(c)
Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and
 
(d)
Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and
5.
The registrant's other certifying officer(s) and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):
 
(a)
All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize and report financial information; and
 
(b)
Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.
     
March 30, 2012
  
/s/Fengtao Wen
Fengtao Wen, Chief Financial Officer
(Principal Financial and Accounting Officer)
 

 EX-32.1 6 ex32-1.htm EXHIBIT 32.1 ex32-1.htm
EXHIBIT 32.1

CERTIFICATION OF PRINCIPAL EXECUTIVE OFFICER PURSUANT TO
SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002

In connection with the Annual Report of China Armco Metals, Inc. (the “Company”) on Form 10-K for the year ended December 31, 2011 as filed with the Securities and Exchange Commission (the “Report”), I, Kexuan Yao, Chief Executive Office of the Company, certify, pursuant to 18 U.S.C. SS. 1350, as adopted pursuant to SS. 906 of the Sarbanes-Oxley Act of 2002, that:
 
1.
The Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934, as amended, and
 
2.
The information contained in the Report fairly presents, in all material respects, the financial conditions and results of operations of the Company.
   
March 30, 2012
  
/s/Kexuan Yao
Kexuan Yao, Chief Executive Officer
(Principal Executive Officer)

This certification accompanies each Report pursuant to §906 of the Sarbanes-Oxley Act of 2002 and shall not, except to the extent required by the Sarbanes-Oxley Act of 2002, be deemed filed by the Company for purposes of §18 of the Securities Exchange Act of 1934, as amended. A signed original of this written statement required by §906 of the Sarbanes-Oxley Act of 2002 has been provided to the Company and will be retained by the Company and furnished upon request.
 EX-32.2 7 ex32-2.htm EXHIBIT 32.2 ex32-2.htm
EXHIBIT 32.2

Section 1350 Certification

In connection with the Annual Report of China Armco Metals, Inc. (the “Company”) on Form 10-K for the year ended December 31, 2011 as filed with the Securities and Exchange Commission (the “Report”), I, Fengtao Wen, Chief Financial Officer of the Company, certify, pursuant to 18 U.S.C. SS. 1350, as adopted pursuant to SS. 906 of the Sarbanes-Oxley Act of 2002, that:
 
1.
The Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934, as amended, and
 
2.
The information contained in the Report fairly presents, in all material respects, the financial conditions and results of operations of the Company.
   
March 30, 2012
  
/s/Fengtao Wen
Fengtao Wen, Chief Financial Officer
(Principal Financial and Accounting Officer)

This certification accompanies each Report pursuant to §906 of the Sarbanes-Oxley Act of 2002 and shall not, except to the extent required by the Sarbanes-Oxley Act of 2002, be deemed filed by the Company for purposes of §18 of the Securities Exchange Act of 1934, as amended. A signed original of this written statement required by §906 of the Sarbanes-Oxley Act of 2002 has been provided to the Company and will be retained by the Company and furnished upon request.
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underline">China Armco Metals, Inc. (formerly Cox Distributing, Inc.)</font></font> </div><br/><div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 36pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"> <font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">Cox Distributing was founded as an unincorporated business in January 1984 and was incorporated as Cox Distributing, Inc. (&#8220;Cox Distributing&#8221;), a C corporation under the laws of the State of Nevada on April 6, 2007 at which time 9,100,000 shares of common stock were issued to the founder in exchange for the existing unincorporated business.&#160;&#160;No value was given to the stock issued by the newly formed corporation. &#160;Therefore, the shares were recorded to reflect the $.001 par value and paid in capital was recorded as a negative amount ($9,100). &#160; Cox Distributing engaged in the distribution of organic fertilizer products used to improve soil and growing conditions for the potato farmers of eastern Idaho (&#8220;Legacy Business&#8221;).</font> </div><br/><div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 36pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"> <font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">On June 27, 2008, Cox Distributing amended its Articles of Incorporation, and changed its name to China Armco Metals, Inc. (&#8220;Armco Metals&#8221; or the &#8220;Company&#8221;) upon the acquisition of Armco Metals International Limited (formerly &#8220;Armco &amp; Metawise (H.K) Limited&#8221; or &#8220;Armco HK&#8221;) and Subsidiaries to better identify the Company with the business conducted, through its wholly owned subsidiaries in China, import, export and distribution of ferrous and non-ferrous ores and metals, and processing and distribution of scrap steel.</font> </div><br/><div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 36pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"> <font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">Cox Distributing conducted nominal organic fertilizer distribution business post the acquisition of Armco HK.&#160;&#160;On December 30, 2008, the Company entered into an Agreement of Assumption and Release and Bill of Sale (&#8220;Spin-Out Agreement&#8221;) with its former Chairman and Chief Executive Officer, Stephen E. Cox, with respect to its Legacy Business of fertilizer distribution business.&#160;&#160;Pursuant to the terms of the Spin-Out Agreement, Mr. Cox assumed all of the assets and liabilities of the Legacy Business and surrendered 6,200 shares of the Company&#8217;s common stock he owned for cancellation.&#160;&#160;As a result of the consummation of the Spin-Out Agreement, the Company discontinued its Legacy Business of distribution of organic fertilizer products.</font> </div><br/><div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"> <font style="FONT-STYLE: italic; DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font style="DISPLAY: inline; TEXT-DECORATION: underline">Armco Metal International Limited (formerly Armco &amp; Metawise (H.K) Limited) and Subsidiaries</font></font> </div><br/><div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 36pt; MARGIN-RIGHT: 0pt" align="justify"> <font style="FONT-STYLE: italic; DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font style="DISPLAY: inline; TEXT-DECORATION: underline">Armco Metal International Limited (formerly Armco &amp; Metawise (H.K) Limited)</font></font> </div><br/><div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 36pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"> <font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">Armco &amp; Metawise (H.K) Limited was incorporated on July 13, 2001 under the laws of the Hong Kong Special Administrative Region (&#8220;HK SAR&#8221;) of the People&#8217;s Republic of China (&#8220;PRC&#8221;).&#160;&#160;Armco HK engages in the import, export and distribution of ferrous and non-ferrous ore and metals.</font> </div><br/><div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 36pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"> <font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">On March 22, 2011, Armco &amp; Metawise (H.K) Limited amended its Memorandum and Articles of Association, and changed its name to Armco Metal International Limited (&#8220;Armco HK&#8221;).</font> </div><br/><div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 36pt; MARGIN-RIGHT: 0pt" align="justify"> <font style="FONT-STYLE: italic; DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font style="DISPLAY: inline; TEXT-DECORATION: underline">Formation of Henan Armco and Metawise Trading Co., Ltd.</font></font> </div><br/><div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 36pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"> <font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">Henan Armco and Metawise Trading Co., Ltd. (&#8220;Henan&#8221;) was incorporated on June 6, 2002 in the City of Zhengzhou, Henan Province, PRC.&#160;&#160;Henan engages in the import, export and distribution of ferrous and non-ferrous ores and metals.</font> </div><br/><div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 36pt; MARGIN-RIGHT: 0pt" align="justify"> <font style="FONT-STYLE: italic; DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font style="DISPLAY: inline; TEXT-DECORATION: underline">Formation of Armco (Lianyungang) Renewable Metals, Inc.</font></font> </div><br/><div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 36pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"> <font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">On January 9, 2007, Armco HK formed Armco (Lianyungang) Renewable Metals, Inc. (&#8220;Renewable Metals&#8221;), a wholly-owned foreign enterprise (&#8220;WOFE&#8221;) subsidiary in the City of Lianyungang, Jiangsu Province, PRC.&#160;&#160;Renewable Metals engages in the processing and distribution of scrap metal.</font> </div><br/><div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 36pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"> <font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">On December 1, 2008, Armco HK transferred its 100% equity interest in Renewable Metals to Armco Metals.</font> </div><br/><div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 36pt; MARGIN-RIGHT: 0pt" align="justify"> <font style="FONT-STYLE: italic; DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font style="DISPLAY: inline; TEXT-DECORATION: underline">Merger of Henan with Renewable Metals, Companies under Common Control</font></font> </div><br/><div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 36pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"> <font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">On December 28, 2007, Armco HK entered into a Share Transfer Agreement with Renewable Metals, whereby Armco HK transferred to Renewable Metals all of its equity interest in Henan, a company under common control of Armco HK.</font> </div><br/><div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 36pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"> <font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">The acquisition of Henan has been recorded on the purchase method of accounting at historical amounts as Renewable Metals and Henan were under common control since June 2002.&#160;&#160;The consolidated financial statements have been presented as if the acquisition of Henan had occurred as of the first date of the first period presented.</font> </div><br/><div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"> <font style="FONT-STYLE: italic; DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font style="DISPLAY: inline; TEXT-DECORATION: underline">Acquisition of Armco Metal International Limited and Subsidiaries (&#8220;Armco HK&#8221;) Recognized as a Reverse Acquisition</font></font> </div><br/><div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 36pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"> <font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">On June 27, 2008, the Company entered into and consummated a share purchase agreement (the &#8220;Share Purchase Agreement&#8221;) with Armco HK and Feng Gao, who owned 100% of the issued and outstanding shares of Armco HK.&#160;&#160;In connection with the consummation of the Share Purchase Agreement, (i) Stephen Cox surrendered 7,694,000 common shares, representing his controlling interest in the Company for cancellation and resigned as an officer and director; (ii) the Company purchased from the Armco HK Shareholder 100% of the issued and outstanding shares of Armco HK&#8217;s capital stock for $6,890,000 by delivery of the Company&#8217;s purchase money promissory note; (iii) issued to Ms. Gao (a) a stock option entitling Ms. Gao to purchase 5,300,000 shares of the Company&#8217;s common stock, par value $.001 per share (the &#8220;Common Stock&#8221;) with an exercise price of $1.30 per share expiring on September 30, 2008 and (b) a stock option entitling Ms. Gao to purchase 2,000,000 shares of the Company&#8217;s common stock with an exercise price of $5.00 per share expiring two (2) years from the date of issuance on June 27, 2010 (the &#8220;Gao Options&#8221;).&#160;&#160;On August 12, 2008, Ms. Gao exercised her option to purchase and the Company issued 5,300,000 shares of its common stock in exchange for the $6,890,000 note owed to Ms. Gao.&#160;&#160;The shares issued represented approximately 69.7% of the issued and outstanding common stock immediately after the consummation of the Share Purchase and exercise of the option to purchase 5,300,000 shares of the Company&#8217;s common stock at $1.30 per share.</font> </div><br/><div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 36pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"> <font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">As a result of the ownership interests of the former stockholder of Armco HK, for financial statement reporting purposes, the merger between the Company and Armco HK has been treated as a reverse acquisition with Armco HK deemed the accounting acquirer and the Company deemed the accounting acquiree under the purchase method of accounting in accordance with section 805-10-55 of the FASB Accounting Standards Codification. 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The Company provides lower of cost or market reserves for such identified excess and slow-moving inventories. The Company establishes a reserve for inventory shrinkage, if any, based on the historical results of physical inventory cycle counts.</font> </div><br/><div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"> <font style="FONT-STYLE: italic; DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font style="DISPLAY: inline; TEXT-DECORATION: underline">Carrying Value, Recoverability and Impairment of Long-Lived Assets</font></font> </div><br/><div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 36pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"> <font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">The Company has adopted paragraph 360-10-35-17 of the FASB Accounting Standards Codification for its long-lived assets. The Company&#8217;s long-lived assets, which include property, plant and equipment and land use rights are reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount of an asset may not be recoverable.</font> </div><br/><div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 36pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"> <font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">The Company assesses the recoverability of its long-lived assets by comparing the projected undiscounted net cash flows associated with the related long-lived asset or group of long-lived assets over their remaining estimated useful lives against their respective carrying amounts. Impairment, if any, is based on the excess of the carrying amount over the fair value of those assets.&#160;&#160;Fair value is generally determined using the asset&#8217;s expected future discounted cash flows or market value, if readily determinable.&#160;&#160;When long-lived assets are determined to be recoverable, but the newly determined remaining estimated useful lives are shorter than originally estimated, the net book values of the long-lived assets are depreciated over the newly determined remaining estimated useful lives.</font> </div><br/><div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 36pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"> <font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">The Company considers the following to be some examples of important indicators that may trigger an impairment review: (i)&#160;significant under-performance or losses of assets relative to expected historical or projected future operating results; (ii)&#160;significant changes in the manner or use of assets or in the Company&#8217;s overall strategy with respect to the manner or use of the acquired assets or changes in the Company&#8217;s overall business strategy; (iii)&#160;significant negative industry or economic trends; (iv)&#160;increased competitive pressures; (v)&#160;a significant decline in the Company&#8217;s stock price for a sustained period of time; and (vi)&#160;regulatory changes.&#160;&#160;The Company evaluates acquired assets for potential impairment indicators at least annually and more frequently upon the occurrence of such events.</font> </div><br/><div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 36pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"> <font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">The key assumptions used in management&#8217;s estimates of projected cash flow deal largely with forecasts of sales levels, gross margins, and operating costs of the manufacturing facilities.&#160;&#160;These forecasts are typically based on historical trends and take into account recent developments as well as management&#8217;s plans and intentions.&#160;&#160;Any difficulty in manufacturing or sourcing raw materials on a cost effective basis would significantly impact the projected future cash flows of the Company&#8217;s manufacturing facilities and potentially lead to an impairment charge for long-lived assets.&#160;&#160;Other factors, such as increased competition or a decrease in the desirability of the Company&#8217;s products, could lead to lower projected sales levels, which would adversely impact cash flows.&#160;&#160;A significant change in cash flows in the future could result in an impairment of long lived assets.</font> </div><br/><div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 36pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"> <font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">The impairment charges, if any, is included in operating expenses in the accompanying consolidated statements of income and comprehensive income (loss).</font> </div><br/><div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"> <font style="FONT-STYLE: italic; DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font style="DISPLAY: inline; TEXT-DECORATION: underline">Cash Equivale</font><font style="DISPLAY: inline; TEXT-DECORATION: underline">nts</font></font> </div><br/><div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 36pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"> <font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">The Company considers all highly liquid investments with maturities of three months or less at the time of purchase to be cash equivalents.</font> </div><br/><div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"> <font style="FONT-STYLE: italic; DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font style="DISPLAY: inline; TEXT-DECORATION: underline">Pledged Deposits</font></font> </div><br/><div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 36pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"> <font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">Pledged deposits consist of amounts held in financial institutions for (i) outstanding letters of credit and (ii) open banker&#8217;s acceptance notes payable maturing between three (3) and nine (9) months from the date of issuance.</font> </div><br/><div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 36pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"> <font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">The Company uses letters of credit in connection with its purchases of ferrous and non-ferrous ores and metals, and scrap metal for processing and distribution.&#160;&#160;The issuing financial institutions of those letters of credit require the Company to deposit and pledge certain percentage of the maximum amount stipulated under those letters of the credit as collateral.&#160;&#160;The pledged deposits are either released to the Company in the event of vendors' non-performance or to be released to the Company as part of the payment toward the letters of credit when vendors delivers the goods under those letters of credit on or before maturity date.</font> </div><br/><div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 36pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"> <font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">The Company satisfies certain accounts payable, through banker&#8217;s acceptance notes issued by financial institutions to certain of the Company&#8217;s vendors.&#160;&#160;The issuing financial institutions of those banker&#8217;s acceptance notes require the Company to deposit and pledge certain percentage of the amount stipulated under those banker&#8217;s acceptance notes as collateral. &#160;The pledged deposits are released to the Company as part of the payment toward banker&#8217;s acceptance notes upon maturity.</font> </div><br/><div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 36pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"> <font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">The Management of the Company believes it is appropriate to classify such amounts as current assets as those letters of credit are of a short term nature, three (3) to nine (9) months in length from the date of issuance.</font> </div><br/><div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"> <font style="FONT-STYLE: italic; DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font style="DISPLAY: inline; TEXT-DECORATION: underline">Marketable Debt and Equity Securities, Available for Sale</font></font> </div><br/><div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 36pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"> <font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">The Company accounts for marketable debt and equity securities, available for sale, in accordance with sub-topic 320-10 of the FASB Accounting Standards Codification (&#8220;Sub-topic 320-10&#8221;).</font> </div><br/><div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 36pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"> <font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">Pursuant to Paragraph 320-10-35-1, investments in debt securities <a id="GAAPCD13q10093z12-0" name="GAAPCD13q10093z12"> <!--EFPlaceholder--></a>that are classified as available for sale and equity securities that have readily determinable fair values that are classified as available for sale shall be measured subsequently at fair value in the consolidated balance sheets at each balance sheet date. Unrealized holding gains and losses for available-for-sale securities (including those classified as current assets) shall be excluded from earnings and reported in other comprehensive income until realized except an available-for-sale security that is designated as being hedged in a fair value hedge, from which all or a portion of the unrealized holding gain and loss of shall be recognized in earnings during the period of the hedge, pursuant to paragraphs 815-25-35-1 through 815-25-35-4.</font> </div><br/><div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 36pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"> <font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">The Company follows Paragraphs 320-10-35-17 through 34E and assess whether an investment is impaired in each reporting period.&#160;&#160;An investment is impaired if the fair value of the investment is less than its cost. Impairment indicators include, but are not limited to the following: a. a significant deterioration in the earnings performance, credit rating, asset quality, or business prospects of the investee; b. a significant adverse change in the regulatory, economic, or technological environment of the investee; c. a significant adverse change in the general market condition of either the geographic area or the industry in which the investee operates; d. a bona fide offer to purchase (whether solicited or unsolicited), an offer by the investee to sell, or a completed auction process for the same or similar security for an amount less than the cost of the investment; e. factors that raise significant concerns about the investee's ability to continue as a going concern, such as negative cash flows from operations, working capital deficiencies, or noncompliance with statutory capital requirements or debt covenants. If the fair value of an investment is less than its cost basis at the balance sheet date of the reporting period for which impairment is assessed, the impairment is either temporary or other than temporary.&#160;&#160;Pursuant to Paragraph 320-10-35-34, if it is determined that the impairment is other than temporary, then an impairment loss shall be recognized in earnings equal to the entire difference between the investment&#8217;s cost and its fair value at the balance sheet date of the reporting period for which the assessment is made. <a id="GAAPCD13q10093z407-0" name="GAAPCD13q10093z407"><!--EFPlaceholder--></a>The measurement of the impairment shall not include partial recoveries after the balance sheet date. <a id="GAAPCD13q10093z408-0" name="GAAPCD13q10093z408"> <!--EFPlaceholder--></a>The fair value of the investment would then become the new basis of the investment and shall not be adjusted for subsequent recoveries in fair value.&#160;&#160;For presentation purpose, the entity shall recognize and present the total other-than-temporary impairment in the statement of earnings with an offset for the amount of the total other-than-temporary impairment that is recognized in other comprehensive income, in accordance with paragraph 320-10-35-34D, if any, pursuant to Paragraph 320-10-45-8A; and separately present, in the financial statement in which the components of accumulated other comprehensive income are reported, amounts recognized therein related to held-to-maturity and available-for-sale debt securities for which a portion of an other-than-temporary impairment has been recognized in earnings pursuant to Paragraph 320-10-45-9A.&#160;&#160;Pursuant to Paragraphs 320-10-35-36 and 37 the entire change in the fair value of foreign-currency-denominated available-for-sale debt securities shall be reported in other comprehensive income and An entity holding a foreign-currency-denominated available-for-sale debt security is required to consider, among other things, changes in market interest rates and foreign exchange rates since acquisition in determining whether an other-than-temporary impairment has occurred.</font> </div><br/><div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"> <font style="FONT-STYLE: italic; DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font style="DISPLAY: inline; TEXT-DECORATION: underline">Accounts Receivable and Allowance for Doubtful Accounts</font></font> </div><br/><div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 36pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"> <font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">Accounts receivable are recorded at the invoiced amount, net of an allowance for doubtful accounts.&#160;&#160;The Company follows paragraph 310-10-50-9 of the FASB Accounting Standards Codification to estimate the allowance for doubtful accounts.&#160;&#160;The Company performs on-going credit evaluations of its customers and adjusts credit limits based upon payment history and the customer&#8217;s current credit worthiness, as determined by the review of their current credit information; and determines the allowance for doubtful accounts based on historical write-off experience, customer specific facts and economic conditions.</font> </div><br/><div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 36pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"> <font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">Outstanding account balances are reviewed individually for collectability.&#160;&#160;The allowance for doubtful accounts is the Company&#8217;s best estimate of the amount of probable credit losses in the Company&#8217;s existing accounts receivable. Bad debt expense is included in general and administrative expenses, if any.&#160;&#160;Pursuant to paragraph 310-10-50-2 of the FASB Accounting Standards Codification account balances are charged off against the allowance after all means of collection have been exhausted and the potential for recovery is considered remote.&#160;&#160;The Company has adopted paragraph 310-10-50-6 of the FASB Accounting Standards Codification and determine when receivables are past due or delinquent based on how recently payments have been received.</font> </div><br/><div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 36pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"> <font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">The Company does not have any off-balance-sheet credit exposure to its customers.</font> </div><br/><div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"> <font style="FONT-STYLE: italic; DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font style="DISPLAY: inline; TEXT-DECORATION: underline">Advance on Purchases</font></font> </div><br/><div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 36pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"> <font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">Advance on purchases primarily represent amounts paid to vendors for future delivery of products ranging from three (3) months to nine (9) months, all of which were fully or partially refundable depending upon the terms and conditions of the purchase agreements.</font> </div><br/><div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"> <font style="FONT-STYLE: italic; DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font style="DISPLAY: inline; TEXT-DECORATION: underline">Inventories</font></font> </div><br/><div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 36pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"> <font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">The Company values inventories, consisting of raw materials, packaging material and finished goods, at the lower of cost or market.&#160;&#160;Cost is determined on the first-in and first-out (&#8220;FIFO&#8221;) method for raw materials and packaging materials and the weighted average cost method for finished goods. Cost of finished goods comprises direct labor, direct materials, direct production cost and an allocated portion of production overhead. The Company reduces inventories for the diminution of value, resulting from product obsolescence, damage or other issues affecting marketability, equal to the difference between the cost of the inventory and its estimated market value.&#160;&#160;Factors utilized in the determination of estimated market value include (i) current sales data and historical return rates, (ii) estimates of future demand, (iii) competitive pricing pressures, (iv) new product introductions, (v) product expiration dates, and (vi) component and packaging obsolescence.</font> </div><br/><div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 36pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"> <font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">The Company follows paragraph 330-10-30-3 of the FASB Accounting Standards Codification for the allocation of production costs and charges to inventories.&#160;&#160;The Company allocates fixed production overhead to inventories based on the normal capacity of the production facilities expected to be achieved over a number of periods or seasons under normal circumstances, taking into account the loss of capacity resulting from planned maintenance.&#160;&#160;Judgment is required to determine when a production level is abnormally low (that is, outside the range of expected variation in production).&#160;&#160;Factors that might be anticipated to cause an abnormally low production level include significantly reduced demand, labor and materials shortages, and unplanned facility or equipment down time.&#160;&#160;The actual level of production may be used if it approximates normal capacity.&#160;&#160;In periods of abnormally high production, the amount of fixed overhead allocated to each unit of production is decreased so that inventories are not measured above cost.&#160;&#160;The amount of fixed overhead allocated to each unit of production is not increased as a consequence of abnormally low production or idle plant and&#160;&#160;unallocated overheads of underutilized or idle capacity of the production facilities are recognized as period costs in the period in which they are incurred rather than as a portion of the inventory cost.</font> </div><br/><div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 36pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"> <font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">The Company evaluates its current level of inventories considering historical sales and other factors and, based on this evaluation, classify inventory markdowns in the income statement as a component of cost of goods sold pursuant to Paragraph 420-10-S99 of the FASB Accounting Standards Codification to adjust inventories to net realizable value. These markdowns are estimates, which could vary significantly from actual requirements if future economic conditions, customer demand or competition differ from expectations. Other significant estimates include the allocation of variable and fixed production overheads. While variable production overheads are allocated to each unit of production on the basis of actual use of production facilities, the allocation of fixed production overhead to the costs of conversion is based on the normal capacity of the Company&#8217;s production facilities, and recognizes abnormal idle facility expenses as current period charges. Certain costs, including categories of indirect materials, indirect labor and other indirect manufacturing costs which are included in the overhead pools are estimated. The management of the Company determines its normal capacity based upon the amount of operating hours of the manufacturing machinery and equipment in a reporting period.</font> </div><br/><div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"> <font style="FONT-STYLE: italic; DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font style="DISPLAY: inline; TEXT-DECORATION: underline">Property, Plant and Equipment</font></font> </div><br/><div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 36pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"> <font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">Property, plant and equipment are recorded at cost.&#160;&#160;Expenditures for major additions and betterments are capitalized.&#160;&#160;Maintenance and repairs are charged to operations as incurred.&#160;&#160;Depreciation of property, plant and equipment is computed by the straight-line method (after taking into account their respective estimated residual values) over the assets estimated useful lives ranging from five (5) years to twenty (20) years.&#160;&#160;Upon sale or retirement of property, plant and equipment, the related cost and accumulated depreciation are removed from the accounts and any gain or loss is reflected in the consolidated statements of income and comprehensive income.&#160;&#160;Leasehold improvements, if any, are amortized on a straight-line basis over the term of the lease or the estimated useful lives, whichever is shorter.&#160;&#160;Upon becoming fully amortized, the related cost and accumulated amortization are removed from the accounts.</font> </div><br/><div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"> <font style="FONT-STYLE: italic; DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font style="DISPLAY: inline; TEXT-DECORATION: underline">Land Use Rights</font></font> </div><br/><div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 36pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"> <font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">Land use rights represent the cost to obtain the right to use certain parcels of land in the City of Lianyungang, Jiangsu Province, PRC.&#160;&#160;Land use rights are carried at cost and amortized on a straight-line basis over the lives of the rights of fifty (50) years.&#160;&#160;Upon becoming fully amortized, the related cost and accumulated amortization are removed from the accounts.</font> </div><br/><div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"> <font style="FONT-STYLE: italic; DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font style="DISPLAY: inline; TEXT-DECORATION: underline">Banker&#8217;s Acceptance Notes Payable</font></font> </div><br/><div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 36pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"> <font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">The Company satisfies certain accounts payable, through the issuance of banker&#8217;s acceptance notes issued by financial institutions to certain of the Company&#8217;s vendors.&#160;&#160;These notes are usually of a short term nature, three (3) to nine (9) months in length.&#160;&#160;They are non-interest bearing,&#160;&#160;are due upon maturity, and are paid by the Company&#8217;s banks directly to the vendors upon presentation on the date of maturity and the Company is obliged to repay the note in full to the financial institutions.&#160;&#160;In the event of insufficient funds to repay these notes, the Company's bank will convert them to loans on demand with interest at a predetermined rate per annum payable monthly.</font> </div><br/><div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"> <font style="FONT-STYLE: italic; DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font style="DISPLAY: inline; TEXT-DECORATION: underline">Customer Deposits</font></font> </div><br/><div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 36pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"> <font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">Customer deposits primarily represent amounts received from customers for future delivery of products, which are fully or partially refundable depending upon the terms and conditions of the sales agreements.</font> </div><br/><div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"> <font style="FONT-STYLE: italic; DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font style="DISPLAY: inline; TEXT-DECORATION: underline">Leases</font></font> </div><br/><div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 36pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"> <font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">Lease agreements are evaluated to determine whether they are capital leases or operating leases in accordance with paragraph 840-10-25-1 of the FASB Accounting Standards Codification (&#8220;Paragraph 840-10-25-1&#8221;).&#160;&#160;When substantially all of the risks and benefits of property ownership have been transferred to the Company, as determined by the test criteria in Paragraph 840-10-25-1, the lease then qualifies as a capital lease.&#160;&#160;Capital lease assets are depreciated on a straight line method, over the capital lease assets estimated useful lives consistent with the Company&#8217;s normal depreciation policy for tangible fixed assets.&#160;&#160;Interest charges are expensed over the period of the lease in relation to the carrying value of the capital lease obligation.</font> </div><br/><div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 36pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"> <font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">Rent expense for operating leases, which may include free rent or fixed escalation amounts in addition to minimum lease payments, is recognized on a straight-line basis over the duration of each lease term.</font> </div><br/><div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"> <font style="FONT-STYLE: italic; DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font style="DISPLAY: inline; TEXT-DECORATION: underline">Derivative Instruments and Hedging Activities</font></font> </div><br/><div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 36pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"> <font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">The Company accounts for derivative instruments and hedging activities in accordance with paragraph 810-10-05-4 of the FASB Accounting Standards Codification (&#8220;Paragraph 810-10-05-4&#8221;). Paragraph 810-10-05-4 requires companies to recognize all derivative instruments as either assets or liabilities in the balance sheet at fair value.&#160;&#160;The accounting for changes in the fair value of a derivative instrument depends upon: (i) whether the derivative has been designated and qualifies as part of a hedging relationship, and (ii) the type of hedging relationship.&#160;&#160;For those derivative instruments that are designated and qualify as hedging instruments, a company must designate the hedging instrument based upon the exposure being hedged as either a fair value hedge, cash flow hedge or hedge of a net investment in a foreign operation.</font> </div><br/><div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 36pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"> <font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">From time to time, the Company employs foreign currency forward contracts to convert unforeseeable foreign currency exchange rates to fixed foreign currency exchange rates.&#160;&#160;The Company does not use derivatives for speculation or trading purposes.&#160;&#160;Changes in the fair value of derivatives are recorded each period in current earnings or through other comprehensive income, depending on whether a derivative is designated as part of a hedge transaction and the type of hedge transaction.&#160;&#160;The ineffective portion of all hedges is recognized in current earnings.&#160;&#160;The Company has sales and purchase commitments denominated in foreign currencies.&#160;&#160;Foreign currency forward contracts are used to hedge against the risk of change in the fair value of these commitments attributable to fluctuations in exchange rates (&#8220;Fair Value Hedges&#8221;).&#160;&#160;Changes in the fair value of the derivative instrument are generally offset in the income statement by changes in the fair value of the item being hedged.</font> </div><br/><div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 36pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"> <font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">The Company did not employ foreign currency forward contracts to convert unforeseeable foreign currency exchange rates to fixed foreign currency exchange rates for the year ended December 31, 2011 or 2010.</font> </div><br/><div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"> <font style="FONT-STYLE: italic; DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font style="DISPLAY: inline; TEXT-DECORATION: underline">Derivative Warrant Liability</font></font> </div><br/><div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 36pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"> <font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">The Company evaluates its convertible debt, options, warrants or other contracts, if any, to determine if those contracts or embedded components of those contracts qualify as derivatives to be separately accounted for in accordance with paragraph 810-10-05-4 and Section 815-40-25 of the FASB Accounting Standards Codification.&#160;&#160;The result of this accounting treatment is that the fair value of the embedded derivative is marked-to-market each balance sheet date and recorded as either an asset or a liability.&#160;&#160;In the event that the fair value is recorded as a liability, the change in fair value is recorded in the consolidated statement of operations and comprehensive income (loss) as other income or expense.&#160;&#160;Upon conversion, exercise or cancellation of a derivative instrument, the instrument is marked to fair value at the date of conversion, exercise or cancellation and then that the related fair value is reclassified to equity.</font> </div><br/><div style="LINE-HEIGHT: 1.25; 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TEXT-INDENT: 36pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"> <font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">On January 1, 2009, the Company adopted Section 815-40-15 of the FASB Accounting Standards Codification (&#8220;Section 815-40-15&#8221;)<font style="FONT-STYLE: italic; DISPLAY: inline">&#160;</font>to determine whether an instrument (or an embedded feature) is indexed to the Company&#8217;s own stock.&#160;&#160;Section 815-40-15 provides that an entity should use a two-step approach to evaluate whether an equity-linked financial instrument (or embedded feature) is indexed to its own stock, including evaluating the instrument&#8217;s contingent exercise and settlement provisions.&#160;&#160; The adoption of Section 815-40-15 has affected the accounting for (i) certain freestanding warrants that contain exercise price adjustment features and (ii) convertible bonds issued by foreign subsidiaries with a strike price denominated in a foreign currency.</font> </div><br/><div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 36pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"> <font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">The Company initially classified the warrants to purchase 2,728,913 shares of its common stock issued in connection with its July 2008 offering of common stock as additional paid-in capital upon issuance of the warrants.&#160;&#160;Upon the adoption of Section 815-40-15 on January 1, 2009, these warrants are no longer deemed to be indexed to the Company&#8217;s own stock and were reclassified from equity to a derivative liability with a fair value of $3,251,949 effective as of January 1, 2009.&#160;&#160;The reclassification entry included a cumulative adjustment to retained earnings of $1,845,455 and a reduction of additional paid-in capital of $5,097,404, the amount originally classified as additional paid-in capital upon issuance of the warrants on July 31, 2008.</font> </div><br/><div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 36pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"> <font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">The Company marks to market the fair value of the remaining embedded derivative warrants at each balance sheet date and records the change in the fair value of the remaining embedded derivative warrants as other income or expense in the consolidated statements of operations and comprehensive income (loss).</font> </div><br/><div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"> <font style="FONT-STYLE: italic; DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font style="DISPLAY: inline; TEXT-DECORATION: underline">Related Parties</font></font> </div><br/><div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 36pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"> <font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">The Company follows subtopic 850-10 of the FASB Accounting Standards Codification for the identification of related parties and disclosure of related party transactions.</font> </div><br/><div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 36pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"> <font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">Pursuant to Section 850-10-20 the related parties include a.&#160;affiliates of the Company; b.&#160;entities for which investments in their equity securities would be required, absent the election of the fair value option under the Fair Value Option Subsection of Section 825&#8211;10&#8211;15, to be accounted for by the equity method by the investing entity; c.&#160;trusts for the benefit of employees, such as pension and profit-sharing trusts that are managed by or under the trusteeship of management; d. principal owners of the Company; e.&#160;management of the Company; f.&#160;other parties with which the Company may deal if one party controls or can significantly influence the management or operating policies of the other to an extent that one of the transacting parties might be prevented from fully pursuing its own separate interests; and g.&#160;other parties that can significantly influence the management or operating policies of the transacting parties or that have an ownership interest in one of the transacting parties and can significantly influence the other to an extent that one or more of the transacting parties might be prevented from fully pursuing its own separate interests.</font> </div><br/><div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 36pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"> <font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">The financial statements shall include disclosures of material related party transactions, other than compensation arrangements, expense allowances, and other similar items in the ordinary course of business. However, disclosure of transactions that are eliminated in the preparation of consolidated or combined financial statements is not required in those statements. The disclosures shall include:&#160;&#160;a.&#160;the nature of the relationship(s) involved; b.&#160;a description of the transactions, including transactions to which no amounts or nominal amounts were ascribed, for each of the periods for which income statements are presented, and such other information deemed necessary to an understanding of the effects of the transactions on the financial statements; c.&#160;the dollar amounts of transactions for each of the periods for which income statements are presented and the effects of any change in the method of establishing the terms from that used in the preceding period; and d. amounts due from or to <font style="DISPLAY: inline; TEXT-DECORATION: underline">related parties</font> as of the date of each balance sheet presented and, if not otherwise apparent, the terms and manner of settlement.</font> </div><br/><div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"> <font style="FONT-STYLE: italic; DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font style="DISPLAY: inline; TEXT-DECORATION: underline">Commitment and Contingencies</font></font> </div><br/><div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 36pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"> <font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">The Company follows subtopic 450-20 of the FASB Accounting Standards Codification to report accounting for contingencies. Certain conditions may exist as of the date the consolidated financial statements are issued, which may result in a loss to the Company but which will only be resolved when one or more future events occur or fail to occur.&#160;&#160;The Company assesses such contingent liabilities, and such assessment inherently involves an exercise of judgment.&#160;&#160;In assessing loss contingencies related to legal proceedings that are pending against the Company or unasserted claims that may result in such proceedings, the Company evaluates the perceived merits of any legal proceedings or unasserted claims as well as the perceived merits of the amount of relief sought or expected to be sought therein.</font> </div><br/><div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 36pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"> <font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">If the assessment of a contingency indicates that it is probable that a material loss has been incurred and the amount of the liability can be estimated, then the estimated liability would be accrued in the Company&#8217;s consolidated financial statements.&#160;&#160;If the assessment indicates that a potential material loss contingency is not probable but is reasonably possible, or is probable but cannot be estimated, then the nature of the contingent liability, and an estimate of the range of possible losses, if determinable and material, would be disclosed.</font> </div><br/><div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 36pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"> <font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">Loss contingencies considered remote are generally not disclosed unless they involve guarantees, in which case the guarantees would be disclosed.&#160;&#160;Management does not believe, based upon information available at this time, that these matters will have a material adverse effect on the Company&#8217;s consolidated financial position, results of operations or cash flows. However, there is no assurance that such matters will not materially and adversely affect the Company&#8217;s business, financial position, and results of operations or cash flows.</font> </div><br/><div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"> <font style="FONT-STYLE: italic; DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font style="DISPLAY: inline; TEXT-DECORATION: underline">Revenue Recognition</font></font> </div><br/><div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 36pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"> <font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">The Company applies paragraph 605-10-S99-1 of the FASB Accounting Standards Codification for revenue recognition.&#160;&#160;The Company recognizes revenue when it is realized or realizable and earned.&#160;&#160;The Company considers revenue realized or realizable and earned when all of the following criteria are met: (i) persuasive evidence of an arrangement exists, (ii) the product has been shipped or the services have been rendered to the customer, (iii) the sales price is fixed or determinable, and (iv) collectability is reasonably assured.</font> </div><br/><div style="LINE-HEIGHT: 1.25; 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That increase or decrease in expected functional currency cash flows is a foreign currency transaction gain or loss<font style="DISPLAY: inline; FONT-WEIGHT: bold">&#160;</font>that generally shall be included in determining net income for the period in which the exchange rate changes. Likewise, a transaction gain or loss (measured from the transaction date<font style="DISPLAY: inline; FONT-WEIGHT: bold">&#160;</font>or the most recent intervening balance sheet date, whichever is later) realized upon settlement of a foreign currency transaction generally shall be included in determining net income for the period in which the transaction is settled. The exceptions to this requirement for inclusion in net income of transaction gains and losses pertain to certain intercompany transactions and to transactions that are designated as, and effective as, economic hedges of net investments and foreign currency commitments.&#160;&#160;Pursuant to Section 830-20-25 of the FASB Accounting Standards Codification, the following shall apply to all foreign currency transactions of an enterprise and its investees: (a) at the date the transaction is recognized, each asset, liability, revenue, expense, gain, or loss arising from the transaction shall be measured and recorded in the functional currency of the recording entity by use of the exchange rate in effect at that date as defined in section 830-10-20 of the FASB Accounting Standards Codification; and (b) at each balance sheet date, recorded balances that are denominated in currencies other than the functional currency or reporting currency of the recording entity shall be adjusted to reflect the current exchange rate.</font> </div><br/><div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"> <font style="FONT-STYLE: italic; DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font style="DISPLAY: inline; TEXT-DECORATION: underline">Stock-Based Compensation for Obtaining Employee Services</font></font> </div><br/><div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 36pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"> <font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">The Company accounts for its stock based compensation in which the Company obtains employee services in share-based payment transactions under the recognition and measurement principles of the fair value recognition provisions of section 718-10-30 of the FASB Accounting Standards Codification. Pursuant to paragraph 718-10-30-6 of the FASB Accounting Standards Codification, all transactions in which goods or services are the consideration received for the issuance of equity instruments are accounted for based on the fair value of the consideration received or the fair value of the equity instrument issued, whichever is more reliably measurable.&#160;&#160;The measurement date used to determine the fair value of the equity instrument issued is the earlier of the date on which the performance is complete or the date on which it is probable that performance will occur.</font> </div><br/><div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 36pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"> <font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">The fair value of options and similar instruments is estimated on the date of grant using a Black-Scholes option-pricing valuation model.&#160;&#160;The ranges of assumptions for inputs are as follows:</font> </div><br/><table cellpadding="0" cellspacing="0" width="100%" style="FONT-FAMILY: times new roman; 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An entity that uses a method that employs different risk-free rates shall disclose the range of risk-free rates used.&#160;&#160;The risk-free interest rate is based on the U.S. Treasury yield curve in effect at the time of grant for periods within the contractual life of the option and similar instruments.</font> </div> </td> </tr> </table><br/><div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 36pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"> <font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">The Company&#8217;s policy is to recognize compensation cost for awards with only service conditions and a graded vesting schedule on a straight-line basis over the requisite service period for the entire award.</font> </div><br/><div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"> <font style="FONT-STYLE: italic; DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font style="DISPLAY: inline; TEXT-DECORATION: underline">E</font><font style="DISPLAY: inline; TEXT-DECORATION: underline">quity Instruments Issued to Parties Other Than Employees for Acquiring Goods or Services</font></font> </div><br/><div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 36pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"> <font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">The Company accounts for equity instruments issued to parties other than employees for acquiring goods or services under guidance of Sub-topic 505-50 of the FASB Accounting Standards Codification (&#8220;Sub-topic 505-50&#8221;).</font> </div><br/><div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 36pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"> <font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">Pursuant to ASC Section 505-50-30, all transactions in which goods or services are the consideration received for the issuance of equity instruments are accounted for based on the fair value of the consideration received or the fair value of the equity instrument issued, whichever is more reliably measurable.&#160;&#160;The measurement date used to determine the fair value of the equity instrument issued is the earlier of the date on which the performance is complete or the date on which it is probable that performance will occur.</font> </div><br/><div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 36pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"> <font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">The fair value of option or warrant award is estimated on the date of grant using a Black-Scholes option-pricing valuation model.&#160;&#160;The ranges of assumptions for inputs are as follows:</font> </div><br/><table cellpadding="0" cellspacing="0" width="100%" style="FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-SIZE: 10pt; FONT-FAMILY: times new roman"> <tr> <td valign="top" width="4%"> <div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"> <font style="DISPLAY: inline; FONT-FAMILY: symbol, serif; FONT-SIZE: 10pt">&#183;</font> </div> </td> <td valign="top" width="96%"> <div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">Expected term of share options and similar instruments: Pursuant to Paragraph 718-10-50-2 of the FASB Accounting Standards Codification the expected term of share options and similar instruments represents the period of time the options and similar instruments are expected to be outstanding taking into consideration of the contractual term of the instruments and holder&#8217;s expected exercise behavior into the fair value (or calculated value) of the instruments.&#160;&#160;The Company uses historical data to estimate holder&#8217;s expected exercise behavior.&#160;&#160;The contractual term of share options or similar instruments is used as expected term of share options or similar instruments for the Company if it is a newly formed corporation.</font> </div> </td> </tr> </table><br/><table cellpadding="0" cellspacing="0" width="100%" style="FONT-FAMILY: times new roman; 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FONT-SIZE: 10pt; FONT-SIZE: 10pt; FONT-FAMILY: times new roman"> <tr> <td valign="top" width="4%"> <div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"> <font style="DISPLAY: inline; FONT-FAMILY: symbol, serif; FONT-SIZE: 10pt">&#183;</font> </div> </td> <td valign="top" width="96%"> <div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">Expected annual rate of quarterly dividends.&#160;&#160;An entity that uses a method that employs different dividend rates during the contractual term shall disclose the range of expected dividends used and the weighted-average expected dividends.&#160;&#160;The expected dividend yield is based on the Company&#8217;s current dividend yield as the best estimate of projected dividend yield for periods within the expected contractual life of the option and similar instruments.</font> </div> </td> </tr> </table><br/><table cellpadding="0" cellspacing="0" width="100%" style="FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-SIZE: 10pt; FONT-FAMILY: times new roman"> <tr> <td valign="top" width="4%"> <div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"> <font style="DISPLAY: inline; FONT-FAMILY: symbol, serif; FONT-SIZE: 10pt">&#183;</font> </div> </td> <td valign="top" width="96%"> <div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">Risk-free rate(s). An entity that uses a method that employs different risk-free rates shall disclose the range of risk-free rates used.&#160;&#160;The risk-free interest rate is based on the U.S. Treasury yield curve in effect at the time of grant for periods within the contractual life of the option and similar instruments.</font> </div> </td> </tr> </table><br/><div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 36pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"> <font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">Pursuant to ASC paragraph 505-50-25-7, <a id="GAAPCD46q3382z25" name="GAAPCD46q3382z25"><!--EFPlaceholder--></a>if fully vested, nonforfeitable equity instruments are issued at the date the grantor and grantee enter into an agreement for goods or services (no specific performance is required by the grantee to retain those equity instruments), then, <a id="GAAPCD46q3382z26-0" name="GAAPCD46q3382z26"> <!--EFPlaceholder--></a>because of the elimination of any obligation on the part of the counterparty to earn the equity instruments, a measurement date has been reached. <a id="GAAPCD46q3382z27-0" name="GAAPCD46q3382z27"> <!--EFPlaceholder--></a>A grantor shall recognize the equity instruments when they are issued (in most cases, when the agreement is entered into). Whether the corresponding cost is an immediate expense or a prepaid asset (or whether the debit should be characterized as contra-equity under the requirements of paragraph <a id="GAAPCD46q3382z28-0" name="GAAPCD46q3382z28"> <!--EFPlaceholder--></a>505-50-45-1) depends on the specific facts and circumstances. Pursuant to ASC paragraph 505-50-45-1, a grantor may conclude that an asset (other than a note or a receivable) has been received in return for fully vested, nonforfeitable equity instruments that are issued at the date the grantor and grantee enter into an agreement for goods or services (and no specific performance is required by the grantee in order to retain those equity instruments). <a id="GAAPCD46q3413z7-0" name="GAAPCD46q3413z7"><!--EFPlaceholder--></a>Such an asset shall not be displayed as contra-equity by the grantor of the equity instruments. The transferability (or lack thereof) of the equity instruments shall not affect the balance sheet display of the asset. This guidance is limited to transactions in which equity instruments are transferred to other than employees in exchange for goods or services. Section <a id="GAAPCD46q3382z29-0" name="GAAPCD46q3382z29"><!--EFPlaceholder--></a>505-50-30 provides guidance on the determination of the measurement date for transactions that are within the scope of this Subtopic.</font> </div><br/><div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 36pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"> <font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">Pursuant to Paragraphs 505-50-25-8 and 505-50-25-9,&#160;<a id="GAAPCD46q3382z32-0" name="GAAPCD46q3382z32"> <!--EFPlaceholder--></a>an entity may grant fully vested, nonforfeitable equity instruments that are exercisable by the grantee only after a specified period of time if the terms of the agreement provide for earlier exercisability if the grantee achieves specified performance conditions. <a id="GAAPCD46q3382z33-0" name="GAAPCD46q3382z33"> <!--EFPlaceholder--></a>Any measured cost of the transaction shall be recognized in the same period(s) and in the same manner as if the entity had paid cash for the goods or services or used cash rebates as a sales discount instead of paying with, or using, the equity instruments. A recognized asset, expense, or sales discount shall not be reversed if a stock option that the counterparty has the right to exercise expires unexercised.</font> </div><br/><div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 36pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"> <font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">Pursuant to ASC paragraph 505-50-30-S99-1, if the Company receives a right to receive future services in exchange for unvested, forfeitable equity instruments, those equity instruments are treated as unissued for accounting purposes until the future services are received (that is, the instruments are not considered issued until they vest). Consequently, there would be no recognition at the measurement date and no entry should be recorded.</font> </div><br/><div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"> <font style="FONT-STYLE: italic; DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font style="DISPLAY: inline; TEXT-DECORATION: underline">Investment Credit - Government</font></font> </div><br/><div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 36pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"> <font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">Certain Chinese local government provides investment credit to encourage enterprises to invest in local communities which are non-refundable. Investment credits from local government are credited to other income &#8211; investment credit - government upon receipt. Renewable Metals was granted RMB10,000,000 in investment credit from Lianyungang Economic and Technology Development Zone on November 25, 2011, which was received on November 30, 2011.</font> </div><br/><div style="TEXT-ALIGN: left; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"> <font style="FONT-STYLE: italic; DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font style="DISPLAY: inline; TEXT-DECORATION: underline">Income Tax Provision</font></font> </div><br/><div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 36pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"> <font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">The Company accounts for income taxes under Section 740-10-30 of the FASB Accounting Standards Codification, which requires recognition of deferred tax assets and liabilities for the expected future tax consequences of events that have been included in the financial statements or tax returns.&#160;&#160;Under this method, deferred tax assets and liabilities are based on the differences between the financial statement and tax bases of assets and liabilities using enacted tax rates in effect for the year in which the differences are expected to reverse.&#160;&#160;Deferred tax assets are reduced by a valuation allowance to the extent management concludes it is more likely than not that the assets will not be realized.&#160;&#160;Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled.&#160;&#160;The effect on deferred tax assets and liabilities of a change in tax rates is recognized in the Consolidated Statements of Income and Comprehensive Income in the period that includes the enactment date.</font> </div><br/><div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 36pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"> <font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">The Company adopted section 740-10-25 of the FASB Accounting Standards Codification (&#8220;Section 740-10-25&#8221;). Section 740-10-25 addresses the determination of whether tax benefits claimed or expected to be claimed on a tax return should be recorded in the financial statements.&#160;&#160;Under Section 740-10-25, the Company may recognize the tax benefit from an uncertain tax position only if it is more likely than not that the tax position will be sustained on examination by the taxing authorities, based on the technical merits of the position.&#160;&#160;The tax benefits recognized in the financial statements from such a position should be measured based on the largest benefit that has a greater than fifty (50) percent likelihood of being realized upon ultimate settlement.&#160;&#160;Section 740-10-25 also provides guidance on de-recognition, classification, interest and penalties on income taxes, accounting in interim periods and requires increased disclosures.</font> </div><br/><div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 36pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"> <font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">The estimated future tax effects of temporary differences between the tax basis of assets and liabilities are reported in the accompanying consolidated balance sheets, as well as tax credit carry-backs and carry-forwards. The Company periodically reviews the recoverability of deferred tax assets recorded on its consolidated balance sheets and provides valuation allowances as management deems necessary.</font> </div><br/><div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 45pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"> <font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">Management makes judgments as to the interpretation of the tax laws that might be challenged upon an audit and cause changes to previous estimates of tax liability. In addition, the Company operates within multiple taxing jurisdictions and is subject to audit in these jurisdictions. In management&#8217;s opinion, adequate provisions for income taxes have been made for all years. If actual taxable income by tax jurisdiction varies from estimates, additional allowances or reversals of reserves may be necessary.</font> </div><br/><div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 36pt; MARGIN-RIGHT: 0pt" align="justify"> <font style="FONT-STYLE: italic; DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font style="DISPLAY: inline; TEXT-DECORATION: underline">Uncertain Tax Positions</font></font> </div><br/><div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 45pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"> <font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">The Company did not take any uncertain tax positions and had no adjustments to its income tax liabilities or benefits pursuant to the provisions of Section 740-10-25 for the year ended December&#160;31, 2011 or 2010.</font> </div><br/><div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"> <font style="FONT-STYLE: italic; DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font style="DISPLAY: inline; TEXT-DECORATION: underline">Foreign Currency Translation</font></font> </div><br/><div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 36pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"> <font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">The Company follows Section 830-10-45 of the FASB Accounting Standards Codification (&#8220;Section 830-10-45&#8221;) for foreign currency translation to translate the financial statements of the foreign subsidiary from the functional currency, generally the local currency, into U.S. Dollars.&#160;&#160;Section 830-10-45 sets out the guidance relating to how a <a id="new_id" name="GAAPCD084645.4-1"><!--EFPlaceholder--></a><font style="DISPLAY: inline; TEXT-DECORATION: underline">reporting entity</font> determines the <a id="new_id-0" name="GAAPCD084645.5-1"><!--EFPlaceholder--></a><font style="DISPLAY: inline; TEXT-DECORATION: underline">functional currency</font> of a <a id="new_id-1" name="GAAPCD084645.6-1"><!--EFPlaceholder--></a><font style="DISPLAY: inline; TEXT-DECORATION: underline">foreign entity</font> (including of a foreign entity in a highly inflationary economy), re-measures the books of record (if necessary), and characterizes transaction gains and losses. <a id="new_id-2" name="GAAPCD084645.10"> <!--EFPlaceholder--></a>Pursuant to Section 830-10-45, the assets, liabilities, and operations of a foreign entity shall be measured using the functional currency of that entity. <a id="new_id-3" name="GAAPCD084645.11"> <!--EFPlaceholder--></a>An entity&#8217;s functional currency is the currency of the primary economic environment in which the entity operates; normally, that is the currency of the environment, or local currency, in which an entity primarily generates and expends cash.</font> </div><br/><div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 36pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"> <font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">The functional currency of each foreign subsidiary is determined based on management&#8217;s judgment and involves consideration of all relevant economic facts and circumstances affecting the subsidiary. Generally, the currency in which the subsidiary transacts a majority of its transactions, including billings, financing, payroll and other expenditures, would be considered the functional currency, but any dependency upon the parent and the nature of the subsidiary&#8217;s operations must also be considered.&#160;&#160;If a subsidiary&#8217;s functional currency is deemed to be the local currency, then any gain or loss associated with the translation of that subsidiary&#8217;s financial statements is included in accumulated other comprehensive income. However, if the functional currency is deemed to be the U.S.&#160;Dollar, then any gain or loss associated with the re-measurement of these financial statements from the local currency to the functional currency would be included in the consolidated statements of income and comprehensive income (loss). If the Company disposes of foreign subsidiaries, then any cumulative translation gains or losses would be recorded into the consolidated statements of income and comprehensive income (loss).&#160;&#160;If the Company determines that there has been a change in the functional currency of a subsidiary to the U.S.&#160;Dollar, any translation gains or losses arising after the date of change would be included within the statement of income and comprehensive income (loss).</font> </div><br/><div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 36pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"> <font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">Based on an assessment of the factors discussed above, the management of the Company determined the relevant subsidiaries&#8217; local currencies to be their respective functional currencies.</font> </div><br/><div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 36pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"> <font style="DISPLAY: inline; 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</td> <td valign="bottom" width="12%" style="BORDER-BOTTOM: black 2px solid"> &#160; </td> <td valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"> &#160; </td> <td valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"> &#160; </td> <td valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid"> &#160; </td> <td valign="bottom" width="12%" style="BORDER-BOTTOM: black 2px solid"> &#160; </td> <td valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"> &#160; </td> </tr> <tr style="background-color: #C0FFFF;"> <td align="left" valign="bottom" width="70%"> <div style="LINE-HEIGHT: 1.25; TEXT-INDENT: -9pt; DISPLAY: block; MARGIN-LEFT: 18pt; MARGIN-RIGHT: 0pt" align="left"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">Sub-total - Options</font> </div> </td> <td valign="bottom" width="1%"> &#160; </td> <td valign="bottom" width="1%"> &#160; </td> <td align="right" valign="bottom" width="12%"> <div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; 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</td> <td valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid"> &#160; </td> <td valign="bottom" width="12%" style="BORDER-BOTTOM: black 2px solid"> &#160; </td> <td valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"> &#160; </td> </tr> <tr style="background-color: #C0FFFF;"> <td align="left" valign="bottom" width="70%" style="PADDING-BOTTOM: 4px"> <div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 18pt; MARGIN-RIGHT: 0pt" align="left"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">Total potentially outstanding dilutive common shares</font> </div> </td> <td valign="bottom" width="1%" style="PADDING-BOTTOM: 4px"> &#160; </td> <td valign="bottom" width="1%" style="BORDER-BOTTOM: black 4px double"> &#160; </td> <td align="right" valign="bottom" width="12%" style="BORDER-BOTTOM: black 4px double"> <div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="right"> <font style="DISPLAY: inline; 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Instead, the new guidance now gives entities the option to present all non-owner changes in stockholders&#8217; equity either as a single continuous statement of comprehensive income or as two separate but consecutive statements. Regardless of whether an entity chooses to present comprehensive income in a single continuous statement or in two separate but consecutive statements, the amendments require entities to present all reclassification adjustments from OCI to net income on the face of the statement of comprehensive income.</font> </div><br/><div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 36pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"> <font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">The amendments in this Update should be applied retrospectively and are effective for public entity for fiscal years, and interim periods within those years, beginning after December 15, 2011.</font> </div><br/><div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 36pt; MARGIN-RIGHT: 0pt" align="justify"> <font style="FONT-STYLE: italic; DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font style="DISPLAY: inline; TEXT-DECORATION: underline">FASB Accounting Standards Update No. 2011-08</font></font> </div><br/><div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 36pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"> <font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">In September 2011, the FASB issued the FASB Accounting Standards Update No. 2011-08 &#8220;<font style="FONT-STYLE: italic; DISPLAY: inline">Intangibles&#8212;Goodwill and Other:</font><font style="FONT-STYLE: italic; DISPLAY: inline; FONT-FAMILY: Times New Roman">&#160;</font><font style="FONT-STYLE: italic; DISPLAY: inline">Testing Goodwill for Impairment&#8221; (&#8220;ASU 2011-08&#8221;).</font> This Update is to simplify how public and nonpublic entities test goodwill for impairment. The amendments permit an entity to first assess qualitative factors to determine whether it is more likely than not that the fair value of a reporting unit is less than its carrying amount as a basis for determining whether it is necessary to perform the two-step goodwill impairment test described in Topic 350. Under the amendments in this Update, an entity is not required to calculate the fair value of a reporting unit unless the entity determines that it is more likely than not that its fair value is less than its carrying amount.</font> </div><br/><div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 36pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"> <font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">The guidance is effective for interim and annual periods beginning on or after December 15, 2011.<font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">&#160;</font>Early adoption is permitted.</font> </div><br/><div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 36pt; MARGIN-RIGHT: 0pt" align="justify"> <font style="FONT-STYLE: italic; DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font style="DISPLAY: inline; TEXT-DECORATION: underline">FASB Accounting Standards Update No. 2011-10</font></font> </div><br/><div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 36pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"> <font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">In December 2011, the FASB issued the FASB Accounting Standards Update No. 2011-10 <font style="FONT-STYLE: italic; DISPLAY: inline">&#8220;Property, Plant and Equipment: Derecognition of in Substance Real Estate-a Scope Clarification&#8221; (&#8220;ASU 2011-09&#8221;).</font> This Update is to resolve the diversity in practice as to how financial statements have been reflecting circumstances when parent company reporting entities cease to have controlling financial interests in subsidiaries that are in substance real estate, where the situation arises as a result of default on nonrecourse debt of the subsidiaries.</font> </div><br/><div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 36pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"> <font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">The amended guidance is effective for annual reporting periods ending after June 15, 2012<font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">&#160;</font>for public entities. 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FASB is to going to reassess the costs and benefits of those provisions in ASU 2011-05 related to reclassifications out of accumulated other comprehensive income. Due to the time required to properly make such a reassessment and to evaluate alternative presentation formats, the FASB decided that it is necessary to reinstate the requirements for the presentation of reclassifications out of accumulated other comprehensive income that were in place before the issuance of Update 2011-05.</font> </div><br/><div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 36pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"> <font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">All other requirements in Update 2011-05 are not affected by this Update, including the requirement to report comprehensive income either in a single continuous financial statement or in two separate but consecutive financial statements. 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</td> <td colspan="2" valign="bottom" style="BORDER-BOTTOM: black 2px solid"> <div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">December 31, 2010</font> </div> </td> <td valign="bottom" style="PADDING-BOTTOM: 2px"> &#160; </td> </tr> <tr> <td valign="bottom" width="70%"> &#160; </td> <td valign="bottom" width="1%"> &#160; </td> <td valign="bottom" width="1%"> &#160; </td> <td valign="bottom" width="12%"> &#160; </td> <td valign="bottom" width="1%"> &#160; </td> <td valign="bottom" width="1%"> &#160; </td> <td valign="bottom" width="1%"> &#160; </td> <td valign="bottom" width="12%"> &#160; </td> <td valign="bottom" width="1%"> &#160; </td> </tr> <tr style="background-color: #C0FFFF;"> <td valign="bottom" width="70%" style="TEXT-ALIGN: left; TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"> <div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.25; 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</td> </tr> <tr style="background-color: #C0FFFF;"> <td valign="bottom" width="70%" style="TEXT-ALIGN: left; TEXT-INDENT: 9pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"> <div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.25; TEXT-INDENT: 9pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">Letters of credit (i)</font> </div> </td> <td valign="bottom" width="1%"> &#160; </td> <td align="left" valign="bottom" width="1%"> <div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">$</font> </div> </td> <td align="right" valign="bottom" width="12%"> <div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="right"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">2,109,832</font> </div> </td> <td valign="bottom" width="1%"> &#160; </td> <td valign="bottom" width="1%"> &#160; </td> <td align="left" valign="bottom" width="1%"> <div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">$</font> </div> </td> <td align="right" valign="bottom" width="12%"> <div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="right"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">427,553</font> </div> </td> <td valign="bottom" width="1%"> &#160; </td> </tr> <tr> <td valign="bottom" width="70%" style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px; TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"> &#160; </td> <td valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"> &#160; </td> <td valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid"> &#160; </td> <td valign="bottom" width="12%" style="BORDER-BOTTOM: black 2px solid"> &#160; </td> <td valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"> &#160; </td> <td valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"> &#160; </td> <td valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid"> &#160; </td> <td valign="bottom" width="12%" style="BORDER-BOTTOM: black 2px solid"> &#160; </td> <td valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"> &#160; </td> </tr> <tr style="background-color: #C0FFFF;"> <td valign="bottom" width="70%" style="TEXT-ALIGN: left; TEXT-INDENT: 9pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"> <div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.25; TEXT-INDENT: 9pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">Sub-total &#8211; Armco HK</font> </div> </td> <td valign="bottom" width="1%"> &#160; </td> <td valign="bottom" width="1%"> &#160; </td> <td align="right" valign="bottom" width="12%"> <div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; 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</td> <td valign="bottom" width="12%"> &#160; </td> <td valign="bottom" width="1%"> &#160; </td> </tr> <tr style="background-color: #C0FFFF;"> <td valign="bottom" width="70%" style="TEXT-ALIGN: left; TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"> <div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">Renewable Metals</font> </div> </td> <td valign="bottom" width="1%"> &#160; </td> <td valign="bottom" width="1%"> &#160; </td> <td valign="bottom" width="12%"> &#160; </td> <td valign="bottom" width="1%"> &#160; </td> <td valign="bottom" width="1%"> &#160; </td> <td valign="bottom" width="1%"> &#160; </td> <td valign="bottom" width="12%"> &#160; </td> <td valign="bottom" width="1%"> &#160; </td> </tr> <tr> <td valign="bottom" width="70%" style="TEXT-ALIGN: left; TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"> &#160; </td> <td valign="bottom" width="1%"> &#160; </td> <td valign="bottom" width="1%"> &#160; </td> <td valign="bottom" width="12%"> &#160; </td> <td valign="bottom" width="1%"> &#160; </td> <td valign="bottom" width="1%"> &#160; </td> <td valign="bottom" width="1%"> &#160; </td> <td valign="bottom" width="12%"> &#160; </td> <td valign="bottom" width="1%"> &#160; </td> </tr> <tr style="background-color: #C0FFFF;"> <td valign="bottom" width="70%" style="TEXT-ALIGN: left; TEXT-INDENT: 9pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"> <div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.25; TEXT-INDENT: 9pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">Bank acceptance notes payable (ii)</font> </div> </td> <td valign="bottom" width="1%"> &#160; </td> <td valign="bottom" width="1%"> &#160; </td> <td align="right" valign="bottom" width="12%"> <div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="right"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">1,100,889</font> </div> </td> <td valign="bottom" width="1%"> &#160; </td> <td valign="bottom" width="1%"> &#160; </td> <td valign="bottom" width="1%"> &#160; </td> <td align="right" valign="bottom" width="12%"> <div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="right"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">1,906,684</font> </div> </td> <td valign="bottom" width="1%"> &#160; </td> </tr> <tr> <td valign="bottom" width="70%" style="TEXT-ALIGN: left; TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"> &#160; </td> <td valign="bottom" width="1%"> &#160; </td> <td valign="bottom" width="1%"> &#160; </td> <td valign="bottom" width="12%"> &#160; </td> <td valign="bottom" width="1%"> &#160; </td> <td valign="bottom" width="1%"> &#160; </td> <td valign="bottom" width="1%"> &#160; </td> <td valign="bottom" width="12%"> &#160; </td> <td valign="bottom" width="1%"> &#160; </td> </tr> <tr style="background-color: #C0FFFF;"> <td valign="bottom" width="70%" style="TEXT-ALIGN: left; TEXT-INDENT: 9pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"> <div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.25; TEXT-INDENT: 9pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">Letters of credit (iii)</font> </div> </td> <td valign="bottom" width="1%"> &#160; </td> <td valign="bottom" width="1%"> &#160; </td> <td align="right" valign="bottom" width="12%"> <div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="right"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">3,774,475</font> </div> </td> <td valign="bottom" width="1%"> &#160; </td> <td valign="bottom" width="1%"> &#160; </td> <td valign="bottom" width="1%"> &#160; </td> <td align="right" valign="bottom" width="12%"> <div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="right"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">7,134,727</font> </div> </td> <td valign="bottom" width="1%"> &#160; </td> </tr> <tr> <td valign="bottom" width="70%" style="TEXT-ALIGN: left; TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"> &#160; </td> <td valign="bottom" width="1%"> &#160; </td> <td valign="bottom" width="1%"> &#160; </td> <td valign="bottom" width="12%"> &#160; </td> <td valign="bottom" width="1%"> &#160; </td> <td valign="bottom" width="1%"> &#160; </td> <td valign="bottom" width="1%"> &#160; </td> <td valign="bottom" width="12%"> &#160; </td> <td valign="bottom" width="1%"> &#160; </td> </tr> <tr style="background-color: #C0FFFF;"> <td valign="bottom" width="70%" style="TEXT-ALIGN: left; TEXT-INDENT: 9pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"> <div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.25; TEXT-INDENT: 9pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">Deposit under capital lease agreement(iv)</font> </div> </td> <td valign="bottom" width="1%"> &#160; </td> <td valign="bottom" width="1%"> &#160; </td> <td align="right" valign="bottom" width="12%"> <div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 27pt; MARGIN-RIGHT: 0pt" align="right"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">471,809</font> </div> </td> <td valign="bottom" width="1%"> &#160; </td> <td valign="bottom" width="1%"> &#160; </td> <td valign="bottom" width="1%"> &#160; </td> <td align="right" valign="bottom" width="12%"> <div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 27pt; MARGIN-RIGHT: 0pt" align="right"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">-</font> </div> </td> <td valign="bottom" width="1%"> &#160; </td> </tr> <tr> <td valign="bottom" width="70%" style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px; TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"> &#160; </td> <td valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"> &#160; </td> <td valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid"> &#160; </td> <td valign="bottom" width="12%" style="BORDER-BOTTOM: black 2px solid"> &#160; </td> <td valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"> &#160; </td> <td valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"> &#160; </td> <td valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid"> &#160; </td> <td valign="bottom" width="12%" style="BORDER-BOTTOM: black 2px solid"> &#160; </td> <td valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"> &#160; </td> </tr> <tr style="background-color: #C0FFFF;"> <td valign="bottom" width="70%" style="TEXT-ALIGN: left; TEXT-INDENT: 9pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"> <div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.25; TEXT-INDENT: 9pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"> <font style="DISPLAY: inline; 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MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"> &#160; </td> <td valign="bottom" width="1%"> &#160; </td> <td valign="bottom" width="1%"> &#160; </td> <td valign="bottom" width="12%"> &#160; </td> <td valign="bottom" width="1%"> &#160; </td> <td valign="bottom" width="1%"> &#160; </td> <td valign="bottom" width="1%"> &#160; </td> <td valign="bottom" width="12%"> &#160; </td> <td valign="bottom" width="1%"> &#160; </td> </tr> <tr style="background-color: #C0FFFF;"> <td valign="bottom" width="70%" style="TEXT-ALIGN: left; TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"> <div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">Henan Armco</font> </div> </td> <td valign="bottom" width="1%"> &#160; </td> <td valign="bottom" width="1%"> &#160; </td> <td valign="bottom" width="12%"> &#160; </td> <td valign="bottom" width="1%"> &#160; </td> <td valign="bottom" width="1%"> &#160; </td> <td valign="bottom" width="1%"> &#160; </td> <td valign="bottom" width="12%"> &#160; </td> <td valign="bottom" width="1%"> &#160; </td> </tr> <tr> <td valign="bottom" width="70%" style="TEXT-ALIGN: left; TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"> &#160; </td> <td valign="bottom" width="1%"> &#160; </td> <td valign="bottom" width="1%"> &#160; </td> <td valign="bottom" width="12%"> &#160; </td> <td valign="bottom" width="1%"> &#160; </td> <td valign="bottom" width="1%"> &#160; </td> <td valign="bottom" width="1%"> &#160; </td> <td valign="bottom" width="12%"> &#160; </td> <td valign="bottom" width="1%"> &#160; </td> </tr> <tr style="background-color: #C0FFFF;"> <td valign="bottom" width="70%" style="TEXT-ALIGN: left; TEXT-INDENT: 9pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"> <div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.25; TEXT-INDENT: 9pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">Letters of credit (v)</font> </div> </td> <td valign="bottom" width="1%"> &#160; </td> <td valign="bottom" width="1%"> &#160; </td> <td align="right" valign="bottom" width="12%"> <div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="right"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">900,665</font> </div> </td> <td valign="bottom" width="1%"> &#160; </td> <td valign="bottom" width="1%"> &#160; </td> <td valign="bottom" width="1%"> &#160; </td> <td align="right" valign="bottom" width="12%"> <div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="right"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">3,174,707</font> </div> </td> <td valign="bottom" width="1%"> &#160; </td> </tr> <tr> <td valign="bottom" width="70%" style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px; TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"> &#160; </td> <td valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"> &#160; </td> <td valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid"> &#160; </td> <td valign="bottom" width="12%" style="BORDER-BOTTOM: black 2px solid"> &#160; </td> <td valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"> &#160; </td> <td valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"> &#160; </td> <td valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid"> &#160; </td> <td valign="bottom" width="12%" style="BORDER-BOTTOM: black 2px solid"> &#160; </td> <td valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"> &#160; </td> </tr> <tr style="background-color: #C0FFFF;"> <td valign="bottom" width="70%" style="TEXT-ALIGN: left; TEXT-INDENT: 9pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"> <div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.25; TEXT-INDENT: 9pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">Sub-total &#8211; Henan Armco</font> </div> </td> <td valign="bottom" width="1%"> &#160; </td> <td valign="bottom" width="1%"> &#160; </td> <td align="right" valign="bottom" width="12%"> <div style="LINE-HEIGHT: 1.25; 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TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="right"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">-</font> </div> </td> <td valign="bottom" width="1%"> &#160; </td> <td valign="bottom" width="1%"> &#160; </td> <td align="right" valign="bottom" width="1%"> <div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="right"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">$</font> </div> </td> <td align="right" valign="bottom" width="9%"> <div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="right"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">-</font> </div> </td> <td valign="bottom" width="1%"> &#160; </td> </tr> <tr> <td valign="bottom" width="40%"> &#160; </td> <td valign="bottom" width="1%"> &#160; </td> <td valign="bottom" width="1%"> &#160; </td> <td valign="bottom" width="9%"> &#160; </td> <td valign="bottom" width="1%"> &#160; </td> <td valign="bottom" width="1%"> &#160; </td> <td valign="bottom" width="1%"> &#160; </td> <td valign="bottom" width="9%"> &#160; </td> <td valign="bottom" width="1%"> &#160; </td> <td valign="bottom" width="1%"> &#160; </td> <td valign="bottom" width="1%"> &#160; </td> <td valign="bottom" width="9%"> &#160; </td> <td valign="bottom" width="1%"> &#160; </td> <td valign="bottom" width="1%"> &#160; </td> <td valign="bottom" width="1%"> &#160; </td> <td valign="bottom" width="9%"> &#160; </td> <td valign="bottom" width="1%"> &#160; </td> <td valign="bottom" width="1%"> &#160; </td> <td valign="bottom" width="1%"> &#160; </td> <td valign="bottom" width="9%"> &#160; </td> <td valign="bottom" width="1%"> &#160; </td> </tr> <tr style="background-color: #C0FFFF;"> <td align="left" valign="bottom" width="40%"> <div style="LINE-HEIGHT: 1.25; TEXT-INDENT: -18pt; DISPLAY: block; MARGIN-LEFT: 18pt; MARGIN-RIGHT: 0pt" align="left"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">Purchases, issuances and settlements</font> </div> </td> <td valign="bottom" width="1%"> &#160; </td> <td valign="bottom" width="1%"> &#160; </td> <td align="right" valign="bottom" width="9%"> <div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="right"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">3,396,658</font> </div> </td> <td valign="bottom" width="1%"> &#160; </td> <td valign="bottom" width="1%"> &#160; </td> <td valign="bottom" width="1%"> &#160; </td> <td align="right" valign="bottom" width="9%"> <div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="right"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">-</font> </div> </td> <td valign="bottom" width="1%"> &#160; </td> <td valign="bottom" width="1%"> &#160; </td> <td valign="bottom" width="1%"> &#160; </td> <td align="right" valign="bottom" width="9%"> <div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="right"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">-</font> </div> </td> <td valign="bottom" width="1%"> &#160; </td> <td valign="bottom" width="1%"> &#160; </td> <td valign="bottom" width="1%"> &#160; </td> <td align="right" valign="bottom" width="9%"> <div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="right"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">-</font> </div> </td> <td valign="bottom" width="1%"> &#160; </td> <td valign="bottom" width="1%"> &#160; </td> <td valign="bottom" width="1%"> &#160; </td> <td align="right" valign="bottom" width="9%"> <div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="right"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">3,396,658</font> </div> </td> <td valign="bottom" width="1%"> &#160; </td> </tr> <tr> <td valign="bottom" width="40%"> &#160; </td> <td valign="bottom" width="1%"> &#160; </td> <td valign="bottom" width="1%"> &#160; </td> <td valign="bottom" width="9%"> &#160; </td> <td valign="bottom" width="1%"> &#160; </td> <td valign="bottom" width="1%"> &#160; </td> <td valign="bottom" width="1%"> &#160; </td> <td valign="bottom" width="9%"> &#160; </td> <td valign="bottom" width="1%"> &#160; </td> <td valign="bottom" width="1%"> &#160; </td> <td valign="bottom" width="1%"> &#160; </td> <td valign="bottom" width="9%"> &#160; </td> <td valign="bottom" width="1%"> &#160; </td> <td valign="bottom" width="1%"> &#160; </td> <td valign="bottom" width="1%"> &#160; </td> <td valign="bottom" width="9%"> &#160; </td> <td valign="bottom" width="1%"> &#160; </td> <td valign="bottom" width="1%"> &#160; </td> <td valign="bottom" width="1%"> &#160; </td> <td valign="bottom" width="9%"> &#160; </td> <td valign="bottom" width="1%"> &#160; </td> </tr> <tr style="background-color: #C0FFFF;"> <td align="left" valign="bottom" width="40%"> <div style="LINE-HEIGHT: 1.25; TEXT-INDENT: -18pt; DISPLAY: block; MARGIN-LEFT: 18pt; MARGIN-RIGHT: 0pt" align="left"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">Total gains or losses (realized/unrealized) included in:</font> </div> </td> <td valign="bottom" width="1%"> &#160; </td> <td valign="bottom" width="1%"> &#160; </td> <td valign="bottom" width="9%"> &#160; </td> <td valign="bottom" width="1%"> &#160; </td> <td valign="bottom" width="1%"> &#160; </td> <td valign="bottom" width="1%"> &#160; </td> <td valign="bottom" width="9%"> &#160; </td> <td valign="bottom" width="1%"> &#160; </td> <td valign="bottom" width="1%"> &#160; </td> <td valign="bottom" width="1%"> &#160; </td> <td valign="bottom" width="9%"> &#160; </td> <td valign="bottom" width="1%"> &#160; </td> <td valign="bottom" width="1%"> &#160; </td> <td valign="bottom" width="1%"> &#160; </td> <td valign="bottom" width="9%"> &#160; </td> <td valign="bottom" width="1%"> &#160; </td> <td valign="bottom" width="1%"> &#160; </td> <td valign="bottom" width="1%"> &#160; </td> <td valign="bottom" width="9%"> &#160; </td> <td valign="bottom" width="1%"> &#160; </td> </tr> <tr> <td valign="bottom" width="40%"> &#160; </td> <td valign="bottom" width="1%"> &#160; </td> <td valign="bottom" width="1%"> &#160; </td> <td valign="bottom" width="9%"> &#160; </td> <td valign="bottom" width="1%"> &#160; </td> <td valign="bottom" width="1%"> &#160; </td> <td valign="bottom" width="1%"> &#160; </td> <td valign="bottom" width="9%"> &#160; </td> <td valign="bottom" width="1%"> &#160; </td> <td valign="bottom" width="1%"> &#160; </td> <td valign="bottom" width="1%"> &#160; </td> <td valign="bottom" width="9%"> &#160; </td> <td valign="bottom" width="1%"> &#160; </td> <td valign="bottom" width="1%"> &#160; </td> <td valign="bottom" width="1%"> &#160; </td> <td valign="bottom" width="9%"> &#160; </td> <td valign="bottom" width="1%"> &#160; </td> <td valign="bottom" width="1%"> &#160; </td> <td valign="bottom" width="1%"> &#160; </td> <td valign="bottom" width="9%"> &#160; </td> <td valign="bottom" width="1%"> &#160; </td> </tr> <tr style="background-color: #C0FFFF;"> <td align="left" valign="bottom" width="40%"> <div style="LINE-HEIGHT: 1.25; TEXT-INDENT: -18pt; DISPLAY: block; MARGIN-LEFT: 18pt; MARGIN-RIGHT: 0pt" align="left"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">Net Loss: Gain (loss) on foreign currency rate change</font> </div> </td> <td valign="bottom" width="1%"> &#160; </td> <td valign="bottom" width="1%"> &#160; </td> <td valign="bottom" width="9%"> &#160; </td> <td valign="bottom" width="1%"> &#160; </td> <td valign="bottom" width="1%"> &#160; </td> <td valign="bottom" width="1%"> &#160; </td> <td valign="bottom" width="9%"> &#160; </td> <td valign="bottom" width="1%"> &#160; </td> <td valign="bottom" width="1%"> &#160; </td> <td valign="bottom" width="1%"> &#160; </td> <td align="right" valign="bottom" width="9%"> <div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="right"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">-</font> </div> </td> <td valign="bottom" width="1%"> &#160; </td> <td valign="bottom" width="1%"> &#160; </td> <td valign="bottom" width="1%"> &#160; </td> <td align="right" valign="bottom" width="9%"> <div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="right"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">-</font> </div> </td> <td valign="bottom" width="1%"> &#160; </td> <td valign="bottom" width="1%"> &#160; </td> <td valign="bottom" width="1%"> &#160; </td> <td align="right" valign="bottom" width="9%"> <div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="right"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">-</font> </div> </td> <td valign="bottom" width="1%"> &#160; </td> </tr> <tr> <td valign="bottom" width="40%"> &#160; </td> <td valign="bottom" width="1%"> &#160; </td> <td valign="bottom" width="1%"> &#160; </td> <td valign="bottom" width="9%"> &#160; </td> <td valign="bottom" width="1%"> &#160; </td> <td valign="bottom" width="1%"> &#160; </td> <td valign="bottom" width="1%"> &#160; </td> <td valign="bottom" width="9%"> &#160; </td> <td valign="bottom" width="1%"> &#160; </td> <td valign="bottom" width="1%"> &#160; </td> <td valign="bottom" width="1%"> &#160; </td> <td valign="bottom" width="9%"> &#160; </td> <td valign="bottom" width="1%"> &#160; </td> <td valign="bottom" width="1%"> &#160; </td> <td valign="bottom" width="1%"> &#160; </td> <td valign="bottom" width="9%"> &#160; </td> <td valign="bottom" width="1%"> &#160; </td> <td valign="bottom" width="1%"> &#160; </td> <td valign="bottom" width="1%"> &#160; </td> <td valign="bottom" width="9%"> &#160; </td> <td valign="bottom" width="1%"> &#160; </td> </tr> <tr style="background-color: #C0FFFF;"> <td align="left" valign="bottom" width="40%" style="PADDING-BOTTOM: 2px"> <div style="LINE-HEIGHT: 1.25; TEXT-INDENT: -18pt; DISPLAY: block; MARGIN-LEFT: 18pt; MARGIN-RIGHT: 0pt" align="left"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">Other comprehensive income (loss): Changes in unrealized loss</font> </div> </td> <td valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"> &#160; </td> <td valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid"> &#160; </td> <td valign="bottom" width="9%" style="BORDER-BOTTOM: black 2px solid"> &#160; </td> <td valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"> &#160; </td> <td valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"> &#160; </td> <td valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid"> &#160; </td> <td valign="bottom" width="9%" style="BORDER-BOTTOM: black 2px solid"> &#160; </td> <td valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"> &#160; </td> <td valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"> &#160; </td> <td valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid"> &#160; </td> <td align="right" valign="bottom" width="9%" style="BORDER-BOTTOM: black 2px solid"> <div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="right"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">-</font> </div> </td> <td valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"> &#160; </td> <td valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"> &#160; </td> <td valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid"> &#160; </td> <td align="right" valign="bottom" width="9%" style="BORDER-BOTTOM: black 2px solid"> <div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="right"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">(506,278</font> </div> </td> <td align="left" valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"> <div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">)</font> </div> </td> <td valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"> &#160; </td> <td valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid"> &#160; </td> <td align="right" valign="bottom" width="9%" style="BORDER-BOTTOM: black 2px solid"> <div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="right"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">(506,278</font> </div> </td> <td align="left" valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"> <div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">)</font> </div> </td> </tr> <tr> <td valign="bottom" width="40%"> &#160; </td> <td valign="bottom" width="1%"> &#160; </td> <td valign="bottom" width="1%"> &#160; </td> <td valign="bottom" width="9%"> &#160; </td> <td valign="bottom" width="1%"> &#160; </td> <td valign="bottom" width="1%"> &#160; </td> <td valign="bottom" width="1%"> &#160; </td> <td valign="bottom" width="9%"> &#160; </td> <td valign="bottom" width="1%"> &#160; </td> <td valign="bottom" width="1%"> &#160; </td> <td valign="bottom" width="1%"> &#160; </td> <td valign="bottom" width="9%"> &#160; </td> <td valign="bottom" width="1%"> &#160; </td> <td valign="bottom" width="1%"> &#160; </td> <td valign="bottom" width="1%"> &#160; </td> <td valign="bottom" width="9%"> &#160; </td> <td valign="bottom" width="1%"> &#160; </td> <td valign="bottom" width="1%"> &#160; </td> <td valign="bottom" width="1%"> &#160; </td> <td valign="bottom" width="9%"> &#160; </td> <td valign="bottom" width="1%"> &#160; </td> </tr> <tr style="background-color: #C0FFFF;"> <td align="left" valign="bottom" width="40%"> <div style="LINE-HEIGHT: 1.25; TEXT-INDENT: -18pt; DISPLAY: block; MARGIN-LEFT: 18pt; MARGIN-RIGHT: 0pt" align="left"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">Balance, December 31, 2010</font> </div> </td> <td valign="bottom" width="1%"> &#160; </td> <td valign="bottom" width="1%"> &#160; </td> <td align="right" valign="bottom" width="9%"> <div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="right"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">3,396,658</font> </div> </td> <td align="left" valign="bottom" width="1%"> &#160; </td> <td valign="bottom" width="1%"> &#160; </td> <td valign="bottom" width="1%"> &#160; </td> <td align="right" valign="bottom" width="9%"> <div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="right"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">-</font> </div> </td> <td valign="bottom" width="1%"> &#160; </td> <td valign="bottom" width="1%"> &#160; </td> <td align="right" valign="bottom" width="1%"> <div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="right"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font> </div> </td> <td align="right" valign="bottom" width="9%"> <div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="right"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">-</font> </div> </td> <td valign="bottom" width="1%"> &#160; </td> <td align="right" valign="bottom" width="1%"> &#160; </td> <td valign="bottom" width="1%"> &#160; </td> <td align="right" valign="bottom" width="9%"> <div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="right"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">(506,278</font> </div> </td> <td align="left" valign="bottom" width="1%"> <div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">)</font> </div> </td> <td valign="bottom" width="1%"> &#160; </td> <td align="right" valign="bottom" width="1%"> <div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="right"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font> </div> </td> <td align="right" valign="bottom" width="9%"> <div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="right"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">2,890,380</font> </div> </td> <td align="left" valign="bottom" width="1%"> &#160; </td> </tr> <tr> <td valign="bottom" width="40%"> &#160; </td> <td valign="bottom" width="1%"> &#160; </td> <td valign="bottom" width="1%"> &#160; </td> <td valign="bottom" width="9%"> &#160; </td> <td valign="bottom" width="1%"> &#160; </td> <td valign="bottom" width="1%"> &#160; </td> <td valign="bottom" width="1%"> &#160; </td> <td valign="bottom" width="9%"> &#160; </td> <td valign="bottom" width="1%"> &#160; </td> <td valign="bottom" width="1%"> &#160; </td> <td valign="bottom" width="1%"> &#160; </td> <td valign="bottom" width="9%"> &#160; </td> <td valign="bottom" width="1%"> &#160; </td> <td valign="bottom" width="1%"> &#160; </td> <td valign="bottom" width="1%"> &#160; </td> <td valign="bottom" width="9%"> &#160; </td> <td valign="bottom" width="1%"> &#160; </td> <td valign="bottom" width="1%"> &#160; </td> <td valign="bottom" width="1%"> &#160; </td> <td valign="bottom" width="9%"> &#160; </td> <td valign="bottom" width="1%"> &#160; </td> </tr> <tr style="background-color: #C0FFFF;"> <td align="left" valign="bottom" width="40%"> <div style="LINE-HEIGHT: 1.25; TEXT-INDENT: -18pt; DISPLAY: block; MARGIN-LEFT: 18pt; MARGIN-RIGHT: 0pt" align="left"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">Purchases, issuances and settlements</font> </div> </td> <td valign="bottom" width="1%"> &#160; </td> <td valign="bottom" width="1%"> &#160; </td> <td align="right" valign="bottom" width="9%"> <div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="right"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">-</font> </div> </td> <td valign="bottom" width="1%"> &#160; </td> <td valign="bottom" width="1%"> &#160; </td> <td valign="bottom" width="1%"> &#160; </td> <td align="right" valign="bottom" width="9%"> <div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="right"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">-</font> </div> </td> <td valign="bottom" width="1%"> &#160; </td> <td valign="bottom" width="1%"> &#160; </td> <td valign="bottom" width="1%"> &#160; </td> <td align="right" valign="bottom" width="9%"> <div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="right"> <font style="DISPLAY: inline; 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</td> <td valign="bottom" width="1%"> &#160; </td> <td valign="bottom" width="9%"> &#160; </td> <td valign="bottom" width="1%"> &#160; </td> <td valign="bottom" width="1%"> &#160; </td> <td valign="bottom" width="1%"> &#160; </td> <td valign="bottom" width="9%"> &#160; </td> <td valign="bottom" width="1%"> &#160; </td> <td valign="bottom" width="1%"> &#160; </td> <td valign="bottom" width="1%"> &#160; </td> <td valign="bottom" width="9%"> &#160; </td> <td valign="bottom" width="1%"> &#160; </td> <td valign="bottom" width="1%"> &#160; </td> <td valign="bottom" width="1%"> &#160; </td> <td valign="bottom" width="9%"> &#160; </td> <td valign="bottom" width="1%"> &#160; </td> <td valign="bottom" width="1%"> &#160; </td> <td valign="bottom" width="1%"> &#160; </td> <td valign="bottom" width="9%"> &#160; </td> <td valign="bottom" width="1%"> &#160; </td> </tr> <tr style="background-color: #C0FFFF;"> <td align="left" valign="bottom" width="40%"> <div style="LINE-HEIGHT: 1.25; TEXT-INDENT: -18pt; 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</td> <td valign="bottom" width="9%"> &#160; </td> <td valign="bottom" width="1%"> &#160; </td> </tr> <tr> <td valign="bottom" width="40%"> &#160; </td> <td valign="bottom" width="1%"> &#160; </td> <td valign="bottom" width="1%"> &#160; </td> <td valign="bottom" width="9%"> &#160; </td> <td valign="bottom" width="1%"> &#160; </td> <td valign="bottom" width="1%"> &#160; </td> <td valign="bottom" width="1%"> &#160; </td> <td valign="bottom" width="9%"> &#160; </td> <td valign="bottom" width="1%"> &#160; </td> <td valign="bottom" width="1%"> &#160; </td> <td valign="bottom" width="1%"> &#160; </td> <td valign="bottom" width="9%"> &#160; </td> <td valign="bottom" width="1%"> &#160; </td> <td valign="bottom" width="1%"> &#160; </td> <td valign="bottom" width="1%"> &#160; </td> <td valign="bottom" width="9%"> &#160; </td> <td valign="bottom" width="1%"> &#160; </td> <td valign="bottom" width="1%"> &#160; </td> <td valign="bottom" width="1%"> &#160; </td> <td valign="bottom" width="9%"> &#160; </td> <td valign="bottom" width="1%"> &#160; </td> </tr> <tr style="background-color: #C0FFFF;"> <td align="left" valign="bottom" width="40%"> <div style="LINE-HEIGHT: 1.25; TEXT-INDENT: -18pt; DISPLAY: block; MARGIN-LEFT: 18pt; MARGIN-RIGHT: 0pt" align="left"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">Net Loss: Impairment &#8211; other than temporary</font> </div> </td> <td valign="bottom" width="1%"> &#160; </td> <td valign="bottom" width="1%"> &#160; </td> <td valign="bottom" width="9%"> &#160; </td> <td valign="bottom" width="1%"> &#160; </td> <td valign="bottom" width="1%"> &#160; </td> <td valign="bottom" width="1%"> &#160; </td> <td align="right" valign="bottom" width="9%"> <div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="right"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">(1,980,000</font> </div> </td> <td align="left" valign="bottom" width="1%"> <div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">)</font> </div> </td> <td valign="bottom" width="1%"> &#160; </td> <td valign="bottom" width="1%"> &#160; </td> <td align="right" valign="bottom" width="9%"> <div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="right"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">-</font> </div> </td> <td valign="bottom" width="1%"> &#160; </td> <td valign="bottom" width="1%"> &#160; </td> <td valign="bottom" width="1%"> &#160; </td> <td align="right" valign="bottom" width="9%"> <div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="right"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">-</font> </div> </td> <td valign="bottom" width="1%"> &#160; </td> <td valign="bottom" width="1%"> &#160; </td> <td valign="bottom" width="1%"> &#160; </td> <td align="right" valign="bottom" width="9%"> <div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="right"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">(1,980,000</font> </div> </td> <td align="left" valign="bottom" width="1%"> <div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">)</font> </div> </td> </tr> <tr> <td valign="bottom" width="40%"> &#160; </td> <td valign="bottom" width="1%"> &#160; </td> <td valign="bottom" width="1%"> &#160; </td> <td valign="bottom" width="9%"> &#160; </td> <td valign="bottom" width="1%"> &#160; </td> <td valign="bottom" width="1%"> &#160; </td> <td valign="bottom" width="1%"> &#160; </td> <td valign="bottom" width="9%"> &#160; </td> <td valign="bottom" width="1%"> &#160; </td> <td valign="bottom" width="1%"> &#160; </td> <td valign="bottom" width="1%"> &#160; </td> <td valign="bottom" width="9%"> &#160; </td> <td valign="bottom" width="1%"> &#160; </td> <td valign="bottom" width="1%"> &#160; </td> <td valign="bottom" width="1%"> &#160; </td> <td valign="bottom" width="9%"> &#160; </td> <td valign="bottom" width="1%"> &#160; </td> <td valign="bottom" width="1%"> &#160; </td> <td valign="bottom" width="1%"> &#160; </td> <td valign="bottom" width="9%"> &#160; </td> <td valign="bottom" width="1%"> &#160; </td> </tr> <tr style="background-color: #C0FFFF;"> <td align="left" valign="bottom" width="40%"> <div style="LINE-HEIGHT: 1.25; TEXT-INDENT: -18pt; DISPLAY: block; MARGIN-LEFT: 18pt; MARGIN-RIGHT: 0pt" align="left"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">Net Loss: Gain (loss) on foreign currency rate change</font> </div> </td> <td valign="bottom" width="1%"> &#160; </td> <td valign="bottom" width="1%"> &#160; </td> <td valign="bottom" width="9%"> &#160; </td> <td valign="bottom" width="1%"> &#160; </td> <td valign="bottom" width="1%"> &#160; </td> <td valign="bottom" width="1%"> &#160; </td> <td valign="bottom" width="9%"> &#160; </td> <td valign="bottom" width="1%"> &#160; </td> <td valign="bottom" width="1%"> &#160; </td> <td valign="bottom" width="1%"> &#160; </td> <td align="right" valign="bottom" width="9%"> <div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="right"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">220,881</font> </div> </td> <td valign="bottom" width="1%"> &#160; </td> <td valign="bottom" width="1%"> &#160; </td> <td valign="bottom" width="1%"> &#160; </td> <td align="right" valign="bottom" width="9%"> <div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="right"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">-</font> </div> </td> <td valign="bottom" width="1%"> &#160; </td> <td valign="bottom" width="1%"> &#160; </td> <td valign="bottom" width="1%"> &#160; </td> <td align="right" valign="bottom" width="9%"> <div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="right"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">220,881</font> </div> </td> <td valign="bottom" width="1%"> &#160; </td> </tr> <tr> <td valign="bottom" width="40%"> &#160; </td> <td valign="bottom" width="1%"> &#160; </td> <td valign="bottom" width="1%"> &#160; </td> <td valign="bottom" width="9%"> &#160; </td> <td valign="bottom" width="1%"> &#160; </td> <td valign="bottom" width="1%"> &#160; </td> <td valign="bottom" width="1%"> &#160; </td> <td valign="bottom" width="9%"> &#160; </td> <td valign="bottom" width="1%"> &#160; </td> <td valign="bottom" width="1%"> &#160; </td> <td valign="bottom" width="1%"> &#160; </td> <td valign="bottom" width="9%"> &#160; </td> <td valign="bottom" width="1%"> &#160; </td> <td valign="bottom" width="1%"> &#160; </td> <td valign="bottom" width="1%"> &#160; </td> <td valign="bottom" width="9%"> &#160; </td> <td valign="bottom" width="1%"> &#160; </td> <td valign="bottom" width="1%"> &#160; </td> <td valign="bottom" width="1%"> &#160; </td> <td valign="bottom" width="9%"> &#160; </td> <td valign="bottom" width="1%"> &#160; </td> </tr> <tr style="background-color: #C0FFFF;"> <td align="left" valign="bottom" width="40%" style="PADDING-BOTTOM: 2px"> <div style="LINE-HEIGHT: 1.25; TEXT-INDENT: -18pt; DISPLAY: block; MARGIN-LEFT: 18pt; MARGIN-RIGHT: 0pt" align="left"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">Other comprehensive income (loss): Changes in unrealized loss</font> </div> </td> <td valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"> &#160; </td> <td valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid"> &#160; </td> <td valign="bottom" width="9%" style="BORDER-BOTTOM: black 2px solid"> &#160; </td> <td valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"> &#160; </td> <td valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"> &#160; </td> <td valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid"> &#160; </td> <td valign="bottom" width="9%" style="BORDER-BOTTOM: black 2px solid"> &#160; </td> <td valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"> &#160; </td> <td valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"> &#160; </td> <td valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid"> &#160; </td> <td align="right" valign="bottom" width="9%" style="BORDER-BOTTOM: black 2px solid"> <div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="right"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">-</font> </div> </td> <td valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"> &#160; </td> <td valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"> &#160; </td> <td valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid"> &#160; </td> <td align="right" valign="bottom" width="9%" style="BORDER-BOTTOM: black 2px solid"> <div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="right"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">505,481</font> </div> </td> <td valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"> &#160; </td> <td valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"> &#160; </td> <td valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid"> &#160; </td> <td align="right" valign="bottom" width="9%" style="BORDER-BOTTOM: black 2px solid"> <div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="right"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">505,481</font> </div> </td> <td valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"> &#160; </td> </tr> <tr> <td valign="bottom" width="40%"> &#160; </td> <td valign="bottom" width="1%"> &#160; </td> <td valign="bottom" width="1%"> &#160; </td> <td valign="bottom" width="9%"> &#160; </td> <td valign="bottom" width="1%"> &#160; </td> <td valign="bottom" width="1%"> &#160; </td> <td valign="bottom" width="1%"> &#160; </td> <td valign="bottom" width="9%"> &#160; </td> <td valign="bottom" width="1%"> &#160; </td> <td valign="bottom" width="1%"> &#160; </td> <td valign="bottom" width="1%"> &#160; </td> <td valign="bottom" width="9%"> &#160; </td> <td valign="bottom" width="1%"> &#160; </td> <td valign="bottom" width="1%"> &#160; </td> <td valign="bottom" width="1%"> &#160; </td> <td valign="bottom" width="9%"> &#160; </td> <td valign="bottom" width="1%"> &#160; </td> <td valign="bottom" width="1%"> &#160; </td> <td valign="bottom" width="1%"> &#160; </td> <td valign="bottom" width="9%"> &#160; </td> <td valign="bottom" width="1%"> &#160; </td> </tr> <tr style="background-color: #C0FFFF;"> <td align="left" valign="bottom" width="40%" style="PADDING-BOTTOM: 4px"> <div style="LINE-HEIGHT: 1.25; TEXT-INDENT: -18pt; DISPLAY: block; MARGIN-LEFT: 18pt; MARGIN-RIGHT: 0pt" align="left"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">Balance, December 31, 2011</font> </div> </td> <td valign="bottom" width="1%" style="PADDING-BOTTOM: 4px"> &#160; </td> <td align="left" valign="bottom" width="1%" style="BORDER-BOTTOM: black 4px double"> <div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">$</font> </div> </td> <td align="right" valign="bottom" width="9%" style="BORDER-BOTTOM: black 4px double"> <div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="right"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">3,396,658</font> </div> </td> <td valign="bottom" width="1%" style="PADDING-BOTTOM: 4px"> &#160; </td> <td valign="bottom" width="1%" style="PADDING-BOTTOM: 4px"> &#160; </td> <td align="right" valign="bottom" width="1%" style="BORDER-BOTTOM: black 4px double"> <div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="right"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">$</font> </div> </td> <td align="right" valign="bottom" width="9%" style="BORDER-BOTTOM: black 4px double"> <div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="right"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">(1,980,000</font> </div> </td> <td align="left" valign="bottom" width="1%" style="PADDING-BOTTOM: 4px"> <div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">)</font> </div> </td> <td valign="bottom" width="1%" style="PADDING-BOTTOM: 4px"> &#160; </td> <td align="right" valign="bottom" width="1%" style="BORDER-BOTTOM: black 4px double"> <div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="right"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">$</font> </div> </td> <td align="right" valign="bottom" width="9%" style="BORDER-BOTTOM: black 4px double"> <div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="right"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">220,881</font> </div> </td> <td valign="bottom" width="1%" style="PADDING-BOTTOM: 4px"> &#160; </td> <td valign="bottom" width="1%" style="PADDING-BOTTOM: 4px"> &#160; </td> <td align="right" valign="bottom" width="1%" style="BORDER-BOTTOM: black 4px double"> <div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="right"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">$</font> </div> </td> <td align="right" valign="bottom" width="9%" style="BORDER-BOTTOM: black 4px double"> <div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="right"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">(797</font> </div> </td> <td align="left" valign="bottom" width="1%" style="PADDING-BOTTOM: 4px"> <div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">)</font> </div> </td> <td valign="bottom" width="1%" style="PADDING-BOTTOM: 4px"> &#160; </td> <td align="right" valign="bottom" width="1%" style="BORDER-BOTTOM: black 4px double"> <div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="right"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">$</font> </div> </td> <td align="right" valign="bottom" width="9%" style="BORDER-BOTTOM: black 4px double"> <div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: -72pt; MARGIN-RIGHT: 0pt" align="right"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">1,636,742</font> </div> </td> <td valign="bottom" width="1%" style="PADDING-BOTTOM: 4px"> &#160; </td> </tr> </table><br/> <div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"> <font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Note 5 &#8211; Accounts Receivable</font> </div><br/><div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 36pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"> <font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">Accounts receivable at December 31, 2011and 2010 consisted of the following:</font> </div><br/><table cellpadding="0" cellspacing="0" width="100%" style="FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-SIZE: 10pt; FONT-FAMILY: times new roman"> <tr> <td valign="bottom" style="PADDING-BOTTOM: 2px"> &#160; </td> <td valign="bottom" style="PADDING-BOTTOM: 2px"> &#160; </td> <td colspan="2" valign="bottom" style="BORDER-BOTTOM: black 2px solid"> <div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">December 31, 2011</font> </div> </td> <td valign="bottom" style="PADDING-BOTTOM: 2px"> &#160; </td> <td valign="bottom" style="PADDING-BOTTOM: 2px"> &#160; </td> <td colspan="2" valign="bottom" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: center"> <div style="TEXT-ALIGN: center; LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">December 31, 2010</font> </div> </td> <td valign="bottom" style="PADDING-BOTTOM: 2px"> &#160; </td> </tr> <tr> <td valign="bottom" width="70%"> &#160; </td> <td valign="bottom" width="1%"> &#160; </td> <td valign="bottom" width="1%"> &#160; </td> <td valign="bottom" width="12%"> &#160; </td> <td valign="bottom" width="1%"> &#160; </td> <td valign="bottom" width="1%"> &#160; </td> <td valign="bottom" width="1%"> &#160; </td> <td valign="bottom" width="12%"> &#160; </td> <td valign="bottom" width="1%"> &#160; </td> </tr> <tr style="background-color: #C0FFFF;"> <td align="left" valign="bottom" width="70%"> <div style="LINE-HEIGHT: 1.25; TEXT-INDENT: -18pt; DISPLAY: block; MARGIN-LEFT: 18pt; MARGIN-RIGHT: 0pt" align="left"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">Accounts receivable</font> </div> </td> <td valign="bottom" width="1%"> &#160; </td> <td align="left" valign="bottom" width="1%"> <div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">$</font> </div> </td> <td align="right" valign="bottom" width="12%"> <div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="right"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">758,500</font> </div> </td> <td valign="bottom" width="1%"> &#160; </td> <td valign="bottom" width="1%"> &#160; </td> <td align="left" valign="bottom" width="1%"> <div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">$</font> </div> </td> <td align="right" valign="bottom" width="12%"> <div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="right"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">19,115,019</font> </div> </td> <td valign="bottom" width="1%"> &#160; </td> </tr> <tr> <td valign="bottom" width="70%"> &#160; </td> <td valign="bottom" width="1%"> &#160; </td> <td valign="bottom" width="1%"> &#160; </td> <td valign="bottom" width="12%"> &#160; </td> <td valign="bottom" width="1%"> &#160; </td> <td valign="bottom" width="1%"> &#160; </td> <td valign="bottom" width="1%"> &#160; </td> <td valign="bottom" width="12%"> &#160; </td> <td valign="bottom" width="1%"> &#160; </td> </tr> <tr style="background-color: #C0FFFF;"> <td align="left" valign="bottom" width="70%"> <div style="LINE-HEIGHT: 1.25; TEXT-INDENT: -18pt; DISPLAY: block; MARGIN-LEFT: 18pt; MARGIN-RIGHT: 0pt" align="left"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">Allowance for doubtful accounts</font> </div> </td> <td valign="bottom" width="1%"> &#160; </td> <td valign="bottom" width="1%"> &#160; </td> <td align="right" valign="bottom" width="12%"> <div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="right"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">(-</font> </div> </td> <td align="left" valign="bottom" width="1%"> <div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">)</font> </div> </td> <td valign="bottom" width="1%"> &#160; </td> <td valign="bottom" width="1%"> &#160; </td> <td align="right" valign="bottom" width="12%"> <div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="right"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">(-</font> </div> </td> <td align="left" valign="bottom" width="1%"> <div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">)</font> </div> </td> </tr> <tr> <td valign="bottom" width="70%" style="PADDING-BOTTOM: 2px"> &#160; </td> <td valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"> &#160; </td> <td valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid"> &#160; </td> <td valign="bottom" width="12%" style="BORDER-BOTTOM: black 2px solid"> &#160; </td> <td valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"> &#160; </td> <td valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"> &#160; </td> <td valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid"> &#160; </td> <td valign="bottom" width="12%" style="BORDER-BOTTOM: black 2px solid"> &#160; </td> <td valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"> &#160; </td> </tr> <tr style="background-color: #C0FFFF;"> <td valign="bottom" width="70%" style="PADDING-BOTTOM: 4px"> &#160; </td> <td valign="bottom" width="1%" style="PADDING-BOTTOM: 4px"> &#160; </td> <td align="left" valign="bottom" width="1%" style="BORDER-BOTTOM: black 4px double"> <div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">$</font> </div> </td> <td align="right" valign="bottom" width="12%" style="BORDER-BOTTOM: black 4px double"> <div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="right"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">758,500</font> </div> </td> <td valign="bottom" width="1%" style="PADDING-BOTTOM: 4px"> &#160; </td> <td valign="bottom" width="1%" style="PADDING-BOTTOM: 4px"> &#160; </td> <td align="left" valign="bottom" width="1%" style="BORDER-BOTTOM: black 4px double"> <div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">$</font> </div> </td> <td align="right" valign="bottom" width="12%" style="BORDER-BOTTOM: black 4px double"> <div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="right"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">19,115,019</font> </div> </td> <td valign="bottom" width="1%" style="PADDING-BOTTOM: 4px"> &#160; </td> </tr> </table><br/> <div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"> <font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Note 6 &#8211; Inventories</font> </div><br/><div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 36pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"> <font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">Inventories at December 31, 2011 and 2010 consisted of the following:</font> </div><br/><table cellpadding="0" cellspacing="0" width="100%" style="FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-SIZE: 10pt; FONT-FAMILY: times new roman"> <tr> <td valign="bottom" style="PADDING-BOTTOM: 2px"> &#160; </td> <td valign="bottom" style="PADDING-BOTTOM: 2px"> &#160; </td> <td colspan="2" valign="bottom" style="BORDER-BOTTOM: black 2px solid"> <div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">December 31, 2011</font> </div> </td> <td valign="bottom" style="PADDING-BOTTOM: 2px"> &#160; </td> <td valign="bottom" style="PADDING-BOTTOM: 2px"> &#160; </td> <td colspan="2" valign="bottom" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: center"> <div style="TEXT-ALIGN: center; LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">December 31, 2010</font> </div> </td> <td valign="bottom" style="PADDING-BOTTOM: 2px"> &#160; </td> </tr> <tr> <td valign="bottom" width="70%"> &#160; </td> <td valign="bottom" width="1%"> &#160; </td> <td valign="bottom" width="1%"> &#160; </td> <td valign="bottom" width="12%"> &#160; </td> <td valign="bottom" width="1%"> &#160; </td> <td valign="bottom" width="1%"> &#160; </td> <td valign="bottom" width="1%"> &#160; </td> <td valign="bottom" width="12%"> &#160; </td> <td valign="bottom" width="1%"> &#160; </td> </tr> <tr style="background-color: #C0FFFF;"> <td align="left" valign="bottom" width="70%"> <div style="LINE-HEIGHT: 1.25; TEXT-INDENT: -18pt; DISPLAY: block; MARGIN-LEFT: 18pt; MARGIN-RIGHT: 0pt" align="left"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">Raw materials &#8211; scrap metal</font> </div> </td> <td valign="bottom" width="1%"> &#160; </td> <td align="left" valign="bottom" width="1%"> <div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">$</font> </div> </td> <td align="right" valign="bottom" width="12%"> <div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="right"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">10,031,186</font> </div> </td> <td align="left" valign="bottom" width="1%"> <div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">*</font> </div> </td> <td valign="bottom" width="1%"> &#160; </td> <td align="left" valign="bottom" width="1%"> <div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">$</font> </div> </td> <td align="right" valign="bottom" width="12%"> <div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="right"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">1,925,159</font> </div> </td> <td align="left" valign="bottom" width="1%"> <div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">*</font> </div> </td> </tr> <tr> <td valign="bottom" width="70%"> &#160; </td> <td valign="bottom" width="1%"> &#160; </td> <td valign="bottom" width="1%"> &#160; </td> <td valign="bottom" width="12%"> &#160; </td> <td valign="bottom" width="1%"> &#160; </td> <td valign="bottom" width="1%"> &#160; </td> <td valign="bottom" width="1%"> &#160; </td> <td valign="bottom" width="12%"> &#160; </td> <td valign="bottom" width="1%"> &#160; </td> </tr> <tr style="background-color: #C0FFFF;"> <td align="left" valign="bottom" width="70%"> <div style="LINE-HEIGHT: 1.25; TEXT-INDENT: -18pt; DISPLAY: block; MARGIN-LEFT: 18pt; MARGIN-RIGHT: 0pt" align="left"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">Finished goods &#8211; processed scrap metal</font> </div> </td> <td valign="bottom" width="1%"> &#160; </td> <td valign="bottom" width="1%"> &#160; </td> <td align="right" valign="bottom" width="12%"> <div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="right"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">3,833,910</font> </div> </td> <td align="left" valign="bottom" width="1%"> <div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">*</font> </div> </td> <td valign="bottom" width="1%"> &#160; </td> <td valign="bottom" width="1%"> &#160; </td> <td align="right" valign="bottom" width="12%"> <div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="right"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">4,719,339</font> </div> </td> <td align="left" valign="bottom" width="1%"> <div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">*</font> </div> </td> </tr> <tr> <td valign="bottom" width="70%"> &#160; </td> <td valign="bottom" width="1%"> &#160; </td> <td valign="bottom" width="1%"> &#160; </td> <td valign="bottom" width="12%"> &#160; </td> <td valign="bottom" width="1%"> &#160; </td> <td valign="bottom" width="1%"> &#160; </td> <td valign="bottom" width="1%"> &#160; </td> <td valign="bottom" width="12%"> &#160; </td> <td valign="bottom" width="1%"> &#160; </td> </tr> <tr style="background-color: #C0FFFF;"> <td align="left" valign="bottom" width="70%"> <div style="LINE-HEIGHT: 1.25; TEXT-INDENT: -18pt; DISPLAY: block; MARGIN-LEFT: 18pt; MARGIN-RIGHT: 0pt" align="left"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">Purchased merchandise for resale</font> </div> </td> <td valign="bottom" width="1%"> &#160; </td> <td valign="bottom" width="1%"> &#160; </td> <td align="right" valign="bottom" width="12%"> <div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="right"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">19,479,451</font> </div> </td> <td align="left" valign="bottom" width="1%"> <div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">**</font> </div> </td> <td valign="bottom" width="1%"> &#160; </td> <td valign="bottom" width="1%"> &#160; </td> <td align="right" valign="bottom" width="12%"> <div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="right"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">3,795,333</font> </div> </td> <td valign="bottom" width="1%"> &#160; </td> </tr> <tr> <td valign="bottom" width="70%" style="PADDING-BOTTOM: 2px"> &#160; </td> <td valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"> &#160; </td> <td valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid"> &#160; </td> <td valign="bottom" width="12%" style="BORDER-BOTTOM: black 2px solid"> &#160; </td> <td valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"> &#160; </td> <td valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"> &#160; </td> <td valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid"> &#160; </td> <td valign="bottom" width="12%" style="BORDER-BOTTOM: black 2px solid"> &#160; </td> <td valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"> &#160; </td> </tr> <tr style="background-color: #C0FFFF;"> <td valign="bottom" width="70%" style="PADDING-BOTTOM: 4px"> &#160; </td> <td valign="bottom" width="1%" style="PADDING-BOTTOM: 4px"> &#160; </td> <td align="left" valign="bottom" width="1%" style="BORDER-BOTTOM: black 4px double"> <div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">$</font> </div> </td> <td align="right" valign="bottom" width="12%" style="BORDER-BOTTOM: black 4px double"> <div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="right"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">33,344,547</font> </div> </td> <td valign="bottom" width="1%" style="PADDING-BOTTOM: 4px"> &#160; </td> <td valign="bottom" width="1%" style="PADDING-BOTTOM: 4px"> &#160; </td> <td align="left" valign="bottom" width="1%" style="BORDER-BOTTOM: black 4px double"> <div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">$</font> </div> </td> <td align="right" valign="bottom" width="12%" style="BORDER-BOTTOM: black 4px double"> <div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="right"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">10,439,831</font> </div> </td> <td valign="bottom" width="1%" style="PADDING-BOTTOM: 4px"> &#160; </td> </tr> </table><br/><div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 36pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"> <font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">* Renewable Metals&#8217;s raw materials and finished goods are collateralized for loans from the Bank of Communications Lianyungang Branch. Raw materials consisted of scrap metals to be processed and finished goods were comprised of all of the processed scrap metal at Renewable Metals.&#160;&#160;Due to the short duration time for the processing of its scrap metal, there was no material work-in-process inventory at December 31, 2011 or 2010. Substantially all of Renewable Metals&#8217;s raw materials at December 31, 2011 along with processed scrap metal have been processed and sold during the first quarter of 2012.</font> </div><br/><div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 36pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"> <font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">** Purchased merchandise for sale is comprised of all of the metal ores to be resold through the distribution business at Armco HK and Henan, all of which were sold and delivered in the first quarter of 2012.</font> </div><br/><div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 36pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"> <font style="FONT-STYLE: italic; DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font style="DISPLAY: inline; TEXT-DECORATION: underline">Slow-Moving or Obsolescence Markdowns</font></font> </div><br/><div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 36pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"> <font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">The Company recorded no inventory obsolescence adjustments for the year ended December 31, 2011 or 2010.</font> </div><br/><div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 36pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"> <font style="FONT-STYLE: italic; DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font style="DISPLAY: inline; TEXT-DECORATION: underline">Lower of Cost or Market Adjustments</font></font> </div><br/><div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 36pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"> <font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">There was no lower of cost or market adjustments for the year ended December 31, 2011 or 2010.</font> </div><br/> <div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; 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</td> <td valign="bottom" width="12%"> &#160; </td> <td valign="bottom" width="1%"> &#160; </td> <td valign="bottom" width="1%"> &#160; </td> <td valign="bottom" width="12%"> &#160; </td> <td valign="bottom" width="1%"> &#160; </td> <td valign="bottom" width="1%"> &#160; </td> <td valign="bottom" width="1%"> &#160; </td> <td valign="bottom" width="12%"> &#160; </td> <td valign="bottom" width="1%"> &#160; </td> </tr> <tr style="background-color: #C0FFFF;"> <td align="left" valign="bottom" width="58%"> <div style="LINE-HEIGHT: 1.25; TEXT-INDENT: -18pt; DISPLAY: block; MARGIN-LEFT: 18pt; MARGIN-RIGHT: 0pt" align="left"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">Buildings and leasehold improvements (i)</font> </div> </td> <td valign="bottom" width="12%" style="TEXT-ALIGN: center; TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"> <div style="TEXT-ALIGN: center; LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">20</font> </div> </td> <td valign="bottom" width="1%"> &#160; </td> <td align="left" valign="bottom" width="1%"> <div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">$</font> </div> </td> <td align="right" valign="bottom" width="12%"> <div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="right"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">23,923,160</font> </div> </td> <td valign="bottom" width="1%"> &#160; </td> <td valign="bottom" width="1%"> &#160; </td> <td align="left" valign="bottom" width="1%"> <div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">$</font> </div> </td> <td align="right" valign="bottom" width="12%"> <div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="right"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">21,426,672</font> </div> </td> <td align="left" valign="bottom" width="1%"> &#160; </td> </tr> <tr> <td valign="bottom" width="58%"> &#160; </td> <td valign="bottom" width="12%"> &#160; </td> <td valign="bottom" width="1%"> &#160; </td> <td valign="bottom" width="1%"> &#160; </td> <td valign="bottom" width="12%"> &#160; </td> <td valign="bottom" width="1%"> &#160; </td> <td valign="bottom" width="1%"> &#160; </td> <td valign="bottom" width="1%"> &#160; </td> <td valign="bottom" width="12%"> &#160; </td> <td valign="bottom" width="1%"> &#160; </td> </tr> <tr style="background-color: #C0FFFF;"> <td align="left" valign="bottom" width="58%"> <div style="LINE-HEIGHT: 1.25; TEXT-INDENT: -18pt; DISPLAY: block; MARGIN-LEFT: 18pt; MARGIN-RIGHT: 0pt" align="left"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">Construction in progress</font> </div> </td> <td valign="bottom" width="12%"> &#160; </td> <td align="left" valign="bottom" width="1%"> <div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font> </div> </td> <td valign="bottom" width="1%"> &#160; </td> <td align="right" valign="bottom" width="12%"> <div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="right"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">3,251,525</font> </div> </td> <td valign="bottom" width="1%"> &#160; </td> <td valign="bottom" width="1%"> &#160; </td> <td valign="bottom" width="1%"> &#160; </td> <td align="right" valign="bottom" width="12%"> <div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="right"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">32,682</font> </div> </td> <td valign="bottom" width="1%"> &#160; </td> </tr> <tr> <td valign="bottom" width="58%"> &#160; </td> <td valign="bottom" width="12%"> &#160; </td> <td valign="bottom" width="1%"> &#160; </td> <td valign="bottom" width="1%"> &#160; </td> <td valign="bottom" width="12%"> &#160; </td> <td valign="bottom" width="1%"> &#160; </td> <td valign="bottom" width="1%"> &#160; </td> <td valign="bottom" width="1%"> &#160; </td> <td valign="bottom" width="12%"> &#160; </td> <td valign="bottom" width="1%"> &#160; </td> </tr> <tr style="background-color: #C0FFFF;"> <td align="left" valign="bottom" width="58%"> <div style="LINE-HEIGHT: 1.25; TEXT-INDENT: -18pt; DISPLAY: block; MARGIN-LEFT: 18pt; MARGIN-RIGHT: 0pt" align="left"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">Machinery and equipment</font> </div> </td> <td valign="bottom" width="12%" style="TEXT-ALIGN: center; TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"> <div style="TEXT-ALIGN: center; LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">7</font> </div> </td> <td valign="bottom" width="1%"> &#160; </td> <td valign="bottom" width="1%"> &#160; </td> <td align="right" valign="bottom" width="12%"> <div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="right"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">13,536,934</font> </div> </td> <td valign="bottom" width="1%"> &#160; </td> <td valign="bottom" width="1%"> &#160; </td> <td valign="bottom" width="1%"> &#160; </td> <td align="right" valign="bottom" width="12%"> <div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="right"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">11,954,005</font> </div> </td> <td valign="bottom" width="1%"> &#160; </td> </tr> <tr> <td valign="bottom" width="58%"> &#160; </td> <td valign="bottom" width="12%"> &#160; </td> <td valign="bottom" width="1%"> &#160; </td> <td valign="bottom" width="1%"> &#160; </td> <td valign="bottom" width="12%"> &#160; </td> <td valign="bottom" width="1%"> &#160; </td> <td valign="bottom" width="1%"> &#160; </td> <td valign="bottom" width="1%"> &#160; </td> <td valign="bottom" width="12%"> &#160; </td> <td valign="bottom" width="1%"> &#160; </td> </tr> <tr style="background-color: #C0FFFF;"> <td align="left" valign="bottom" width="58%"> <div style="LINE-HEIGHT: 1.25; TEXT-INDENT: -18pt; DISPLAY: block; MARGIN-LEFT: 18pt; MARGIN-RIGHT: 0pt" align="left"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">Vehicles</font> </div> </td> <td valign="bottom" width="12%" style="TEXT-ALIGN: center; TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"> <div style="TEXT-ALIGN: center; LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">5</font> </div> </td> <td valign="bottom" width="1%"> &#160; </td> <td valign="bottom" width="1%"> &#160; </td> <td align="right" valign="bottom" width="12%"> <div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="right"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">1,203,692</font> </div> </td> <td valign="bottom" width="1%"> &#160; </td> <td valign="bottom" width="1%"> &#160; </td> <td valign="bottom" width="1%"> &#160; </td> <td align="right" valign="bottom" width="12%"> <div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="right"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">1,034,961</font> </div> </td> <td valign="bottom" width="1%"> &#160; </td> </tr> <tr> <td valign="bottom" width="58%"> &#160; </td> <td valign="bottom" width="12%"> &#160; </td> <td valign="bottom" width="1%"> &#160; </td> <td valign="bottom" width="1%"> &#160; </td> <td valign="bottom" width="12%"> &#160; </td> <td valign="bottom" width="1%"> &#160; </td> <td valign="bottom" width="1%"> &#160; </td> <td valign="bottom" width="1%"> &#160; </td> <td valign="bottom" width="12%"> &#160; </td> <td valign="bottom" width="1%"> &#160; </td> </tr> <tr style="background-color: #C0FFFF;"> <td align="left" valign="bottom" width="58%"> <div style="LINE-HEIGHT: 1.25; TEXT-INDENT: -18pt; DISPLAY: block; MARGIN-LEFT: 18pt; MARGIN-RIGHT: 0pt" align="left"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">Office equipment</font> </div> </td> <td valign="bottom" width="12%" style="TEXT-ALIGN: center; TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"> <div style="TEXT-ALIGN: center; LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">5-8</font> </div> </td> <td valign="bottom" width="1%"> &#160; </td> <td valign="bottom" width="1%"> &#160; </td> <td align="right" valign="bottom" width="12%"> <div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="right"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">250,126</font> </div> </td> <td valign="bottom" width="1%"> &#160; </td> <td valign="bottom" width="1%"> &#160; </td> <td valign="bottom" width="1%"> &#160; </td> <td align="right" valign="bottom" width="12%"> <div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="right"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">185,319</font> </div> </td> <td valign="bottom" width="1%"> &#160; </td> </tr> <tr> <td valign="bottom" width="58%" style="PADDING-BOTTOM: 2px"> &#160; </td> <td valign="bottom" width="12%" style="PADDING-BOTTOM: 2px"> &#160; </td> <td valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"> &#160; </td> <td valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid"> &#160; </td> <td valign="bottom" width="12%" style="BORDER-BOTTOM: black 2px solid"> &#160; </td> <td valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"> &#160; </td> <td valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"> &#160; </td> <td valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid"> &#160; </td> <td valign="bottom" width="12%" style="BORDER-BOTTOM: black 2px solid"> &#160; </td> <td valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"> &#160; </td> </tr> <tr style="background-color: #C0FFFF;"> <td valign="bottom" width="58%"> &#160; </td> <td valign="bottom" width="12%"> &#160; </td> <td valign="bottom" width="1%"> &#160; </td> <td valign="bottom" width="1%"> &#160; </td> <td align="right" valign="bottom" width="12%"> <div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="right"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">42,165,437</font> </div> </td> <td valign="bottom" width="1%"> &#160; </td> <td valign="bottom" width="1%"> &#160; </td> <td valign="bottom" width="1%"> &#160; </td> <td align="right" valign="bottom" width="12%"> <div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="right"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">34,633,639</font> </div> </td> <td align="left" valign="bottom" width="1%"> &#160; </td> </tr> <tr> <td valign="bottom" width="58%"> &#160; </td> <td valign="bottom" width="12%"> &#160; </td> <td valign="bottom" width="1%"> &#160; </td> <td valign="bottom" width="1%"> &#160; </td> <td valign="bottom" width="12%"> &#160; </td> <td valign="bottom" width="1%"> &#160; </td> <td valign="bottom" width="1%"> &#160; </td> <td valign="bottom" width="1%"> &#160; </td> <td valign="bottom" width="12%"> &#160; </td> <td valign="bottom" width="1%"> &#160; </td> </tr> <tr style="background-color: #C0FFFF;"> <td align="left" valign="bottom" width="58%"> <div style="LINE-HEIGHT: 1.25; TEXT-INDENT: -18pt; DISPLAY: block; MARGIN-LEFT: 27pt; MARGIN-RIGHT: 0pt" align="left"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">Less accumulated depreciation (ii)</font> </div> </td> <td valign="bottom" width="12%"> &#160; </td> <td valign="bottom" width="1%"> &#160; </td> <td valign="bottom" width="1%"> &#160; </td> <td align="right" valign="bottom" width="12%"> <div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="right"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">(3,514,893</font> </div> </td> <td align="left" valign="bottom" width="1%"> <div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">)</font> </div> </td> <td valign="bottom" width="1%"> &#160; </td> <td valign="bottom" width="1%"> &#160; </td> <td align="right" valign="bottom" width="12%"> <div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="right"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">(761,515</font> </div> </td> <td align="left" valign="bottom" width="1%"> <div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">)</font> </div> </td> </tr> <tr> <td valign="bottom" width="58%" style="PADDING-BOTTOM: 2px"> &#160; </td> <td valign="bottom" width="12%" style="PADDING-BOTTOM: 2px"> &#160; </td> <td valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"> &#160; </td> <td valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid"> &#160; </td> <td valign="bottom" width="12%" style="BORDER-BOTTOM: black 2px solid"> &#160; </td> <td valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"> &#160; </td> <td valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"> &#160; </td> <td valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid"> &#160; </td> <td valign="bottom" width="12%" style="BORDER-BOTTOM: black 2px solid"> &#160; </td> <td valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"> &#160; </td> </tr> <tr style="background-color: #C0FFFF;"> <td valign="bottom" width="58%" style="PADDING-BOTTOM: 4px"> &#160; </td> <td valign="bottom" width="12%" style="PADDING-BOTTOM: 4px"> &#160; </td> <td valign="bottom" width="1%" style="PADDING-BOTTOM: 4px"> &#160; </td> <td align="left" valign="bottom" width="1%" style="BORDER-BOTTOM: black 4px double"> <div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">$</font> </div> </td> <td align="right" valign="bottom" width="12%" style="BORDER-BOTTOM: black 4px double"> <div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="right"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">38,650,544</font> </div> </td> <td valign="bottom" width="1%" style="PADDING-BOTTOM: 4px"> &#160; </td> <td valign="bottom" width="1%" style="PADDING-BOTTOM: 4px"> &#160; </td> <td align="left" valign="bottom" width="1%" style="BORDER-BOTTOM: black 4px double"> <div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">$</font> </div> </td> <td align="right" valign="bottom" width="12%" style="BORDER-BOTTOM: black 4px double"> <div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="right"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">33,872,124</font> </div> </td> <td align="left" valign="bottom" width="1%" style="PADDING-BOTTOM: 4px"> &#160; </td> </tr> </table><br/><div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 36pt; MARGIN-RIGHT: 0pt" align="justify"> <font style="FONT-STYLE: italic; DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; TEXT-DECORATION: underline"><font style="DISPLAY: inline">(i)</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="DISPLAY: inline">Capitalized Interest</font></font> </div><br/><div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 72pt; MARGIN-RIGHT: 0pt" align="justify"> <font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">For the year ended December 31, 2011 and 2010, the Company capitalized $0 and $257,020 of interest to fixed assets, respectively.</font> </div><br/><div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 36pt; MARGIN-RIGHT: 0pt" align="justify"> <font style="FONT-STYLE: italic; DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; TEXT-DECORATION: underline"><font style="DISPLAY: inline">(ii)</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="DISPLAY: inline">Depreciation and Amortization Expense</font></font> </div><br/><div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 72pt; MARGIN-RIGHT: 0pt" align="justify"> <font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">Depreciation and amortization expense for the year ended December 31, 2011 and 2010 was $2,726,315, and $629,272, respectively.</font> </div><br/><div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 36pt; MARGIN-RIGHT: 0pt" align="justify"> <font style="FONT-STYLE: italic; DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; TEXT-DECORATION: underline"><font style="DISPLAY: inline">(iii)</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="DISPLAY: inline">Collateralization of Property, Plant and Equipment</font></font> </div><br/><div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 72pt; MARGIN-RIGHT: 0pt" align="justify"> <font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">Both Renewable Metals and Lianyungang Armco&#8217;s property, plant and equipment representing substantially all of the Company&#8217;s property, plant and equipment are collateralized for loans from the Bank of China Lianyungang Branch.</font> </div><br/> <div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"> <font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Note 8 &#8211; Land Use Rights</font> </div><br/><div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"> <font style="FONT-STYLE: italic; DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font style="DISPLAY: inline; TEXT-DECORATION: underline">Renewable Metals</font></font> </div><br/><div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 36pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"> <font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">On September 28, 2007, Renewable Metals entered into an agreement with the Chinese government, whereby the Company paid RMB 14,384,002 to acquire the right to use 129,585.60 square meter of land for approximate 50 years.&#160;&#160;In November 2007, the Company expended additional RMB 1,076,300 in aggregate in land survey, transfer agent fees and land use right transfer tax in connection with the acquisition of the land use right and obtained the land use right certificate (Certificate No. 017158277) expiring December 30, 2058 on November 20, 2007.&#160;&#160;The purchase price and related acquisition costs are being amortized over the term of the right of approximately fifty (50) years.</font> </div><br/><div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"> <font style="FONT-STYLE: italic; DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font style="DISPLAY: inline; TEXT-DECORATION: underline">Lianyungang Armco</font></font> </div><br/><div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 36pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"> <font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">On September 2, 2010, the Company entered into an agreement with the Chinese government, whereby the Company made a deposit of RMB8,160,000 in aggregate towards the acquisition of the right to use 199,999 square meter of land for RMB40,800,000.&#160;&#160;On April 13, 2011, the Company paid an additional RMB16,320,000 to acquire the land use right to use 100,045 square meter of land and obtained the related certificate of the land use right (Certificate No. (L) LUR (2011) Y003218) expiring September 9, 2060 on October 25, 2011.&#160;&#160;The Company expended an additional RMB 900,067 in aggregate in land survey, transfer agent fees and land use right transfer tax in connection with the acquisition of the land use right.&#160;&#160;In addition, Lianyungang Armco expended an additional RMB20,674,830 to level the land as of December 31, 2011, which was recorded as construction in progress included in consolidated balance sheets.&#160;&#160;The purchase price and related acquisition costs shall be amortized over the term of the right of approximately fifty (50) years when the land is ready to use in the intended purpose.</font> </div><br/><div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 36pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"> <font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">The Company needs to pay an additional RMB16,320,000 (equivalent to $2,566,643 using U.S. Dollar to RMB at 6.3585 exchange rate) to acquire the land use right to use the remaining 100,045 square meter of land.</font> </div><br/><div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 36pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"> <font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">The short term plan for this parcel of land is for warehouse of raw materials and products when Renewable Metals&#8217; space becomes scarce for future expansion and the long term plan for the land is to construct automobile dismantling production line or build a scrap metal trading market center, depending on the Company&#8217;s progress on obtaining necessary license and permits and market conditions.</font> </div><br/><div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 36pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"> <font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">Land use rights, stated at cost, less accumulated amortization at December 31, 2011 and 2010, consisted of the following:</font> </div><br/><table cellpadding="0" cellspacing="0" width="100%" style="FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-SIZE: 10pt; FONT-FAMILY: times new roman"> <tr> <td valign="bottom" style="PADDING-BOTTOM: 2px"> &#160; </td> <td valign="bottom" style="PADDING-BOTTOM: 2px"> &#160; </td> <td colspan="2" valign="bottom" style="BORDER-BOTTOM: black 2px solid"> <div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">December 31, 2011</font> </div> </td> <td valign="bottom" style="PADDING-BOTTOM: 2px"> &#160; </td> <td valign="bottom" style="PADDING-BOTTOM: 2px"> &#160; </td> <td colspan="2" valign="bottom" style="BORDER-BOTTOM: black 2px solid"> <div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">December 31, 2010</font> </div> </td> <td valign="bottom" style="PADDING-BOTTOM: 2px"> &#160; </td> </tr> <tr> <td valign="bottom" width="70%"> &#160; </td> <td valign="bottom" width="1%"> &#160; </td> <td valign="bottom" width="1%"> &#160; </td> <td valign="bottom" width="12%"> &#160; </td> <td valign="bottom" width="1%"> &#160; </td> <td valign="bottom" width="1%"> &#160; </td> <td valign="bottom" width="1%"> &#160; </td> <td valign="bottom" width="12%"> &#160; </td> <td valign="bottom" width="1%"> &#160; </td> </tr> <tr style="background-color: #C0FFFF;"> <td valign="bottom" width="70%" style="TEXT-ALIGN: left; TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"> <div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">Renewable Metals</font> </div> </td> <td valign="bottom" width="1%"> &#160; </td> <td valign="bottom" width="1%"> &#160; </td> <td valign="bottom" width="12%"> &#160; </td> <td valign="bottom" width="1%"> &#160; </td> <td valign="bottom" width="1%"> &#160; </td> <td valign="bottom" width="1%"> &#160; </td> <td valign="bottom" width="12%"> &#160; </td> <td valign="bottom" width="1%"> &#160; </td> </tr> <tr> <td valign="bottom" width="70%"> &#160; </td> <td valign="bottom" width="1%"> &#160; </td> <td valign="bottom" width="1%"> &#160; </td> <td valign="bottom" width="12%"> &#160; </td> <td valign="bottom" width="1%"> &#160; </td> <td valign="bottom" width="1%"> &#160; </td> <td valign="bottom" width="1%"> &#160; </td> <td valign="bottom" width="12%"> &#160; </td> <td valign="bottom" width="1%"> &#160; </td> </tr> <tr style="background-color: #C0FFFF;"> <td valign="bottom" width="70%" style="TEXT-ALIGN: left; TEXT-INDENT: 9pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"> <div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.25; TEXT-INDENT: 9pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">Land use right</font> </div> </td> <td valign="bottom" width="1%"> &#160; </td> <td align="left" valign="bottom" width="1%"> <div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">$</font> </div> </td> <td align="right" valign="bottom" width="12%"> <div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="right"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">2,431,438</font> </div> </td> <td valign="bottom" width="1%"> &#160; </td> <td valign="bottom" width="1%"> &#160; </td> <td align="left" valign="bottom" width="1%"> <div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">$</font> </div> </td> <td align="right" valign="bottom" width="12%"> <div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="right"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">2,338,289</font> </div> </td> <td valign="bottom" width="1%"> &#160; </td> </tr> <tr> <td valign="bottom" width="70%"> &#160; </td> <td valign="bottom" width="1%"> &#160; </td> <td valign="bottom" width="1%"> &#160; </td> <td valign="bottom" width="12%"> &#160; </td> <td valign="bottom" width="1%"> &#160; </td> <td valign="bottom" width="1%"> &#160; </td> <td valign="bottom" width="1%"> &#160; </td> <td valign="bottom" width="12%"> &#160; </td> <td valign="bottom" width="1%"> &#160; </td> </tr> <tr style="background-color: #C0FFFF;"> <td valign="bottom" width="70%" style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px; TEXT-INDENT: 9pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"> <div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.25; TEXT-INDENT: 9pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">Accumulated amortization</font> </div> </td> <td valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"> &#160; </td> <td valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid"> &#160; </td> <td align="right" valign="bottom" width="12%" style="BORDER-BOTTOM: black 2px solid"> <div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="right"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">(209,474</font> </div> </td> <td align="left" valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"> <div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">)</font> </div> </td> <td valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"> &#160; </td> <td valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid"> &#160; </td> <td align="right" valign="bottom" width="12%" style="BORDER-BOTTOM: black 2px solid"> <div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="right"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">(153,965</font> </div> </td> <td align="left" valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"> <div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">)</font> </div> </td> </tr> <tr> <td valign="bottom" width="70%" style="TEXT-ALIGN: left; TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"> &#160; </td> <td valign="bottom" width="1%"> &#160; </td> <td valign="bottom" width="1%"> &#160; </td> <td valign="bottom" width="12%"> &#160; </td> <td valign="bottom" width="1%"> &#160; </td> <td valign="bottom" width="1%"> &#160; </td> <td valign="bottom" width="1%"> &#160; </td> <td valign="bottom" width="12%"> &#160; </td> <td valign="bottom" width="1%"> &#160; </td> </tr> <tr style="background-color: #C0FFFF;"> <td valign="bottom" width="70%" style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px; TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"> &#160; </td> <td valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"> &#160; </td> <td valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid"> &#160; </td> <td align="right" valign="bottom" width="12%" style="BORDER-BOTTOM: black 2px solid"> <div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="right"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">2,221,964</font> </div> </td> <td valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"> &#160; </td> <td valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"> &#160; </td> <td valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid"> &#160; </td> <td align="right" valign="bottom" width="12%" style="BORDER-BOTTOM: black 2px solid"> <div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="right"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">2,184,324</font> </div> </td> <td valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"> &#160; </td> </tr> <tr> <td valign="bottom" width="70%" style="TEXT-ALIGN: left; TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"> &#160; </td> <td valign="bottom" width="1%"> &#160; </td> <td valign="bottom" width="1%"> &#160; </td> <td valign="bottom" width="12%"> &#160; </td> <td valign="bottom" width="1%"> &#160; </td> <td valign="bottom" width="1%"> &#160; </td> <td valign="bottom" width="1%"> &#160; </td> <td valign="bottom" width="12%"> &#160; </td> <td valign="bottom" width="1%"> &#160; </td> </tr> <tr style="background-color: #C0FFFF;"> <td valign="bottom" width="70%" style="TEXT-ALIGN: left; TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"> <div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">Lianyungang Armco</font> </div> </td> <td valign="bottom" width="1%"> &#160; </td> <td valign="bottom" width="1%"> &#160; </td> <td valign="bottom" width="12%"> &#160; </td> <td valign="bottom" width="1%"> &#160; </td> <td valign="bottom" width="1%"> &#160; </td> <td valign="bottom" width="1%"> &#160; </td> <td valign="bottom" width="12%"> &#160; </td> <td valign="bottom" width="1%"> &#160; </td> </tr> <tr> <td valign="bottom" width="70%" style="TEXT-ALIGN: left; TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"> &#160; </td> <td valign="bottom" width="1%"> &#160; </td> <td valign="bottom" width="1%"> &#160; </td> <td valign="bottom" width="12%"> &#160; </td> <td valign="bottom" width="1%"> &#160; </td> <td valign="bottom" width="1%"> &#160; </td> <td valign="bottom" width="1%"> &#160; </td> <td valign="bottom" width="12%"> &#160; </td> <td valign="bottom" width="1%"> &#160; </td> </tr> <tr style="background-color: #C0FFFF;"> <td valign="bottom" width="70%" style="TEXT-ALIGN: left; TEXT-INDENT: 9pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"> <div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.25; TEXT-INDENT: 9pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">Land use right</font> </div> </td> <td valign="bottom" width="1%"> &#160; </td> <td valign="bottom" width="1%"> &#160; </td> <td align="right" valign="bottom" width="12%"> <div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="right"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">3,991,518</font> </div> </td> <td valign="bottom" width="1%"> &#160; </td> <td valign="bottom" width="1%"> &#160; </td> <td valign="bottom" width="1%"> &#160; </td> <td align="right" valign="bottom" width="12%"> <div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="right"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">-</font> </div> </td> <td valign="bottom" width="1%"> &#160; </td> </tr> <tr> <td valign="bottom" width="70%" style="TEXT-ALIGN: left; TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"> &#160; </td> <td valign="bottom" width="1%"> &#160; </td> <td valign="bottom" width="1%"> &#160; </td> <td valign="bottom" width="12%"> &#160; </td> <td valign="bottom" width="1%"> &#160; </td> <td valign="bottom" width="1%"> &#160; </td> <td valign="bottom" width="1%"> &#160; </td> <td valign="bottom" width="12%"> &#160; </td> <td valign="bottom" width="1%"> &#160; </td> </tr> <tr style="background-color: #C0FFFF;"> <td valign="bottom" width="70%" style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px; TEXT-INDENT: 9pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"> <div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.25; TEXT-INDENT: 9pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">Accumulated amortization</font> </div> </td> <td valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"> &#160; </td> <td valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid"> &#160; </td> <td align="right" valign="bottom" width="12%" style="BORDER-BOTTOM: black 2px solid"> <div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="right"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">(-</font> </div> </td> <td align="left" valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"> <div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">)</font> </div> </td> <td valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"> &#160; </td> <td valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid"> &#160; </td> <td align="right" valign="bottom" width="12%" style="BORDER-BOTTOM: black 2px solid"> <div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="right"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">(-</font> </div> </td> <td align="left" valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"> <div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">)</font> </div> </td> </tr> <tr> <td valign="bottom" width="70%" style="TEXT-ALIGN: left; TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"> &#160; </td> <td valign="bottom" width="1%"> &#160; </td> <td valign="bottom" width="1%"> &#160; </td> <td valign="bottom" width="12%"> &#160; </td> <td valign="bottom" width="1%"> &#160; </td> <td valign="bottom" width="1%"> &#160; </td> <td valign="bottom" width="1%"> &#160; </td> <td valign="bottom" width="12%"> &#160; </td> <td valign="bottom" width="1%"> &#160; </td> </tr> <tr style="background-color: #C0FFFF;"> <td valign="bottom" width="70%" style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px; TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"> &#160; </td> <td valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"> &#160; </td> <td valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid"> &#160; </td> <td align="right" valign="bottom" width="12%" style="BORDER-BOTTOM: black 2px solid"> <div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="right"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">3,991,518</font> </div> </td> <td valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"> &#160; </td> <td valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"> &#160; </td> <td valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid"> &#160; </td> <td align="right" valign="bottom" width="12%" style="BORDER-BOTTOM: black 2px solid"> <div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="right"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">-</font> </div> </td> <td valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"> &#160; </td> </tr> <tr> <td valign="bottom" width="70%" style="TEXT-ALIGN: left; TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"> &#160; </td> <td valign="bottom" width="1%"> &#160; </td> <td valign="bottom" width="1%"> &#160; </td> <td valign="bottom" width="12%"> &#160; </td> <td valign="bottom" width="1%"> &#160; </td> <td valign="bottom" width="1%"> &#160; </td> <td valign="bottom" width="1%"> &#160; </td> <td valign="bottom" width="12%"> &#160; </td> <td valign="bottom" width="1%"> &#160; </td> </tr> <tr style="background-color: #C0FFFF;"> <td valign="bottom" width="70%" style="TEXT-ALIGN: left; TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"> <div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">Total</font> </div> </td> <td valign="bottom" width="1%"> &#160; </td> <td valign="bottom" width="1%"> &#160; </td> <td valign="bottom" width="12%"> &#160; </td> <td valign="bottom" width="1%"> &#160; </td> <td valign="bottom" width="1%"> &#160; </td> <td valign="bottom" width="1%"> &#160; </td> <td valign="bottom" width="12%"> &#160; </td> <td valign="bottom" width="1%"> &#160; </td> </tr> <tr> <td valign="bottom" width="70%" style="TEXT-ALIGN: left; TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"> &#160; </td> <td valign="bottom" width="1%"> &#160; </td> <td valign="bottom" width="1%"> &#160; </td> <td valign="bottom" width="12%"> &#160; </td> <td valign="bottom" width="1%"> &#160; </td> <td valign="bottom" width="1%"> &#160; </td> <td valign="bottom" width="1%"> &#160; </td> <td valign="bottom" width="12%"> &#160; </td> <td valign="bottom" width="1%"> &#160; </td> </tr> <tr style="background-color: #C0FFFF;"> <td valign="bottom" width="70%" style="TEXT-ALIGN: left; TEXT-INDENT: 9pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"> <div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.25; TEXT-INDENT: 9pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">Land use right</font> </div> </td> <td valign="bottom" width="1%"> &#160; </td> <td valign="bottom" width="1%"> &#160; </td> <td align="right" valign="bottom" width="12%"> <div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="right"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">6,422,956</font> </div> </td> <td valign="bottom" width="1%"> &#160; </td> <td valign="bottom" width="1%"> &#160; </td> <td valign="bottom" width="1%"> &#160; </td> <td align="right" valign="bottom" width="12%"> <div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="right"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">-</font> </div> </td> <td valign="bottom" width="1%"> &#160; </td> </tr> <tr> <td valign="bottom" width="70%" style="TEXT-ALIGN: left; TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"> &#160; </td> <td valign="bottom" width="1%"> &#160; </td> <td valign="bottom" width="1%"> &#160; </td> <td valign="bottom" width="12%"> &#160; </td> <td valign="bottom" width="1%"> &#160; </td> <td valign="bottom" width="1%"> &#160; </td> <td valign="bottom" width="1%"> &#160; </td> <td valign="bottom" width="12%"> &#160; </td> <td valign="bottom" width="1%"> &#160; </td> </tr> <tr style="background-color: #C0FFFF;"> <td valign="bottom" width="70%" style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px; TEXT-INDENT: 9pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"> <div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.25; TEXT-INDENT: 9pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">Accumulated amortization</font> </div> </td> <td valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"> &#160; </td> <td valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid"> &#160; </td> <td align="right" valign="bottom" width="12%" style="BORDER-BOTTOM: black 2px solid"> <div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="right"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">(209,474</font> </div> </td> <td align="left" valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"> <div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">)</font> </div> </td> <td valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"> &#160; </td> <td valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid"> &#160; </td> <td align="right" valign="bottom" width="12%" style="BORDER-BOTTOM: black 2px solid"> <div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="right"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">(-</font> </div> </td> <td align="left" valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"> <div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">)</font> </div> </td> </tr> <tr> <td valign="bottom" width="70%" style="TEXT-ALIGN: left; TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"> &#160; </td> <td valign="bottom" width="1%"> &#160; </td> <td valign="bottom" width="1%"> &#160; </td> <td valign="bottom" width="12%"> &#160; </td> <td valign="bottom" width="1%"> &#160; </td> <td valign="bottom" width="1%"> &#160; </td> <td valign="bottom" width="1%"> &#160; </td> <td valign="bottom" width="12%"> &#160; </td> <td valign="bottom" width="1%"> &#160; </td> </tr> <tr style="background-color: #C0FFFF;"> <td valign="bottom" width="70%" style="TEXT-ALIGN: left; PADDING-BOTTOM: 4px; TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"> &#160; </td> <td valign="bottom" width="1%" style="PADDING-BOTTOM: 4px"> &#160; </td> <td align="left" valign="bottom" width="1%" style="BORDER-BOTTOM: black 4px double"> <div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">$</font> </div> </td> <td align="right" valign="bottom" width="12%" style="BORDER-BOTTOM: black 4px double"> <div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="right"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">6,213,482</font> </div> </td> <td valign="bottom" width="1%" style="PADDING-BOTTOM: 4px"> &#160; </td> <td valign="bottom" width="1%" style="PADDING-BOTTOM: 4px"> &#160; </td> <td align="left" valign="bottom" width="1%" style="BORDER-BOTTOM: black 4px double"> <div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">$</font> </div> </td> <td align="right" valign="bottom" width="12%" style="BORDER-BOTTOM: black 4px double"> <div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="right"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">2,184,324</font> </div> </td> <td align="left" valign="bottom" width="1%" style="PADDING-BOTTOM: 4px"> &#160; </td> </tr> </table><br/><div style="TEXT-ALIGN: left; TEXT-INDENT: 36pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"> <font style="TEXT-DECORATION: underline"><font style="FONT-STYLE: italic; DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">(i)</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; <font style="FONT-STYLE: italic; DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"><font style="DISPLAY: inline">Amortization Expense</font></font></font> </div><br/><div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 72pt; MARGIN-RIGHT: 0pt" align="justify"> <font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">Amortization expense for the year ended December 31, 2011and 2010 was $49,376 and $34,736 respectively.</font> </div><br/><div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 36pt; MARGIN-RIGHT: 0pt" align="justify"> <font style="FONT-STYLE: italic; DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; TEXT-DECORATION: underline"><font style="DISPLAY: inline">(iii)</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="DISPLAY: inline">Collateralization of Land Use Rights</font></font> </div><br/><div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 72pt; MARGIN-RIGHT: 0pt" align="justify"> <font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">Both Renewable Metals and Lianyungang Armco&#8217;s land use rights representing all of the Company&#8217;s land use rights are collateralized for loans from the Bank of China Lianyungang Branch.</font> </div><br/> <div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"> <font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Note 9 &#8211; Loans Payable</font> </div><br/><div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 36pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"> <font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">Loans payable at December 31, 2011and 2010 consisted of the following:</font> </div><br/><table cellpadding="0" cellspacing="0" width="100%" style="FONT-FAMILY: times new roman; 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TEXT-INDENT: -18pt; DISPLAY: block; MARGIN-LEFT: 18pt; MARGIN-RIGHT: 0pt" align="left"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">Armco HK</font> </div> </td> <td valign="bottom" width="1%"> &#160; </td> <td valign="bottom" width="1%"> &#160; </td> <td valign="bottom" width="12%"> &#160; </td> <td valign="bottom" width="1%"> &#160; </td> <td valign="bottom" width="1%"> &#160; </td> <td valign="bottom" width="1%"> &#160; </td> <td valign="bottom" width="12%"> &#160; </td> <td valign="bottom" width="1%"> &#160; </td> </tr> <tr> <td valign="bottom" width="70%"> &#160; </td> <td valign="bottom" width="1%"> &#160; </td> <td valign="bottom" width="1%"> &#160; </td> <td valign="bottom" width="12%"> &#160; </td> <td valign="bottom" width="1%"> &#160; </td> <td valign="bottom" width="1%"> &#160; </td> <td valign="bottom" width="1%"> &#160; </td> <td valign="bottom" width="12%"> &#160; </td> <td valign="bottom" width="1%"> &#160; </td> </tr> <tr style="background-color: #C0FFFF;"> <td align="left" valign="bottom" width="70%"> <div style="LINE-HEIGHT: 1.25; TEXT-INDENT: -9pt; DISPLAY: block; MARGIN-LEFT: 18pt; MARGIN-RIGHT: 0pt" align="left"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">Loan payable to RZB Austria Finance (Hong Kong) Limited, collateralized by certain of the Company&#8217;s inventory, guaranteed by the Company&#8217;s Chairman and Chief Executive Officer, with interest at the bank&#8217;s cost of funds plus 200 basis points, per annum, payable monthly, with principal due and repaid in full on January 26, 2011.</font> </div> </td> <td valign="bottom" width="1%"> &#160; </td> <td valign="bottom" width="1%"> &#160; </td> <td align="right" valign="bottom" width="12%"> <div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="right"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">-</font> </div> </td> <td valign="bottom" width="1%"> &#160; </td> <td valign="bottom" width="1%"> &#160; </td> <td valign="bottom" width="1%"> &#160; </td> <td align="right" valign="bottom" width="12%"> <div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="right"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">2,145,246</font> </div> </td> <td valign="bottom" width="1%"> &#160; </td> </tr> <tr> <td valign="bottom" width="70%"> &#160; </td> <td valign="bottom" width="1%"> &#160; </td> <td valign="bottom" width="1%"> &#160; </td> <td valign="bottom" width="12%"> &#160; </td> <td valign="bottom" width="1%"> &#160; </td> <td valign="bottom" width="1%"> &#160; </td> <td valign="bottom" width="1%"> &#160; </td> <td valign="bottom" width="12%"> &#160; </td> <td valign="bottom" width="1%"> &#160; </td> </tr> <tr style="background-color: #C0FFFF;"> <td align="left" valign="bottom" width="70%"> <div style="LINE-HEIGHT: 1.25; TEXT-INDENT: -9pt; DISPLAY: block; MARGIN-LEFT: 18pt; MARGIN-RIGHT: 0pt" align="left"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">Loan payable to RZB Austria Finance (Hong Kong) Limited, collateralized by certain of the Company&#8217;s inventory, guaranteed by the Company&#8217;s Chairman and Chief Executive Officer, with interest at the bank&#8217;s cost of funds plus 200 basis points per annum, with principal and interest due and repaid in full on January 12, 2012.</font> </div> </td> <td valign="bottom" width="1%"> &#160; </td> <td valign="bottom" width="1%"> &#160; </td> <td align="right" valign="bottom" width="12%"> <div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="right"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">325,196</font> </div> </td> <td valign="bottom" width="1%"> &#160; </td> <td valign="bottom" width="1%"> &#160; </td> <td valign="bottom" width="1%"> &#160; </td> <td align="right" valign="bottom" width="12%"> <div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="right"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">-</font> </div> </td> <td valign="bottom" width="1%"> &#160; </td> </tr> <tr> <td valign="bottom" width="70%"> &#160; </td> <td valign="bottom" width="1%"> &#160; </td> <td valign="bottom" width="1%"> &#160; </td> <td valign="bottom" width="12%"> &#160; </td> <td valign="bottom" width="1%"> &#160; </td> <td valign="bottom" width="1%"> &#160; </td> <td valign="bottom" width="1%"> &#160; </td> <td valign="bottom" width="12%"> &#160; </td> <td valign="bottom" width="1%"> &#160; </td> </tr> <tr style="background-color: #C0FFFF;"> <td align="left" valign="bottom" width="70%"> <div style="LINE-HEIGHT: 1.25; TEXT-INDENT: -9pt; DISPLAY: block; MARGIN-LEFT: 18pt; MARGIN-RIGHT: 0pt" align="left"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">Loan payable to ING Bank, Hong Kong Branch, in the form of letters of credits, secured by (i) pledged deposits equal to 5% of the letters of credits, (ii) guarantee from China Armco Metals, Inc., (iii) guarantee by the Company&#8217;s Chairman and Chief Executive Officer, and (iv) assignment of specific receivables, with interest at the bank&#8217;s cost of funds plus 250 basis points, per annum, payable monthly with principal due and repaid in full on January 3, 2011.</font> </div> </td> <td valign="bottom" width="1%"> &#160; </td> <td valign="bottom" width="1%"> &#160; </td> <td align="right" valign="bottom" width="12%"> <div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="right"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">-</font> </div> </td> <td valign="bottom" width="1%"> &#160; </td> <td valign="bottom" width="1%"> &#160; </td> <td valign="bottom" width="1%"> &#160; </td> <td align="right" valign="bottom" width="12%"> <div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="right"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">11,198,830</font> </div> </td> <td valign="bottom" width="1%"> &#160; </td> </tr> <tr> <td valign="bottom" width="70%"> &#160; </td> <td valign="bottom" width="1%"> &#160; </td> <td valign="bottom" width="1%"> &#160; </td> <td valign="bottom" width="12%"> &#160; </td> <td valign="bottom" width="1%"> &#160; </td> <td valign="bottom" width="1%"> &#160; </td> <td valign="bottom" width="1%"> &#160; </td> <td valign="bottom" width="12%"> &#160; </td> <td valign="bottom" width="1%"> &#160; </td> </tr> <tr style="background-color: #C0FFFF;"> <td align="left" valign="bottom" width="70%"> <div style="LINE-HEIGHT: 1.25; TEXT-INDENT: -9pt; DISPLAY: block; MARGIN-LEFT: 18pt; MARGIN-RIGHT: 0pt" align="left"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">Loan payable to ING Bank, Hong Kong Branch, in the form of letters of credits, secured by (i) pledged deposits equal to 5% of the letters of credits, (ii) guarantee from China Armco Metals, Inc., (iii) guarantee by the Company&#8217;s Chairman and Chief Executive Officer, and (iv) assignment of specific receivables, with interest at the bank&#8217;s cost of funds plus 250 basis points (3.63%) per annum, payable monthly with principal due December 7, 2011 and repaid in full on January 9, 2012.</font> </div> </td> <td valign="bottom" width="1%"> &#160; </td> <td valign="bottom" width="1%"> &#160; </td> <td align="right" valign="bottom" width="12%"> <div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="right"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">702,250</font> </div> </td> <td valign="bottom" width="1%"> &#160; </td> <td valign="bottom" width="1%"> &#160; </td> <td valign="bottom" width="1%"> &#160; </td> <td align="right" valign="bottom" width="12%"> <div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="right"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">-</font> </div> </td> <td valign="bottom" width="1%"> &#160; </td> </tr> <tr> <td valign="bottom" width="70%"> &#160; </td> <td valign="bottom" width="1%"> &#160; </td> <td valign="bottom" width="1%"> &#160; </td> <td valign="bottom" width="12%"> &#160; </td> <td valign="bottom" width="1%"> &#160; </td> <td valign="bottom" width="1%"> &#160; </td> <td valign="bottom" width="1%"> &#160; </td> <td valign="bottom" width="12%"> &#160; </td> <td valign="bottom" width="1%"> &#160; </td> </tr> <tr style="background-color: #C0FFFF;"> <td align="left" valign="bottom" width="70%" style="PADDING-BOTTOM: 2px"> <div style="LINE-HEIGHT: 1.25; TEXT-INDENT: -9pt; DISPLAY: block; MARGIN-LEFT: 18pt; MARGIN-RIGHT: 0pt" align="left"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">Unsecured loan payable to Fremery Holdings, Ltd., with interest at 15% per annum, with principal and interest due March 26, 2011 and repaid in full by March 23, 2011.</font> </div> </td> <td valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"> &#160; </td> <td valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid"> &#160; </td> <td align="right" valign="bottom" width="12%" style="BORDER-BOTTOM: black 2px solid"> <div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="right"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">-</font> </div> </td> <td valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"> &#160; </td> <td valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"> &#160; </td> <td valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid"> &#160; </td> <td align="right" valign="bottom" width="12%" style="BORDER-BOTTOM: black 2px solid"> <div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="right"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">1,500,000</font> </div> </td> <td valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"> &#160; </td> </tr> <tr> <td valign="bottom" width="70%"> &#160; </td> <td valign="bottom" width="1%"> &#160; </td> <td valign="bottom" width="1%"> &#160; </td> <td valign="bottom" width="12%"> &#160; </td> <td valign="bottom" width="1%"> &#160; </td> <td valign="bottom" width="1%"> &#160; </td> <td valign="bottom" width="1%"> &#160; </td> <td valign="bottom" width="12%"> &#160; </td> <td valign="bottom" width="1%"> &#160; </td> </tr> <tr style="background-color: #C0FFFF;"> <td align="left" valign="bottom" width="70%" style="PADDING-BOTTOM: 2px"> <div style="LINE-HEIGHT: 1.25; TEXT-INDENT: -18pt; DISPLAY: block; MARGIN-LEFT: 36pt; MARGIN-RIGHT: 0pt" align="left"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">Sub-total - Armco HK</font> </div> </td> <td valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"> &#160; </td> <td valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid"> &#160; </td> <td align="right" valign="bottom" width="12%" style="BORDER-BOTTOM: black 2px solid"> <div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="right"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">1,027,446</font> </div> </td> <td valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"> &#160; </td> <td valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"> &#160; </td> <td valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid"> &#160; </td> <td align="right" valign="bottom" width="12%" style="BORDER-BOTTOM: black 2px solid"> <div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="right"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">14,844,076</font> </div> </td> <td valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"> &#160; </td> </tr> <tr> <td valign="bottom" width="70%"> &#160; </td> <td valign="bottom" width="1%"> &#160; </td> <td valign="bottom" width="1%"> &#160; </td> <td valign="bottom" width="12%"> &#160; </td> <td valign="bottom" width="1%"> &#160; </td> <td valign="bottom" width="1%"> &#160; </td> <td valign="bottom" width="1%"> &#160; </td> <td valign="bottom" width="12%"> &#160; </td> <td valign="bottom" width="1%"> &#160; </td> </tr> <tr style="background-color: #C0FFFF;"> <td align="left" valign="bottom" width="70%"> <div style="LINE-HEIGHT: 1.25; TEXT-INDENT: -18pt; DISPLAY: block; MARGIN-LEFT: 18pt; MARGIN-RIGHT: 0pt" align="left"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">Renewable Metals</font> </div> </td> <td valign="bottom" width="1%"> &#160; </td> <td valign="bottom" width="1%"> &#160; </td> <td valign="bottom" width="12%"> &#160; </td> <td valign="bottom" width="1%"> &#160; </td> <td valign="bottom" width="1%"> &#160; </td> <td valign="bottom" width="1%"> &#160; </td> <td valign="bottom" width="12%"> &#160; </td> <td valign="bottom" width="1%"> &#160; </td> </tr> <tr> <td valign="bottom" width="70%"> &#160; </td> <td valign="bottom" width="1%"> &#160; </td> <td valign="bottom" width="1%"> &#160; </td> <td valign="bottom" width="12%"> &#160; </td> <td valign="bottom" width="1%"> &#160; </td> <td valign="bottom" width="1%"> &#160; </td> <td valign="bottom" width="1%"> &#160; </td> <td valign="bottom" width="12%"> &#160; </td> <td valign="bottom" width="1%"> &#160; </td> </tr> <tr style="background-color: #C0FFFF;"> <td align="left" valign="bottom" width="70%"> <div style="LINE-HEIGHT: 1.25; TEXT-INDENT: -9pt; DISPLAY: block; MARGIN-LEFT: 18pt; MARGIN-RIGHT: 0pt" align="left"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">Loan payable to Bank of Communications, Lianyungang Branch, under trade credit facilities, collateralized by Renewable Metals inventories and guaranteed by the Company&#8217;s Chairman and Chief Executive Officer, with interest at 120% of the bank&#8217;s benchmark rate, payable monthly, with principal of $4,403,554 due and repaid as of March 22, 2012 and the remaining balance of principal due May 25, 2012.</font> </div> </td> <td valign="bottom" width="1%"> &#160; </td> <td valign="bottom" width="1%"> &#160; </td> <td align="right" valign="bottom" width="12%"> <div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="right"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">5,504,443</font> </div> </td> <td valign="bottom" width="1%"> &#160; </td> <td valign="bottom" width="1%"> &#160; </td> <td valign="bottom" width="1%"> &#160; </td> <td align="right" valign="bottom" width="12%"> <div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="right"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">9,074,685</font> </div> </td> <td valign="bottom" width="1%"> &#160; </td> </tr> <tr> <td valign="bottom" width="70%"> &#160; </td> <td valign="bottom" width="1%"> &#160; </td> <td valign="bottom" width="1%"> &#160; </td> <td valign="bottom" width="12%"> &#160; </td> <td valign="bottom" width="1%"> &#160; </td> <td valign="bottom" width="1%"> &#160; </td> <td valign="bottom" width="1%"> &#160; </td> <td valign="bottom" width="12%"> &#160; </td> <td valign="bottom" width="1%"> &#160; </td> </tr> <tr style="background-color: #C0FFFF;"> <td align="left" valign="bottom" width="70%" style="PADDING-BOTTOM: 2px"> <div style="LINE-HEIGHT: 1.25; TEXT-INDENT: -9pt; DISPLAY: block; MARGIN-LEFT: 18pt; MARGIN-RIGHT: 0pt" align="left"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">Loan payable to Bank of China, Lianyungang Branch, under trade credit facilities, guaranteed by the Company&#8217;s Chairman and Chief Executive Officer, with interest at 5.838%, per annum, payable monthly, with principal due and repaid in full on October 28, 2011.</font> </div> </td> <td valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"> &#160; </td> <td valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid"> &#160; </td> <td align="right" valign="bottom" width="12%" style="BORDER-BOTTOM: black 2px solid"> <div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="right"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">-</font> </div> </td> <td valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"> &#160; </td> <td valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"> &#160; </td> <td valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid"> &#160; </td> <td align="right" valign="bottom" width="12%" style="BORDER-BOTTOM: black 2px solid"> <div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="right"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">756,224</font> </div> </td> <td valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"> &#160; </td> </tr> <tr> <td valign="bottom" width="70%"> &#160; </td> <td valign="bottom" width="1%"> &#160; </td> <td valign="bottom" width="1%"> &#160; </td> <td valign="bottom" width="12%"> &#160; </td> <td valign="bottom" width="1%"> &#160; </td> <td valign="bottom" width="1%"> &#160; </td> <td valign="bottom" width="1%"> &#160; </td> <td valign="bottom" width="12%"> &#160; </td> <td valign="bottom" width="1%"> &#160; </td> </tr> <tr style="background-color: #C0FFFF;"> <td align="left" valign="bottom" width="70%" style="PADDING-BOTTOM: 2px"> <div style="LINE-HEIGHT: 1.25; TEXT-INDENT: -18pt; DISPLAY: block; MARGIN-LEFT: 36pt; MARGIN-RIGHT: 0pt" align="left"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">Sub-total &#8211; Renewable Metals</font> </div> </td> <td valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"> &#160; </td> <td valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid"> &#160; </td> <td align="right" valign="bottom" width="12%" style="BORDER-BOTTOM: black 2px solid"> <div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="right"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">5,504,443</font> </div> </td> <td valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"> &#160; </td> <td valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"> &#160; </td> <td valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid"> &#160; </td> <td align="right" valign="bottom" width="12%" style="BORDER-BOTTOM: black 2px solid"> <div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; 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</td> <td valign="bottom" width="1%"> &#160; </td> <td valign="bottom" width="12%"> &#160; </td> <td valign="bottom" width="1%"> &#160; </td> <td valign="bottom" width="1%"> &#160; </td> <td valign="bottom" width="1%"> &#160; </td> <td valign="bottom" width="12%"> &#160; </td> <td valign="bottom" width="1%"> &#160; </td> </tr> <tr> <td valign="bottom" width="70%"> &#160; </td> <td valign="bottom" width="1%"> &#160; </td> <td valign="bottom" width="1%"> &#160; </td> <td valign="bottom" width="12%"> &#160; </td> <td valign="bottom" width="1%"> &#160; </td> <td valign="bottom" width="1%"> &#160; </td> <td valign="bottom" width="1%"> &#160; </td> <td valign="bottom" width="12%"> &#160; </td> <td valign="bottom" width="1%"> &#160; </td> </tr> <tr style="background-color: #C0FFFF;"> <td align="left" valign="bottom" width="70%"> <div style="LINE-HEIGHT: 1.25; TEXT-INDENT: -9pt; DISPLAY: block; MARGIN-LEFT: 18pt; MARGIN-RIGHT: 0pt" align="left"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; 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</td> <td valign="bottom" width="1%"> &#160; </td> <td valign="bottom" width="1%"> &#160; </td> <td valign="bottom" width="12%"> &#160; </td> <td valign="bottom" width="1%"> &#160; </td> <td valign="bottom" width="1%"> &#160; </td> <td valign="bottom" width="1%"> &#160; </td> <td valign="bottom" width="12%"> &#160; </td> <td valign="bottom" width="1%"> &#160; </td> </tr> <tr style="background-color: #C0FFFF;"> <td align="left" valign="bottom" width="70%" style="PADDING-BOTTOM: 2px"> <div style="LINE-HEIGHT: 1.25; TEXT-INDENT: -9pt; DISPLAY: block; MARGIN-LEFT: 18pt; MARGIN-RIGHT: 0pt" align="left"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">Loan payable to Guangdong Development Bank Zhengzhou Branch, with interest at 5.8%, per annum, payable monthly, with principal due and paid on January 6, 2012</font> </div> </td> <td valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"> &#160; </td> <td valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid"> &#160; </td> <td align="right" valign="bottom" width="12%" style="BORDER-BOTTOM: black 2px solid"> <div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="right"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">180,009</font> </div> </td> <td valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"> &#160; </td> <td valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"> &#160; </td> <td valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid"> &#160; </td> <td align="right" valign="bottom" width="12%" style="BORDER-BOTTOM: black 2px solid"> <div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="right"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">-</font> </div> </td> <td valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"> &#160; </td> </tr> <tr> <td valign="bottom" width="70%"> &#160; </td> <td valign="bottom" width="1%"> &#160; </td> <td valign="bottom" width="1%"> &#160; </td> <td valign="bottom" width="12%"> &#160; </td> <td valign="bottom" width="1%"> &#160; </td> <td valign="bottom" width="1%"> &#160; </td> <td valign="bottom" width="1%"> &#160; </td> <td valign="bottom" width="12%"> &#160; </td> <td valign="bottom" width="1%"> &#160; </td> </tr> <tr style="background-color: #C0FFFF;"> <td align="left" valign="bottom" width="70%" style="PADDING-BOTTOM: 2px"> <div style="LINE-HEIGHT: 1.25; TEXT-INDENT: -18pt; DISPLAY: block; MARGIN-LEFT: 36pt; MARGIN-RIGHT: 0pt" align="left"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">Sub-total &#8211; Henan Armco</font> </div> </td> <td valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"> &#160; </td> <td valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid"> &#160; </td> <td align="right" valign="bottom" width="12%" style="BORDER-BOTTOM: black 2px solid"> <div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="right"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">180,009</font> </div> </td> <td valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"> &#160; </td> <td valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"> &#160; </td> <td valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid"> &#160; </td> <td align="right" valign="bottom" width="12%" style="BORDER-BOTTOM: black 2px solid"> <div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="right"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">90,835</font> </div> </td> <td valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"> &#160; </td> </tr> <tr> <td valign="bottom" width="70%"> &#160; </td> <td valign="bottom" width="1%"> &#160; </td> <td valign="bottom" width="1%"> &#160; </td> <td valign="bottom" width="12%"> &#160; </td> <td valign="bottom" width="1%"> &#160; </td> <td valign="bottom" width="1%"> &#160; </td> <td valign="bottom" width="1%"> &#160; </td> <td valign="bottom" width="12%"> &#160; </td> <td valign="bottom" width="1%"> &#160; </td> </tr> <tr style="background-color: #C0FFFF;"> <td valign="bottom" width="70%" style="PADDING-BOTTOM: 4px"> &#160; </td> <td valign="bottom" width="1%" style="PADDING-BOTTOM: 4px"> &#160; </td> <td align="left" valign="bottom" width="1%" style="BORDER-BOTTOM: black 4px double"> <div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">$</font> </div> </td> <td align="right" valign="bottom" width="12%" style="BORDER-BOTTOM: black 4px double"> <div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="right"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">6,711,898</font> </div> </td> <td valign="bottom" width="1%" style="PADDING-BOTTOM: 4px"> &#160; </td> <td valign="bottom" width="1%" style="PADDING-BOTTOM: 4px"> &#160; </td> <td align="left" valign="bottom" width="1%" style="BORDER-BOTTOM: black 4px double"> <div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">$</font> </div> </td> <td align="right" valign="bottom" width="12%" style="BORDER-BOTTOM: black 4px double"> <div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="right"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">24,765,820</font> </div> </td> <td valign="bottom" width="1%" style="PADDING-BOTTOM: 4px"> &#160; </td> </tr> </table><br/> <div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"> <font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Note 10 &#8211; Banker&#8217;s Acceptance Notes Payable and Letters of Credit</font> </div><br/><div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 36pt; MARGIN-RIGHT: 0pt" align="justify"> <font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">Banker&#8217;s acceptance notes payable at December 31, 2011 and 2010, consisted of the following:</font> </div><br/><table cellpadding="0" cellspacing="0" width="100%" style="FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-SIZE: 10pt; FONT-FAMILY: times new roman"> <tr> <td valign="bottom" style="PADDING-BOTTOM: 2px"> &#160; </td> <td valign="bottom" style="PADDING-BOTTOM: 2px"> &#160; </td> <td colspan="2" valign="bottom" style="BORDER-BOTTOM: black 2px solid"> <div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">December 31, 2011</font> </div> </td> <td valign="bottom" style="PADDING-BOTTOM: 2px"> &#160; </td> <td valign="bottom" style="PADDING-BOTTOM: 2px"> &#160; </td> <td colspan="2" valign="bottom" style="BORDER-BOTTOM: black 2px solid"> <div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">December 31, 2010</font> </div> </td> <td valign="bottom" style="PADDING-BOTTOM: 2px"> &#160; </td> </tr> <tr> <td valign="bottom" width="70%"> &#160; </td> <td valign="bottom" width="1%"> &#160; </td> <td valign="bottom" width="1%"> &#160; </td> <td valign="bottom" width="12%"> &#160; </td> <td valign="bottom" width="1%"> &#160; </td> <td valign="bottom" width="1%"> &#160; </td> <td valign="bottom" width="1%"> &#160; </td> <td valign="bottom" width="12%"> &#160; </td> <td valign="bottom" width="1%"> &#160; </td> </tr> <tr style="background-color: #C0FFFF;"> <td valign="bottom" width="70%" style="TEXT-ALIGN: left; TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"> <div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">Renewable Metals</font> </div> </td> <td valign="bottom" width="1%"> &#160; </td> <td valign="bottom" width="1%"> &#160; </td> <td valign="bottom" width="12%"> &#160; </td> <td valign="bottom" width="1%"> &#160; </td> <td valign="bottom" width="1%"> &#160; </td> <td valign="bottom" width="1%"> &#160; </td> <td valign="bottom" width="12%"> &#160; </td> <td valign="bottom" width="1%"> &#160; </td> </tr> <tr> <td valign="bottom" width="70%"> &#160; </td> <td valign="bottom" width="1%"> &#160; </td> <td valign="bottom" width="1%"> &#160; </td> <td valign="bottom" width="12%"> &#160; </td> <td valign="bottom" width="1%"> &#160; </td> <td valign="bottom" width="1%"> &#160; </td> <td valign="bottom" width="1%"> &#160; </td> <td valign="bottom" width="12%"> &#160; </td> <td valign="bottom" width="1%"> &#160; </td> </tr> <tr style="background-color: #C0FFFF;"> <td valign="bottom" width="70%" style="TEXT-ALIGN: left; TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"> <div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">Banker&#8217;s acceptance notes payable maturing May 25, 2012</font> </div> </td> <td valign="bottom" width="1%"> &#160; </td> <td align="left" valign="bottom" width="1%"> <div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">$</font> </div> </td> <td align="right" valign="bottom" width="12%"> <div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="right"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">1,100,889</font> </div> </td> <td valign="bottom" width="1%"> &#160; </td> <td valign="bottom" width="1%"> &#160; </td> <td align="left" valign="bottom" width="1%"> <div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">$</font> </div> </td> <td align="right" valign="bottom" width="12%"> <div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="right"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">4,174,355</font> </div> </td> <td valign="bottom" width="1%"> &#160; </td> </tr> <tr> <td valign="bottom" width="70%"> &#160; </td> <td valign="bottom" width="1%"> &#160; </td> <td valign="bottom" width="1%"> &#160; </td> <td valign="bottom" width="12%"> &#160; </td> <td valign="bottom" width="1%"> &#160; </td> <td valign="bottom" width="1%"> &#160; </td> <td valign="bottom" width="1%"> &#160; </td> <td valign="bottom" width="12%"> &#160; </td> <td valign="bottom" width="1%"> &#160; </td> </tr> <tr style="background-color: #C0FFFF;"> <td valign="bottom" width="70%" style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px; TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"> <div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">Letters of credit maturing and repaid in full on March 21, 2012</font> </div> </td> <td valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"> &#160; </td> <td valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid"> &#160; </td> <td align="right" valign="bottom" width="12%" style="BORDER-BOTTOM: black 2px solid"> <div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="right"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">7,077,141</font> </div> </td> <td valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"> &#160; </td> <td valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"> &#160; </td> <td valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid"> &#160; </td> <td align="right" valign="bottom" width="12%" style="BORDER-BOTTOM: black 2px solid"> <div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="right"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">-</font> </div> </td> <td valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"> &#160; </td> </tr> <tr> <td valign="bottom" width="70%"> &#160; </td> <td valign="bottom" width="1%"> &#160; </td> <td valign="bottom" width="1%"> &#160; </td> <td valign="bottom" width="12%"> &#160; </td> <td valign="bottom" width="1%"> &#160; </td> <td valign="bottom" width="1%"> &#160; </td> <td valign="bottom" width="1%"> &#160; </td> <td valign="bottom" width="12%"> &#160; </td> <td valign="bottom" width="1%"> &#160; </td> </tr> <tr style="background-color: #C0FFFF;"> <td valign="bottom" width="70%" style="PADDING-BOTTOM: 4px"> &#160; </td> <td valign="bottom" width="1%" style="PADDING-BOTTOM: 4px"> &#160; </td> <td align="left" valign="bottom" width="1%" style="BORDER-BOTTOM: black 4px double"> <div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">$</font> </div> </td> <td align="right" valign="bottom" width="12%" style="BORDER-BOTTOM: black 4px double"> <div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="right"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">8,178,029</font> </div> </td> <td valign="bottom" width="1%" style="PADDING-BOTTOM: 4px"> &#160; </td> <td valign="bottom" width="1%" style="PADDING-BOTTOM: 4px"> &#160; </td> <td align="left" valign="bottom" width="1%" style="BORDER-BOTTOM: black 4px double"> <div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">$</font> </div> </td> <td align="right" valign="bottom" width="12%" style="BORDER-BOTTOM: black 4px double"> <div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="right"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">4,174,355</font> </div> </td> <td align="left" valign="bottom" width="1%" style="PADDING-BOTTOM: 4px"> &#160; </td> </tr> </table><br/> <div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"> <font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Note 11 &#8211; Related Party Transactions</font> </div><br/><div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"> <font style="FONT-STYLE: italic; DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font style="DISPLAY: inline; TEXT-DECORATION: underline">Advances from</font> <font style="DISPLAY: inline; TEXT-DECORATION: underline">Stockholder</font></font> </div><br/><div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 36pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"> <font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">From time to time, the Chairman, CEO and significant stockholder of the Company advance funds to the Company for working capital purpose.&#160;&#160;Those advances are unsecured, non-interest bearing and due on demand.</font> </div><br/><div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 36pt; MARGIN-RIGHT: 0pt" align="justify"> <font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">Advances from stockholder at December 31, 2011and 2010 consisted of the following:</font> </div><br/><table cellpadding="0" cellspacing="0" width="100%" style="FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-SIZE: 10pt; FONT-FAMILY: times new roman"> <tr> <td valign="bottom" style="PADDING-BOTTOM: 2px"> &#160; </td> <td valign="bottom" style="PADDING-BOTTOM: 2px"> &#160; </td> <td colspan="2" valign="bottom" style="BORDER-BOTTOM: black 2px solid"> <div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">December 31, 2011</font> </div> </td> <td valign="bottom" style="PADDING-BOTTOM: 2px"> &#160; </td> <td valign="bottom" style="PADDING-BOTTOM: 2px"> &#160; </td> <td colspan="2" valign="bottom" style="BORDER-BOTTOM: black 2px solid"> <div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">December 31, 2010</font> </div> </td> <td valign="bottom" style="PADDING-BOTTOM: 2px"> &#160; </td> </tr> <tr> <td valign="bottom" width="70%"> &#160; </td> <td valign="bottom" width="1%"> &#160; </td> <td valign="bottom" width="1%"> &#160; </td> <td valign="bottom" width="12%"> &#160; </td> <td valign="bottom" width="1%"> &#160; </td> <td valign="bottom" width="1%"> &#160; </td> <td valign="bottom" width="1%"> &#160; </td> <td valign="bottom" width="12%"> &#160; </td> <td valign="bottom" width="1%"> &#160; </td> </tr> <tr style="background-color: #C0FFFF;"> <td align="left" valign="bottom" width="70%" style="PADDING-BOTTOM: 2px"> <div style="LINE-HEIGHT: 1.25; TEXT-INDENT: -18pt; DISPLAY: block; MARGIN-LEFT: 18pt; MARGIN-RIGHT: 0pt" align="left"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">Advances from chairman, chief executive officer and stockholder</font> </div> </td> <td valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"> &#160; </td> <td align="left" valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid"> <div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">$</font> </div> </td> <td align="right" valign="bottom" width="12%" style="BORDER-BOTTOM: black 2px solid"> <div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="right"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">607,009</font> </div> </td> <td valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"> &#160; </td> <td valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"> &#160; </td> <td align="left" valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid"> <div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">$</font> </div> </td> <td align="right" valign="bottom" width="12%" style="BORDER-BOTTOM: black 2px solid"> <div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="right"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">799,394</font> </div> </td> <td valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"> &#160; </td> </tr> <tr> <td valign="bottom" width="70%"> &#160; </td> <td valign="bottom" width="1%"> &#160; </td> <td valign="bottom" width="1%"> &#160; </td> <td valign="bottom" width="12%"> &#160; </td> <td valign="bottom" width="1%"> &#160; </td> <td valign="bottom" width="1%"> &#160; </td> <td valign="bottom" width="1%"> &#160; </td> <td valign="bottom" width="12%"> &#160; </td> <td valign="bottom" width="1%"> &#160; </td> </tr> <tr style="background-color: #C0FFFF;"> <td valign="bottom" width="70%" style="PADDING-BOTTOM: 4px"> &#160; </td> <td valign="bottom" width="1%" style="PADDING-BOTTOM: 4px"> &#160; </td> <td align="left" valign="bottom" width="1%" style="BORDER-BOTTOM: black 4px double"> <div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">$</font> </div> </td> <td align="right" valign="bottom" width="12%" style="BORDER-BOTTOM: black 4px double"> <div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="right"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">607,009</font> </div> </td> <td valign="bottom" width="1%" style="PADDING-BOTTOM: 4px"> &#160; </td> <td valign="bottom" width="1%" style="PADDING-BOTTOM: 4px"> &#160; </td> <td align="left" valign="bottom" width="1%" style="BORDER-BOTTOM: black 4px double"> <div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">$</font> </div> </td> <td align="right" valign="bottom" width="12%" style="BORDER-BOTTOM: black 4px double"> <div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="right"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">799,394</font> </div> </td> <td align="left" valign="bottom" width="1%" style="PADDING-BOTTOM: 4px"> &#160; </td> </tr> </table><br/><div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"> <font style="FONT-STYLE: italic; DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font style="DISPLAY: inline; TEXT-DECORATION: underline">Operating Lease from Chairman, CEO and Stockholder</font></font> </div><br/><div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 36pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"> <font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">On January 1, 2006, Henan entered into a non-cancellable operating lease for its 176.37 square meter commercial office space in the City of Zhengzhou, Henan Province, PRC from the Chairman, Chief Executive Officer and significant stockholder of the Company for RMB10,000 per month, which expired on December 31, 2008 and has been extended through December 31, 2012.&#160; Total lease payments for the years ended December 31, 2011and 2010 amounted to RMB120, 000 (equivalent to $18,564 and $17,702).&#160;&#160;Future minimum lease payments required under the non-cancelable operating lease are RMB120, 000 per year (equivalent to $18, 564) for 2012.</font> </div><br/> <div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"> <font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Note 12 &#8211; Capital Lease Obligation</font> </div><br/><div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 36pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"> <font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">Capital lease obligation at December 31, 2011and 2010 consisted of the following:</font> </div><br/><table cellpadding="0" cellspacing="0" width="100%" style="FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-SIZE: 10pt; FONT-FAMILY: times new roman"> <tr> <td valign="bottom" style="PADDING-BOTTOM: 2px"> &#160; </td> <td valign="bottom" style="PADDING-BOTTOM: 2px"> &#160; </td> <td colspan="2" valign="bottom" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: center"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">December 31, 2011</font></font> </td> <td valign="bottom" style="PADDING-BOTTOM: 2px"> &#160; </td> <td valign="bottom" style="PADDING-BOTTOM: 2px"> &#160; </td> <td colspan="2" valign="bottom" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: center"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">December 31, 2010</font></font> </td> <td valign="bottom" style="PADDING-BOTTOM: 2px"> &#160; </td> </tr> <tr> <td valign="bottom" width="70%"> &#160; </td> <td valign="bottom" width="1%"> &#160; </td> <td valign="bottom" width="1%"> &#160; </td> <td valign="bottom" width="12%"> &#160; </td> <td valign="bottom" width="1%"> &#160; </td> <td valign="bottom" width="1%"> &#160; </td> <td valign="bottom" width="1%"> &#160; </td> <td valign="bottom" width="12%"> &#160; </td> <td valign="bottom" width="1%"> &#160; </td> </tr> <tr style="background-color: #C0FFFF;"> <td valign="bottom" width="70%" style="TEXT-ALIGN: left; TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"> <div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">Renewable Metals</font> </div> </td> <td valign="bottom" width="1%"> &#160; </td> <td valign="bottom" width="1%"> &#160; </td> <td valign="bottom" width="12%"> &#160; </td> <td valign="bottom" width="1%"> &#160; </td> <td valign="bottom" width="1%"> &#160; </td> <td valign="bottom" width="1%"> &#160; </td> <td valign="bottom" width="12%"> &#160; </td> <td valign="bottom" width="1%"> &#160; </td> </tr> <tr> <td valign="bottom" width="70%"> &#160; </td> <td valign="bottom" width="1%"> &#160; </td> <td valign="bottom" width="1%"> &#160; </td> <td valign="bottom" width="12%"> &#160; </td> <td valign="bottom" width="1%"> &#160; </td> <td valign="bottom" width="1%"> &#160; </td> <td valign="bottom" width="1%"> &#160; </td> <td valign="bottom" width="12%"> &#160; </td> <td valign="bottom" width="1%"> &#160; </td> </tr> <tr style="background-color: #C0FFFF;"> <td align="left" valign="bottom" width="70%"> <div style="LINE-HEIGHT: 1.25; TEXT-INDENT: -18pt; DISPLAY: block; MARGIN-LEFT: 27pt; MARGIN-RIGHT: 8.45pt" align="left"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">(i)&#160;&#160;&#160; Capital lease obligation to a financing company for a term of three (3) years, collateralized certain of Renewable Metals&#8217;s machinery and equipment, with interest at 11.8% per annum, with principal and interest due and payable in monthly installment of RMB497,897 on the 23<font style="DISPLAY: inline; FONT-SIZE: 70%; VERTICAL-ALIGN: text-top">rd</font> of each month.</font> </div> </td> <td valign="bottom" width="1%"> &#160; </td> <td align="left" valign="bottom" width="1%"> <div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">$</font> </div> </td> <td align="right" valign="bottom" width="12%"> <div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="right"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">1,604,437</font> </div> </td> <td valign="bottom" width="1%"> &#160; </td> <td valign="bottom" width="1%"> &#160; </td> <td align="left" valign="bottom" width="1%"> <div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">$</font> </div> </td> <td align="right" valign="bottom" width="12%"> <div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="right"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">2,268,671</font> </div> </td> <td valign="bottom" width="1%"> &#160; </td> </tr> <tr> <td valign="bottom" width="70%"> &#160; </td> <td valign="bottom" width="1%"> &#160; </td> <td valign="bottom" width="1%"> &#160; </td> <td valign="bottom" width="12%"> &#160; </td> <td valign="bottom" width="1%"> &#160; </td> <td valign="bottom" width="1%"> &#160; </td> <td valign="bottom" width="1%"> &#160; </td> <td valign="bottom" width="12%"> &#160; </td> <td valign="bottom" width="1%"> &#160; </td> </tr> <tr style="background-color: #C0FFFF;"> <td align="left" valign="bottom" width="70%" style="PADDING-BOTTOM: 2px"> <div style="LINE-HEIGHT: 1.25; TEXT-INDENT: -9pt; DISPLAY: block; MARGIN-LEFT: 36pt; MARGIN-RIGHT: 0pt" align="left"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">Less current maturities</font> </div> </td> <td valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"> &#160; </td> <td valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid"> &#160; </td> <td align="right" valign="bottom" width="12%" style="BORDER-BOTTOM: black 2px solid"> <div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="right"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">(789,733</font> </div> </td> <td align="left" valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"> <div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">)</font> </div> </td> <td valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"> &#160; </td> <td valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid"> &#160; </td> <td align="right" valign="bottom" width="12%" style="BORDER-BOTTOM: black 2px solid"> <div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="right"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">(727,756</font> </div> </td> <td align="left" valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"> <div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">)</font> </div> </td> </tr> <tr> <td valign="bottom" width="70%"> &#160; </td> <td valign="bottom" width="1%"> &#160; </td> <td valign="bottom" width="1%"> &#160; </td> <td valign="bottom" width="12%"> &#160; </td> <td valign="bottom" width="1%"> &#160; </td> <td valign="bottom" width="1%"> &#160; </td> <td valign="bottom" width="1%"> &#160; </td> <td valign="bottom" width="12%"> &#160; </td> <td valign="bottom" width="1%"> &#160; </td> </tr> <tr style="background-color: #C0FFFF;"> <td align="left" valign="bottom" width="70%" style="PADDING-BOTTOM: 2px"> <div style="LINE-HEIGHT: 1.25; TEXT-INDENT: -9pt; DISPLAY: block; MARGIN-LEFT: 45pt; MARGIN-RIGHT: 0pt" align="left"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">Capital lease obligation, net of current maturities</font> </div> </td> <td valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"> &#160; </td> <td valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid"> &#160; </td> <td align="right" valign="bottom" width="12%" style="BORDER-BOTTOM: black 2px solid"> <div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="right"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">814,704</font> </div> </td> <td valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"> &#160; </td> <td valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"> &#160; </td> <td valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid"> &#160; </td> <td align="right" valign="bottom" width="12%" style="BORDER-BOTTOM: black 2px solid"> <div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="right"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">1,540,915</font> </div> </td> <td valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"> &#160; </td> </tr> <tr> <td valign="bottom" width="70%"> &#160; </td> <td valign="bottom" width="1%"> &#160; </td> <td valign="bottom" width="1%"> &#160; </td> <td valign="bottom" width="12%"> &#160; </td> <td valign="bottom" width="1%"> &#160; </td> <td valign="bottom" width="1%"> &#160; </td> <td valign="bottom" width="1%"> &#160; </td> <td valign="bottom" width="12%"> &#160; </td> <td valign="bottom" width="1%"> &#160; </td> </tr> <tr style="background-color: #C0FFFF;"> <td align="left" valign="bottom" width="70%"> <div style="LINE-HEIGHT: 1.25; TEXT-INDENT: -18pt; DISPLAY: block; MARGIN-LEFT: 27pt; MARGIN-RIGHT: 8.45pt" align="left"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">(ii)&#160;&#160; Capital lease obligation to a financing company for a term of three (3) years, collateralized by certain of Renewable Metals&#8217;s machinery and equipment, with interest at 11% per annum, with principal and interest due and payable in quarterly installment of RMB2,969,054 on the 15th of each quarter.</font> </div> </td> <td valign="bottom" width="1%"> &#160; </td> <td valign="bottom" width="1%"> &#160; </td> <td align="right" valign="bottom" width="12%"> <div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="right"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">4,718,094</font> </div> </td> <td valign="bottom" width="1%"> &#160; </td> <td valign="bottom" width="1%"> &#160; </td> <td valign="bottom" width="1%"> &#160; </td> <td align="right" valign="bottom" width="12%"> <div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="right"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">-</font> </div> </td> <td valign="bottom" width="1%"> &#160; </td> </tr> <tr> <td valign="bottom" width="70%"> &#160; </td> <td valign="bottom" width="1%"> &#160; </td> <td valign="bottom" width="1%"> &#160; </td> <td valign="bottom" width="12%"> &#160; </td> <td valign="bottom" width="1%"> &#160; </td> <td valign="bottom" width="1%"> &#160; </td> <td valign="bottom" width="1%"> &#160; </td> <td valign="bottom" width="12%"> &#160; </td> <td valign="bottom" width="1%"> &#160; </td> </tr> <tr style="background-color: #C0FFFF;"> <td align="left" valign="bottom" width="70%" style="PADDING-BOTTOM: 2px"> <div style="LINE-HEIGHT: 1.25; TEXT-INDENT: -9pt; DISPLAY: block; MARGIN-LEFT: 36pt; MARGIN-RIGHT: 0pt" align="left"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">Less current maturities</font> </div> </td> <td valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"> &#160; </td> <td valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid"> &#160; </td> <td align="right" valign="bottom" width="12%" style="BORDER-BOTTOM: black 2px solid"> <div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="right"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">(1,405,444</font> </div> </td> <td align="left" valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"> <div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">)</font> </div> </td> <td valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"> &#160; </td> <td valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid"> &#160; </td> <td align="right" valign="bottom" width="12%" style="BORDER-BOTTOM: black 2px solid"> <div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="right"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">-</font> </div> </td> <td valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"> &#160; </td> </tr> <tr> <td valign="bottom" width="70%"> &#160; </td> <td valign="bottom" width="1%"> &#160; </td> <td valign="bottom" width="1%"> &#160; </td> <td valign="bottom" width="12%"> &#160; </td> <td valign="bottom" width="1%"> &#160; </td> <td valign="bottom" width="1%"> &#160; </td> <td valign="bottom" width="1%"> &#160; </td> <td valign="bottom" width="12%"> &#160; </td> <td valign="bottom" width="1%"> &#160; </td> </tr> <tr style="background-color: #C0FFFF;"> <td align="left" valign="bottom" width="70%" style="PADDING-BOTTOM: 2px"> <div style="LINE-HEIGHT: 1.25; TEXT-INDENT: -9pt; DISPLAY: block; MARGIN-LEFT: 45pt; MARGIN-RIGHT: 0pt" align="left"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">Capital lease obligation, net of current maturities</font> </div> </td> <td valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"> &#160; </td> <td valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid"> &#160; </td> <td align="right" valign="bottom" width="12%" style="BORDER-BOTTOM: black 2px solid"> <div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="right"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">3,312,650</font> </div> </td> <td valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"> &#160; </td> <td valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"> &#160; </td> <td valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid"> &#160; </td> <td align="right" valign="bottom" width="12%" style="BORDER-BOTTOM: black 2px solid"> <div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="right"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">-</font> </div> </td> <td valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"> &#160; </td> </tr> <tr> <td valign="bottom" width="70%"> &#160; </td> <td valign="bottom" width="1%"> &#160; </td> <td valign="bottom" width="1%"> &#160; </td> <td valign="bottom" width="12%"> &#160; </td> <td valign="bottom" width="1%"> &#160; </td> <td valign="bottom" width="1%"> &#160; </td> <td valign="bottom" width="1%"> &#160; </td> <td valign="bottom" width="12%"> &#160; </td> <td valign="bottom" width="1%"> &#160; </td> </tr> <tr style="background-color: #C0FFFF;"> <td align="left" valign="bottom" width="70%" style="PADDING-BOTTOM: 2px"> <div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 27pt; MARGIN-RIGHT: 8.45pt" align="left"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">Total capital lease obligation</font> </div> </td> <td valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"> &#160; </td> <td valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid"> &#160; </td> <td align="right" valign="bottom" width="12%" style="BORDER-BOTTOM: black 2px solid"> <div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="right"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">6,322,531</font> </div> </td> <td valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"> &#160; </td> <td valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"> &#160; </td> <td valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid"> &#160; </td> <td align="right" valign="bottom" width="12%" style="BORDER-BOTTOM: black 2px solid"> <div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="right"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">-</font> </div> </td> <td valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"> &#160; </td> </tr> <tr> <td valign="bottom" width="70%"> &#160; </td> <td valign="bottom" width="1%"> &#160; </td> <td valign="bottom" width="1%"> &#160; </td> <td valign="bottom" width="12%"> &#160; </td> <td valign="bottom" width="1%"> &#160; </td> <td valign="bottom" width="1%"> &#160; </td> <td valign="bottom" width="1%"> &#160; </td> <td valign="bottom" width="12%"> &#160; </td> <td valign="bottom" width="1%"> &#160; </td> </tr> <tr style="background-color: #C0FFFF;"> <td align="left" valign="bottom" width="70%" style="PADDING-BOTTOM: 2px"> <div style="LINE-HEIGHT: 1.25; TEXT-INDENT: -9pt; DISPLAY: block; MARGIN-LEFT: 36pt; MARGIN-RIGHT: 0pt" align="left"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">Less current maturities</font> </div> </td> <td valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"> &#160; </td> <td valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid"> &#160; </td> <td align="right" valign="bottom" width="12%" style="BORDER-BOTTOM: black 2px solid"> <div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="right"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">(2,195,177</font> </div> </td> <td align="left" valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"> <div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">)</font> </div> </td> <td valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"> &#160; </td> <td valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid"> &#160; </td> <td align="right" valign="bottom" width="12%" style="BORDER-BOTTOM: black 2px solid"> <div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="right"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">-</font> </div> </td> <td valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"> &#160; </td> </tr> <tr> <td valign="bottom" width="70%"> &#160; </td> <td valign="bottom" width="1%"> &#160; </td> <td valign="bottom" width="1%"> &#160; </td> <td valign="bottom" width="12%"> &#160; </td> <td valign="bottom" width="1%"> &#160; </td> <td valign="bottom" width="1%"> &#160; </td> <td valign="bottom" width="1%"> &#160; </td> <td valign="bottom" width="12%"> &#160; </td> <td valign="bottom" width="1%"> &#160; </td> </tr> <tr style="background-color: #C0FFFF;"> <td align="left" valign="bottom" width="70%" style="PADDING-BOTTOM: 4px"> <div style="LINE-HEIGHT: 1.25; TEXT-INDENT: -18pt; DISPLAY: block; MARGIN-LEFT: 63pt; MARGIN-RIGHT: 0pt" align="left"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">TOTAL CAPITAL LEASE OBLIGATION, net of current maturities</font> </div> </td> <td valign="bottom" width="1%" style="PADDING-BOTTOM: 4px"> &#160; </td> <td align="left" valign="bottom" width="1%" style="BORDER-BOTTOM: black 4px double"> <div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">$</font> </div> </td> <td align="right" valign="bottom" width="12%" style="BORDER-BOTTOM: black 4px double"> <div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="right"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">4,127,354</font> </div> </td> <td valign="bottom" width="1%" style="PADDING-BOTTOM: 4px"> &#160; </td> <td valign="bottom" width="1%" style="PADDING-BOTTOM: 4px"> &#160; </td> <td align="left" valign="bottom" width="1%" style="BORDER-BOTTOM: black 4px double"> <div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">$</font> </div> </td> <td align="right" valign="bottom" width="12%" style="BORDER-BOTTOM: black 4px double"> <div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="right"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">1,540,915</font> </div> </td> <td valign="bottom" width="1%" style="PADDING-BOTTOM: 4px"> &#160; </td> </tr> </table><br/><div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 36pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"> <font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">The future minimum payments under this capital lease obligation at December 31, 2011 were as follows:</font> </div><br/><table cellpadding="0" cellspacing="0" width="100%" style="FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-SIZE: 10pt; FONT-FAMILY: times new roman"> <tr style="background-color: #C0FFFF;"> <td align="left" valign="bottom" width="85%"> <div style="LINE-HEIGHT: 1.25; TEXT-INDENT: -18pt; DISPLAY: block; MARGIN-LEFT: 18pt; MARGIN-RIGHT: 0pt" align="left"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Year ending December 31:</font> </div> </td> <td valign="bottom" width="1%"> &#160; </td> <td valign="bottom" width="1%"> &#160; </td> <td valign="bottom" width="12%"> &#160; </td> <td valign="bottom" width="1%"> &#160; </td> </tr> <tr> <td valign="bottom" width="85%"> &#160; </td> <td valign="bottom" width="1%"> &#160; </td> <td valign="bottom" width="1%"> &#160; </td> <td valign="bottom" width="12%"> &#160; </td> <td valign="bottom" width="1%"> &#160; </td> </tr> <tr style="background-color: #C0FFFF;"> <td align="left" valign="bottom" width="85%"> <div style="LINE-HEIGHT: 1.25; TEXT-INDENT: -18pt; DISPLAY: block; MARGIN-LEFT: 36pt; MARGIN-RIGHT: 0pt" align="left"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">2012</font> </div> </td> <td valign="bottom" width="1%"> &#160; </td> <td align="left" valign="bottom" width="1%"> <div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">$</font> </div> </td> <td align="right" valign="bottom" width="12%"> <div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="right"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">2,812,595</font> </div> </td> <td valign="bottom" width="1%"> &#160; </td> </tr> <tr> <td valign="bottom" width="85%"> &#160; </td> <td valign="bottom" width="1%"> &#160; </td> <td valign="bottom" width="1%"> &#160; </td> <td valign="bottom" width="12%"> &#160; </td> <td valign="bottom" width="1%"> &#160; </td> </tr> <tr style="background-color: #C0FFFF;"> <td align="left" valign="bottom" width="85%"> <div style="LINE-HEIGHT: 1.25; TEXT-INDENT: -18pt; DISPLAY: block; MARGIN-LEFT: 36pt; MARGIN-RIGHT: 0pt" align="left"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">2013</font> </div> </td> <td valign="bottom" width="1%"> &#160; </td> <td valign="bottom" width="1%"> &#160; </td> <td align="right" valign="bottom" width="12%"> <div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="right"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">2,733,859</font> </div> </td> <td valign="bottom" width="1%"> &#160; </td> </tr> <tr> <td valign="bottom" width="85%"> &#160; </td> <td valign="bottom" width="1%"> &#160; </td> <td valign="bottom" width="1%"> &#160; </td> <td valign="bottom" width="12%"> &#160; </td> <td valign="bottom" width="1%"> &#160; </td> </tr> <tr style="background-color: #C0FFFF;"> <td align="left" valign="bottom" width="85%" style="PADDING-BOTTOM: 2px"> <div style="LINE-HEIGHT: 1.25; TEXT-INDENT: -18pt; DISPLAY: block; MARGIN-LEFT: 36pt; MARGIN-RIGHT: 0pt" align="left"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">2014</font> </div> </td> <td valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"> &#160; </td> <td valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid"> &#160; </td> <td align="right" valign="bottom" width="12%" style="BORDER-BOTTOM: black 2px solid"> <div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="right"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">1,867,770</font> </div> </td> <td valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"> &#160; </td> </tr> <tr> <td valign="bottom" width="85%"> &#160; </td> <td valign="bottom" width="1%"> &#160; </td> <td valign="bottom" width="1%"> &#160; </td> <td valign="bottom" width="12%"> &#160; </td> <td valign="bottom" width="1%"> &#160; </td> </tr> <tr style="background-color: #C0FFFF;"> <td align="left" valign="bottom" width="85%"> <div style="LINE-HEIGHT: 1.25; TEXT-INDENT: -18pt; DISPLAY: block; MARGIN-LEFT: 27pt; MARGIN-RIGHT: 0pt" align="left"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">Total capital lease obligation payments</font> </div> </td> <td valign="bottom" width="1%"> &#160; </td> <td valign="bottom" width="1%"> &#160; </td> <td align="right" valign="bottom" width="12%"> <div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="right"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">7,414,224</font> </div> </td> <td valign="bottom" width="1%"> &#160; </td> </tr> <tr> <td valign="bottom" width="85%"> &#160; </td> <td valign="bottom" width="1%"> &#160; </td> <td valign="bottom" width="1%"> &#160; </td> <td valign="bottom" width="12%"> &#160; </td> <td valign="bottom" width="1%"> &#160; </td> </tr> <tr style="background-color: #C0FFFF;"> <td align="left" valign="bottom" width="85%" style="PADDING-BOTTOM: 2px"> <div style="LINE-HEIGHT: 1.25; TEXT-INDENT: -18pt; DISPLAY: block; MARGIN-LEFT: 27pt; MARGIN-RIGHT: 0pt" align="left"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">Less amounts representing interest</font> </div> </td> <td valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"> &#160; </td> <td valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid"> &#160; </td> <td align="right" valign="bottom" width="12%" style="BORDER-BOTTOM: black 2px solid"> <div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="right"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">(1,091,693</font> </div> </td> <td align="left" valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"> <div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">)</font> </div> </td> </tr> <tr> <td valign="bottom" width="85%"> &#160; </td> <td valign="bottom" width="1%"> &#160; </td> <td valign="bottom" width="1%"> &#160; </td> <td valign="bottom" width="12%"> &#160; </td> <td valign="bottom" width="1%"> &#160; </td> </tr> <tr style="background-color: #C0FFFF;"> <td align="left" valign="bottom" width="85%"> <div style="LINE-HEIGHT: 1.25; TEXT-INDENT: -18pt; DISPLAY: block; MARGIN-LEFT: 27pt; MARGIN-RIGHT: 0pt" align="left"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">Present value of total future capital lease obligation payments</font> </div> </td> <td valign="bottom" width="1%"> &#160; </td> <td valign="bottom" width="1%"> &#160; </td> <td align="right" valign="bottom" width="12%"> <div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="right"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">6,322,531</font> </div> </td> <td valign="bottom" width="1%"> &#160; </td> </tr> <tr> <td valign="bottom" width="85%"> &#160; </td> <td valign="bottom" width="1%"> &#160; </td> <td valign="bottom" width="1%"> &#160; </td> <td valign="bottom" width="12%"> &#160; </td> <td valign="bottom" width="1%"> &#160; </td> </tr> <tr style="background-color: #C0FFFF;"> <td align="left" valign="bottom" width="85%" style="PADDING-BOTTOM: 2px"> <div style="LINE-HEIGHT: 1.25; TEXT-INDENT: -18pt; DISPLAY: block; MARGIN-LEFT: 27pt; MARGIN-RIGHT: 0pt" align="left"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">Less current maturities of capital lease obligation</font> </div> </td> <td valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"> &#160; </td> <td valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid"> &#160; </td> <td align="right" valign="bottom" width="12%" style="BORDER-BOTTOM: black 2px solid"> <div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="right"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">(2,195,177</font> </div> </td> <td align="left" valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"> <div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">)</font> </div> </td> </tr> <tr> <td valign="bottom" width="85%"> &#160; </td> <td valign="bottom" width="1%"> &#160; </td> <td valign="bottom" width="1%"> &#160; </td> <td valign="bottom" width="12%"> &#160; </td> <td valign="bottom" width="1%"> &#160; </td> </tr> <tr style="background-color: #C0FFFF;"> <td align="left" valign="bottom" width="85%" style="PADDING-BOTTOM: 4px"> <div style="LINE-HEIGHT: 1.25; TEXT-INDENT: -18pt; DISPLAY: block; MARGIN-LEFT: 27pt; MARGIN-RIGHT: 0pt" align="left"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">Capital lease obligation, net of current maturities</font> </div> </td> <td valign="bottom" width="1%" style="PADDING-BOTTOM: 4px"> &#160; </td> <td align="left" valign="bottom" width="1%" style="BORDER-BOTTOM: black 4px double"> <div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">$</font> </div> </td> <td align="right" valign="bottom" width="12%" style="BORDER-BOTTOM: black 4px double"> <div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="right"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">4,127,354</font> </div> </td> <td align="left" valign="bottom" width="1%" style="PADDING-BOTTOM: 4px"> &#160; </td> </tr> </table><br/> <div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"> <font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Note 13 &#8211; Long-Term Debt</font> </div><br/><div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 36pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"> <font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">Long-term debt at December 31, 2011 and 2010 consisted of the following:</font> </div><br/><table cellpadding="0" cellspacing="0" width="100%" style="FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-SIZE: 10pt; FONT-FAMILY: times new roman"> <tr> <td valign="bottom" style="PADDING-BOTTOM: 2px"> &#160; </td> <td valign="bottom" style="PADDING-BOTTOM: 2px"> &#160; </td> <td colspan="2" valign="bottom" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: center"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">December 31, 2011</font></font> </td> <td valign="bottom" style="PADDING-BOTTOM: 2px"> &#160; </td> <td valign="bottom" style="PADDING-BOTTOM: 2px"> &#160; </td> <td colspan="2" valign="bottom" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: center"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">December 31, 2010</font></font> </td> <td valign="bottom" style="PADDING-BOTTOM: 2px"> &#160; </td> </tr> <tr> <td valign="bottom" width="70%"> &#160; </td> <td valign="bottom" width="1%"> &#160; </td> <td valign="bottom" width="1%"> &#160; </td> <td valign="bottom" width="12%"> &#160; </td> <td valign="bottom" width="1%"> &#160; </td> <td valign="bottom" width="1%"> &#160; </td> <td valign="bottom" width="1%"> &#160; </td> <td valign="bottom" width="12%"> &#160; </td> <td valign="bottom" width="1%"> &#160; </td> </tr> <tr style="background-color: #C0FFFF;"> <td align="left" valign="bottom" width="70%"> <div style="LINE-HEIGHT: 1.25; TEXT-INDENT: -18pt; DISPLAY: block; MARGIN-LEFT: 18pt; MARGIN-RIGHT: 0pt" align="left"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">Renewable Metals</font> </div> </td> <td valign="bottom" width="1%"> &#160; </td> <td valign="bottom" width="1%"> &#160; </td> <td valign="bottom" width="12%"> &#160; </td> <td valign="bottom" width="1%"> &#160; </td> <td valign="bottom" width="1%"> &#160; </td> <td valign="bottom" width="1%"> &#160; </td> <td valign="bottom" width="12%"> &#160; </td> <td valign="bottom" width="1%"> &#160; </td> </tr> <tr> <td valign="bottom" width="70%"> &#160; </td> <td valign="bottom" width="1%"> &#160; </td> <td valign="bottom" width="1%"> &#160; </td> <td valign="bottom" width="12%"> &#160; </td> <td valign="bottom" width="1%"> &#160; </td> <td valign="bottom" width="1%"> &#160; </td> <td valign="bottom" width="1%"> &#160; </td> <td valign="bottom" width="12%"> &#160; </td> <td valign="bottom" width="1%"> &#160; </td> </tr> <tr style="background-color: #C0FFFF;"> <td align="left" valign="bottom" width="70%"> <div style="LINE-HEIGHT: 1.25; TEXT-INDENT: -18pt; DISPLAY: block; MARGIN-LEFT: 18pt; MARGIN-RIGHT: 8.45pt" align="left"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">Long-term debt due to Bank of China, Lianyungang Branch, collateralized by all of Renewable Metals&#8217;s building and land use rights, with interest at 5.40% per annum payable monthly, with the remaining principal of RMB25,000,000 due August 25, 2012.</font> </div> </td> <td valign="bottom" width="1%"> &#160; 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Section 815-40-15 became effective for the Company on January 1, 2009 and as of that date the Warrants issued in the 2008 Unit Offering have been measured at fair value using a lattice model at each reporting period with gains and losses from the change in fair value of derivative liabilities recognized on the consolidated statement of income and comprehensive income.</font> </div><br/><div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 36pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"> <font style="FONT-STYLE: italic; DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font style="DISPLAY: inline; TEXT-DECORATION: underline">Valuation of Derivative Liability</font></font> </div><br/><div style="TEXT-ALIGN: left; TEXT-INDENT: 36pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"> <font style="FONT-STYLE: italic; DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">(a)</font> <font style="FONT-STYLE: italic; DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font style="DISPLAY: inline; TEXT-DECORATION: underline">Valuation Methodology</font></font> </div><br/><div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 36pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"> <font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">The Company&#8217;s 2008 warrants do not trade in an active securities market, as such, the Company developed a lattice model that values the derivative liability of the warrants based on a probability weighted discounted cash flow model. 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As the result of the large Warrant overhang we accounted for the dilution affects, volatility and market cap to adjust the projections.</font> </div><br/><div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 36pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"> <font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">Probabilities were assigned to each of these scenarios based on management projections. This led to a cash flow projection and a probability associated with that cash flow. A discounted weighted average cash flow over the various scenarios was completed to determine the value of the derivative warrant liability.</font> </div><br/><div style="TEXT-ALIGN: left; TEXT-INDENT: 36pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"> <font style="FONT-STYLE: italic; DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">(b)</font> <font style="FONT-STYLE: italic; DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font style="DISPLAY: inline; TEXT-DECORATION: underline">Valuation Assumptions</font></font> </div><br/><div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 36pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"> <font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">The Company&#8217;s 2008 derivative warrants were valued at each period ending date with the following assumptions:</font> </div><br/><table cellpadding="0" cellspacing="0" width="100%" style="FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-SIZE: 10pt; FONT-FAMILY: times new roman"> <tr> <td valign="top" width="4%"> <div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"> <font style="DISPLAY: inline; FONT-FAMILY: symbol, serif; FONT-SIZE: 10pt">&#183;</font> </div> </td> <td valign="top" width="96%" style="TEXT-ALIGN: left; TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"> <div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">The underlying stock price was used as the fair value of the common stock on period end date;</font> </div> </td> </tr> </table><br/><table cellpadding="0" cellspacing="0" width="100%" style="FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-SIZE: 10pt; FONT-FAMILY: times new roman"> <tr> <td valign="top" width="4%"> <div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"> <font style="DISPLAY: inline; FONT-FAMILY: symbol, serif; FONT-SIZE: 10pt">&#183;</font> </div> </td> <td valign="top" width="96%"> <div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">The stock price would fluctuate with the CNAM projected volatility. The projected volatility curve for each valuation period was based on the historical volatility of 14 comparable companies in the metal/industrial metals industries;</font> </div> </td> </tr> </table><br/><table cellpadding="0" cellspacing="0" width="100%" style="FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-SIZE: 10pt; FONT-FAMILY: times new roman"> <tr> <td valign="top" width="4%"> <div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"> <font style="DISPLAY: inline; FONT-FAMILY: symbol, serif; FONT-SIZE: 10pt">&#183;</font> </div> </td> <td valign="top" width="96%"> <div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">The Holder would exercise the warrant at maturity if the stock price was above the exercise price;</font> </div> </td> </tr> </table><br/><table cellpadding="0" cellspacing="0" width="100%" style="FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-SIZE: 10pt; FONT-FAMILY: times new roman"> <tr> <td valign="top" width="4%"> <div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"> <font style="DISPLAY: inline; FONT-FAMILY: symbol, serif; FONT-SIZE: 10pt">&#183;</font> </div> </td> <td valign="top" width="96%"> <div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">Reset events projected to occur are based on no future projected capital needs;</font> </div> </td> </tr> </table><br/><table cellpadding="0" cellspacing="0" width="100%" style="FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-SIZE: 10pt; FONT-FAMILY: times new roman"> <tr> <td valign="top" width="4%"> <div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"> <font style="DISPLAY: inline; FONT-FAMILY: symbol, serif; FONT-SIZE: 10pt">&#183;</font> </div> </td> <td valign="top" width="96%"> <div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">The Holder would exercise the warrant as they become exercisable at target prices of $7.50 for the 2008 Offering, and lowering such target as the warrants approached maturity;</font> </div> </td> </tr> </table><br/><table cellpadding="0" cellspacing="0" width="100%" style="FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-SIZE: 10pt; FONT-FAMILY: times new roman"> <tr> <td valign="top" width="4%"> <div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"> <font style="DISPLAY: inline; FONT-FAMILY: symbol, serif; FONT-SIZE: 10pt">&#183;</font> </div> </td> <td valign="top" width="96%"> <div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">The probability weighted cash flows are discounted using the risk free interest rates.</font> </div> </td> </tr> </table><br/><table cellpadding="0" cellspacing="0" width="100%" style="FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-SIZE: 10pt; FONT-FAMILY: times new roman"> <tr> <td valign="top" width="4%"> <div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"> <font style="DISPLAY: inline; FONT-FAMILY: symbol, serif; FONT-SIZE: 10pt">&#183;</font> </div> </td> <td valign="top" width="96%"> <div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">The risk-free interest rate is based on a yield curve of U.S treasury interest rates on the date of valuation based on the contractual life of the warrants</font> </div> </td> </tr> </table><br/><table cellpadding="0" cellspacing="0" width="100%" style="FONT-FAMILY: times new roman; 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FONT-SIZE: 10pt; FONT-SIZE: 10pt; FONT-FAMILY: times new roman"> <tr> <td valign="bottom" width="71%" style="PADDING-BOTTOM: 2px"> &#160; </td> <td valign="bottom" width="13%" style="BORDER-BOTTOM: black 2px solid"> <div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">December 31, 2011</font> </div> </td> <td valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"> &#160; </td> <td valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"> &#160; </td> <td colspan="2" valign="bottom" width="13%" style="BORDER-BOTTOM: black 2px solid"> <div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">December 31, 2010</font> </div> </td> <td valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"> &#160; </td> </tr> <tr> <td valign="bottom" width="71%"> &#160; </td> <td valign="bottom" width="13%"> &#160; </td> <td valign="bottom" width="1%"> &#160; </td> <td valign="bottom" width="1%"> &#160; </td> <td valign="bottom" width="1%"> &#160; </td> <td valign="bottom" width="12%"> &#160; </td> <td valign="bottom" width="1%"> &#160; </td> </tr> <tr style="background-color: #C0FFFF;"> <td align="left" valign="bottom" width="71%"> <div style="LINE-HEIGHT: 1.25; TEXT-INDENT: -9pt; DISPLAY: block; MARGIN-LEFT: 9pt; MARGIN-RIGHT: 0pt" align="left"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">Expected life (year)</font> </div> </td> <td align="right" valign="bottom" width="13%"> <div style="LINE-HEIGHT: 1.25; TEXT-INDENT: -18pt; DISPLAY: block; MARGIN-LEFT: 18pt; MARGIN-RIGHT: 0pt" align="right"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">1.50</font> </div> </td> <td valign="bottom" width="1%"> &#160; </td> <td valign="bottom" width="1%"> &#160; </td> <td valign="bottom" width="1%"> &#160; </td> <td align="right" valign="bottom" width="12%"> <div style="LINE-HEIGHT: 1.25; TEXT-INDENT: -18pt; DISPLAY: block; MARGIN-LEFT: 18pt; MARGIN-RIGHT: 0pt" align="right"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">2.50</font> </div> </td> <td valign="bottom" width="1%"> &#160; </td> </tr> <tr> <td valign="bottom" width="71%"> &#160; </td> <td valign="bottom" width="13%"> &#160; </td> <td valign="bottom" width="1%"> &#160; </td> <td valign="bottom" width="1%"> &#160; </td> <td valign="bottom" width="1%"> &#160; </td> <td valign="bottom" width="12%"> &#160; </td> <td valign="bottom" width="1%"> &#160; </td> </tr> <tr style="background-color: #C0FFFF;"> <td align="left" valign="bottom" width="71%"> <div style="LINE-HEIGHT: 1.25; TEXT-INDENT: -9pt; DISPLAY: block; MARGIN-LEFT: 9pt; MARGIN-RIGHT: 0pt" align="left"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">Expected volatility</font> </div> </td> <td align="right" valign="bottom" width="13%"> <div style="LINE-HEIGHT: 1.25; TEXT-INDENT: -18pt; DISPLAY: block; MARGIN-LEFT: 18pt; MARGIN-RIGHT: 0pt" align="right"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">69.00</font> </div> </td> <td align="left" valign="bottom" width="1%"> <div style="LINE-HEIGHT: 1.25; TEXT-INDENT: -18pt; DISPLAY: block; MARGIN-LEFT: 18pt; MARGIN-RIGHT: 0pt" align="left"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">%</font> </div> </td> <td valign="bottom" width="1%"> &#160; </td> <td valign="bottom" width="1%"> &#160; </td> <td align="right" valign="bottom" width="12%"> <div style="LINE-HEIGHT: 1.25; TEXT-INDENT: -18pt; DISPLAY: block; MARGIN-LEFT: 18pt; MARGIN-RIGHT: 0pt" align="right"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">159.00</font> </div> </td> <td align="left" valign="bottom" width="1%"> <div style="LINE-HEIGHT: 1.25; TEXT-INDENT: -18pt; DISPLAY: block; MARGIN-LEFT: 18pt; MARGIN-RIGHT: 0pt" align="left"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">%</font> </div> </td> </tr> <tr> <td valign="bottom" width="71%"> &#160; </td> <td valign="bottom" width="13%"> &#160; </td> <td valign="bottom" width="1%"> &#160; </td> <td valign="bottom" width="1%"> &#160; </td> <td valign="bottom" width="1%"> &#160; </td> <td valign="bottom" width="12%"> &#160; </td> <td valign="bottom" width="1%"> &#160; </td> </tr> <tr style="background-color: #C0FFFF;"> <td align="left" valign="bottom" width="71%"> <div style="LINE-HEIGHT: 1.25; TEXT-INDENT: -9pt; DISPLAY: block; MARGIN-LEFT: 9pt; MARGIN-RIGHT: 0pt" align="left"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">Risk-free interest rate</font> </div> </td> <td align="right" valign="bottom" width="13%"> <div style="LINE-HEIGHT: 1.25; TEXT-INDENT: -18pt; DISPLAY: block; MARGIN-LEFT: 18pt; MARGIN-RIGHT: 0pt" align="right"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">0.25</font> </div> </td> <td align="left" valign="bottom" width="1%"> <div style="LINE-HEIGHT: 1.25; TEXT-INDENT: -18pt; DISPLAY: block; MARGIN-LEFT: 18pt; MARGIN-RIGHT: 0pt" align="left"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">%</font> </div> </td> <td valign="bottom" width="1%"> &#160; </td> <td valign="bottom" width="1%"> &#160; </td> <td align="right" valign="bottom" width="12%"> <div style="LINE-HEIGHT: 1.25; TEXT-INDENT: -18pt; DISPLAY: block; MARGIN-LEFT: 18pt; MARGIN-RIGHT: 0pt" align="right"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">1.02</font> </div> </td> <td align="left" valign="bottom" width="1%"> <div style="LINE-HEIGHT: 1.25; TEXT-INDENT: -18pt; DISPLAY: block; MARGIN-LEFT: 18pt; MARGIN-RIGHT: 0pt" align="left"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">%</font> </div> </td> </tr> <tr> <td valign="bottom" width="71%"> &#160; </td> <td valign="bottom" width="13%"> &#160; </td> <td valign="bottom" width="1%"> &#160; </td> <td valign="bottom" width="1%"> &#160; </td> <td valign="bottom" width="1%"> &#160; </td> <td valign="bottom" width="12%"> &#160; </td> <td valign="bottom" width="1%"> &#160; </td> </tr> <tr style="background-color: #C0FFFF;"> <td align="left" valign="bottom" width="71%"> <div style="LINE-HEIGHT: 1.25; TEXT-INDENT: -9pt; DISPLAY: block; MARGIN-LEFT: 9pt; MARGIN-RIGHT: 0pt" align="left"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">Expected annual rate of quarterly dividends</font> </div> </td> <td align="right" valign="bottom" width="13%"> <div style="LINE-HEIGHT: 1.25; TEXT-INDENT: -18pt; DISPLAY: block; MARGIN-LEFT: 18pt; MARGIN-RIGHT: 0pt" align="right"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">0.00</font> </div> </td> <td align="left" valign="bottom" width="1%"> <div style="LINE-HEIGHT: 1.25; TEXT-INDENT: -18pt; DISPLAY: block; MARGIN-LEFT: 18pt; MARGIN-RIGHT: 0pt" align="left"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">%</font> </div> </td> <td valign="bottom" width="1%"> &#160; </td> <td valign="bottom" width="1%"> &#160; </td> <td align="right" valign="bottom" width="12%"> <div style="LINE-HEIGHT: 1.25; TEXT-INDENT: -18pt; DISPLAY: block; MARGIN-LEFT: 18pt; MARGIN-RIGHT: 0pt" align="right"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">0.00</font> </div> </td> <td align="left" valign="bottom" width="1%"> <div style="LINE-HEIGHT: 1.25; TEXT-INDENT: -18pt; DISPLAY: block; MARGIN-LEFT: 18pt; MARGIN-RIGHT: 0pt" align="left"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">%</font> </div> </td> </tr> </table><br/><div style="TEXT-ALIGN: left; TEXT-INDENT: 36pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"> <font style="FONT-STYLE: italic; DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">(c)</font> <font style="FONT-STYLE: italic; DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font style="DISPLAY: inline; TEXT-DECORATION: underline">Fair Value of Derivative Warrants</font></font> </div><br/><div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 36pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"> <font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">The fair value of the embedded derivative warrants is marked-to-market at each balance sheet date and the change in the fair value of the embedded derivative warrants is recorded in the consolidated statements of operations and comprehensive income (loss) as other income or expense.</font> </div><br/><div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 36pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"> <font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">The Company valued the derivative warrants at $203 at December 31, 2011and recognized a gain of $137,940 on the change in the fair value of the remaining derivative warrants to purchase 186,306 shares of Company&#8217;s common stock for the year then ended.</font> </div><br/><div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 36pt; DISPLAY: block; 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TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Fair Value Measurement Using Level 3 Inputs</font></font> </div> </td> <td align="left" valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"> &#160; </td> </tr> <tr> <td align="left" valign="bottom" width="70%" style="PADDING-BOTTOM: 2px"> &#160; </td> <td align="right" valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"> &#160; </td> <td align="right" colspan="2" valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid"> <div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Derivative warrants Assets (Liability)</font></font> </div> </td> <td align="left" valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"> &#160; </td> <td valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"> &#160; </td> <td align="right" colspan="2" valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid"> <div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Total</font></font> </div> </td> <td align="left" valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"> &#160; </td> </tr> <tr style="background-color: #C0FFFF;"> <td align="left" valign="bottom" width="70%"> <div style="LINE-HEIGHT: 1.25; TEXT-INDENT: -18pt; DISPLAY: block; MARGIN-LEFT: 18pt; MARGIN-RIGHT: 0pt" align="left"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">Balance, December 31, 2010</font> </div> </td> <td align="right" valign="bottom" width="1%"> &#160; </td> <td align="right" valign="bottom" width="1%"> <div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="right"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">$</font> </div> </td> <td align="right" valign="bottom" width="12%"> <div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="right"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">(138,143</font> </div> </td> <td align="left" valign="bottom" width="1%"> <div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">)</font> </div> </td> <td valign="bottom" width="1%"> &#160; </td> <td align="right" valign="bottom" width="1%"> <div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="right"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">$</font> </div> </td> <td align="right" valign="bottom" width="12%"> <div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="right"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">(138,143</font> </div> </td> <td align="left" valign="bottom" width="1%"> <div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">)</font> </div> </td> </tr> <tr> <td valign="bottom" width="70%"> &#160; </td> <td valign="bottom" width="1%"> &#160; </td> <td valign="bottom" width="1%"> &#160; </td> <td valign="bottom" width="12%"> &#160; </td> <td valign="bottom" width="1%"> &#160; </td> <td valign="bottom" width="1%"> &#160; </td> <td valign="bottom" width="1%"> &#160; </td> <td valign="bottom" width="12%"> &#160; </td> <td valign="bottom" width="1%"> &#160; </td> </tr> <tr style="background-color: #C0FFFF;"> <td align="left" valign="bottom" width="70%"> <div style="LINE-HEIGHT: 1.25; TEXT-INDENT: -18pt; DISPLAY: block; MARGIN-LEFT: 18pt; MARGIN-RIGHT: 0pt" align="left"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">Total gains or losses (realized/unrealized) included in:</font> </div> </td> <td valign="bottom" width="1%"> &#160; </td> <td valign="bottom" width="1%"> &#160; </td> <td valign="bottom" width="12%"> &#160; </td> <td valign="bottom" width="1%"> &#160; </td> <td valign="bottom" width="1%"> &#160; </td> <td valign="bottom" width="1%"> &#160; </td> <td valign="bottom" width="12%"> &#160; </td> <td valign="bottom" width="1%"> &#160; </td> </tr> <tr> <td valign="bottom" width="70%"> &#160; </td> <td valign="bottom" width="1%"> &#160; </td> <td valign="bottom" width="1%"> &#160; </td> <td valign="bottom" width="12%"> &#160; </td> <td valign="bottom" width="1%"> &#160; </td> <td valign="bottom" width="1%"> &#160; </td> <td valign="bottom" width="1%"> &#160; </td> <td valign="bottom" width="12%"> &#160; </td> <td valign="bottom" width="1%"> &#160; </td> </tr> <tr style="background-color: #C0FFFF;"> <td align="left" valign="bottom" width="70%"> <div style="LINE-HEIGHT: 1.25; 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</td> </tr> <tr> <td valign="bottom" width="70%"> &#160; </td> <td valign="bottom" width="1%"> &#160; </td> <td valign="bottom" width="1%"> &#160; </td> <td valign="bottom" width="12%"> &#160; </td> <td valign="bottom" width="1%"> &#160; </td> <td valign="bottom" width="1%"> &#160; </td> <td valign="bottom" width="1%"> &#160; </td> <td valign="bottom" width="12%"> &#160; </td> <td valign="bottom" width="1%"> &#160; </td> </tr> <tr style="background-color: #C0FFFF;"> <td align="left" valign="bottom" width="70%"> <div style="LINE-HEIGHT: 1.25; TEXT-INDENT: -18pt; DISPLAY: block; MARGIN-LEFT: 18pt; MARGIN-RIGHT: 0pt" align="left"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">Other comprehensive income (loss)</font> </div> </td> <td valign="bottom" width="1%"> &#160; </td> <td valign="bottom" width="1%"> &#160; </td> <td align="right" valign="bottom" width="12%"> <div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="right"> <font style="DISPLAY: inline; 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</td> </tr> <tr> <td valign="bottom" width="70%"> &#160; </td> <td valign="bottom" width="1%"> &#160; </td> <td valign="bottom" width="1%"> &#160; </td> <td valign="bottom" width="12%"> &#160; </td> <td valign="bottom" width="1%"> &#160; </td> <td valign="bottom" width="1%"> &#160; </td> <td valign="bottom" width="1%"> &#160; </td> <td valign="bottom" width="12%"> &#160; </td> <td valign="bottom" width="1%"> &#160; </td> </tr> <tr style="background-color: #C0FFFF;"> <td align="left" valign="bottom" width="70%" style="PADDING-BOTTOM: 2px"> <div style="LINE-HEIGHT: 1.25; TEXT-INDENT: -18pt; DISPLAY: block; MARGIN-LEFT: 18pt; MARGIN-RIGHT: 0pt" align="left"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">Transfers in and/or out of Level 3</font> </div> </td> <td valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"> &#160; </td> <td valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid"> &#160; </td> <td align="right" valign="bottom" width="12%" style="BORDER-BOTTOM: black 2px solid"> <div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="right"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">-</font> </div> </td> <td valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"> &#160; </td> <td valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"> &#160; </td> <td valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid"> &#160; </td> <td align="right" valign="bottom" width="12%" style="BORDER-BOTTOM: black 2px solid"> <div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="right"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">-</font> </div> </td> <td valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"> &#160; </td> </tr> <tr> <td valign="bottom" width="70%"> &#160; </td> <td valign="bottom" width="1%"> &#160; </td> <td valign="bottom" width="1%"> &#160; </td> <td valign="bottom" width="12%"> &#160; </td> <td valign="bottom" width="1%"> &#160; </td> <td valign="bottom" width="1%"> &#160; </td> <td valign="bottom" width="1%"> &#160; </td> <td valign="bottom" width="12%"> &#160; </td> <td valign="bottom" width="1%"> &#160; </td> </tr> <tr style="background-color: #C0FFFF;"> <td align="left" valign="bottom" width="70%" style="PADDING-BOTTOM: 4px"> <div style="LINE-HEIGHT: 1.25; TEXT-INDENT: -18pt; DISPLAY: block; MARGIN-LEFT: 18pt; MARGIN-RIGHT: 0pt" align="left"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">Balance, December 31, 2011</font> </div> </td> <td valign="bottom" width="1%" style="PADDING-BOTTOM: 4px"> &#160; </td> <td align="right" valign="bottom" width="1%" style="BORDER-BOTTOM: black 4px double"> <div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="right"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">$</font> </div> </td> <td align="right" valign="bottom" width="12%" style="BORDER-BOTTOM: black 4px double"> <div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="right"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">(203</font> </div> </td> <td align="left" valign="bottom" width="1%" style="PADDING-BOTTOM: 4px"> <div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">)</font> </div> </td> <td valign="bottom" width="1%" style="PADDING-BOTTOM: 4px"> &#160; </td> <td align="right" valign="bottom" width="1%" style="BORDER-BOTTOM: black 4px double"> <div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="right"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">$</font> </div> </td> <td align="right" valign="bottom" width="12%" style="BORDER-BOTTOM: black 4px double"> <div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="right"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">(203</font> </div> </td> <td align="left" valign="bottom" width="1%" style="PADDING-BOTTOM: 4px"> <div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">)</font> </div> </td> </tr> </table><br/><div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 36pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"> <font style="FONT-STYLE: italic; DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font style="DISPLAY: inline; TEXT-DECORATION: underline">Exercise and Extinguishment of Warrants</font></font> </div><br/><div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 36pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"> <font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">On January 30, 2009, the Company issued 5,000 shares of its common stock for cash at $5.00 per share and received a cash payment of $25,000 in connection with the exercise of the 2008 warrants for 5,000 shares with an exercise price of $5.00 per share by one (1) investor and 2008 warrants holder.</font> </div><br/><div style="LINE-HEIGHT: 1.25; 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FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">In addition, during the three months ended March 31, 2010, certain holders of 2008 warrants to purchase 1,031,715 shares of the Company&#8217;s common stock reached agreements with the Company, effective as of January 1, 2010, whereby the Company waived its right to offer or sell additional shares of its common stock below $5.00 per share in the future and the certain 2008 warrant holders waived their anti-dilution or commonly known as a most favored nation clause thus making those warrants no longer derivative warrant, for which the Company reclassified $1,292,227 of the derivative liability to additional paid-in capital.</font> </div><br/><div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 36pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"> <font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">During April&#160;2010,&#160;four (4) of the 2008 warrant holders exercised their warrants to purchase 13,806 shares of the Company&#8217;s common stock at an exercise price of $5.00 per share resulting in cash proceeds of $69,030 to the Company, for which the Company issued 13,806 shares of its common stock to the 2008 warrant holders and reclassified $21,229 of the derivative liability to additional paid-in capital.</font> </div><br/><div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 36pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"> <font style="FONT-STYLE: italic; DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font style="DISPLAY: inline; TEXT-DECORATION: underline">Warrants Outstanding</font></font> </div><br/><div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 36pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"> <font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">As of December 31, 2011 warrants to purchase 1,218,021 shares of Company common stock remain outstanding.</font> </div><br/><div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 36pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"> <font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">The table below summarizes the Company&#8217;s derivative warrant activity through December 310, 2011:</font> </div><br/><table cellpadding="0" cellspacing="0" width="100%" style="FONT-FAMILY: times new roman; 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</td> <td align="right" valign="bottom" width="9%"> <div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="right"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">(136,808</font> </div> </td> <td align="left" valign="bottom" width="1%"> <div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">)</font> </div> </td> </tr> <tr> <td valign="bottom" width="31%"> &#160; </td> <td valign="middle" width="1%"> &#160; </td> <td valign="bottom" width="1%"> &#160; </td> <td valign="bottom" width="9%"> &#160; </td> <td valign="bottom" width="1%"> &#160; </td> <td valign="bottom" width="1%"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font> </td> <td valign="bottom" width="9%"> &#160; </td> <td valign="bottom" width="1%"> <font style="DISPLAY: inline; 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</td> <td valign="bottom" width="1%"> &#160; </td> <td align="right" valign="bottom" width="9%"> <div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="right"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">7.50</font> </div> </td> <td valign="bottom" width="1%"> &#160; </td> <td valign="bottom" width="1%"> &#160; </td> <td valign="bottom" width="1%"> &#160; </td> <td align="right" valign="bottom" width="9%"> <div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="right"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">7.50</font> </div> </td> <td valign="bottom" width="1%"> &#160; </td> <td valign="bottom" width="1%"> &#160; </td> <td valign="bottom" width="1%"> &#160; </td> <td align="right" valign="bottom" width="9%"> <div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="right"> <font style="DISPLAY: inline; 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DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="right"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">(89,523</font> </div> </td> <td align="left" valign="bottom" width="1%"> <div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">)</font> </div> </td> <td valign="bottom" width="1%"> &#160; </td> <td valign="bottom" width="1%"> &#160; </td> <td align="right" valign="bottom" width="9%"> <div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="right"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">-</font> </div> </td> <td valign="bottom" width="1%"> &#160; </td> <td valign="bottom" width="1%"> &#160; </td> <td valign="bottom" width="1%"> &#160; </td> <td align="right" valign="bottom" width="9%"> <div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="right"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">-</font> </div> </td> <td valign="bottom" width="1%"> &#160; </td> <td valign="bottom" width="1%"> &#160; </td> <td valign="bottom" width="1%"> &#160; </td> <td align="right" valign="bottom" width="9%"> <div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="right"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">-</font> </div> </td> <td valign="bottom" width="1%"> &#160; </td> <td valign="bottom" width="1%"> &#160; </td> <td valign="bottom" width="1%"> &#160; </td> <td align="right" valign="bottom" width="9%"> <div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="right"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">-</font> </div> </td> <td valign="bottom" width="1%"> &#160; </td> </tr> <tr style="background-color: #C0FFFF;"> <td valign="bottom" width="40%"> &#160; </td> <td valign="bottom" width="1%"> &#160; </td> <td valign="bottom" width="1%"> &#160; </td> <td valign="bottom" width="9%"> &#160; </td> <td valign="bottom" width="1%"> &#160; </td> <td valign="bottom" width="1%"> &#160; </td> <td valign="bottom" width="1%"> &#160; </td> <td valign="bottom" width="9%"> &#160; </td> <td valign="bottom" width="1%"> &#160; </td> <td valign="bottom" width="1%"> &#160; </td> <td valign="bottom" width="1%"> &#160; </td> <td valign="bottom" width="9%"> &#160; </td> <td valign="bottom" width="1%"> &#160; </td> <td valign="bottom" width="1%"> &#160; </td> <td valign="bottom" width="1%"> &#160; </td> <td valign="bottom" width="9%"> &#160; </td> <td valign="bottom" width="1%"> &#160; </td> <td valign="bottom" width="1%"> &#160; </td> <td valign="bottom" width="1%"> &#160; </td> <td valign="bottom" width="9%"> &#160; </td> <td valign="bottom" width="1%"> &#160; </td> </tr> <tr> <td align="left" valign="bottom" width="40%"> <div style="LINE-HEIGHT: 1.25; TEXT-INDENT: -18pt; DISPLAY: block; MARGIN-LEFT: 18pt; MARGIN-RIGHT: 0pt" align="left"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">Exercised (Cashless)</font> </div> </td> <td valign="bottom" width="1%"> &#160; </td> <td valign="bottom" width="1%"> &#160; </td> <td align="right" valign="bottom" width="9%"> <div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="right"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">(78,217</font> </div> </td> <td align="left" valign="bottom" width="1%"> <div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">)</font> </div> </td> <td valign="bottom" width="1%"> &#160; </td> <td valign="bottom" width="1%"> &#160; </td> <td align="right" valign="bottom" width="9%"> <div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="right"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">-</font> </div> </td> <td valign="bottom" width="1%"> &#160; </td> <td valign="bottom" width="1%"> &#160; </td> <td valign="bottom" width="1%"> &#160; </td> <td align="right" valign="bottom" width="9%"> <div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="right"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">-</font> </div> </td> <td valign="bottom" width="1%"> &#160; </td> <td valign="bottom" width="1%"> &#160; </td> <td valign="bottom" width="1%"> &#160; </td> <td align="right" valign="bottom" width="9%"> <div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="right"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">-</font> </div> </td> <td valign="bottom" width="1%"> &#160; </td> <td valign="bottom" width="1%"> &#160; </td> <td valign="bottom" width="1%"> &#160; </td> <td align="right" valign="bottom" width="9%"> <div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="right"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">-</font> </div> </td> <td valign="bottom" width="1%"> &#160; </td> </tr> <tr style="background-color: #C0FFFF;"> <td align="left" valign="bottom" width="40%"> <div style="LINE-HEIGHT: 1.25; TEXT-INDENT: -18pt; DISPLAY: block; MARGIN-LEFT: 18pt; MARGIN-RIGHT: 0pt" align="left"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">Exercised</font> </div> </td> <td valign="bottom" width="1%"> &#160; </td> <td valign="bottom" width="1%"> &#160; </td> <td align="right" valign="bottom" width="9%"> <div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="right"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">(1,338,152</font> </div> </td> <td align="left" valign="bottom" width="1%"> <div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">)</font> </div> </td> <td valign="bottom" width="1%"> &#160; </td> <td valign="bottom" width="1%"> &#160; </td> <td align="right" valign="bottom" width="9%"> <div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="right"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">5.00</font> </div> </td> <td valign="bottom" width="1%"> &#160; </td> <td valign="bottom" width="1%"> &#160; </td> <td valign="bottom" width="1%"> &#160; </td> <td align="right" valign="bottom" width="9%"> <div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="right"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">5.00</font> </div> </td> <td valign="bottom" width="1%"> &#160; </td> <td valign="bottom" width="1%"> &#160; </td> <td valign="bottom" width="1%"> &#160; </td> <td align="right" valign="bottom" width="9%"> <div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="right"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">-</font> </div> </td> <td valign="bottom" width="1%"> &#160; </td> <td valign="bottom" width="1%"> &#160; </td> <td valign="bottom" width="1%"> &#160; </td> <td align="right" valign="bottom" width="9%"> <div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="right"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">-</font> </div> </td> <td valign="bottom" width="1%"> &#160; </td> </tr> <tr> <td align="left" valign="bottom" width="40%"> <div style="LINE-HEIGHT: 1.25; TEXT-INDENT: -18pt; DISPLAY: block; MARGIN-LEFT: 18pt; MARGIN-RIGHT: 0pt" align="left"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">Expired</font> </div> </td> <td valign="bottom" width="1%"> &#160; </td> <td valign="bottom" width="1%"> &#160; </td> <td align="right" valign="bottom" width="9%"> <div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="right"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">-</font> </div> </td> <td valign="bottom" width="1%"> &#160; </td> <td valign="bottom" width="1%"> &#160; </td> <td valign="bottom" width="1%"> &#160; </td> <td align="right" valign="bottom" width="9%"> <div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="right"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">-</font> </div> </td> <td valign="bottom" width="1%"> &#160; </td> <td valign="bottom" width="1%"> &#160; </td> <td valign="bottom" width="1%"> &#160; </td> <td align="right" valign="bottom" width="9%"> <div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="right"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">-</font> </div> </td> <td valign="bottom" width="1%"> &#160; </td> <td valign="bottom" width="1%"> &#160; </td> <td valign="bottom" width="1%"> &#160; </td> <td align="right" valign="bottom" width="9%"> <div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="right"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">-</font> </div> </td> <td valign="bottom" width="1%"> &#160; </td> <td valign="bottom" width="1%"> &#160; </td> <td valign="bottom" width="1%"> &#160; </td> <td align="right" valign="bottom" width="9%"> <div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="right"> <font style="DISPLAY: inline; 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MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="right"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">$</font> </div> </td> <td align="right" valign="bottom" width="9%"> <div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="right"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">5.00 - 7.50</font> </div> </td> <td valign="bottom" width="1%"> &#160; </td> <td valign="bottom" width="1%"> &#160; </td> <td align="right" valign="bottom" width="1%"> <div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="right"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">$</font> </div> </td> <td align="right" valign="bottom" width="9%"> <div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="right"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">6.43</font> </div> </td> <td valign="bottom" width="1%"> &#160; </td> <td valign="bottom" width="1%"> &#160; </td> <td align="right" valign="bottom" width="1%"> <div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="right"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">$</font> </div> </td> <td align="right" valign="bottom" width="9%"> <div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="right"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">-</font> </div> </td> <td valign="bottom" width="1%"> &#160; </td> <td valign="bottom" width="1%"> &#160; </td> <td align="right" valign="bottom" width="1%"> <div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="right"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">$</font> </div> </td> <td align="right" valign="bottom" width="9%"> <div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="right"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">-</font> </div> </td> <td valign="bottom" width="1%"> &#160; </td> </tr> <tr> <td valign="bottom" width="40%"> &#160; </td> <td valign="bottom" width="1%"> &#160; </td> <td valign="bottom" width="1%"> &#160; </td> <td valign="bottom" width="9%"> &#160; </td> <td valign="bottom" width="1%"> &#160; </td> <td valign="bottom" width="1%"> &#160; </td> <td valign="bottom" width="1%"> &#160; </td> <td valign="bottom" width="9%"> &#160; </td> <td valign="bottom" width="1%"> &#160; </td> <td valign="bottom" width="1%"> &#160; </td> <td valign="bottom" width="1%"> &#160; </td> <td valign="bottom" width="9%"> &#160; </td> <td valign="bottom" width="1%"> &#160; </td> <td valign="bottom" width="1%"> &#160; </td> <td valign="bottom" width="1%"> &#160; </td> <td valign="bottom" width="9%"> &#160; </td> <td valign="bottom" width="1%"> &#160; 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</td> <td align="right" valign="bottom" width="9%"> <div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="right"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">-</font> </div> </td> <td valign="bottom" width="1%"> &#160; </td> <td valign="bottom" width="1%"> &#160; </td> <td valign="bottom" width="1%"> &#160; </td> <td align="right" valign="bottom" width="9%"> <div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="right"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">-</font> </div> </td> <td valign="bottom" width="1%"> &#160; </td> </tr> <tr> <td align="left" valign="bottom" width="40%"> <div style="LINE-HEIGHT: 1.25; TEXT-INDENT: -18pt; DISPLAY: block; MARGIN-LEFT: 18pt; MARGIN-RIGHT: 0pt" align="left"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">Expired</font> </div> </td> <td valign="bottom" width="1%"> &#160; </td> <td valign="bottom" width="1%"> &#160; </td> <td align="right" valign="bottom" width="9%"> <div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="right"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">-</font> </div> </td> <td valign="bottom" width="1%"> &#160; </td> <td valign="bottom" width="1%"> &#160; </td> <td valign="bottom" width="1%"> &#160; </td> <td align="right" valign="bottom" width="9%"> <div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="right"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">-</font> </div> </td> <td valign="bottom" width="1%"> &#160; </td> <td valign="bottom" width="1%"> &#160; </td> <td valign="bottom" width="1%"> &#160; </td> <td align="right" valign="bottom" width="9%"> <div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="right"> <font style="DISPLAY: inline; 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TEXT-INDENT: -18pt; DISPLAY: block; MARGIN-LEFT: 18pt; MARGIN-RIGHT: 0pt" align="left"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">Balance, December 31, 2011</font> </div> </td> <td valign="bottom" width="1%"> &#160; </td> <td valign="bottom" width="1%"> &#160; </td> <td align="right" valign="bottom" width="9%"> <div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="right"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">2,833,408</font> </div> </td> <td valign="bottom" width="1%"> &#160; </td> <td valign="bottom" width="1%"> &#160; </td> <td align="right" valign="bottom" width="1%"> <div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="right"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">$</font> </div> </td> <td align="right" valign="bottom" width="9%"> <div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="right"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">5.00 - 7.50</font> </div> </td> <td valign="bottom" width="1%"> &#160; </td> <td valign="bottom" width="1%"> &#160; </td> <td align="right" valign="bottom" width="1%"> <div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="right"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">$</font> </div> </td> <td align="right" valign="bottom" width="9%"> <div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="right"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">6.43</font> </div> </td> <td valign="bottom" width="1%"> &#160; </td> <td valign="bottom" width="1%"> &#160; </td> <td align="right" valign="bottom" width="1%"> <div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="right"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">$</font> </div> </td> <td align="right" valign="bottom" width="9%"> <div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="right"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">-</font> </div> </td> <td valign="bottom" width="1%"> &#160; </td> <td valign="bottom" width="1%"> &#160; </td> <td align="right" valign="bottom" width="1%"> <div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="right"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">$</font> </div> </td> <td align="right" valign="bottom" width="9%"> <div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="right"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">-</font> </div> </td> <td valign="bottom" width="1%"> &#160; </td> </tr> <tr> <td valign="bottom" width="40%"> &#160; </td> <td valign="bottom" width="1%"> &#160; </td> <td valign="bottom" width="1%"> &#160; </td> <td valign="bottom" width="9%"> &#160; </td> <td valign="bottom" width="1%"> &#160; </td> <td valign="bottom" width="1%"> &#160; </td> <td valign="bottom" width="1%"> &#160; </td> <td valign="bottom" width="9%"> &#160; </td> <td valign="bottom" width="1%"> &#160; </td> <td valign="bottom" width="1%"> &#160; </td> <td valign="bottom" width="1%"> &#160; </td> <td valign="bottom" width="9%"> &#160; </td> <td valign="bottom" width="1%"> &#160; </td> <td valign="bottom" width="1%"> &#160; </td> <td valign="bottom" width="1%"> &#160; </td> <td valign="bottom" width="9%"> &#160; </td> <td valign="bottom" width="1%"> &#160; </td> <td valign="bottom" width="1%"> &#160; </td> <td valign="bottom" width="1%"> &#160; </td> <td valign="bottom" width="9%"> &#160; </td> <td valign="bottom" width="1%"> &#160; </td> </tr> <tr style="background-color: #C0FFFF;"> <td align="left" valign="bottom" width="40%" style="PADDING-BOTTOM: 2px"> <div style="LINE-HEIGHT: 1.25; TEXT-INDENT: -18pt; DISPLAY: block; MARGIN-LEFT: 18pt; MARGIN-RIGHT: 0pt" align="left"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">Earned and exercisable, December 31, 2011</font> </div> </td> <td valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"> &#160; </td> <td valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid"> &#160; </td> <td align="right" valign="bottom" width="9%" style="BORDER-BOTTOM: black 2px solid"> <div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="right"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">2,833,408</font> </div> </td> <td valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"> &#160; </td> <td valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"> &#160; </td> <td align="right" valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid"> <div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; 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TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="right"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">18,380,000</font> </div> </td> <td valign="bottom" width="1%"> &#160; </td> </tr> <tr> <td valign="bottom" width="37%"> &#160; </td> <td valign="bottom" width="1%"> &#160; </td> <td valign="bottom" width="9%"> &#160; </td> <td valign="bottom" width="1%"> &#160; </td> <td valign="bottom" width="1%"> &#160; </td> <td valign="bottom" width="1%"> &#160; </td> <td valign="bottom" width="9%"> &#160; </td> <td valign="bottom" width="1%"> &#160; </td> <td valign="bottom" width="1%"> &#160; </td> <td valign="bottom" width="1%"> &#160; </td> <td valign="bottom" width="9%"> &#160; </td> <td valign="bottom" width="1%"> &#160; </td> <td valign="bottom" width="1%"> &#160; </td> <td valign="bottom" width="1%"> &#160; </td> <td valign="bottom" width="9%"> &#160; </td> <td valign="bottom" width="1%"> &#160; </td> </tr> <tr style="background-color: #C0FFFF;"> <td align="left" valign="bottom" width="37%"> <div style="LINE-HEIGHT: 1.25; 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Hong Kong Branch (ii)</font> </div> </td> <td valign="bottom" width="1%"> &#160; </td> <td valign="bottom" width="9%"> <div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">July 28, 2012</font> </div> </td> <td valign="bottom" width="1%"> &#160; </td> <td valign="bottom" width="1%"> &#160; </td> <td valign="bottom" width="1%"> &#160; </td> <td align="right" valign="bottom" width="9%"> <div style="LINE-HEIGHT: 1.25; TEXT-INDENT: -18pt; DISPLAY: block; MARGIN-LEFT: 18pt; MARGIN-RIGHT: 0pt" align="right"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">30,000,000</font> </div> </td> <td valign="bottom" width="1%"> &#160; </td> <td valign="bottom" width="1%"> &#160; </td> <td valign="bottom" width="1%"> &#160; </td> <td align="right" valign="bottom" width="9%"> <div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; 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</td> <td valign="bottom" width="1%"> &#160; </td> <td valign="bottom" width="9%"> &#160; </td> <td valign="bottom" width="1%"> &#160; </td> <td valign="bottom" width="1%"> &#160; </td> <td valign="bottom" width="1%"> &#160; </td> <td valign="bottom" width="9%"> &#160; </td> <td valign="bottom" width="1%"> &#160; </td> </tr> <tr style="background-color: #C0FFFF;"> <td align="left" valign="bottom" width="37%" style="PADDING-BOTTOM: 2px"> <div style="LINE-HEIGHT: 1.25; TEXT-INDENT: -18pt; DISPLAY: block; MARGIN-LEFT: 18pt; MARGIN-RIGHT: 0pt" align="left"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">RZB (Beijing) Branch (iii)</font> </div> </td> <td valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"> &#160; </td> <td valign="bottom" width="9%" style="PADDING-BOTTOM: 2px"> <div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">February 28, 2013</font> </div> </td> <td valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"> &#160; </td> <td valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"> &#160; </td> <td valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid"> &#160; </td> <td align="right" valign="bottom" width="9%" style="BORDER-BOTTOM: black 2px solid"> <div style="LINE-HEIGHT: 1.25; TEXT-INDENT: -18pt; DISPLAY: block; MARGIN-LEFT: 18pt; MARGIN-RIGHT: 0pt" align="right"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">15,000,000</font> </div> </td> <td valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"> &#160; </td> <td valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"> &#160; </td> <td valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid"> &#160; </td> <td align="right" valign="bottom" width="9%" style="BORDER-BOTTOM: black 2px solid"> <div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="right"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">-</font> </div> </td> <td valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"> &#160; </td> <td valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"> &#160; </td> <td valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid"> &#160; </td> <td align="right" valign="bottom" width="9%" style="BORDER-BOTTOM: black 2px solid"> <div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="right"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">15,000,000</font> </div> </td> <td valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"> &#160; </td> </tr> <tr> <td valign="middle" width="37%"> &#160; </td> <td valign="middle" width="1%"> &#160; </td> <td valign="middle" width="9%"> &#160; </td> <td valign="middle" width="1%"> &#160; </td> <td valign="middle" width="1%"> &#160; </td> <td valign="middle" width="1%"> &#160; </td> <td valign="middle" width="9%"> &#160; </td> <td valign="middle" width="1%"> &#160; </td> <td valign="middle" width="1%"> &#160; </td> <td colspan="2" valign="middle" width="10%"> &#160; </td> <td valign="middle" width="1%"> &#160; </td> <td valign="middle" width="1%"> &#160; </td> <td colspan="2" valign="middle" width="10%"> &#160; </td> <td valign="middle" width="1%"> &#160; </td> </tr> <tr style="background-color: #C0FFFF;"> <td align="left" valign="bottom" width="37%" style="PADDING-BOTTOM: 2px"> <div style="LINE-HEIGHT: 1.25; TEXT-INDENT: -18pt; DISPLAY: block; MARGIN-LEFT: 36pt; MARGIN-RIGHT: 0pt" align="left"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">Sub-total - Armco HK</font> </div> </td> <td valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"> &#160; </td> <td valign="bottom" width="9%" style="PADDING-BOTTOM: 2px"> &#160; </td> <td valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"> &#160; </td> <td valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"> &#160; </td> <td valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid"> &#160; </td> <td align="right" valign="bottom" width="9%" style="BORDER-BOTTOM: black 2px solid"> <div style="LINE-HEIGHT: 1.25; TEXT-INDENT: -18pt; DISPLAY: block; MARGIN-LEFT: 18pt; MARGIN-RIGHT: 0pt" align="right"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">65,000,000</font> </div> </td> <td valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"> &#160; </td> <td valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"> &#160; </td> <td valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid"> &#160; </td> <td align="right" valign="bottom" width="9%" style="BORDER-BOTTOM: black 2px solid"> <div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="right"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">18,146,000</font> </div> </td> <td valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"> &#160; </td> <td valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"> &#160; </td> <td valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid"> &#160; </td> <td align="right" valign="bottom" width="9%" style="BORDER-BOTTOM: black 2px solid"> <div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="right"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">46,854,000</font> </div> </td> <td valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"> &#160; </td> </tr> <tr> <td valign="middle" width="37%"> &#160; </td> <td valign="middle" width="1%"> &#160; </td> <td valign="middle" width="9%"> &#160; </td> <td valign="middle" width="1%"> &#160; </td> <td valign="middle" width="1%"> &#160; </td> <td valign="middle" width="1%"> &#160; </td> <td valign="middle" width="9%"> &#160; </td> <td valign="middle" width="1%"> &#160; </td> <td valign="middle" width="1%"> &#160; </td> <td colspan="2" valign="middle" width="10%"> &#160; </td> <td valign="middle" width="1%"> &#160; </td> <td valign="middle" width="1%"> &#160; </td> <td colspan="2" valign="middle" width="10%"> &#160; </td> <td valign="middle" width="1%"> &#160; </td> </tr> <tr style="background-color: #C0FFFF;"> <td align="left" valign="bottom" width="37%"> <div style="LINE-HEIGHT: 1.25; TEXT-INDENT: -18pt; DISPLAY: block; MARGIN-LEFT: 18pt; MARGIN-RIGHT: 0pt" align="left"> <font style="FONT-STYLE: italic; DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">Henan Armco</font> </div> </td> <td valign="bottom" width="1%"> &#160; </td> <td valign="bottom" width="9%"> &#160; </td> <td valign="bottom" width="1%"> &#160; </td> <td valign="bottom" width="1%"> &#160; </td> <td valign="bottom" width="1%"> &#160; </td> <td valign="bottom" width="9%"> &#160; </td> <td valign="bottom" width="1%"> &#160; </td> <td valign="bottom" width="1%"> &#160; </td> <td valign="bottom" width="1%"> &#160; </td> <td valign="bottom" width="9%"> &#160; </td> <td valign="bottom" width="1%"> &#160; </td> <td valign="bottom" width="1%"> &#160; </td> <td valign="bottom" width="1%"> &#160; </td> <td valign="bottom" width="9%"> &#160; </td> <td valign="bottom" width="1%"> &#160; </td> </tr> <tr> <td valign="bottom" width="37%"> &#160; </td> <td valign="bottom" width="1%"> &#160; </td> <td valign="bottom" width="9%"> &#160; </td> <td valign="bottom" width="1%"> &#160; </td> <td valign="bottom" width="1%"> &#160; </td> <td valign="bottom" width="1%"> &#160; </td> <td valign="bottom" width="9%"> &#160; </td> <td valign="bottom" width="1%"> &#160; </td> <td valign="bottom" width="1%"> &#160; </td> <td valign="bottom" width="1%"> &#160; </td> <td valign="bottom" width="9%"> &#160; </td> <td valign="bottom" width="1%"> &#160; </td> <td valign="bottom" width="1%"> &#160; </td> <td valign="bottom" width="1%"> &#160; </td> <td valign="bottom" width="9%"> &#160; </td> <td valign="bottom" width="1%"> &#160; </td> </tr> <tr style="background-color: #C0FFFF;"> <td align="left" valign="bottom" width="37%"> <div style="LINE-HEIGHT: 1.25; TEXT-INDENT: -18pt; DISPLAY: block; MARGIN-LEFT: 18pt; MARGIN-RIGHT: 0pt" align="left"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">Guangdong Development Bank Zhengzhou Branch (iv)</font> </div> </td> <td valign="bottom" width="1%"> &#160; </td> <td valign="bottom" width="9%"> <div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">June 17, 2012</font> </div> </td> <td valign="bottom" width="1%"> &#160; </td> <td valign="bottom" width="1%"> &#160; </td> <td valign="bottom" width="1%"> &#160; </td> <td align="right" valign="bottom" width="9%"> <div style="LINE-HEIGHT: 1.25; TEXT-INDENT: -18pt; DISPLAY: block; MARGIN-LEFT: 18pt; MARGIN-RIGHT: 0pt" align="right"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">11,009,000</font> </div> </td> <td valign="bottom" width="1%"> &#160; </td> <td valign="bottom" width="1%"> &#160; </td> <td valign="bottom" width="1%"> &#160; </td> <td align="right" valign="bottom" width="9%"> <div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="right"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">474,000</font> </div> </td> <td valign="bottom" width="1%"> &#160; </td> <td valign="bottom" width="1%"> &#160; </td> <td valign="bottom" width="1%"> &#160; </td> <td align="right" valign="bottom" width="9%"> <div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="right"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">10,535,000</font> </div> </td> <td valign="bottom" width="1%"> &#160; </td> </tr> <tr> <td valign="bottom" width="37%"> &#160; </td> <td valign="bottom" width="1%"> &#160; </td> <td valign="bottom" width="9%"> &#160; </td> <td valign="bottom" width="1%"> &#160; </td> <td valign="bottom" width="1%"> &#160; </td> <td valign="bottom" width="1%"> &#160; </td> <td valign="bottom" width="9%"> &#160; </td> <td valign="bottom" width="1%"> &#160; </td> <td valign="bottom" width="1%"> &#160; </td> <td valign="bottom" width="1%"> &#160; </td> <td valign="bottom" width="9%"> &#160; </td> <td valign="bottom" width="1%"> &#160; </td> <td valign="bottom" width="1%"> &#160; </td> <td valign="bottom" width="1%"> &#160; </td> <td valign="bottom" width="9%"> &#160; </td> <td valign="bottom" width="1%"> &#160; </td> </tr> <tr style="background-color: #C0FFFF;"> <td align="left" valign="bottom" width="37%"> <div style="LINE-HEIGHT: 1.25; TEXT-INDENT: -18pt; DISPLAY: block; MARGIN-LEFT: 18pt; MARGIN-RIGHT: 0pt" align="left"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">China CITIC Bank Zhengzhou Branch (v)</font> </div> </td> <td valign="bottom" width="1%"> &#160; </td> <td valign="bottom" width="9%"> <div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">April 26, 2012</font> </div> </td> <td valign="bottom" width="1%"> &#160; </td> <td valign="bottom" width="1%"> &#160; </td> <td valign="bottom" width="1%"> &#160; </td> <td align="right" valign="bottom" width="9%"> <div style="LINE-HEIGHT: 1.25; TEXT-INDENT: -18pt; DISPLAY: block; MARGIN-LEFT: 18pt; MARGIN-RIGHT: 0pt" align="right"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">7,863,000</font> </div> </td> <td valign="bottom" width="1%"> &#160; </td> <td valign="bottom" width="1%"> &#160; </td> <td valign="bottom" width="1%"> &#160; </td> <td align="right" valign="bottom" width="9%"> <div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="right"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">0.00</font> </div> </td> <td valign="bottom" width="1%"> &#160; </td> <td valign="bottom" width="1%"> &#160; </td> <td valign="bottom" width="1%"> &#160; </td> <td align="right" valign="bottom" width="9%"> <div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="right"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">7,863,000</font> </div> </td> <td valign="bottom" width="1%"> &#160; </td> </tr> <tr> <td valign="bottom" width="37%"> &#160; </td> <td valign="bottom" width="1%"> &#160; </td> <td valign="bottom" width="9%"> &#160; </td> <td valign="bottom" width="1%"> &#160; </td> <td valign="bottom" width="1%"> &#160; </td> <td valign="bottom" width="1%"> &#160; </td> <td valign="bottom" width="9%"> &#160; </td> <td valign="bottom" width="1%"> &#160; </td> <td valign="bottom" width="1%"> &#160; </td> <td valign="bottom" width="1%"> &#160; </td> <td valign="bottom" width="9%"> &#160; </td> <td valign="bottom" width="1%"> &#160; </td> <td valign="bottom" width="1%"> &#160; </td> <td valign="bottom" width="1%"> &#160; </td> <td valign="bottom" width="9%"> &#160; </td> <td valign="bottom" width="1%"> &#160; </td> </tr> <tr style="background-color: #C0FFFF;"> <td align="left" valign="bottom" width="37%" style="PADDING-BOTTOM: 2px"> <div style="LINE-HEIGHT: 1.25; TEXT-INDENT: -18pt; DISPLAY: block; MARGIN-LEFT: 18pt; MARGIN-RIGHT: 0pt" align="left"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">China Minsheng Bank Zhengzhou Branch (vi)</font> </div> </td> <td valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"> &#160; </td> <td valign="bottom" width="9%" style="PADDING-BOTTOM: 2px"> <div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">November 26 2011</font> </div> </td> <td valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"> &#160; </td> <td valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"> &#160; </td> <td valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid"> &#160; </td> <td align="right" valign="bottom" width="9%" style="BORDER-BOTTOM: black 2px solid"> <div style="LINE-HEIGHT: 1.25; TEXT-INDENT: -18pt; DISPLAY: block; MARGIN-LEFT: 18pt; MARGIN-RIGHT: 0pt" align="right"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">3,145,000</font> </div> </td> <td valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"> &#160; </td> <td valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"> &#160; </td> <td valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid"> &#160; </td> <td align="right" valign="bottom" width="9%" style="BORDER-BOTTOM: black 2px solid"> <div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="right"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">1,286,000</font> </div> </td> <td valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"> &#160; </td> <td valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"> &#160; </td> <td valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid"> &#160; </td> <td align="right" valign="bottom" width="9%" style="BORDER-BOTTOM: black 2px solid"> <div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="right"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">1,859,000</font> </div> </td> <td valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"> &#160; </td> </tr> <tr> <td valign="middle" width="37%"> &#160; </td> <td valign="middle" width="1%"> &#160; </td> <td valign="middle" width="9%"> &#160; </td> <td valign="middle" width="1%"> &#160; </td> <td valign="middle" width="1%"> &#160; </td> <td valign="middle" width="1%"> &#160; </td> <td valign="middle" width="9%"> &#160; </td> <td valign="middle" width="1%"> &#160; </td> <td valign="middle" width="1%"> &#160; </td> <td colspan="2" valign="middle" width="10%"> &#160; </td> <td valign="middle" width="1%"> &#160; </td> <td valign="middle" width="1%"> &#160; </td> <td colspan="2" valign="middle" width="10%"> &#160; </td> <td valign="middle" width="1%"> &#160; </td> </tr> <tr style="background-color: #C0FFFF;"> <td align="left" valign="bottom" width="37%" style="PADDING-BOTTOM: 2px"> <div style="LINE-HEIGHT: 1.25; TEXT-INDENT: -18pt; DISPLAY: block; MARGIN-LEFT: 36pt; MARGIN-RIGHT: 0pt" align="left"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">Sub-total &#8211; Henan Armco</font> </div> </td> <td valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"> &#160; </td> <td valign="bottom" width="9%" style="PADDING-BOTTOM: 2px"> &#160; </td> <td valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"> &#160; </td> <td valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"> &#160; </td> <td valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid"> &#160; </td> <td align="right" valign="bottom" width="9%" style="BORDER-BOTTOM: black 2px solid"> <div style="LINE-HEIGHT: 1.25; TEXT-INDENT: -18pt; DISPLAY: block; MARGIN-LEFT: 18pt; MARGIN-RIGHT: 0pt" align="right"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">22,017,000</font> </div> </td> <td valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"> &#160; </td> <td valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"> &#160; </td> <td valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid"> &#160; </td> <td align="right" valign="bottom" width="9%" style="BORDER-BOTTOM: black 2px solid"> <div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="right"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">1,760,000</font> </div> </td> <td valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"> &#160; </td> <td valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"> &#160; </td> <td valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid"> &#160; </td> <td align="right" valign="bottom" width="9%" style="BORDER-BOTTOM: black 2px solid"> <div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="right"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">20,257,000</font> </div> </td> <td valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"> &#160; </td> </tr> <tr> <td valign="middle" width="37%"> &#160; </td> <td valign="middle" width="1%"> &#160; </td> <td valign="middle" width="9%"> &#160; </td> <td valign="middle" width="1%"> &#160; </td> <td valign="middle" width="1%"> &#160; </td> <td valign="middle" width="1%"> &#160; </td> <td valign="middle" width="9%"> &#160; </td> <td valign="middle" width="1%"> &#160; </td> <td valign="middle" width="1%"> &#160; </td> <td colspan="2" valign="middle" width="10%"> &#160; </td> <td valign="middle" width="1%"> &#160; </td> <td valign="middle" width="1%"> &#160; </td> <td colspan="2" valign="middle" width="10%"> &#160; </td> <td valign="middle" width="1%"> &#160; </td> </tr> <tr style="background-color: #C0FFFF;"> <td align="left" valign="bottom" width="37%"> <div style="LINE-HEIGHT: 1.25; TEXT-INDENT: -18pt; DISPLAY: block; MARGIN-LEFT: 18pt; MARGIN-RIGHT: 0pt" align="left"> <font style="FONT-STYLE: italic; DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">Renewable Metals</font> </div> </td> <td valign="bottom" width="1%"> &#160; </td> <td valign="bottom" width="9%"> &#160; </td> <td valign="bottom" width="1%"> &#160; </td> <td valign="bottom" width="1%"> &#160; </td> <td valign="bottom" width="1%"> &#160; </td> <td valign="bottom" width="9%"> &#160; </td> <td valign="bottom" width="1%"> &#160; </td> <td valign="bottom" width="1%"> &#160; </td> <td valign="bottom" width="1%"> &#160; </td> <td valign="bottom" width="9%"> &#160; </td> <td valign="bottom" width="1%"> &#160; </td> <td valign="bottom" width="1%"> &#160; </td> <td valign="bottom" width="1%"> &#160; </td> <td valign="bottom" width="9%"> &#160; </td> <td valign="bottom" width="1%"> &#160; </td> </tr> <tr> <td valign="bottom" width="37%"> &#160; </td> <td valign="bottom" width="1%"> &#160; </td> <td valign="bottom" width="9%"> &#160; </td> <td valign="bottom" width="1%"> &#160; </td> <td valign="bottom" width="1%"> &#160; </td> <td valign="bottom" width="1%"> &#160; </td> <td valign="bottom" width="9%"> &#160; </td> <td valign="bottom" width="1%"> &#160; </td> <td valign="bottom" width="1%"> &#160; </td> <td valign="bottom" width="1%"> &#160; </td> <td valign="bottom" width="9%"> &#160; </td> <td valign="bottom" width="1%"> &#160; </td> <td valign="bottom" width="1%"> &#160; </td> <td valign="bottom" width="1%"> &#160; </td> <td valign="bottom" width="9%"> &#160; </td> <td valign="bottom" width="1%"> &#160; </td> </tr> <tr style="background-color: #C0FFFF;"> <td align="left" valign="bottom" width="37%"> <div style="LINE-HEIGHT: 1.25; TEXT-INDENT: -18pt; DISPLAY: block; MARGIN-LEFT: 18pt; MARGIN-RIGHT: 0pt" align="left"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">Bank of China Lianyungang Branch (vii)</font> </div> </td> <td valign="bottom" width="1%"> &#160; </td> <td valign="bottom" width="9%"> <div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">January 29, 2013</font> </div> </td> <td valign="bottom" width="1%"> &#160; </td> <td valign="bottom" width="1%"> &#160; </td> <td valign="bottom" width="1%"> &#160; </td> <td align="right" valign="bottom" width="9%"> <div style="LINE-HEIGHT: 1.25; TEXT-INDENT: -18pt; DISPLAY: block; MARGIN-LEFT: 18pt; MARGIN-RIGHT: 0pt" align="right"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">11,795,000</font> </div> </td> <td valign="bottom" width="1%"> &#160; </td> <td valign="bottom" width="1%"> &#160; </td> <td valign="bottom" width="1%"> &#160; </td> <td align="right" valign="bottom" width="9%"> <div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="right"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">3,932,000</font> </div> </td> <td valign="bottom" width="1%"> &#160; </td> <td valign="bottom" width="1%"> &#160; </td> <td valign="bottom" width="1%"> &#160; </td> <td align="right" valign="bottom" width="9%"> <div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="right"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">7,863,000</font> </div> </td> <td valign="bottom" width="1%"> &#160; </td> </tr> <tr> <td valign="bottom" width="37%"> &#160; </td> <td valign="bottom" width="1%"> &#160; </td> <td valign="bottom" width="9%"> &#160; </td> <td valign="bottom" width="1%"> &#160; </td> <td valign="bottom" width="1%"> &#160; </td> <td valign="bottom" width="1%"> &#160; </td> <td valign="bottom" width="9%"> &#160; </td> <td valign="bottom" width="1%"> &#160; </td> <td valign="bottom" width="1%"> &#160; </td> <td valign="bottom" width="1%"> &#160; </td> <td valign="bottom" width="9%"> &#160; </td> <td valign="bottom" width="1%"> &#160; </td> <td valign="bottom" width="1%"> &#160; </td> <td valign="bottom" width="1%"> &#160; </td> <td valign="bottom" width="9%"> &#160; </td> <td valign="bottom" width="1%"> &#160; </td> </tr> <tr style="background-color: #C0FFFF;"> <td align="left" valign="bottom" width="37%" style="PADDING-BOTTOM: 2px"> <div style="LINE-HEIGHT: 1.25; TEXT-INDENT: -18pt; DISPLAY: block; MARGIN-LEFT: 18pt; MARGIN-RIGHT: 0pt" align="left"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">Bank of Communications Lianyungang Branch (viii)</font> </div> </td> <td valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"> &#160; </td> <td valign="bottom" width="9%" style="PADDING-BOTTOM: 2px"> <div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">June 30, 2013</font> </div> </td> <td valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"> &#160; </td> <td valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"> &#160; </td> <td valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid"> &#160; </td> <td align="right" valign="bottom" width="9%" style="BORDER-BOTTOM: black 2px solid"> <div style="LINE-HEIGHT: 1.25; TEXT-INDENT: -18pt; DISPLAY: block; MARGIN-LEFT: 18pt; MARGIN-RIGHT: 0pt" align="right"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">11,323,000</font> </div> </td> <td valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"> &#160; </td> <td valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"> &#160; </td> <td valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid"> &#160; </td> <td align="right" valign="bottom" width="9%" style="BORDER-BOTTOM: black 2px solid"> <div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="right"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">8,178,000</font> </div> </td> <td valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"> &#160; </td> <td valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"> &#160; </td> <td valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid"> &#160; </td> <td align="right" valign="bottom" width="9%" style="BORDER-BOTTOM: black 2px solid"> <div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="right"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">3,145,000</font> </div> </td> <td valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"> &#160; </td> </tr> <tr> <td valign="middle" width="37%"> &#160; </td> <td valign="middle" width="1%"> &#160; </td> <td valign="middle" width="9%"> &#160; </td> <td valign="middle" width="1%"> &#160; </td> <td valign="middle" width="1%"> &#160; </td> <td valign="middle" width="1%"> &#160; </td> <td valign="middle" width="9%"> &#160; </td> <td valign="middle" width="1%"> &#160; </td> <td valign="middle" width="1%"> &#160; </td> <td colspan="2" valign="middle" width="10%"> &#160; </td> <td valign="middle" width="1%"> &#160; </td> <td valign="middle" width="1%"> &#160; </td> <td colspan="2" valign="middle" width="10%"> &#160; </td> <td valign="middle" width="1%"> &#160; </td> </tr> <tr style="background-color: #C0FFFF;"> <td align="left" valign="bottom" width="37%" style="PADDING-BOTTOM: 2px"> <div style="LINE-HEIGHT: 1.25; TEXT-INDENT: -18pt; DISPLAY: block; MARGIN-LEFT: 36pt; MARGIN-RIGHT: 0pt" align="left"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">Sub-total &#8211; Renewable Metals</font> </div> </td> <td valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"> &#160; </td> <td valign="bottom" width="9%" style="PADDING-BOTTOM: 2px"> &#160; </td> <td valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"> &#160; </td> <td valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"> &#160; </td> <td valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid"> &#160; </td> <td align="right" valign="bottom" width="9%" style="BORDER-BOTTOM: black 2px solid"> <div style="LINE-HEIGHT: 1.25; TEXT-INDENT: -18pt; DISPLAY: block; MARGIN-LEFT: 18pt; MARGIN-RIGHT: 0pt" align="right"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">23,118,000</font> </div> </td> <td valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"> &#160; </td> <td valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"> &#160; </td> <td valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid"> &#160; </td> <td align="right" valign="bottom" width="9%" style="BORDER-BOTTOM: black 2px solid"> <div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="right"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">12,110,000</font> </div> </td> <td valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"> &#160; </td> <td valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"> &#160; </td> <td valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid"> &#160; </td> <td align="right" valign="bottom" width="9%" style="BORDER-BOTTOM: black 2px solid"> <div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="right"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">11,008,000</font> </div> </td> <td valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"> &#160; </td> </tr> <tr> <td valign="middle" width="37%"> &#160; </td> <td valign="middle" width="1%"> &#160; </td> <td valign="middle" width="9%"> &#160; </td> <td valign="middle" width="1%"> &#160; </td> <td valign="middle" width="1%"> &#160; </td> <td valign="middle" width="1%"> &#160; </td> <td valign="middle" width="9%"> &#160; </td> <td valign="middle" width="1%"> &#160; </td> <td valign="middle" width="1%"> &#160; </td> <td colspan="2" valign="middle" width="10%"> &#160; </td> <td valign="middle" width="1%"> &#160; </td> <td valign="middle" width="1%"> &#160; </td> <td colspan="2" valign="middle" width="10%"> &#160; </td> <td valign="middle" width="1%"> &#160; </td> </tr> <tr style="background-color: #C0FFFF;"> <td valign="bottom" width="37%"> &#160; </td> <td valign="bottom" width="1%"> &#160; </td> <td valign="bottom" width="9%"> &#160; </td> <td valign="bottom" width="1%"> &#160; </td> <td valign="bottom" width="1%"> &#160; </td> <td align="left" valign="bottom" width="1%" style="BORDER-BOTTOM: black 4px double"> <div style="LINE-HEIGHT: 1.25; TEXT-INDENT: -18pt; DISPLAY: block; MARGIN-LEFT: 18pt; MARGIN-RIGHT: 0pt" align="left"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">$</font> </div> </td> <td align="right" valign="bottom" width="9%" style="BORDER-BOTTOM: black 4px double"> <div style="LINE-HEIGHT: 1.25; TEXT-INDENT: -18pt; DISPLAY: block; MARGIN-LEFT: 18pt; MARGIN-RIGHT: 0pt" align="right"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">110,135,000</font> </div> </td> <td valign="bottom" width="1%"> &#160; </td> <td valign="bottom" width="1%"> &#160; </td> <td align="left" valign="bottom" width="1%" style="BORDER-BOTTOM: black 4px double"> <div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">$</font> </div> </td> <td align="right" valign="bottom" width="9%" style="BORDER-BOTTOM: black 4px double"> <div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="right"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">32,016,000</font> </div> </td> <td valign="bottom" width="1%"> &#160; </td> <td valign="bottom" width="1%"> &#160; </td> <td align="left" valign="bottom" width="1%" style="BORDER-BOTTOM: black 4px double"> <div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">$</font> </div> </td> <td align="right" valign="bottom" width="9%" style="BORDER-BOTTOM: black 4px double"> <div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="right"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">78,119,000</font> </div> </td> <td valign="bottom" width="1%"> &#160; </td> </tr> </table><br/><div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 36pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"> <font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">(i) On December 20, 2011, Armco HK entered into a Banking Facilities Agreement with DBS Bank (Hong Kong) Limited of $20,000,000 for issuance of commercial letters of credit in connection with the Company&#8217;s purchase of metal ore.&#160;&#160;The Company pays interest at LIBOR or DBS Bank&#8217;s cost of funds plus 2.50% per annum on issued letters of credit in addition to an export bill collection commission equal to 1/8% of the first $50,000 and 1/16% of the balance and an opening commission of 1/4% on the first $50,000 and 1/16% of the balance for each issuance.&#160;&#160;Amounts advanced under this facility are repaid from the proceeds of the sale of metal ore.&#160;&#160;The lender may terminate the facility at anytime at its sole discretion. The facility is secured by the charge on cash deposit of the borrower, the borrower&#8217;s restricted pledged deposit in the minimum amount of 3% of the letter of credit amount, the Company&#8217;s letter of comfort and the guarantee of Mr. Kexuan Yao.</font> </div><br/><div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 36pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"> <font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">(ii) On July 29, 2011, Armco HK obtained a $30,000,000 line of credit from ING Bank Hong Kong Branch for issuance of letters of credit to finance the purchase of metal ore along with a sub-limit facility for freight advance of $3,000,000.&#160;&#160;The letters of credit require the Company to pledge cash equal to 5% of the letter of credit, subject to increase by the lender in the event of price fluctuations and market demand while the letter of credit remains open.&#160;&#160;The Company pays interest at the lender&#8217;s cost of funds plus 250 basis points per annum on issued letters of credit in addition to an export bill collection commission equal to 1/4% of the first $50,000 and 1/16% of the balance for each issuance.&#160;&#160;Amounts advanced under this line of credit are repaid from the proceeds of the sale of metal ore.&#160;&#160;The lender may terminate the facility at anytime at its sole discretion. The facility is secured by the Company&#8217;s restricted cash deposit in the minimum amount of 5% of the letter of credit amount, the Company&#8217;s guarantee, the guarantee of Mr. Kexuan Yao and a security interest in the contract for the purchase of the ore for which the letter of credit has been issued and the contract for the sale of the ore.</font> </div><br/><div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 36pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"> <font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">&#160;(iii) On September 30, 2011, Armco HK entered into Amendment No. 2 to the March 25, 2009 uncommitted Trade Finance Facility with RZB Austria Finance (Hong Kong) Limited.&#160;&#160;The amendment provides for the issuance of $15,000,000 of commercial letters of credit in connection with the purchase of metal ore, an increase of $5,000,000 over the amounts provided for in the March 25, 2010 facility.&#160;&#160;The Company pays interest at 200 basis points per annum plus the lender&#8217;s cost of funds per annum on issued letters of credit in addition to fees upon issuance of the letter of credit of 1/16% for issuance commissions, negotiation commissions, commission-in-lieu and collection commissions.&#160;&#160;Amounts advanced under this facility are repaid from the proceeds of the sale of metal ore.&#160;&#160;The lender may, however, terminate the facility at anytime or at its sole discretion upon the occurrence of any event which causes a material market disruption in respect of unusual movement in the level of funding costs to the lender or the unusual loss of liquidity in the funding market. The lender has the sole discretion to decide whether or not such event has occurred.&#160;&#160;The facility is secured by restricted cash deposits held by the lender, the personal guarantee of Mr. Kexuan Yao, the Company&#8217;s guarantee, and a security interest in the contract for the purchase of the ore for which the letter of credit has been issued and the contract for the sale of the ore.</font> </div><br/><div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 36pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"> <font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">(iv) On June 18, 2011, Henan Armco obtained a RMB 70,000,000 (approximately $11.0 million) line of credit from Guangdong Development Bank Zhengzhou Branch for issuance of letters of credit to finance the purchase of metal ore.&#160;&#160;The Company pays interest at 120% of the applicable base rate for lending published by the People&#8217;s Bank of China (&#8220;PBC&#8221;) at the time the loan is made on issued letters of credit.&#160;&#160;The facility is secured by the guarantee provided by Mr. Kexuan Yao and Renewable Metals jointly and the pledge of movable assets provided by the borrower. Amounts advanced under this line of credit are repaid from the proceeds of the sale of metal ore. The term of the facility is one year.</font> </div><br/><div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 36pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"> <font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">(v) On April 27, 2011, Henan Armco obtained a RMB 50,000,000 (approximately $7,8 million) line of credit from China CITIC Bank, Zhengzhou Branch, for issuance of letters of credit to finance the purchase of metal ore and scrap metal expiring one (1) year from the date of issuance. The letters of credit require the Company to pledge cash deposits equal to 20% of the letter of credit for letters of credit at sight, or 30% for term letters of credit.&#160;&#160;Term letters of credit are limited to no more than 90 days. The interest rates are variable depending on the lender&#8217;s cost of funds at the time when the letter of credit is issued. The facility is guaranteed by Renewable Metals and Mr. Kexuan Yao, the Company&#8217;s Chairman and Chief Executive Officer.</font> </div><br/><div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 36pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"> <font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">(vi) On November 26, 2011, Henan Armco obtained a RMB 20,000,000 (approximately $3,1 million) line of credit from China Minsheng Bank, Zhengzhou Branch, for issuance of letters of credit to finance the purchase of metal ore and scrap metal expiring one (1) year from the date of issuance. The facility is guaranteed by Renewable Metals and Mr. Kexuan Yao, the Company&#8217;s Chairman and Chief Executive Officer.</font> </div><br/><div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 36pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"> <font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">(vii) On January 30, 2012, Renewable Metals entered into a line of facility in the amount of RMB75, 000,000 (approximately $11.8 million) from Bank of China, Lianyungang Branch for the purchase of raw materials. The term of the facility is 12 months with interest at 120% of the applicable base rate for lending published by the People&#8217;s Bank of China (&#8220;PBOC&#8221;) at the time the loan is drawn down per annum. The facility is secured by the guarantees provided by Mr. Kexuan Yao, Mr. Yi Chu, Henan Armco and Henan Chaoyang, respectively.</font> </div><br/><div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 36pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"> <font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">(viii) On July 1, 2011, Renewable Metals obtained a RMB 72,000,000 (approximately $11.3 million) line of credit from Bank of Communications, Lianyungang Branch expiring two (2) years from the date of issuance, for issuance of letters of credit in connection with the purchase of scrap metal. The letters of credit require Renewable Metals to pledge cash deposit equal to 20% of the letter of credit for letters of credit at sight, or 30% for other domestic letters of credit and for extended domestic letters of credit, the collateral of inventory equal to 166% of the letter of credit. The facility is secured by Renewable Metals inventories and guarantee provided by Mr. Kexuan Yao, the Company&#8217;s Chairman and Chief Executive Officer.</font> </div><br/><div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"> <font style="FONT-STYLE: italic; DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font style="DISPLAY: inline; TEXT-DECORATION: underline">Operating Leases</font></font> </div><br/><div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 36pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"> <font style="FONT-STYLE: italic; DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font style="DISPLAY: inline; TEXT-DECORATION: underline">(i) Operating Lease - San Mateo Office</font></font> </div><br/><div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 36pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"> <font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">On December 17, 2010, China Armco entered into a non-cancelable operating lease for office space that will expire on December 31, 2013.&#160;&#160;Future minimum payments required under this non-cancelable operating lease were as follows:</font> </div><br/><table cellpadding="0" cellspacing="0" width="100%" style="FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-SIZE: 10pt; FONT-FAMILY: times new roman"> <tr style="background-color: #C0FFFF;"> <td align="left" valign="bottom" width="85%"> <div style="LINE-HEIGHT: 1.25; TEXT-INDENT: -18pt; DISPLAY: block; MARGIN-LEFT: 18pt; MARGIN-RIGHT: 0pt" align="left"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Year ending December 31:</font> </div> </td> <td valign="bottom" width="1%"> &#160; </td> <td valign="bottom" width="1%"> &#160; </td> <td valign="bottom" width="12%"> &#160; </td> <td valign="bottom" width="1%"> &#160; </td> </tr> <tr> <td valign="bottom" width="85%"> &#160; </td> <td valign="bottom" width="1%"> &#160; </td> <td valign="bottom" width="1%"> &#160; </td> <td valign="bottom" width="12%"> &#160; </td> <td valign="bottom" width="1%"> &#160; </td> </tr> <tr style="background-color: #C0FFFF;"> <td align="left" valign="bottom" width="85%"> <div style="LINE-HEIGHT: 1.25; TEXT-INDENT: -18pt; DISPLAY: block; MARGIN-LEFT: 36pt; MARGIN-RIGHT: 0pt" align="left"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">2012</font> </div> </td> <td valign="bottom" width="1%"> &#160; </td> <td valign="bottom" width="1%"> &#160; </td> <td align="right" valign="bottom" width="12%"> <div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="right"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">43,734</font> </div> </td> <td valign="bottom" width="1%"> &#160; </td> </tr> <tr> <td valign="bottom" width="85%"> &#160; </td> <td valign="bottom" width="1%"> &#160; </td> <td valign="bottom" width="1%"> &#160; </td> <td valign="bottom" width="12%"> &#160; </td> <td valign="bottom" width="1%"> &#160; </td> </tr> <tr style="background-color: #C0FFFF;"> <td align="left" valign="bottom" width="85%" style="PADDING-BOTTOM: 2px"> <div style="LINE-HEIGHT: 1.25; TEXT-INDENT: -18pt; DISPLAY: block; MARGIN-LEFT: 36pt; MARGIN-RIGHT: 0pt" align="left"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">2013</font> </div> </td> <td valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"> &#160; </td> <td valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid"> &#160; </td> <td align="right" valign="bottom" width="12%" style="BORDER-BOTTOM: black 2px solid"> <div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="right"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">43,734</font> </div> </td> <td valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"> &#160; </td> </tr> <tr> <td valign="bottom" width="85%"> &#160; </td> <td valign="bottom" width="1%"> &#160; </td> <td valign="bottom" width="1%"> &#160; </td> <td valign="bottom" width="12%"> &#160; </td> <td valign="bottom" width="1%"> &#160; </td> </tr> <tr style="background-color: #C0FFFF;"> <td valign="bottom" width="85%" style="PADDING-BOTTOM: 4px"> &#160; </td> <td valign="bottom" width="1%" style="PADDING-BOTTOM: 4px"> &#160; </td> <td align="left" valign="bottom" width="1%" style="BORDER-BOTTOM: black 4px double"> <div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">$</font> </div> </td> <td align="right" valign="bottom" width="12%" style="BORDER-BOTTOM: black 4px double"> <div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="right"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">87,468</font> </div> </td> <td valign="bottom" width="1%" style="PADDING-BOTTOM: 4px"> &#160; </td> </tr> </table><br/><div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 36pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"> <font style="FONT-STYLE: italic; DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font style="DISPLAY: inline; TEXT-DECORATION: underline">(ii) Operating Lease - Armco Shanghai Office</font></font> </div><br/><div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 36pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"> <font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">On July 16, 2010, Armco Shanghai entered into a non-cancelable operating lease for office space that will expire on July 15, 2012.&#160;&#160;Future minimum payments required under this non-cancelable operating lease were as follows:</font> </div><br/><table cellpadding="0" cellspacing="0" width="100%" style="FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-SIZE: 10pt; FONT-FAMILY: times new roman"> <tr style="background-color: #C0FFFF;"> <td align="left" valign="bottom" width="85%"> <div style="LINE-HEIGHT: 1.25; TEXT-INDENT: -18pt; DISPLAY: block; MARGIN-LEFT: 18pt; MARGIN-RIGHT: 0pt" align="left"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Year ending December 31:</font> </div> </td> <td valign="bottom" width="1%"> &#160; </td> <td valign="bottom" width="1%"> &#160; </td> <td valign="bottom" width="12%"> &#160; </td> <td valign="bottom" width="1%"> &#160; </td> </tr> <tr> <td valign="bottom" width="85%"> &#160; </td> <td valign="bottom" width="1%"> &#160; </td> <td valign="bottom" width="1%"> &#160; </td> <td valign="bottom" width="12%"> &#160; </td> <td valign="bottom" width="1%"> &#160; </td> </tr> <tr style="background-color: #C0FFFF;"> <td align="left" valign="bottom" width="85%" style="PADDING-BOTTOM: 2px"> <div style="LINE-HEIGHT: 1.25; TEXT-INDENT: -18pt; DISPLAY: block; MARGIN-LEFT: 36pt; MARGIN-RIGHT: 0pt" align="left"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">2012</font> </div> </td> <td valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"> &#160; </td> <td valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid"> &#160; </td> <td align="right" valign="bottom" width="12%" style="BORDER-BOTTOM: black 2px solid"> <div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="right"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">50,638</font> </div> </td> <td valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"> &#160; </td> </tr> <tr> <td valign="bottom" width="85%"> &#160; </td> <td valign="bottom" width="1%"> &#160; </td> <td valign="bottom" width="1%"> &#160; </td> <td valign="bottom" width="12%"> &#160; </td> <td valign="bottom" width="1%"> &#160; </td> </tr> <tr style="background-color: #C0FFFF;"> <td valign="bottom" width="85%" style="PADDING-BOTTOM: 4px"> &#160; </td> <td valign="bottom" width="1%" style="PADDING-BOTTOM: 4px"> &#160; </td> <td align="left" valign="bottom" width="1%" style="BORDER-BOTTOM: black 4px double"> <div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">$</font> </div> </td> <td align="right" valign="bottom" width="12%" style="BORDER-BOTTOM: black 4px double"> <div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="right"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">50,638</font> </div> </td> <td valign="bottom" width="1%" style="PADDING-BOTTOM: 4px"> &#160; </td> </tr> </table><br/><div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 36pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"> <font style="FONT-STYLE: italic; DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font style="DISPLAY: inline; TEXT-DECORATION: underline">(iii) Operating Lease of Property, Plant and Equipment and Facilities</font></font> </div><br/><div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 36pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"> <font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">On June 24, 2011, Renewable Metals entered into a non-cancelable operating lease agreement with an independent third party for property, plant, equipment and facilities expiring one (1) year from date of signing.&#160;&#160;Renewable Metals is required to pay RMB 30 (equivalent to $4.64) per metric ton of scrap metal processed at this facility over the term of the lease.&#160;&#160;The fee will be paid annually and necessary adjustment will be made at the end of term.</font> </div><br/><div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 36pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"> <font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">For the period from June 24, 2011 (date of signing) through December 31, 2011, 4,259 tons of scrap metal had been processed at this facility and RMB127,770 (equivalent to $20,094 using December 31, 2011 U.S. Dollar to RMB exchange rate of $1=RMB6.3585) were accrued and included in the inventory of the finished goods &#8211; processed scrap metal.</font> </div><br/> <div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"> <font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Note 16 &#8211; Stockholders&#8217; Equity</font> </div><br/><div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"> <font style="FONT-STYLE: italic; DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font style="DISPLAY: inline; TEXT-DECORATION: underline">Shares Authorized</font></font> </div><br/><div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 36pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"> <font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">Upon formation the aggregate number of shares which the Corporation shall have authority to issue is seventy five million (75,000,000) shares, consisting of two classes to be designated, respectively, &#8220;Common Stock&#8221; and &#8220;Preferred Stock,&#8221; with all of such shares having a par value of $.001 per share.&#160;&#160;The total number of shares of Preferred Stock that the Corporation shall have authority to issue is one million (1,000,000) shares.&#160;&#160;The total number of shares of Common Stock that the Corporation shall have authority to issue is seventy four million (74,000,000) shares.</font> </div><br/><div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"> <font style="FONT-STYLE: italic; DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font style="DISPLAY: inline; TEXT-DECORATION: underline">Common Stock</font></font> </div><br/><div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 36pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"> <font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">Immediately prior to the consummation of the Share Purchase Agreement on July 27, 2008, the Company had 10,000,000 common shares issued and outstanding.</font> </div><br/><div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 36pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"> <font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">On July 27, 2008, upon the consummation of the Share Purchase Agreement, (i) Stephen Cox surrendered 7,694,000 common shares, representing his controlling interest in the Company for cancellation and resigned as an officer and director; (ii) the Company issued a&#160;&#160;promissory note of $6,890,000 (the &#8220;Share Purchase Note&#8221;) to purchase from Ms. Gao, the sole stockholder of Armco HK, the 100% of the issued and outstanding capital stock of Armco HK; and (iii) (a) a stock option entitling Ms. Gao to purchase 5,300,000 shares of its common stock, par value $.001 per share (the &#8220;Common Stock&#8221;) with an exercise price of $1.30 per share expiring on September 30, 2008 and (b) a stock option entitling Ms. Gao to purchase 2,000,000 shares of its common stock with an exercise price of $5.00 per share expiring two (2) years from the date of issuance on June 27, 2010, vested immediately (the &#8220;Gao Options&#8221;).&#160;&#160;The Company did not record the fair value of the Gao Options as the options were included as part of the reverse acquisition and recapitalization.</font> </div><br/><div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 36pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"> <font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">On August 12, 2008, Ms. Gao exercised her option to purchase and the Company issued 5,300,000 shares of its common stock in exchange for the $6,890,000 note owed to Ms. Gao.</font> </div><br/><div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 36pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"> <font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">On April 12, 2010, Mr. Kexuan Yao purchased the Gao option to purchase 2,000,000 shares of the Company&#8217;s common stock with an exercise price of $5.00 per share originally granted to and owned by Ms. Feng Gao pursuant to a share purchase agreement to consummate the reverse merger capital transaction with Armco HK on June 27, 2008.&#160;&#160;In addition, on April 12, 2010 and June 25, 2010, Mr. Yao exercised part of the option and purchased 1,000,000 and 400,000 shares of the Company&#8217;s common stock at $5.00 per share resulting in net proceeds of $4,500,000, forgiveness of debt of $500,000 and $2,000,000 to the Company, respectively. The balance of the stock option to purchase the remaining 600,000 common shares expired on June 27, 2010.</font> </div><br/><div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"> <font style="FONT-STYLE: italic; DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font style="DISPLAY: inline; TEXT-DECORATION: underline">Sale of Common Stock</font></font> </div><br/><div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 36pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"> <font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><a id="item_1_3_1" name="item_1_3_1"> <!--EFPlaceholder--></a>On April 20, 2010, the Company entered into a Securities Purchase Agreement with nine (9) accredited and institutional investors for the sale of 1,538,464 shares of its common stock at an offering price of $6.50 per share resulting in gross proceeds to the Company of $10,000,016.&#160;&#160;At closing the Company issued the investors warrants to purchase an additional 1,538,464 shares of its common stock at an exercise price of $7.50 per share expiring five (5) years from the date of grant.&#160;&#160;The warrants are exercisable commencing 181 days after the date of issuance.&#160; The private offering, which was made under an exemption from the registration requirements of the Securities Act of 1933 in reliance on exemptions provided by Section 4(2) of that act and Rule 506 of Regulation D.&#160;&#160;At closing, the Company paid Rodman &amp; Renshaw, LLC, a FINRA member firm that served as placement agent for the Company in the offering, (i) a fee of $500,000 as compensation for its services and (ii) a warrant to purchase 76,923 shares of the Company&#8217;s common stock at an exercise price of $7.50 per share expiring five (5) years from the date of issuance which are exercisable commencing 181 days after the date of issuance, as well as a $15,000 non-accountable expense allowance to one (1) of the investors in the offering.&#160;&#160;The Company intends to use the net proceeds from this offering for its working capital.</font> </div><br/><div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"> <font style="FONT-STYLE: italic; DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font style="DISPLAY: inline; TEXT-DECORATION: underline">Issuance of Common Stock for Services</font></font> </div><br/><div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 36pt; MARGIN-RIGHT: 0pt" align="justify"> <font style="FONT-STYLE: italic; DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font style="DISPLAY: inline; TEXT-DECORATION: underline">Management and Accounting Services - China Direct Investments, Inc.</font></font> </div><br/><div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 36pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"> <font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">On February 5, 2010, the Company issued 80,000 shares of its common stock to China Direct Investments, Inc. as consideration for management and accounting consulting services for the period beginning January 1, 2010 through December 31, 2010.&#160;&#160;There is no performance commitment at the date of the agreement therefore the company will use the date(s) at which performance is complete as the measurement date(s).&#160;&#160;The services are earned and forfeitable on a ratable basis throughout each quarter during the year.&#160;&#160;The 20,000 shares each earned for each quarter in 2010 were valued at $9.39, $2.90, $3.47 and $3.88 per share, or $187,800, $58,000, $69,400 and $77,600 in aggregate, which was recorded as consulting fees for the relevant quarter. In aggregate, $392,800 was recorded as consulting fee for the year ended December 31, 2010.</font> </div><br/><div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 36pt; MARGIN-RIGHT: 0pt" align="justify"> <font style="FONT-STYLE: italic; DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font style="DISPLAY: inline; TEXT-DECORATION: underline">Investor Relation Services &#8211; Bespoke Growth Partners, Inc.</font></font> </div><br/><div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 36pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"> <font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">On April 30 and July 9, 2010, the Company issued 12,500 shares and 10,000 shares, or 22,500 shares in aggregate to Bespoke Growth Partners, Inc. as consulting fees for investor relations services rendered, valued at $3.49 per share for $78,525.</font> </div><br/><div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 36pt; MARGIN-RIGHT: 0pt" align="justify"> <font style="FONT-STYLE: italic; DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font style="DISPLAY: inline; TEXT-DECORATION: underline">Loan Guarantee -</font> <font style="DISPLAY: inline; TEXT-DECORATION: underline">Henan Chaoyang Steel Co., Ltd.</font></font> </div><br/><div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 36pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"> <font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">On June 11, 2010 the Company entered into a Guaranty Cooperation Agreement with Henan Chaoyang Steel Co., Ltd. (&#8220;Henan Chaoyang&#8221;) to provide additional liquidity to meet anticipated working capital requirements of&#160;Renewable Metals scrap metal recycling facility.&#160;&#160;Under the terms of the guaranty, Henan Chaoyang agreed to provide loan guarantees to Renewable Metals existing and pending bank lines of credit of up to 300 million RMB in aggregate (approximately $45,400,000) for five (5) years expiring June 30, 2015.&#160;&#160;As consideration for the guaranty, the Company issued a designee of Henan Chaoyang 500,000 shares of its common stock. The shares are earned ratable over the term of the agreement and the unearned shares are forfeitable in the event of nonperformance by the guarantor.</font> </div><br/><div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 36pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"> <font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">Mr. Heping Ma, a former member of the Company&#8217;s Board of Directors, is a founder, Chairman and owns an 85% equity interest of Henan Chaoyang Steel Co., Ltd. Co, a corporation incorporated under the laws of the PRC.&#160;&#160;This transaction was approved by the members of the Board of Directors of the Company who were independent in the matter in accordance with the Company&#8217;s Related Persons Transaction Policy.&#160;&#160;On September 16, 2010, Mr. Ma resigned from the Company&#8217;s Board of Directors.</font> </div><br/><div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 36pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"> <font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">33,333 shares each earned for quarters ended September 30, 2010 and December 31, 2010 were valued at $3.47 and $3.88 per share, or $115,666 and $129,332, which was recorded as loan guarantee expense and included in the consolidated statements of operations and comprehensive income (loss) for the relevant periods. In aggregate, $244,998 was recorded as loan guarantee expense for the year ended December 31, 2010.</font> </div><br/><div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 36pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"> <font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">33,333 common shares each earned for quarter ended March 31, 2011, June 30, 2011, September 30, 2011 and December 31, 2011 were valued at $2.61, $1.36, $0.41 and $0.282 per share, or $86,996, $45,333, $13,667 and $9,400, which was recorded as loan guarantee expense and included in the consolidated statements of operations and comprehensive income (loss) for the relevant periods.</font> </div><br/><div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 36pt; MARGIN-RIGHT: 0pt" align="justify"> <font style="FONT-STYLE: italic; DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font style="DISPLAY: inline; TEXT-DECORATION: underline">Investor Relation Services &#8211;</font> <font style="DISPLAY: inline; TEXT-DECORATION: underline">HCI International</font> <font style="DISPLAY: inline; TEXT-DECORATION: underline">Inc.</font></font> </div><br/><div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 36pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"> <font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">On November 19, 2010, the Company entered into an investor relations consulting agreement with HCI International Inc. expiring December 31, 2011.&#160; Either party may terminate the agreement any time during the term of the contract.&#160;&#160;Pursuant to the agreement the Company is required to pay the investor relation firm 3,600 shares of the Company&#8217;s restricted stock per month payable at the first of each month for the 12 month service period, or 43,200 shares in aggregate for 2011 investor relations services.&#160;&#160;10,800 shares per quarter were valued at $2.69 per share, or $29,052, $1.36 per share, or $14,688 in aggregate, $0.41 per share, or $4,428 in aggregate and recorded as investor relations expense for the quarterly period ended March 31, 2011, June 30, 2011 and September 30, 2011, respectively. For the 4<font style="DISPLAY: inline; FONT-SIZE: 70%; VERTICAL-ALIGN: text-top">th</font> quarter of 2011, the Company issued 7,200 shares to HCI, which were valued at $0.299 per share, or $2,153. At the end of November 2011, the Company terminated HCI&#8217;s services.</font> </div><br/><div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"> <font style="FONT-STYLE: italic; DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font style="DISPLAY: inline; TEXT-DECORATION: underline">2009 Stock Incentive Plan as Amended</font></font> </div><br/><div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 36pt; MARGIN-RIGHT: 0pt" align="justify"> <font style="FONT-STYLE: italic; DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font style="DISPLAY: inline; TEXT-DECORATION: underline">Adoption of 2009 Stock Incentive Plan</font></font> </div><br/><div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 36pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"> <font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">On October 26, 2009, the Board of Directors of the Company adopted the 2009 Stock Incentive Plan, whereby the Board of Directors authorized 1,200,000 shares of the Company&#8217;s common stock to be reserved for issuance (the &#8220;2009 Stock Incentive Plan&#8221;). The purpose of the 2009 Stock Incentive Plan is to advance the interests of the Company by providing an incentive to attract, retain and motivate highly qualified and competent persons who are important to us and upon whose efforts and judgment the success of the company is largely dependent. Grants to be made under the Plan will be limited to the Company&#8217;s employees, including employees of the Company&#8217;s subsidiaries, the Company&#8217;s directors and consultants to the&#160;Company. The recipient of any grant under the Plan, and the amount and terms of a specific grant, will be determined by the board of directors.&#160;&#160;Should any option granted or stock awarded under the Plan expire or become un-exercisable for any reason without having been exercised in full or fail to vest, the shares subject to the portion of the option not so exercised or lapsed will become available for subsequent stock or option grants.</font> </div><br/><div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 36pt; MARGIN-RIGHT: 0pt" align="justify"> <font style="FONT-STYLE: italic; DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font style="DISPLAY: inline; TEXT-DECORATION: underline">2011 Amendment to the 2009 Stock Incentive Plan</font></font> </div><br/><div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 36pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"> <font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">On May 19, 2011, the Company&#8217;s Board of Directors adopted and approved the Amended and Restated 2009 Stock Incentive Plan, subject to stockholder approval at the Annual Meeting.&#160;&#160;At the 2011 Annual Meeting of Stockholders (the &#8220;Annual Meeting&#8221;) of the Company held on July 9, 2011, the Company&#8217;s stockholders approved an amendment and restatement of the Company&#8217;s 2009 Stock Incentive Plan (the &#8220;Amended and Restated 2009 Stock Incentive Plan&#8221;).&#160;&#160;The primary purpose for the Amended and Restated 2009 Stock Incentive Plan was to increase the number of shares of the Company&#8217;s common stock available for issuance thereunder by 1,000,000 shares to 2,200,000 shares of the Company&#8217;s common stock.</font> </div><br/><div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 36pt; MARGIN-RIGHT: 0pt" align="justify"> <font style="FONT-STYLE: italic; DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font style="DISPLAY: inline; TEXT-DECORATION: underline">Shares Awarded during 2009</font></font> </div><br/><div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 36pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"> <font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">On October 26, 2009, the Company awarded 200,000 shares of its restricted common stock, par value $.001 per share, pursuant to the<a id="jump_exp_1" name="jump_exp_1"> <!--EFPlaceholder--></a><a id="jump_exp_2" name="jump_exp_2"><!--EFPlaceholder--></a><a id="jump_exp_3" name="jump_exp_3"><!--EFPlaceholder--></a> 2009 Stock Incentive Plan, to Mr. Kexuan Yao, the Company&#8217;s Chief Executive Officer.&#160;&#160;The shares awarded to Mr. Yao will vest 66,667 shares on December 15, 2010, 66,667 shares on December 15, 2011 and 66,666 shares on December 15, 2012.&#160;&#160;These shares were valued at $3.28 per share or $656,000 on the date of grant and were amortized over the vesting period, or $54,667 per quarter.</font> </div><br/><div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 45pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"> <font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">On October 26, 2009, the Company agreed to pay Mr. William Thomson the sum of $20,000 and awarded 6,250 shares of the Company&#8217;s restricted common stock to Mr. William Thomson in conjunction with his appointment to the Company's board of directors.&#160;&#160;The shares awarded to Mr. Thomson will vest 25% on March 31, 2010, 25% on June 30, 2010, 25% on September 30, 2010 and 25% on December 31, 2010.&#160;&#160;The restricted stock vests only if Mr. Thomson is still a director of the Company on the vesting date (with limited exceptions), and the shares are eligible for the payment of dividends, if the Board of Directors was to declare dividends on the Company&#8217;s common stock.&#160;&#160;These shares were valued at $3.28 per share or $20,500 on the date of grant and were amortized over the vesting period, all of which was earned and recorded as stock based compensation for the year ended December 31, 2010.</font> </div><br/><div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 36pt; MARGIN-RIGHT: 0pt" align="justify"> <font style="FONT-STYLE: italic; DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font style="DISPLAY: inline; TEXT-DECORATION: underline">Shares and Options Awarded during 2010</font></font> </div><br/><div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 45pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"> <font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">On September 16, 2010, the Company agreed to pay Mr. J.P. Chan the sum of $20,000 and awarded 6,250 shares of the Company&#8217;s restricted common stock to Mr. Chan in conjunction with his appointment to the Company's board of directors.&#160;&#160;The shares awarded to Mr. Chan will vest 50% on March 10, 2011 and 50% on September 10, 2011.&#160;&#160;The restricted stock vests only if Mr. Chan is still a director of the Company on the vesting date (with limited exceptions), and the shares are eligible for the payment of dividends, if the Board of Directors was to declare dividends on the Company&#8217;s common stock. These shares were valued at $3.12 per share or $19,500 on the date of grant and were amortized over the vesting period, or $4,875 per quarter.</font> </div><br/><div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 36pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"> <font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">On October 5, 2010, the Company awarded a stock option to purchase 40,000 shares of the Company&#8217;s common stock exercisable at $5.00 per share expiring five (5) years from the date of grant to an employee in conjunction with his employment agreement as the Company's Director of Administration, vested upon grant.&#160;&#160;The Company estimated the fair value of option granted, estimated on the date of grant, using the Black-Scholes option-pricing model with the following weighted-average assumptions:</font> </div><br/><table cellpadding="0" cellspacing="0" width="100%" style="FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-SIZE: 10pt; FONT-FAMILY: times new roman"> <tr style="background-color: #C0FFFF;"> <td align="left" valign="bottom" width="85%"> <div style="LINE-HEIGHT: 1.25; TEXT-INDENT: -18pt; DISPLAY: block; MARGIN-LEFT: 18pt; MARGIN-RIGHT: 0pt" align="left"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">Expected life (year)</font> </div> </td> <td valign="bottom" width="1%"> &#160; </td> <td valign="bottom" width="1%"> &#160; </td> <td align="right" valign="bottom" width="12%"> <div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="right"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">5</font> </div> </td> <td valign="bottom" width="1%"> &#160; </td> </tr> <tr> <td valign="bottom" width="85%"> &#160; </td> <td valign="bottom" width="1%"> &#160; </td> <td valign="bottom" width="1%"> &#160; </td> <td valign="bottom" width="12%"> &#160; </td> <td valign="bottom" width="1%"> &#160; </td> </tr> <tr style="background-color: #C0FFFF;"> <td align="left" valign="bottom" width="85%"> <div style="LINE-HEIGHT: 1.25; TEXT-INDENT: -18pt; DISPLAY: block; MARGIN-LEFT: 18pt; MARGIN-RIGHT: 0pt" align="left"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">Expected volatility</font> </div> </td> <td valign="bottom" width="1%"> &#160; </td> <td valign="bottom" width="1%"> &#160; </td> <td align="right" valign="bottom" width="12%"> <div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="right"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">187.00</font> </div> </td> <td align="left" valign="bottom" width="1%"> <div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">%</font> </div> </td> </tr> <tr> <td valign="bottom" width="85%"> &#160; </td> <td valign="bottom" width="1%"> &#160; </td> <td valign="bottom" width="1%"> &#160; </td> <td valign="bottom" width="12%"> &#160; </td> <td valign="bottom" width="1%"> &#160; </td> </tr> <tr style="background-color: #C0FFFF;"> <td align="left" valign="bottom" width="85%"> <div style="LINE-HEIGHT: 1.25; TEXT-INDENT: -18pt; DISPLAY: block; MARGIN-LEFT: 18pt; MARGIN-RIGHT: 0pt" align="left"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">Expected annual rate of quarterly dividends</font> </div> </td> <td valign="bottom" width="1%"> &#160; </td> <td valign="bottom" width="1%"> &#160; </td> <td align="right" valign="bottom" width="12%"> <div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="right"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">0.00</font> </div> </td> <td align="left" valign="bottom" width="1%"> <div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">%</font> </div> </td> </tr> <tr> <td valign="bottom" width="85%"> &#160; </td> <td valign="bottom" width="1%"> &#160; </td> <td valign="bottom" width="1%"> &#160; </td> <td valign="bottom" width="12%"> &#160; </td> <td valign="bottom" width="1%"> &#160; </td> </tr> <tr style="background-color: #C0FFFF;"> <td align="left" valign="bottom" width="85%"> <div style="LINE-HEIGHT: 1.25; TEXT-INDENT: -18pt; DISPLAY: block; MARGIN-LEFT: 18pt; MARGIN-RIGHT: 0pt" align="left"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">Risk-free interest rate</font> </div> </td> <td valign="bottom" width="1%"> &#160; </td> <td valign="bottom" width="1%"> &#160; </td> <td align="right" valign="bottom" width="12%"> <div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="right"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">1.21</font> </div> </td> <td align="left" valign="bottom" width="1%"> <div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">%</font> </div> </td> </tr> </table><br/><div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 36pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"> <font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">The expected life is based on the expiration term of the option.&#160;&#160;Expected volatility is based on historical volatility for the Company&#8217;s common stock. The Company currently has no reason to believe future volatility over the expected life of the option is likely to differ materially from its historical volatility.&#160;&#160;The risk-free interest rate is based on a yield curve of U.S treasury interest rates on the date of valuation based on the contractual life of the option.&#160;&#160;Expected dividend yield is based on our dividend history and anticipated dividend policy.</font> </div><br/><div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 36pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"> <font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">The fair value of option granted, estimated on the date of grant, using the Black-Scholes option-pricing model, was $138,000.&#160;&#160;The Company recorded the entire amount as stock based compensation expense on the date of grant.</font> </div><br/><div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 36pt; MARGIN-RIGHT: 0pt" align="justify"> <font style="FONT-STYLE: italic; DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font style="DISPLAY: inline; TEXT-DECORATION: underline">Shares Awarded during 2011</font></font> </div><br/><div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 36pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"> <font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">On January 25, 2011, the Company issued 55,378 shares of its common shares to certain of its employees for their 2010 services of approximately $187,180 in lieu of cash, which was recorded as compensation expenses in 2010 and credited the same to the accrued expenses at December 31, 2010.</font> </div><br/><div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 36pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"> <font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">On March 29, 2011, the Company awarded 10,000 shares of the Company&#8217;s common stock to an employee for his 2011 employment service vesting on July 1, 2011. These shares were valued at $2.74 per share or $27,400 on the date of grant and are being amortized over the service period of one year in 2011.</font> </div><br/><div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 36pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"> <font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">On December 15, 2011, the Company issued 60,000 shares of its common shares to its directors for their 2011 services. 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TEXT-INDENT: 36pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"> <font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">The table below summarizes the Company&#8217;s Amended and Restated 2009 Stock Incentive Plan activities as of December 31, 2011:</font> </div><br/><table cellpadding="0" cellspacing="0" width="100%" style="FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-SIZE: 10pt; FONT-FAMILY: times new roman"> <tr> <td valign="bottom" style="PADDING-BOTTOM: 2px"> &#160; </td> <td valign="bottom" style="PADDING-BOTTOM: 2px"> &#160; </td> <td colspan="2" valign="bottom" style="BORDER-BOTTOM: black 2px solid"> <div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">Number of</font> </div> <div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">Shares or Options</font> </div> </td> <td valign="bottom" style="PADDING-BOTTOM: 2px"> &#160; </td> <td valign="bottom" style="PADDING-BOTTOM: 2px"> &#160; </td> <td colspan="2" valign="bottom" style="BORDER-BOTTOM: black 2px solid"> <div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">Fair Value at</font> </div> <div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">Date of Grant</font> </div> </td> <td valign="bottom" style="PADDING-BOTTOM: 2px"> &#160; </td> </tr> <tr> <td valign="bottom" width="70%"> &#160; </td> <td valign="bottom" width="1%"> &#160; </td> <td valign="bottom" width="1%"> &#160; </td> <td valign="bottom" width="12%"> &#160; </td> <td valign="bottom" width="1%"> &#160; </td> <td valign="bottom" width="1%"> &#160; </td> <td valign="bottom" width="1%"> &#160; </td> <td valign="bottom" width="12%"> &#160; </td> <td valign="bottom" width="1%"> &#160; </td> </tr> <tr style="background-color: #C0FFFF;"> <td valign="bottom" width="70%" style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px; TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"> <div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">Balance, December 31, 2009</font> </div> </td> <td valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"> &#160; </td> <td valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid"> &#160; </td> <td align="right" valign="bottom" width="12%" style="BORDER-BOTTOM: black 2px solid"> <div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="right"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">206,250</font> </div> </td> <td valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"> &#160; </td> <td valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"> &#160; </td> <td align="right" valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid"> <div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="right"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">$</font> </div> </td> <td align="right" valign="bottom" width="12%" style="BORDER-BOTTOM: black 2px solid"> <div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="right"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">676,500</font> </div> </td> <td valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"> &#160; </td> </tr> <tr> <td valign="bottom" width="70%" style="TEXT-ALIGN: left; TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"> &#160; </td> <td valign="bottom" width="1%"> &#160; </td> <td valign="bottom" width="1%"> &#160; </td> <td valign="bottom" width="12%"> &#160; </td> <td valign="bottom" width="1%"> &#160; </td> <td valign="bottom" width="1%"> &#160; </td> <td valign="bottom" width="1%"> &#160; </td> <td valign="bottom" width="12%"> &#160; </td> <td valign="bottom" width="1%"> &#160; </td> </tr> <tr style="background-color: #C0FFFF;"> <td valign="bottom" width="70%" style="TEXT-ALIGN: left; TEXT-INDENT: 9pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"> <div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.25; TEXT-INDENT: 9pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">Granted &#8211; shares</font> </div> </td> <td valign="bottom" width="1%"> &#160; </td> <td valign="bottom" width="1%"> &#160; </td> <td align="right" valign="bottom" width="12%"> <div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="right"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">6,250</font> </div> </td> <td valign="bottom" width="1%"> &#160; </td> <td valign="bottom" width="1%"> &#160; </td> <td valign="bottom" width="1%"> &#160; </td> <td align="right" valign="bottom" width="12%"> <div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="right"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">19,500</font> </div> </td> <td valign="bottom" width="1%"> &#160; </td> </tr> <tr> <td valign="bottom" width="70%" style="TEXT-ALIGN: left; TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"> &#160; </td> <td valign="bottom" width="1%"> &#160; </td> <td valign="bottom" width="1%"> &#160; </td> <td valign="bottom" width="12%"> &#160; </td> <td valign="bottom" width="1%"> &#160; </td> <td valign="bottom" width="1%"> &#160; </td> <td valign="bottom" width="1%"> &#160; </td> <td valign="bottom" width="12%"> &#160; </td> <td valign="bottom" width="1%"> &#160; </td> </tr> <tr style="background-color: #C0FFFF;"> <td valign="bottom" width="70%" style="TEXT-ALIGN: left; TEXT-INDENT: 9pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"> <div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.25; TEXT-INDENT: 9pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">Canceled &#8211; shares</font> </div> </td> <td valign="bottom" width="1%"> &#160; </td> <td valign="bottom" width="1%"> &#160; </td> <td align="right" valign="bottom" width="12%"> <div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="right"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">-</font> </div> </td> <td valign="bottom" width="1%"> &#160; </td> <td valign="bottom" width="1%"> &#160; </td> <td valign="bottom" width="1%"> &#160; </td> <td align="right" valign="bottom" width="12%"> <div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="right"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">-</font> </div> </td> <td valign="bottom" width="1%"> &#160; </td> </tr> <tr> <td valign="bottom" width="70%" style="TEXT-ALIGN: left; TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"> &#160; </td> <td valign="bottom" width="1%"> &#160; </td> <td valign="bottom" width="1%"> &#160; </td> <td valign="bottom" width="12%"> &#160; </td> <td valign="bottom" width="1%"> &#160; </td> <td valign="bottom" width="1%"> &#160; </td> <td valign="bottom" width="1%"> &#160; </td> <td valign="bottom" width="12%"> &#160; </td> <td valign="bottom" width="1%"> &#160; </td> </tr> <tr style="background-color: #C0FFFF;"> <td valign="bottom" width="70%" style="TEXT-ALIGN: left; TEXT-INDENT: 9pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"> <div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.25; TEXT-INDENT: 9pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">Granted &#8211; options</font> </div> </td> <td valign="bottom" width="1%"> &#160; </td> <td valign="bottom" width="1%"> &#160; </td> <td align="right" valign="bottom" width="12%"> <div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="right"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">40,000</font> </div> </td> <td valign="bottom" width="1%"> &#160; </td> <td valign="bottom" width="1%"> &#160; </td> <td valign="bottom" width="1%"> &#160; </td> <td align="right" valign="bottom" width="12%"> <div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="right"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">138,000</font> </div> </td> <td valign="bottom" width="1%"> &#160; </td> </tr> <tr> <td valign="bottom" width="70%" style="TEXT-ALIGN: left; TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"> &#160; </td> <td valign="bottom" width="1%"> &#160; </td> <td valign="bottom" width="1%"> &#160; </td> <td valign="bottom" width="12%"> &#160; </td> <td valign="bottom" width="1%"> &#160; </td> <td valign="bottom" width="1%"> &#160; </td> <td valign="bottom" width="1%"> &#160; </td> <td valign="bottom" width="12%"> &#160; </td> <td valign="bottom" width="1%"> &#160; </td> </tr> <tr style="background-color: #C0FFFF;"> <td valign="bottom" width="70%" style="TEXT-ALIGN: left; TEXT-INDENT: 9pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"> <div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.25; TEXT-INDENT: 9pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">Canceled &#8211; options</font> </div> </td> <td valign="bottom" width="1%"> &#160; </td> <td valign="bottom" width="1%"> &#160; </td> <td align="right" valign="bottom" width="12%"> <div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="right"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">-</font> </div> </td> <td valign="bottom" width="1%"> &#160; </td> <td valign="bottom" width="1%"> &#160; </td> <td valign="bottom" width="1%"> &#160; </td> <td align="right" valign="bottom" width="12%"> <div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="right"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">-</font> </div> </td> <td valign="bottom" width="1%"> &#160; </td> </tr> <tr> <td valign="bottom" width="70%" style="TEXT-ALIGN: left; TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"> &#160; </td> <td valign="bottom" width="1%"> &#160; </td> <td valign="bottom" width="1%"> &#160; </td> <td valign="bottom" width="12%"> &#160; </td> <td valign="bottom" width="1%"> &#160; </td> <td valign="bottom" width="1%"> &#160; </td> <td valign="bottom" width="1%"> &#160; </td> <td valign="bottom" width="12%"> &#160; </td> <td valign="bottom" width="1%"> &#160; </td> </tr> <tr style="background-color: #C0FFFF;"> <td valign="bottom" width="70%" style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px; TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"> <div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">Balance, December 31, 2010</font> </div> </td> <td valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"> &#160; </td> <td valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid"> &#160; </td> <td align="right" valign="bottom" width="12%" style="BORDER-BOTTOM: black 2px solid"> <div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="right"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">252,500</font> </div> </td> <td valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"> &#160; </td> <td valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"> &#160; </td> <td valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid"> &#160; </td> <td align="right" valign="bottom" width="12%" style="BORDER-BOTTOM: black 2px solid"> <div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="right"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">834,000</font> </div> </td> <td valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"> &#160; </td> </tr> <tr> <td valign="bottom" width="70%" style="TEXT-ALIGN: left; TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"> &#160; </td> <td valign="bottom" width="1%"> &#160; </td> <td valign="bottom" width="1%"> &#160; </td> <td valign="bottom" width="12%"> &#160; </td> <td valign="bottom" width="1%"> &#160; </td> <td valign="bottom" width="1%"> &#160; </td> <td valign="bottom" width="1%"> &#160; </td> <td valign="bottom" width="12%"> &#160; </td> <td valign="bottom" width="1%"> &#160; </td> </tr> <tr style="background-color: #C0FFFF;"> <td valign="bottom" width="70%" style="TEXT-ALIGN: left; TEXT-INDENT: 9pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"> <div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.25; TEXT-INDENT: 9pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">Granted &#8211; shares</font> </div> </td> <td valign="bottom" width="1%"> &#160; </td> <td valign="bottom" width="1%"> &#160; </td> <td align="right" valign="bottom" width="12%"> <div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="right"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">389,757</font> </div> </td> <td valign="bottom" width="1%"> &#160; </td> <td valign="bottom" width="1%"> &#160; </td> <td valign="bottom" width="1%"> &#160; </td> <td align="right" valign="bottom" width="12%"> <div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; 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</td> <td valign="bottom" width="1%"> &#160; </td> <td valign="bottom" width="1%"> &#160; </td> <td valign="bottom" width="12%"> &#160; </td> <td valign="bottom" width="1%"> &#160; </td> <td valign="bottom" width="1%"> &#160; </td> <td valign="bottom" width="1%"> &#160; </td> <td valign="bottom" width="12%"> &#160; </td> <td valign="bottom" width="1%"> &#160; </td> </tr> <tr style="background-color: #C0FFFF;"> <td valign="bottom" width="70%" style="TEXT-ALIGN: left; TEXT-INDENT: 9pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"> <div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.25; TEXT-INDENT: 9pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">Granted &#8211; options</font> </div> </td> <td valign="bottom" width="1%"> &#160; </td> <td valign="bottom" width="1%"> &#160; </td> <td align="right" valign="bottom" width="12%"> <div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="right"> <font style="DISPLAY: inline; 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</td> </tr> <tr style="background-color: #C0FFFF;"> <td valign="bottom" width="70%" style="TEXT-ALIGN: left; TEXT-INDENT: 9pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"> <div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.25; TEXT-INDENT: 9pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">Canceled &#8211; options</font> </div> </td> <td valign="bottom" width="1%"> &#160; </td> <td valign="bottom" width="1%"> &#160; </td> <td align="right" valign="bottom" width="12%"> <div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="right"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">-</font> </div> </td> <td valign="bottom" width="1%"> &#160; </td> <td valign="bottom" width="1%"> &#160; </td> <td valign="bottom" width="1%"> &#160; </td> <td align="right" valign="bottom" width="12%"> <div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="right"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">-</font> </div> </td> <td valign="bottom" width="1%"> &#160; </td> </tr> <tr> <td valign="bottom" width="70%" style="TEXT-ALIGN: left; TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"> &#160; </td> <td valign="bottom" width="1%"> &#160; </td> <td valign="bottom" width="1%"> &#160; </td> <td valign="bottom" width="12%"> &#160; </td> <td valign="bottom" width="1%"> &#160; </td> <td valign="bottom" width="1%"> &#160; </td> <td valign="bottom" width="1%"> &#160; </td> <td valign="bottom" width="12%"> &#160; </td> <td valign="bottom" width="1%"> &#160; </td> </tr> <tr style="background-color: #C0FFFF;"> <td valign="bottom" width="70%" style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px; TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"> <div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">Balance, December 31, 2011</font> </div> </td> <td valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"> &#160; </td> <td valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid"> &#160; </td> <td align="right" valign="bottom" width="12%" style="BORDER-BOTTOM: black 2px solid"> <div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="right"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">642,257</font> </div> </td> <td valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"> &#160; </td> <td valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"> &#160; </td> <td align="right" valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid"> <div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="right"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">$</font> </div> </td> <td align="right" valign="bottom" width="12%" style="BORDER-BOTTOM: black 2px solid"> <div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="right"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">1,136,163</font> </div> </td> <td valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"> &#160; </td> </tr> <tr> <td valign="bottom" width="70%" style="TEXT-ALIGN: left; TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"> &#160; </td> <td valign="bottom" width="1%"> &#160; </td> <td valign="bottom" width="1%"> &#160; </td> <td valign="bottom" width="12%"> &#160; </td> <td valign="bottom" width="1%"> &#160; </td> <td valign="bottom" width="1%"> &#160; </td> <td valign="bottom" width="1%"> &#160; </td> <td valign="bottom" width="12%"> &#160; </td> <td valign="bottom" width="1%"> &#160; </td> </tr> <tr style="background-color: #C0FFFF;"> <td valign="bottom" width="70%" style="TEXT-ALIGN: left; TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"> <div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">Vested, December 31, 2011</font> </div> </td> <td valign="bottom" width="1%"> &#160; </td> <td valign="bottom" width="1%"> &#160; </td> <td align="right" valign="bottom" width="12%"> <div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="right"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">575,593</font> </div> </td> <td valign="bottom" width="1%"> &#160; </td> <td valign="bottom" width="1%"> &#160; </td> <td valign="bottom" width="1%"> &#160; </td> <td align="right" valign="bottom" width="12%"> <div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="right"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">917,499</font> </div> </td> <td valign="bottom" width="1%"> &#160; </td> </tr> <tr> <td valign="bottom" width="70%" style="TEXT-ALIGN: left; TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"> &#160; </td> <td valign="bottom" width="1%"> &#160; </td> <td valign="bottom" width="1%"> &#160; </td> <td valign="bottom" width="12%"> &#160; </td> <td valign="bottom" width="1%"> &#160; </td> <td valign="bottom" width="1%"> &#160; </td> <td valign="bottom" width="1%"> &#160; </td> <td valign="bottom" width="12%"> &#160; </td> <td valign="bottom" width="1%"> &#160; </td> </tr> <tr style="background-color: #C0FFFF;"> <td valign="bottom" width="70%" style="TEXT-ALIGN: left; PADDING-BOTTOM: 4px; TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"> <div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">Unvested, December 31, 2011</font> </div> </td> <td valign="bottom" width="1%" style="PADDING-BOTTOM: 4px"> &#160; </td> <td valign="bottom" width="1%" style="BORDER-BOTTOM: black 4px double"> &#160; </td> <td align="right" valign="bottom" width="12%" style="BORDER-BOTTOM: black 4px double"> <div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="right"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">66,664</font> </div> </td> <td valign="bottom" width="1%" style="PADDING-BOTTOM: 4px"> &#160; </td> <td valign="bottom" width="1%" style="PADDING-BOTTOM: 4px"> &#160; </td> <td align="right" valign="bottom" width="1%" style="BORDER-BOTTOM: black 4px double"> <div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="right"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">$</font> </div> </td> <td align="right" valign="bottom" width="12%" style="BORDER-BOTTOM: black 4px double"> <div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="right"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">218,664</font> </div> </td> <td valign="bottom" width="1%" style="PADDING-BOTTOM: 4px"> &#160; </td> </tr> </table><br/><div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 36pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"> <font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">As of December 31, 2011, there were 1,557,743 shares of common stock remaining available for issuance under the Amended and Restated 2009 Stock Inceptive Plan.</font> </div><br/><div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 36pt; MARGIN-RIGHT: 0pt" align="justify"> <font style="FONT-STYLE: italic; DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font style="DISPLAY: inline; TEXT-DECORATION: underline">Shares Awarded during the First Quarter of 2012</font></font> </div><br/><div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 36pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"> <font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">On February 6, 2012, the Company issued 57,743 shares of its common shares to certain of its employees for their 2011 services of approximately $15,591 in lieu of cash, which was recorded as compensation expenses in 2011.</font> </div><br/><div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 36pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"> <font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">On February 8, 2012, the Company awarded 1,500,000 shares of its restricted common stock, par value $.001 per share, pursuant to the Amended and Restated 2009 Stock Incentive Plan, to Mr. Kexuan Yao, the Company&#8217;s Chief Executive Officer.&#160;&#160;Mr. Yao to receive 1,500,000 shares of the Company&#8217;s common stock (the &#8220;Restricted Shares&#8221;), subject to the terms and conditions of the Amended and Restated China Armco Metals, Inc. 2009 Stock Incentive Plan.&#160;&#160;The Restricted Shares will vest according to the following schedule:&#160;&#160;125,000 shares of Restricted Shares to vest on the first day of each quarter over a three (3) year period commencing on April 1, 2012 and terminating on December 31, 2014. These shares were valued at $0.499 per share or $748,500 on the date of grant and are amortized over the vesting period, or $62,375 per quarter.</font> </div><br/><div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 36pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"> <font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">As of February 8, 2012, there were no shares of common stock remaining available for issuance under the Amended and Restated 2009 Stock Inceptive Plan.</font> </div><br/> <div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"> <font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Note 17 &#8211; Operating Cost of Idle Manufacturing Facility</font> </div><br/><div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 36pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"> <font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">Renewable Metals&#8217;s manufacturing facility is idle from time to time depending upon market conditions.&#160;&#160;Total operating costs of the idle manufacturing facility, including mainly depreciation and other operating costs of maintaining the manufacturing facility, were $1,946,369 for the year ended December 31, 2011.&#160;&#160;There were no operating costs of the idle manufacturing facility for the year ended December 31, 2010 as Renewable Metals did not complete the construction of its manufacturing facility and commence operations until the end of 2010.</font> </div><br/> <div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"> <font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Note 18 &#8211; Income Tax Provision</font> </div><br/><div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 36pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"> <font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">Armco Metals is a non-operating holding company. Armco HK, the Company&#8217;s Hong Kong subsidiary is subject to Hong Kong SAR income taxes.&#160;&#160;Henan, Renewable Metals, Lianyungang Armco and Armco Shanghai, the Company&#8217;s PRC subsidiaries are subject to PRC income taxes, file income tax returns under the Income Tax Law of the People&#8217;s Republic of China concerning Foreign Investment Enterprises and Foreign Enterprises and local income tax laws (the &#8220;PRC Income Tax Law&#8221;) accordingly.&#160;&#160;Henan, Renewable Metals, Lianyungang Armco and Armco Shanghai derive substantially all of their income (loss) before income taxes and related tax expenses from PRC sources.</font> </div><br/><div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"> <font style="FONT-STYLE: italic; DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font style="DISPLAY: inline; TEXT-DECORATION: underline">United States income tax</font></font> </div><br/><div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 36pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"> <font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">Armco Metals is incorporated in the State of Nevada and is subjected to United States of America tax law.</font> </div><br/><div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"> <font style="FONT-STYLE: italic; DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font style="DISPLAY: inline; TEXT-DECORATION: underline">Hong Kong SAR income tax</font></font> </div><br/><div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 36pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"> <font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">Armco HK is registered and operates in the Hong Kong Special Administrative Region (&#8220;HK SAR&#8221;) of the People&#8217;s Republic of China (&#8220;PRC&#8221;) and is subject to HK SAR tax law.&#160;&#160;Armco HK&#8217;s statutory income tax rate is 16.5% and there were no significant differences between income reported for financial reporting purposes and income reported for income tax purposes for the year ended December 31, 2011 and 2010.</font> </div><br/><div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"> <font style="FONT-STYLE: italic; DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font style="DISPLAY: inline; TEXT-DECORATION: underline">PRC Tax</font></font> </div><br/><div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 36pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"> <font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">Henan, Renewable Metals, Lianyungang Armco and Armco Shanghai are governed by and file separate income tax returns under the Income Tax Law of the People&#8217;s Republic of China concerning Foreign Investment Enterprises and Foreign Enterprises and local income tax laws (the &#8220;PRC Income Tax Law&#8221;),&#160;which, until January 2008, generally subject to tax at a statutory rate of 33% (30% state income tax plus 3% local income tax) on income reported in the statutory financial statements after appropriate tax adjustments.&#160;&#160;On March 16, 2007, the National People&#8217;s Congress of China approved the Corporate Income Tax Law of the People&#8217;s Republic of China (the &#8220;New CIT Law&#8221;), effective January 1, 2008.&#160;&#160;Under the New CIT Law, the corporate income tax rate applicable to all Companies, including both domestic and foreign-invested companies, will be 25%.&#160;&#160;However, tax concession granted to eligible companies prior to March 16, 2007 will be grand fathered in.</font> </div><br/><div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 36pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"> <font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">Henan is registered and operates in the City of Zhengzhou, Henan Province, PRC.&#160;&#160;No provision for income taxes has been made as Henan had net operating loss (&#8220;NOL&#8221;) carry-forwards for the year ended December 31, 2011 and 2010.&#160; Henan&#8217;s statutory tax rate for relevant periods is 25% for the year ended December 31, 2011 and 2010.</font> </div><br/><div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 36pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"> <font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">Renewable Metals is registered and operates in the Lianyungang Economic and Technology Development Zone, City of Lianyungang, Jiangsu Province, PRC, and is recognized as a &#8220;Manufacturing Enterprise Located in Special Economic Zone&#8221;.&#160;&#160;In accordance with the relevant income tax laws, the profits of Renewable Metals, if any, are fully exempt from income tax for year 2008 and 2009, followed by a 50% exemption for the following three calendar years from 2010 through 2012 (&#8220;tax holidays&#8221;).&#160;&#160;Renewable Metals&#8217;s statutory tax rate for relevant periods is 25% for the year ended December 31, 2011 and 2010.</font> </div><br/><div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 36pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"> <font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">Lianyungang Armco is registered and operates in the Lianyungang Economic and Technology Development Zone, City of Lianyungang, Jiangsu Province, PRC.&#160;&#160;Lianyungang Armco&#8217;s statutory tax rate for relevant periods is 25% for 2011 and period from June 4, 2009 (inception) through December 31, 2010.</font> </div><br/><div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 36pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"> <font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">Armco Shanghai is registered and operates in Shanghai, PRC.&#160;&#160;Armco Shanghai&#8217;s statutory tax rate for relevant periods is 25% for the period from July 16 (inception) through December 31, 2011.</font> </div><br/> <div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; 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The initial term of employment under the agreement is from January 1, 2012 (the &#8220;Effective Date&#8221;) until December 31, 2014, unless sooner terminated in accordance with the terms of the Employment Agreement. 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</td> <td valign="bottom" width="1%"> &#160; </td> <td valign="bottom" width="1%"> &#160; </td> <td valign="bottom" width="9%"> &#160; </td> <td valign="bottom" width="1%"> &#160; </td> <td valign="bottom" width="1%"> &#160; </td> <td valign="bottom" width="1%"> &#160; </td> <td valign="bottom" width="9%"> &#160; </td> <td valign="bottom" width="1%"> &#160; </td> <td valign="bottom" width="1%"> &#160; </td> <td valign="bottom" width="1%"> &#160; </td> <td valign="bottom" width="9%"> &#160; </td> <td valign="bottom" width="1%"> &#160; </td> <td valign="bottom" width="1%"> &#160; </td> <td valign="bottom" width="1%"> &#160; </td> <td valign="bottom" width="9%"> &#160; </td> <td valign="bottom" width="1%"> &#160; </td> <td valign="bottom" width="1%"> &#160; </td> <td valign="bottom" width="1%"> &#160; </td> <td valign="bottom" width="9%"> &#160; </td> <td valign="bottom" width="1%"> &#160; </td> </tr> <tr style="background-color: #C0FFFF;"> <td align="left" valign="bottom" width="40%"> <div style="LINE-HEIGHT: 1.25; TEXT-INDENT: -18pt; DISPLAY: block; MARGIN-LEFT: 36pt; MARGIN-RIGHT: 0pt" align="left"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">Allowance for doubtful accounts</font> </div> </td> <td valign="bottom" width="1%"> &#160; </td> <td align="left" valign="bottom" width="1%"> <div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">$</font> </div> </td> <td align="right" valign="bottom" width="9%"> <div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="right"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">-</font> </div> </td> <td valign="bottom" width="1%"> &#160; </td> <td valign="bottom" width="1%"> &#160; </td> <td align="left" valign="bottom" width="1%"> <div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; 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Note 18 - Income Tax Provision
 12 Months Ended
Dec. 31, 2011
Income Tax Disclosure [Text Block]
Note 18 – Income Tax Provision

Armco Metals is a non-operating holding company. Armco HK, the Company’s Hong Kong subsidiary is subject to Hong Kong SAR income taxes.  Henan, Renewable Metals, Lianyungang Armco and Armco Shanghai, the Company’s PRC subsidiaries are subject to PRC income taxes, file income tax returns under the Income Tax Law of the People’s Republic of China concerning Foreign Investment Enterprises and Foreign Enterprises and local income tax laws (the “PRC Income Tax Law”) accordingly.  Henan, Renewable Metals, Lianyungang Armco and Armco Shanghai derive substantially all of their income (loss) before income taxes and related tax expenses from PRC sources.

United States income tax

Armco Metals is incorporated in the State of Nevada and is subjected to United States of America tax law.

Hong Kong SAR income tax

Armco HK is registered and operates in the Hong Kong Special Administrative Region (“HK SAR”) of the People’s Republic of China (“PRC”) and is subject to HK SAR tax law.  Armco HK’s statutory income tax rate is 16.5% and there were no significant differences between income reported for financial reporting purposes and income reported for income tax purposes for the year ended December 31, 2011 and 2010.

PRC Tax

Henan, Renewable Metals, Lianyungang Armco and Armco Shanghai are governed by and file separate income tax returns under the Income Tax Law of the People’s Republic of China concerning Foreign Investment Enterprises and Foreign Enterprises and local income tax laws (the “PRC Income Tax Law”), which, until January 2008, generally subject to tax at a statutory rate of 33% (30% state income tax plus 3% local income tax) on income reported in the statutory financial statements after appropriate tax adjustments.  On March 16, 2007, the National People’s Congress of China approved the Corporate Income Tax Law of the People’s Republic of China (the “New CIT Law”), effective January 1, 2008.  Under the New CIT Law, the corporate income tax rate applicable to all Companies, including both domestic and foreign-invested companies, will be 25%.  However, tax concession granted to eligible companies prior to March 16, 2007 will be grand fathered in.

Henan is registered and operates in the City of Zhengzhou, Henan Province, PRC.  No provision for income taxes has been made as Henan had net operating loss (“NOL”) carry-forwards for the year ended December 31, 2011 and 2010.  Henan’s statutory tax rate for relevant periods is 25% for the year ended December 31, 2011 and 2010.

Renewable Metals is registered and operates in the Lianyungang Economic and Technology Development Zone, City of Lianyungang, Jiangsu Province, PRC, and is recognized as a “Manufacturing Enterprise Located in Special Economic Zone”.  In accordance with the relevant income tax laws, the profits of Renewable Metals, if any, are fully exempt from income tax for year 2008 and 2009, followed by a 50% exemption for the following three calendar years from 2010 through 2012 (“tax holidays”).  Renewable Metals’s statutory tax rate for relevant periods is 25% for the year ended December 31, 2011 and 2010.

Lianyungang Armco is registered and operates in the Lianyungang Economic and Technology Development Zone, City of Lianyungang, Jiangsu Province, PRC.  Lianyungang Armco’s statutory tax rate for relevant periods is 25% for 2011 and period from June 4, 2009 (inception) through December 31, 2010.

Armco Shanghai is registered and operates in Shanghai, PRC.  Armco Shanghai’s statutory tax rate for relevant periods is 25% for the period from July 16 (inception) through December 31, 2011.

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    Note 2 - Summary of Significant Accounting Policies
    		 12 Months Ended
    Dec. 31, 2011
    Significant Accounting Policies [Text Block]
    Note 2 – Summary of Significant Accounting Policies

    Basis of Presentation

    The Company’s consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”).

    Principles of Consolidation

    The consolidated financial statements include all accounts of the entities as of the reporting period ending date(s) and for the reporting period(s) as follows:

    Entity
    　
    Reporting period ending date(s) and reporting period(s)
         
    Armco Metals
    		 
    As of December 31, 2011 and 2010 and for the years then ended
         
    Armco HK
    		 
    As of December 31, 2011 and 2010 and for the years then ended
         
    Henan Armco
    		 
    As of December 31, 2011 and 2010 and for the years then ended
         
    Renewable Metals
    		 
    As of December 31, 2011 and 2010 and for the years then ended
         
    Lianyungang Armco
    		 
    As of December 31, 2011 and 2010 and for the years then ended
         
    Armco Shanghai
    		 
    As of December 31, 2011 and 2010, for the year ended December 31, 2011 and for the period from July 16, 2010 (inception) through December 31, 2010

    All inter-company balances and transactions have been eliminated.

    Reclassification

    Certain amounts in the prior period financial statements have been reclassified to conform to the current period presentation.   These reclassifications had no effect on reported losses.

    Use of Estimates and Assumptions

    The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period.

    The Company’s significant estimates and assumptions include the fair value of financial instruments; allowance for doubtful accounts; normal production capacity, inventory valuation and obsolescence; the carrying value, recoverability and impairment, if any, of long-lived assets, including the values assigned to and the estimated useful lives of property, plant and equipment, and land use rights; interest rate; revenue recognized or recognizable; sales returns and allowances; valued added tax rate, income tax rate and related income tax provision, reporting currency, functional currency and foreign currency exchange rate.  Those significant accounting estimates or assumptions bear the risk of change due to the fact that there are uncertainties attached to those estimates or assumptions, and certain estimates or assumptions are difficult to measure or value.

    Management bases its estimates on historical experience and on various assumptions that are believed to be reasonable in relation to the financial statements taken as a whole under the circumstances, the results of which form the basis for making judgments about the carrying values of assets and liabilities that are not readily apparent from other sources.

    Management regularly evaluates the key factors and assumptions used to develop the estimates utilizing currently available information, changes in facts and circumstances, historical experience and reasonable assumptions. After such evaluations, and if deemed appropriate, those estimates are adjusted accordingly. Actual results could differ from those estimates.

    Fair Value of Financial Instruments

    The Company follows paragraph 825-10-50-10 of the FASB Accounting Standards Codification for disclosures about fair value of its financial instruments and has adopted paragraph 820-10-35-37 of the FASB Accounting Standards Codification (“Paragraph 820-10-35-37”) to measure the fair value of its financial instruments. Paragraph 820-10-35-37 establishes a framework for measuring fair value in accounting principles generally accepted in the United States of America (U.S. GAAP), and expands disclosures about fair value measurements. To increase consistency and comparability in fair value measurements and related disclosures, Paragraph 820-10-35-37 establishes a fair value hierarchy which prioritizes the inputs to valuation techniques used to measure fair value into three (3) broad levels.  The three (3) levels of fair value hierarchy defined by Paragraph 820-10-35-37 are described below:

       
    Level 1
    Quoted market prices available in active markets for identical assets or liabilities as of the reporting date.
       
    Level 2
    Pricing inputs other than quoted prices in active markets included in Level 1, which are either directly or indirectly observable as of the reporting date.
       
    Level 3
    Pricing inputs that are generally observable inputs and not corroborated by market data.

    Financial assets are considered Level 3 when their fair values are determined using pricing models, discounted cash flow methodologies or similar techniques and at least one significant model assumption or input is unobservable.

    The fair value hierarchy gives the highest priority to quoted prices (unadjusted) in active markets for identical assets or liabilities and the lowest priority to unobservable inputs.  If the inputs used to measure the financial assets and liabilities fall within more than one level described above, the categorization is based on the lowest level input that is significant to the fair value measurement of the instrument.

    The carrying amounts of the Company’s financial assets and liabilities, such as cash, pledged deposits, accounts receivable, advance on purchases, prepayments and other current assets, accounts payable, customer deposits, corporate income tax payable, accrued expenses and other current liabilities approximate their fair values because of the short maturity of these instruments.

    The Company’s loans payable, banker’s acceptance notes payable, capital lease obligation, and long-term debt approximate the fair value of such instruments based upon management’s best estimate of interest rates that would be available to the Company for similar financial arrangements at December 31, 2011and 2010.

    The Company’s Level 3 financial liabilities consist of the derivative warrant issued in July 2008 for which there is no current market for these securities such that the determination of fair value requires significant judgment or estimation.  The Company valued the automatic conditional conversion, re-pricing/down-round, change of control; default and follow-on offering provisions using a lattice model, with the assistance of a valuation specialist, for which management understands the methodologies.  These models incorporate transaction details such as Company stock price, contractual terms, maturity, risk free rates, as well as assumptions about future financings, volatility, and holder behavior as of the date of issuance and each balance sheet date.

    Transactions involving related parties cannot be presumed to be carried out on an arm's-length basis, as the requisite conditions of competitive, free-market dealings may not exist. Representations about transactions with related parties, if made, shall not imply that the related party transactions were consummated on terms equivalent to those that prevail in arm's-length transactions unless such representations can be substantiated.

    It is not, however, practical to determine the fair value of advances from significant stockholder and lease arrangement with the significant stockholder due to their related party nature.

    Fair Value of Financial Assets and Liabilities Measured on a Recurring Basis

    Level 1 Financial Assets – Marketable Securities

    The Company uses Level 1 of the fair value hierarchy to measure the fair value of the marketable securities and marks the available for sale marketable securities at fair value in the statement of financial position at each balance sheet date and reports the unrealized holding gains and losses for available-for-sale securities in other comprehensive income (loss) until realized provided the unrealized holding gains and losses is temporary.  If the fair value of an investment is less than its cost basis at the balance sheet date of the reporting period for which impairment is assessed, and it is determined that the impairment is other than temporary, then an impairment loss is recognized in earnings equal to the entire difference between the investment’s cost and its fair value at the balance sheet date of the reporting period.

    Level 3 Financial Liabilities – Derivative Warrant Liabilities

    The Company uses Level 3 of the fair value hierarchy to measure the fair value of the derivative liabilities and revalues its derivative warrant liability at every reporting period and recognizes gains or losses in the consolidated statements of operations and comprehensive income (loss) that are attributable to the change in the fair value of the derivative warrant liability.

    Fair Value of Non-Financial Assets or Liabilities Measured on a Recurring Basis

    The Company’s non-financial assets include inventories.  The Company identifies potentially excess and slow-moving inventories by evaluating turn rates, inventory levels and other factors.  Excess quantities are identified through evaluation of inventory aging, review of inventory turns and historical sales experiences. The Company provides lower of cost or market reserves for such identified excess and slow-moving inventories. The Company establishes a reserve for inventory shrinkage, if any, based on the historical results of physical inventory cycle counts.

    Carrying Value, Recoverability and Impairment of Long-Lived Assets

    The Company has adopted paragraph 360-10-35-17 of the FASB Accounting Standards Codification for its long-lived assets. The Company’s long-lived assets, which include property, plant and equipment and land use rights are reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount of an asset may not be recoverable.

    The Company assesses the recoverability of its long-lived assets by comparing the projected undiscounted net cash flows associated with the related long-lived asset or group of long-lived assets over their remaining estimated useful lives against their respective carrying amounts. Impairment, if any, is based on the excess of the carrying amount over the fair value of those assets.  Fair value is generally determined using the asset’s expected future discounted cash flows or market value, if readily determinable.  When long-lived assets are determined to be recoverable, but the newly determined remaining estimated useful lives are shorter than originally estimated, the net book values of the long-lived assets are depreciated over the newly determined remaining estimated useful lives.

    The Company considers the following to be some examples of important indicators that may trigger an impairment review: (i) significant under-performance or losses of assets relative to expected historical or projected future operating results; (ii) significant changes in the manner or use of assets or in the Company’s overall strategy with respect to the manner or use of the acquired assets or changes in the Company’s overall business strategy; (iii) significant negative industry or economic trends; (iv) increased competitive pressures; (v) a significant decline in the Company’s stock price for a sustained period of time; and (vi) regulatory changes.  The Company evaluates acquired assets for potential impairment indicators at least annually and more frequently upon the occurrence of such events.

    The key assumptions used in management’s estimates of projected cash flow deal largely with forecasts of sales levels, gross margins, and operating costs of the manufacturing facilities.  These forecasts are typically based on historical trends and take into account recent developments as well as management’s plans and intentions.  Any difficulty in manufacturing or sourcing raw materials on a cost effective basis would significantly impact the projected future cash flows of the Company’s manufacturing facilities and potentially lead to an impairment charge for long-lived assets.  Other factors, such as increased competition or a decrease in the desirability of the Company’s products, could lead to lower projected sales levels, which would adversely impact cash flows.  A significant change in cash flows in the future could result in an impairment of long lived assets.

    The impairment charges, if any, is included in operating expenses in the accompanying consolidated statements of income and comprehensive income (loss).

    Cash Equivalents

    The Company considers all highly liquid investments with maturities of three months or less at the time of purchase to be cash equivalents.

    Pledged Deposits

    Pledged deposits consist of amounts held in financial institutions for (i) outstanding letters of credit and (ii) open banker’s acceptance notes payable maturing between three (3) and nine (9) months from the date of issuance.

    The Company uses letters of credit in connection with its purchases of ferrous and non-ferrous ores and metals, and scrap metal for processing and distribution.  The issuing financial institutions of those letters of credit require the Company to deposit and pledge certain percentage of the maximum amount stipulated under those letters of the credit as collateral.  The pledged deposits are either released to the Company in the event of vendors' non-performance or to be released to the Company as part of the payment toward the letters of credit when vendors delivers the goods under those letters of credit on or before maturity date.

    The Company satisfies certain accounts payable, through banker’s acceptance notes issued by financial institutions to certain of the Company’s vendors.  The issuing financial institutions of those banker’s acceptance notes require the Company to deposit and pledge certain percentage of the amount stipulated under those banker’s acceptance notes as collateral.  The pledged deposits are released to the Company as part of the payment toward banker’s acceptance notes upon maturity.

    The Management of the Company believes it is appropriate to classify such amounts as current assets as those letters of credit are of a short term nature, three (3) to nine (9) months in length from the date of issuance.

    Marketable Debt and Equity Securities, Available for Sale

    The Company accounts for marketable debt and equity securities, available for sale, in accordance with sub-topic 320-10 of the FASB Accounting Standards Codification (“Sub-topic 320-10”).

    Pursuant to Paragraph 320-10-35-1, investments in debt securities that are classified as available for sale and equity securities that have readily determinable fair values that are classified as available for sale shall be measured subsequently at fair value in the consolidated balance sheets at each balance sheet date. Unrealized holding gains and losses for available-for-sale securities (including those classified as current assets) shall be excluded from earnings and reported in other comprehensive income until realized except an available-for-sale security that is designated as being hedged in a fair value hedge, from which all or a portion of the unrealized holding gain and loss of shall be recognized in earnings during the period of the hedge, pursuant to paragraphs 815-25-35-1 through 815-25-35-4.

    The Company follows Paragraphs 320-10-35-17 through 34E and assess whether an investment is impaired in each reporting period.  An investment is impaired if the fair value of the investment is less than its cost. Impairment indicators include, but are not limited to the following: a. a significant deterioration in the earnings performance, credit rating, asset quality, or business prospects of the investee; b. a significant adverse change in the regulatory, economic, or technological environment of the investee; c. a significant adverse change in the general market condition of either the geographic area or the industry in which the investee operates; d. a bona fide offer to purchase (whether solicited or unsolicited), an offer by the investee to sell, or a completed auction process for the same or similar security for an amount less than the cost of the investment; e. factors that raise significant concerns about the investee's ability to continue as a going concern, such as negative cash flows from operations, working capital deficiencies, or noncompliance with statutory capital requirements or debt covenants. If the fair value of an investment is less than its cost basis at the balance sheet date of the reporting period for which impairment is assessed, the impairment is either temporary or other than temporary.  Pursuant to Paragraph 320-10-35-34, if it is determined that the impairment is other than temporary, then an impairment loss shall be recognized in earnings equal to the entire difference between the investment’s cost and its fair value at the balance sheet date of the reporting period for which the assessment is made. The measurement of the impairment shall not include partial recoveries after the balance sheet date. The fair value of the investment would then become the new basis of the investment and shall not be adjusted for subsequent recoveries in fair value.  For presentation purpose, the entity shall recognize and present the total other-than-temporary impairment in the statement of earnings with an offset for the amount of the total other-than-temporary impairment that is recognized in other comprehensive income, in accordance with paragraph 320-10-35-34D, if any, pursuant to Paragraph 320-10-45-8A; and separately present, in the financial statement in which the components of accumulated other comprehensive income are reported, amounts recognized therein related to held-to-maturity and available-for-sale debt securities for which a portion of an other-than-temporary impairment has been recognized in earnings pursuant to Paragraph 320-10-45-9A.  Pursuant to Paragraphs 320-10-35-36 and 37 the entire change in the fair value of foreign-currency-denominated available-for-sale debt securities shall be reported in other comprehensive income and An entity holding a foreign-currency-denominated available-for-sale debt security is required to consider, among other things, changes in market interest rates and foreign exchange rates since acquisition in determining whether an other-than-temporary impairment has occurred.

    Accounts Receivable and Allowance for Doubtful Accounts

    Accounts receivable are recorded at the invoiced amount, net of an allowance for doubtful accounts.  The Company follows paragraph 310-10-50-9 of the FASB Accounting Standards Codification to estimate the allowance for doubtful accounts.  The Company performs on-going credit evaluations of its customers and adjusts credit limits based upon payment history and the customer’s current credit worthiness, as determined by the review of their current credit information; and determines the allowance for doubtful accounts based on historical write-off experience, customer specific facts and economic conditions.

    Outstanding account balances are reviewed individually for collectability.  The allowance for doubtful accounts is the Company’s best estimate of the amount of probable credit losses in the Company’s existing accounts receivable. Bad debt expense is included in general and administrative expenses, if any.  Pursuant to paragraph 310-10-50-2 of the FASB Accounting Standards Codification account balances are charged off against the allowance after all means of collection have been exhausted and the potential for recovery is considered remote.  The Company has adopted paragraph 310-10-50-6 of the FASB Accounting Standards Codification and determine when receivables are past due or delinquent based on how recently payments have been received.

    The Company does not have any off-balance-sheet credit exposure to its customers.

    Advance on Purchases

    Advance on purchases primarily represent amounts paid to vendors for future delivery of products ranging from three (3) months to nine (9) months, all of which were fully or partially refundable depending upon the terms and conditions of the purchase agreements.

    Inventories

    The Company values inventories, consisting of raw materials, packaging material and finished goods, at the lower of cost or market.  Cost is determined on the first-in and first-out (“FIFO”) method for raw materials and packaging materials and the weighted average cost method for finished goods. Cost of finished goods comprises direct labor, direct materials, direct production cost and an allocated portion of production overhead. The Company reduces inventories for the diminution of value, resulting from product obsolescence, damage or other issues affecting marketability, equal to the difference between the cost of the inventory and its estimated market value.  Factors utilized in the determination of estimated market value include (i) current sales data and historical return rates, (ii) estimates of future demand, (iii) competitive pricing pressures, (iv) new product introductions, (v) product expiration dates, and (vi) component and packaging obsolescence.

    The Company follows paragraph 330-10-30-3 of the FASB Accounting Standards Codification for the allocation of production costs and charges to inventories.  The Company allocates fixed production overhead to inventories based on the normal capacity of the production facilities expected to be achieved over a number of periods or seasons under normal circumstances, taking into account the loss of capacity resulting from planned maintenance.  Judgment is required to determine when a production level is abnormally low (that is, outside the range of expected variation in production).  Factors that might be anticipated to cause an abnormally low production level include significantly reduced demand, labor and materials shortages, and unplanned facility or equipment down time.  The actual level of production may be used if it approximates normal capacity.  In periods of abnormally high production, the amount of fixed overhead allocated to each unit of production is decreased so that inventories are not measured above cost.  The amount of fixed overhead allocated to each unit of production is not increased as a consequence of abnormally low production or idle plant and  unallocated overheads of underutilized or idle capacity of the production facilities are recognized as period costs in the period in which they are incurred rather than as a portion of the inventory cost.

    The Company evaluates its current level of inventories considering historical sales and other factors and, based on this evaluation, classify inventory markdowns in the income statement as a component of cost of goods sold pursuant to Paragraph 420-10-S99 of the FASB Accounting Standards Codification to adjust inventories to net realizable value. These markdowns are estimates, which could vary significantly from actual requirements if future economic conditions, customer demand or competition differ from expectations. Other significant estimates include the allocation of variable and fixed production overheads. While variable production overheads are allocated to each unit of production on the basis of actual use of production facilities, the allocation of fixed production overhead to the costs of conversion is based on the normal capacity of the Company’s production facilities, and recognizes abnormal idle facility expenses as current period charges. Certain costs, including categories of indirect materials, indirect labor and other indirect manufacturing costs which are included in the overhead pools are estimated. The management of the Company determines its normal capacity based upon the amount of operating hours of the manufacturing machinery and equipment in a reporting period.

    Property, Plant and Equipment

    Property, plant and equipment are recorded at cost.  Expenditures for major additions and betterments are capitalized.  Maintenance and repairs are charged to operations as incurred.  Depreciation of property, plant and equipment is computed by the straight-line method (after taking into account their respective estimated residual values) over the assets estimated useful lives ranging from five (5) years to twenty (20) years.  Upon sale or retirement of property, plant and equipment, the related cost and accumulated depreciation are removed from the accounts and any gain or loss is reflected in the consolidated statements of income and comprehensive income.  Leasehold improvements, if any, are amortized on a straight-line basis over the term of the lease or the estimated useful lives, whichever is shorter.  Upon becoming fully amortized, the related cost and accumulated amortization are removed from the accounts.

    Land Use Rights

    Land use rights represent the cost to obtain the right to use certain parcels of land in the City of Lianyungang, Jiangsu Province, PRC.  Land use rights are carried at cost and amortized on a straight-line basis over the lives of the rights of fifty (50) years.  Upon becoming fully amortized, the related cost and accumulated amortization are removed from the accounts.

    Banker’s Acceptance Notes Payable

    The Company satisfies certain accounts payable, through the issuance of banker’s acceptance notes issued by financial institutions to certain of the Company’s vendors.  These notes are usually of a short term nature, three (3) to nine (9) months in length.  They are non-interest bearing,  are due upon maturity, and are paid by the Company’s banks directly to the vendors upon presentation on the date of maturity and the Company is obliged to repay the note in full to the financial institutions.  In the event of insufficient funds to repay these notes, the Company's bank will convert them to loans on demand with interest at a predetermined rate per annum payable monthly.

    Customer Deposits

    Customer deposits primarily represent amounts received from customers for future delivery of products, which are fully or partially refundable depending upon the terms and conditions of the sales agreements.

    Leases

    Lease agreements are evaluated to determine whether they are capital leases or operating leases in accordance with paragraph 840-10-25-1 of the FASB Accounting Standards Codification (“Paragraph 840-10-25-1”).  When substantially all of the risks and benefits of property ownership have been transferred to the Company, as determined by the test criteria in Paragraph 840-10-25-1, the lease then qualifies as a capital lease.  Capital lease assets are depreciated on a straight line method, over the capital lease assets estimated useful lives consistent with the Company’s normal depreciation policy for tangible fixed assets.  Interest charges are expensed over the period of the lease in relation to the carrying value of the capital lease obligation.

    Rent expense for operating leases, which may include free rent or fixed escalation amounts in addition to minimum lease payments, is recognized on a straight-line basis over the duration of each lease term.

    Derivative Instruments and Hedging Activities

    The Company accounts for derivative instruments and hedging activities in accordance with paragraph 810-10-05-4 of the FASB Accounting Standards Codification (“Paragraph 810-10-05-4”). Paragraph 810-10-05-4 requires companies to recognize all derivative instruments as either assets or liabilities in the balance sheet at fair value.  The accounting for changes in the fair value of a derivative instrument depends upon: (i) whether the derivative has been designated and qualifies as part of a hedging relationship, and (ii) the type of hedging relationship.  For those derivative instruments that are designated and qualify as hedging instruments, a company must designate the hedging instrument based upon the exposure being hedged as either a fair value hedge, cash flow hedge or hedge of a net investment in a foreign operation.

    From time to time, the Company employs foreign currency forward contracts to convert unforeseeable foreign currency exchange rates to fixed foreign currency exchange rates.  The Company does not use derivatives for speculation or trading purposes.  Changes in the fair value of derivatives are recorded each period in current earnings or through other comprehensive income, depending on whether a derivative is designated as part of a hedge transaction and the type of hedge transaction.  The ineffective portion of all hedges is recognized in current earnings.  The Company has sales and purchase commitments denominated in foreign currencies.  Foreign currency forward contracts are used to hedge against the risk of change in the fair value of these commitments attributable to fluctuations in exchange rates (“Fair Value Hedges”).  Changes in the fair value of the derivative instrument are generally offset in the income statement by changes in the fair value of the item being hedged.

    The Company did not employ foreign currency forward contracts to convert unforeseeable foreign currency exchange rates to fixed foreign currency exchange rates for the year ended December 31, 2011 or 2010.

    Derivative Warrant Liability

    The Company evaluates its convertible debt, options, warrants or other contracts, if any, to determine if those contracts or embedded components of those contracts qualify as derivatives to be separately accounted for in accordance with paragraph 810-10-05-4 and Section 815-40-25 of the FASB Accounting Standards Codification.  The result of this accounting treatment is that the fair value of the embedded derivative is marked-to-market each balance sheet date and recorded as either an asset or a liability.  In the event that the fair value is recorded as a liability, the change in fair value is recorded in the consolidated statement of operations and comprehensive income (loss) as other income or expense.  Upon conversion, exercise or cancellation of a derivative instrument, the instrument is marked to fair value at the date of conversion, exercise or cancellation and then that the related fair value is reclassified to equity.

    In circumstances where the embedded conversion option in a convertible instrument is required to be bifurcated and there are also other embedded derivative instruments in the convertible instrument that are required to be bifurcated, the bifurcated derivative instruments are accounted for as a single, compound derivative instrument.

    The classification of derivative instruments, including whether such instruments should be recorded as liabilities or as equity, is re-assessed at the end of each reporting period.  Equity instruments that are initially classified as equity that become subject to reclassification are reclassified to liability at the fair value of the instrument on the reclassification date.  Derivative instrument liabilities will be classified in the balance sheet as current or non-current based on whether or not net-cash settlement of the derivative instrument is expected within 12 months of the balance sheet date.

    On January 1, 2009, the Company adopted Section 815-40-15 of the FASB Accounting Standards Codification (“Section 815-40-15”) to determine whether an instrument (or an embedded feature) is indexed to the Company’s own stock.  Section 815-40-15 provides that an entity should use a two-step approach to evaluate whether an equity-linked financial instrument (or embedded feature) is indexed to its own stock, including evaluating the instrument’s contingent exercise and settlement provisions.   The adoption of Section 815-40-15 has affected the accounting for (i) certain freestanding warrants that contain exercise price adjustment features and (ii) convertible bonds issued by foreign subsidiaries with a strike price denominated in a foreign currency.

    The Company initially classified the warrants to purchase 2,728,913 shares of its common stock issued in connection with its July 2008 offering of common stock as additional paid-in capital upon issuance of the warrants.  Upon the adoption of Section 815-40-15 on January 1, 2009, these warrants are no longer deemed to be indexed to the Company’s own stock and were reclassified from equity to a derivative liability with a fair value of $3,251,949 effective as of January 1, 2009.  The reclassification entry included a cumulative adjustment to retained earnings of $1,845,455 and a reduction of additional paid-in capital of $5,097,404, the amount originally classified as additional paid-in capital upon issuance of the warrants on July 31, 2008.

    The Company marks to market the fair value of the remaining embedded derivative warrants at each balance sheet date and records the change in the fair value of the remaining embedded derivative warrants as other income or expense in the consolidated statements of operations and comprehensive income (loss).

    Related Parties

    The Company follows subtopic 850-10 of the FASB Accounting Standards Codification for the identification of related parties and disclosure of related party transactions.

    Pursuant to Section 850-10-20 the related parties include a. affiliates of the Company; b. entities for which investments in their equity securities would be required, absent the election of the fair value option under the Fair Value Option Subsection of Section 825–10–15, to be accounted for by the equity method by the investing entity; c. trusts for the benefit of employees, such as pension and profit-sharing trusts that are managed by or under the trusteeship of management; d. principal owners of the Company; e. management of the Company; f. other parties with which the Company may deal if one party controls or can significantly influence the management or operating policies of the other to an extent that one of the transacting parties might be prevented from fully pursuing its own separate interests; and g. other parties that can significantly influence the management or operating policies of the transacting parties or that have an ownership interest in one of the transacting parties and can significantly influence the other to an extent that one or more of the transacting parties might be prevented from fully pursuing its own separate interests.

    The financial statements shall include disclosures of material related party transactions, other than compensation arrangements, expense allowances, and other similar items in the ordinary course of business. However, disclosure of transactions that are eliminated in the preparation of consolidated or combined financial statements is not required in those statements. The disclosures shall include:  a. the nature of the relationship(s) involved; b. a description of the transactions, including transactions to which no amounts or nominal amounts were ascribed, for each of the periods for which income statements are presented, and such other information deemed necessary to an understanding of the effects of the transactions on the financial statements; c. the dollar amounts of transactions for each of the periods for which income statements are presented and the effects of any change in the method of establishing the terms from that used in the preceding period; and d. amounts due from or to related parties as of the date of each balance sheet presented and, if not otherwise apparent, the terms and manner of settlement.

    Commitment and Contingencies

    The Company follows subtopic 450-20 of the FASB Accounting Standards Codification to report accounting for contingencies. Certain conditions may exist as of the date the consolidated financial statements are issued, which may result in a loss to the Company but which will only be resolved when one or more future events occur or fail to occur.  The Company assesses such contingent liabilities, and such assessment inherently involves an exercise of judgment.  In assessing loss contingencies related to legal proceedings that are pending against the Company or unasserted claims that may result in such proceedings, the Company evaluates the perceived merits of any legal proceedings or unasserted claims as well as the perceived merits of the amount of relief sought or expected to be sought therein.

    If the assessment of a contingency indicates that it is probable that a material loss has been incurred and the amount of the liability can be estimated, then the estimated liability would be accrued in the Company’s consolidated financial statements.  If the assessment indicates that a potential material loss contingency is not probable but is reasonably possible, or is probable but cannot be estimated, then the nature of the contingent liability, and an estimate of the range of possible losses, if determinable and material, would be disclosed.

    Loss contingencies considered remote are generally not disclosed unless they involve guarantees, in which case the guarantees would be disclosed.  Management does not believe, based upon information available at this time, that these matters will have a material adverse effect on the Company’s consolidated financial position, results of operations or cash flows. However, there is no assurance that such matters will not materially and adversely affect the Company’s business, financial position, and results of operations or cash flows.

    Revenue Recognition

    The Company applies paragraph 605-10-S99-1 of the FASB Accounting Standards Codification for revenue recognition.  The Company recognizes revenue when it is realized or realizable and earned.  The Company considers revenue realized or realizable and earned when all of the following criteria are met: (i) persuasive evidence of an arrangement exists, (ii) the product has been shipped or the services have been rendered to the customer, (iii) the sales price is fixed or determinable, and (iv) collectability is reasonably assured.

    The Company derives its revenues from sales contracts with customers with revenues being generated upon the shipment of merchandise.  Persuasive evidence of an arrangement is demonstrated via sales invoice or contract; product delivery is evidenced by warehouse shipping log as well as a signed bill of lading from the vessel or rail company and title transfers upon shipment, based on free on board (“FOB”) warehouse terms; the sales price to the customer is fixed upon acceptance of the signed purchase order or contract and there is no separate sales rebate, discount, or volume incentive.  When the Company recognizes revenue, no provisions are made for returns because, historically, there have been very few sales returns and adjustments that have impacted the ultimate collection of revenues.

    Net sales of products represent the invoiced value of goods, net of value added taxes (“VAT”).  The Company is subject to VAT which is levied on the majority of the Company’s products at the rate of 13% on the invoiced value of sales prior to December 31, 2008 and 17% on the invoiced value of sales as of January 1, 2009 and forward.  Sales or Output VAT is borne by customers in addition to the invoiced value of sales and Purchase or Input VAT is borne by the Company in addition to the invoiced value of purchases to the extent not refunded for export sales.


    Shipping and Handling Costs

    The Company accounts for shipping and handling fees in accordance with paragraph 605-45-45-19 of the FASB Accounting Standards Codification.  While amounts charged to customers for shipping products are included in revenues, the related costs are classified in cost of goods sold as incurred.

    Foreign Currency Transactions

    The Company applies the guidelines as set out in Section 830-20-35 of the FASB Accounting Standards Codification (“Section 830-20-35”) for foreign currency transactions.  Pursuant to Section 830-20-35 of the FASB Accounting Standards Codification, foreign currency transactions are transactions denominated in currencies other than U.S. Dollar, the Company’s reporting currency or Chinese Yuan or Reminbi, the Company’s Chinese operating subsidiaries' functional currency.  Foreign currency transactions may produce receivables or payables that are fixed in terms of the amount of foreign currency that will be received or paid.  A change in exchange rates between the functional currency and the currency in which a transaction is denominated increases or decreases the expected amount of functional currency cash flows upon settlement of the transaction. That increase or decrease in expected functional currency cash flows is a foreign currency transaction gain or loss that generally shall be included in determining net income for the period in which the exchange rate changes. Likewise, a transaction gain or loss (measured from the transaction date or the most recent intervening balance sheet date, whichever is later) realized upon settlement of a foreign currency transaction generally shall be included in determining net income for the period in which the transaction is settled. The exceptions to this requirement for inclusion in net income of transaction gains and losses pertain to certain intercompany transactions and to transactions that are designated as, and effective as, economic hedges of net investments and foreign currency commitments.  Pursuant to Section 830-20-25 of the FASB Accounting Standards Codification, the following shall apply to all foreign currency transactions of an enterprise and its investees: (a) at the date the transaction is recognized, each asset, liability, revenue, expense, gain, or loss arising from the transaction shall be measured and recorded in the functional currency of the recording entity by use of the exchange rate in effect at that date as defined in section 830-10-20 of the FASB Accounting Standards Codification; and (b) at each balance sheet date, recorded balances that are denominated in currencies other than the functional currency or reporting currency of the recording entity shall be adjusted to reflect the current exchange rate.

    Stock-Based Compensation for Obtaining Employee Services

    The Company accounts for its stock based compensation in which the Company obtains employee services in share-based payment transactions under the recognition and measurement principles of the fair value recognition provisions of section 718-10-30 of the FASB Accounting Standards Codification. Pursuant to paragraph 718-10-30-6 of the FASB Accounting Standards Codification, all transactions in which goods or services are the consideration received for the issuance of equity instruments are accounted for based on the fair value of the consideration received or the fair value of the equity instrument issued, whichever is more reliably measurable.  The measurement date used to determine the fair value of the equity instrument issued is the earlier of the date on which the performance is complete or the date on which it is probable that performance will occur.

    The fair value of options and similar instruments is estimated on the date of grant using a Black-Scholes option-pricing valuation model.  The ranges of assumptions for inputs are as follows:

    ·
    Expected term of share options and similar instruments: The expected life of options and similar instruments represents the period of time the option and/or warrant are expected to be outstanding.  Pursuant to Paragraph 718-10-50-2 of the FASB Accounting Standards Codification the expected term of share options and similar instruments represents the period of time the options and similar instruments are expected to be outstanding taking into consideration of the contractual term of the instruments and employees’ expected exercise and post-vesting employment termination behavior into the fair value (or calculated value) of the instruments.  The Company uses historical data to estimate employee termination behavior.  The contractual term of share options or similar instruments is used as expected term of share options or similar instruments for the Company if it is a newly formed corporation.

    ·
    Expected volatility of the entity’s shares and the method used to estimate it.  An entity that uses a method that employs different volatilities during the contractual term shall disclose the range of expected volatilities used and the weighted-average expected volatility.  A thinly-traded or nonpublic entity that uses the calculated value method shall disclose the reasons why it is not practicable for the Company to estimate the expected volatility of its share price, the appropriate industry sector index that it has selected, the reasons for selecting that particular index, and how it has calculated historical volatility using that index. The Company uses the average historical volatility of the comparable companies over the expected contractual life of the share options or similar instruments as its expected volatility.  If shares of a company are thinly traded the use of weekly or monthly price observations would generally be more appropriate than the use of daily price observations as the volatility calculation using daily observations for such shares could be artificially inflated due to a larger spread between the bid and asked quotes and lack of consistent trading in the market.

    ·
    Expected annual rate of quarterly dividends.  An entity that uses a method that employs different dividend rates during the contractual term shall disclose the range of expected dividends used and the weighted-average expected dividends.  The expected dividend yield is based on the Company’s current dividend yield as the best estimate of projected dividend yield for periods within the expected contractual life of the option and similar instruments.

    ·
    Risk-free rate(s). An entity that uses a method that employs different risk-free rates shall disclose the range of risk-free rates used.  The risk-free interest rate is based on the U.S. Treasury yield curve in effect at the time of grant for periods within the contractual life of the option and similar instruments.

    The Company’s policy is to recognize compensation cost for awards with only service conditions and a graded vesting schedule on a straight-line basis over the requisite service period for the entire award.

    Equity Instruments Issued to Parties Other Than Employees for Acquiring Goods or Services

    The Company accounts for equity instruments issued to parties other than employees for acquiring goods or services under guidance of Sub-topic 505-50 of the FASB Accounting Standards Codification (“Sub-topic 505-50”).

    Pursuant to ASC Section 505-50-30, all transactions in which goods or services are the consideration received for the issuance of equity instruments are accounted for based on the fair value of the consideration received or the fair value of the equity instrument issued, whichever is more reliably measurable.  The measurement date used to determine the fair value of the equity instrument issued is the earlier of the date on which the performance is complete or the date on which it is probable that performance will occur.

    The fair value of option or warrant award is estimated on the date of grant using a Black-Scholes option-pricing valuation model.  The ranges of assumptions for inputs are as follows:

    ·
    Expected term of share options and similar instruments: Pursuant to Paragraph 718-10-50-2 of the FASB Accounting Standards Codification the expected term of share options and similar instruments represents the period of time the options and similar instruments are expected to be outstanding taking into consideration of the contractual term of the instruments and holder’s expected exercise behavior into the fair value (or calculated value) of the instruments.  The Company uses historical data to estimate holder’s expected exercise behavior.  The contractual term of share options or similar instruments is used as expected term of share options or similar instruments for the Company if it is a newly formed corporation.

    ·
    Expected volatility of the entity’s shares and the method used to estimate it.  An entity that uses a method that employs different volatilities during the contractual term shall disclose the range of expected volatilities used and the weighted-average expected volatility.  A thinly-traded or nonpublic entity that uses the calculated value method shall disclose the reasons why it is not practicable for the Company to estimate the expected volatility of its share price, the appropriate industry sector index that it has selected, the reasons for selecting that particular index, and how it has calculated historical volatility using that index. The Company uses the average historical volatility of the comparable companies over the expected contractual life of the share options or similar instruments as its expected volatility.  If shares of a company are thinly traded the use of weekly or monthly price observations would generally be more appropriate than the use of daily price observations as the volatility calculation using daily observations for such shares could be artificially inflated due to a larger spread between the bid and asked quotes and lack of consistent trading in the market.

    ·
    Expected annual rate of quarterly dividends.  An entity that uses a method that employs different dividend rates during the contractual term shall disclose the range of expected dividends used and the weighted-average expected dividends.  The expected dividend yield is based on the Company’s current dividend yield as the best estimate of projected dividend yield for periods within the expected contractual life of the option and similar instruments.

    ·
    Risk-free rate(s). An entity that uses a method that employs different risk-free rates shall disclose the range of risk-free rates used.  The risk-free interest rate is based on the U.S. Treasury yield curve in effect at the time of grant for periods within the contractual life of the option and similar instruments.

    Pursuant to ASC paragraph 505-50-25-7, if fully vested, nonforfeitable equity instruments are issued at the date the grantor and grantee enter into an agreement for goods or services (no specific performance is required by the grantee to retain those equity instruments), then, because of the elimination of any obligation on the part of the counterparty to earn the equity instruments, a measurement date has been reached. A grantor shall recognize the equity instruments when they are issued (in most cases, when the agreement is entered into). Whether the corresponding cost is an immediate expense or a prepaid asset (or whether the debit should be characterized as contra-equity under the requirements of paragraph 505-50-45-1) depends on the specific facts and circumstances. Pursuant to ASC paragraph 505-50-45-1, a grantor may conclude that an asset (other than a note or a receivable) has been received in return for fully vested, nonforfeitable equity instruments that are issued at the date the grantor and grantee enter into an agreement for goods or services (and no specific performance is required by the grantee in order to retain those equity instruments). Such an asset shall not be displayed as contra-equity by the grantor of the equity instruments. The transferability (or lack thereof) of the equity instruments shall not affect the balance sheet display of the asset. This guidance is limited to transactions in which equity instruments are transferred to other than employees in exchange for goods or services. Section 505-50-30 provides guidance on the determination of the measurement date for transactions that are within the scope of this Subtopic.

    Pursuant to Paragraphs 505-50-25-8 and 505-50-25-9,  an entity may grant fully vested, nonforfeitable equity instruments that are exercisable by the grantee only after a specified period of time if the terms of the agreement provide for earlier exercisability if the grantee achieves specified performance conditions. Any measured cost of the transaction shall be recognized in the same period(s) and in the same manner as if the entity had paid cash for the goods or services or used cash rebates as a sales discount instead of paying with, or using, the equity instruments. A recognized asset, expense, or sales discount shall not be reversed if a stock option that the counterparty has the right to exercise expires unexercised.

    Pursuant to ASC paragraph 505-50-30-S99-1, if the Company receives a right to receive future services in exchange for unvested, forfeitable equity instruments, those equity instruments are treated as unissued for accounting purposes until the future services are received (that is, the instruments are not considered issued until they vest). Consequently, there would be no recognition at the measurement date and no entry should be recorded.

    Investment Credit - Government

    Certain Chinese local government provides investment credit to encourage enterprises to invest in local communities which are non-refundable. Investment credits from local government are credited to other income – investment credit - government upon receipt. Renewable Metals was granted RMB10,000,000 in investment credit from Lianyungang Economic and Technology Development Zone on November 25, 2011, which was received on November 30, 2011.

    Income Tax Provision

    The Company accounts for income taxes under Section 740-10-30 of the FASB Accounting Standards Codification, which requires recognition of deferred tax assets and liabilities for the expected future tax consequences of events that have been included in the financial statements or tax returns.  Under this method, deferred tax assets and liabilities are based on the differences between the financial statement and tax bases of assets and liabilities using enacted tax rates in effect for the year in which the differences are expected to reverse.  Deferred tax assets are reduced by a valuation allowance to the extent management concludes it is more likely than not that the assets will not be realized.  Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled.  The effect on deferred tax assets and liabilities of a change in tax rates is recognized in the Consolidated Statements of Income and Comprehensive Income in the period that includes the enactment date.

    The Company adopted section 740-10-25 of the FASB Accounting Standards Codification (“Section 740-10-25”). Section 740-10-25 addresses the determination of whether tax benefits claimed or expected to be claimed on a tax return should be recorded in the financial statements.  Under Section 740-10-25, the Company may recognize the tax benefit from an uncertain tax position only if it is more likely than not that the tax position will be sustained on examination by the taxing authorities, based on the technical merits of the position.  The tax benefits recognized in the financial statements from such a position should be measured based on the largest benefit that has a greater than fifty (50) percent likelihood of being realized upon ultimate settlement.  Section 740-10-25 also provides guidance on de-recognition, classification, interest and penalties on income taxes, accounting in interim periods and requires increased disclosures.

    The estimated future tax effects of temporary differences between the tax basis of assets and liabilities are reported in the accompanying consolidated balance sheets, as well as tax credit carry-backs and carry-forwards. The Company periodically reviews the recoverability of deferred tax assets recorded on its consolidated balance sheets and provides valuation allowances as management deems necessary.

    Management makes judgments as to the interpretation of the tax laws that might be challenged upon an audit and cause changes to previous estimates of tax liability. In addition, the Company operates within multiple taxing jurisdictions and is subject to audit in these jurisdictions. In management’s opinion, adequate provisions for income taxes have been made for all years. If actual taxable income by tax jurisdiction varies from estimates, additional allowances or reversals of reserves may be necessary.

    Uncertain Tax Positions

    The Company did not take any uncertain tax positions and had no adjustments to its income tax liabilities or benefits pursuant to the provisions of Section 740-10-25 for the year ended December 31, 2011 or 2010.

    Foreign Currency Translation

    The Company follows Section 830-10-45 of the FASB Accounting Standards Codification (“Section 830-10-45”) for foreign currency translation to translate the financial statements of the foreign subsidiary from the functional currency, generally the local currency, into U.S. Dollars.  Section 830-10-45 sets out the guidance relating to how a reporting entity determines the functional currency of a foreign entity (including of a foreign entity in a highly inflationary economy), re-measures the books of record (if necessary), and characterizes transaction gains and losses. Pursuant to Section 830-10-45, the assets, liabilities, and operations of a foreign entity shall be measured using the functional currency of that entity. An entity’s functional currency is the currency of the primary economic environment in which the entity operates; normally, that is the currency of the environment, or local currency, in which an entity primarily generates and expends cash.

    The functional currency of each foreign subsidiary is determined based on management’s judgment and involves consideration of all relevant economic facts and circumstances affecting the subsidiary. Generally, the currency in which the subsidiary transacts a majority of its transactions, including billings, financing, payroll and other expenditures, would be considered the functional currency, but any dependency upon the parent and the nature of the subsidiary’s operations must also be considered.  If a subsidiary’s functional currency is deemed to be the local currency, then any gain or loss associated with the translation of that subsidiary’s financial statements is included in accumulated other comprehensive income. However, if the functional currency is deemed to be the U.S. Dollar, then any gain or loss associated with the re-measurement of these financial statements from the local currency to the functional currency would be included in the consolidated statements of income and comprehensive income (loss). If the Company disposes of foreign subsidiaries, then any cumulative translation gains or losses would be recorded into the consolidated statements of income and comprehensive income (loss).  If the Company determines that there has been a change in the functional currency of a subsidiary to the U.S. Dollar, any translation gains or losses arising after the date of change would be included within the statement of income and comprehensive income (loss).

    Based on an assessment of the factors discussed above, the management of the Company determined the relevant subsidiaries’ local currencies to be their respective functional currencies.

    The financial records of the Company's Chinese operating subsidiaries are maintained in their local currency, the Renminbi (“RMB”), which is the functional currency.  Assets and liabilities are translated from the local currency into the reporting currency, U.S. dollars, at the exchange rate prevailing at the balance sheet date.  Revenues and expenses are translated at weighted average exchange rates for the period to approximate translation at the exchange rates prevailing at the dates those elements are recognized in the consolidated financial statements.  Foreign currency translation gain (loss) resulting from the process of translating the local currency financial statements into U.S. dollars are included in determining accumulated other comprehensive income in the consolidated statement of stockholders’ equity.

    RMB is not a fully convertible currency.  All foreign exchange transactions involving RMB must take place either through the People’s Bank of China (the “PBOC”) or other institutions authorized to buy and sell foreign exchange.  The exchange rate adopted for the foreign exchange transactions are the rates of exchange quoted by the PBOC.  Commencing July 21, 2005, China adopted a managed floating exchange rate regime based on market demand and supply with reference to a basket of currencies.  The exchange rate of the US dollar against the RMB was adjusted from approximately RMB 8.28 per U.S. dollar to approximately RMB 8.11 per U.S. dollar on July 21, 2005.  Since then, the PBOC administers and regulates the exchange rate of the U.S. dollar against the RMB taking into account demand and supply of RMB, as well as domestic and foreign economic and financial conditions.

    Unless otherwise noted, the rate presented below per U.S. $1.00 was the midpoint of the interbank rate as quoted by OANDA Corporation (www.oanda.com) contained in its consolidated financial statements.  Management believes that the difference between RMB vs. U.S. dollar exchange rate quoted by the PBOC and RMB vs. U.S. dollar exchange rate reported by OANDA Corporation were immaterial.  Translations do not imply that the RMB amounts actually represent, or have been or could be converted into, equivalent amounts in U.S. dollars.  Translation of amounts from RMB into U.S. dollars has been made at the following exchange rates for the respective periods:

           
    December 31, 2011
    		         
     
    December 31, 2010
    		 
                                   
    Balance sheet
    		         
    6.3585
    		             
    6.6118
    		 
                                   
    Statement of operations and comprehensive income (loss)
    		         
    6.4640
    		             
    6.7788
    		 

    Net gains and losses resulting from foreign exchange transactions, if any, are included in the Company’s Consolidated Statements of Operations and Comprehensive Income (Loss).

    Comprehensive Income (Loss)

    The Company has applied section 220-10-45 of the FASB Accounting Standards Codification. This statement establishes rules for the reporting of comprehensive income and its components.  Comprehensive income (loss), for the Company, consists of net income (loss), change in unrealized loss of marketable securities and foreign currency translation adjustments and is presented in the Company’s Consolidated Statements of Operations and Comprehensive Income (Loss) and Stockholders’ Equity.

    Net Income (Loss) per Common Share

    Net income (loss) per common share is computed pursuant to section 260-10-45 of the FASB Accounting Standards Codification.   Basic net income (loss) per common share is computed by dividing net income (loss) by the weighted average number of shares of common stock outstanding during the period.  Diluted net income (loss) per common share is computed by dividing net income (loss) by the weighted average number of shares of common stock and potentially outstanding shares of common stock during the period to reflect the potential dilution that could occur from common shares issuable through contingent share arrangements, stock options and warrants.

    The following table shows the potentially outstanding dilutive common shares excluded from the diluted net income (loss) per common share calculation for the year ended December 31, 2011 and 2010 as they were anti-dilutive:

       
    Potentially Outstanding Dilutive Common Shares
    		 
       
    For the Year Ended
    December 31,
    2011
    		   
    For the Year Ended
    December 31,
    2010
    		 
                     
    Warrants issued on August 1, 2008 in connection with the Company’s August 1, 2008 equity financing inclusive of non-derivative warrants to purchase 1,031,715 shares and derivative warrants to purchase 186,306 shares at $5.00 per share expiring five (5) years from date of issuance
    		   
    1,218,021
    		     
    1,218,021
    		 
                     
    Warrants issued on April 20, 2010 in connection with the Company’s April 20, 2010 equity financing inclusive of warrants to purchase 1,538,464 shares to the investors and warrants to purchase 76,923 shares to the placement agent at $7.50 per share expiring five (5) years from date of issuance
    		   
    1,615,387
    		     
    1,615,387
    		 
                     
    Sub-total - Warrants
    		   
    2,833,408
    		     
    2,833,408
    		 
                     
    Options issued on October 5, 2010 to an employee to purchase 40,000 common shares exercisable at $5.00 per share expiring five (5) years from the date of issuance
    		   
    40,000
    		     
    40,000
    		 
                     
    Sub-total - Options
    		   
    40,000
    		     
    40,000
    		 
                     
    Total potentially outstanding dilutive common shares
    		   
    2,873,408
    		     
    2,873,408
    		 

    Cash Flows Reporting

    The Company adopted paragraph 230-10-45-24 of the FASB Accounting Standards Codification for cash flows reporting, classifies cash receipts and payments according to whether they stem from operating, investing, or financing activities and provides definitions of each category, and uses the indirect or reconciliation method (“Indirect method”) as defined by paragraph 230-10-45-25 of the FASB Accounting Standards Codification to report net cash flow from operating activities by adjusting net income to reconcile it to net cash flow from operating activities by removing the effects of (a) all deferrals of past operating cash receipts and payments and all accruals of expected future operating cash receipts and payments and (b) all items that are included in net income that do not affect operating cash receipts and payments.  The Company reports the reporting currency equivalent of foreign currency cash flows, using the current exchange rate at the time of the cash flows and the effect of exchange rate changes on cash held in foreign currencies is reported as a separate item in the reconciliation of beginning and ending balances of cash and cash equivalents and separately provides information about investing and financing activities not resulting in cash receipts or payments in the period pursuant to paragraph 830-230-45-1 of the FASB Accounting Standards Codification.

    Subsequent Events

    The Company follows the guidance in Section 855-10-50 of the FASB Accounting Standards Codification for the disclosure of subsequent events. The Company will evaluate subsequent events through the date when the financial statements are issued.  Pursuant to ASU 2010-09 of the FASB Accounting Standards Codification, the Company as an SEC filer considers its financial statements issued when they are widely distributed to users, such as through filing them on EDGAR.

    Recently Issued Accounting Pronouncements

    FASB Accounting Standards Update No. 2011-05

    In June 2011, the FASB issued the FASB Accounting Standards Update No. 2011-05 “Comprehensive Income” (“ASU 2011-05”), which was the result of a joint project with the IASB and amends the guidance in ASC 220, Comprehensive Income, by eliminating the option to present components of other comprehensive income (OCI) in the statement of stockholders’ equity. Instead, the new guidance now gives entities the option to present all non-owner changes in stockholders’ equity either as a single continuous statement of comprehensive income or as two separate but consecutive statements. Regardless of whether an entity chooses to present comprehensive income in a single continuous statement or in two separate but consecutive statements, the amendments require entities to present all reclassification adjustments from OCI to net income on the face of the statement of comprehensive income.

    The amendments in this Update should be applied retrospectively and are effective for public entity for fiscal years, and interim periods within those years, beginning after December 15, 2011.

    FASB Accounting Standards Update No. 2011-08

    In September 2011, the FASB issued the FASB Accounting Standards Update No. 2011-08 “Intangibles—Goodwill and Other: Testing Goodwill for Impairment” (“ASU 2011-08”). This Update is to simplify how public and nonpublic entities test goodwill for impairment. The amendments permit an entity to first assess qualitative factors to determine whether it is more likely than not that the fair value of a reporting unit is less than its carrying amount as a basis for determining whether it is necessary to perform the two-step goodwill impairment test described in Topic 350. Under the amendments in this Update, an entity is not required to calculate the fair value of a reporting unit unless the entity determines that it is more likely than not that its fair value is less than its carrying amount.

    The guidance is effective for interim and annual periods beginning on or after December 15, 2011. Early adoption is permitted.

    FASB Accounting Standards Update No. 2011-10

    In December 2011, the FASB issued the FASB Accounting Standards Update No. 2011-10 “Property, Plant and Equipment: Derecognition of in Substance Real Estate-a Scope Clarification” (“ASU 2011-09”). This Update is to resolve the diversity in practice as to how financial statements have been reflecting circumstances when parent company reporting entities cease to have controlling financial interests in subsidiaries that are in substance real estate, where the situation arises as a result of default on nonrecourse debt of the subsidiaries.

    The amended guidance is effective for annual reporting periods ending after June 15, 2012 for public entities. Early adoption is permitted.

    FASB Accounting Standards Update No. 2011-11

    In December 2011, the FASB issued the FASB Accounting Standards Update No. 2011-11 “Balance Sheet: Disclosures about Offsetting Assets and Liabilities” (“ASU 2011-11”). This Update requires an entity to disclose information about offsetting and related arrangements to enable users of its financial statements to understand the effect of those arrangements on its financial position. The objective of this disclosure is to facilitate comparison between those entities that prepare their financial statements on the basis of U.S. GAAP and those entities that prepare their financial statements on the basis of IFRS.

    The amended guidance is effective for annual reporting periods beginning on or after January 1, 2013, and interim periods within those annual periods.

    FASB Accounting Standards Update No. 2011-12

    In December 2011, the FASB issued the FASB Accounting Standards Update No. 2011-12 “Comprehensive Income:  Deferral of the Effective Date for Amendments to the Presentation of Reclassifications of Items Out of Accumulated Other Comprehensive Income in Accounting Standards Update No. 2011-05” (“ASU 2011-12”). This Update is a deferral of the effective date pertaining to reclassification adjustments out of accumulated other comprehensive income in ASU 2011-05. FASB is to going to reassess the costs and benefits of those provisions in ASU 2011-05 related to reclassifications out of accumulated other comprehensive income. Due to the time required to properly make such a reassessment and to evaluate alternative presentation formats, the FASB decided that it is necessary to reinstate the requirements for the presentation of reclassifications out of accumulated other comprehensive income that were in place before the issuance of Update 2011-05.

    All other requirements in Update 2011-05 are not affected by this Update, including the requirement to report comprehensive income either in a single continuous financial statement or in two separate but consecutive financial statements. Public entities should apply these requirements for fiscal years, and interim periods within those years, beginning after December 15, 2011.

    Management does not believe that any other recently issued, but not yet effective accounting pronouncements, if adopted, would have a material effect on the accompanying consolidated financial statements.

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    Schedule II Valuation and Qualifying Accounts
    		 12 Months Ended
    Dec. 31, 2011
    Schedule of Valuation and Qualifying Accounts Disclosure [Text Block]
       
    Balance at Beginning of Period
    		   
    Add Charge to Income
    		   
    Deduct bad debt written off
    		   
    Add translation adjustment
    		   
    Balance At End of period
    		 
    For the Year Ended December 31, 2010:
    		                                       
                                             
    Allowance for doubtful accounts
    		 
    $
    -
    		   
    $
    -
    		   
    $
    -
    		   
    $
    -
    		   
    $
    -
    		 
                                             
    For the Year Ended December 31, 2011:
    		                                       
                                             
    Allowance for doubtful accounts
    		 
    $
    -
    		   
    $
    -
    		   
    $
    -
    		   
    $
    -
    		   
    $
    -
    		 

    XML 20 R28.htm IDEA: XBRL DOCUMENT v2.4.0.6
    Note 21 - Subsequent Events
    		 12 Months Ended
    Dec. 31, 2011
    Subsequent Events [Text Block]
    Note 21 – Subsequent Events

    The Company has evaluated all events that occurred after the balance sheet date through the date when the financial statements were issued.  The Management of the Company determined that there were the following reportable subsequent event to be disclosed as follows:

    Entry into Employment with the Chairman and CEO

    On February 8, 2012, the Company and the CEO Mr. Yao entered into an Employment Agreement (the “Employment Agreement”), to employ Mr. Yao as the Company’s Chairmen of the Board, President, and Chief Executive Officer. The initial term of employment under the agreement is from January 1, 2012 (the “Effective Date”) until December 31, 2014, unless sooner terminated in accordance with the terms of the Employment Agreement. Pursuant to the Employment Agreement, Mr. Yao is entitled to, among others, the following compensation and benefits:

     
    a.
    A base salary at an annual rate of (i) $250,000 for the period beginning on the Effective Date through December 31, 2012; (ii) $270,000 for the period beginning on January 1, 2013 through December 31, 2013; and (iii) $300,000 for the period beginning on January 1, 2014 through December 31, 2014.

     
    b.
    A cash bonus equal to 50% of Mr. Yao’s base salary for each year during the contract term.

     
    c.
    During the employment term, the compensation committee shall have the discretion to grant Mr. Yao annual bonuses pursuant to a specified time or fixed schedule specified under the compensation plan at the date of the deferral of such compensation.  Mr. Yao is also eligible to receive any other bonus under any other bonus plan, stock option or equity-based plan, or other policy or program of the Company, as may be approved by the compensation committee and in accordance with any stockholder approval incentive plan in effect at the time of such decision.

     
    d.
    Mr. Yao to receive 1,500,000 shares of the Company’s common stock (the “Restricted Shares ”), subject to the terms and conditions of the Amended and Restated China Armco Metals, Inc. 2009 Stock Incentive Plan.  The Restricted Shares will vest according to the following schedule:  125,000 shares of Restricted Shares to vest on the first day of each quarter over a three (3) year period commencing on April 1, 2012a and terminating on December 31, 2014.

     
    e.
    Eligibility to participate in the Company’s benefit plans that are generally provided for executive employees.

    XML 21 R8.htm IDEA: XBRL DOCUMENT v2.4.0.6
    Note 1 - Organization and Operations
    		 12 Months Ended
    Dec. 31, 2011
    Organization, Consolidation and Presentation of Financial Statements Disclosure [Text Block]
    Note 1 – Organization and Operations

    China Armco Metals, Inc. (formerly Cox Distributing, Inc.)

    Cox Distributing was founded as an unincorporated business in January 1984 and was incorporated as Cox Distributing, Inc. (“Cox Distributing”), a C corporation under the laws of the State of Nevada on April 6, 2007 at which time 9,100,000 shares of common stock were issued to the founder in exchange for the existing unincorporated business.  No value was given to the stock issued by the newly formed corporation.  Therefore, the shares were recorded to reflect the $.001 par value and paid in capital was recorded as a negative amount ($9,100).   Cox Distributing engaged in the distribution of organic fertilizer products used to improve soil and growing conditions for the potato farmers of eastern Idaho (“Legacy Business”).

    On June 27, 2008, Cox Distributing amended its Articles of Incorporation, and changed its name to China Armco Metals, Inc. (“Armco Metals” or the “Company”) upon the acquisition of Armco Metals International Limited (formerly “Armco & Metawise (H.K) Limited” or “Armco HK”) and Subsidiaries to better identify the Company with the business conducted, through its wholly owned subsidiaries in China, import, export and distribution of ferrous and non-ferrous ores and metals, and processing and distribution of scrap steel.

    Cox Distributing conducted nominal organic fertilizer distribution business post the acquisition of Armco HK.  On December 30, 2008, the Company entered into an Agreement of Assumption and Release and Bill of Sale (“Spin-Out Agreement”) with its former Chairman and Chief Executive Officer, Stephen E. Cox, with respect to its Legacy Business of fertilizer distribution business.  Pursuant to the terms of the Spin-Out Agreement, Mr. Cox assumed all of the assets and liabilities of the Legacy Business and surrendered 6,200 shares of the Company’s common stock he owned for cancellation.  As a result of the consummation of the Spin-Out Agreement, the Company discontinued its Legacy Business of distribution of organic fertilizer products.

    Armco Metal International Limited (formerly Armco & Metawise (H.K) Limited) and Subsidiaries

    Armco Metal International Limited (formerly Armco & Metawise (H.K) Limited)

    Armco & Metawise (H.K) Limited was incorporated on July 13, 2001 under the laws of the Hong Kong Special Administrative Region (“HK SAR”) of the People’s Republic of China (“PRC”).  Armco HK engages in the import, export and distribution of ferrous and non-ferrous ore and metals.

    On March 22, 2011, Armco & Metawise (H.K) Limited amended its Memorandum and Articles of Association, and changed its name to Armco Metal International Limited (“Armco HK”).

    Formation of Henan Armco and Metawise Trading Co., Ltd.

    Henan Armco and Metawise Trading Co., Ltd. (“Henan”) was incorporated on June 6, 2002 in the City of Zhengzhou, Henan Province, PRC.  Henan engages in the import, export and distribution of ferrous and non-ferrous ores and metals.

    Formation of Armco (Lianyungang) Renewable Metals, Inc.

    On January 9, 2007, Armco HK formed Armco (Lianyungang) Renewable Metals, Inc. (“Renewable Metals”), a wholly-owned foreign enterprise (“WOFE”) subsidiary in the City of Lianyungang, Jiangsu Province, PRC.  Renewable Metals engages in the processing and distribution of scrap metal.

    On December 1, 2008, Armco HK transferred its 100% equity interest in Renewable Metals to Armco Metals.

    Merger of Henan with Renewable Metals, Companies under Common Control

    On December 28, 2007, Armco HK entered into a Share Transfer Agreement with Renewable Metals, whereby Armco HK transferred to Renewable Metals all of its equity interest in Henan, a company under common control of Armco HK.

    The acquisition of Henan has been recorded on the purchase method of accounting at historical amounts as Renewable Metals and Henan were under common control since June 2002.  The consolidated financial statements have been presented as if the acquisition of Henan had occurred as of the first date of the first period presented.

    Acquisition of Armco Metal International Limited and Subsidiaries (“Armco HK”) Recognized as a Reverse Acquisition

    On June 27, 2008, the Company entered into and consummated a share purchase agreement (the “Share Purchase Agreement”) with Armco HK and Feng Gao, who owned 100% of the issued and outstanding shares of Armco HK.  In connection with the consummation of the Share Purchase Agreement, (i) Stephen Cox surrendered 7,694,000 common shares, representing his controlling interest in the Company for cancellation and resigned as an officer and director; (ii) the Company purchased from the Armco HK Shareholder 100% of the issued and outstanding shares of Armco HK’s capital stock for $6,890,000 by delivery of the Company’s purchase money promissory note; (iii) issued to Ms. Gao (a) a stock option entitling Ms. Gao to purchase 5,300,000 shares of the Company’s common stock, par value $.001 per share (the “Common Stock”) with an exercise price of $1.30 per share expiring on September 30, 2008 and (b) a stock option entitling Ms. Gao to purchase 2,000,000 shares of the Company’s common stock with an exercise price of $5.00 per share expiring two (2) years from the date of issuance on June 27, 2010 (the “Gao Options”).  On August 12, 2008, Ms. Gao exercised her option to purchase and the Company issued 5,300,000 shares of its common stock in exchange for the $6,890,000 note owed to Ms. Gao.  The shares issued represented approximately 69.7% of the issued and outstanding common stock immediately after the consummation of the Share Purchase and exercise of the option to purchase 5,300,000 shares of the Company’s common stock at $1.30 per share.

    As a result of the ownership interests of the former stockholder of Armco HK, for financial statement reporting purposes, the merger between the Company and Armco HK has been treated as a reverse acquisition with Armco HK deemed the accounting acquirer and the Company deemed the accounting acquiree under the purchase method of accounting in accordance with section 805-10-55 of the FASB Accounting Standards Codification. The reverse merger is deemed a capital transaction and the net assets of Armco HK (the accounting acquirer) are carried forward to the Company (the legal acquirer and the reporting entity) at their carrying value before the combination.  The acquisition process utilizes the capital structure of the Company and the assets and liabilities of Armco HK which are recorded at historical cost.  The equity of the Company is the historical equity of Armco HK retroactively restated to reflect the number of shares issued by the Company in the transaction.

    Formation of Armco (Lianyungang) Holdings, Inc.

    On June 4, 2009, the Company formed Armco (Lianyungang) Holdings, Inc. (“Lianyungang Armco”), a WOFE subsidiary in the City of Lianyungang, Jiangsu Province, PRC.  Lianyungang Armco intends to engage in marketing and distribution of the recycled scrap steel.

    Formation of Armco Metals (Shanghai) Holdings, Ltd.

    On July 16, 2010, the Company formed Armco Metals (Shanghai) Holdings. Ltd. (“Armco Shanghai”) as a WOFE subsidiary in Shanghai, China. Armco Shanghai serves as the headquarters for the Company’s China operations and oversees the activities of the Company in financing and international trading.

    XML 22 R2.htm IDEA: XBRL DOCUMENT v2.4.0.6
    Consolidated Balance Sheets (USD $)
    Dec. 31, 2011
    Dec. 31, 2010
    CURRENT ASSETS:    
    Cash $ 1,042,591 $ 3,097,917
    Pledged deposits 8,357,670 12,643,671
    Marketable securities 1,636,742 2,890,380
    Accounts receivable 758,500 19,115,019
    Inventories 33,344,547 10,439,831
    Advance on purchases 3,079,684 6,509,846
    Prepaid corporate income taxes-Renewable Metals 467,546  
    Prepayments and other current assets 1,744,047 4,729,935
    Total Current Assets 50,431,327 59,426,599
    PROPERTY, PLANT AND EQUIPMENT    
    Property, plant and equipment 42,165,437 34,633,639
    Accumulated depreciation (3,514,893) (761,515)
    PROPERTY, PLANT AND EQUIPMENT, net 38,650,544 33,872,124
    LAND USE RIGHT    
    Land use right 6,422,956 2,338,289
    Accumulated amortization (209,474) (153,965)
    LAND USE RIGHT, net 6,213,482 2,184,324
    Total Assets 95,295,353 95,483,047
    CURRENT LIABILITIES:    
    Loans payable 6,711,898 24,765,820
    Banker's acceptance notes payable and letters of credit 8,178,029 4,174,355
    Current maturities of capital lease obligation 2,195,177 727,756
    Current maturities of long-term debt 3,931,745 4,537,342
    Accounts payable 18,543,129 3,435,528
    Advances received from Chairman and CEO 607,009 799,394
    Customer deposits 5,851,769 1,345,304
    Corporate income tax payable-HK 99,042 1,091,038
    Value added tax and other taxes payable 1,150  
    Accrued expenses and other current liabilities 2,713,532 6,316,568
    Total Current Liabilities 48,832,480 47,193,105
    CAPITAL LEASE OBLIGATION, net of current maturities 4,127,354 1,540,915
    LONG-TERM DEBT, net of current maturities   3,781,119
    DERIVATIVE LIABILITY 203 138,143
    Total Liabilities 52,960,037 52,653,282
    STOCKHOLDERS' EQUITY:    
    Common stock, $0.001 par value, 74,000,000 shares authorized, 15,421,008 and 14,840,948 shares issued and outstanding, respectively 15,421 14,841
    Additional paid-in capital 29,733,619 28,966,596
    Retained earnings 9,366,035 12,711,039
    Change in unrealized loss on marketable securities (797) (506,278)
    Foreign currency translation gain 3,221,038 1,643,567
    Total Stockholders' Equity 42,335,316 42,829,765
    Total Liabilities and Stockholders' Equity $ 95,295,353 $ 95,483,047
    XML 23 R6.htm IDEA: XBRL DOCUMENT v2.4.0.6
    Consolidated Statement of Stockholders' Equity (Parentheticals) (Common Stock [Member], USD $)
    		 12 Months Ended 12 Months Ended
    Dec. 31, 2010
    Number of Shares [Member]
    Dec. 31, 2010
    Director [Member]
    Dec. 31, 2011
    Employee [Member]
    Dec. 31, 2011
    Employee 2 [Member]
    Dec. 31, 2010
    Number of Shares [Member]
    Dec. 31, 2010
    Issuance of common stock upon exercise of warrants           $ 5.00
    Warrants to purchase common shares (in Shares) 1,031,715       167,740  
    Issuance of common stock upon exercise of warrants to purchase common shares, exercise price           $ 5.00
    Reclassification of derivative liability to additional paid-in capital associated with the exercise of warrants to purchase of common stock, shares (in Dollars)           $ 13,806
    Sale of common stock and warrant, price per share           $ 6.50
    Issuance of restricted stock, value granted   $ 3.28       $ 3.28
    Issuance of common stock, value granted     $ 3.38 $ 0.27    
    XML 24 R22.htm IDEA: XBRL DOCUMENT v2.4.0.6
    Note 15 - Commitments and Contingencies
    		 12 Months Ended
    Dec. 31, 2011
    Commitments and Contingencies Disclosure [Text Block]
    Note 15 – Commitments and Contingencies

    Uncommitted Trade Credit Facilities

    The Company entered into uncommitted trade credit facilities with certain financial institutions.  Substantially all of the uncommitted trade credit facilities were guaranteed by Mr. Yao, the Company’s chairman, Chief Executive Officer and principal stockholder.

    The uncommitted trade credit facilities at December 31, 2011 were as follows:

     
    Date of Expiration
    		   
    Total Facilities
    		   
    Facilities Used
    		   
    Facilities Available
    		 
                                   
    Armco HK
    		                             
                                   
    DBS (Hong Kong) Limited (i)
    		 
    December 20, 2012
    		   
    $
    20,000,000
    		   
    $
    1,620,000
    		   
    $
    18,380,000
    		 
                                   
    ING Bank, N.V. Hong Kong Branch (ii)
    		 
    July 28, 2012
    		     
    30,000,000
    		     
    16,526,000
    		     
    13,474,000
    		 
                                   
    RZB (Beijing) Branch (iii)
    		 
    February 28, 2013
    		     
    15,000,000
    		     
    -
    		     
    15,000,000
    		 
                               
    Sub-total - Armco HK
    		         
    65,000,000
    		     
    18,146,000
    		     
    46,854,000
    		 
                               
    Henan Armco
    		                             
                                   
    Guangdong Development Bank Zhengzhou Branch (iv)
    		 
    June 17, 2012
    		     
    11,009,000
    		     
    474,000
    		     
    10,535,000
    		 
                                   
    China CITIC Bank Zhengzhou Branch (v)
    		 
    April 26, 2012
    		     
    7,863,000
    		     
    0.00
    		     
    7,863,000
    		 
                                   
    China Minsheng Bank Zhengzhou Branch (vi)
    		 
    November 26 2011
    		     
    3,145,000
    		     
    1,286,000
    		     
    1,859,000
    		 
                               
    Sub-total – Henan Armco
    		         
    22,017,000
    		     
    1,760,000
    		     
    20,257,000
    		 
                               
    Renewable Metals
    		                             
                                   
    Bank of China Lianyungang Branch (vii)
    		 
    January 29, 2013
    		     
    11,795,000
    		     
    3,932,000
    		     
    7,863,000
    		 
                                   
    Bank of Communications Lianyungang Branch (viii)
    		 
    June 30, 2013
    		     
    11,323,000
    		     
    8,178,000
    		     
    3,145,000
    		 
                               
    Sub-total – Renewable Metals
    		         
    23,118,000
    		     
    12,110,000
    		     
    11,008,000
    		 
                               
             
    $
    110,135,000
    		   
    $
    32,016,000
    		   
    $
    78,119,000
    		 

    (i) On December 20, 2011, Armco HK entered into a Banking Facilities Agreement with DBS Bank (Hong Kong) Limited of $20,000,000 for issuance of commercial letters of credit in connection with the Company’s purchase of metal ore.  The Company pays interest at LIBOR or DBS Bank’s cost of funds plus 2.50% per annum on issued letters of credit in addition to an export bill collection commission equal to 1/8% of the first $50,000 and 1/16% of the balance and an opening commission of 1/4% on the first $50,000 and 1/16% of the balance for each issuance.  Amounts advanced under this facility are repaid from the proceeds of the sale of metal ore.  The lender may terminate the facility at anytime at its sole discretion. The facility is secured by the charge on cash deposit of the borrower, the borrower’s restricted pledged deposit in the minimum amount of 3% of the letter of credit amount, the Company’s letter of comfort and the guarantee of Mr. Kexuan Yao.

    (ii) On July 29, 2011, Armco HK obtained a $30,000,000 line of credit from ING Bank Hong Kong Branch for issuance of letters of credit to finance the purchase of metal ore along with a sub-limit facility for freight advance of $3,000,000.  The letters of credit require the Company to pledge cash equal to 5% of the letter of credit, subject to increase by the lender in the event of price fluctuations and market demand while the letter of credit remains open.  The Company pays interest at the lender’s cost of funds plus 250 basis points per annum on issued letters of credit in addition to an export bill collection commission equal to 1/4% of the first $50,000 and 1/16% of the balance for each issuance.  Amounts advanced under this line of credit are repaid from the proceeds of the sale of metal ore.  The lender may terminate the facility at anytime at its sole discretion. The facility is secured by the Company’s restricted cash deposit in the minimum amount of 5% of the letter of credit amount, the Company’s guarantee, the guarantee of Mr. Kexuan Yao and a security interest in the contract for the purchase of the ore for which the letter of credit has been issued and the contract for the sale of the ore.

     (iii) On September 30, 2011, Armco HK entered into Amendment No. 2 to the March 25, 2009 uncommitted Trade Finance Facility with RZB Austria Finance (Hong Kong) Limited.  The amendment provides for the issuance of $15,000,000 of commercial letters of credit in connection with the purchase of metal ore, an increase of $5,000,000 over the amounts provided for in the March 25, 2010 facility.  The Company pays interest at 200 basis points per annum plus the lender’s cost of funds per annum on issued letters of credit in addition to fees upon issuance of the letter of credit of 1/16% for issuance commissions, negotiation commissions, commission-in-lieu and collection commissions.  Amounts advanced under this facility are repaid from the proceeds of the sale of metal ore.  The lender may, however, terminate the facility at anytime or at its sole discretion upon the occurrence of any event which causes a material market disruption in respect of unusual movement in the level of funding costs to the lender or the unusual loss of liquidity in the funding market. The lender has the sole discretion to decide whether or not such event has occurred.  The facility is secured by restricted cash deposits held by the lender, the personal guarantee of Mr. Kexuan Yao, the Company’s guarantee, and a security interest in the contract for the purchase of the ore for which the letter of credit has been issued and the contract for the sale of the ore.

    (iv) On June 18, 2011, Henan Armco obtained a RMB 70,000,000 (approximately $11.0 million) line of credit from Guangdong Development Bank Zhengzhou Branch for issuance of letters of credit to finance the purchase of metal ore.  The Company pays interest at 120% of the applicable base rate for lending published by the People’s Bank of China (“PBC”) at the time the loan is made on issued letters of credit.  The facility is secured by the guarantee provided by Mr. Kexuan Yao and Renewable Metals jointly and the pledge of movable assets provided by the borrower. Amounts advanced under this line of credit are repaid from the proceeds of the sale of metal ore. The term of the facility is one year.

    (v) On April 27, 2011, Henan Armco obtained a RMB 50,000,000 (approximately $7,8 million) line of credit from China CITIC Bank, Zhengzhou Branch, for issuance of letters of credit to finance the purchase of metal ore and scrap metal expiring one (1) year from the date of issuance. The letters of credit require the Company to pledge cash deposits equal to 20% of the letter of credit for letters of credit at sight, or 30% for term letters of credit.  Term letters of credit are limited to no more than 90 days. The interest rates are variable depending on the lender’s cost of funds at the time when the letter of credit is issued. The facility is guaranteed by Renewable Metals and Mr. Kexuan Yao, the Company’s Chairman and Chief Executive Officer.

    (vi) On November 26, 2011, Henan Armco obtained a RMB 20,000,000 (approximately $3,1 million) line of credit from China Minsheng Bank, Zhengzhou Branch, for issuance of letters of credit to finance the purchase of metal ore and scrap metal expiring one (1) year from the date of issuance. The facility is guaranteed by Renewable Metals and Mr. Kexuan Yao, the Company’s Chairman and Chief Executive Officer.

    (vii) On January 30, 2012, Renewable Metals entered into a line of facility in the amount of RMB75, 000,000 (approximately $11.8 million) from Bank of China, Lianyungang Branch for the purchase of raw materials. The term of the facility is 12 months with interest at 120% of the applicable base rate for lending published by the People’s Bank of China (“PBOC”) at the time the loan is drawn down per annum. The facility is secured by the guarantees provided by Mr. Kexuan Yao, Mr. Yi Chu, Henan Armco and Henan Chaoyang, respectively.

    (viii) On July 1, 2011, Renewable Metals obtained a RMB 72,000,000 (approximately $11.3 million) line of credit from Bank of Communications, Lianyungang Branch expiring two (2) years from the date of issuance, for issuance of letters of credit in connection with the purchase of scrap metal. The letters of credit require Renewable Metals to pledge cash deposit equal to 20% of the letter of credit for letters of credit at sight, or 30% for other domestic letters of credit and for extended domestic letters of credit, the collateral of inventory equal to 166% of the letter of credit. The facility is secured by Renewable Metals inventories and guarantee provided by Mr. Kexuan Yao, the Company’s Chairman and Chief Executive Officer.

    Operating Leases

    (i) Operating Lease - San Mateo Office

    On December 17, 2010, China Armco entered into a non-cancelable operating lease for office space that will expire on December 31, 2013.  Future minimum payments required under this non-cancelable operating lease were as follows:

    Year ending December 31:
    		       
             
    2012
    		   
    43,734
    		 
             
    2013
    		   
    43,734
    		 
             
       
    $
    87,468
    		 

    (ii) Operating Lease - Armco Shanghai Office

    On July 16, 2010, Armco Shanghai entered into a non-cancelable operating lease for office space that will expire on July 15, 2012.  Future minimum payments required under this non-cancelable operating lease were as follows:

    Year ending December 31:
    		       
             
    2012
    		   
    50,638
    		 
             
       
    $
    50,638
    		 

    (iii) Operating Lease of Property, Plant and Equipment and Facilities

    On June 24, 2011, Renewable Metals entered into a non-cancelable operating lease agreement with an independent third party for property, plant, equipment and facilities expiring one (1) year from date of signing.  Renewable Metals is required to pay RMB 30 (equivalent to $4.64) per metric ton of scrap metal processed at this facility over the term of the lease.  The fee will be paid annually and necessary adjustment will be made at the end of term.

    For the period from June 24, 2011 (date of signing) through December 31, 2011, 4,259 tons of scrap metal had been processed at this facility and RMB127,770 (equivalent to $20,094 using December 31, 2011 U.S. Dollar to RMB exchange rate of $1=RMB6.3585) were accrued and included in the inventory of the finished goods – processed scrap metal.

    XML 25 R24.htm IDEA: XBRL DOCUMENT v2.4.0.6
    Note 17 - Operating Cost of Idle Manufacturing Facility
    		 12 Months Ended
    Dec. 31, 2011
    Other Income and Other Expense Disclosure [Text Block]
    Note 17 – Operating Cost of Idle Manufacturing Facility

    Renewable Metals’s manufacturing facility is idle from time to time depending upon market conditions.  Total operating costs of the idle manufacturing facility, including mainly depreciation and other operating costs of maintaining the manufacturing facility, were $1,946,369 for the year ended December 31, 2011.  There were no operating costs of the idle manufacturing facility for the year ended December 31, 2010 as Renewable Metals did not complete the construction of its manufacturing facility and commence operations until the end of 2010.

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    Consolidated Statements of Cash Flows (USD $)
    		 12 Months Ended
    Dec. 31, 2011
    Dec. 31, 2010
    CASH FLOWS FROM OPERATING ACTIVITIES:    
    Net loss $ (3,345,004) $ (2,225,876)
    Adjustments to reconcile net loss to net cash provided by (used in) operating activities    
    Depreciation expense 2,726,315 620,411
    Amortization expense 49,376 47,484
    Change in fair value of derivative liability (137,940) (91,269)
    Gain from foreign currency exchange rate change on marketable securities (220,881)  
    Marketable securities impairment - other than temporary 1,980,000  
    Stock based compensation 580,423 1,098,366
    Changes in operating assets and liabilities:    
    Accounts receivable 18,569,271 9,726,980
    Inventories (22,498,388) (9,926,767)
    Advance on purchases (852,982) (2,498,632)
    Prepayments and other current assets 2,688,460 (1,084,517)
    Accounts payable 14,992,427 (3,575,163)
    Customer deposits (491,603) (1,191,421)
    Taxes payable (990,833) (2,256,437)
    Accrued expenses and other current liabilities 1,305,792 5,639,489
    NET CASH PROVIDED BY (USED IN) OPERATING ACTIVITIES 14,354,433 (5,717,352)
    CASH FLOWS FROM INVESTING ACTIVITIES:    
    Proceeds from release of pledged deposits 50,146,115  
    Payment made towards pledged deposits (45,373,468) (11,844,576)
    Purchase of marketable securities   (3,396,658)
    Purchases of property and equipment (2,967,453) (14,180,038)
    Purchase of land use rights (2,664,162)  
    NET CASH USED IN INVESTING ACTIVITIES (858,968) (29,421,272)
    CASH FLOWS FROM FINANCING ACTIVITIES:    
    Proceeds from loans payable 61,308,628 7,582,524
    Repayment of loans payable (79,757,796)  
    Banker's acceptance notes payable 3,837,383 4,174,355
    Proceeds from mortgage payable 5,897,617 2,268,671
    Repayment of mortgage payable (1,934,133)  
    Proceeds from long-term debt   1,512,447
    Repayment of long-term debt (4,718,094) (2,268,671)
    Advances from (repayment to) Chairman and CEO (192,385) 1,264,801
    Sales of common stock and warrants, net of offering costs   9,112,974
    Proceeds from exercise of warrants   6,690,760
    Proceeds from exercise of options   6,500,000
    NET CASH PROVIDED BY (USED IN) FINANCING ACTIVITIES (15,558,780) 36,837,861
    EFFECT OF EXCHANGE RATE CHANGES ON CASH 7,990 654,870
    NET CHANGE IN CASH (2,055,325) 2,354,107
    Cash at beginning of year 3,097,917 743,810
    Cash at end of year 1,042,591 3,097,917
    SUPPLEMENTAL DISCLOSURE OF CASH FLOWS INFORMATION:    
    Interest paid 1,792,885 475,871
    Income tax paid 1,224,230 1,489,888
    Advance Payments [Member]
    		    
    NON CASH FINANCING AND INVESTING ACTIVITIES:    
    Other significant non cash transactions 4,468,337  
    Shares Issued to Employees [Member]
    		    
    NON CASH FINANCING AND INVESTING ACTIVITIES:    
    Other significant non cash transactions $ 282,323 $ 500,000
    XML 28 R3.htm IDEA: XBRL DOCUMENT v2.4.0.6
    Consolidated Balance Sheets (Parentheticals) (USD $)
    Dec. 31, 2011
    Dec. 31, 2010
    Preferred stock par value (in Dollars per share) $ 0.001 $ 0.001
    Preferred stock, shares authorized 1,000,000 1,000,000
    Preferred stock, shares issued 0 0
    Preferred stock, shares outstanding 0 0
    Common stock, par value (in Dollars per share) $ 0.001 $ 0.001
    Common stock, shares authorized 74,000,000 74,000,000
    Common stock, shares issued 15,421,008 14,840,948
    Common stock, shares outstanding 15,421,008 14,840,948
    XML 29 R17.htm IDEA: XBRL DOCUMENT v2.4.0.6
    Note 10 - Banker's Acceptance Notes Payable and Letters of Credit
    		 12 Months Ended
    Dec. 31, 2011
    Short-term Debt [Text Block]
    Note 10 – Banker’s Acceptance Notes Payable and Letters of Credit

    Banker’s acceptance notes payable at December 31, 2011 and 2010, consisted of the following:

       
    December 31, 2011
    		   
    December 31, 2010
    		 
                     
    Renewable Metals
    		               
                     
    Banker’s acceptance notes payable maturing May 25, 2012
    		 
    $
    1,100,889
    		   
    $
    4,174,355
    		 
                     
    Letters of credit maturing and repaid in full on March 21, 2012
    		   
    7,077,141
    		     
    -
    		 
                     
       
    $
    8,178,029
    		   
    $
    4,174,355
    		 

    XML 30 R1.htm IDEA: XBRL DOCUMENT v2.4.0.6
    Document And Entity Information (USD $)
    		 12 Months Ended
    Dec. 31, 2011
    Mar. 21, 2012
    Jun. 30, 2011
    Document and Entity Information [Abstract]      
    Entity Registrant Name China Armco Metals, Inc.    
    Document Type 10-K    
    Current Fiscal Year End Date --12-31    
    Entity Common Stock, Shares Outstanding   15,712,087  
    Entity Public Float     $ 17,076,922
    Amendment Flag false    
    Entity Central Index Key 0001410711    
    Entity Current Reporting Status Yes    
    Entity Voluntary Filers No    
    Entity Filer Category Smaller Reporting Company    
    Entity Well-known Seasoned Issuer No    
    Document Period End Date Dec. 31, 2011    
    Document Fiscal Year Focus 2011    
    Document Fiscal Period Focus FY    
    XML 31 R18.htm IDEA: XBRL DOCUMENT v2.4.0.6
    Note 11 - Related Party Transactions
    		 12 Months Ended
    Dec. 31, 2011
    Related Party Transactions Disclosure [Text Block]
    Note 11 – Related Party Transactions

    Advances from Stockholder

    From time to time, the Chairman, CEO and significant stockholder of the Company advance funds to the Company for working capital purpose.  Those advances are unsecured, non-interest bearing and due on demand.

    Advances from stockholder at December 31, 2011and 2010 consisted of the following:

       
    December 31, 2011
    		   
    December 31, 2010
    		 
                     
    Advances from chairman, chief executive officer and stockholder
    		 
    $
    607,009
    		   
    $
    799,394
    		 
                     
       
    $
    607,009
    		   
    $
    799,394
    		 

    Operating Lease from Chairman, CEO and Stockholder

    On January 1, 2006, Henan entered into a non-cancellable operating lease for its 176.37 square meter commercial office space in the City of Zhengzhou, Henan Province, PRC from the Chairman, Chief Executive Officer and significant stockholder of the Company for RMB10,000 per month, which expired on December 31, 2008 and has been extended through December 31, 2012.  Total lease payments for the years ended December 31, 2011and 2010 amounted to RMB120, 000 (equivalent to $18,564 and $17,702).  Future minimum lease payments required under the non-cancelable operating lease are RMB120, 000 per year (equivalent to $18, 564) for 2012.

    XML 32 R4.htm IDEA: XBRL DOCUMENT v2.4.0.6
    Consolidated Statements of Operations and Comprehensive Income (Loss) (USD $)
    		 12 Months Ended
    Dec. 31, 2011
    Dec. 31, 2010
    NET REVENUES $ 106,216,065 $ 68,786,790
    COST OF GOODS SOLD 100,363,253 66,325,780
    GROSS PROFIT 5,852,812 2,461,010
    OPERATING EXPENSES:    
    Selling expenses 293,887 1,157,725
    Professional fees 824,275 673,547
    General and administrative expenses 3,699,401 2,989,104
    Operating cost of Renewable Metals idle manufacturing facility 1,946,369  
    Total operating expenses 6,763,932 4,820,376
    LOSS FROM OPERATIONS (911,120) (2,359,366)
    OTHER (INCOME) EXPENSE:    
    Interest income (102,456) (45,020)
    Interest expense 1,792,885 475,871
    Foreign currency transaction gain - marketable securities (220,881)  
    Impairment other than temporary - marketable securities 1,980,000  
    Gain from vendor price adjustment   (1,011,080)
    Change in fair value of derivative liability (137,940) (91,269)
    Loan guarantee expense 158,066 244,998
    Investment credit - government (1,547,030)  
    Other (income) expense 278,578 139,747
    Total other (income) expense 2,201,222 (286,753)
    LOSS BEFORE INCOME TAXES (3,112,342) (2,072,613)
    INCOME TAX PROVISION 232,662 153,263
    NET LOSS (3,345,004) (2,225,876)
    OTHER COMPREHENSIVE INCOME (LOSS):    
    Change in unrealized loss of marketable securities 505,481 (506,278)
    Foreign currency translation gain 1,577,471 1,345,886
    COMPREHENSIVE INCOME (LOSS) $ (1,262,052) $ (1,386,268)
    NET LOSS PER COMMON SHARE - BASIC AND DILUTED:    
    Net loss per common share - basic and diluted (in Dollars per share) $ (0.22) $ (0.16)
    Weighted Average Common Shares Outstanding - basic and diluted (in Shares) 15,366,743 13,804,381
    XML 33 R12.htm IDEA: XBRL DOCUMENT v2.4.0.6
    Note 5 - Accounts Receivable
    		 12 Months Ended
    Dec. 31, 2011
    Loans, Notes, Trade and Other Receivables Disclosure [Text Block]
    Note 5 – Accounts Receivable

    Accounts receivable at December 31, 2011and 2010 consisted of the following:

       
    December 31, 2011
    		   
    December 31, 2010
    		 
                     
    Accounts receivable
    		 
    $
    758,500
    		   
    $
    19,115,019
    		 
                     
    Allowance for doubtful accounts
    		   
    (-
    )
    		   
    (-
    )
                     
       
    $
    758,500
    		   
    $
    19,115,019
    		 

    XML 34 R11.htm IDEA: XBRL DOCUMENT v2.4.0.6
    Note 4 - Marketable Equity Securities, Available for Sale
    		 12 Months Ended
    Dec. 31, 2011
    Marketable Securities [Text Block]
    Note 4 – Marketable Equity Securities, Available for Sale

    On June 8, 2010, China Armco Metals, Inc. (the “Company”) entered into a Subscription Agreement (the “Subscription Agreement”) with Apollo Minerals Limited (“Apollo Minerals”), an Australian iron ore exploration company listed on the Australian Securities Exchange (ASX: AON).  Under the terms of the Subscription Agreement, the Company agreed to acquire up to a 19.9% stake in Apollo for US $3,396,658 in cash. On July 19, 2010 Apollo Minerals issued 29,250,000 shares of its common stock to the Company.  Pursuant to the Subscription Agreement, the Company received a seat on Apollo Minerals’ Board of Directors in July 2010.  The board representation continues as long as the Company maintains a minimum 12% stake in Apollo Minerals.

    The Company has the right to name one member to Apollo Mineral’s board of directors for as long as it maintains at least a 12% stake in Apollo Minerals.  Apollo Minerals intends to use the cash infusion to advance its exploration activities, to carry out processing option studies and to evaluate opportunities to access local infrastructure and other project opportunities.

    Apollo Minerals also issued to the Company, five (5) year options to purchase an additional 5 million shares of common stock at $0.25 (approximately $0.20) per share, half of which will vest on the first anniversary of the initial issuance with the balance vesting on the second anniversary of the initial issuance.  The options may only be exercised in order for the Company to maintain its 19.9% stake should Apollo Minerals issue additional common shares in the future.

    The Company values marketable securities using Australia quoted market prices on Apollo Mineral stock. At December 31, 2011, the estimated fair value of the investment in Apollo Minerals was approximately ($1.76) million less than its original costs inclusive of ($1.98) million in impairment and $0.22 million of foreign currency transaction gain.  The Company intends to hold these shares and the management of the Company concluded that the decline in the fair value was other than temporary and recorded the unrealized loss of marketable securities to (i) impairment – other than temporary of ($1.98) million in other income (loss) and (ii) foreign currency transaction gain in other income (loss) in the accompanying consolidated statements of operations and comprehensive income (loss).

    The table below provides a summary of the changes in the fair value of marketable securities, available for sale measured at fair value on a recurring basis using Level 1 of the fair value hierarchy to measure the fair value during the year ended December 31, 2011:

             
    Fair Value Measurement Using Level 1 Inputs
    		 
       
    Original cost
    		   
    Impairment – Other Than Temporary
    		   
    Accumulated Foreign Currency Transaction Gain (Loss)
    		   
    Other Comp. Loss - Change in Unrealized Loss
    		   
    Fair Value
    		 
                                             
    Balance, December 31, 2009
    		 
    $
    -
    		   
    $
    -
    		   
    $
    -
    		     
    -
    		   
    $
    -
    		 
                                             
    Purchases, issuances and settlements
    		   
    3,396,658
    		     
    -
    		     
    -
    		     
    -
    		     
    3,396,658
    		 
                                             
    Total gains or losses (realized/unrealized) included in:
    		                                       
                                             
    Net Loss: Gain (loss) on foreign currency rate change
    		                   
    -
    		     
    -
    		     
    -
    		 
                                             
    Other comprehensive income (loss): Changes in unrealized loss
    		                   
    -
    		     
    (506,278
    )
    		   
    (506,278
    )
                                             
    Balance, December 31, 2010
    		   
    3,396,658
    		     
    -
    		   
     
    -
    		     
    (506,278
    )
    		 
     
    2,890,380
    		 
                                             
    Purchases, issuances and settlements
    		   
    -
    		     
    -
    		     
    -
    		     
    -
    		     
    -
    		 
                                             
    Total gains or losses (realized/unrealized) included in:
    		                                       
                                             
    Net Loss: Impairment – other than temporary
    		           
    (1,980,000
    )
    		   
    -
    		     
    -
    		     
    (1,980,000
    )
                                             
    Net Loss: Gain (loss) on foreign currency rate change
    		                   
    220,881
    		     
    -
    		     
    220,881
    		 
                                             
    Other comprehensive income (loss): Changes in unrealized loss
    		                   
    -
    		     
    505,481
    		     
    505,481
    		 
                                             
    Balance, December 31, 2011
    		 
    $
    3,396,658
    		   
    $
    (1,980,000
    )
    		 
    $
    220,881
    		   
    $
    (797
    )
    		 
    $
    1,636,742
    		 

    XML 35 R23.htm IDEA: XBRL DOCUMENT v2.4.0.6
    Note 16 - Stockholders' Equity
    		 12 Months Ended
    Dec. 31, 2011
    Stockholders' Equity Note Disclosure [Text Block]
    Note 16 – Stockholders’ Equity

    Shares Authorized

    Upon formation the aggregate number of shares which the Corporation shall have authority to issue is seventy five million (75,000,000) shares, consisting of two classes to be designated, respectively, “Common Stock” and “Preferred Stock,” with all of such shares having a par value of $.001 per share.  The total number of shares of Preferred Stock that the Corporation shall have authority to issue is one million (1,000,000) shares.  The total number of shares of Common Stock that the Corporation shall have authority to issue is seventy four million (74,000,000) shares.

    Common Stock

    Immediately prior to the consummation of the Share Purchase Agreement on July 27, 2008, the Company had 10,000,000 common shares issued and outstanding.

    On July 27, 2008, upon the consummation of the Share Purchase Agreement, (i) Stephen Cox surrendered 7,694,000 common shares, representing his controlling interest in the Company for cancellation and resigned as an officer and director; (ii) the Company issued a  promissory note of $6,890,000 (the “Share Purchase Note”) to purchase from Ms. Gao, the sole stockholder of Armco HK, the 100% of the issued and outstanding capital stock of Armco HK; and (iii) (a) a stock option entitling Ms. Gao to purchase 5,300,000 shares of its common stock, par value $.001 per share (the “Common Stock”) with an exercise price of $1.30 per share expiring on September 30, 2008 and (b) a stock option entitling Ms. Gao to purchase 2,000,000 shares of its common stock with an exercise price of $5.00 per share expiring two (2) years from the date of issuance on June 27, 2010, vested immediately (the “Gao Options”).  The Company did not record the fair value of the Gao Options as the options were included as part of the reverse acquisition and recapitalization.

    On August 12, 2008, Ms. Gao exercised her option to purchase and the Company issued 5,300,000 shares of its common stock in exchange for the $6,890,000 note owed to Ms. Gao.

    On April 12, 2010, Mr. Kexuan Yao purchased the Gao option to purchase 2,000,000 shares of the Company’s common stock with an exercise price of $5.00 per share originally granted to and owned by Ms. Feng Gao pursuant to a share purchase agreement to consummate the reverse merger capital transaction with Armco HK on June 27, 2008.  In addition, on April 12, 2010 and June 25, 2010, Mr. Yao exercised part of the option and purchased 1,000,000 and 400,000 shares of the Company’s common stock at $5.00 per share resulting in net proceeds of $4,500,000, forgiveness of debt of $500,000 and $2,000,000 to the Company, respectively. The balance of the stock option to purchase the remaining 600,000 common shares expired on June 27, 2010.

    Sale of Common Stock

    On April 20, 2010, the Company entered into a Securities Purchase Agreement with nine (9) accredited and institutional investors for the sale of 1,538,464 shares of its common stock at an offering price of $6.50 per share resulting in gross proceeds to the Company of $10,000,016.  At closing the Company issued the investors warrants to purchase an additional 1,538,464 shares of its common stock at an exercise price of $7.50 per share expiring five (5) years from the date of grant.  The warrants are exercisable commencing 181 days after the date of issuance.  The private offering, which was made under an exemption from the registration requirements of the Securities Act of 1933 in reliance on exemptions provided by Section 4(2) of that act and Rule 506 of Regulation D.  At closing, the Company paid Rodman & Renshaw, LLC, a FINRA member firm that served as placement agent for the Company in the offering, (i) a fee of $500,000 as compensation for its services and (ii) a warrant to purchase 76,923 shares of the Company’s common stock at an exercise price of $7.50 per share expiring five (5) years from the date of issuance which are exercisable commencing 181 days after the date of issuance, as well as a $15,000 non-accountable expense allowance to one (1) of the investors in the offering.  The Company intends to use the net proceeds from this offering for its working capital.

    Issuance of Common Stock for Services

    Management and Accounting Services - China Direct Investments, Inc.

    On February 5, 2010, the Company issued 80,000 shares of its common stock to China Direct Investments, Inc. as consideration for management and accounting consulting services for the period beginning January 1, 2010 through December 31, 2010.  There is no performance commitment at the date of the agreement therefore the company will use the date(s) at which performance is complete as the measurement date(s).  The services are earned and forfeitable on a ratable basis throughout each quarter during the year.  The 20,000 shares each earned for each quarter in 2010 were valued at $9.39, $2.90, $3.47 and $3.88 per share, or $187,800, $58,000, $69,400 and $77,600 in aggregate, which was recorded as consulting fees for the relevant quarter. In aggregate, $392,800 was recorded as consulting fee for the year ended December 31, 2010.

    Investor Relation Services – Bespoke Growth Partners, Inc.

    On April 30 and July 9, 2010, the Company issued 12,500 shares and 10,000 shares, or 22,500 shares in aggregate to Bespoke Growth Partners, Inc. as consulting fees for investor relations services rendered, valued at $3.49 per share for $78,525.

    Loan Guarantee - Henan Chaoyang Steel Co., Ltd.

    On June 11, 2010 the Company entered into a Guaranty Cooperation Agreement with Henan Chaoyang Steel Co., Ltd. (“Henan Chaoyang”) to provide additional liquidity to meet anticipated working capital requirements of Renewable Metals scrap metal recycling facility.  Under the terms of the guaranty, Henan Chaoyang agreed to provide loan guarantees to Renewable Metals existing and pending bank lines of credit of up to 300 million RMB in aggregate (approximately $45,400,000) for five (5) years expiring June 30, 2015.  As consideration for the guaranty, the Company issued a designee of Henan Chaoyang 500,000 shares of its common stock. The shares are earned ratable over the term of the agreement and the unearned shares are forfeitable in the event of nonperformance by the guarantor.

    Mr. Heping Ma, a former member of the Company’s Board of Directors, is a founder, Chairman and owns an 85% equity interest of Henan Chaoyang Steel Co., Ltd. Co, a corporation incorporated under the laws of the PRC.  This transaction was approved by the members of the Board of Directors of the Company who were independent in the matter in accordance with the Company’s Related Persons Transaction Policy.  On September 16, 2010, Mr. Ma resigned from the Company’s Board of Directors.

    33,333 shares each earned for quarters ended September 30, 2010 and December 31, 2010 were valued at $3.47 and $3.88 per share, or $115,666 and $129,332, which was recorded as loan guarantee expense and included in the consolidated statements of operations and comprehensive income (loss) for the relevant periods. In aggregate, $244,998 was recorded as loan guarantee expense for the year ended December 31, 2010.

    33,333 common shares each earned for quarter ended March 31, 2011, June 30, 2011, September 30, 2011 and December 31, 2011 were valued at $2.61, $1.36, $0.41 and $0.282 per share, or $86,996, $45,333, $13,667 and $9,400, which was recorded as loan guarantee expense and included in the consolidated statements of operations and comprehensive income (loss) for the relevant periods.

    Investor Relation Services – HCI International Inc.

    On November 19, 2010, the Company entered into an investor relations consulting agreement with HCI International Inc. expiring December 31, 2011.  Either party may terminate the agreement any time during the term of the contract.  Pursuant to the agreement the Company is required to pay the investor relation firm 3,600 shares of the Company’s restricted stock per month payable at the first of each month for the 12 month service period, or 43,200 shares in aggregate for 2011 investor relations services.  10,800 shares per quarter were valued at $2.69 per share, or $29,052, $1.36 per share, or $14,688 in aggregate, $0.41 per share, or $4,428 in aggregate and recorded as investor relations expense for the quarterly period ended March 31, 2011, June 30, 2011 and September 30, 2011, respectively. For the 4th quarter of 2011, the Company issued 7,200 shares to HCI, which were valued at $0.299 per share, or $2,153. At the end of November 2011, the Company terminated HCI’s services.

    2009 Stock Incentive Plan as Amended

    Adoption of 2009 Stock Incentive Plan

    On October 26, 2009, the Board of Directors of the Company adopted the 2009 Stock Incentive Plan, whereby the Board of Directors authorized 1,200,000 shares of the Company’s common stock to be reserved for issuance (the “2009 Stock Incentive Plan”). The purpose of the 2009 Stock Incentive Plan is to advance the interests of the Company by providing an incentive to attract, retain and motivate highly qualified and competent persons who are important to us and upon whose efforts and judgment the success of the company is largely dependent. Grants to be made under the Plan will be limited to the Company’s employees, including employees of the Company’s subsidiaries, the Company’s directors and consultants to the Company. The recipient of any grant under the Plan, and the amount and terms of a specific grant, will be determined by the board of directors.  Should any option granted or stock awarded under the Plan expire or become un-exercisable for any reason without having been exercised in full or fail to vest, the shares subject to the portion of the option not so exercised or lapsed will become available for subsequent stock or option grants.

    2011 Amendment to the 2009 Stock Incentive Plan

    On May 19, 2011, the Company’s Board of Directors adopted and approved the Amended and Restated 2009 Stock Incentive Plan, subject to stockholder approval at the Annual Meeting.  At the 2011 Annual Meeting of Stockholders (the “Annual Meeting”) of the Company held on July 9, 2011, the Company’s stockholders approved an amendment and restatement of the Company’s 2009 Stock Incentive Plan (the “Amended and Restated 2009 Stock Incentive Plan”).  The primary purpose for the Amended and Restated 2009 Stock Incentive Plan was to increase the number of shares of the Company’s common stock available for issuance thereunder by 1,000,000 shares to 2,200,000 shares of the Company’s common stock.

    Shares Awarded during 2009

    On October 26, 2009, the Company awarded 200,000 shares of its restricted common stock, par value $.001 per share, pursuant to the 2009 Stock Incentive Plan, to Mr. Kexuan Yao, the Company’s Chief Executive Officer.  The shares awarded to Mr. Yao will vest 66,667 shares on December 15, 2010, 66,667 shares on December 15, 2011 and 66,666 shares on December 15, 2012.  These shares were valued at $3.28 per share or $656,000 on the date of grant and were amortized over the vesting period, or $54,667 per quarter.

    On October 26, 2009, the Company agreed to pay Mr. William Thomson the sum of $20,000 and awarded 6,250 shares of the Company’s restricted common stock to Mr. William Thomson in conjunction with his appointment to the Company's board of directors.  The shares awarded to Mr. Thomson will vest 25% on March 31, 2010, 25% on June 30, 2010, 25% on September 30, 2010 and 25% on December 31, 2010.  The restricted stock vests only if Mr. Thomson is still a director of the Company on the vesting date (with limited exceptions), and the shares are eligible for the payment of dividends, if the Board of Directors was to declare dividends on the Company’s common stock.  These shares were valued at $3.28 per share or $20,500 on the date of grant and were amortized over the vesting period, all of which was earned and recorded as stock based compensation for the year ended December 31, 2010.

    Shares and Options Awarded during 2010

    On September 16, 2010, the Company agreed to pay Mr. J.P. Chan the sum of $20,000 and awarded 6,250 shares of the Company’s restricted common stock to Mr. Chan in conjunction with his appointment to the Company's board of directors.  The shares awarded to Mr. Chan will vest 50% on March 10, 2011 and 50% on September 10, 2011.  The restricted stock vests only if Mr. Chan is still a director of the Company on the vesting date (with limited exceptions), and the shares are eligible for the payment of dividends, if the Board of Directors was to declare dividends on the Company’s common stock. These shares were valued at $3.12 per share or $19,500 on the date of grant and were amortized over the vesting period, or $4,875 per quarter.

    On October 5, 2010, the Company awarded a stock option to purchase 40,000 shares of the Company’s common stock exercisable at $5.00 per share expiring five (5) years from the date of grant to an employee in conjunction with his employment agreement as the Company's Director of Administration, vested upon grant.  The Company estimated the fair value of option granted, estimated on the date of grant, using the Black-Scholes option-pricing model with the following weighted-average assumptions:

    Expected life (year)
    		   
    5
    		 
             
    Expected volatility
    		   
    187.00
    %
             
    Expected annual rate of quarterly dividends
    		   
    0.00
    %
             
    Risk-free interest rate
    		   
    1.21
    %

    The expected life is based on the expiration term of the option.  Expected volatility is based on historical volatility for the Company’s common stock. The Company currently has no reason to believe future volatility over the expected life of the option is likely to differ materially from its historical volatility.  The risk-free interest rate is based on a yield curve of U.S treasury interest rates on the date of valuation based on the contractual life of the option.  Expected dividend yield is based on our dividend history and anticipated dividend policy.

    The fair value of option granted, estimated on the date of grant, using the Black-Scholes option-pricing model, was $138,000.  The Company recorded the entire amount as stock based compensation expense on the date of grant.

    Shares Awarded during 2011

    On January 25, 2011, the Company issued 55,378 shares of its common shares to certain of its employees for their 2010 services of approximately $187,180 in lieu of cash, which was recorded as compensation expenses in 2010 and credited the same to the accrued expenses at December 31, 2010.

    On March 29, 2011, the Company awarded 10,000 shares of the Company’s common stock to an employee for his 2011 employment service vesting on July 1, 2011. These shares were valued at $2.74 per share or $27,400 on the date of grant and are being amortized over the service period of one year in 2011.

    On December 15, 2011, the Company issued 60,000 shares of its common shares to its directors for their 2011 services. These shares were valued at $0.27 per share, or $16,200 on the date of grant, which was recorded as stock based compensation.

    On December 15, 2011, the Company issued 264,379 shares of its common shares to certain of its employees for their 2011 services of approximately $71,383 in lieu of cash, which was recorded as compensation expenses in 2011.

    Summary of the Company’s Amended and Restated 2009 Stock Incentive Plan Activities

    The table below summarizes the Company’s Amended and Restated 2009 Stock Incentive Plan activities as of December 31, 2011:

       
    Number of
    Shares or Options
    		   
    Fair Value at
    Date of Grant
    		 
                     
    Balance, December 31, 2009
    		   
    206,250
    		   
    $
    676,500
    		 
                     
    Granted – shares
    		   
    6,250
    		     
    19,500
    		 
                     
    Canceled – shares
    		   
    -
    		     
    -
    		 
                     
    Granted – options
    		   
    40,000
    		     
    138,000
    		 
                     
    Canceled – options
    		   
    -
    		     
    -
    		 
                     
    Balance, December 31, 2010
    		   
    252,500
    		     
    834,000
    		 
                     
    Granted – shares
    		   
    389,757
    		     
    302,163
    		 
                     
    Canceled – shares
    		   
    -
    		     
    -
    		 
                     
    Granted – options
    		   
    -
    		     
    -
    		 
                     
    Canceled – options
    		   
    -
    		     
    -
    		 
                     
    Balance, December 31, 2011
    		   
    642,257
    		   
    $
    1,136,163
    		 
                     
    Vested, December 31, 2011
    		   
    575,593
    		     
    917,499
    		 
                     
    Unvested, December 31, 2011
    		   
    66,664
    		   
    $
    218,664
    		 

    As of December 31, 2011, there were 1,557,743 shares of common stock remaining available for issuance under the Amended and Restated 2009 Stock Inceptive Plan.

    Shares Awarded during the First Quarter of 2012

    On February 6, 2012, the Company issued 57,743 shares of its common shares to certain of its employees for their 2011 services of approximately $15,591 in lieu of cash, which was recorded as compensation expenses in 2011.

    On February 8, 2012, the Company awarded 1,500,000 shares of its restricted common stock, par value $.001 per share, pursuant to the Amended and Restated 2009 Stock Incentive Plan, to Mr. Kexuan Yao, the Company’s Chief Executive Officer.  Mr. Yao to receive 1,500,000 shares of the Company’s common stock (the “Restricted Shares”), subject to the terms and conditions of the Amended and Restated China Armco Metals, Inc. 2009 Stock Incentive Plan.  The Restricted Shares will vest according to the following schedule:  125,000 shares of Restricted Shares to vest on the first day of each quarter over a three (3) year period commencing on April 1, 2012 and terminating on December 31, 2014. These shares were valued at $0.499 per share or $748,500 on the date of grant and are amortized over the vesting period, or $62,375 per quarter.

    As of February 8, 2012, there were no shares of common stock remaining available for issuance under the Amended and Restated 2009 Stock Inceptive Plan.

    XML 36 R19.htm IDEA: XBRL DOCUMENT v2.4.0.6
    Note 12 - Capital Lease Obligation
    		 12 Months Ended
    Dec. 31, 2011
    Capital Leases in Financial Statements of Lessee Disclosure [Text Block]
    Note 12 – Capital Lease Obligation

    Capital lease obligation at December 31, 2011and 2010 consisted of the following:

        December 31, 2011     December 31, 2010  
                     
    Renewable Metals
    		               
                     
    (i)    Capital lease obligation to a financing company for a term of three (3) years, collateralized certain of Renewable Metals’s machinery and equipment, with interest at 11.8% per annum, with principal and interest due and payable in monthly installment of RMB497,897 on the 23rd of each month.
    		 
    $
    1,604,437
    		   
    $
    2,268,671
    		 
                     
    Less current maturities
    		   
    (789,733
    )
    		   
    (727,756
    )
                     
    Capital lease obligation, net of current maturities
    		   
    814,704
    		     
    1,540,915
    		 
                     
    (ii)   Capital lease obligation to a financing company for a term of three (3) years, collateralized by certain of Renewable Metals’s machinery and equipment, with interest at 11% per annum, with principal and interest due and payable in quarterly installment of RMB2,969,054 on the 15th of each quarter.
    		   
    4,718,094
    		     
    -
    		 
                     
    Less current maturities
    		   
    (1,405,444
    )
    		   
    -
    		 
                     
    Capital lease obligation, net of current maturities
    		   
    3,312,650
    		     
    -
    		 
                     
    Total capital lease obligation
    		   
    6,322,531
    		     
    -
    		 
                     
    Less current maturities
    		   
    (2,195,177
    )
    		   
    -
    		 
                     
    TOTAL CAPITAL LEASE OBLIGATION, net of current maturities
    		 
    $
    4,127,354
    		   
    $
    1,540,915
    		 

    The future minimum payments under this capital lease obligation at December 31, 2011 were as follows:

    Year ending December 31:
    		       
             
    2012
    		 
    $
    2,812,595
    		 
             
    2013
    		   
    2,733,859
    		 
             
    2014
    		   
    1,867,770
    		 
             
    Total capital lease obligation payments
    		   
    7,414,224
    		 
             
    Less amounts representing interest
    		   
    (1,091,693
    )
             
    Present value of total future capital lease obligation payments
    		   
    6,322,531
    		 
             
    Less current maturities of capital lease obligation
    		   
    (2,195,177
    )
             
    Capital lease obligation, net of current maturities
    		 
    $
    4,127,354
    		 

    XML 37 R15.htm IDEA: XBRL DOCUMENT v2.4.0.6
    Note 8 - Land Use Rights
    		 12 Months Ended
    Dec. 31, 2011
    Intangible Assets Disclosure [Text Block]
    Note 8 – Land Use Rights

    Renewable Metals

    On September 28, 2007, Renewable Metals entered into an agreement with the Chinese government, whereby the Company paid RMB 14,384,002 to acquire the right to use 129,585.60 square meter of land for approximate 50 years.  In November 2007, the Company expended additional RMB 1,076,300 in aggregate in land survey, transfer agent fees and land use right transfer tax in connection with the acquisition of the land use right and obtained the land use right certificate (Certificate No. 017158277) expiring December 30, 2058 on November 20, 2007.  The purchase price and related acquisition costs are being amortized over the term of the right of approximately fifty (50) years.

    Lianyungang Armco

    On September 2, 2010, the Company entered into an agreement with the Chinese government, whereby the Company made a deposit of RMB8,160,000 in aggregate towards the acquisition of the right to use 199,999 square meter of land for RMB40,800,000.  On April 13, 2011, the Company paid an additional RMB16,320,000 to acquire the land use right to use 100,045 square meter of land and obtained the related certificate of the land use right (Certificate No. (L) LUR (2011) Y003218) expiring September 9, 2060 on October 25, 2011.  The Company expended an additional RMB 900,067 in aggregate in land survey, transfer agent fees and land use right transfer tax in connection with the acquisition of the land use right.  In addition, Lianyungang Armco expended an additional RMB20,674,830 to level the land as of December 31, 2011, which was recorded as construction in progress included in consolidated balance sheets.  The purchase price and related acquisition costs shall be amortized over the term of the right of approximately fifty (50) years when the land is ready to use in the intended purpose.

    The Company needs to pay an additional RMB16,320,000 (equivalent to $2,566,643 using U.S. Dollar to RMB at 6.3585 exchange rate) to acquire the land use right to use the remaining 100,045 square meter of land.

    The short term plan for this parcel of land is for warehouse of raw materials and products when Renewable Metals’ space becomes scarce for future expansion and the long term plan for the land is to construct automobile dismantling production line or build a scrap metal trading market center, depending on the Company’s progress on obtaining necessary license and permits and market conditions.

    Land use rights, stated at cost, less accumulated amortization at December 31, 2011 and 2010, consisted of the following:

       
    December 31, 2011
    		   
    December 31, 2010
    		 
                     
    Renewable Metals
    		               
                     
    Land use right
    		 
    $
    2,431,438
    		   
    $
    2,338,289
    		 
                     
    Accumulated amortization
    		   
    (209,474
    )
    		   
    (153,965
    )
                     
         
    2,221,964
    		     
    2,184,324
    		 
                     
    Lianyungang Armco
    		               
                     
    Land use right
    		   
    3,991,518
    		     
    -
    		 
                     
    Accumulated amortization
    		   
    (-
    )
    		   
    (-
    )
                     
         
    3,991,518
    		     
    -
    		 
                     
    Total
    		               
                     
    Land use right
    		   
    6,422,956
    		     
    -
    		 
                     
    Accumulated amortization
    		   
    (209,474
    )
    		   
    (-
    )
                     
       
    $
    6,213,482
    		   
    $
    2,184,324
    		 

    (i)           Amortization Expense

    Amortization expense for the year ended December 31, 2011and 2010 was $49,376 and $34,736 respectively.

    (iii)        Collateralization of Land Use Rights

    Both Renewable Metals and Lianyungang Armco’s land use rights representing all of the Company’s land use rights are collateralized for loans from the Bank of China Lianyungang Branch.

    XML 38 R13.htm IDEA: XBRL DOCUMENT v2.4.0.6
    Note 6 - Inventories
    		 12 Months Ended
    Dec. 31, 2011
    Inventory Disclosure [Text Block]
    Note 6 – Inventories

    Inventories at December 31, 2011 and 2010 consisted of the following:

       
    December 31, 2011
    		   
    December 31, 2010
    		 
                     
    Raw materials – scrap metal
    		 
    $
    10,031,186
    *
    		 
    $
    1,925,159
    *
                     
    Finished goods – processed scrap metal
    		   
    3,833,910
    *
    		   
    4,719,339
    *
                     
    Purchased merchandise for resale
    		   
    19,479,451
    **
    		   
    3,795,333
    		 
                     
       
    $
    33,344,547
    		   
    $
    10,439,831
    		 

    * Renewable Metals’s raw materials and finished goods are collateralized for loans from the Bank of Communications Lianyungang Branch. Raw materials consisted of scrap metals to be processed and finished goods were comprised of all of the processed scrap metal at Renewable Metals.  Due to the short duration time for the processing of its scrap metal, there was no material work-in-process inventory at December 31, 2011 or 2010. Substantially all of Renewable Metals’s raw materials at December 31, 2011 along with processed scrap metal have been processed and sold during the first quarter of 2012.

    ** Purchased merchandise for sale is comprised of all of the metal ores to be resold through the distribution business at Armco HK and Henan, all of which were sold and delivered in the first quarter of 2012.

    Slow-Moving or Obsolescence Markdowns

    The Company recorded no inventory obsolescence adjustments for the year ended December 31, 2011 or 2010.

    Lower of Cost or Market Adjustments

    There was no lower of cost or market adjustments for the year ended December 31, 2011 or 2010.

    XML 39 R14.htm IDEA: XBRL DOCUMENT v2.4.0.6
    Note 7 - Property, Plant and Equipment
    		 12 Months Ended
    Dec. 31, 2011
    Property, Plant and Equipment Disclosure [Text Block]
    Note 7 – Property, Plant and Equipment

    Property, plant and equipment, stated at cost, less accumulated depreciation at December 31, 2011and 2010 consisted of the following:

     
    Estimated Useful Life (Years)
    		 
    December 31, 2011
    		   
    December 31, 2010
    		 
                       
    Buildings and leasehold improvements (i)
    20
    		 
    $
    23,923,160
    		   
    $
    21,426,672
    		 
                       
    Construction in progress
    		 
     
    		 
    3,251,525
    		     
    32,682
    		 
                       
    Machinery and equipment
    7
    		   
    13,536,934
    		     
    11,954,005
    		 
                       
    Vehicles
    5
    		   
    1,203,692
    		     
    1,034,961
    		 
                       
    Office equipment
    5-8
    		   
    250,126
    		     
    185,319
    		 
                       
           
    42,165,437
    		     
    34,633,639
    		 
                       
    Less accumulated depreciation (ii)
    		     
    (3,514,893
    )
    		   
    (761,515
    )
                       
         
    $
    38,650,544
    		   
    $
    33,872,124
    		 

    (i)           Capitalized Interest

    For the year ended December 31, 2011 and 2010, the Company capitalized $0 and $257,020 of interest to fixed assets, respectively.

    (ii)          Depreciation and Amortization Expense

    Depreciation and amortization expense for the year ended December 31, 2011 and 2010 was $2,726,315, and $629,272, respectively.

    (iii)        Collateralization of Property, Plant and Equipment

    Both Renewable Metals and Lianyungang Armco’s property, plant and equipment representing substantially all of the Company’s property, plant and equipment are collateralized for loans from the Bank of China Lianyungang Branch.

    XML 40 R16.htm IDEA: XBRL DOCUMENT v2.4.0.6
    Note 9 - Loans Payable
    		 12 Months Ended
    Dec. 31, 2011
    Loans Payable [Text Block]
    Note 9 – Loans Payable

    Loans payable at December 31, 2011and 2010 consisted of the following:

        December 31, 2011     December 31, 2010  
    Armco HK
    		               
                     
    Loan payable to RZB Austria Finance (Hong Kong) Limited, collateralized by certain of the Company’s inventory, guaranteed by the Company’s Chairman and Chief Executive Officer, with interest at the bank’s cost of funds plus 200 basis points, per annum, payable monthly, with principal due and repaid in full on January 26, 2011.
    		   
    -
    		     
    2,145,246
    		 
                     
    Loan payable to RZB Austria Finance (Hong Kong) Limited, collateralized by certain of the Company’s inventory, guaranteed by the Company’s Chairman and Chief Executive Officer, with interest at the bank’s cost of funds plus 200 basis points per annum, with principal and interest due and repaid in full on January 12, 2012.
    		   
    325,196
    		     
    -
    		 
                     
    Loan payable to ING Bank, Hong Kong Branch, in the form of letters of credits, secured by (i) pledged deposits equal to 5% of the letters of credits, (ii) guarantee from China Armco Metals, Inc., (iii) guarantee by the Company’s Chairman and Chief Executive Officer, and (iv) assignment of specific receivables, with interest at the bank’s cost of funds plus 250 basis points, per annum, payable monthly with principal due and repaid in full on January 3, 2011.
    		   
    -
    		     
    11,198,830
    		 
                     
    Loan payable to ING Bank, Hong Kong Branch, in the form of letters of credits, secured by (i) pledged deposits equal to 5% of the letters of credits, (ii) guarantee from China Armco Metals, Inc., (iii) guarantee by the Company’s Chairman and Chief Executive Officer, and (iv) assignment of specific receivables, with interest at the bank’s cost of funds plus 250 basis points (3.63%) per annum, payable monthly with principal due December 7, 2011 and repaid in full on January 9, 2012.
    		   
    702,250
    		     
    -
    		 
                     
    Unsecured loan payable to Fremery Holdings, Ltd., with interest at 15% per annum, with principal and interest due March 26, 2011 and repaid in full by March 23, 2011.
    		   
    -
    		     
    1,500,000
    		 
                     
    Sub-total - Armco HK
    		   
    1,027,446
    		     
    14,844,076
    		 
                     
    Renewable Metals
    		               
                     
    Loan payable to Bank of Communications, Lianyungang Branch, under trade credit facilities, collateralized by Renewable Metals inventories and guaranteed by the Company’s Chairman and Chief Executive Officer, with interest at 120% of the bank’s benchmark rate, payable monthly, with principal of $4,403,554 due and repaid as of March 22, 2012 and the remaining balance of principal due May 25, 2012.
    		   
    5,504,443
    		     
    9,074,685
    		 
                     
    Loan payable to Bank of China, Lianyungang Branch, under trade credit facilities, guaranteed by the Company’s Chairman and Chief Executive Officer, with interest at 5.838%, per annum, payable monthly, with principal due and repaid in full on October 28, 2011.
    		   
    -
    		     
    756,224
    		 
                     
    Sub-total – Renewable Metals
    		   
    5,504,443
    		     
    9,830,909
    		 
                     
    Henan Armco
    		               
                     
    Loan payable to Guangdong Development Bank Zhengzhou Branch, with interest at 4.5%, per annum, payable monthly, with principal due and paid March 21, 2011
    		   
    -
    		     
    90,835
    		 
                     
    Loan payable to Guangdong Development Bank Zhengzhou Branch, with interest at 5.8%, per annum, payable monthly, with principal due and paid on January 6, 2012
    		   
    180,009
    		     
    -
    		 
                     
    Sub-total – Henan Armco
    		   
    180,009
    		     
    90,835
    		 
                     
       
    $
    6,711,898
    		   
    $
    24,765,820
    		 

    XML 41 R21.htm IDEA: XBRL DOCUMENT v2.4.0.6
    Note 14 - Derivative Instruments and the Fair Value of Financial Instruments
    		 12 Months Ended
    Dec. 31, 2011
    Derivatives and Fair Value [Text Block]
    Note 14 – Derivative Instruments and the Fair Value of Financial Instruments

    (i) Warrants Issued in 2008

    Description of Warrants and Fair Value on Date of Grant

    In connection with the four (4) rounds of private placements from July 25, 2008 through August 8, 2008 (the “2008 Unit Offering”), the Company issued (i) warrants to purchase 2,486,649 common shares of the Company to the investors and (ii) warrants t purchase 242,264 common shares of the Company to the brokers, or 2,728,913 common shares in aggregate (“2008 Warrants”) with an exercise price of $5.00 per share expiring on August 31, 2013, all of which have been earned upon issuance.

    The Company estimated the fair value of 2008 warrants, estimated on the date of grant, using the Black-Scholes option-pricing model with the following weighted-average assumptions:

    Expected life (year)
    		           
    5
    		 
                     
    Expected volatility
    		           
    89.00%
    		 
                     
    Expected annual rate of quarterly dividends
    		           
    0.00%
    		 
                     
    Risk-free interest rate
    		           
    3.23%
    		 

    The expected life is based on the expiration term of the warrants.  Expected volatility is based on historical volatility for the Company’s common stock. The Company currently has no reason to believe future volatility over the expected life of these warrants is likely to differ materially from its historical volatility.  The risk-free interest rate is based on a yield curve of U.S. treasury interest rates on the date of valuation based on the contractual life of the warrant.  Expected annual rate of quarterly dividends is based on the Company’s dividend history and anticipated dividend policy.

    The fair value of 2008 warrants, estimated on the date of grant, was $5,097,404, which was originally recorded as additional paid-in capital and the remaining balance of the net proceeds of $1,523,277 has been assigned to common stock.

    Derivative Analysis

    The exercise price of 2008 warrants and the number of shares issuable upon exercise is subject to reset adjustment in the event of stock splits, stock dividends, recapitalization, most favored nation clause and similar corporate events.  Pursuant to the most favored nation provision of the 2008 Unit Offering, if the Company issues any common stock or securities other than the excepted issuances,  to any person or entity at a purchase or exercise price per share less than the share purchase price of the 2008 Unit Offering without the consent of the subscriber holding purchased shares, warrants or warrant shares of the 2008 Unit Offering, then the subscriber shall have the right to apply the lowest such purchase price or exercise price of the offering or sale of such new securities to the purchase price of the purchased shares then held by the subscriber (and, if necessary, the Company will issue additional shares), the reset adjustments are also referred to as full reset adjustments.

    Because these warrants have full reset adjustments tied to future issuances of equity securities by the Company, they are subject to derivative liability treatment under Section 815-40-15 of the FASB Accounting Standard Codification (“Section 815-40-15”) (formerly FASB Emerging Issues Task Force (“EITF”) Issue No. 07-5: Determining Whether an Instrument (or Embedded Feature) Is Indexed to an Entity's Own Stock (“EITF 07-5”))). Section 815-40-15 became effective for the Company on January 1, 2009 and as of that date the Warrants issued in the 2008 Unit Offering have been measured at fair value using a lattice model at each reporting period with gains and losses from the change in fair value of derivative liabilities recognized on the consolidated statement of income and comprehensive income.

    Valuation of Derivative Liability

    (a) Valuation Methodology

    The Company’s 2008 warrants do not trade in an active securities market, as such, the Company developed a lattice model that values the derivative liability of the warrants based on a probability weighted discounted cash flow model. This model is based on future projections of the various potential outcomes. The features that were analyzed and incorporated into the model included the exercise feature and the full ratchet reset.

    Based on these features, there are two primary events that can occur; the Holder exercises the Warrants or the Warrants are held to expiration. The model analyzed the underlying economic factors that influenced which of these events would occur, when they were likely to occur, and the specific terms that would be in effect at the time (i.e. stock price, exercise price, volatility, etc.). Projections were then made on these underlying factors which led to a set of potential scenarios. As the result of the large Warrant overhang we accounted for the dilution affects, volatility and market cap to adjust the projections.

    Probabilities were assigned to each of these scenarios based on management projections. This led to a cash flow projection and a probability associated with that cash flow. A discounted weighted average cash flow over the various scenarios was completed to determine the value of the derivative warrant liability.

    (b) Valuation Assumptions

    The Company’s 2008 derivative warrants were valued at each period ending date with the following assumptions:

    ·
    The underlying stock price was used as the fair value of the common stock on period end date;

    ·
    The stock price would fluctuate with the CNAM projected volatility. The projected volatility curve for each valuation period was based on the historical volatility of 14 comparable companies in the metal/industrial metals industries;

    ·
    The Holder would exercise the warrant at maturity if the stock price was above the exercise price;

    ·
    Reset events projected to occur are based on no future projected capital needs;

    ·
    The Holder would exercise the warrant as they become exercisable at target prices of $7.50 for the 2008 Offering, and lowering such target as the warrants approached maturity;

    ·
    The probability weighted cash flows are discounted using the risk free interest rates.

    ·
    The risk-free interest rate is based on a yield curve of U.S treasury interest rates on the date of valuation based on the contractual life of the warrants

    ·
    Expected annual rate of quarterly dividends is based on the Company’s dividend history and anticipated dividend policy.

    The fair value of the 2008 derivative warrants were computed using the lattice model with the following assumptions at December 31, 2011and 2010:

     
    December 31, 2011
    		   
    December 31, 2010
    		 
                 
    Expected life (year)
    1.50
    		     
    2.50
    		 
                 
    Expected volatility
    69.00
    %
    		   
    159.00
    %
                 
    Risk-free interest rate
    0.25
    %
    		   
    1.02
    %
                 
    Expected annual rate of quarterly dividends
    0.00
    %
    		   
    0.00
    %

    (c) Fair Value of Derivative Warrants

    The fair value of the embedded derivative warrants is marked-to-market at each balance sheet date and the change in the fair value of the embedded derivative warrants is recorded in the consolidated statements of operations and comprehensive income (loss) as other income or expense.

    The Company valued the derivative warrants at $203 at December 31, 2011and recognized a gain of $137,940 on the change in the fair value of the remaining derivative warrants to purchase 186,306 shares of Company’s common stock for the year then ended.

    The table below provides a summary of the fair value of the remaining derivative warrant liability and the changes in the fair value of the remaining derivative warrants to purchase 186,306 shares of the Company’s common stock, including net transfers in and/or out, of derivative warrants measured at fair value on a recurring basis using significant unobservable inputs (Level 3) at December 31, 2011 and for the year then ended:

       
    Fair Value Measurement Using Level 3 Inputs
    		 
       
    Derivative warrants Assets (Liability)
    		   
    Total
    		 
    Balance, December 31, 2010
    		 
    $
    (138,143
    )
    		 
    $
    (138,143
    )
                     
    Total gains or losses (realized/unrealized) included in:
    		               
                     
    Net income (loss)
    		   
    137,940
    		     
    137,940
    		 
                     
    Other comprehensive income (loss)
    		   
    -
    		     
    -
    		 
                     
    Purchases, issuances and settlements
    		   
    -
    		     
    -
    		 
                     
    Transfers in and/or out of Level 3
    		   
    -
    		     
    -
    		 
                     
    Balance, December 31, 2011
    		 
    $
    (203
    )
    		 
    $
    (203
    )

    Exercise and Extinguishment of Warrants

    On January 30, 2009, the Company issued 5,000 shares of its common stock for cash at $5.00 per share and received a cash payment of $25,000 in connection with the exercise of the 2008 warrants for 5,000 shares with an exercise price of $5.00 per share by one (1) investor and 2008 warrants holder.

    During the three months ended March 31, 2010, the Company issued 1,324,346 shares of its common stock for cash at $5.00 per share and received cash of $6,621,730 in connection with the exercise of the warrants to purchase 1,324,346 shares with an exercise price of $5.00 per share to fifty (50) of the 2008 warrant holders.  In addition, the Company issued 78,217 shares of its common stock in connection with the exercise of the 2008 warrants to purchase 167,740 shares with an exercise price of $5.00 per share on a cashless basis to thirteen (13) of the 2008 warrant holders.  The Company reclassified $1,665,011 and $210,095 of the derivative liability to additional paid-in capital, respectively.

    In addition, during the three months ended March 31, 2010, certain holders of 2008 warrants to purchase 1,031,715 shares of the Company’s common stock reached agreements with the Company, effective as of January 1, 2010, whereby the Company waived its right to offer or sell additional shares of its common stock below $5.00 per share in the future and the certain 2008 warrant holders waived their anti-dilution or commonly known as a most favored nation clause thus making those warrants no longer derivative warrant, for which the Company reclassified $1,292,227 of the derivative liability to additional paid-in capital.

    During April 2010, four (4) of the 2008 warrant holders exercised their warrants to purchase 13,806 shares of the Company’s common stock at an exercise price of $5.00 per share resulting in cash proceeds of $69,030 to the Company, for which the Company issued 13,806 shares of its common stock to the 2008 warrant holders and reclassified $21,229 of the derivative liability to additional paid-in capital.

    Warrants Outstanding

    As of December 31, 2011 warrants to purchase 1,218,021 shares of Company common stock remain outstanding.

    The table below summarizes the Company’s derivative warrant activity through December 310, 2011:

       
    2008 Warrant Activities
    		   
    APIC
    		   
    (Gain) Loss
    		 
       
    Derivative Shares
    		   
    Non-derivative Shares
    		 
    Total Warrant Shares
    		   
    Fair Value of Derivative Warrants
    		   
    Reclassification of Derivative Liability
    		   
    Change in Fair Value of Derivative Liability
    		 
                                               
    Derivative warrant at December 31, 2009
    		   
    2,728,913
    		   
    -
    		 
    2,728,913
    		   
    $
    (3,417,974
    )
    		 
    $
    -
    		   
    $
    166,025
    		 
                                               
    Exercise of warrants
    		   
    (5,000
    )
    		 
    -
    		 
    (5,000
    )
    		   
    6,263
    		     
    (6,263
    )
    		   
    -
    		 
                                               
    Exercise of warrants
    		   
    (1,324,346
    )
    		 
    -
    		 
    (1,324,346
    )
    		   
    1,658,748
    		     
    (1,658,748
    )
    		   
    -
    		 
                                               
    Exercise of warrants – Cashless
    		   
    (167,740
    )
    		 
    -
    		 
    (167,740
    )
    		   
    210,095
    		     
    (210,095
    )
    		   
    -
    		 
                                               
    Total warrant exercised
    		   
    (1,497,086
    )
    		 
    -
    		 
    (1,497,086
    )
    		   
    1,875,106
    		     
    (1,875,106
    )
    		   
    -
    		 
                                               
    Extinguishment of warrant liability resulting from waiver of anti-dilution
    		   
    (1,031,715
    )
    		 
    1,031,715
    		 
    -
    		     
    1,292,227
    		     
    (1,292,227
    )
    		   
    -
    		 
                                               
    Derivative warrants remaining
    		   
    200,112
    		   
    -
    		 
    -
    		     
    (250,641
    )
    		   
    -
    		     
    -
    		 
                                               
    Mark to market
    		   
    -
    		   
    -
    		         
    (321,752
    )
    		   
    -
    		     
    321,752
    		 
                                               
    Derivative warrant at March 31, 2010
    		   
    200,112
    		   
    1,031,715
    		 
    1,231,827
    		     
    (572,393
    )
    		   
    -
    		     
    321,752
    		 
                                               
    Exercise of warrants in April 20, 2010
    		   
    (13,806
    )
    		 
    -
    		 
    (13,806
    )
    		   
    21,229
    		     
    (21,229
    )
    		   
    -
    		 
                                               
    Derivative warrants remaining
    		   
    186,306
    		   
    -
    		 
    186,306
    		     
    (551,164
    )
    		   
    -
    		     
    -
    		 
                                               
    Mark to market
    		   
    -
    		   
    -
    		         
    427,875
    		     
    -
    		     
    (427,875
    )
                                               
    Derivative warrant at June 30, 2010
    		   
    186,306
    		   
    1,031,715
    		 
    1,218,021
    		     
    (123,289
    )
    		   
    -
    		     
    (106,123
    )
                                               
    Mark to market
    		   
    -
    		   
    -
    		         
    (13,211
    )
    		   
    -
    		     
    13,211
    		 
                                               
    Derivative warrant at September 30, 2010
    		   
    186,306
    		   
    1,031,715
    		 
    1,218,021
    		     
    (136,500
    )
    		   
    -
    		     
    (92,912
    )
                                               
    Mark to market
    		   
    -
    		   
    -
    		         
    (1643
    )
    		   
    -
    		     
    1643
    		 
                                               
    Derivative warrant at December 31, 2010
    		   
    186,306
    		   
    1,031,715
    		 
    1,218,021
    		     
    (138,143
    )
    		   
    -
    		     
    (91,269
    )
                                               
    Mark to market
    		   
    -
    		   
    -
    		         
    51,223
    		     
    -
    		     
    (51,223
    )
                                               
    Derivative warrant at March 31, 2011
    		   
    186,306
    		   
    1,031,715
    		 
    1,218,021
    		     
    (86,920
    )
    		   
    -
    		     
    (51,223
    )
                                               
    Mark to market
    		                     
    76,897
    		             
    (76,897
    )
                                               
    Derivative warrant at June 30, 2011
    		   
    186,306
    		   
    1,031,715
    		 
    1,218,021
    		     
    (10,023
    )
    		           
    (128,120
    )
                                               
    Mark to market
    		                     
    8,688
    		             
    (8,688)
    		 
                                               
    Derivative warrant at September 30, 2011
    		   
    186,306
    		   
    1,031,715
    		 
    1,218,021
    		     
    (1,335
    )
    		           
    (136,808
    )
                                               
    Mark to market
    		                     
    1,132
    		             
    (1,132
    )
                                               
    Derivative warrant at December 31, 2011
    		   
    186,306
    		   
    1,031,715
    		 
    1,218,021
    		     
    (203
    )
    		           
    (137,940
    )

    (ii) Warrants Issued in April 2010

    Description of Warrants

    In connection with the sale of 1,538,464 shares of its common stock at $6.50 per share or $10,000,016 in gross proceeds to nine (9) accredited and institutional investors on April 20, 2010, the Company issued warrants to purchase an additional 1,538,464 shares of its common stock with an exercise price of $7.50 per share (“2010 Warrants”) expiring five (5) years from date of grant exercisable commencing 181 days following the date of issuance.  At the closing of the private offering, the Company paid Rodman & Renshaw, LLC, a FINRA member firm that served as placement agent for the Company in the offering, (i) a fee of $500,000 as compensation for their services and (ii) a warrant to purchase 76,923 shares of the Company’s common stock with an exercise price of $7.50 per share expiring five (5) years from date of grant exercisable commencing 181 days following the date of issuance, as well as a $15,000 non-accountable expense allowance to one of the nine (9) investors in the offering.

    Warrants Valuation and Related Assumptions

    The 2010 warrants were valued on the date of grant with the following assumptions:

    ·
    The underlying NYSEAmex stock price $6.95 was used as the fair value of the common stock on April 20, 2010;

    ·
    The stock price would fluctuate with the CNAM projected volatility. The projected volatility curve for each valuation period was based on the historical volatility of 14 comparable companies in the metal/industrial metals industries; At April 20, 2010 one (1) through five (5) years were 76%, 134%, 155%, 167% and 182%, respectively.

    ·
    The Holder would exercise the warrant at maturity if the stock price was above the exercise price;

    ·
    Reset events projected to occur are based on no future projected capital needs;

    ·
    The Holder would exercise the warrants as they become exercisable at target prices of $11.25 for the 2010 Offering, and lowering such target as the warrants approaches maturity;

    ·
    The probability weighted cash flows are discounted using the risk free interest rates.

    ·
    The risk-free interest rate is based on a yield curve of U.S treasury interest rates on the date of valuation based on the contractual life of the warrants

    ·
    Expected annual rate of quarterly dividends is based on the Company’s dividend history and anticipated dividend policy.

    The Company estimated the fair value of 2010 warrants, estimated on the date of grant, using the lattice model with the Black-Scholes option-pricing model with the following weighted-average assumptions:

    Expected life of the warrants (year)
    		           
    5
    		 
                     
    Expected volatility
    		           
    182.00%
    		 
                     
    Risk-free interest rate
    		           
    2.56%
    		 
                     
    Expected annual rate of quarterly dividends
    		           
    0.00%
    		 

    The fair value of the 2010 warrants, estimated on the date of issuance, was $2,483,938, which was recorded as additional paid-in capital and the remaining balance of the net proceeds of $6,629,036, net of issuance cost, has been assigned to common stock.

    Derivative Analysis

    The warrants issued as part of the April 20, 2010 private placement were analyzed to determine the appropriate treatment under ASC 815-40. The warrants meet the provisions of Section 815-40-15 of the FASB Accounting Standard Codification (“Section 815-40-15”) (formerly FASB Emerging Issues Task Force (“EITF”) Issue No. 07-5: Determining Whether an Instrument (or Embedded Feature) Is Indexed to an Entity's Own Stock (“EITF 07-5”)) to be considered indexed to the Company’s own stock. In addition, the warrants meet all the criteria in Section 815-40-55 of the FASB Accounting Standard Codification (“Section 815-40-55”) (formerly FASB EITF Issue No. 00-19: Accounting for Derivative Financial Instruments Indexed to, and Potentially Settled in, a Company’s Own Stock (“EITF 00-19”)) to be accounted for as equity.

    Warrants Outstanding

    As of December 31, 2011 warrants to purchase 1,615,387 shares of its common stock remain outstanding.

    (iii) Warrant Activities

    The table below summarizes the Company’s non-derivative warrant activities through December 31, 2011:

       
    Number of Warrant Shares
    		   
    Exercise Price Range Per Share
    		   
    Weighted Average Exercise Price
    		   
    Fair Value at Date of Issuance
    		   
    Aggregate Intrinsic Value
    		 
                                             
    Balance, December 31, 2009
    		   
    2,723,913
    		   
    $
    5.00
    		   
    $
    5.00
    		   
    $
    -
    		   
    $
    -
    		 
                                             
    Granted
    		   
    1,615,387
    		     
    7.50
    		     
    7.50
    		     
    2,483,938
    		     
    -
    		 
    Canceled for cashless exercise
    		   
    (89,523
    )
    		   
    -
    		     
    -
    		     
    -
    		     
    -
    		 
                                             
    Exercised (Cashless)
    		   
    (78,217
    )
    		   
    -
    		     
    -
    		     
    -
    		     
    -
    		 
    Exercised
    		   
    (1,338,152
    )
    		   
    5.00
    		     
    5.00
    		     
    -
    		     
    -
    		 
    Expired
    		   
    -
    		     
    -
    		     
    -
    		     
    -
    		     
    -
    		 
    Balance, December 31, 2010
    		   
    2,833,408
    		   
    $
    5.00 - 7.50
    		   
    $
    6.43
    		   
    $
    -
    		   
    $
    -
    		 
                                             
    Granted
    		   
    -
    		     
    -
    		     
    -
    		     
    -
    		     
    -
    		 
    Canceled for cashless exercise
    		   
    (-
    )
    		   
    -
    		     
    -
    		     
    -
    		     
    -
    		 
                                             
    Exercised (Cashless)
    		   
    (-
    )
    		   
    -
    		     
    -
    		     
    -
    		     
    -
    		 
    Exercised
    		   
    (-
    )
    		   
    -
    		     
    -
    		     
    -
    		     
    -
    		 
    Expired
    		   
    -
    		     
    -
    		     
    -
    		     
    -
    		     
    -
    		 
    Balance, December 31, 2011
    		   
    2,833,408
    		   
    $
    5.00 - 7.50
    		   
    $
    6.43
    		   
    $
    -
    		   
    $
    -
    		 
                                             
    Earned and exercisable, December 31, 2011
    		   
    2,833,408
    		   
    $
    5.00 - 7.50
    		   
    $
    6.43
    		   
    $
    -
    		   
    $
    -
    		 
                                             
    Unvested, December 31, 2011
    		   
    -
    		   
    $
    -
    		   
    $
    -
    		   
    $
    -
    		   
    $
    -
    		 

    The following table summarizes information concerning outstanding and exercisable warrants as of December 31, 2011:

         
    Warrants Outstanding
    		 
    Warrants Exercisable
    		 
    Range of Exercise Prices
    		   
    Number Outstanding
    		 
    Average Remaining Contractual Life  (in years)
    		 
    Weighted Average Exercise Price
    		 
    Number Exercisable
    		 
    Average Remaining Contractual Life  (in years)
    		 
    Weighted Average Exercise Price
    		 
                                       
    $5.00      
    1,218,021
    		 
    1.58
    		 
    $
    5.00
    		 
    1,218,021
    		 
    1.58
    		 
    $
    5.00
    		 
                                         
    $7.50      
    1,615,387
    		 
    3.30
    		 
    $
    7.50
    		 
    1,615,387
    		 
    3.30
    		 
    $
    7.50
    		 
                                         
    $5.00 - $7.50      
    2,833,408
    		 
    2.56
    		 
    $
    6.43
    		 
    2,833,408
    		 
    2.56
    		 
    $
    6.43
    		 

    XML 42 R26.htm IDEA: XBRL DOCUMENT v2.4.0.6
    Note 19 - Concentrations and Credit Risk
    		 12 Months Ended
    Dec. 31, 2011
    Concentration Risk Disclosure [Text Block]
    Note 19 – Concentrations and Credit Risk

    Customers and Credit Concentrations

    Customer concentrations for the years ended December 31, 2011and 2010 and credit concentrations at December 31, 2011 and 2010 are as follows:

      Net Sales for the Year Ended       Accounts Receivable at  
     
    December 31,
    2011
    		   
    December 31,
    2010
    		     
    December 31,
    2011
    		   
    December 31,
    2010
    		 
                             
    Customer #206010 Lianyungang Jiaxin
    -
    %
    		 
    12.0
    %
    		   
    -
    %
    		 
    15.5
    %
                             
    Customer #122024 Jianshu Provincial
    -
    %
    		 
    9.6
    %
    		   
    -
    %
    		 
    11.5
    %
                             
    Customer #122021 Shagang South-Asia
    -
    %
    		 
    16.6
    %
    		   
    -
    %
    		 
    59.8
    %
                             
    Customer #101007 Jiangsu LiHuai
    -
    %
    		 
    -
    %
    		   
    -
    %
    		 
    12.0
    %
                             
    Customer # 0102010 China JianCai Co., Ltd.
    12.1
    %
    		 
    -
    %
    		     
    %
    		 
    -
    %
                             
    Customer #1122024 Derby Materials
    21.0
    %
    		 
    -
    %
    		   
    -
    %
    		 
    -
    %
                             
    Customer #302023 Shangdong Yongjia
    10.5
    %
    		 
    -
    %
    		   
    -
    %
    		 
    -
    %
                             
    Customer #101009 NingBo HanGang
    15.4
    %
    		 
    -
    %
    		   
    -
    %
    		 
    -
    %
                             
    Customer # 102003 ZhongJin Renewable
    -
    %
    		 
    -
    %
    		   
    92.2
    %
    		 
    -
    %
                             
                     
    %
    		     
                             
     
    59.0
    %
    		 
    38.2
    %
    		   
    92.2
    %
    		 
    98.8
    %

    A reduction in sales from or loss of such customers would have a material adverse effect on the Company’s results of operations and financial condition.

    Vendor Concentrations

    Vendor purchase concentrations for the year ended December 31, 2011and 2010 and accounts payable concentration at December 31, 2011 and 2010 are as follows:

      Net Purchases for the Year Ended     Accounts Payable at  
     
    December 31, 
    2011
    		   
    December 31 ,
    2010
    		   
    December 31 ,
    2011
    		   
    December 31,
     2010
    		 
                                   
    Vendor #302006 Anhui huatai
    		 
    -
    %
    		   
    10.4
    %
    		   
    -
    %
    		   
    -
    %
                                   
    Vendor #010030 LinYi LiYuan
    		 
    -
    %
    		   
    14.3
    %
    		   
    -
    %
    		   
    -
    %
                                   
    Vendor #204014 Mineracao
    		 
    30.7
    %
    		   
    -
    %
    		   
    92.2
    %
    		   
    -
    %
                                   
    Vendor #301009 XinJiang BaGang
    		 
    9.1
    %
    		   
    -
    %
    		   
    -
    %
    		   
    -
    %
                                   
    Vendor #204033 Oversea Enterprise Pte, Ltd.
    		 
    5.9
    %
    		   
    17.5
    %
    		   
    -
    %
    		     
    %
                                   
    Vendor #2202019 Smart Trading LLP
    		 
    5.4
    %
    		   
    14.8
    %
    		   
    -
    %
    		   
    -
    %
                                   
    Vendor #102001 OM Materials
    		 
    -
    %
    		   
    -
    %
    		   
    -
    %
    		   
    71.3
    %
                                   
       
    51.1
    %
    		   
    57.0
    %
    		   
    92.2
    %
    		   
    71.3
    %


    Credit Risk Arising from Financial Instruments

    Financial instruments that potentially subject the Company to significant concentration of credit risk consist primarily of cash and cash equivalents.

    As of December 31, 2011, substantially all of the Company’s cash and cash equivalents were held by major financial institutions located in the PRC, none of which are insured.  However, the Company has not experienced losses on these accounts and management believes that the Company is not exposed to significant risks on such accounts.

    Foreign Currency Risk

    The Company is exposed to fluctuations in foreign currencies for transactions denominated in currencies other than RMB, the functional currency due to the fact the majority of the Company’s purchasing activities are transacted in foreign currencies.

    The Company had no foreign currency hedges in place for the year ended December 31, 2011or 2010 to reduce such exposure.

    Interest Risk

    Substantially all of the Company’s operations are carried out in the PRC. The tight monetary policy currently instituted by the PRC government and increases in interest rate would have a material adverse effect on the Company’s results of operations and financial condition.

    XML 43 R5.htm IDEA: XBRL DOCUMENT v2.4.0.6
    Consolidated Statement of Stockholders' Equity (USD $)
    April 20 [Member]
    Common Stock [Member]
    April 20 [Member]
    Additional Paid-in Capital [Member]
    April 20 [Member]
    Exercise of Warrants [Member]
    Additional Paid-in Capital [Member]
    Exercise of Warrants [Member]
    Waiver of Anti-Dilution Provision of Warrants [Member]
    Additional Paid-in Capital [Member]
    Waiver of Anti-Dilution Provision of Warrants [Member]
    Director [Member]
    Common Stock [Member]
    Director [Member]
    Additional Paid-in Capital [Member]
    Director [Member]
    China Direct [Member]
    Common Stock [Member]
    China Direct [Member]
    Additional Paid-in Capital [Member]
    China Direct [Member]
    Bespoke [Member]
    Common Stock [Member]
    Bespoke [Member]
    Additional Paid-in Capital [Member]
    Bespoke [Member]
    Chaoyang Steel [Member]
    Common Stock [Member]
    Chaoyang Steel [Member]
    Additional Paid-in Capital [Member]
    Chaoyang Steel [Member]
    Chaoyang Steel 5 Year [Member]
    Common Stock [Member]
    Chaoyang Steel 5 Year [Member]
    Additional Paid-in Capital [Member]
    Chaoyang Steel 5 Year [Member]
    HCI First Quarter [Member]
    Common Stock [Member]
    HCI First Quarter [Member]
    Additional Paid-in Capital [Member]
    HCI First Quarter [Member]
    Future Services [Member]
    Additional Paid-in Capital [Member]
    Future Services [Member]
    Chaoyang Steel June [Member]
    Common Stock [Member]
    Chaoyang Steel June [Member]
    Additional Paid-in Capital [Member]
    Chaoyang Steel June [Member]
    HCI Second Quarter [Member]
    Common Stock [Member]
    HCI Second Quarter [Member]
    Additional Paid-in Capital [Member]
    HCI Second Quarter [Member]
    Director Cash Compensation [Member]
    Common Stock [Member]
    Director Cash Compensation [Member]
    Additional Paid-in Capital [Member]
    Director Cash Compensation [Member]
    HCI Third Quarter [Member]
    Common Stock [Member]
    HCI Third Quarter [Member]
    Additional Paid-in Capital [Member]
    HCI Third Quarter [Member]
    Chaoyang Steel 5 Year B [Member]
    Common Stock [Member]
    Chaoyang Steel 5 Year B [Member]
    Additional Paid-in Capital [Member]
    Chaoyang Steel 5 Year B [Member]
    HCI Fourth Quarter [Member]
    Common Stock [Member]
    HCI Fourth Quarter [Member]
    Additional Paid-in Capital [Member]
    HCI Fourth Quarter [Member]
    June 30 [Member]
    Common Stock [Member]
    June 30 [Member]
    Additional Paid-in Capital [Member]
    June 30 [Member]
    Employee [Member]
    Common Stock [Member]
    Employee [Member]
    Additional Paid-in Capital [Member]
    Employee [Member]
    Employee 2 [Member]
    Common Stock [Member]
    Employee 2 [Member]
    Additional Paid-in Capital [Member]
    Employee 2 [Member]
    Director [Member]
    Common Stock [Member]
    Director [Member]
    Additional Paid-in Capital [Member]
    Director [Member]
    March31Cashless [Member]
    Common Stock [Member]
    March31Cashless [Member]
    Additional Paid-in Capital [Member]
    March31Cashless [Member]
    March 31 [Member]
    Common Stock [Member]
    March 31 [Member]
    Additional Paid-in Capital [Member]
    June 30 [Member]
    Common Stock [Member]
    June 30 [Member]
    Additional Paid-in Capital [Member]
    June 30 [Member]
    Common Stock [Member]
    Additional Paid-in Capital [Member]
    Retained Earnings [Member]
    Accumulated Net Unrealized Investment Gain (Loss) [Member]
    Foreign Currency Translation Gain (Loss) [Member]
    Total
    Balance at Dec. 31, 2009                                                                                                                                   $ 10,310 $ 1,880,466 $ 14,936,915   $ 297,681 $ 17,125,372
    Balance (in Shares) at Dec. 31, 2009                                                                                                                                   10,310,699          
    Issuance of common stock upon warrant exercise 1,538 9,111,436 9,112,974                                                                                     1,400 6,998,600 7,000,000                   1,325 6,620,405 6,621,730 78 (78) 14 69,016 69,030            
    Issuance of common stock upon warrant exercise (in Shares) 1,538,464                                                                                         1,400,000                       1,324,346     78,217   13,806                
    Issuance of common stock for consulting services                     80 392,720 392,800 23 78,502 78,525 67 244,930 244,997                                                                                                       244,998
    Issuance of common stock for consulting services (in Shares)                     80,000     22,500     66,666                                                                                                            
    Issuance of restricted stock to Director               6 19,494 19,500                                                                                                                 (19,500)       (19,500)
    Issuance of restricted stock to Director (in Shares)               6,250                                                                                                                              
    Amortization of deferred compensation                                                                                                                                     244,043       244,043
    Issuance of stock options to an employee pursuantto 2009 Stock Incentive Plan for services on October 6, 2010                                                                                                                                     138,000       138,000
    Comprehensive income (loss)                                                                                                                                              
    Net Income                                                                                                                                       (2,225,876)     (2,225,876)
    Change in unrealized loss on marketable securities                                                                                                                                         (506,278)   (506,278)
    Foreign currency translation gain                                                                                                                                           1,345,886 1,345,886
    Total comprehensive income (loss)                                                                                                                                             (1,386,268)
    Extinguishment of derivative liability associated with the exercise of warrants to purchase common stock for the three-month period ending March 31, 2010                                                                                                                                     1,875,106       1,875,106
    Reclassification of derivative liability       1,292,227 1,292,227 21,229 21,229                                                                                                                                
    Balance at Dec. 31, 2010                                                                                                                                   14,841 28,966,596 12,711,039 (506,278) 1,643,567 42,829,765
    Balance (in Shares) at Dec. 31, 2010                                                                                                                                   14,840,948         14,840,948
    Issuance of common stock for consulting services                                 33 13,634 13,667 33 89,633 89,666 11 29,040 29,051     34 45,299 45,333 10 14,678 14,688       10 4,418 4,428 34 9,366 9,400 7 2,146 2,153                                                   158,066
    Issuance of common stock for consulting services (in Shares)                                 33,333     33,333     10,800         33,333     10,800           10,800     33,333     7,200                                                        
    Issuance of common stock for services                                                   (27,400) (27,400)             18 23,742 23,760                         55 187,125 187,180 264 71,119 71,383 60 16,140 16,200                 10 27,390       27,400
    Issuance of common stock for services (in Shares)                                                                   17,371                             55,378     264,379     60,000                     10,000          
    Amortization of deferred compensation                                                                                                                                     260,693       260,693
    Comprehensive income (loss)                                                                                                                                              
    Net Income                                                                                                                                       (3,345,004)     (3,345,004)
    Change in unrealized loss on marketable securities                                                                                                                                         505,481   505,481
    Foreign currency translation gain                                                                                                                                           1,577,471 1,577,471
    Total comprehensive income (loss)                                                                                                                                             (1,262,052)
    Balance at Dec. 31, 2011                                                                                                                                   $ 15,421 $ 29,733,619 $ 9,366,035 $ (797) $ 3,221,038 $ 42,335,316
    Balance (in Shares) at Dec. 31, 2011                                                                                                                                   15,421,008         15,421,008
    XML 44 R10.htm IDEA: XBRL DOCUMENT v2.4.0.6
    Note 3 - Pledged Deposits
    		 12 Months Ended
    Dec. 31, 2011
    Other Deposit Asset Related Text
    Note 3 – Pledged Deposits

    Pledged deposits consist of amounts held in financial institutions for (i) outstanding letters of credit and (ii) open banker’s acceptance notes payable maturing between three (3) to nine (9) months from the date of issuance.  Pledged deposits at December 31, 2011and 2010 consisted of the following:

       
    December 31, 2011
    		   
    December 31, 2010
    		 
                     
    Armco HK
    		               
                     
    Letters of credit (i)
    		 
    $
    2,109,832
    		   
    $
    427,553
    		 
                     
    Sub-total – Armco HK
    		   
    2,109,832
    		     
    427,553
    		 
                     
    Renewable Metals
    		               
                     
    Bank acceptance notes payable (ii)
    		   
    1,100,889
    		     
    1,906,684
    		 
                     
    Letters of credit (iii)
    		   
    3,774,475
    		     
    7,134,727
    		 
                     
    Deposit under capital lease agreement(iv)
    		   
    471,809
    		     
    -
    		 
                     
    Sub-total – Renewable Metals
    		   
    5,347,173
    		     
    9,041,411
    		 
                     
    Henan Armco
    		               
                     
    Letters of credit (v)
    		   
    900,665
    		     
    3,174,707
    		 
                     
    Sub-total – Henan Armco
    		   
    900,665
    		     
    3,174,707
    		 
                     
     
    		 
    $
    8,357,670
    		   
    $
    12,643,671
    		 

     
    (i)
    $15,718 was released to Armco HK as part of the payment toward fulfilled letters of credit in January  2012 and the remaining balance of $2,094,114 is to be released to the Company as part of the payment toward outstanding letters of credit when those letters of credit mature, ranging from April 30, 2012 through May 15, 2012.

     
    (ii)
    $1,100,889 is to be released to the Company when the related banker’s acceptance notes payable mature on May 25, 2012.

     
    (iii)
    $3,774,475 was released to the Company for payment toward fulfilled letters of credit when those letters of credit matured on March 21, 2012.

     
    (iv)
    $471,809 is to be released to the Company as part of the payment towards capital lease installment payment when the capital lease agreement mature on December 15, 2014

     
    (v)
    $795,704 was released to the Company as part of the payment toward fulfilled letters of credit in March  2012 and the remaining balance of $104,962 is to be released to the Company as part of the payment toward outstanding letters of credit when those letters of credit mature on May 15, 2012.

    XML 45 R27.htm IDEA: XBRL DOCUMENT v2.4.0.6
    Note 20 - Foreign Operations
    		 12 Months Ended
    Dec. 31, 2011
    Foreign Operations [Text Block]
    Note 20 - Foreign Operations

    Operations

    Substantially all of the Company’s operations are carried out and all of its assets are located in the PRC.  Accordingly, the Company’s business, financial condition and results of operations may be influenced by the political, economic and legal environments in the PRC.  The Company’s business may be influenced by changes in governmental policies with respect to laws and regulations, monetary policies, anti-inflationary measures, currency fluctuation and remittances and methods of taxation, among other things.

    Dividends and Reserves

    Under the laws of the PRC, net income after taxation can only be distributed as dividends after appropriation has been made for the following: (i) cumulative prior years’ losses, if any; (ii) allocations to the “Statutory Surplus Reserve” of at least 10% of net income after tax, as determined under PRC accounting rules and regulations, until the fund amounts to 50% of the Company’s registered capital; (iii) allocations of 5-10% of income after tax, as determined under PRC accounting rules and regulations, to the Company’s “Statutory Common Welfare Fund”, which is established for the purpose of providing employee facilities and other collective benefits to employees in PRC; and (iv) allocations to any discretionary surplus reserve, if approved by stockholders.

    As of December 31, 2011, the Company had no Statutory Surplus Reserve and the Statutory Common Welfare Fund established and segregated in retained earnings.

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    Note 13 - Long-Term Debt
    		 12 Months Ended
    Dec. 31, 2011
    Long-term Debt [Text Block]
    Note 13 – Long-Term Debt

    Long-term debt at December 31, 2011 and 2010 consisted of the following:

        December 31, 2011     December 31, 2010  
                     
    Renewable Metals
    		               
                     
    Long-term debt due to Bank of China, Lianyungang Branch, collateralized by all of Renewable Metals’s building and land use rights, with interest at 5.40% per annum payable monthly, with the remaining principal of RMB25,000,000 due August 25, 2012.
    		 
    $
    3,931,745
    		   
    $
    8,318,461
    		 
                     
    Less current maturities
    		   
    (3,931,745
    )
    		   
    (4,537,342
    )
                     
    LONG-TERM DEBT, net of current maturities
    		 
    $
    -
    		   
    $
    3,781,119