0001213900-15-006410.txt : 20150820 0001213900-15-006410.hdr.sgml : 20150820 20150820085505 ACCESSION NUMBER: 0001213900-15-006410 CONFORMED SUBMISSION TYPE: 10-Q PUBLIC DOCUMENT COUNT: 11 CONFORMED PERIOD OF REPORT: 20150630 FILED AS OF DATE: 20150820 DATE AS OF CHANGE: 20150820 FILER: COMPANY DATA: COMPANY CONFORMED NAME: CHINA ENERGY TECHNOLOGY CORP., LTD. CENTRAL INDEX KEY: 0001554300 STANDARD INDUSTRIAL CLASSIFICATION: SERVICES-MISCELLANEOUS BUSINESS SERVICES [7380] IRS NUMBER: 454380591 STATE OF INCORPORATION: NV FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 10-Q SEC ACT: 1934 Act SEC FILE NUMBER: 000-55001 FILM NUMBER: 151065427 BUSINESS ADDRESS: STREET 1: 244 FIFTH AVE SUITE 1563 CITY: NEW YORK STATE: NY ZIP: 10001 BUSINESS PHONE: 212-726-2184 MAIL ADDRESS: STREET 1: 244 FIFTH AVE SUITE 1563 CITY: NEW YORK STATE: NY ZIP: 10001 FORMER COMPANY: FORMER CONFORMED NAME: Redfield Ventures, Inc DATE OF NAME CHANGE: 20120716 10-Q 1 f10q0615_chinaenergytech.htm QUARTERLY REPORT

 

 

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

 

FORM 10-Q

 

(Mark One)

 

x QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

 

For the quarterly period ended June 30, 2015

 

¨ 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: 000-55001

 

CHINA ENERGY TECHNOLOGY CORP., LTD.

(Exact name of registrant as specified in its charter)

Nevada   45-4380591
(State or other jurisdiction
of incorporation)
  (I.R.S. Employer
Identification No.)

 

No. 1122 South Yanan Street

New District, Bengbu, Anhui Province

P.R. China

(Address of principal executive offices)

 

+86.552.411.6868

(Registrant’s telephone number, including area code)

 

N/A

(Former name, former address and former fiscal year, if changed since last report)

 

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 No ¨

 

Indicate by check mark whether the registrant has submitted electronically and posted on its corporate Web site, if any, every Interactive Data File required to be submitted and posted pursuant to Rule 405 of Regulation S-T (§232.405 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 ¨

 

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 ¨   Accelerated filer ¨   Non-accelerated filer ¨   Smaller reporting company x
       

(Do not check if a smaller

Reporting company)

   

 

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes ¨ No x

 

There were 190,000,000 shares of the issuer’s common stock outstanding as of August 14, 2015.

 

 

  

 
 

 

CHINA ENERGY TECHNOLOGY CORP., LTD.

 

FORM 10-Q

FOR THE QUARTERLY PERIOD ENDED JUNE 30, 2015

TABLE OF CONTENTS

    PAGE
     
  PART I - FINANCIAL INFORMATION  
     
Item 1. Financial Statements (Unaudited) 3
     
Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations 18
     
Item 3. Quantitative and Qualitative Disclosures About Market Risk 25
     
Item 4. Controls and Procedures 25
     
  PART II - OTHER INFORMATION  
     
Item 1. Legal Proceedings 26
     
Item 1A. Risk Factors 26
     
Item 2. Unregistered Sales of Equity Securities and Use of Proceeds 26
     
Item 3. Defaults Upon Senior Securities 26
     
Item 4. Mine Safety Disclosures 26
     
Item 5. Other Information 26
     
Item 6. Exhibits 26
     
  SIGNATURES 28

 
 

 

PART I – FINANCIAL INFORMATION

ITEM 1.      FINANCIAL STATEMENTS

    PAGE
     
Condensed Consolidated Balance Sheets as of June 30, 2015 (unaudited) and December 31, 2014   4
     
Condensed Consolidated Statements of Operations and Comprehensive Income for the three and six months ended June 30, 2015 and June 30, 2014 (unaudited)   5
     
Condensed Consolidated Statements of Cash Flows for the six months ended June 30, 2015 and June 30, 2014 (unaudited)   6
     
Notes to Condensed Consolidated Financial Statements (unaudited)   7

3
 

 

CHINA ENERGY TECHNOLOGY CORP., LTD
CONDENSED CONSOLIDATED BALANCE SHEETS

 

   June 30,
2015
   December 31,
2014
 
   (Unaudited)     
ASSETS        
Current assets        
Cash and cash equivalents  $4,867   $26,870 
Restricted cash   564,516    1,772,878 
Accounts receivable, net   2,562,565    686,076 
Advances to suppliers   5,583,231    3,161,468 
Due from related parties   547,935    1,619,823 
Inventory   399,965    291,260 
Deferred tax assets   32,407    27,045 
Other current assets   572,496    1,391,767 
Total current assets   10,267,982    8,977,187 
           
Property, plant and equipment, net   1,384,691    1,485,248 
Construction in progress   2,922,903      
Intangible assets, net   8,419    9,522 
Advances to suppliers-non current   1,470,703    1,250,067 
Due from related parties-non current   427,889    1,416,309 
Total assets  $16,482,587   $13,138,333 
           
 LIABILITIES AND EQUITY          
           
Current liabilities          
Short-term loans  $4,516,129   $3,868,098 
Notes payable   483,871    2,578,732 
Accounts payable   3,290,727    529,666 
Advance from customers   995,802    912,367 
Taxes payable   2,095,177    1,244,734 
Other current liabilities   1,311,691    639,950 
Total current liabilities   12,693,397    9,773,547 
           
Equity          
Common Stock ($0.001 par value; authorized - 200,000,000 shares; issued and outstanding - 190,000,000)  $190,000    - 
Paid in capital   -    1,054,235 
Additional Paid in capital   864,235    - 
Retained earnings   2,317,976    1,955,238 
Statutory reserve   356,831    298,963 
Accumulated other comprehensive income   60,148    56,350 
Total stockholders' equity   3,789,190    3,364,786 
Total liabilities and equity  $16,482,587   $13,138,333 

 

The accompanying notes are an integral part of these financial statements.

 

4
 

 

CHINA ENERGY TECHNOLOGY CORP., LTD
STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME
(UNAUDITED)

 

   For the six months Ended
June 30
   For the three months Ended June 30 
   2015   2014   2015    2014  
                 
REVENUE  $4,157,215   $362,649   $4,133,875   $334,630 
                     
COST OF GOODS SOLD   (3,139,800)   (215,928)   (3,111,221)   (191,391)
                     
GROSS PROFIT   1,017,415    146,721    1,022,654    143,239 
                     
OPERATING EXPENSES                    
  Selling expenses   (79,717)   (128,975)   (27,837)   (50,982)
  Administrative expenses   (232,545)   (192,135)   (53,328)   (107,439)
  Depreciation and amortization expenses   (18,424)   (25,778)   (8,139)   (12,759)
    Total operating expenses   (330,686)   (346,888)   (88,304)   (171,180)
                     
INCOME (LOSS) FROM OPERATIONS   686,729    (200,167)   933,350    (27,941)
                     
OTHER INCOME/(EXPENSES)                    
  Interest income   14,850    431    4,950    238 
  Interest expense   (174,101)   (58,439)   (90,397)   (28,899)
  Subsidy income   -    -    -    - 
  Other income/(expenses), net   (26,640)   (17,331)   (26,612)   (6,775)
    Total other income, net   (185,891)   (75,339)   (112,059)   (35,436)
                     
INCOME (LOSS) BEFORE INCOME TAXES   500,838    (275,506)   821,291    (63,377)
                     
Provision for income taxes   (80,232)   32,530    (125,052)   7,572 
                     
NET INCOME (LOSS)  $420,606    (242,976)   696,239   $(55,805)
Foreign currency translation gain(loss)                    
Comprehensive income/(loss)   420,606    (242,976)   696,239    (55,805)
Weighted average number of shares outstanding:                    
Basic and diluted   190,000,000    -    190,000,000     - 
                     
Earnings Per share  $0.002    -   $0.004    - 

 

The accompanying notes are an integral part of these financial statements.

5
 

 CHINA ENERGY TECHNOLOGY CORP., LTD
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

(UNAUDITED)

 

   For the six months Ended
June 30
   2015   2014 
Cash Flows from Operating Activities        
Net (loss) income  $420,606   $(242,976)
Adjustments to reconcile net loss to net cash provided by (used in) operating activities:          
Depreciation and amortization expenses   102,452    112,515 
Bad debt expense   (15,534)   - 
Deferred tax benefit(expenses)   (5,325)   (397,357)
Changes in operating assets and liabilities          
Account Receivable   (1,872,879)   2,458,442 
Advance to suppliers   (2,411,941)   (643,699)
Due from related party   1,069,773    1,063,552 
Inventory   (108,154)   (221,532)
Subsidy receivables   -    - 
Other current assets   835,996    (2,747,726)
Other non-current assets   767,383    - 
Notes payable   (2,090,295)   1,296,963 
Accounts Payable   2,752,137    (537,806)
Advance from customers   82,503    - 
Due to related party   -    (8,236)
Tax Payable   846,895    256,410 
Deferred tax liabilities   -    - 
Other current liabilities   669,192    (5,307)
Net cash provided by (used in) operating activities   1,042,809    383,243 
Cash Flows from Investing Activities          
Purchases of property, plant and equipment   -    (56,416)
Purchase of Construction in progress   (2,913,871)   - 
Purchases of intangible assets   -    - 
Net cash used in investing activities   (2,913,871)   (56,416)
Cash Flows from Financing Activities          
Restricted cash   1,205,939    (648,482)
Proceeds from sales of common stock   -    - 
Paid-in capital   -    - 
short-term loan   643,168    162,120 
Net cash provided/(used) by financing activities   1,849,107    (486,362)
Effect of exchange rate changes on cash and cash equivalents   (48)   (3,411)
Net increase/(decrease) in cash and cash equivalents   (22,003)   (162,946)
Cash and cash equivalents, beginning balance   26,870    178,775 
Cash and cash equivalents, ending balance  $4,867   $15,829 
Supplemental cash flow information          
Cash paid for income taxes  $-   $122,165 
Cash paid for interest expense  $174,101   $58,439 

 

The accompanying notes are an integral part of these financial statements. 

6
 

 

CHINA ENERGY TECHNOLOGY CORP., LTD

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

 

NOTE 1 - ORGANIZATION AND BUSINESS BACKGROUND

 

Organization and Business

 

China Energy Technology Corp., Ltd. (the “Company”) was incorporated as Redfield Ventures Inc in Nevada on January 27, 2012. The Company’s original business plan was to engage in strategic marketing research and consultancy, marketing communications, and business alliance synergy providing clients with key solutions in achieving business objectives. Prior to the Share Exchange (as defined below), the Company’s Board of Directors (“Board”) determined to discontinue operations in this area and to seek a new business opportunity.

 

On March 31, 2015, the Company entered into a Share Exchange Agreement (the “Share Exchange Agreement”) with Fine Progress Group Limited, a British Virgin Islands company (“FPG BVI”), and its shareholders, which closed on the same date. Pursuant to the terms of the Share Exchange Agreement, FPG BVI’s 100 shares of capital stock were exchanged for an aggregate of 180,500,000 shares of the Company’s common stock, $0.001 par value per share (the “Share Exchange”), and FPG BVI became the Company’s wholly-owned subsidiary.

 

FPG BVI controls Anhui Renrenjia Solar Co., Ltd. (“Anhui Solar”), the Company’s operating company based in the People’s Republic of China (the “PRC”), through Ren Re Jia International Limited, FPG BVI’s 100% owned subsidiary organized in the Hong Kong Special Administrative Region (“RRJI (HK)”). RRJI (HK) is the 100% owner of Anhui Zhijia Cornerstone Electronics Technology Co., Ltd. (“Anhui Electronics”), the Company’s subsidiary organized in the PRC. Anhui Electronics controls Anhui Solar through contractual arrangements commonly known as “VIE” or “variable interest entity” arrangements on the mainland in the PRC.

 

Pursuant to the Share Exchange, the Company acquired the business of Anhui Solar, which is the manufacture and sale of solar powered water heater systems in the PRC. As a result, the Company ceased to be a “shell company” (as such term is defined in Rule 12b-2 under the Securities Exchange Act of 1934, as amended. The Company has changed its business focus to the business ofAnhui Solar, and will continue the existing business operations of Anhui Solar as a publicly-traded company under the name China Energy Technology Corp., Ltd.

 

The Share Exchange has been treated as a recapitalization of the Company for financial accounting purposes. FPG BVI is considered the acquirer for accounting purposes, and the historical financial statements of China Energy Technology Corp., Ltd. (formerly known as Redfield Ventures Inc.) before the Share Exchange will be replaced with the historical financial statements of FPG BVI and its consolidated entities before the Share Exchange in all future filings with the Securities and Exchange Commission.

 

Basis of Presentation

 

The accompanying condensed consolidated financial statements include the activities of China Energy Technology Corp., Ltd. and its wholly owned subsidiary, FPG BVI, and its consolidated subsidiaries. All intercompany transactions have been eliminated in these consolidated financial statements.

 

The financial statements and accompanying notes have been prepared in accordance with United States generally accepted accounting principles (“U.S. GAAP”) for interim financial information and with the instructions to Article 8 of Regulation S-X. Accordingly, they do not include all of the information and footnotes required by U.S. GAAP for complete consolidated financial statements. In the opinion of the Company's management, the financial statements include all adjustments, which include only normal recurring adjustments, necessary for the fair presentation of the Company's financial position for the periods presented.

 

Certain information in footnote disclosures normally included in the financial statements were prepared in conformity with accounting principles generally accepted in the United States of America and have been condensed or omitted pursuant to such principles and the financial results for the periods presented may not be indicative of the full year’s results. The unaudited condensed consolidated financial statements should be read in conjunction with the consolidated financial statements and footnotes thereto included in the Company’s audited financial statements in Amendment No. 3 to the Current Report on Form 8-K the Company filed with the Securities and Exchange Commission on August 6, 2015.

 

7
 

  

NOTE 2 - SIGNIFICANT ACCOUNTING POLICIES

 

This summary of significant accounting policies of the Company is presented to assist in understanding the Company’s financial statements. The financial statements and notes are representations of the Company’s management, which is responsible for their integrity and objectivity. These accounting policies conform to U.S. GAAP and have been consistently applied in the preparation of the financial statements.

 

Fair Value of Financial Instruments

 

The Company applies the provisions of accounting guidance, FASB ASC Topic 820 that requires the Company to disclose the fair value of financial instruments, both assets and liabilities recognized and not recognized on the balance sheet, for which it is practicable to estimate fair value, and defines fair value of a financial instrument as the amount at which the instrument could be exchanged in a current transaction between willing parties.

 

Fair Value Measurements

 

FASB ASC Topic 820, Fair Value Measurements and Disclosures, clarifies the definition of fair value for financial reporting, establishes a framework for measuring fair value and requires additional disclosures about the use of fair value measurements.

 

Various inputs are considered when determining the fair value of the Company’s debt. These inputs are summarized in the three broad levels listed below.

 

  Level 1 – observable market inputs that are unadjusted quoted prices for identical assets or liabilities in active markets.

 

  Level 2 – other significant observable inputs (including quoted prices for interest rates, credit risk, etc.).

 

  Level 3 – significant unobservable inputs (including the Company’s own assumptions in determining the fair value of investments).

 

The carrying value of financial assets and liabilities recorded at fair value is measured on a recurring or nonrecurring basis. Financial assets and liabilities measured on a non-recurring basis are those that are adjusted to fair value when a significant event occurs. The Company had no financial assets or liabilities carried and measured on a nonrecurring basis during the reporting periods. Financial assets and liabilities measured on a recurring basis are those that are adjusted to fair value each time a financial statement is prepared. The Company had no financial assets or liabilities carried and measured on a recurring basis during the reporting periods.

 

The availability of inputs observable in the market varies from instrument to instrument and depends on a variety of factors including the type of instrument, whether the instrument is actively traded, and other characteristics particular to the transaction. For many financial instruments, pricing inputs are readily observable in the market, the valuation methodology used is widely accepted by market participants, and the valuation does not require significant management discretion. For other financial instruments, pricing inputs are less observable in the market and may require management judgment.

  

Translation of Foreign Currencies

 

The Company’s principal country of operations is the PRC. The Company maintains their books and accounting records in PRC currency “Renminbi” (“RMB”), which has been determined as the functional currency. Transactions denominated in currencies other than RMB are translated into RMB at the exchange rates prevailing on the date of the transactions, as quoted by the Federal Reserve Board. Foreign currency exchange gains and losses resulting from these transactions are included in operations.

 

8
 

 

The Company’s financial statements are translated into the reporting currency, the United States Dollar (“USD”). Assets and liabilities of the entity are translated at the prevailing exchange rate at each reporting period end date. Contributed capital accounts are translated using the historical rate of exchange when capital is injected. Income and expense accounts are translated at the average rate of exchange during the reporting period. Translation adjustments resulting from the translation of these financial statements are reflected as accumulated other comprehensive income in shareholders’ equity.

 

Statement of Cash Flows

 

In accordance with Statement FASB ASC Topic 230, Statement of Cash Flows, cash flow from the Company's operations is calculated based upon the local currencies and translated to the reporting currency using an average foreign exchange rate for the reporting period. As a result, amounts related to assets and liabilities reported in the statement of cash flows will not necessarily agree with changes in the corresponding balances on the balance sheet.

 

Use of Estimates and Assumptions

 

The preparation of financial statements in conformity with US GAAP requires management to make estimates and judgments that affect the reported amounts of assets and liabilities, disclosure of contingent assets and liabilities on the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. The Company bases its estimates and judgments on historical experience and on various other assumptions and information that are believed to be reasonable under the circumstances. Estimates and assumptions of future events and their effects cannot be perceived with certainty and, accordingly, these estimates may change as new events occur, as more experience is acquired, as additional information is obtained and as our operating environment changes. Significant estimates and assumptions by management include: useful lives of long-lived assets and intangible assets, valuation of inventory, accounts receivable, notes receivable and deferred taxes. While the Company believes that the estimates and assumptions used in the preparation of the financial statements are appropriate, actual results could differ from those estimates. Estimates and assumptions are periodically reviewed and the effects of revisions are reflected in the financial statements in the period they are determined to be necessary.

 

Cash and Cash Equivalents

 

Cash and cash equivalents represent cash on hand and interest-bearing deposits held at call with banks. The Company considers all highly liquid investments with original maturities of three months or less at the time of purchase to be cash equivalents.

 

Restricted cash

 

Restricted cash represents deposits held at banks with restrictions imposed since the Company uses the restricted cash to pledge with banks for the purpose of issuing bank acceptances. The restricted cash could not be readily useable until the pledge is retired.

 

Accounts Receivable

 

Accounts receivable are recorded at the sales amount and do not bear interest. The Company extends unsecured credit to its customers in the ordinary course of business and the credit policy is decided by its senior management. An allowance for doubtful accounts is established and determined based on management’s assessment of known requirements, aging of receivables, payment and bad debt history, the customer’s current credit worthiness, changes in customer payment patterns and the economic environment.

  

Advance to Suppliers

 

The Company periodically makes advances to vendors for purchases of raw materials and fixed assets, and records these purchases as advance to suppliers.

 

9
 

 

Inventory

 

Inventory consists of raw materials, finished goods of manufactured products and low-value suppliers.

 

Inventory is stated at lower of cost or market and consists of materials, labor and overhead. The Company uses the weighted average method for inventory valuation. Overhead costs included in finished goods include direct labor cost and other costs directly applicable to the manufacturing process. The Company evaluates inventory for excess, slow moving, and obsolete inventory as well as inventory the volume of which is in excess of its net realizable value. This evaluation includes analysis of sales levels by product and projections of future demand. If future demand or market conditions are less favorable than the Company’s projections, a write-down of inventory may be required, and would be reflected in cost of goods sold in the period the revision is made. There was no inventory allowance provided for the years ended December 31, 2014 and 2013, respectively.

 

Property, Plant and Equipment

 

Property, plant and equipment are carried at the lower of cost or fair value. Maintenance, repairs and minor renewals are expensed as incurred; major renewals and improvements that extend the lives or increase the capacity of plant assets are capitalized.

 

When assets are retired or disposed of, the cost and accumulated depreciation are removed from the accounts, and any resulting gains or losses are included in the results of operations in the reporting period of disposition.

 

Depreciation is calculated on a straight-line basis over the estimated useful life of the assets. The depreciable lives applied are:

 

Buildings   20 years
Machinery Equipment   10 years
Motor Vehicles   5 years
Electronic Equipment   5 years
Leasehold Improvement   Less of the lease term or 5 years

 

Revenue Recognition

 

The Company recognizes revenue when it is both earned and realized or realizable. The Company’s policy is to recognize revenue when title to the product, ownership and risk of loss have transferred to the customer, persuasive evidence of an arrangement exits and collection of the sales proceeds is reasonably assured, all of which generally occur upon products have been provided or installing service has been provided. The majority of the Company’s revenue relates to the sale of inventory to customers and engineering project installing, and revenue is recognized when title and the risks and rewards of ownership pass to the customer, as well as engineering projects finished completion acceptance.

 

Cost of Goods Sold

 

Cost of goods sold consists primarily of the costs of raw materials, direct labor, depreciation of plants and machinery, and overhead costs associated with the manufacturing process and installing service provided to customers.

  

Income Taxes

 

The Company adopts FASB ASC Topic 740, “Income Taxes,” which requires the 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 income taxes are recognized for the tax consequences in future years of differences between the tax bases of assets and liabilities and their financial reporting amounts at each period end based on enacted tax laws and statutory tax rates applicable to the periods in which the differences are expected to affect taxable income. Valuation allowances are established when necessary to reduce deferred tax assets to the amount expected to be realized.

 

10
 

 

In July 2006 the FASB issued FIN 48(ASC 740-10), “Accounting for Uncertainty in Income Taxes — An Interpretation of FASB Statement No. 109 (ASC 740)”, which requires income tax positions to meet a more-likely-than-not recognition threshold to be recognized in the financial statements. Under FIN 48(ASC 740-10), tax positions that previously failed to meet the more-likely-than-not threshold should be recognized in the first subsequent financial reporting period in which that threshold is met. Previously recognized tax positions that no longer meet the more-likely-than-not threshold should be derecognized in the first subsequent financial reporting period in which that threshold is no longer met.

  

As a result of the implementation of FIN 48 (ASC 740-10), the Company undertook a comprehensive review of its portfolio of tax positions in accordance with recognition standards established by FIN 48 (ASC 740-10). The Company recognized no material adjustments to liabilities or stockholders’ equity as a result of the implementation. The adoption of FIN 48 did not have a material impact on the Company’s financial statements.

 

The application of tax laws and regulations is subject to legal and factual interpretation, judgment and uncertainty. Tax laws and regulations themselves are subject to change as a result of changes in fiscal policy, changes in legislation, the evolution of regulations and court rulings. Therefore, the actual liability may be materially different from our estimates, which could result in the need to record additional tax liabilities or potentially reverse previously recorded tax liabilities or deferred tax asset valuation allowance.

 

Enterprise Income Tax

 

Under the Provisional Regulations of PRC Concerning Income Tax on Enterprises promulgated by the PRC (the “EIT Law”), the Company was recognized as a government-certified high technology company on July 2, 2014, and income tax is payable by enterprise at a rate of 15% of its taxable income. This qualification certificate will be effective and the applicable income tax rate maintains 15% until the certificate expires on July 2, 2017.

 

Value Added Tax

 

The Provisional Regulations of PRC Concerning Value Added Tax promulgated by the State Council came into effect on January 1, 1994. Under these regulations and the Implementing Rules of the Provisional Regulations of the PRC Concerning Value Added Tax, value added tax is imposed on goods sold in, or imported into, the PRC and on processing, repair and replacement services provided within the PRC.

 

Value added tax payable in the PRC is charged on an aggregated basis at a rate of 17% (depending on the type of goods involved) on the full price collected for the goods sold or, in the case of taxable services provided, at a rate of 17% on the charges for the taxable services provided, but excluding, in respect of both goods and services, any amount paid in respect of value added tax included in the price or charges, and less any deductible value added tax already paid by the taxpayer on purchases of goods and services in the same financial year.

 

Sales Taxes and Sales-Related Taxes

 

Pursuant to the tax law and regulations of the PRC, the Company is obligated to pay 7% and 5% of the annual VAT paid as taxes on maintaining and building cities and education additional fees, both of which belong to sales-related taxes. Sales-related taxes are recorded when sales revenue is recognized.

 

Government Grants

 

Government grants are recognized as income over the periods necessary to match them with the related costs. If the grants do not relate to any specific expenditure incurred by the Company, they are reported separately as other income. Government grants are recognized until there is reasonable assurance that both the Company will comply with the conditions attaching to the grant and the grant will be received. Government grants to the Company are primarily for its Huimin solar water heater expanding project for the year ending December 31, 2013.

 

11
 

  

Concentrations of Business and Credit Risks

 

All of the Company’s manufacturing is located in the PRC. There can be no assurance that the Company will be able to successfully continue to manufacture its products and failure to do so would have a material adverse effect on the Company’s financial position, results of operations and cash flows. Also, the success of the Company’s operations is subject to numerous contingencies, some of which are beyond management’s control. These contingencies include general economic conditions, prices of raw materials, competition, governmental and political conditions, and changes in regulations. Since the Company is dependent on trade in the PRC, the Company is subject to various additional political, economic and other uncertainties. Among other risks, the Company’s operations will be subject to the risks of restrictions on transfer of funds, domestic customs, changing taxation policies, foreign exchange restrictions, and political and governmental regulations.

 

The Company operates in the PRC, which may give rise to significant foreign currency risks from fluctuations and the degree of volatility of foreign exchange rates between USD and RMB. The results of operations denominated in foreign currency are translated at the average rate of exchange during the reporting periods.

 

Recent Accounting Pronouncements

 

In August 2014, the FASB has issued ASU No. 2014-15, Presentation of Financial Statements—Going Concern (Subtopic 205-40): Disclosure of Uncertainties about an Entity’s Ability to Continue as a Going Concern. ASU 2014-15 is intended to define management’s responsibility to evaluate whether there is substantial doubt about an organization’s ability to continue as a going concern and to provide related footnote disclosures. The amendments are effective for annual periods ending after December 15, 2016, and interim periods within annual periods beginning after December 15, 2016. Early application is permitted for annual or interim reporting periods for which the financial statements have not previously been issued statements. The Company does not expect the adoption to have a significant impact on its consolidated financial statements.

 

NOTE 3 - RESTRICTED CASH

 

Restricted cash consists of following:

 

   June 30,
2015
   December 31,
2014
 
   (Unaudited)     
Pledged for bank drafts  $564,516   $1,772,878 
Total  $564,516   $1,772,878 

 

Restricted cash is pledged with banks for the purpose issuing bank drafts. Banks require the Company to deposit a pledged amount of cash as a percentage of the bank draft amount the Company applied into the bank. The percentage required is 50% to 100% for each bank draft. The Company is not able to withdraw or use the pledged cash deposit until the bank draft expires.

 

The Company applied for the bank drafts in the Bengbu branch of Shanghai Pudong Bank. The guarantee deposits were recorded under the accounting subject of other monetary funds.

 

12
 

 

NOTE 4 - ACCOUNTS RECEIVABLE

 

Accounts receivable consisted of the following at June 30, 2015 and December 31, 2014:

 

   June 30,
2015
   December 31,
2014
 
   (Unaudited)     
Accounts receivable  $2,607,880   $728,656 
Less: allowance for doubtful accounts   (45,315)   (42,580)
Total  $2,562,565   $686,076 

 

The Company’s accounts receivable amounted to $2,607,880and $728,656, respectively, net of allowance for doubtful accounts amounting to $45,315 and $42,580 as of June 30, 2015 and December 31, 2014, respectively. The credit term given to customers is within 1 year, 99.52% and 97.43% of the balance were within 1 year as of June 30, 2015 and December 31, 2014 respectively. There was no change of payment term and collectability from prior year.

 

The Company's accounting method of estimating uncollectible accounts receivable, is adopted by both specific identification and the method of aging accounts. For obvious sign of uncollectible accounts of certain customers, specific identification is used to accrue allowance for doubtful accounts, while different percentage to accrue allowance is distributed to other customers with different aging.

 

NOTE 5 - ADVANCES TO SUPPLIERS

 

The Company is required to pay deposits to the suppliers for the full amount of certain raw materials and equipments ordered. The amount was $5,583,231 and $3,161,468 as of June 30, 2015 and December 31, 2014, respectively.

 

NOTE 6 - DUE FROM RELATED PARTIES

 

Due from related parties consists of the following:

 

   June 30,
2015
   December 31,
2014
 
   (Unaudited)     
Li Qimei   391,131    1,022,025 
Bengbu Boyuan Real Estate Co.,ltd   156,804    597,798 
Total  $547,935   $1,619,823 

 

Due from related parties includes receivable from the owner and the related parties. Li Qimei is the 40% owner of the Company. Li Qimei received payments from customers on behalf of the Company, and such funds have not yet been remitted to the Company. Li Qimei has a signed funds agreement with the Company agreeing to fully repay the funds by December 31, 2016.

 

Bengbu Boyuanzhiye Co., Ltd., or BBC Ltd., is a real estate company owned by Li Qimei. Since 2012, BBC Ltd. has leased to the Company a 1,139 square meters (12,260 square feet) office building in Guzhen County, Bengbu City. The Company built an approximately 3,000 square meter (32,000 square foot) four story addition to this office building at a cost of approximately RMB 4,000,000 (US $604,285). BBC Ltd. agreed to be responsible for the cost of this construction and, as a result, has signed a loan agreement agreeing to repay the $604,285 construction cost amount to the Company by January 1, 2016.

 

13
 

 

NOTE 7 - INVENTORY

 

Inventory consists of the following:

 

   June 30,
2015
   December 31, 2014 
   (Unaudited)     
Raw Materials  $211,656   $65,497 
Finished Goods   124,967    225,360 
Goods in transit   62,939    - 
Supplies   403    403 
Total  $399,965   $291,260 

 

For the six months ended Jun 30, 2015 and the year ended December 31,2014, the Company has not made provision for inventory in regards to slow moving or obsolete items.

  

NOTE 8 - OTHER CURRENT ASSETS

 

Other current asset consists of the following:

 

    March 31,
2015
    December 31,
2014
 
    (Unaudited)        
Other receivables   $ 565,620     $ 1,387,230  
Prepaid expenses     6,876       4,537  
Total   $ 572,496     $ 1,391,767  

 

Other receivables mainly include cash advance of employee, deposit and inter-company borrowing. Cash advance is necessary for salesman to expand business and establish business relationship. Inter-company borrowing includes borrowings without interest and prepaid charges paid by the Company.

 

NOTE 9 - CONSTRUCTION IN PROGRESS

 

The company has purchased an office building near Bengbu World Trade Center in April 2015. The gross area of the building totals 1,902.41 square meters (20,473 square feet), the company bought the office building with an amount of $2,922,903.

 

14
 

 

NOTE 10 - PROPERTY, PLANT AND EQUIPMENT

 

Property, plant and equipment of the Company consist of the following:

 

   June 30,
2015
   December 31,
2014
 
   (Unaudited)     
Machinery equipment  $1,769,088   $1,767,777 
Motor Vehicles   266,974    266,776 
Electronic equipment   42,589    42,557 
Furniture and office equipment   30,713    30,690 
Leasehold Improvement   3,771    3,768 
Less Accumulated Depreciation   (728,444)   (626,320)
Total  $1,384,691   $1,485,248 

 

Depreciation expense is $101,659 and $243,988 for the six months ended June 30, 2015 and year ended December 31, 2014, respectively.

 

NOTE 11 - ADVANCES TO SUPPLIERS-NON-CURRENT

 

Advances to suppliers- non-current of the company consist of $1,470,703 of advances to suppliers for equipment and properties.

 

NOTE 12 - DUE FROM RELATED PARTIES-NON-CURRENT

 

Due from related parties- non-current of the company consist of $427,889 from due from related party Bengbu Boyuanzhiye Co., Ltd that would not be received in one year.

 

Ms. Li had paid off all payment ahead of Roll-forward schedule ended June 30, 2015.

 

NOTE 13 - SHORT-TERM LOAN

 

Short-term loans of the Company consist of the following:

 

   June 30,
2015
   December 31,
2014
 
         
Huishang Bank Bengbu Branch  $806,452   $805,854 
Bank of Communications Bengbu Branch   806,452    805,854 
The Xuehua branch of Bengbu Rural Commercial Bank   1,612,903    967,024 
The Bengbu branch of Shanghai Pudong Bank   1,290,322    1,289,366 
Total  $4,516,129   $3,868,098 

 

In January 2015, the Company renewed the loan agreement with the Xuehua branch of Bengbu Rural Commercial Bank for a one-year loan due January 9, 2016, in amount of RMB 5,000,000 (approximately $806,452). The interest on the loan is a fixed interest floating 60% on base annual interest of value date. In connection with the loan agreement, the Company entered into a cooperation agreement with individuals (Na Wei, Bin Wei). The loan was guaranteed by these individuals.

In May 2015, the Company renewed the loan agreement with the Huishang Bank Bengbu Branch for a one-year loan due May 14, 2016, in amount of RMB 5,000,000 (approximately $806,452). The interest on the loan is a fixed interest floating 36.39% on base annual interest of value date. In connection with the loan agreement, the Company entered into a cooperation agreement with Bengbu High-tech SMEs Credit Guarantee Co. LTD. The loan was guaranteed by the guarantee company.

15
 

 

NOTE 14 - NOTES PAYABLE

 

Notes payable of the Company consists of the following:

 

      Origination  Maturity  Jun 30,   Dec 31, 
Beneficiary  Endorser  date  date  2015   2014 
            (Unaudited)     
Anhui Jiangnan Trade Co. Ltd  Bank of communications  2014/7/18  2015/1/17      $483,512 
Anhui FeiteFule&Equipment Manufacture Co. Ltd  Bengbu BRC bank  2014/7/8  2015/1/8       1,289,366 
Bengbu Hongyang Trade Co. Ltd  Bengbu BRC bank  2014/12/17  2015/6/17       805,854 
Hefei Yushi Trade Co. Ltd  Pudong Development Bank  2015/6/30  2015/12/30  $483,871     
Total           $483,871   $2,578,732 

 

Notes payable represents all bank acceptances. The Company had notes payables of $483,871 as of June 30, 2015, represented the outstanding and used notes are guaranteed to be paid by bank and matured within a short-term period of six months. The company is required to maintain cash deposits at 100% of the balance of note payables in bank account. And the outstanding amount consisted of $483,871 will mature on December 30, 2015.

 

NOTE 15 - INCOME TAXES

 

Under the EIT Law, the standard EIT rate is 25%. The PRC subsidiaries of the Company are subject to PRC income taxes on an entity basis on income arising in or derived from the tax jurisdiction in which they operate.

16
 

 

Provision for income taxes consists of:

 

   For the six months ended
June 30,
   For the three months ended
June 30,
 
   2015   2014   2015   2014 
Current provision:   85,557    364,827    (262,461)  $(15,502)
Deferred provision:   (5,325)   (397,357)   387,513    7,930 
Total provision for income taxes  $80,232   $(32,530)  $125,052   $(7,572)

 

The Company was recognized as a government-certified high technology company on June 23, 2011 and was subject to an income tax rate of 15% for calendar year 2012 and 2013. This qualification certificate will be effective and the applicable income tax rate is 15% until the certificate expires on July 2, 2017.

 

Significant components of deferred tax assets are as follows:

 

   Jun 30,
2015
   December 31,
2014
 
   (Unaudited)     
Deferred tax assets        
Allowance for doubtful accounts  $16,374   $18,697 
Accrued payroll expenses   16,034    8,348 
Deferred tax assets, net  $32,407   $27,045 

 

The Company has deferred tax assets of $32,407 and $27,045 as of the six months ended Jun 30, 2015 and the year ended December 31, 2014. The allowance for doubtful accounts, led to a deferred tax assets of $16,374 and $18,697 as of the six months ended Jun 30, 2015 and the year ended December 31, 2014.

 

NOTE 16 - COMMITMENTS AND CONTINGENCIES

 

There were no significant commitments or contracts entered into by the Company during the six months ended Jun 30, 2015 and the year ended December 31, 2014.

 

NOTE 17 - MAJOR SUPPLIERS AND CUSTOMERS

 

The Company had three customers that in the aggregate accounted for 24% of the Company’s total sales for the 6 months ended June 30, 2015, with each accounting for 9%, 8% and 7%, respectively. The Company had one supplier that in the aggregate accounted for 14% of the Company’s total purchases payable for the 6 months ended June 30, 2015.

 

The Company had three major suppliers which received 59% of the advances for 6 months ended June 30, 2015. None of the suppliers was a related party.

 

17
 

 

ITEM 2. MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS

 

The following discussion should be read in conjunction with the financial statements and the notes to those statements included elsewhere in this Quarterly Report on Form 10-Q (“Form 10-Q”). This Form 10-Q contains certain statements that are forward-looking within the meaning of the federal securities laws. Certain statements contained in the MD&A are forward-looking statements that involve risks and uncertainties. The forward-looking statements are not historical facts, but rather are based on current expectations, estimates, assumptions and projections about our industry, business, and future financial results. Our actual results could differ materially from the results contemplated by these forward-looking statements due to a number of factors, including those discussed in other sections of this Form 10-Q.

 

References in this section to “China Energy Technology Corp., Ltd.,” “we,” “us,” “our,” “the Company” and “our Company” refer to China Energy Technology Corp., Ltd., and its consolidated subsidiary, Fine Progress Group Limited, a British Virgin Islands company (“FPG BVI”), and its consolidated subsidiaries.

 

Basis of Presentation

 

The unaudited interim financial statements included herein have been prepared pursuant to the rules and regulations of the Securities and Exchange Commission (“SEC”). The financial statements and notes are presented as permitted on Form 10-Q and do not contain information included in the Company’s annual statements and notes. Certain information and footnote disclosures normally included in financial statements prepared in accordance with accounting principles generally accepted in the United States of America have been condensed or omitted pursuant to such rules and regulations, although the Company believes that the disclosures are adequate to make the information presented not misleading. While management believes the procedures followed in preparing these financial statements are reasonable, the accuracy of the amounts are in some respects dependent upon the facts that will exist, and procedures that will be accomplished by the Company later in the year. These unaudited financial statements reflect all adjustments, including normal recurring adjustments which, in the opinion of management, are necessary to present fairly the operations and cash flows for the periods presented.

 

As a result of the Share Exchange (defined below) and the related change in our business and operations, a discussion of our past financial results is not pertinent, and under applicable accounting principles the historical financial results of FPG BVI, the accounting acquirer, and its consolidated subsidiaries, prior to the Share Exchange are considered the historical financial results of the Company.

 

COMPANY OVERVIEW

 

We were incorporated as Redfield Ventures Inc in Nevada on January 27, 2012. Our original business plan was to engage in strategic marketing research and consultancy, marketing communications, and business alliance synergy providing clients with key solutions in achieving business objectives. We were not successful in our efforts and discontinued this line of business. Since that time, and prior to the Share Exchange, we were a “shell company”.

 

On March 6, 2015, we entered into an Agreement and Plan of Merger, pursuant to which we merged (the “Name Change Merger”) with our newly formed, wholly owned subsidiary, China Energy Technology Corp., Ltd., a Nevada corporation (“Merger Sub”). Upon the consummation of the Name Change Merger, the separate existence of Merger Sub ceased and our shareholders became shareholders of the surviving company named “China Energy Technology Corp., Ltd.” As permitted by Chapter 92A.180 of Nevada Revised Statutes, the sole purpose of the Name Change Merger was to effect a change of our name from Redfield Ventures Inc to China Energy Technology Corp., Ltd. Upon the filing of Articles of Merger with the Secretary of State of Nevada on March 10, 2015 to effect the Name Change Merger, our Articles of Incorporation were deemed amended to reflect the change in our corporate name, effective as of March 16, 2015. We changed our name to more accurately represent our new business focus. In connection with the name change, we changed our OTC trading symbol to “CETH” effective March 16, 2015.

 

18
 

 

On March 31, 2015, the Company entered into a Share Exchange Agreement (the “Share Exchange Agreement”) with FPG BVI, a British Virgin Islands company, and its shareholders, which closed on the same date. Pursuant to the terms of the Share Exchange Agreement, FPG BVI’s 100 shares of capital stock were exchanged for an aggregate of 180,500,000 shares of the Company’s common stock, $0.001 par value per share (the “Share Exchange”), and FPG BVI became the Company’s wholly-owned subsidiary.

 

In July 2014, in anticipation of this Share Exchange, we undertook a reorganization to establish an offshore holding company structure, to comply with PRC regulations restricting foreign ownership of an entity with operations in the China.

 

On July 1, 2014, we incorporated FPG BVI, a holding company established in the British Virgin Islands. Subsequently, on October 31, 2014, FPG BVI established Ren Ren Jia International Limited, or RRJI (HK), a Hong Kong limited liability company, as its wholly owned subsidiary. RRJI (HK) then, on February 2, 2015, established Anhui Zhijia Cornerstone Electronics Technology Co., Ltd., or Anhui Electronics, as a wholly foreign-owned enterprise in China. Anhui Electronics entered into a series of contractual agreements with Anhui Renrenjia Solar Co., Ltd. (“Anhui Solar”) and its shareholders, including the exclusive business cooperation agreement, the equity pledge agreement, the exclusive option agreement and the power of attorney, under which Anhui Electronics exercises effective control over the operations of Anhui Solar. The shareholders of Anhui Solar received nominal monetary benefits in return for entering into the contractual arrangements with Anhui Electronics.

 

We currently have authorized 200,000,000 shares of capital stock, consisting of (i) 200,000,000 shares of Common Stock, and (ii) no shares of Preferred Stock.

 

As a result of the Share Exchange, we changed our business focus to the business of Anhui Solar, which is the manufacture and sale of solar powered water heater systems in the People’s Republic of China, and will continue the existing business operations of Anhui Solar as a publicly-traded company under the name China Energy Technology Corp., Ltd.

 

The registered owners of Anhui Solar, Ji Quan and Li Qimei, own 80% and 20% of the outstanding capital of Anhui Solar, respectively. Ji Quan owns 100% of Superb Quality Holdings Limited, a British Virgin Islands corporation which owns 58% of FPG BVI, and Li Qimei owns 100% of Cherish Stone Holdings Limited, a British Virgin Islands corporation which owns 40% of FPG BVI. Ji Quan and Li Qimei, husband and wife, through spousal consents, have each unconditionally and irrevocably agreed that the other may enter into and be bound by the exclusive option agreement, equity pledge agreement and power of attorney with Anhui Electronics.

 

Due to PRC legal restrictions and qualification requirements on foreign ownership and investment in companies in China, we operate our business through our consolidated affiliated entity, Anhui Solar. We do not hold any equity interest in Anhui Solar; however, through a series of contractual arrangements with Anhui Solar and its shareholders discussed below, we effectively control Anhui Solar and enjoy its economic benefits. Anhui Solar is considered a "variable interest entity" of our company under U.S. generally accepted accounting principles. Therefore, we have consolidated the financial results of Anhui Solar into our financial statements. If Anhui Solar or its shareholders fail to perform their respective obligations under the contractual arrangements, we could be limited in our ability to enforce the contractual arrangements that give us effective control over Anhui Solar. Furthermore, if we are unable to maintain effective control over Anhui Solar, we would not be able to continue to consolidate the financial results of Anhui Solar with ours.

 

RESULTS OF OPERATIONS

 

Our original business plan was to engage in strategic marketing research and consultancy, marketing communications, and business alliance synergy providing clients with key solutions in achieving business objectives. As a result of the Share Exchange, we changed our business focus to the business of Anhui Solar, which is the manufacture and sale of solar powered water heater systems in the People’s Republic of China.

 

We currently manufacture and sell the vacuum tube solar energy collector and the balcony flat panel solar energy collector type solar water heating systems. Net income from the operation has been increased to $686,729 for the six months ended June 30, 2015, and $933,350 for the three months ended June 30, 2015 from loss of $200,167 and $27,941 for the same periods in 2014.   In 2015, we began to exploit new markets in Sichuan and Hubei provinces. Sales in these new markets account for 24% and 16% of total sales respectively for the six months ended June 30, 2015. We also target to sell platform style solar water heating systems to real estate developers for large urban apartment building projects. A substantial portion of our recent business has been, and we expect will continue to be such real estate developers and, as a result of this market focus, we expect profit to improve constantly in the future.

 

19
 

 

Results of operation for the six months ended June 30, 2015 and the three months ended June 30, 2015 compared to the six months ended June, 30, 2014 and the three months ended June 30, 2014

 

The following table sets forth key components of our results of operations for the periods indicated, in US dollars, and key components of our revenue for the periods indicated, in US dollars. The discussion following the table is based on these results.

 

   For the six months Ended  
June 30  
   For the three months Ended
June 30
 
   2015   2014     2015   2014 
   Unaudited   Unaudited   Unaudited   Unaudited 
                 
Sales  $4,157,215   $362,649   $4,133,875   $334,630 
Cost of goods sold    (3,139,800)    (215,928)    (3,111,221)    (191,391)
Gross profit   1,017,415    146,721    1,022,654    143,239 
                     
Operating expenses:                    
General and administrative expenses   (232,545)   (192,135)   (53,328)   (107,439)
Selling Expenses   (79,717)   (128,975)   (27,837)   (50,982)
Depreciation and amortization expenses    (18,424)   (25,778)    (8,139)    (12,759)
Total operating expenses:   (330,686)   (346,888)   (89,304)   (171,180)
                     
Operating Income   686,729    (200,167)   933,350    (27,941)
Other income (expense):                    
Interest income   14,850    431    4,950    238 
Interest expense   (174,101)   (58,439)   (90,397)   (28,899)
Other expenses, net   (26,640)   (17,331)   (26,612)   (6,775)
Total other expenses, net    (185,891)    (75,339)    (112,059)    (35,436)
Income before provision for income taxes   500,838    (275,506)   821,291    (63,377)
                     
(Provision) benefit for income taxes   (80,232)   32,530    (125,052)   7,572 
                     
Net income(loss)   420,606    (242,976)   696,239    (55,805)
Other Comprehensive Income                    
Foreign currency translation gain   -    -     -       
Comprehensive income(loss)  $420,606   $(242,976)  $696,239   $(55,805)

 

20
 

 

Net Sales/ Revenue:

 

Net sales increased by $3,794,566 for the six months ended June 30, 2015 compared to the six months ended June 30, 2014; for the three months ended June 30, 2015 and 2014, net sales were $4,133,875 and $334,630 respectively, the increase mainly due to development of new markets in Sichuan and Hubei provinces. Sales in these new markets accounted for 24% and 16% of total sales respectively for the six months ended June 30, 2015. We also started to sell platform style solar water heating systems to real estate developers for large urban apartment building projects. Products sold in the three months ended June 30, 2015 increased to 21 kinds compared to 5 kinds for the same period in 2014.

 

Gross profit:

 

Gross profit increased by $870,694 for the six months ended June 30, 2015 and $879,415 for the three months ended June 30, 2015 when compared with the same periods ended June 30, 2014.  This increase of Gross profit is attributable to significant increased sales in 2015.

 

Operating Expenses:

 

Our General and Administrative expenses increased from $192,135 for the six months ended June 30, 2014 to $232,545 for the same period in 2015, and decreased from $107,439 for the three months ended June 30, 2014 to $53,328 for the same period in 2015. The majority of the decrease for the three months ended June 30, 2015 relates to reverse of bad debt allowance for other receivables, as long term receivables were collected in 2015, and the related allowance were reversed accordingly.

 

Selling expenses decreased from $128,975 for the six months ended in June 30, 2014, to $79,717 for the same period in 2015, and $50,982 for the three months ended in June 30, 2014 to $27,837 for the same period in 2015. This decrease was mainly due to reduction of installation expenses, freight and advertising, of which installation expenses decreased by $19,372, and freight decreased by $19,401 because of reduction of retail sales of vacuum tube solar energy collectors in first quarter of 2015 and part of installation expenses were afforded by resellers from second quarter of 2015.

 

Income (Loss) from Operations:

 

Income from operations was $686,729 for the six months ended June 30, 2015, and $933,350 for the three months ended June 30, 2015 compared to losses of $200,167 and $27,941 for the same periods in 2014.

 

The income increases of $886,895 for the six months ended June 30, 2015, and $961,291 for the three months ended June 30, 2015, were primarily the result of development of our multi-unit real estate developer installation business from April to June 2015, which achieved higher sales volume and higher operating income. We also increased our efforts to collect long term accounts receivable, as a result of which doubtful accounts were substantively reduced.

 

Net Income (Loss):

 

Net income was $420,606 for the six months ended June 30, 2015, and $696,239 for the three months ended June 30,2015 compared to loss of $242,976 for the six months ended June 30, 2014, and loss of $55,805 for the three months ended June 30,2014, an increase of $663,582and $752,840 respectively.

 

21
 

 

LIQUIDITY AND CAPITAL RESOURCES

 

The following table provides certain selected balance sheets comparisons between June 30, 2015 and December 31, 2014:

 

   As of 
   June 30
2015
   December 31 2014 
   Unaudited   Audited 
Cash and cash equivalents  $4,867   $26,870 
Restricted cash   564,516    1,772,878 
Accounts receivable, net   2,562,565    686,076 
Advances to suppliers   5,583,231    3,161,468 
Due from related party   547,935    1,619,823 
Inventory   399,965    291,260 
Deferred tax assets   32,407    27,045 
Other current assets   572,496    1,391,767 
Total Current Assets    10,267,982     8,977,187 
           
Property and equipment, net   1,384,691    1,485,248 
Construction in progress   2,922,903    - 
Intangible assets, net   8,419    9,522 
Advances to suppliers-non current   1,470,703    1,250,067 
Due from related parties-non current    427,889     1,416,309 
Total Assets    16,482,587     13,138,333 
           
Short-term loans   4,516,129    3,868,098 
Notes payable   483,871    2,578,732 
Accounts payable   3,290,727    529,666 
Advance from customers   995,802    912,367 
Taxes payable   2,095,177    1,244,734 
Other current liabilities   1,311,691    639,950 
Total Current Liabilities  $12,693,397   $9,773,547 

 

Liquidity:

 

As of June 30, 2015, our balance of cash and cash equivalents was $4,867 and restricted cash was $564,516, compared to $26,870 and $1,772,878 respectively as of December 31, 2014. Restricted cash was pledged with banks for the purpose of issuing bank drafts. The decrease of our restricted cash during the six months ended June 30, 2015 was due to decreased notes payable by an amount of $2,094,861. Banks require a company to deposit pledged amounts of cash as a percentage of the bank draft amount lent to a company. The percentage required for Anhui Solar was 50% to 100% by different banks.

 

Capital Resources:

 

Current assets as of June 30, 2015 totaled $10,267,982, an increase of 14% compared with December 31, 2014, mainly due to the increase of $1,876,489 of accounts receivable and $2,421,763 of advances to suppliers, respectively. Accounts receivable increased because sales during the period of April to June 2015 increased significantly, cost of goods sold increased correspondingly, in order to meet production demand for materials and inventories, and advances to suppliers increased in the same pace. Because the Company predicted that there would be a dramatic rise in price of raw materials in 2015, the Company made payments to major suppliers in advance based on estimated sales for the year, so as to be able to lock in lower raw materials prices for 2015.

 

22
 

 

Meanwhile, decrease of our restricted cash and due from related parties as well as other receivables offset the influence of accounts receivable and advances to suppliers. Restricted cash decreased because the majority of bank drafts expired and the deposits were used for payment. Due from related parties decreased as one of the owners of Anhui Solar, Ms. Li, received payments from customers on behalf of the company during the prior year, and most of that amount has been remitted to the company through payments to suppliers as Ms. Li agreed to fully repay the amount she owes to the company by December 31, 2016. Other receivables decreased by $819,271 as loans to an unrelated company were repaid.

 

Current liabilities as of June 30, 2015 totaled $12,693,397, reflecting an increase of 30% from the December 31, 2014 balance of $9,773,547. This increase was due primarily to an increase in our accounts payable, short term loans, taxes payable and other current liabilities, which was partly offset by notes payable. As of June 30, 2015, a majority of our bank drafts had been expired and $2,094,861 (RMB16, 000,000) of notes with Bengbu Rural Commercial Bank (“Bengbu BRC Bank”) and the Bank of Communications had been repaid upon maturity, therefore our notes payable decreased observably. On the other hand, taxes payable increased by $850,433 as sales increased by $3,794,566, and tax payable-output VAT increased accordingly. Other current liabilities increased from $639,950 to $1,311,691, which was mainly caused by an increase in staff borrowings.

 

At the same time, we had to continue increasing short term loans from banks to balance capital flows and satisfy production requirements. All of our short term loans from banks are required to be used for routine business activities according to bank agreement restrictions. Our agreement with the Xuehua branch of Bengbu BRC Bank requires that our loan of $1,612,903 (RMB10, 000,000) be used for the purchase of production materials only, and not for property, plant and equipment purchases, equity investments or any other purpose. Our agreements with the Bengbu branch of Shanghai Pudong Bank and Huishang Bank require that our loans of $1,612,903 (RMB8, 000,000) and $806,452 (RMB5, 000,000), respectively, be used for the purchase of production materials only.

 

Discussion of Cash Flow

 

Comparison of cash flow results for the six months ended June 30, 2015 and 2014 is summarized as follows:

 

   For the six months ended
June 30
 
   2015   2014 
   Unaudited   Unaudited 
         
Net cash provided by (used in)          
Operating Activities  $1,042,809   $383,243 
Investing Activities    (2,913,871    (56,416) 
Financing Activities    1,849,107     (486,362) 
Effect of exchange rate changes on cash and cash equivalents    (48    (3,411
Change in cash during the period  $(22,003)  $(162,946)

 

23
 

 

Operating Activities

 

Net cash provided by operating activities during the six months ended June 30, 2015 was $1,042,809, which consisted of our net income of $420,606, offset by net changes in operating assets and liabilities, including an increase of accounts receivable of $1,872,879 and advances to suppliers of $2,411,941, decrease of due from related party and other non-current assets of $1,069,773 and $767,383, respectively, decrease of notes payable of $2,090,295, increase of accounts payable of $ 2,752,137, other payables of $669,192 and taxes payable of $846,895.

 

Net cash provided by operating activities during the six months ended June 30, 2014 was $383,243, which consisted of our net loss of $242,976, offset by net changes in operating assets and liabilities, including a decrease in accounts receivable of $2,458,442 and due from related party of $1,063,552, increase of advances to suppliers and other receivables of $$643,699 and $2,747,726, respectively, increase in notes payable of $1,296,963 and taxes payable of $256,410 and a decrease of accounts payable of $537,806.

 

Investing Activities

 

Net cash used by investing activities during the six months ended June 30, 2015 was $2,913,871, mainly related to the purchase of office building which is still under construction in progress.

 

Net cash used by investing activities during the six months ended June 30, 2014 was $56,416, mainly related to the purchase of equipment.

 

Financing Activities

 

Net cash provided by financing activities for the six months ended June 30, 2015 was $1,849,107, primarily including an increase of loan borrowings from banks of $643,168 and a decrease in restricted cash of $1,205,939 as most of notes payable were matured and paid during this period.

 

Net cash used by financing activities for the six months ended June 30, 2014 was $486,362, primarily including an increase of restricted cash of $648,482 as notes payable increased $1,296,963 in the same time, and short term loans of $162,120. All of the short term loans from banks were required to be spent on routine business activities as restricted by bank agreements.

 

Quantitative and Qualitative Disclosures about Market Risk 

 

Not applicable.

 

Off-Balance Sheet Arrangements

 

We do not have any off-balance sheet arrangements, financings, or other relationships with unconsolidated entities or other persons, also known as “special purpose entities”.

 

Critical Accounting Policies, Estimates, and Judgments

 

Our financial statements are prepared in accordance with accounting principles that are generally accepted in the United States. The preparation of these financial statements requires us to make estimates and judgments that affect the reported amounts of assets and liabilities, 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. We continually evaluate our estimates and judgments, our commitments to strategic alliance partners and the timing of the achievement of collaboration milestones. We base our estimates and judgments on historical experience and other factors that we believe to be reasonable under the circumstances. Materially different results can occur as circumstances change and additional information becomes known. Besides the estimates identified above that are considered critical, we make many other accounting estimates in preparing our financial statements and related disclosures. All estimates, whether or not deemed critical, affect reported amounts of assets, liabilities, revenues and expenses, as well as disclosures of contingent assets and liabilities. These estimates and judgments are also based on historical experience and other factors that are believed to be reasonable under the circumstances. Materially different results can occur as circumstances change and additional information becomes known, even for estimates and judgments that are not deemed critical.

 

24
 

 

ITEM 3. QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK

 

Not applicable.

 

ITEM 4.  CONTROLS AND PROCEDURES

 

Evaluation of Disclosure Controls and Procedures

 

We maintain disclosure controls and procedures that are designed to ensure that material information required to be disclosed in our periodic reports filed under the Securities Exchange Act of 1934, as amended, or 1934 Act, is recorded, processed, summarized, and reported within the time periods specified in the SEC’s rules and forms and to ensure that such information is accumulated and communicated to our management, including our chief executive officer and chief financial officer as appropriate, to allow timely decisions regarding required disclosure. At the end of the quarter ended June 30, 2015 we carried out an evaluation, under the supervision and with the participation of our management, including our principal executive and the principal financial officer, of the effectiveness of the design and operation of our disclosure controls and procedures, as defined in Rule 13(a)-15(e) and Rule 15d-15(e) under the 1934 Act. Based on this evaluation, management concluded that as of June 30, 2015 our disclosure controls and procedures were not effective as of such date.

 

Limitations on Effectiveness of Controls and Procedures

 

Our management, including our Chief Executive (Principal Executive) and Chief Financial Officer (Principal Financial Officer), does not expect that our disclosure controls and procedures will prevent all errors 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. Because of 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 the Company have been detected. These inherent limitations include, but are not limited to, the realities that judgments in decision-making can be faulty and that breakdowns can occur because of simple error or mistake. Additionally, controls can be circumvented by the individual acts of some persons, by collusion of two or more people, or by management override of the control. The design of any system of controls also is based in part upon certain assumptions about the likelihood of future events and there can be no assurance that any design will succeed in achieving its stated goals under all potential future conditions. Over time, controls may become inadequate because of changes in conditions, or the degree of compliance with the policies or procedures may deteriorate. Because of the inherent limitations in a cost-effective control system, misstatements due to error or fraud may occur and not be detected.

 

Changes in Internal Controls

 

During the fiscal quarter ended June 30, 2015, there have been no changes in our internal control over financial reporting that have materially affected or are reasonably likely to materially affect our internal controls over financial reporting.

 

25
 

 

PART II – OTHER INFORMATION

 

ITEM 1. LEGAL PROCEEDINGS

 

From time to time, we may be a defendant and plaintiff in various legal proceedings arising in the normal course of our business. We are currently not a party to any material legal proceedings or government actions, including any bankruptcy, receivership, or similar proceedings. In addition, we are not aware of any known litigation or liabilities involving the operators of our properties that could affect our operations. Furthermore, as of the date of this Quarterly Report, our management is not aware of any proceedings to which any of our directors, officers, or affiliates, or any associate of any such director, officer, affiliate, or security holder is a party adverse to our company or has a material interest adverse to us.

 

ITEM 1A. RISK FACTORS

 

For information regarding risk factors, please refer to our Current Report on Form 8-K filed with the SEC on March 31, 2015, as amended, which may be accessed via EDGAR through the Internet at www.sec.gov.

 

ITEM 2. UNREGISTERED SALES OF EQUITY SECURITIES AND USE OF PROCEEDS

 

Other than as may be reported in our Current Reports on Form 8-K, or prior periodic reports, we have not sold any of our equity securities during the period covered by this Quarterly Report, or subsequent period through the date hereof.

 

ITEM 3. DEFAULTS UPON SENIOR SECURITIES

 

None.

 

ITEM 4. MINE SAFETY DISCLOSURES

 

Not applicable.

 

ITEM 5. OTHER INFORMATION

 

None.

 

ITEM 6. EXHIBITS

 

In reviewing the agreements included as exhibits to this Form 10-Q, please remember that, while these exhibits constitute public disclosure under the federal securities laws, they are included to provide you with information regarding their terms and are not intended to provide any other factual or disclosure information about the Company or the other parties to the agreements. The agreements may contain representations and warranties by each of the parties to the applicable agreement. These representations and warranties have been made solely for the benefit of the parties to the applicable agreement and:

 

  should not in all instances be treated as categorical statements of fact, but rather as a way of allocating the risk to one of the parties if those statements prove to be inaccurate;

 

  have been qualified by disclosures that were made to the other party in connection with the negotiation of the applicable agreement, which disclosures are not necessarily reflected in the agreement;

 

  may apply standards of materiality in a way that is different from what may be viewed as material to you or other investors; and

 

  were made only as of the date of the applicable agreement or such other date or dates as may be specified in the agreement and are subject to more recent developments.

 

Accordingly, these representations and warranties may not describe the actual state of affairs as of the date they were made or at any other time. Additional information about the Company may be found elsewhere in this Form 10-Q and the Company’s other public filings, which are available without charge through the SEC’s website at http://www.sec.gov.

 

26
 

 

The following exhibits are included as part of this report:

 

Exhibit Number   Description of Exhibit
31.1*   Certification of Principal Executive Officer and Pursuant to Rule 13a-14
31.2*   Certification of Principal Financial Officer Pursuant to Rule 13a-14
32.1**   CEO Certification Pursuant to Section 906 of the Sarbanes-Oxley Act
32.2**   CFO Certification Pursuant to Section 906 of the Sarbanes-Oxley Act
101.INS*   XBRL Instance Document
101.SCH*   XBRL Taxonomy Extension Schema Document
101.CAL*   XBRL Taxonomy Extension Calculation Linkbase Document
101.LAB*   XBRL Taxonomy Extension Labels Linkbase Document
101.PRE*   XBRL Taxonomy Extension Presentation Linkbase Document
101.DEF*   XBRL Taxonomy Extension Definition Linkbase Document

 

* Filed herewith.

 

** This certification is being furnished and shall not be deemed “filed” with the SEC for purposes of Section 18 of the Exchange Act, or otherwise subject to the liability of that section, and shall not be deemed to be incorporated by reference into any filing under the Securities Act or the Exchange Act, except to the extent that the registrant specifically incorporates it by reference.

 

27
 

 

SIGNATURES

 

In accordance with the requirements of the Securities Exchange Act of 1934, the Registrant has caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

 

  CHINA ENERGY TECHNOLOGY CORP., LTD.
   
Dated: August 19, 2015 By: /s/ Quan Ji
  Quan Ji,
Chief Executive and Financial Officer

 

 

 

28

 

 

EX-31.1 2 f10q0615ex31i_chinaenergy.htm CERTIFICATION

Exhibit 31.1

 

CERTIFICATION OF PRINCIPAL EXECUTIVE AND FINANCIAL OFFICER

PURSUANT TO SECTION 302 OF THE SARBANES-OXLEY ACT OF 2002

 

I, Quan Ji, certify that:

 

1.         I have reviewed this quarterly report on Form 10-Q of China Energy Technology Corp., Ltd.;

 

2.         Based on my knowledge, the quarterly report does not contain any untrue statement of 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 quarterly 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 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 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 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 function):

 

(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 controls.

 

Date:  August 19, 2015 /s/ Quan Ji
  Quan Ji, Chief Executive Officer

EX-31.2 3 f10q0615ex31ii_chinaenergy.htm CERTIFICATION

Exhibit 31.2

 

CERTIFICATION OF PRINCIPAL EXECUTIVE AND FINANCIAL OFFICER

PURSUANT TO SECTION 302 OF THE SARBANES-OXLEY ACT OF 2002

 

I, Quan Ji, certify that:

 

1.         I have reviewed this quarterly report on Form 10-Q of China Energy Technology Corp., Ltd.;

 

2.         Based on my knowledge, the quarterly report does not contain any untrue statement of 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 quarterly 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 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 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 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 function):

 

(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 controls.

 

Date:  August 19, 2015 /s/ Quan Ji
  Quan Ji, Chief Financial Officer
EX-32.1 4 f10q0615ex32i_chinaenergy.htm CERTIFICATION

Exhibit 32.1

 

CERTIFICATION PURSUANT TO 18 U.S.C. SECTION 1350,

AS ADOPTED PURSUANT TO

SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002

 

In connection with the Quarterly Report of China Energy Technology Corp., Ltd. (the “Company”) on Form 10-Q for the quarter ended June 30, 2015 as filed with the Securities and Exchange Commission on the date hereof (the “Report”), I, Quan Ji, Chief Executive Officer of the Company, certify, pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 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; and
   
(2)The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company.

 

A signed original of this written statement required by Section 906 has been provided to the Company and will be retained by the Company and furnished to the Securities and Exchange Commission or its staff upon request.

  

Date:  August 19, 2015

/s/ Quan Ji
  Quan Ji, Chief Executive Officer

 

EX-32.2 5 f10q0615ex32ii_chinaenergy.htm CERTIFICATION

Exhibit 32.2

 

CERTIFICATION PURSUANT TO 18 U.S.C. SECTION 1350,

AS ADOPTED PURSUANT TO

SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002

 

In connection with the Quarterly Report of China Energy Technology Corp., Ltd. (the “Company”) on Form 10-Q for the quarter ended June 30, 2015 as filed with the Securities and Exchange Commission on the date hereof (the “Report”), I, Quan Ji, Chief Financial Officer of the Company, certify, pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 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; and
   
  (2) The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company.

 

A signed original of this written statement required by Section 906 has been provided to the Company and will be retained by the Company and furnished to the Securities and Exchange Commission or its staff upon request.

 

Date:  August 19, 2015 /s/ Quan Ji
  Quan Ji, Chief Financial Officer

 

EX-101.INS 6 ceth-20150630.xml XBRL INSTANCE FILE 0001554300 2012-01-01 2012-12-31 0001554300 2013-01-01 2013-12-31 0001554300 2013-12-31 0001554300 2014-04-01 2014-06-30 0001554300 2014-01-01 2014-06-30 0001554300 2014-06-30 0001554300 2014-07-01 2014-07-02 0001554300 2014-01-01 2014-12-31 0001554300 2014-12-31 0001554300 us-gaap:MachineryAndEquipmentMember 2014-12-31 0001554300 us-gaap:VehiclesMember 2014-12-31 0001554300 us-gaap:EquipmentMember 2014-12-31 0001554300 us-gaap:OfficeEquipmentMember 2014-12-31 0001554300 us-gaap:LeaseholdImprovementsMember 2014-12-31 0001554300 ceth:LiQimeiMember 2014-12-31 0001554300 ceth:BengbuBoyuanRealEstateCoLtdMember 2014-12-31 0001554300 ceth:BankLoanOneMember 2014-12-31 0001554300 ceth:BankLoanTwoMember 2014-12-31 0001554300 ceth:BankLoanThreeMember 2014-12-31 0001554300 ceth:BankLoanFourMember 2014-12-31 0001554300 ceth:AnhuiJiangnanTradeCoLtdMember 2014-12-31 0001554300 ceth:AnhuiFeiteFuleEquipmentManufactureCoLtdMember 2014-12-31 0001554300 ceth:BengbuHongyangTradeCoLtdMember 2014-12-31 0001554300 ceth:HefeiYushiTradeCo.LtdMember 2014-12-31 0001554300 ceth:BankLoanThreeMember 2015-01-31 0001554300 ceth:BankLoanThreeMember 2015-01-01 2015-01-31 0001554300 2015-01-01 2015-03-31 0001554300 2015-03-31 0001554300 ceth:BankLoanThreeMember 2015-05-31 0001554300 ceth:BankLoanThreeMember 2015-05-01 2015-05-31 0001554300 2015-04-01 2015-06-30 0001554300 2015-01-01 2015-06-30 0001554300 us-gaap:MachineryAndEquipmentMember 2015-01-01 2015-06-30 0001554300 us-gaap:VehiclesMember 2015-01-01 2015-06-30 0001554300 us-gaap:EquipmentMember 2015-01-01 2015-06-30 0001554300 us-gaap:LeaseholdImprovementsMember 2015-01-01 2015-06-30 0001554300 ceth:AnhuiJiangnanTradeCoLtdMember 2015-01-01 2015-06-30 0001554300 ceth:AnhuiFeiteFuleEquipmentManufactureCoLtdMember 2015-01-01 2015-06-30 0001554300 ceth:BengbuHongyangTradeCoLtdMember 2015-01-01 2015-06-30 0001554300 ceth:HefeiYushiTradeCo.LtdMember 2015-01-01 2015-06-30 0001554300 us-gaap:SalesRevenueNetMember 2015-01-01 2015-06-30 0001554300 us-gaap:SalesRevenueNetMember us-gaap:CustomerConcentrationRiskMember 2015-01-01 2015-06-30 0001554300 ceth:CustomerConcentrationRiskOneMember us-gaap:SalesRevenueNetMember 2015-01-01 2015-06-30 0001554300 us-gaap:SupplierConcentrationRiskMember us-gaap:CostOfGoodsTotalMember 2015-01-01 2015-06-30 0001554300 us-gaap:BuildingMember 2015-01-01 2015-06-30 0001554300 ceth:ServiceTaxMember 2015-01-01 2015-06-30 0001554300 ceth:EitLawMember 2015-01-01 2015-06-30 0001554300 ceth:AdvancesMember us-gaap:SupplierConcentrationRiskMember 2015-01-01 2015-06-30 0001554300 us-gaap:SalesRevenueNetMember ceth:CustomerConcentrationRiskTwoMember 2015-01-01 2015-06-30 0001554300 2015-06-30 0001554300 us-gaap:MachineryAndEquipmentMember 2015-06-30 0001554300 us-gaap:VehiclesMember 2015-06-30 0001554300 us-gaap:EquipmentMember 2015-06-30 0001554300 us-gaap:OfficeEquipmentMember 2015-06-30 0001554300 us-gaap:LeaseholdImprovementsMember 2015-06-30 0001554300 ceth:LiQimeiMember 2015-06-30 0001554300 ceth:BengbuBoyuanRealEstateCoLtdMember 2015-06-30 0001554300 ceth:BankLoanOneMember 2015-06-30 0001554300 ceth:BankLoanTwoMember 2015-06-30 0001554300 ceth:BankLoanThreeMember 2015-06-30 0001554300 ceth:BankLoanFourMember 2015-06-30 0001554300 ceth:AnhuiJiangnanTradeCoLtdMember 2015-06-30 0001554300 ceth:AnhuiFeiteFuleEquipmentManufactureCoLtdMember 2015-06-30 0001554300 ceth:BengbuHongyangTradeCoLtdMember 2015-06-30 0001554300 ceth:HefeiYushiTradeCo.LtdMember 2015-06-30 0001554300 us-gaap:MaximumMember 2015-06-30 0001554300 us-gaap:MinimumMember 2015-06-30 0001554300 us-gaap:OfficeBuildingMember 2015-06-30 0001554300 2015-08-14 xbrli:shares iso4217:USD iso4217:CNY iso4217:USDxbrli:shares xbrli:pure utr:sqm utr:sqft ceth:Customer ceth:Supplier CHINA ENERGY TECHNOLOGY CORP., LTD. 0001554300 false --12-31 10-Q 2015-06-30 2015 Q2 Smaller Reporting Company 190000000 178775 15829 26870 4867 1772878 564516 686076 2562565 3161468 5583231 1619823 1022025 597798 547935 391131 156804 291260 399965 27045 32407 1391767 572496 8977187 10267982 1485248 1384691 604285 4000000 2922903 9522 8419 1250067 1470703 1416309 427889 13138333 16482587 3868098 805854 805854 967024 1289366 4516129 806452 806452 1612903 1290322 2578732 483512 1289366 805854 483871 483871 529666 3290727 912367 995802 1244734 2095177 639950 1311691 9773547 12693397 190000 1054235 864235 1955238 2317976 298963 356831 56350 60148 3364786 3789190 13138333 16482587 0.001 0.001 0.001 200000000 200000000 190000000 190000000 190000000 190000000 334630 362649 4133875 4157215 191391 215928 3111221 3139800 143239 146721 1022654 1017415 50982 128975 27837 79717 107439 192135 53328 232545 12759 25778 8139 18424 171180 346888 88304 330686 -27941 -200167 933350 686729 238 431 4950 14850 28899 58439 90397 174101 -6775 -17331 -26612 -26640 -35436 -75339 -112059 -185891 -63377 -275506 821291 500838 -7572 -32530 125052 80232 -55805 -242976 696239 420606 -55805 -242976 696239 420606 190000000 190000000 0.004 0.002 112515 102452 -15534 -397357 -5325 -2458442 1872879 643699 2411941 -1063552 -1069773 221532 108154 2747726 -835996 -767383 1296963 -2090295 -537806 2752137 82503 -8236 256410 846895 -5307 669192 383243 1042809 56416 2913871 -56416 -2913871 -648482 1205939 162120 643168 -486362 1849107 -3411 -48 -162946 -22003 122165 58439 174101 <p style="color: #000000; font-size: 10pt; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-align: start; text-indent: 0px; text-transform: none; white-space: normal; widows: 1; word-spacing: 0px; -webkit-text-stroke-width: 0px; font-stretch: normal; font-family: 'times new roman', serif; margin: 0px;"><b>NOTE 1 - ORGANIZATION AND BUSINESS BACKGROUND</b></p><p style="color: #000000; font-size: 10pt; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-align: start; text-transform: none; white-space: normal; widows: 1; word-spacing: 0px; -webkit-text-stroke-width: 0px; font-stretch: normal; font-family: 'times new roman', serif; margin: 0px; text-indent: 0.5in;">&#160;</p><p style="color: #000000; font-size: 10pt; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-align: start; text-indent: 0px; text-transform: none; white-space: normal; widows: 1; word-spacing: 0px; -webkit-text-stroke-width: 0px; font-stretch: normal; font-family: 'times new roman', serif; margin: 0px;"><b>Organization and Business</b></p><p style="color: #000000; font-size: 10pt; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-transform: none; white-space: normal; widows: 1; word-spacing: 0px; -webkit-text-stroke-width: 0px; font-stretch: normal; font-family: 'times new roman', serif; margin: 0px; text-indent: 0.5in; text-align: justify;">&#160;</p><p style="color: #000000; font-size: 10pt; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-indent: 0px; text-transform: none; white-space: normal; widows: 1; word-spacing: 0px; -webkit-text-stroke-width: 0px; font-stretch: normal; font-family: 'times new roman', serif; margin: 0px; text-align: justify;"></p><p style="color: #000000; font-family: 'times new roman', times, serif; font-size: 10pt; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-indent: 0px; text-transform: none; white-space: normal; widows: 1; word-spacing: 0px; -webkit-text-stroke-width: 0px; font-stretch: normal; margin: 0px; text-align: justify;">China Energy Technology Corp., Ltd. (the &#8220;Company&#8221;) was incorporated as Redfield Ventures Inc in Nevada on January 27, 2012. The Company&#8217;s original business plan was to engage in strategic marketing research and consultancy, marketing communications, and business alliance synergy providing clients with key solutions in achieving business objectives. Prior to the Share Exchange (as defined below), the Company&#8217;s Board of Directors (&#8220;Board&#8221;) determined to discontinue operations in this area and to seek a new business opportunity.</p><p style="color: #000000; font-size: 10pt; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-indent: 0px; text-transform: none; white-space: normal; widows: 1; word-spacing: 0px; -webkit-text-stroke-width: 0px; font-stretch: normal; font-family: 'times new roman', serif; margin: 0px; text-align: justify;"></p><p style="color: #000000; font-size: 10pt; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-transform: none; white-space: normal; widows: 1; word-spacing: 0px; -webkit-text-stroke-width: 0px; font-stretch: normal; font-family: 'times new roman', serif; margin: 0px; text-indent: 0.5in; text-align: justify;">&#160;</p><p style="color: #000000; font-size: 10pt; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-indent: 0px; text-transform: none; white-space: normal; widows: 1; word-spacing: 0px; -webkit-text-stroke-width: 0px; font-stretch: normal; font-family: 'times new roman', serif; margin: 0px; text-align: justify;">On March 31, 2015, the Company entered into a Share Exchange Agreement (the &#8220;Share Exchange Agreement&#8221;) with Fine Progress Group Limited, a British Virgin Islands company (&#8220;FPG BVI&#8221;), and its shareholders, which closed on the same date. Pursuant to the terms of the Share Exchange Agreement, FPG BVI&#8217;s 100 shares of capital stock were exchanged for an aggregate of 180,500,000 shares of the Company&#8217;s common stock, $0.001 par value per share (the &#8220;Share Exchange&#8221;), and FPG BVI became the Company&#8217;s wholly-owned subsidiary.</p><p style="color: #000000; font-size: 10pt; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-transform: none; white-space: normal; widows: 1; word-spacing: 0px; -webkit-text-stroke-width: 0px; font-stretch: normal; font-family: 'times new roman', serif; margin: 0px; text-indent: 0.5in; text-align: justify;">&#160;</p><p style="color: #000000; font-size: 10pt; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-indent: 0px; text-transform: none; white-space: normal; widows: 1; word-spacing: 0px; -webkit-text-stroke-width: 0px; font-stretch: normal; font-family: 'times new roman', serif; margin: 0px; text-align: justify;">FPG BVI controls Anhui Renrenjia Solar Co., Ltd. (&#8220;Anhui Solar&#8221;), the Company&#8217;s operating company based in the People&#8217;s Republic of China (the &#8220;PRC&#8221;), through Ren Re Jia International Limited, FPG BVI&#8217;s 100% owned subsidiary organized in the Hong Kong Special Administrative Region (&#8220;RRJI (HK)&#8221;). RRJI (HK) is the 100% owner of Anhui Zhijia Cornerstone Electronics Technology Co., Ltd. (&#8220;Anhui Electronics&#8221;), the Company&#8217;s subsidiary organized in the PRC. Anhui Electronics controls Anhui Solar through contractual arrangements commonly known as &#8220;VIE&#8221; or &#8220;variable interest entity&#8221; arrangements on the mainland in the PRC.</p><p style="color: #000000; font-size: 10pt; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-transform: none; white-space: normal; widows: 1; word-spacing: 0px; -webkit-text-stroke-width: 0px; font-stretch: normal; font-family: 'times new roman', serif; margin: 0px; text-indent: 0.5in; text-align: justify;">&#160;</p><p style="color: #000000; font-size: 10pt; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-indent: 0px; text-transform: none; white-space: normal; widows: 1; word-spacing: 0px; -webkit-text-stroke-width: 0px; font-stretch: normal; font-family: 'times new roman', serif; margin: 0px; text-align: justify;">Pursuant to the Share Exchange, the Company acquired the business of Anhui Solar, which is the manufacture and sale of solar powered water heater systems in the PRC. As a result, the Company ceased to be a &#8220;shell company&#8221; (as such term is defined in Rule 12b-2 under the Securities Exchange Act of 1934, as amended. The Company has changed its business focus to the business ofAnhui Solar, and will continue the existing business operations of Anhui Solar as a publicly-traded company under the name China Energy Technology Corp., Ltd.</p><p style="color: #000000; font-size: 10pt; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-transform: none; white-space: normal; widows: 1; word-spacing: 0px; -webkit-text-stroke-width: 0px; font-stretch: normal; font-family: 'times new roman', serif; margin: 0px; text-indent: 0.5in; text-align: justify;">&#160;</p><p style="color: #000000; font-size: 10pt; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-indent: 0px; text-transform: none; white-space: normal; widows: 1; word-spacing: 0px; -webkit-text-stroke-width: 0px; font-stretch: normal; font-family: 'times new roman', serif; margin: 0px; text-align: justify;">The Share Exchange has been treated as a recapitalization of the Company for financial accounting purposes. FPG BVI is considered the acquirer for accounting purposes, and the historical financial statements of China Energy Technology Corp., Ltd. (formerly known as Redfield Ventures Inc.) before the Share Exchange will be replaced with the historical financial statements of FPG BVI and its consolidated entities before the Share Exchange in all future filings with the Securities and Exchange Commission.</p><p style="color: #000000; font-size: 10pt; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-align: start; text-transform: none; white-space: normal; widows: 1; word-spacing: 0px; -webkit-text-stroke-width: 0px; font-stretch: normal; font-family: 'times new roman', serif; margin: 0px; text-indent: 0.5in;">&#160;</p><p style="color: #000000; font-size: 10pt; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-align: start; text-indent: 0px; text-transform: none; white-space: normal; widows: 1; word-spacing: 0px; -webkit-text-stroke-width: 0px; font-stretch: normal; font-family: 'times new roman', serif; margin: 0px;"><b>Basis of Presentation</b></p><p style="color: #000000; font-size: 10pt; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-align: start; text-transform: none; white-space: normal; widows: 1; word-spacing: 0px; -webkit-text-stroke-width: 0px; font-stretch: normal; font-family: 'times new roman', serif; margin: 0px; text-indent: 0.5in;"><b>&#160;</b></p><p style="color: #000000; font-size: 10pt; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-indent: 0px; text-transform: none; white-space: normal; widows: 1; word-spacing: 0px; -webkit-text-stroke-width: 0px; font-stretch: normal; font-family: 'times new roman', serif; margin: 0px; text-align: justify;">The accompanying condensed consolidated financial statements include the activities of China Energy Technology Corp., Ltd. and its wholly owned subsidiary, FPG BVI, and its consolidated subsidiaries. All intercompany transactions have been eliminated in these consolidated financial statements.</p><p style="color: #000000; font-size: 10pt; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-align: start; text-transform: none; white-space: normal; widows: 1; word-spacing: 0px; -webkit-text-stroke-width: 0px; font-stretch: normal; font-family: 'times new roman', serif; margin: 0px; text-indent: 0.5in;">&#160;</p><p style="color: #000000; font-size: 10pt; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-indent: 0px; text-transform: none; white-space: normal; widows: 1; word-spacing: 0px; -webkit-text-stroke-width: 0px; font-stretch: normal; font-family: 'times new roman', serif; margin: 0px; text-align: justify;">The financial statements and accompanying notes have been prepared in accordance with United States generally accepted accounting principles (&#8220;U.S. GAAP&#8221;) for interim financial information and with the instructions to Article 8 of Regulation S-X. Accordingly, they do not include all of the information and footnotes required by U.S. GAAP for complete consolidated financial statements. In the opinion of the Company's management, the financial statements include all adjustments, which include only normal recurring adjustments, necessary for the fair presentation of the Company's financial position for the periods presented.</p><p style="color: #000000; font-size: 10pt; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-align: start; text-transform: none; white-space: normal; widows: 1; word-spacing: 0px; -webkit-text-stroke-width: 0px; font-stretch: normal; font-family: 'times new roman', serif; margin: 0px; text-indent: 0.5in;">&#160;</p><p style="color: #000000; font-size: 10pt; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-indent: 0px; text-transform: none; white-space: normal; widows: 1; word-spacing: 0px; -webkit-text-stroke-width: 0px; font-stretch: normal; font-family: 'times new roman', serif; margin: 0px; text-align: justify;"></p><p style="color: #000000; font-family: 'times new roman', times, serif; font-size: 10pt; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-indent: 0px; text-transform: none; white-space: normal; widows: 1; word-spacing: 0px; -webkit-text-stroke-width: 0px; font-stretch: normal; margin: 0px; text-align: justify;">Certain information in footnote disclosures normally included in the financial statements were prepared in conformity with accounting principles generally accepted in the United States of America and have been condensed or omitted pursuant to such principles and the financial results for the periods presented may not be indicative of the full year&#8217;s results. The unaudited condensed consolidated financial statements should be read in conjunction with the consolidated financial statements and footnotes thereto included in the Company&#8217;s audited financial statements in Amendment No. 3 to the Current Report on Form 8-K the Company filed with the Securities and Exchange Commission on August 6, 2015.</p> <p style="color: #000000; font-size: 10pt; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-align: start; text-indent: 0px; text-transform: none; white-space: normal; widows: 1; word-spacing: 0px; -webkit-text-stroke-width: 0px; font-stretch: normal; font-family: 'times new roman', serif; margin: 0px;"><b>NOTE 2 - SIGNIFICANT ACCOUNTING POLICIES</b></p><p style="color: #000000; font-size: 10pt; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-align: start; text-transform: none; white-space: normal; widows: 1; word-spacing: 0px; -webkit-text-stroke-width: 0px; font-stretch: normal; font-family: 'times new roman', serif; margin: 0px; text-indent: 0.5in;"><b>&#160;</b></p><p style="color: #000000; font-size: 10pt; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-indent: 0px; text-transform: none; white-space: normal; widows: 1; word-spacing: 0px; -webkit-text-stroke-width: 0px; font-stretch: normal; font-family: 'times new roman', serif; margin: 0px; text-align: justify;">This summary of significant accounting policies of the Company is presented to assist in understanding the Company&#8217;s financial statements. The financial statements and notes are representations of the Company&#8217;s management, which is responsible for their integrity and objectivity. These accounting policies conform to U.S. GAAP and have been consistently applied in the preparation of the financial statements.</p><p style="color: #000000; font-size: 10pt; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-align: start; text-transform: none; white-space: normal; widows: 1; word-spacing: 0px; -webkit-text-stroke-width: 0px; font-stretch: normal; font-family: 'times new roman', serif; margin: 0px; text-indent: 0.5in;"><b>&#160;</b></p><p style="color: #000000; font-size: 10pt; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-align: start; text-indent: 0px; text-transform: none; white-space: normal; widows: 1; word-spacing: 0px; -webkit-text-stroke-width: 0px; font-stretch: normal; font-family: 'times new roman', serif; margin: 0px 1.1in 0px 0px;"><b>Fair Value of Financial Instruments</b></p><p style="color: #000000; font-size: 10pt; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-align: start; text-transform: none; white-space: normal; widows: 1; word-spacing: 0px; -webkit-text-stroke-width: 0px; font-stretch: normal; font-family: 'times new roman', serif; margin: 0px; text-indent: 0.5in;">&#160;</p><p style="color: #000000; font-size: 10pt; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-indent: 0px; text-transform: none; white-space: normal; widows: 1; word-spacing: 0px; -webkit-text-stroke-width: 0px; font-stretch: normal; font-family: 'times new roman', serif; margin: 0px; text-align: justify;">The Company applies the provisions of accounting guidance, FASB ASC Topic 820 that requires the Company to disclose the fair value of financial instruments, both assets and liabilities recognized and not recognized on the balance sheet, for which it is practicable to estimate fair value, and defines fair value of a financial instrument as the amount at which the instrument could be exchanged in a current transaction between willing parties.</p><p style="color: #000000; font-size: 10pt; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-align: start; text-transform: none; white-space: normal; widows: 1; word-spacing: 0px; -webkit-text-stroke-width: 0px; font-stretch: normal; font-family: 'times new roman', serif; margin: 0px; text-indent: 0.5in;"><b>&#160;</b></p><p style="color: #000000; font-size: 10pt; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-align: start; text-indent: 0px; text-transform: none; white-space: normal; widows: 1; word-spacing: 0px; -webkit-text-stroke-width: 0px; font-stretch: normal; font-family: 'times new roman', serif; margin: 0px;"><b>Fair Value Measurements</b></p><p style="color: #000000; font-size: 10pt; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-align: start; text-transform: none; white-space: normal; widows: 1; word-spacing: 0px; -webkit-text-stroke-width: 0px; font-stretch: normal; font-family: 'times new roman', serif; margin: 0px; text-indent: 0.5in;">&#160;</p><p style="color: #000000; font-size: 10pt; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-indent: 0px; text-transform: none; white-space: normal; widows: 1; word-spacing: 0px; -webkit-text-stroke-width: 0px; font-stretch: normal; font-family: 'times new roman', serif; margin: 0px; text-align: justify;">FASB ASC Topic 820,<i>&#160;Fair Value Measurements and Disclosures</i>, clarifies the definition of fair value for financial reporting, establishes a framework for measuring fair value and requires additional disclosures about the use of fair value measurements.</p><p style="color: #000000; font-size: 10pt; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-align: start; text-transform: none; white-space: normal; widows: 1; word-spacing: 0px; -webkit-text-stroke-width: 0px; font-stretch: normal; font-family: 'times new roman', serif; margin: 0px; text-indent: 0.5in;">&#160;</p><p style="color: #000000; font-size: 10pt; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-indent: 0px; text-transform: none; white-space: normal; widows: 1; word-spacing: 0px; -webkit-text-stroke-width: 0px; font-stretch: normal; font-family: 'times new roman', serif; margin: 0px; text-align: justify;">Various inputs are considered when determining the fair value of the Company&#8217;s debt. These inputs are summarized in the three broad levels listed below.</p><p style="color: #000000; font-size: 10pt; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-align: start; text-transform: none; white-space: normal; widows: 1; word-spacing: 0px; -webkit-text-stroke-width: 0px; font-stretch: normal; font-family: 'times new roman', serif; margin: 0px; text-indent: 0.5in;">&#160;</p><table style="width: 1567px; text-transform: none; text-indent: 0px; letter-spacing: normal; font-family: 'times new roman', times, serif; font-size: 10pt; word-spacing: 0px; border-collapse: collapse; widows: 1; -webkit-text-stroke-width: 0px;" cellspacing="0" cellpadding="0"><tr style="vertical-align: top;"><td style="width: 110px; font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: 15.3333320617676px; font-family: calibri, sans-serif; text-align: right;">&#160;</td><td style="width: 1457px; font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: 15.3333320617676px; font-family: calibri, sans-serif; text-align: justify;"><font style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman', serif;">Level 1 &#8211; observable market inputs that are unadjusted quoted prices for identical assets or liabilities in active markets.</font></td></tr></table><p style="color: #000000; font-size: 10pt; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-align: start; text-transform: none; white-space: normal; widows: 1; word-spacing: 0px; -webkit-text-stroke-width: 0px; font-stretch: normal; font-family: 'times new roman', serif; margin: 0px; text-indent: 0.5in;">&#160;</p><table style="width: 1567px; text-transform: none; text-indent: 0px; letter-spacing: normal; font-family: 'times new roman', times, serif; font-size: 10pt; word-spacing: 0px; border-collapse: collapse; widows: 1; -webkit-text-stroke-width: 0px;" cellspacing="0" cellpadding="0"><tr style="vertical-align: top;"><td style="width: 110px; font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: 15.3333320617676px; font-family: calibri, sans-serif; text-align: right;">&#160;</td><td style="width: 1457px; font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: 15.3333320617676px; font-family: calibri, sans-serif; text-align: justify;"><font style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman', serif;">Level 2 &#8211; other significant observable inputs (including quoted prices for interest rates, credit risk, etc.).</font></td></tr></table><p style="color: #000000; font-size: 10pt; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-align: start; text-transform: none; white-space: normal; widows: 1; word-spacing: 0px; -webkit-text-stroke-width: 0px; font-stretch: normal; font-family: 'times new roman', serif; margin: 0px; text-indent: 0.5in;">&#160;</p><table style="width: 1567px; text-transform: none; text-indent: 0px; letter-spacing: normal; font-family: 'times new roman', times, serif; font-size: 10pt; word-spacing: 0px; border-collapse: collapse; widows: 1; -webkit-text-stroke-width: 0px;" cellspacing="0" cellpadding="0"><tr style="vertical-align: top;"><td style="width: 110px; font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: 15.3333320617676px; font-family: calibri, sans-serif; text-align: right;">&#160;</td><td style="width: 1457px; font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: 15.3333320617676px; font-family: calibri, sans-serif; text-align: justify;"><font style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman', serif;">Level 3 &#8211; significant unobservable inputs (including the Company&#8217;s own assumptions in determining the fair value of investments).</font></td></tr></table><p style="color: #000000; font-size: 10pt; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-align: start; text-transform: none; white-space: normal; widows: 1; word-spacing: 0px; -webkit-text-stroke-width: 0px; font-stretch: normal; font-family: 'times new roman', serif; margin: 0px; text-indent: 0.5in;">&#160;</p><p style="color: #000000; font-size: 10pt; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-indent: 0px; text-transform: none; white-space: normal; widows: 1; word-spacing: 0px; -webkit-text-stroke-width: 0px; font-stretch: normal; font-family: 'times new roman', serif; margin: 0px; text-align: justify;">The carrying value of financial assets and liabilities recorded at fair value is measured on a recurring or nonrecurring basis. Financial assets and liabilities measured on a non-recurring basis are those that are adjusted to fair value when a significant event occurs. The Company had no financial assets or liabilities carried and measured on a nonrecurring basis during the reporting periods. Financial assets and liabilities measured on a recurring basis are those that are adjusted to fair value each time a financial statement is prepared. The Company had no financial assets or liabilities carried and measured on a recurring basis during the reporting periods.</p><p style="color: #000000; font-size: 10pt; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-align: start; text-transform: none; white-space: normal; widows: 1; word-spacing: 0px; -webkit-text-stroke-width: 0px; font-stretch: normal; font-family: 'times new roman', serif; margin: 0px; text-indent: 0.5in;">&#160;</p><p style="color: #000000; font-size: 10pt; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-indent: 0px; text-transform: none; white-space: normal; widows: 1; word-spacing: 0px; -webkit-text-stroke-width: 0px; font-stretch: normal; font-family: 'times new roman', serif; margin: 0px; text-align: justify;">The availability of inputs observable in the market varies from instrument to instrument and depends on a variety of factors including the type of instrument, whether the instrument is actively traded, and other characteristics particular to the transaction. For many financial instruments, pricing inputs are readily observable in the market, the valuation methodology used is widely accepted by market participants, and the valuation does not require significant management discretion. For other financial instruments, pricing inputs are less observable in the market and may require management judgment.</p><p style="color: #000000; font-size: 10pt; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-align: start; text-transform: none; white-space: normal; widows: 1; word-spacing: 0px; -webkit-text-stroke-width: 0px; font-stretch: normal; font-family: 'times new roman', serif; margin: 0px; text-indent: 0.5in;">&#160;<b>&#160;</b></p><p style="color: #000000; font-size: 10pt; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-align: start; text-indent: 0px; text-transform: none; white-space: normal; widows: 1; word-spacing: 0px; -webkit-text-stroke-width: 0px; font-stretch: normal; font-family: 'times new roman', serif; margin: 0px;"><b>Translation of Foreign Currencies</b></p><p style="color: #000000; font-size: 10pt; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-align: start; text-transform: none; white-space: normal; widows: 1; word-spacing: 0px; -webkit-text-stroke-width: 0px; font-stretch: normal; font-family: 'times new roman', serif; margin: 0px; text-indent: 0.5in;">&#160;</p><p style="color: #000000; font-size: 10pt; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-indent: 0px; text-transform: none; white-space: normal; widows: 1; word-spacing: 0px; -webkit-text-stroke-width: 0px; font-stretch: normal; font-family: 'times new roman', serif; margin: 0px; text-align: justify;">The Company&#8217;s principal country of operations is the PRC. The Company maintains their books and accounting records in PRC currency &#8220;Renminbi&#8221; (&#8220;RMB&#8221;), which has been determined as the functional currency. Transactions denominated in currencies other than RMB are translated into RMB at the exchange rates prevailing on the date of the transactions, as quoted by the Federal Reserve Board. Foreign currency exchange gains and losses resulting from these transactions are included in operations.</p><p style="color: #000000; font-size: 10pt; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-align: start; text-indent: 0px; text-transform: none; white-space: normal; widows: 1; word-spacing: 0px; -webkit-text-stroke-width: 0px; font-stretch: normal; font-family: 'times new roman', serif; margin: 0px;">&#160;</p><p style="color: #000000; font-size: 10pt; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-indent: 0px; text-transform: none; white-space: normal; widows: 1; word-spacing: 0px; -webkit-text-stroke-width: 0px; font-stretch: normal; font-family: 'times new roman', serif; margin: 0px; text-align: justify;">The Company&#8217;s financial statements are translated into the reporting currency, the United States Dollar (&#8220;USD&#8221;). Assets and liabilities of the entity are translated at the prevailing exchange rate at each reporting period end date. Contributed capital accounts are translated using the historical rate of exchange when capital is injected. Income and expense accounts are translated at the average rate of exchange during the reporting period. Translation adjustments resulting from the translation of these financial statements are reflected as accumulated other comprehensive income in shareholders&#8217; equity.</p><p style="color: #000000; font-size: 10pt; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-align: start; text-transform: none; white-space: normal; widows: 1; word-spacing: 0px; -webkit-text-stroke-width: 0px; font-stretch: normal; font-family: 'times new roman', serif; margin: 0px; text-indent: 0.5in;"><b>&#160;</b></p><p style="color: #000000; font-size: 10pt; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-align: start; text-indent: 0px; text-transform: none; white-space: normal; widows: 1; word-spacing: 0px; -webkit-text-stroke-width: 0px; font-stretch: normal; font-family: 'times new roman', serif; margin: 0px;"><b>Statement of Cash Flows</b></p><p style="color: #000000; font-size: 10pt; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-align: start; text-transform: none; white-space: normal; widows: 1; word-spacing: 0px; -webkit-text-stroke-width: 0px; font-stretch: normal; font-family: 'times new roman', serif; margin: 0px; text-indent: 0.5in;">&#160;</p><p style="color: #000000; font-size: 10pt; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-indent: 0px; text-transform: none; white-space: normal; widows: 1; word-spacing: 0px; -webkit-text-stroke-width: 0px; font-stretch: normal; font-family: 'times new roman', serif; margin: 0px; text-align: justify;">In accordance with Statement FASB ASC Topic 230, Statement of Cash Flows, cash flow from the Company's operations is calculated based upon the local currencies and translated to the reporting currency using an average foreign exchange rate for the reporting period. As a result, amounts related to assets and liabilities reported in the statement of cash flows will not necessarily agree with changes in the corresponding balances on the balance sheet.</p><p style="color: #000000; font-size: 10pt; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-align: start; text-transform: none; white-space: normal; widows: 1; word-spacing: 0px; -webkit-text-stroke-width: 0px; font-stretch: normal; font-family: 'times new roman', serif; margin: 0px; text-indent: 0.5in;">&#160;</p><p style="color: #000000; font-size: 10pt; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-align: start; text-indent: 0px; text-transform: none; white-space: normal; widows: 1; word-spacing: 0px; -webkit-text-stroke-width: 0px; font-stretch: normal; font-family: 'times new roman', serif; margin: 0px;"><b>Use of Estimates and Assumptions</b></p><p style="color: #000000; font-size: 10pt; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-align: start; text-transform: none; white-space: normal; widows: 1; word-spacing: 0px; -webkit-text-stroke-width: 0px; font-stretch: normal; font-family: 'times new roman', serif; margin: 0px; text-indent: 0.5in;"><b>&#160;</b></p><p style="color: #000000; font-size: 10pt; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-indent: 0px; text-transform: none; white-space: normal; widows: 1; word-spacing: 0px; -webkit-text-stroke-width: 0px; font-stretch: normal; font-family: 'times new roman', serif; margin: 0px; text-align: justify;">The preparation of financial statements in conformity with US GAAP requires management to make estimates and judgments that affect the reported amounts of assets and liabilities, disclosure of contingent assets and liabilities on the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. The Company bases its estimates and judgments on historical experience and on various other assumptions and information that are believed to be reasonable under the circumstances. Estimates and assumptions of future events and their effects cannot be perceived with certainty and, accordingly, these estimates may change as new events occur, as more experience is acquired, as additional information is obtained and as our operating environment changes. Significant estimates and assumptions by management include: useful lives of long-lived assets and intangible assets, valuation of inventory, accounts receivable, notes receivable and deferred taxes. While the Company believes that the estimates and assumptions used in the preparation of the financial statements are appropriate, actual results could differ from those estimates. Estimates and assumptions are periodically reviewed and the effects of revisions are reflected in the financial statements in the period they are determined to be necessary.</p><p style="color: #000000; font-size: 10pt; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-align: start; text-transform: none; white-space: normal; widows: 1; word-spacing: 0px; -webkit-text-stroke-width: 0px; font-stretch: normal; font-family: 'times new roman', serif; margin: 0px; text-indent: 0.5in;">&#160;</p><p style="color: #000000; font-size: 10pt; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-align: start; text-indent: 0px; text-transform: none; white-space: normal; widows: 1; word-spacing: 0px; -webkit-text-stroke-width: 0px; font-stretch: normal; font-family: 'times new roman', serif; margin: 0px;"><b>Cash and Cash Equivalents</b></p><p style="color: #000000; font-size: 10pt; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-align: start; text-transform: none; white-space: normal; widows: 1; word-spacing: 0px; -webkit-text-stroke-width: 0px; font-stretch: normal; font-family: 'times new roman', serif; margin: 0px; text-indent: 0.5in;">&#160;</p><p style="color: #000000; font-size: 10pt; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-indent: 0px; text-transform: none; white-space: normal; widows: 1; word-spacing: 0px; -webkit-text-stroke-width: 0px; font-stretch: normal; font-family: 'times new roman', serif; margin: 0px; text-align: justify;">Cash and cash equivalents represent cash on hand and interest-bearing deposits held at call with banks. The Company considers all highly liquid investments with original maturities of three months or less at the time of purchase to be cash equivalents.</p><p style="color: #000000; font-size: 10pt; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-align: start; text-transform: none; white-space: normal; widows: 1; word-spacing: 0px; -webkit-text-stroke-width: 0px; font-stretch: normal; font-family: 'times new roman', serif; margin: 0px; text-indent: 0.5in;">&#160;</p><p style="color: #000000; font-size: 10pt; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-align: start; text-indent: 0px; text-transform: none; white-space: normal; widows: 1; word-spacing: 0px; -webkit-text-stroke-width: 0px; font-stretch: normal; font-family: 'times new roman', serif; margin: 0px;"><b>Restricted cash</b></p><p style="color: #000000; font-size: 10pt; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-align: start; text-transform: none; white-space: normal; widows: 1; word-spacing: 0px; -webkit-text-stroke-width: 0px; font-stretch: normal; font-family: 'times new roman', serif; margin: 0px; text-indent: 0.5in;"><b>&#160;</b></p><p style="color: #000000; font-size: 10pt; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-indent: 0px; text-transform: none; white-space: normal; widows: 1; word-spacing: 0px; -webkit-text-stroke-width: 0px; font-stretch: normal; font-family: 'times new roman', serif; margin: 0px; text-align: justify;">Restricted cash represents deposits held at banks with restrictions imposed since the Company uses the restricted cash to pledge with banks for the purpose of issuing bank acceptances. The restricted cash could not be readily useable until the pledge is retired.</p><p style="color: #000000; font-size: 10pt; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-align: start; text-transform: none; white-space: normal; widows: 1; word-spacing: 0px; -webkit-text-stroke-width: 0px; font-stretch: normal; font-family: 'times new roman', serif; margin: 0px; text-indent: 0.5in;">&#160;</p><p style="color: #000000; font-size: 10pt; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-align: start; text-indent: 0px; text-transform: none; white-space: normal; widows: 1; word-spacing: 0px; -webkit-text-stroke-width: 0px; font-stretch: normal; font-family: 'times new roman', serif; margin: 0px;"><b>Accounts Receivable</b></p><p style="color: #000000; font-size: 10pt; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-align: start; text-transform: none; white-space: normal; widows: 1; word-spacing: 0px; -webkit-text-stroke-width: 0px; font-stretch: normal; font-family: 'times new roman', serif; margin: 0px; text-indent: 0.5in;">&#160;</p><p style="color: #000000; font-size: 10pt; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-indent: 0px; text-transform: none; white-space: normal; widows: 1; word-spacing: 0px; -webkit-text-stroke-width: 0px; font-stretch: normal; font-family: 'times new roman', serif; margin: 0px; text-align: justify;">Accounts receivable are recorded at the sales amount and do not bear interest. The Company extends unsecured credit to its customers in the ordinary course of business and the credit policy is decided by its senior management. An allowance for doubtful accounts is established and determined based on management&#8217;s assessment of known requirements, aging of receivables, payment and bad debt history, the customer&#8217;s current credit worthiness, changes in customer payment patterns and the economic environment.</p><p style="color: #000000; font-size: 10pt; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-align: start; text-transform: none; white-space: normal; widows: 1; word-spacing: 0px; -webkit-text-stroke-width: 0px; font-stretch: normal; font-family: 'times new roman', serif; margin: 0px; text-indent: 0.5in;">&#160;<b>&#160;</b></p><p style="color: #000000; font-size: 10pt; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-align: start; text-indent: 0px; text-transform: none; white-space: normal; widows: 1; word-spacing: 0px; -webkit-text-stroke-width: 0px; font-stretch: normal; font-family: 'times new roman', serif; margin: 0px;"><b>Advance to Suppliers</b></p><p style="color: #000000; font-size: 10pt; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-align: start; text-transform: none; white-space: normal; widows: 1; word-spacing: 0px; -webkit-text-stroke-width: 0px; font-stretch: normal; font-family: 'times new roman', serif; margin: 0px; text-indent: 0.5in;"><b>&#160;</b></p><p style="color: #000000; font-size: 10pt; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-indent: 0px; text-transform: none; white-space: normal; widows: 1; word-spacing: 0px; -webkit-text-stroke-width: 0px; font-stretch: normal; font-family: 'times new roman', serif; margin: 0px; text-align: justify;">The Company periodically makes advances to vendors for purchases of raw materials and fixed assets, and records these purchases as advance to suppliers.</p><p style="color: #000000; font-size: 10pt; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-align: start; text-indent: 0px; text-transform: none; white-space: normal; widows: 1; word-spacing: 0px; -webkit-text-stroke-width: 0px; font-stretch: normal; font-family: 'times new roman', serif; margin: 0px;">&#160;</p><p style="color: #000000; font-size: 10pt; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-align: start; text-indent: 0px; text-transform: none; white-space: normal; widows: 1; word-spacing: 0px; -webkit-text-stroke-width: 0px; font-stretch: normal; font-family: 'times new roman', serif; margin: 0px;"><b>Inventory</b></p><p style="color: #000000; font-size: 10pt; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-align: start; text-transform: none; white-space: normal; widows: 1; word-spacing: 0px; -webkit-text-stroke-width: 0px; font-stretch: normal; font-family: 'times new roman', serif; margin: 0px; text-indent: 0.5in;">&#160;</p><p style="color: #000000; font-size: 10pt; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-align: start; text-indent: 0px; text-transform: none; white-space: normal; widows: 1; word-spacing: 0px; -webkit-text-stroke-width: 0px; font-stretch: normal; font-family: 'times new roman', serif; margin: 0px;">Inventory consists of raw materials, finished goods of manufactured products and low-value suppliers.</p><p style="color: #000000; font-size: 10pt; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-align: start; text-transform: none; white-space: normal; widows: 1; word-spacing: 0px; -webkit-text-stroke-width: 0px; font-stretch: normal; font-family: 'times new roman', serif; margin: 0px; text-indent: 0.5in;">&#160;</p><p style="color: #000000; font-size: 10pt; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-indent: 0px; text-transform: none; white-space: normal; widows: 1; word-spacing: 0px; -webkit-text-stroke-width: 0px; font-stretch: normal; font-family: 'times new roman', serif; margin: 0px; text-align: justify;">Inventory is stated at lower of cost or market and consists of materials, labor and overhead. The Company uses the weighted average method for inventory valuation. Overhead costs included in finished goods include direct labor cost and other costs directly applicable to the manufacturing process. The Company evaluates inventory for excess, slow moving, and obsolete inventory as well as inventory the volume of which is in excess of its net realizable value. This evaluation includes analysis of sales levels by product and projections of future demand. If future demand or market conditions are less favorable than the Company&#8217;s projections, a write-down of inventory may be required, and would be reflected in cost of goods sold in the period the revision is made. There was no inventory allowance provided for the years ended December 31, 2014 and 2013, respectively.</p><p style="color: #000000; font-size: 10pt; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-align: start; text-transform: none; white-space: normal; widows: 1; word-spacing: 0px; -webkit-text-stroke-width: 0px; font-stretch: normal; font-family: 'times new roman', serif; margin: 0px; text-indent: 0.5in;">&#160;</p><p style="color: #000000; font-size: 10pt; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-align: start; text-indent: 0px; text-transform: none; white-space: normal; widows: 1; word-spacing: 0px; -webkit-text-stroke-width: 0px; font-stretch: normal; font-family: 'times new roman', serif; margin: 0px;"><b>Property, Plant and Equipment</b></p><p style="color: #000000; font-size: 10pt; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-align: start; text-transform: none; white-space: normal; widows: 1; word-spacing: 0px; -webkit-text-stroke-width: 0px; font-stretch: normal; font-family: 'times new roman', serif; margin: 0px; text-indent: 0.5in;">&#160;</p><p style="color: #000000; font-size: 10pt; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-indent: 0px; text-transform: none; white-space: normal; widows: 1; word-spacing: 0px; -webkit-text-stroke-width: 0px; font-stretch: normal; font-family: 'times new roman', serif; margin: 0px; text-align: justify;">Property, plant and equipment are carried at the lower of cost or fair value. Maintenance, repairs and minor renewals are expensed as incurred; major renewals and improvements that extend the lives or increase the capacity of plant assets are capitalized.</p><p style="color: #000000; font-size: 10pt; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-align: start; text-transform: none; white-space: normal; widows: 1; word-spacing: 0px; -webkit-text-stroke-width: 0px; font-stretch: normal; font-family: 'times new roman', serif; margin: 0px; text-indent: 0.5in;">&#160;</p><p style="color: #000000; font-size: 10pt; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-indent: 0px; text-transform: none; white-space: normal; widows: 1; word-spacing: 0px; -webkit-text-stroke-width: 0px; font-stretch: normal; font-family: 'times new roman', serif; margin: 0px; text-align: justify;">When assets are retired or disposed of, the cost and accumulated depreciation are removed from the accounts, and any resulting gains or losses are included in the results of operations in the reporting period of disposition.</p><p style="color: #000000; font-size: 10pt; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-align: start; text-transform: none; white-space: normal; widows: 1; word-spacing: 0px; -webkit-text-stroke-width: 0px; font-stretch: normal; font-family: 'times new roman', serif; margin: 0px; text-indent: 0.5in;">&#160;</p><p style="color: #000000; font-size: 10pt; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-indent: 0px; text-transform: none; white-space: normal; widows: 1; word-spacing: 0px; -webkit-text-stroke-width: 0px; font-stretch: normal; font-family: 'times new roman', serif; margin: 0px; text-align: justify;">Depreciation is calculated on a straight-line basis over the estimated useful life of the assets. The depreciable lives applied are:</p><p style="color: #000000; font-size: 10pt; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-align: start; text-transform: none; white-space: normal; widows: 1; word-spacing: 0px; -webkit-text-stroke-width: 0px; font-stretch: normal; font-family: 'times new roman', serif; margin: 0px; text-indent: 0.5in;">&#160;</p><table style="width: 1567px; text-transform: none; text-indent: 0px; letter-spacing: normal; font-family: 'times new roman', times, serif; font-size: 10pt; word-spacing: 0px; border-collapse: collapse; widows: 1; -webkit-text-stroke-width: 0px;" cellspacing="0" cellpadding="0"><tr style="vertical-align: top; background-color: #cceeff;"><td nowrap="nowrap" style="width: 972px; font-family: calibri, sans-serif; line-height: 15.3333320617676px;"><font style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman', serif;">Buildings</font></td><td nowrap="nowrap" style="width: 31px; font-family: calibri, sans-serif; line-height: 15.3333320617676px;">&#160;</td><td nowrap="nowrap" style="width: 564px; font-family: calibri, sans-serif; line-height: 15.3333320617676px;"><font style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman', serif;">20 years</font></td></tr><tr style="vertical-align: top; background-color: white;"><td nowrap="nowrap" style="font-family: calibri, sans-serif; line-height: 15.3333320617676px;"><font style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman', serif;">Machinery Equipment</font></td><td nowrap="nowrap" style="font-family: calibri, sans-serif; line-height: 15.3333320617676px;">&#160;</td><td nowrap="nowrap" style="font-family: calibri, sans-serif; line-height: 15.3333320617676px;"><font style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman', serif;">10 years</font></td></tr><tr style="vertical-align: top; background-color: #cceeff;"><td nowrap="nowrap" style="font-family: calibri, sans-serif; line-height: 15.3333320617676px;"><font style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman', serif;">Motor Vehicles</font></td><td nowrap="nowrap" style="font-family: calibri, sans-serif; line-height: 15.3333320617676px;">&#160;</td><td nowrap="nowrap" style="font-family: calibri, sans-serif; line-height: 15.3333320617676px;"><font style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman', serif;">5 years</font></td></tr><tr style="vertical-align: top; background-color: white;"><td nowrap="nowrap" style="font-family: calibri, sans-serif; line-height: 15.3333320617676px;"><font style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman', serif;">Electronic Equipment</font></td><td nowrap="nowrap" style="font-family: calibri, sans-serif; line-height: 15.3333320617676px;">&#160;</td><td nowrap="nowrap" style="font-family: calibri, sans-serif; line-height: 15.3333320617676px;"><font style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman', serif;">5 years</font></td></tr><tr style="vertical-align: top; background-color: #cceeff;"><td nowrap="nowrap" style="font-family: calibri, sans-serif; line-height: 15.3333320617676px;"><font style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman', serif;">Leasehold Improvement</font></td><td nowrap="nowrap" style="font-family: calibri, sans-serif; line-height: 15.3333320617676px;">&#160;</td><td nowrap="nowrap" style="font-family: calibri, sans-serif; line-height: 15.3333320617676px;"><font style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman', serif;">Less of the lease term or 5 years</font></td></tr></table><p style="color: #000000; font-size: 10pt; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-align: start; text-transform: none; white-space: normal; widows: 1; word-spacing: 0px; -webkit-text-stroke-width: 0px; font-stretch: normal; font-family: 'times new roman', serif; margin: 0px; text-indent: 0.5in;">&#160;</p><p style="color: #000000; font-size: 10pt; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-align: start; text-indent: 0px; text-transform: none; white-space: normal; widows: 1; word-spacing: 0px; -webkit-text-stroke-width: 0px; font-stretch: normal; font-family: 'times new roman', serif; margin: 0px;"><b>Revenue Recognition</b></p><p style="color: #000000; font-size: 10pt; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-align: start; text-transform: none; white-space: normal; widows: 1; word-spacing: 0px; -webkit-text-stroke-width: 0px; font-stretch: normal; font-family: 'times new roman', serif; margin: 0px; text-indent: 0.5in;">&#160;</p><p style="color: #000000; font-size: 10pt; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-indent: 0px; text-transform: none; white-space: normal; widows: 1; word-spacing: 0px; -webkit-text-stroke-width: 0px; font-stretch: normal; font-family: 'times new roman', serif; margin: 0px; text-align: justify;">The Company recognizes revenue when it is both earned and realized or realizable. The Company&#8217;s policy is to recognize revenue when title to the product, ownership and risk of loss have transferred to the customer, persuasive evidence of an arrangement exits and collection of the sales proceeds is reasonably assured, all of which generally occur upon products have been provided or installing service has been provided. The majority of the Company&#8217;s revenue relates to the sale of inventory to customers and engineering project installing, and revenue is recognized when title and the risks and rewards of ownership pass to the customer, as well as engineering projects finished completion acceptance.</p><p style="color: #000000; font-size: 10pt; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-align: start; text-transform: none; white-space: normal; widows: 1; word-spacing: 0px; -webkit-text-stroke-width: 0px; font-stretch: normal; font-family: 'times new roman', serif; margin: 0px; text-indent: 0.5in;">&#160;</p><p style="color: #000000; font-size: 10pt; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-align: start; text-indent: 0px; text-transform: none; white-space: normal; widows: 1; word-spacing: 0px; -webkit-text-stroke-width: 0px; font-stretch: normal; font-family: 'times new roman', serif; margin: 0px;"><b>Cost of Goods Sold</b></p><p style="color: #000000; font-size: 10pt; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-align: start; text-transform: none; white-space: normal; widows: 1; word-spacing: 0px; -webkit-text-stroke-width: 0px; font-stretch: normal; font-family: 'times new roman', serif; margin: 0px; text-indent: 0.5in;"><b>&#160;</b></p><p style="color: #000000; font-size: 10pt; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-indent: 0px; text-transform: none; white-space: normal; widows: 1; word-spacing: 0px; -webkit-text-stroke-width: 0px; font-stretch: normal; font-family: 'times new roman', serif; margin: 0px; text-align: justify;">Cost of goods sold consists primarily of the costs of raw materials, direct labor, depreciation of plants and machinery, and overhead costs associated with the manufacturing process and installing service provided to customers.</p><p style="color: #000000; font-size: 10pt; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-align: start; text-transform: none; white-space: normal; widows: 1; word-spacing: 0px; -webkit-text-stroke-width: 0px; font-stretch: normal; font-family: 'times new roman', serif; margin: 0px; text-indent: 0.5in;">&#160;&#160;</p><p style="color: #000000; font-size: 10pt; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-align: start; text-indent: 0px; text-transform: none; white-space: normal; widows: 1; word-spacing: 0px; -webkit-text-stroke-width: 0px; font-stretch: normal; font-family: 'times new roman', serif; margin: 0px;"><b>Income Taxes</b></p><p style="color: #000000; font-size: 10pt; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-align: start; text-transform: none; white-space: normal; widows: 1; word-spacing: 0px; -webkit-text-stroke-width: 0px; font-stretch: normal; font-family: 'times new roman', serif; margin: 0px; text-indent: 0.5in;">&#160;</p><p style="color: #000000; font-size: 10pt; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-indent: 0px; text-transform: none; white-space: normal; widows: 1; word-spacing: 0px; -webkit-text-stroke-width: 0px; font-stretch: normal; font-family: 'times new roman', serif; margin: 0px; text-align: justify;">The Company adopts FASB ASC Topic 740, &#8220;Income Taxes,&#8221; which requires the 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 income taxes are recognized for the tax consequences in future years of differences between the tax bases of assets and liabilities and their financial reporting amounts at each period end based on enacted tax laws and statutory tax rates applicable to the periods in which the differences are expected to affect taxable income. Valuation allowances are established when necessary to reduce deferred tax assets to the amount expected to be realized.</p><p style="color: #000000; font-size: 10pt; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-align: start; text-indent: 0px; text-transform: none; white-space: normal; widows: 1; word-spacing: 0px; -webkit-text-stroke-width: 0px; font-stretch: normal; font-family: 'times new roman', serif; margin: 0px;">&#160;</p><p style="color: #000000; font-size: 10pt; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-indent: 0px; text-transform: none; white-space: normal; widows: 1; word-spacing: 0px; -webkit-text-stroke-width: 0px; font-stretch: normal; font-family: 'times new roman', serif; margin: 0px; text-align: justify;">In July 2006 the FASB issued FIN 48(ASC 740-10), &#8220;Accounting for Uncertainty in Income Taxes &#8212; An Interpretation of FASB Statement No. 109 (ASC 740)&#8221;, which requires income tax positions to meet a more-likely-than-not recognition threshold to be recognized in the financial statements. Under FIN 48(ASC 740-10), tax positions that previously failed to meet the more-likely-than-not threshold should be recognized in the first subsequent financial reporting period in which that threshold is met. Previously recognized tax positions that no longer meet the more-likely-than-not threshold should be derecognized in the first subsequent financial reporting period in which that threshold is no longer met.</p><p style="color: #000000; font-size: 10pt; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-align: start; text-transform: none; white-space: normal; widows: 1; word-spacing: 0px; -webkit-text-stroke-width: 0px; font-stretch: normal; font-family: 'times new roman', serif; margin: 0px; text-indent: 0.5in;">&#160;&#160;</p><p style="color: #000000; font-size: 10pt; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-indent: 0px; text-transform: none; white-space: normal; widows: 1; word-spacing: 0px; -webkit-text-stroke-width: 0px; font-stretch: normal; font-family: 'times new roman', serif; margin: 0px; text-align: justify;">As a result of the implementation of FIN 48 (ASC 740-10), the Company undertook a comprehensive review of its portfolio of tax positions in accordance with recognition standards established by FIN 48 (ASC 740-10). The Company recognized no material adjustments to liabilities or stockholders&#8217; equity as a result of the implementation. The adoption of FIN 48 did not have a material impact on the Company&#8217;s financial statements.</p><p style="color: #000000; font-size: 10pt; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-align: start; text-transform: none; white-space: normal; widows: 1; word-spacing: 0px; -webkit-text-stroke-width: 0px; font-stretch: normal; font-family: 'times new roman', serif; margin: 0px; text-indent: 0.5in;">&#160;</p><p style="color: #000000; font-size: 10pt; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-indent: 0px; text-transform: none; white-space: normal; widows: 1; word-spacing: 0px; -webkit-text-stroke-width: 0px; font-stretch: normal; font-family: 'times new roman', serif; margin: 0px; text-align: justify;">The application of tax laws and regulations is subject to legal and factual interpretation, judgment and uncertainty. Tax laws and regulations themselves are subject to change as a result of changes in fiscal policy, changes in legislation, the evolution of regulations and court rulings. Therefore, the actual liability may be materially different from our estimates, which could result in the need to record additional tax liabilities or potentially reverse previously recorded tax liabilities or deferred tax asset valuation allowance.</p><p style="color: #000000; font-size: 10pt; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-align: start; text-transform: none; white-space: normal; widows: 1; word-spacing: 0px; -webkit-text-stroke-width: 0px; font-stretch: normal; font-family: 'times new roman', serif; margin: 0px; text-indent: 0.5in;">&#160;</p><p style="color: #000000; font-size: 10pt; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-align: start; text-indent: 0px; text-transform: none; white-space: normal; widows: 1; word-spacing: 0px; -webkit-text-stroke-width: 0px; font-stretch: normal; font-family: 'times new roman', serif; margin: 0px;"><b>Enterprise Income Tax</b></p><p style="color: #000000; font-size: 10pt; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-align: start; text-transform: none; white-space: normal; widows: 1; word-spacing: 0px; -webkit-text-stroke-width: 0px; font-stretch: normal; font-family: 'times new roman', serif; margin: 0px; text-indent: 0.5in;">&#160;</p><p style="color: #000000; font-size: 10pt; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-indent: 0px; text-transform: none; white-space: normal; widows: 1; word-spacing: 0px; -webkit-text-stroke-width: 0px; font-stretch: normal; font-family: 'times new roman', serif; margin: 0px; text-align: justify;">Under the Provisional Regulations of PRC Concerning Income Tax on Enterprises promulgated by the PRC (the &#8220;EIT Law&#8221;), the Company was recognized as a government-certified high technology company on July 2, 2014, and income tax is payable by enterprise at a rate of 15% of its taxable income. This qualification certificate will be effective and the applicable income tax rate maintains 15% until the certificate expires on July 2, 2017.</p><p style="color: #000000; font-size: 10pt; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-align: start; text-transform: none; white-space: normal; widows: 1; word-spacing: 0px; -webkit-text-stroke-width: 0px; font-stretch: normal; font-family: 'times new roman', serif; margin: 0px; text-indent: 0.5in;">&#160;</p><p style="color: #000000; font-size: 10pt; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-align: start; text-indent: 0px; text-transform: none; white-space: normal; widows: 1; word-spacing: 0px; -webkit-text-stroke-width: 0px; font-stretch: normal; font-family: 'times new roman', serif; margin: 0px;"><b>Value Added Tax</b></p><p style="color: #000000; font-size: 10pt; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-align: start; text-transform: none; white-space: normal; widows: 1; word-spacing: 0px; -webkit-text-stroke-width: 0px; font-stretch: normal; font-family: 'times new roman', serif; margin: 0px; text-indent: 0.5in;">&#160;</p><p style="color: #000000; font-size: 10pt; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-indent: 0px; text-transform: none; white-space: normal; widows: 1; word-spacing: 0px; -webkit-text-stroke-width: 0px; font-stretch: normal; font-family: 'times new roman', serif; margin: 0px; text-align: justify;">The Provisional Regulations of PRC Concerning Value Added Tax promulgated by the State Council came into effect on January 1, 1994. Under these regulations and the Implementing Rules of the Provisional Regulations of the PRC Concerning Value Added Tax, value added tax is imposed on goods sold in, or imported into, the PRC and on processing, repair and replacement services provided within the PRC.</p><p style="color: #000000; font-size: 10pt; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-align: start; text-transform: none; white-space: normal; widows: 1; word-spacing: 0px; -webkit-text-stroke-width: 0px; font-stretch: normal; font-family: 'times new roman', serif; margin: 0px; text-indent: 0.5in;">&#160;</p><p style="color: #000000; font-size: 10pt; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-indent: 0px; text-transform: none; white-space: normal; widows: 1; word-spacing: 0px; -webkit-text-stroke-width: 0px; font-stretch: normal; font-family: 'times new roman', serif; margin: 0px; text-align: justify;">Value added tax payable in the PRC is charged on an aggregated basis at a rate of 17% (depending on the type of goods involved) on the full price collected for the goods sold or, in the case of taxable services provided, at a rate of 17% on the charges for the taxable services provided, but excluding, in respect of both goods and services, any amount paid in respect of value added tax included in the price or charges, and less any deductible value added tax already paid by the taxpayer on purchases of goods and services in the same financial year.</p><p style="color: #000000; font-size: 10pt; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-align: start; text-transform: none; white-space: normal; widows: 1; word-spacing: 0px; -webkit-text-stroke-width: 0px; font-stretch: normal; font-family: 'times new roman', serif; margin: 0px; text-indent: 0.5in;">&#160;</p><p style="color: #000000; font-size: 10pt; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-align: start; text-indent: 0px; text-transform: none; white-space: normal; widows: 1; word-spacing: 0px; -webkit-text-stroke-width: 0px; font-stretch: normal; font-family: 'times new roman', serif; margin: 0px;"><b>Sales Taxes and Sales-Related Taxes</b></p><p style="color: #000000; font-size: 10pt; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-align: start; text-transform: none; white-space: normal; widows: 1; word-spacing: 0px; -webkit-text-stroke-width: 0px; font-stretch: normal; font-family: 'times new roman', serif; margin: 0px; text-indent: 0.5in;">&#160;</p><p style="color: #000000; font-size: 10pt; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-indent: 0px; text-transform: none; white-space: normal; widows: 1; word-spacing: 0px; -webkit-text-stroke-width: 0px; font-stretch: normal; font-family: 'times new roman', serif; margin: 0px; text-align: justify;">Pursuant to the tax law and regulations of the PRC, the Company is obligated to pay 7% and 5% of the annual VAT paid as taxes on maintaining and building cities and education additional fees, both of which belong to sales-related taxes. Sales-related taxes are recorded when sales revenue is recognized.</p><p style="color: #000000; font-size: 10pt; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-align: start; text-transform: none; white-space: normal; widows: 1; word-spacing: 0px; -webkit-text-stroke-width: 0px; font-stretch: normal; font-family: 'times new roman', serif; margin: 0px; text-indent: 0.5in;">&#160;</p><p style="color: #000000; font-size: 10pt; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-align: start; text-indent: 0px; text-transform: none; white-space: normal; widows: 1; word-spacing: 0px; -webkit-text-stroke-width: 0px; font-stretch: normal; font-family: 'times new roman', serif; margin: 0px;"><b>Government Grants</b></p><p style="color: #000000; font-size: 10pt; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-align: start; text-transform: none; white-space: normal; widows: 1; word-spacing: 0px; -webkit-text-stroke-width: 0px; font-stretch: normal; font-family: 'times new roman', serif; margin: 0px; text-indent: 0.5in;"><b>&#160;</b></p><p style="color: #000000; font-size: 10pt; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-indent: 0px; text-transform: none; white-space: normal; widows: 1; word-spacing: 0px; -webkit-text-stroke-width: 0px; font-stretch: normal; font-family: 'times new roman', serif; margin: 0px; text-align: justify;">Government grants are recognized as income over the periods necessary to match them with the related costs. If the grants do not relate to any specific expenditure incurred by the Company, they are reported separately as other income. Government grants are recognized until there is reasonable assurance that both the Company will comply with the conditions attaching to the grant and the grant will be received. Government grants to the Company are primarily for its Huimin solar water heater expanding project for the year ending December 31, 2013.</p><p style="color: #000000; font-size: 10pt; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-align: start; text-indent: 0px; text-transform: none; white-space: normal; widows: 1; word-spacing: 0px; -webkit-text-stroke-width: 0px; font-stretch: normal; font-family: 'times new roman', serif; margin: 0px;">&#160;</p><p style="color: #000000; font-size: 10pt; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-align: start; text-indent: 0px; text-transform: none; white-space: normal; widows: 1; word-spacing: 0px; -webkit-text-stroke-width: 0px; font-stretch: normal; font-family: 'times new roman', serif; margin: 0px;"><b>Concentrations of Business and Credit Risks</b></p><p style="color: #000000; font-size: 10pt; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-align: start; text-transform: none; white-space: normal; widows: 1; word-spacing: 0px; -webkit-text-stroke-width: 0px; font-stretch: normal; font-family: 'times new roman', serif; margin: 0px; text-indent: 0.5in;"><b>&#160;</b></p><p style="color: #000000; font-size: 10pt; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-indent: 0px; text-transform: none; white-space: normal; widows: 1; word-spacing: 0px; -webkit-text-stroke-width: 0px; font-stretch: normal; font-family: 'times new roman', serif; margin: 0px; text-align: justify;">All of the Company&#8217;s manufacturing is located in the PRC. There can be no assurance that the Company will be able to successfully continue to manufacture its products and failure to do so would have a material adverse effect on the Company&#8217;s financial position, results of operations and cash flows. Also, the success of the Company&#8217;s operations is subject to numerous contingencies, some of which are beyond management&#8217;s control. These contingencies include general economic conditions, prices of raw materials, competition, governmental and political conditions, and changes in regulations. Since the Company is dependent on trade in the PRC, the Company is subject to various additional political, economic and other uncertainties. Among other risks, the Company&#8217;s operations will be subject to the risks of restrictions on transfer of funds, domestic customs, changing taxation policies, foreign exchange restrictions, and political and governmental regulations.</p><p style="color: #000000; font-size: 10pt; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-align: start; text-transform: none; white-space: normal; widows: 1; word-spacing: 0px; -webkit-text-stroke-width: 0px; font-stretch: normal; font-family: 'times new roman', serif; margin: 0px; text-indent: 0.5in;">&#160;</p><p style="color: #000000; font-size: 10pt; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-indent: 0px; text-transform: none; white-space: normal; widows: 1; word-spacing: 0px; -webkit-text-stroke-width: 0px; font-stretch: normal; font-family: 'times new roman', serif; margin: 0px; text-align: justify;">The Company operates in the PRC, which may give rise to significant foreign currency risks from fluctuations and the degree of volatility of foreign exchange rates between USD and RMB. The results of operations denominated in foreign currency are translated at the average rate of exchange during the reporting periods.</p><p style="color: #000000; font-size: 10pt; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-align: start; text-transform: none; white-space: normal; widows: 1; word-spacing: 0px; -webkit-text-stroke-width: 0px; font-stretch: normal; font-family: 'times new roman', serif; margin: 0px; text-indent: 0.5in;">&#160;</p><p style="color: #000000; font-size: 10pt; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-align: start; text-indent: 0px; text-transform: none; white-space: normal; widows: 1; word-spacing: 0px; -webkit-text-stroke-width: 0px; font-stretch: normal; font-family: 'times new roman', serif; margin: 0px;"><b>Recent Accounting Pronouncements</b></p><p style="color: #000000; font-size: 10pt; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-align: start; text-transform: none; white-space: normal; widows: 1; word-spacing: 0px; -webkit-text-stroke-width: 0px; font-stretch: normal; font-family: 'times new roman', serif; margin: 0px; text-indent: 0.5in;">&#160;</p><p style="color: #000000; font-size: 10pt; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-indent: 0px; text-transform: none; white-space: normal; widows: 1; word-spacing: 0px; -webkit-text-stroke-width: 0px; font-stretch: normal; font-family: 'times new roman', serif; margin: 0px; text-align: justify;">In August 2014, the FASB has issued ASU No. 2014-15, Presentation of Financial Statements&#8212;Going Concern (Subtopic 205-40): Disclosure of Uncertainties about an Entity&#8217;s Ability to Continue as a Going Concern. ASU 2014-15 is intended to define management&#8217;s responsibility to evaluate whether there is substantial doubt about an organization&#8217;s ability to continue as a going concern and to provide related footnote disclosures. The amendments are effective for annual periods ending after December 15, 2016, and interim periods within annual periods beginning after December 15, 2016. Early application is permitted for annual or interim reporting periods for which the financial statements have not previously been issued statements. The Company does not expect the adoption to have a significant impact on its consolidated financial statements.</p> <p style="color: #000000; font-size: 10pt; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-align: start; text-indent: 0px; text-transform: none; white-space: normal; widows: 1; word-spacing: 0px; -webkit-text-stroke-width: 0px; font-stretch: normal; font-family: 'times new roman', serif; margin: 0px;"><b>NOTE 3 - RESTRICTED CASH</b></p><p style="color: #000000; font-size: 10pt; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-align: start; text-transform: none; white-space: normal; widows: 1; word-spacing: 0px; -webkit-text-stroke-width: 0px; font-stretch: normal; font-family: 'times new roman', serif; margin: 0px; text-indent: 0.5in;">&#160;</p><p style="color: #000000; font-size: 10pt; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-align: start; text-indent: 0px; text-transform: none; white-space: normal; widows: 1; word-spacing: 0px; -webkit-text-stroke-width: 0px; font-stretch: normal; font-family: 'times new roman', serif; margin: 0px;">Restricted cash consists of following:</p><p style="color: #000000; font-size: 10pt; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-align: start; text-transform: none; white-space: normal; widows: 1; word-spacing: 0px; -webkit-text-stroke-width: 0px; font-stretch: normal; font-family: 'times new roman', serif; margin: 0px; text-indent: 0.5in;">&#160;</p><table style="font: 10pt/normal calibri, helvetica, sans-serif; width: 1567px; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; border-collapse: collapse; widows: 1; font-size-adjust: none; font-stretch: normal; -webkit-text-stroke-width: 0px;" cellspacing="0" cellpadding="0"><tr style="vertical-align: bottom;"><td>&#160;</td><td style="font-family: 'times new roman', serif; padding-bottom: 1.5pt;">&#160;</td><td style="font-family: 'times new roman', serif; text-align: center; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;" colspan="2"><font style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman', serif;"><b>June 30,<br />2015</b></font></td><td style="padding-bottom: 1.5pt; font-family: 'times new roman', serif;">&#160;</td><td style="font-family: 'times new roman', serif; padding-bottom: 1.5pt;">&#160;</td><td style="font-family: 'times new roman', serif; text-align: center; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;" colspan="2"><font style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman', serif;"><b>December 31,<br />2014</b></font></td><td style="padding-bottom: 1.5pt; font-family: 'times new roman', serif;">&#160;</td></tr><tr style="vertical-align: bottom;"><td>&#160;</td><td style="font-family: 'times new roman', serif; padding-bottom: 1.5pt;">&#160;</td><td style="font-family: 'times new roman', serif; text-align: center; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;" colspan="2"><font style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman', serif;"><b>(Unaudited)</b></font></td><td style="padding-bottom: 1.5pt; font-family: 'times new roman', serif;">&#160;</td><td style="padding-bottom: 1.5pt;">&#160;</td><td style="text-align: center;" colspan="2">&#160;</td><td style="padding-bottom: 1.5pt;">&#160;</td></tr><tr style="vertical-align: bottom; background-color: #cceeff;"><td style="width: 1191px; font-family: 'times new roman', serif; text-align: left; padding-bottom: 1.5pt;">Pledged for bank drafts</td><td style="width: 16px; font-family: 'times new roman', serif; padding-bottom: 1.5pt;">&#160;</td><td style="width: 16px; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid; font-family: 'times new roman', serif; text-align: left;">$</td><td style="width: 142px; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid; font-family: 'times new roman', serif; text-align: right;">564,516</td><td style="width: 16px; padding-bottom: 1.5pt; font-family: 'times new roman', serif; text-align: left;">&#160;</td><td style="width: 15px; font-family: 'times new roman', serif; padding-bottom: 1.5pt;">&#160;</td><td style="width: 15px; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid; font-family: 'times new roman', serif; text-align: left;">$</td><td style="width: 141px; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid; font-family: 'times new roman', serif; text-align: right;">1,772,878</td><td style="width: 15px; padding-bottom: 1.5pt; font-family: 'times new roman', serif; text-align: left;">&#160;</td></tr><tr style="vertical-align: bottom; background-color: white;"><td style="font-family: 'times new roman', serif; padding-bottom: 4pt;">Total</td><td style="font-family: 'times new roman', serif; padding-bottom: 4pt;">&#160;</td><td style="border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double; font-family: 'times new roman', serif; text-align: left;">$</td><td style="border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double; font-family: 'times new roman', serif; text-align: right;">564,516</td><td style="padding-bottom: 4pt; font-family: 'times new roman', serif; text-align: left;">&#160;</td><td style="font-family: 'times new roman', serif; padding-bottom: 4pt;">&#160;</td><td style="border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double; font-family: 'times new roman', serif; text-align: left;">$</td><td style="border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double; font-family: 'times new roman', serif; text-align: right;">1,772,878</td><td style="padding-bottom: 4pt; font-family: 'times new roman', serif; text-align: left;">&#160;</td></tr></table><p style="color: #000000; font-size: 10pt; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-align: start; text-transform: none; white-space: normal; widows: 1; word-spacing: 0px; -webkit-text-stroke-width: 0px; font-stretch: normal; font-family: 'times new roman', serif; margin: 0px; text-indent: 0.5in;">&#160;</p><p style="color: #000000; font-size: 10pt; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-indent: 0px; text-transform: none; white-space: normal; widows: 1; word-spacing: 0px; -webkit-text-stroke-width: 0px; font-stretch: normal; font-family: 'times new roman', serif; margin: 0px; text-align: justify;"></p><p style="color: #000000; font-family: 'times new roman', times, serif; font-size: 10pt; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-indent: 0px; text-transform: none; white-space: normal; widows: 1; word-spacing: 0px; -webkit-text-stroke-width: 0px; font-stretch: normal; margin: 0px; text-align: justify;">Restricted cash is pledged with banks for the purpose issuing bank drafts. Banks require the Company to deposit a pledged amount of cash as a percentage of the bank draft amount the Company applied into the bank. The percentage required is 50% to 100% for each bank draft. The Company is not able to withdraw or use the pledged cash deposit until the bank draft expires.</p><p style="color: #000000; font-size: 10pt; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-indent: 0px; text-transform: none; white-space: normal; widows: 1; word-spacing: 0px; -webkit-text-stroke-width: 0px; font-stretch: normal; font-family: 'times new roman', serif; margin: 0px; text-align: justify;"></p><p style="color: #000000; font-size: 10pt; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-transform: none; white-space: normal; widows: 1; word-spacing: 0px; -webkit-text-stroke-width: 0px; font-stretch: normal; font-family: 'times new roman', serif; margin: 0px; text-indent: 0.5in; text-align: justify;">&#160;</p><p style="color: #000000; font-size: 10pt; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-indent: 0px; text-transform: none; white-space: normal; widows: 1; word-spacing: 0px; -webkit-text-stroke-width: 0px; font-stretch: normal; font-family: 'times new roman', serif; margin: 0px; text-align: justify;">The Company applied for the bank drafts in the Bengbu branch of Shanghai Pudong Bank. The guarantee deposits were recorded under the accounting subject of other monetary funds.</p> <p style="color: #000000; font-size: 10pt; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-align: start; text-indent: 0px; text-transform: none; white-space: normal; widows: 1; word-spacing: 0px; -webkit-text-stroke-width: 0px; font-stretch: normal; font-family: 'times new roman', serif; margin: 0px;"><b>NOTE 4 - ACCOUNTS RECEIVABLE</b></p><p style="color: #000000; font-size: 10pt; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-align: start; text-transform: none; white-space: normal; widows: 1; word-spacing: 0px; -webkit-text-stroke-width: 0px; font-stretch: normal; font-family: 'times new roman', serif; margin: 0px; text-indent: 0.5in;">&#160;</p><p style="color: #000000; font-size: 10pt; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-align: start; text-indent: 0px; text-transform: none; white-space: normal; widows: 1; word-spacing: 0px; -webkit-text-stroke-width: 0px; font-stretch: normal; font-family: 'times new roman', serif; margin: 0px;">Accounts receivable consisted of the following at June 30, 2015 and December 31, 2014:</p><p style="color: #000000; font-size: 10pt; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-align: start; text-transform: none; white-space: normal; widows: 1; word-spacing: 0px; -webkit-text-stroke-width: 0px; font-stretch: normal; font-family: 'times new roman', serif; margin: 0px; text-indent: 0.5in;">&#160;</p><table style="font: 10pt/normal calibri, helvetica, sans-serif; width: 1567px; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; border-collapse: collapse; widows: 1; font-size-adjust: none; font-stretch: normal; -webkit-text-stroke-width: 0px;" cellspacing="0" cellpadding="0"><tr style="vertical-align: bottom;"><td>&#160;</td><td style="font-family: 'times new roman', serif; padding-bottom: 1.5pt;">&#160;</td><td style="font-family: 'times new roman', serif; text-align: center; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;" colspan="2"><font style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman', serif;"><b>June 30,<br />2015</b></font></td><td style="padding-bottom: 1.5pt; font-family: 'times new roman', serif;">&#160;</td><td style="font-family: 'times new roman', serif; padding-bottom: 1.5pt;">&#160;</td><td style="font-family: 'times new roman', serif; text-align: center; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;" colspan="2"><font style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman', serif;"><b>December&#160;31,<br />2014</b></font></td><td style="padding-bottom: 1.5pt; font-family: 'times new roman', serif;">&#160;</td></tr><tr style="vertical-align: bottom;"><td>&#160;</td><td style="font-family: 'times new roman', serif; padding-bottom: 1.5pt;">&#160;</td><td style="font-family: 'times new roman', serif; text-align: center; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;" colspan="2"><font style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman', serif;"><b>(Unaudited)</b></font></td><td style="padding-bottom: 1.5pt; font-family: 'times new roman', serif;">&#160;</td><td style="padding-bottom: 1.5pt;">&#160;</td><td style="text-align: center;" colspan="2">&#160;</td><td style="padding-bottom: 1.5pt;">&#160;</td></tr><tr style="vertical-align: bottom; background-color: #cceeff;"><td style="width: 1191px; font-family: 'times new roman', serif; text-align: left;">Accounts receivable</td><td style="width: 16px; font-family: 'times new roman', serif;">&#160;</td><td style="width: 16px; font-family: 'times new roman', serif; text-align: left;">$</td><td style="width: 142px; font-family: 'times new roman', serif; text-align: right;">2,607,880</td><td style="width: 16px; font-family: 'times new roman', serif; text-align: left;">&#160;</td><td style="width: 15px; font-family: 'times new roman', serif;">&#160;</td><td style="width: 15px; font-family: 'times new roman', serif; text-align: left;">$</td><td style="width: 141px; font-family: 'times new roman', serif; text-align: right;">728,656</td><td style="width: 15px; font-family: 'times new roman', serif; text-align: left;">&#160;</td></tr><tr style="vertical-align: bottom; background-color: white;"><td style="font-family: 'times new roman', serif; text-align: left; padding-bottom: 1.5pt;">Less: allowance for doubtful accounts</td><td style="font-family: 'times new roman', serif; padding-bottom: 1.5pt;">&#160;</td><td style="border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid; font-family: 'times new roman', serif; text-align: left;">&#160;</td><td style="border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid; font-family: 'times new roman', serif; text-align: right;">(45,315</td><td style="padding-bottom: 1.5pt; font-family: 'times new roman', serif; text-align: left;">)</td><td style="font-family: 'times new roman', serif; padding-bottom: 1.5pt;">&#160;</td><td style="border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid; font-family: 'times new roman', serif; text-align: left;">&#160;</td><td style="border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid; font-family: 'times new roman', serif; text-align: right;">(42,580</td><td style="padding-bottom: 1.5pt; font-family: 'times new roman', serif; text-align: left;">)</td></tr><tr style="vertical-align: bottom; background-color: #cceeff;"><td style="font-family: 'times new roman', serif; padding-bottom: 4pt;">Total</td><td style="font-family: 'times new roman', serif; padding-bottom: 4pt;">&#160;</td><td style="border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double; font-family: 'times new roman', serif; text-align: left;">$</td><td style="border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double; font-family: 'times new roman', serif; text-align: right;">2,562,565</td><td style="padding-bottom: 4pt; font-family: 'times new roman', serif; text-align: left;">&#160;</td><td style="font-family: 'times new roman', serif; padding-bottom: 4pt;">&#160;</td><td style="border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double; font-family: 'times new roman', serif; text-align: left;">$</td><td style="border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double; font-family: 'times new roman', serif; text-align: right;">686,076</td><td style="padding-bottom: 4pt; font-family: 'times new roman', serif; text-align: left;">&#160;</td></tr></table><p style="color: #000000; font-size: 10pt; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-align: start; text-transform: none; white-space: normal; widows: 1; word-spacing: 0px; -webkit-text-stroke-width: 0px; font-stretch: normal; font-family: 'times new roman', serif; margin: 0px; text-indent: 0.5in;">&#160;</p><p style="color: #000000; font-size: 10pt; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-indent: 0px; text-transform: none; white-space: normal; widows: 1; word-spacing: 0px; -webkit-text-stroke-width: 0px; font-stretch: normal; font-family: 'times new roman', serif; margin: 0px; text-align: justify;">The Company&#8217;s accounts receivable amounted to $2,607,880and $728,656, respectively, net of allowance for doubtful accounts amounting to $45,315 and $42,580 as of June 30, 2015 and December 31, 2014, respectively. The credit term given to customers is within 1 year, 99.52% and 97.43% of the balance were within 1 year as of June 30, 2015 and December 31, 2014 respectively. There was no change of payment term and collectability from prior year.</p><p style="color: #000000; font-size: 10pt; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-align: start; text-indent: 0px; text-transform: none; white-space: normal; widows: 1; word-spacing: 0px; -webkit-text-stroke-width: 0px; font-stretch: normal; font-family: 'times new roman', serif; margin: 0px;">&#160;</p><p style="color: #000000; font-size: 10pt; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-indent: 0px; text-transform: none; white-space: normal; widows: 1; word-spacing: 0px; -webkit-text-stroke-width: 0px; font-stretch: normal; font-family: 'times new roman', serif; margin: 0px; text-align: justify;">The Company's accounting method of estimating uncollectible accounts receivable, is adopted by both specific identification and the method of aging accounts. For obvious sign of uncollectible accounts of certain customers, specific&#160;identification is used to accrue allowance for doubtful accounts, while different percentage to accrue allowance is distributed to other customers with different aging.</p> <p style="color: #000000; font-size: 10pt; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-align: start; text-indent: 0px; text-transform: none; white-space: normal; widows: 1; word-spacing: 0px; -webkit-text-stroke-width: 0px; font-stretch: normal; font-family: 'times new roman', serif; margin: 0px;"><b>NOTE 5 - ADVANCES TO SUPPLIERS</b></p><p style="color: #000000; font-size: 10pt; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-align: start; text-transform: none; white-space: normal; widows: 1; word-spacing: 0px; -webkit-text-stroke-width: 0px; font-stretch: normal; font-family: 'times new roman', serif; margin: 0px; text-indent: 0.5in;">&#160;</p><p style="color: #000000; font-size: 10pt; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-indent: 0px; text-transform: none; white-space: normal; widows: 1; word-spacing: 0px; -webkit-text-stroke-width: 0px; font-stretch: normal; font-family: 'times new roman', serif; margin: 0px; text-align: justify;">The Company is required to pay deposits to the suppliers for the full amount of certain raw materials and equipments ordered. The amount was $5,583,231 and $3,161,468 as of June 30, 2015 and December 31, 2014, respectively.</p> <p style="color: #000000; font-size: 10pt; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-align: start; text-indent: 0px; text-transform: none; white-space: normal; widows: 1; word-spacing: 0px; -webkit-text-stroke-width: 0px; font-stretch: normal; font-family: 'times new roman', serif; margin: 0px;"><b>NOTE 6 - DUE FROM RELATED PARTIES</b></p><p style="color: #000000; font-size: 10pt; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-align: start; text-transform: none; white-space: normal; widows: 1; word-spacing: 0px; -webkit-text-stroke-width: 0px; font-stretch: normal; font-family: 'times new roman', serif; margin: 0px; text-indent: 0.5in;"><b>&#160;</b></p><p style="color: #000000; font-size: 10pt; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-align: start; text-indent: 0px; text-transform: none; white-space: normal; widows: 1; word-spacing: 0px; -webkit-text-stroke-width: 0px; font-stretch: normal; font-family: 'times new roman', serif; margin: 0px;">Due from related parties consists of the following:</p><p style="color: #000000; font-size: 10pt; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-align: start; text-indent: 0px; text-transform: none; white-space: normal; widows: 1; word-spacing: 0px; -webkit-text-stroke-width: 0px; font-stretch: normal; font-family: 'times new roman', serif; margin: 0px;">&#160;</p><table style="font: 10pt/normal calibri, helvetica, sans-serif; width: 1567px; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; border-collapse: collapse; widows: 1; font-size-adjust: none; font-stretch: normal; -webkit-text-stroke-width: 0px;" cellspacing="0" cellpadding="0"><tr style="vertical-align: bottom;"><td>&#160;</td><td style="font-family: 'times new roman', serif; padding-bottom: 1.5pt;">&#160;</td><td style="font-family: 'times new roman', serif; text-align: center; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;" colspan="2"><font style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman', serif;"><b>June 30,<br />2015</b></font></td><td style="padding-bottom: 1.5pt; font-family: 'times new roman', serif;">&#160;</td><td style="font-family: 'times new roman', serif; padding-bottom: 1.5pt;">&#160;</td><td style="font-family: 'times new roman', serif; text-align: center; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;" colspan="2"><font style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman', serif;"><b>December&#160;31,<br />2014</b></font></td><td style="padding-bottom: 1.5pt; font-family: 'times new roman', serif;">&#160;</td></tr><tr style="vertical-align: bottom;"><td>&#160;</td><td style="font-family: 'times new roman', serif; padding-bottom: 1.5pt;">&#160;</td><td style="font-family: 'times new roman', serif; text-align: center; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;" colspan="2"><font style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman', serif;"><b>(Unaudited)</b></font></td><td style="padding-bottom: 1.5pt; font-family: 'times new roman', serif;">&#160;</td><td style="padding-bottom: 1.5pt;">&#160;</td><td style="text-align: center;" colspan="2">&#160;</td><td style="padding-bottom: 1.5pt;">&#160;</td></tr><tr style="vertical-align: bottom; background-color: #cceeff;"><td style="width: 1191px; font-family: 'times new roman', serif; text-align: left;">Li Qimei</td><td style="width: 16px; font-family: 'times new roman', serif;">&#160;</td><td style="width: 16px; font-family: 'times new roman', serif; text-align: left;">&#160;</td><td style="width: 142px; font-family: 'times new roman', serif; text-align: right;">391,131</td><td style="width: 16px; font-family: 'times new roman', serif; text-align: left;">&#160;</td><td style="width: 15px; font-family: 'times new roman', serif;">&#160;</td><td style="width: 15px; font-family: 'times new roman', serif; text-align: left;">&#160;</td><td style="width: 141px; font-family: 'times new roman', serif; text-align: right;">1,022,025</td><td style="width: 15px; font-family: 'times new roman', serif; text-align: left;">&#160;</td></tr><tr style="vertical-align: bottom; background-color: white;"><td style="font-family: 'times new roman', serif; text-align: left; padding-bottom: 1.5pt;">Bengbu Boyuan Real Estate Co.,ltd</td><td style="font-family: 'times new roman', serif; padding-bottom: 1.5pt;">&#160;</td><td style="border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid; font-family: 'times new roman', serif; text-align: left;">&#160;</td><td style="border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid; font-family: 'times new roman', serif; text-align: right;">156,804</td><td style="padding-bottom: 1.5pt; font-family: 'times new roman', serif; text-align: left;">&#160;</td><td style="font-family: 'times new roman', serif; padding-bottom: 1.5pt;">&#160;</td><td style="border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid; font-family: 'times new roman', serif; text-align: left;">&#160;</td><td style="border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid; font-family: 'times new roman', serif; text-align: right;">597,798</td><td style="padding-bottom: 1.5pt; font-family: 'times new roman', serif; text-align: left;">&#160;</td></tr><tr style="vertical-align: bottom; background-color: #cceeff;"><td style="font-family: 'times new roman', serif; padding-bottom: 4pt;">Total</td><td style="font-family: 'times new roman', serif; padding-bottom: 4pt;">&#160;</td><td style="border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double; font-family: 'times new roman', serif; text-align: left;">$</td><td style="border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double; font-family: 'times new roman', serif; text-align: right;">547,935</td><td style="padding-bottom: 4pt; font-family: 'times new roman', serif; text-align: left;">&#160;</td><td style="font-family: 'times new roman', serif; padding-bottom: 4pt;">&#160;</td><td style="border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double; font-family: 'times new roman', serif; text-align: left;">$</td><td style="border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double; font-family: 'times new roman', serif; text-align: right;">1,619,823</td><td style="padding-bottom: 4pt; font-family: 'times new roman', serif; text-align: left;">&#160;</td></tr></table><p style="color: #000000; font-size: 10pt; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-align: start; text-transform: none; white-space: normal; widows: 1; word-spacing: 0px; -webkit-text-stroke-width: 0px; font-stretch: normal; font-family: 'times new roman', serif; margin: 0px; text-indent: 0.5in;"><b>&#160;</b></p><p style="color: #000000; font-size: 10pt; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-indent: 0px; text-transform: none; white-space: normal; widows: 1; word-spacing: 0px; -webkit-text-stroke-width: 0px; font-stretch: normal; font-family: 'times new roman', serif; margin: 0px; text-align: justify;">Due from related parties includes receivable from the owner and the related parties. Li Qimei is the 40% owner of the Company. Li Qimei received payments from customers on behalf of the Company, and such funds have not yet been remitted to the Company. Li Qimei has a signed funds agreement with the Company agreeing to fully repay the funds by December 31, 2016.</p><p style="color: #000000; font-size: 10pt; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-align: start; text-indent: 0px; text-transform: none; white-space: normal; widows: 1; word-spacing: 0px; -webkit-text-stroke-width: 0px; font-stretch: normal; font-family: 'times new roman', serif; margin: 0px;">&#160;</p><p style="color: #000000; font-size: 10pt; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-indent: 0px; text-transform: none; white-space: normal; widows: 1; word-spacing: 0px; -webkit-text-stroke-width: 0px; font-stretch: normal; font-family: 'times new roman', serif; margin: 0px; text-align: justify;">Bengbu Boyuanzhiye Co., Ltd., or BBC Ltd., is a real estate company owned by Li Qimei. Since 2012, BBC Ltd. has leased to the Company a 1,139 square meters (12,260 square feet) office building in Guzhen County, Bengbu City. The Company built an approximately 3,000 square meter (32,000 square foot) four story addition to this office building at a cost of approximately RMB 4,000,000 (US $604,285). BBC Ltd. agreed to be responsible for the cost of this construction and, as a result, has signed a loan agreement agreeing to repay the $604,285 construction cost amount to the Company by January 1, 2016.</p> <p style="color: #000000; font-size: 10pt; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-align: start; text-indent: 0px; text-transform: none; white-space: normal; widows: 1; word-spacing: 0px; -webkit-text-stroke-width: 0px; font-stretch: normal; font-family: 'times new roman', serif; margin: 0px;"><b>NOTE 7 - INVENTORY</b></p><p style="color: #000000; font-size: 10pt; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-align: start; text-transform: none; white-space: normal; widows: 1; word-spacing: 0px; -webkit-text-stroke-width: 0px; font-stretch: normal; font-family: 'times new roman', serif; margin: 0px; text-indent: 0.5in;"><b>&#160;</b></p><p style="color: #000000; font-size: 10pt; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-align: start; text-indent: 0px; text-transform: none; white-space: normal; widows: 1; word-spacing: 0px; -webkit-text-stroke-width: 0px; font-stretch: normal; font-family: 'times new roman', serif; margin: 0px;">Inventory consists of the following:</p><p style="color: #000000; font-size: 10pt; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-align: start; text-transform: none; white-space: normal; widows: 1; word-spacing: 0px; -webkit-text-stroke-width: 0px; font-stretch: normal; font-family: 'times new roman', serif; margin: 0px; text-indent: 0.5in;">&#160;</p><table style="font: 10pt/normal calibri, helvetica, sans-serif; width: 1567px; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; border-collapse: collapse; widows: 1; font-size-adjust: none; font-stretch: normal; -webkit-text-stroke-width: 0px;" cellspacing="0" cellpadding="0"><tr style="vertical-align: bottom;"><td>&#160;</td><td style="font-family: 'times new roman', serif; padding-bottom: 1.5pt;">&#160;</td><td style="font-family: 'times new roman', serif; text-align: center; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;" colspan="2"><font style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman', serif;"><b>June 30,<br />2015</b></font></td><td style="padding-bottom: 1.5pt; font-family: 'times new roman', serif;">&#160;</td><td style="font-family: 'times new roman', serif; padding-bottom: 1.5pt;">&#160;</td><td style="font-family: 'times new roman', serif; text-align: center; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;" colspan="2"><font style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman', serif;"><b>December 31, 2014</b></font></td><td style="padding-bottom: 1.5pt; font-family: 'times new roman', serif;">&#160;</td></tr><tr style="vertical-align: bottom;"><td>&#160;</td><td style="font-family: 'times new roman', serif; padding-bottom: 1.5pt;">&#160;</td><td style="font-family: 'times new roman', serif; text-align: center; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;" colspan="2"><font style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman', serif;"><b>(Unaudited)</b></font></td><td style="padding-bottom: 1.5pt; font-family: 'times new roman', serif;">&#160;</td><td style="padding-bottom: 1.5pt;">&#160;</td><td style="text-align: center;" colspan="2">&#160;</td><td style="padding-bottom: 1.5pt;">&#160;</td></tr><tr style="vertical-align: bottom; background-color: #cceeff;"><td style="width: 1191px; font-family: 'times new roman', serif; text-align: left;">Raw Materials</td><td style="width: 16px; font-family: 'times new roman', serif;">&#160;</td><td style="width: 16px; font-family: 'times new roman', serif; text-align: left;">$</td><td style="width: 142px; font-family: 'times new roman', serif; text-align: right;">211,656</td><td style="width: 16px; font-family: 'times new roman', serif; text-align: left;">&#160;</td><td style="width: 15px; font-family: 'times new roman', serif;">&#160;</td><td style="width: 15px; font-family: 'times new roman', serif; text-align: left;">$</td><td style="width: 141px; font-family: 'times new roman', serif; text-align: right;">65,497</td><td style="width: 15px; font-family: 'times new roman', serif; text-align: left;">&#160;</td></tr><tr style="vertical-align: bottom; background-color: white;"><td style="font-family: 'times new roman', serif; text-align: left;">Finished Goods</td><td style="font-family: 'times new roman', serif;">&#160;</td><td style="font-family: 'times new roman', serif; text-align: left;">&#160;</td><td style="font-family: 'times new roman', serif; text-align: right;">124,967</td><td style="font-family: 'times new roman', serif; text-align: left;">&#160;</td><td style="font-family: 'times new roman', serif;">&#160;</td><td style="font-family: 'times new roman', serif; text-align: left;">&#160;</td><td style="font-family: 'times new roman', serif; text-align: right;">225,360</td><td style="font-family: 'times new roman', serif; text-align: left;">&#160;</td></tr><tr style="vertical-align: bottom; background-color: #cceeff;"><td style="font-family: 'times new roman', serif; text-align: left;">Goods in transit</td><td style="font-family: 'times new roman', serif;">&#160;</td><td style="font-family: 'times new roman', serif; text-align: left;">&#160;</td><td style="font-family: 'times new roman', serif; text-align: right;">62,939</td><td style="font-family: 'times new roman', serif; text-align: left;">&#160;</td><td style="font-family: 'times new roman', serif;">&#160;</td><td style="font-family: 'times new roman', serif; text-align: left;">&#160;</td><td style="font-family: 'times new roman', serif; text-align: right;">-</td><td style="font-family: 'times new roman', serif; text-align: left;">&#160;</td></tr><tr style="vertical-align: bottom; background-color: white;"><td style="font-family: 'times new roman', serif; padding-bottom: 1.5pt;">Supplies</td><td style="font-family: 'times new roman', serif; padding-bottom: 1.5pt;">&#160;</td><td style="border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid; font-family: 'times new roman', serif; text-align: left;">&#160;</td><td style="border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid; font-family: 'times new roman', serif; text-align: right;">403</td><td style="padding-bottom: 1.5pt; font-family: 'times new roman', serif; text-align: left;">&#160;</td><td style="font-family: 'times new roman', serif; padding-bottom: 1.5pt;">&#160;</td><td style="border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid; font-family: 'times new roman', serif; text-align: left;">&#160;</td><td style="border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid; font-family: 'times new roman', serif; text-align: right;">403</td><td style="padding-bottom: 1.5pt; font-family: 'times new roman', serif; text-align: left;">&#160;</td></tr><tr style="vertical-align: bottom; background-color: #cceeff;"><td style="font-family: 'times new roman', serif; padding-bottom: 1.5pt;">Total</td><td style="font-family: 'times new roman', serif; padding-bottom: 1.5pt;">&#160;</td><td style="border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid; font-family: 'times new roman', serif; text-align: left;">$</td><td style="border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid; font-family: 'times new roman', serif; text-align: right;">399,965</td><td style="padding-bottom: 1.5pt; font-family: 'times new roman', serif; text-align: left;">&#160;</td><td style="font-family: 'times new roman', serif; padding-bottom: 1.5pt;">&#160;</td><td style="border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid; font-family: 'times new roman', serif; text-align: left;">$</td><td style="border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid; font-family: 'times new roman', serif; text-align: right;">291,260</td><td style="padding-bottom: 1.5pt; font-family: 'times new roman', serif; text-align: left;">&#160;</td></tr></table><p style="color: #000000; font-size: 10pt; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-align: start; text-transform: none; white-space: normal; widows: 1; word-spacing: 0px; -webkit-text-stroke-width: 0px; font-stretch: normal; font-family: 'times new roman', serif; margin: 0px; text-indent: 0.5in;">&#160;</p><p style="color: #000000; font-size: 10pt; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-indent: 0px; text-transform: none; white-space: normal; widows: 1; word-spacing: 0px; -webkit-text-stroke-width: 0px; font-stretch: normal; font-family: 'times new roman', serif; margin: 0px; text-align: justify;">For the six months ended Jun 30, 2015 and the year ended December 31,2014, the Company has not made provision for inventory in regards to slow moving or obsolete items.</p> <p style="color: #000000; font-size: 10pt; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-align: start; text-indent: 0px; text-transform: none; white-space: normal; widows: 1; word-spacing: 0px; -webkit-text-stroke-width: 0px; font-stretch: normal; font-family: 'times new roman', serif; margin: 0px;"><b>NOTE 8 - OTHER CURRENT ASSETS</b></p><p style="color: #000000; font-size: 10pt; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-align: start; text-transform: none; white-space: normal; widows: 1; word-spacing: 0px; -webkit-text-stroke-width: 0px; font-stretch: normal; font-family: 'times new roman', serif; margin: 0px; text-indent: 0.5in;"><b>&#160;</b></p><p style="color: #000000; font-size: 10pt; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-align: start; text-indent: 0px; text-transform: none; white-space: normal; widows: 1; word-spacing: 0px; -webkit-text-stroke-width: 0px; font-stretch: normal; font-family: 'times new roman', serif; margin: 0px;">Other current asset consists of the following:</p><p style="color: #000000; font-size: 10pt; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-align: start; text-transform: none; white-space: normal; widows: 1; word-spacing: 0px; -webkit-text-stroke-width: 0px; font-stretch: normal; font-family: 'times new roman', serif; margin: 0px; text-indent: 0.5in;"><b>&#160;</b></p><table style="width: 1567px; text-transform: none; text-indent: 0px; letter-spacing: normal; font-family: 'times new roman', times, serif; font-size: 10pt; word-spacing: 0px; border-collapse: collapse; widows: 1; -webkit-text-stroke-width: 0px;" cellspacing="0" cellpadding="0"><tr style="vertical-align: bottom;"><td style="font-family: calibri, sans-serif; line-height: 15.3333320617676px;">&#160;</td><td style="font-family: calibri, sans-serif; line-height: 15.3333320617676px;">&#160;</td><td style="border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid; text-align: center; font-family: calibri, sans-serif; line-height: 15.3333320617676px;" colspan="2"><font style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman', serif;"><b>March 31,</b></font><br /><font style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman', serif;"><b>2015</b></font></td><td style="font-family: calibri, sans-serif; line-height: 15.3333320617676px;">&#160;</td><td style="font-family: calibri, sans-serif; line-height: 15.3333320617676px;">&#160;</td><td style="border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid; text-align: center; font-family: calibri, sans-serif; line-height: 15.3333320617676px;" colspan="2"><font style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman', serif;"><b>December&#160;31,</b></font><br /><font style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman', serif;"><b>2014</b></font></td><td style="font-family: calibri, sans-serif; line-height: 15.3333320617676px;">&#160;</td></tr><tr style="vertical-align: bottom;"><td style="font-family: calibri, sans-serif; line-height: 15.3333320617676px;">&#160;</td><td style="font-family: calibri, sans-serif; line-height: 15.3333320617676px;">&#160;</td><td style="border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid; text-align: center; font-family: calibri, sans-serif; line-height: 15.3333320617676px;" colspan="2"><font style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman', serif;"><b>(Unaudited)</b></font></td><td style="font-family: calibri, sans-serif; line-height: 15.3333320617676px;">&#160;</td><td style="font-family: calibri, sans-serif; line-height: 15.3333320617676px;">&#160;</td><td style="font-family: calibri, sans-serif; line-height: 15.3333320617676px;" colspan="2">&#160;</td><td style="font-family: calibri, sans-serif; line-height: 15.3333320617676px;">&#160;</td></tr><tr style="vertical-align: bottom; background-color: #cceeff;"><td style="width: 1223px; font-family: calibri, sans-serif; line-height: 15.3333320617676px;"><font style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman', serif;">Other receivables</font></td><td style="width: 16px; font-family: calibri, sans-serif; line-height: 15.3333320617676px;">&#160;</td><td style="width: 16px; font-family: calibri, sans-serif; line-height: 15.3333320617676px;"><font style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman', serif;">$</font></td><td style="width: 126px; text-align: right; font-family: calibri, sans-serif; line-height: 15.3333320617676px;"><font style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman', serif;">565,620</font></td><td style="width: 16px; font-family: calibri, sans-serif; line-height: 15.3333320617676px;">&#160;</td><td style="width: 15px; font-family: calibri, sans-serif; line-height: 15.3333320617676px;">&#160;</td><td style="width: 15px; font-family: calibri, sans-serif; line-height: 15.3333320617676px;"><font style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman', serif;">$</font></td><td style="width: 125px; text-align: right; font-family: calibri, sans-serif; line-height: 15.3333320617676px;"><font style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman', serif;">1,387,230</font></td><td style="width: 15px; font-family: calibri, sans-serif; line-height: 15.3333320617676px;">&#160;</td></tr><tr style="vertical-align: bottom; background-color: white;"><td style="font-family: calibri, sans-serif; line-height: 15.3333320617676px;"><font style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman', serif;">Prepaid expenses</font></td><td style="font-family: calibri, sans-serif; line-height: 15.3333320617676px;">&#160;</td><td style="border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid; font-family: calibri, sans-serif; line-height: 15.3333320617676px;">&#160;</td><td style="border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid; text-align: right; font-family: calibri, sans-serif; line-height: 15.3333320617676px;"><font style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman', serif;">6,876</font></td><td style="font-family: calibri, sans-serif; line-height: 15.3333320617676px;">&#160;</td><td style="font-family: calibri, sans-serif; line-height: 15.3333320617676px;">&#160;</td><td style="border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid; font-family: calibri, sans-serif; line-height: 15.3333320617676px;">&#160;</td><td style="border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid; text-align: right; font-family: calibri, sans-serif; line-height: 15.3333320617676px;"><font style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman', serif;">4,537</font></td><td style="font-family: calibri, sans-serif; line-height: 15.3333320617676px;">&#160;</td></tr><tr style="vertical-align: bottom; background-color: #cceeff;"><td style="font-family: calibri, sans-serif; line-height: 15.3333320617676px;"><font style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman', serif;">Total</font></td><td style="font-family: calibri, sans-serif; line-height: 15.3333320617676px;">&#160;</td><td style="border-bottom-color: black; border-bottom-width: 4.5pt; border-bottom-style: double; font-family: calibri, sans-serif; line-height: 15.3333320617676px;"><font style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman', serif;">$</font></td><td style="border-bottom-color: black; border-bottom-width: 4.5pt; border-bottom-style: double; text-align: right; font-family: calibri, sans-serif; line-height: 15.3333320617676px;"><font style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman', serif;">572,496</font></td><td style="font-family: calibri, sans-serif; line-height: 15.3333320617676px;">&#160;</td><td style="font-family: calibri, sans-serif; line-height: 15.3333320617676px;">&#160;</td><td style="border-bottom-color: black; border-bottom-width: 4.5pt; border-bottom-style: double; font-family: calibri, sans-serif; line-height: 15.3333320617676px;"><font style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman', serif;">$</font></td><td style="border-bottom-color: black; border-bottom-width: 4.5pt; border-bottom-style: double; text-align: right; font-family: calibri, sans-serif; line-height: 15.3333320617676px;"><font style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman', serif;">1,391,767</font></td><td style="font-family: calibri, sans-serif; line-height: 15.3333320617676px;">&#160;</td></tr></table><p style="color: #000000; font-size: 10pt; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-align: start; text-transform: none; white-space: normal; widows: 1; word-spacing: 0px; -webkit-text-stroke-width: 0px; font-stretch: normal; font-family: 'times new roman', serif; margin: 0px; text-indent: 0.5in;"><b>&#160;</b></p><p style="color: #000000; font-size: 10pt; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-indent: 0px; text-transform: none; white-space: normal; widows: 1; word-spacing: 0px; -webkit-text-stroke-width: 0px; font-stretch: normal; font-family: 'times new roman', serif; margin: 0px; text-align: justify;">Other receivables mainly include cash advance of employee, deposit and inter-company borrowing. Cash advance is necessary for salesman to expand business and establish business relationship. Inter-company borrowing includes borrowings without interest and prepaid charges paid by the Company.</p> <p style="color: #000000; font-size: 10pt; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-align: start; text-indent: 0px; text-transform: none; white-space: normal; widows: 1; word-spacing: 0px; -webkit-text-stroke-width: 0px; font-stretch: normal; font-family: 'times new roman', serif; margin: 0px;"><b>NOTE 9 - CONSTRUCTION IN PROGRESS</b></p><p style="color: #000000; font-size: 10pt; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-align: start; text-transform: none; white-space: normal; widows: 1; word-spacing: 0px; -webkit-text-stroke-width: 0px; font-stretch: normal; font-family: 'times new roman', serif; margin: 0px; text-indent: 0.5in;"><b>&#160;</b></p><p style="color: #000000; font-size: 10pt; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-indent: 0px; text-transform: none; white-space: normal; widows: 1; word-spacing: 0px; -webkit-text-stroke-width: 0px; font-stretch: normal; font-family: 'times new roman', serif; margin: 0px; text-align: justify;"></p><p style="color: #000000; font-family: 'times new roman', times, serif; font-size: 10pt; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-indent: 0px; text-transform: none; white-space: normal; widows: 1; word-spacing: 0px; -webkit-text-stroke-width: 0px; font-stretch: normal; margin: 0px; text-align: justify;">The company has purchased an office building near Bengbu World Trade Center in April 2015. The gross area of the building totals 1,902.41 square meters (20,473 square feet), the company bought the office building with an amount of $2,922,903.</p> <p style="color: #000000; font-size: 10pt; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-align: start; text-indent: 0px; text-transform: none; white-space: normal; widows: 1; word-spacing: 0px; -webkit-text-stroke-width: 0px; font-stretch: normal; font-family: 'times new roman', serif; margin: 0px;"><b>NOTE 10 - PROPERTY, PLANT AND EQUIPMENT</b></p><p style="color: #000000; font-size: 10pt; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-align: start; text-transform: none; white-space: normal; widows: 1; word-spacing: 0px; -webkit-text-stroke-width: 0px; font-stretch: normal; font-family: 'times new roman', serif; margin: 0px; text-indent: 0.5in;"><b>&#160;</b></p><p style="color: #000000; font-size: 10pt; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-align: start; text-indent: 0px; text-transform: none; white-space: normal; widows: 1; word-spacing: 0px; -webkit-text-stroke-width: 0px; font-stretch: normal; font-family: 'times new roman', serif; margin: 0px;">Property, plant and equipment of the Company consist of the following:</p><p style="color: #000000; font-size: 10pt; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-align: start; text-transform: none; white-space: normal; widows: 1; word-spacing: 0px; -webkit-text-stroke-width: 0px; font-stretch: normal; font-family: 'times new roman', serif; margin: 0px; text-indent: 0.5in;">&#160;</p><table style="font: 10pt/normal calibri, helvetica, sans-serif; width: 1567px; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; border-collapse: collapse; widows: 1; font-size-adjust: none; font-stretch: normal; -webkit-text-stroke-width: 0px;" cellspacing="0" cellpadding="0"><tr style="vertical-align: bottom;"><td>&#160;</td><td style="font-family: 'times new roman', serif; padding-bottom: 1.5pt;">&#160;</td><td style="font-family: 'times new roman', serif; text-align: center; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;" colspan="2"><font style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman', serif;"><b>June 30,<br />2015</b></font></td><td style="padding-bottom: 1.5pt; font-family: 'times new roman', serif;">&#160;</td><td style="font-family: 'times new roman', serif; padding-bottom: 1.5pt;">&#160;</td><td style="font-family: 'times new roman', serif; text-align: center; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;" colspan="2"><font style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman', serif;"><b>December 31,<br />2014</b></font></td><td style="padding-bottom: 1.5pt; font-family: 'times new roman', serif;">&#160;</td></tr><tr style="vertical-align: bottom;"><td>&#160;</td><td style="font-family: 'times new roman', serif; padding-bottom: 1.5pt;">&#160;</td><td style="font-family: 'times new roman', serif; text-align: center; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;" colspan="2"><font style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman', serif;"><b>(Unaudited)</b></font></td><td style="padding-bottom: 1.5pt; font-family: 'times new roman', serif;">&#160;</td><td style="padding-bottom: 1.5pt;">&#160;</td><td style="text-align: center;" colspan="2">&#160;</td><td style="padding-bottom: 1.5pt;">&#160;</td></tr><tr style="vertical-align: bottom; background-color: #cceeff;"><td style="width: 1191px; font-family: 'times new roman', serif; text-align: left;">Machinery equipment</td><td style="width: 16px; font-family: 'times new roman', serif;">&#160;</td><td style="width: 16px; font-family: 'times new roman', serif; text-align: left;">$</td><td style="width: 142px; font-family: 'times new roman', serif; text-align: right;">1,769,088</td><td style="width: 16px; font-family: 'times new roman', serif; text-align: left;">&#160;</td><td style="width: 15px; font-family: 'times new roman', serif;">&#160;</td><td style="width: 15px; font-family: 'times new roman', serif; text-align: left;">$</td><td style="width: 141px; font-family: 'times new roman', serif; text-align: right;">1,767,777</td><td style="width: 15px; font-family: 'times new roman', serif; text-align: left;">&#160;</td></tr><tr style="vertical-align: bottom; background-color: white;"><td style="font-family: 'times new roman', serif; text-align: left;">Motor Vehicles</td><td style="font-family: 'times new roman', serif;">&#160;</td><td style="font-family: 'times new roman', serif; text-align: left;">&#160;</td><td style="font-family: 'times new roman', serif; text-align: right;">266,974</td><td style="font-family: 'times new roman', serif; text-align: left;">&#160;</td><td style="font-family: 'times new roman', serif;">&#160;</td><td style="font-family: 'times new roman', serif; text-align: left;">&#160;</td><td style="font-family: 'times new roman', serif; text-align: right;">266,776</td><td style="font-family: 'times new roman', serif; text-align: left;">&#160;</td></tr><tr style="vertical-align: bottom; background-color: #cceeff;"><td style="font-family: 'times new roman', serif; text-align: left;">Electronic equipment</td><td style="font-family: 'times new roman', serif;">&#160;</td><td style="font-family: 'times new roman', serif; text-align: left;">&#160;</td><td style="font-family: 'times new roman', serif; text-align: right;">42,589</td><td style="font-family: 'times new roman', serif; text-align: left;">&#160;</td><td style="font-family: 'times new roman', serif;">&#160;</td><td style="font-family: 'times new roman', serif; text-align: left;">&#160;</td><td style="font-family: 'times new roman', serif; text-align: right;">42,557</td><td style="font-family: 'times new roman', serif; text-align: left;">&#160;</td></tr><tr style="vertical-align: bottom; background-color: white;"><td style="font-family: 'times new roman', serif; text-align: left;">Furniture and office equipment</td><td style="font-family: 'times new roman', serif;">&#160;</td><td style="font-family: 'times new roman', serif; text-align: left;">&#160;</td><td style="font-family: 'times new roman', serif; text-align: right;">30,713</td><td style="font-family: 'times new roman', serif; text-align: left;">&#160;</td><td style="font-family: 'times new roman', serif;">&#160;</td><td style="font-family: 'times new roman', serif; text-align: left;">&#160;</td><td style="font-family: 'times new roman', serif; text-align: right;">30,690</td><td style="font-family: 'times new roman', serif; text-align: left;">&#160;</td></tr><tr style="vertical-align: bottom; background-color: #cceeff;"><td style="font-family: 'times new roman', serif; text-align: left;">Leasehold Improvement</td><td style="font-family: 'times new roman', serif;">&#160;</td><td style="font-family: 'times new roman', serif; text-align: left;">&#160;</td><td style="font-family: 'times new roman', serif; text-align: right;">3,771</td><td style="font-family: 'times new roman', serif; text-align: left;">&#160;</td><td style="font-family: 'times new roman', serif;">&#160;</td><td style="font-family: 'times new roman', serif; text-align: left;">&#160;</td><td style="font-family: 'times new roman', serif; text-align: right;">3,768</td><td style="font-family: 'times new roman', serif; text-align: left;">&#160;</td></tr><tr style="vertical-align: bottom; background-color: white;"><td style="font-family: 'times new roman', serif; text-align: left; padding-bottom: 1.5pt;">Less Accumulated Depreciation</td><td style="font-family: 'times new roman', serif; padding-bottom: 1.5pt;">&#160;</td><td style="border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid; font-family: 'times new roman', serif; text-align: left;">&#160;</td><td style="border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid; font-family: 'times new roman', serif; text-align: right;">(728,444</td><td style="padding-bottom: 1.5pt; font-family: 'times new roman', serif; text-align: left;">)</td><td style="font-family: 'times new roman', serif; padding-bottom: 1.5pt;">&#160;</td><td style="border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid; font-family: 'times new roman', serif; text-align: left;">&#160;</td><td style="border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid; font-family: 'times new roman', serif; text-align: right;">(626,320</td><td style="padding-bottom: 1.5pt; font-family: 'times new roman', serif; text-align: left;">)</td></tr><tr style="vertical-align: bottom; background-color: #cceeff;"><td style="font-family: 'times new roman', serif; padding-bottom: 4pt;">Total</td><td style="font-family: 'times new roman', serif; padding-bottom: 4pt;">&#160;</td><td style="border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double; font-family: 'times new roman', serif; text-align: left;">$</td><td style="border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double; font-family: 'times new roman', serif; text-align: right;">1,384,691</td><td style="padding-bottom: 4pt; font-family: 'times new roman', serif; text-align: left;">&#160;</td><td style="font-family: 'times new roman', serif; padding-bottom: 4pt;">&#160;</td><td style="border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double; font-family: 'times new roman', serif; text-align: left;">$</td><td style="border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double; font-family: 'times new roman', serif; text-align: right;">1,485,248</td><td style="padding-bottom: 4pt; font-family: 'times new roman', serif; text-align: left;">&#160;</td></tr></table><p style="color: #000000; font-size: 10pt; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-align: start; text-transform: none; white-space: normal; widows: 1; word-spacing: 0px; -webkit-text-stroke-width: 0px; font-stretch: normal; font-family: 'times new roman', serif; margin: 0px; text-indent: 0.5in;">&#160;</p><p style="color: #000000; font-size: 10pt; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-indent: 0px; text-transform: none; white-space: normal; widows: 1; word-spacing: 0px; -webkit-text-stroke-width: 0px; font-stretch: normal; font-family: 'times new roman', serif; margin: 0px; text-align: justify;">Depreciation expense is $101,659 and $243,988 for the six months ended June 30, 2015 and year ended December 31, 2014, respectively.</p> <p style="color: #000000; font-size: 10pt; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-align: start; text-indent: 0px; text-transform: none; white-space: normal; widows: 1; word-spacing: 0px; -webkit-text-stroke-width: 0px; font-stretch: normal; font-family: 'times new roman', serif; margin: 0px;"><b>NOTE 11 - ADVANCES TO SUPPLIERS-NON-CURRENT</b></p><p style="color: #000000; font-size: 10pt; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-align: start; text-indent: 0px; text-transform: none; white-space: normal; widows: 1; word-spacing: 0px; -webkit-text-stroke-width: 0px; font-stretch: normal; font-family: 'times new roman', serif; margin: 0px;">&#160;</p><p style="color: #000000; font-size: 10pt; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-indent: 0px; text-transform: none; white-space: normal; widows: 1; word-spacing: 0px; -webkit-text-stroke-width: 0px; font-stretch: normal; font-family: 'times new roman', serif; margin: 0px; text-align: justify;">Advances to suppliers- non-current of the company consist of $1,470,703 of advances to suppliers for equipment and properties.</p> <p style="color: #000000; font-size: 10pt; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-align: start; text-indent: 0px; text-transform: none; white-space: normal; widows: 1; word-spacing: 0px; -webkit-text-stroke-width: 0px; font-stretch: normal; font-family: 'times new roman', serif; margin: 0px;"><b>NOTE 12 - DUE FROM RELATED PARTIES-NON-CURRENT</b></p><p style="color: #000000; font-size: 10pt; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-align: start; text-indent: 0px; text-transform: none; white-space: normal; widows: 1; word-spacing: 0px; -webkit-text-stroke-width: 0px; font-stretch: normal; font-family: 'times new roman', serif; margin: 0px;"><b>&#160;</b></p><p style="color: #000000; font-size: 10pt; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-indent: 0px; text-transform: none; white-space: normal; widows: 1; word-spacing: 0px; -webkit-text-stroke-width: 0px; font-stretch: normal; font-family: 'times new roman', serif; margin: 0px; text-align: justify;"></p><p style="color: #000000; font-family: 'times new roman', times, serif; font-size: 10pt; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-indent: 0px; text-transform: none; white-space: normal; widows: 1; word-spacing: 0px; -webkit-text-stroke-width: 0px; font-stretch: normal; margin: 0px; text-align: justify;">Due from related parties- non-current of the company consist of $427,889 from due from related party Bengbu Boyuanzhiye Co., Ltd that would not be received in one year.</p><p style="color: #000000; font-family: 'times new roman', times, serif; font-size: 10pt; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-align: start; text-transform: none; white-space: normal; widows: 1; word-spacing: 0px; -webkit-text-stroke-width: 0px; font-stretch: normal; margin: 0px; text-indent: 0.5in;">&#160;</p><p style="color: #000000; font-family: 'times new roman', times, serif; font-size: 10pt; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-align: start; text-indent: 0px; text-transform: none; white-space: normal; widows: 1; word-spacing: 0px; -webkit-text-stroke-width: 0px; font-stretch: normal; margin: 0px;">Ms. Li had paid off all payment ahead of Roll-forward schedule ended June 30, 2015.</p> <p style="color: #000000; font-size: 10pt; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-align: start; text-indent: 0px; text-transform: none; white-space: normal; widows: 1; word-spacing: 0px; -webkit-text-stroke-width: 0px; font-stretch: normal; font-family: 'times new roman', serif; margin: 0px;"><b>NOTE 13 - SHORT-TERM LOAN</b></p><p style="color: #000000; font-size: 10pt; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-align: start; text-transform: none; white-space: normal; widows: 1; word-spacing: 0px; -webkit-text-stroke-width: 0px; font-stretch: normal; font-family: 'times new roman', serif; margin: 0px; text-indent: 0.5in;"><b>&#160;</b></p><p style="color: #000000; font-size: 10pt; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-align: start; text-indent: 0px; text-transform: none; white-space: normal; widows: 1; word-spacing: 0px; -webkit-text-stroke-width: 0px; font-stretch: normal; font-family: 'times new roman', serif; margin: 0px;">Short-term loans of the Company consist of the following:</p><p style="color: #000000; font-size: 10pt; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-align: start; text-transform: none; white-space: normal; widows: 1; word-spacing: 0px; -webkit-text-stroke-width: 0px; font-stretch: normal; font-family: 'times new roman', serif; margin: 0px; text-indent: 0.5in;"><b>&#160;</b></p><table style="width: 1567px; text-transform: none; text-indent: 0px; letter-spacing: normal; font-family: 'times new roman', times, serif; word-spacing: 0px; border-collapse: collapse; widows: 1; -webkit-text-stroke-width: 0px;" cellspacing="0" cellpadding="0"><tr style="vertical-align: bottom;"><td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: calibri, sans-serif;">&#160;</td><td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman', serif; padding-bottom: 1.5pt;">&#160;</td><td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman', serif; text-align: center; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;" colspan="2"><font style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman', serif;"><b>June 30,<br />2015</b></font></td><td style="padding-bottom: 1.5pt; font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman', serif;">&#160;</td><td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman', serif; padding-bottom: 1.5pt;">&#160;</td><td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman', serif; text-align: center; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;" colspan="2"><font style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman', serif;"><b>December&#160;31,<br />2014</b></font></td><td style="padding-bottom: 1.5pt; font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman', serif;">&#160;</td></tr><tr style="vertical-align: bottom;"><td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: calibri, sans-serif;">&#160;</td><td style="font-size: 10pt;">&#160;</td><td style="font-size: 10pt;" colspan="2">&#160;</td><td style="font-size: 10pt;">&#160;</td><td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: calibri, sans-serif;">&#160;</td><td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: calibri, sans-serif; text-align: center;" colspan="2">&#160;</td><td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: calibri, sans-serif;">&#160;</td></tr><tr style="vertical-align: bottom; background-color: #cceeff;"><td style="width: 1191px; font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman', serif; text-align: left;">Huishang Bank Bengbu Branch</td><td style="width: 16px; font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman', serif;">&#160;</td><td style="width: 16px; font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman', serif; text-align: left;">$</td><td style="width: 142px; font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman', serif; text-align: right;">806,452</td><td style="width: 16px; font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman', serif; text-align: left;">&#160;</td><td style="width: 15px; font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman', serif;">&#160;</td><td style="width: 15px; font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman', serif; text-align: left;">$</td><td style="width: 141px; font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman', serif; text-align: right;">805,854</td><td style="width: 15px; font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman', serif; text-align: left;">&#160;</td></tr><tr style="vertical-align: bottom; background-color: white;"><td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman', serif; text-align: left;">Bank of Communications Bengbu Branch</td><td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman', serif;">&#160;</td><td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman', serif; text-align: left;">&#160;</td><td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman', serif; text-align: right;">806,452</td><td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman', serif; text-align: left;">&#160;</td><td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman', serif;">&#160;</td><td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman', serif; text-align: left;">&#160;</td><td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman', serif; text-align: right;">805,854</td><td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman', serif; text-align: left;">&#160;</td></tr><tr style="vertical-align: bottom; background-color: #cceeff;"><td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman', serif; text-align: left;">The Xuehua branch of Bengbu Rural Commercial Bank</td><td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman', serif;">&#160;</td><td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman', serif; text-align: left;">&#160;</td><td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman', serif; text-align: right;">1,612,903</td><td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman', serif; text-align: left;">&#160;</td><td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman', serif;">&#160;</td><td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman', serif; text-align: left;">&#160;</td><td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman', serif; text-align: right;">967,024</td><td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman', serif; text-align: left;">&#160;</td></tr><tr style="vertical-align: bottom; background-color: white;"><td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman', serif; text-align: left; padding-bottom: 1.5pt;">The Bengbu branch of Shanghai Pudong Bank</td><td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman', serif; padding-bottom: 1.5pt;">&#160;</td><td style="border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid; font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman', serif; text-align: left;">&#160;</td><td style="border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid; font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman', serif; text-align: right;">1,290,322</td><td style="padding-bottom: 1.5pt; font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman', serif; text-align: left;">&#160;</td><td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman', serif; padding-bottom: 1.5pt;">&#160;</td><td style="border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid; font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman', serif; text-align: left;">&#160;</td><td style="border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid; font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman', serif; text-align: right;">1,289,366</td><td style="padding-bottom: 1.5pt; font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman', serif; text-align: left;">&#160;</td></tr><tr style="vertical-align: bottom; background-color: #cceeff;"><td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman', serif; padding-bottom: 4pt;">Total</td><td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman', serif; padding-bottom: 4pt;">&#160;</td><td style="border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double; font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman', serif; text-align: left;">$</td><td style="border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double; font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman', serif; text-align: right;">4,516,129</td><td style="padding-bottom: 4pt; font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman', serif; text-align: left;">&#160;</td><td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman', serif; padding-bottom: 4pt;">&#160;</td><td style="border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double; font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman', serif; text-align: left;">$</td><td style="border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double; font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman', serif; text-align: right;">3,868,098</td><td style="padding-bottom: 4pt; font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman', serif; text-align: left;">&#160;</td></tr></table><p style="color: #000000; font-size: 10pt; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-align: start; text-transform: none; white-space: normal; widows: 1; word-spacing: 0px; -webkit-text-stroke-width: 0px; font-stretch: normal; font-family: 'times new roman', serif; margin: 0px; text-indent: 0.5in;">&#160;</p><p style="color: #000000; font-size: 10pt; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; orphans: auto; text-indent: 0px; text-transform: none; white-space: normal; widows: 1; word-spacing: 0px; -webkit-text-stroke-width: 0px; font-stretch: normal; line-height: 15.3333320617676px; font-family: 'times new roman', serif; margin: 0px 0px 10pt; text-align: justify;">In January 2015, the Company renewed the loan agreement with the Xuehua branch of Bengbu Rural Commercial Bank for a one-year loan due January 9, 2016, in amount of RMB 5,000,000 (approximately $806,452). The interest on the loan is a fixed interest floating 60% on base annual interest of value date. In connection with the loan agreement, the Company entered into a cooperation agreement with individuals (Na Wei, Bin Wei). The loan was guaranteed by these individuals.</p><p style="color: #000000; font-size: 10pt; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; orphans: auto; text-indent: 0px; text-transform: none; white-space: normal; widows: 1; word-spacing: 0px; -webkit-text-stroke-width: 0px; font-stretch: normal; line-height: 15.3333320617676px; font-family: 'times new roman', serif; margin: 0pt; text-align: justify;">In May 2015, the Company renewed the loan agreement with the Huishang Bank Bengbu Branch for a one-year loan due May 14, 2016, in amount of RMB 5,000,000 (approximately $806,452). The interest on the loan is a fixed interest floating 36.39% on base annual interest of value date. In connection with the loan agreement, the Company entered into a cooperation agreement with Bengbu High-tech SMEs Credit Guarantee Co. LTD. The loan was guaranteed by the guarantee company.</p> <p style="color: #000000; font-size: 10pt; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; orphans: auto; text-indent: 0px; text-transform: none; white-space: normal; widows: 1; word-spacing: 0px; -webkit-text-stroke-width: 0px; font-stretch: normal; line-height: 15.3333320617676px; font-family: 'times new roman', serif; margin: 0pt; text-align: justify;"><b>NOTE 14 - NOTES PAYABLE</b></p><p style="color: #000000; font-size: 10pt; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; orphans: auto; text-align: start; text-indent: 0px; text-transform: none; white-space: normal; widows: 1; word-spacing: 0px; -webkit-text-stroke-width: 0px; font-stretch: normal; line-height: 15.3333320617676px; font-family: 'times new roman', serif; margin: 0pt;">&#160;</p><p style="color: #000000; font-size: 10pt; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; orphans: auto; text-align: start; text-indent: 0px; text-transform: none; white-space: normal; widows: 1; word-spacing: 0px; -webkit-text-stroke-width: 0px; font-stretch: normal; line-height: 15.3333320617676px; font-family: 'times new roman', serif; margin: 0pt;">Notes payable of the Company consists of the following:</p><p style="color: #000000; font-size: 10pt; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; orphans: auto; text-align: start; text-indent: 0px; text-transform: none; white-space: normal; widows: 1; word-spacing: 0px; -webkit-text-stroke-width: 0px; font-stretch: normal; line-height: 15.3333320617676px; font-family: 'times new roman', serif; margin: 0pt;">&#160;</p><table style="width: 1567px; text-transform: none; text-indent: 0px; letter-spacing: normal; font-family: 'times new roman', times, serif; word-spacing: 0px; border-collapse: collapse; widows: 1; -webkit-text-stroke-width: 0px;" cellspacing="0" cellpadding="0"><tr style="vertical-align: bottom;"><td style="font-size: 10pt; padding-right: 0pt; padding-bottom: 0pt; padding-left: 0pt; text-align: center;"><font style="font-family: 'times new roman', times, serif;">&#160;</font></td><td style="font-size: 10pt; padding-right: 0pt; padding-bottom: 0pt; padding-left: 0pt; text-align: center;"><font style="font-family: 'times new roman', times, serif;">&#160;</font></td><td style="font-size: 10pt; padding-right: 0pt; padding-bottom: 0pt; padding-left: 0pt; text-align: center;"><font style="font-family: 'times new roman', times, serif;">&#160;</font></td><td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman', serif; padding-right: 0pt; padding-bottom: 0pt; padding-left: 0pt; text-align: center;"><font style="font-family: 'times new roman', times, serif;">&#160;</font></td><td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman', serif; padding-right: 0pt; padding-bottom: 0pt; text-align: center;"><font style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: 15.3333320617676px; font-family: 'times new roman', times, serif;"><b>Origination</b></font></td><td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman', serif; padding-right: 0pt; padding-bottom: 0pt; padding-left: 0pt; text-align: center;"><font style="font-family: 'times new roman', times, serif;">&#160;</font></td><td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman', serif; text-align: center; padding-right: 0pt; padding-bottom: 0pt; padding-left: 0pt;"><font style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: 15.3333320617676px; font-family: 'times new roman', times, serif;"><b>Maturity</b></font></td><td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman', serif; padding-right: 0pt; padding-bottom: 0pt; padding-left: 0pt; text-align: center;"><font style="font-family: 'times new roman', times, serif;">&#160;</font></td><td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman', serif; text-align: center; padding-right: 0pt; padding-bottom: 0pt; padding-left: 0pt;" colspan="2"><font style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: 15.3333320617676px; font-family: 'times new roman', times, serif;"><b>Jun 30,</b></font></td><td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman', serif; padding-right: 0pt; padding-bottom: 0pt; padding-left: 0pt; text-align: center;"><font style="font-family: 'times new roman', times, serif;">&#160;</font></td><td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman', serif; padding-right: 0pt; padding-bottom: 0pt; padding-left: 0pt; text-align: center;"><font style="font-family: 'times new roman', times, serif;">&#160;</font></td><td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman', serif; text-align: center; padding-right: 0pt; padding-bottom: 0pt; padding-left: 0pt;" colspan="2"><font style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: 15.3333320617676px; font-family: 'times new roman', times, serif;"><b>Dec 31,</b></font></td><td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman', serif; padding-right: 0pt; padding-bottom: 0pt; padding-left: 0pt; text-align: center;"><font style="font-family: 'times new roman', times, serif;">&#160;</font></td></tr><tr style="vertical-align: bottom;"><td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman', serif; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid; padding-right: 0pt; padding-bottom: 0pt; padding-left: 0pt; text-align: left;"><font style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: 15.3333320617676px; font-family: 'times new roman', times, serif;"><b>Beneficiary</b></font></td><td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman', serif; padding-bottom: 0pt; padding-right: 0pt; padding-left: 0pt; text-align: center;"><font style="font-family: 'times new roman', times, serif;">&#160;</font></td><td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman', serif; text-align: center; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid; padding-right: 0pt; padding-bottom: 0pt; padding-left: 0pt;"><font style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: 15.3333320617676px; font-family: 'times new roman', times, serif;"><b>Endorser</b></font></td><td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman', serif; padding-bottom: 0pt; padding-right: 0pt; padding-left: 0pt; text-align: center;"><font style="font-family: 'times new roman', times, serif;">&#160;</font></td><td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman', serif; text-align: center; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid; padding-right: 0pt; padding-bottom: 0pt; padding-left: 0pt;"><font style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: 15.3333320617676px; font-family: 'times new roman', times, serif;"><b>date</b></font></td><td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman', serif; padding-bottom: 0pt; padding-right: 0pt; padding-left: 0pt; text-align: center;"><font style="font-family: 'times new roman', times, serif;">&#160;</font></td><td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman', serif; text-align: center; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid; padding-right: 0pt; padding-bottom: 0pt; padding-left: 0pt;"><font style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: 15.3333320617676px; font-family: 'times new roman', times, serif;"><b>date</b></font></td><td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman', serif; padding-bottom: 0pt; padding-right: 0pt; padding-left: 0pt; text-align: center;"><font style="font-family: 'times new roman', times, serif;">&#160;</font></td><td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman', serif; text-align: center; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid; padding-right: 0pt; padding-bottom: 0pt; padding-left: 0pt;" colspan="2"><font style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: 15.3333320617676px; font-family: 'times new roman', times, serif;"><b>2015</b></font></td><td style="padding-bottom: 0pt; font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman', serif; padding-right: 0pt; padding-left: 0pt; text-align: center;"><font style="font-family: 'times new roman', times, serif;">&#160;</font></td><td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman', serif; padding-bottom: 0pt; padding-right: 0pt; padding-left: 0pt; text-align: center;"><font style="font-family: 'times new roman', times, serif;">&#160;</font></td><td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman', serif; text-align: center; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid; padding-right: 0pt; padding-bottom: 0pt; padding-left: 0pt;" colspan="2"><font style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: 15.3333320617676px; font-family: 'times new roman', times, serif;"><b>2014</b></font></td><td style="padding-bottom: 0pt; font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman', serif; padding-right: 0pt; padding-left: 0pt; text-indent: 0pt;"><font style="font-family: 'times new roman', times, serif;">&#160;</font></td></tr><tr style="vertical-align: bottom;"><td style="font-size: 10pt; padding-right: 0pt; padding-bottom: 0pt; padding-left: 0pt; text-indent: 0pt;"><font style="font-family: 'times new roman', times, serif;">&#160;</font></td><td style="font-size: 10pt; padding-right: 0pt; padding-bottom: 0pt; padding-left: 0pt; text-indent: 0pt;"><font style="font-family: 'times new roman', times, serif;">&#160;</font></td><td style="font-size: 10pt; padding-right: 0pt; padding-bottom: 0pt; padding-left: 0pt; text-indent: 0pt;"><font style="font-family: 'times new roman', times, serif;">&#160;</font></td><td style="font-size: 10pt; padding-right: 0pt; padding-bottom: 0pt; padding-left: 0pt; text-indent: 0pt;"><font style="font-family: 'times new roman', times, serif;">&#160;</font></td><td style="font-size: 10pt; padding-right: 0pt; padding-bottom: 0pt; padding-left: 0pt; text-indent: 0pt;"><font style="font-family: 'times new roman', times, serif;">&#160;</font></td><td style="font-size: 10pt; padding-right: 0pt; padding-bottom: 0pt; padding-left: 0pt; text-indent: 0pt;"><font style="font-family: 'times new roman', times, serif;">&#160;</font></td><td style="font-size: 10pt; padding-right: 0pt; padding-bottom: 0pt; padding-left: 0pt; text-align: center;"><font style="font-family: 'times new roman', times, serif;">&#160;</font></td><td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman', serif; padding-right: 0pt; padding-bottom: 0pt; padding-left: 0pt; text-indent: 0pt;"><font style="font-family: 'times new roman', times, serif;">&#160;</font></td><td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman', serif; text-align: center; padding-right: 0pt; padding-bottom: 0pt; padding-left: 0pt; text-indent: 0pt;" colspan="2"><font style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: 15.3333320617676px; font-family: 'times new roman', times, serif;"><b>(Unaudited)</b></font></td><td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman', serif; padding-right: 0pt; padding-bottom: 0pt; padding-left: 0pt; text-indent: 0pt;"><font style="font-family: 'times new roman', times, serif;">&#160;</font></td><td style="font-size: 10pt; padding-right: 0pt; padding-bottom: 0pt; padding-left: 0pt; text-indent: 0pt;"><font style="font-family: 'times new roman', times, serif;">&#160;</font></td><td style="font-size: 10pt; padding-right: 0pt; padding-bottom: 0pt; padding-left: 0pt; text-indent: 0pt;" colspan="2"><font style="font-family: 'times new roman', times, serif;">&#160;</font></td><td style="font-size: 10pt; padding-right: 0pt; padding-bottom: 0pt; padding-left: 0pt; text-indent: 0pt;"><font style="font-family: 'times new roman', times, serif;">&#160;</font></td></tr><tr style="vertical-align: bottom; background-color: #cceeff;"><td style="width: 627px; font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman', serif; text-align: left; padding-left: 0pt; padding-right: 0pt; padding-bottom: 0pt; text-indent: 0pt;"><font style="font-family: 'times new roman', times, serif;">Anhui Jiangnan Trade Co. Ltd</font></td><td style="width: 16px; font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman', serif; padding-right: 0pt; padding-bottom: 0pt; padding-left: 0pt; text-indent: 0pt;"><font style="font-family: 'times new roman', times, serif;">&#160;</font></td><td style="width: 298px; font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman', serif; text-align: center; padding-left: 0pt; padding-right: 0pt; padding-bottom: 0pt; text-indent: 0pt;"><font style="font-family: 'times new roman', times, serif;">Bank of communications</font></td><td style="width: 16px; font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman', serif; padding-right: 0pt; padding-bottom: 0pt; padding-left: 0pt; text-indent: 0pt;"><font style="font-family: 'times new roman', times, serif;">&#160;</font></td><td style="width: 142px; font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman', serif; text-align: center; padding-left: 0pt; padding-right: 0pt; padding-bottom: 0pt; text-indent: 0pt;"><font style="font-family: 'times new roman', times, serif;">2014/7/18</font></td><td style="width: 16px; font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman', serif; padding-right: 0pt; padding-bottom: 0pt; padding-left: 0pt; text-indent: 0pt;"><font style="font-family: 'times new roman', times, serif;">&#160;</font></td><td style="width: 142px; font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman', serif; text-align: center; padding-left: 0pt; padding-right: 0pt; padding-bottom: 0pt;"><font style="font-family: 'times new roman', times, serif;">2015/1/17</font></td><td style="width: 16px; font-size: 10pt; padding-right: 0pt; padding-bottom: 0pt; padding-left: 0pt; text-indent: 0pt;"><font style="font-family: 'times new roman', times, serif;">&#160;</font></td><td style="width: 16px; font-size: 10pt; text-align: left; padding-right: 0pt; padding-bottom: 0pt; padding-left: 0pt; text-indent: 0pt;"><font style="font-family: 'times new roman', times, serif;">&#160;</font></td><td style="width: 109px; font-size: 10pt; text-align: right; padding-right: 0pt; padding-bottom: 0pt; padding-left: 0pt; text-indent: 0pt;"></td><td style="width: 15px; font-size: 10pt; text-align: left; padding-right: 0pt; padding-bottom: 0pt; padding-left: 0pt; text-indent: 0pt;"><font style="font-family: 'times new roman', times, serif;">&#160;</font></td><td style="width: 15px; font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman', serif; padding-right: 0pt; padding-bottom: 0pt; padding-left: 0pt; text-indent: 0pt;"><font style="font-family: 'times new roman', times, serif;">&#160;</font></td><td style="width: 15px; font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman', serif; text-align: left; padding-right: 0pt; padding-bottom: 0pt; padding-left: 0pt; text-indent: 0pt;"><font style="font-family: 'times new roman', times, serif;">$</font></td><td style="width: 109px; font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman', serif; text-align: right; padding-right: 0pt; padding-bottom: 0pt; padding-left: 0pt; text-indent: 0pt;"><font style="font-family: 'times new roman', times, serif;">483,512</font></td><td style="width: 15px; font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman', serif; text-align: left; padding-right: 0pt; padding-bottom: 0pt; padding-left: 0pt; text-indent: 0pt;"><font style="font-family: 'times new roman', times, serif;">&#160;</font></td></tr><tr style="vertical-align: bottom; background-color: white;"><td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman', serif; text-align: left; padding-left: 0pt; padding-right: 0pt; padding-bottom: 0pt; text-indent: 0pt;"><font style="font-family: 'times new roman', times, serif;">Anhui&#160;FeiteFule&amp;Equipment&#160;Manufacture&#160;Co. Ltd</font></td><td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman', serif; padding-right: 0pt; padding-bottom: 0pt; padding-left: 0pt; text-indent: 0pt;"><font style="font-family: 'times new roman', times, serif;">&#160;</font></td><td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman', serif; text-align: center; padding-left: 0pt; padding-right: 0pt; padding-bottom: 0pt; text-indent: 0pt;"><font style="font-family: 'times new roman', times, serif;">Bengbu BRC bank</font></td><td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman', serif; padding-right: 0pt; padding-bottom: 0pt; padding-left: 0pt; text-indent: 0pt;"><font style="font-family: 'times new roman', times, serif;">&#160;</font></td><td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman', serif; text-align: center; padding-left: 0pt; padding-right: 0pt; padding-bottom: 0pt; text-indent: 0pt;"><font style="font-family: 'times new roman', times, serif;">2014/7/8</font></td><td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman', serif; padding-right: 0pt; padding-bottom: 0pt; padding-left: 0pt; text-indent: 0pt;"><font style="font-family: 'times new roman', times, serif;">&#160;</font></td><td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman', serif; text-align: center; padding-left: 0pt; padding-right: 0pt; padding-bottom: 0pt;"><font style="font-family: 'times new roman', times, serif;">2015/1/8</font></td><td style="font-size: 10pt; padding-right: 0pt; padding-bottom: 0pt; padding-left: 0pt; text-indent: 0pt;"><font style="font-family: 'times new roman', times, serif;">&#160;</font></td><td style="font-size: 10pt; text-align: left; padding-right: 0pt; padding-bottom: 0pt; padding-left: 0pt; text-indent: 0pt;"><font style="font-family: 'times new roman', times, serif;">&#160;</font></td><td style="font-size: 10pt; text-align: right; padding-right: 0pt; padding-bottom: 0pt; padding-left: 0pt; text-indent: 0pt;"></td><td style="font-size: 10pt; text-align: left; padding-right: 0pt; padding-bottom: 0pt; padding-left: 0pt; text-indent: 0pt;"><font style="font-family: 'times new roman', times, serif;">&#160;</font></td><td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman', serif; padding-right: 0pt; padding-bottom: 0pt; padding-left: 0pt; text-indent: 0pt;"><font style="font-family: 'times new roman', times, serif;">&#160;</font></td><td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman', serif; text-align: left; padding-right: 0pt; padding-bottom: 0pt; padding-left: 0pt; text-indent: 0pt;"><font style="font-family: 'times new roman', times, serif;">&#160;</font></td><td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman', serif; text-align: right; padding-right: 0pt; padding-bottom: 0pt; padding-left: 0pt; text-indent: 0pt;"><font style="font-family: 'times new roman', times, serif;">1,289,366</font></td><td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman', serif; text-align: left; padding-right: 0pt; padding-bottom: 0pt; padding-left: 0pt; text-indent: 0pt;"><font style="font-family: 'times new roman', times, serif;">&#160;</font></td></tr><tr style="vertical-align: bottom; background-color: #cceeff;"><td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman', serif; text-align: left; padding-left: 0pt; padding-right: 0pt; padding-bottom: 0pt; text-indent: 0pt;"><font style="font-family: 'times new roman', times, serif;">Bengbu Hongyang Trade Co. Ltd</font></td><td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman', serif; padding-right: 0pt; padding-bottom: 0pt; padding-left: 0pt; text-indent: 0pt;"><font style="font-family: 'times new roman', times, serif;">&#160;</font></td><td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman', serif; text-align: center; padding-left: 0pt; padding-right: 0pt; padding-bottom: 0pt; text-indent: 0pt;"><font style="font-family: 'times new roman', times, serif;">Bengbu BRC bank</font></td><td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman', serif; padding-right: 0pt; padding-bottom: 0pt; padding-left: 0pt; text-indent: 0pt;"><font style="font-family: 'times new roman', times, serif;">&#160;</font></td><td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman', serif; text-align: center; padding-left: 0pt; padding-right: 0pt; padding-bottom: 0pt; text-indent: 0pt;"><font style="font-family: 'times new roman', times, serif;">2014/12/17</font></td><td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman', serif; padding-right: 0pt; padding-bottom: 0pt; padding-left: 0pt; text-indent: 0pt;"><font style="font-family: 'times new roman', times, serif;">&#160;</font></td><td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman', serif; text-align: center; padding-left: 0pt; padding-right: 0pt; padding-bottom: 0pt;"><font style="font-family: 'times new roman', times, serif;">2015/6/17</font></td><td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: calibri, sans-serif; padding-right: 0pt; padding-bottom: 0pt; padding-left: 0pt; text-indent: 0pt;"><font style="font-family: 'times new roman', times, serif;">&#160;</font></td><td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: calibri, sans-serif; text-align: left; padding-right: 0pt; padding-bottom: 0pt; padding-left: 0pt; text-indent: 0pt;"><font style="font-family: 'times new roman', times, serif;">&#160;</font></td><td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: calibri, sans-serif; text-align: right; padding-right: 0pt; padding-bottom: 0pt; padding-left: 0pt; text-indent: 0pt;"></td><td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: calibri, sans-serif; text-align: left; padding-right: 0pt; padding-bottom: 0pt; padding-left: 0pt; text-indent: 0pt;"><font style="font-family: 'times new roman', times, serif;">&#160;</font></td><td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman', serif; padding-right: 0pt; padding-bottom: 0pt; padding-left: 0pt; text-indent: 0pt;"><font style="font-family: 'times new roman', times, serif;">&#160;</font></td><td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman', serif; text-align: left; padding-right: 0pt; padding-bottom: 0pt; padding-left: 0pt; text-indent: 0pt;"><font style="font-family: 'times new roman', times, serif;">&#160;</font></td><td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman', serif; text-align: right; padding-right: 0pt; padding-bottom: 0pt; padding-left: 0pt; text-indent: 0pt;"><font style="font-family: 'times new roman', times, serif;">805,854</font></td><td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman', serif; text-align: left; padding-right: 0pt; padding-bottom: 0pt; padding-left: 0pt; text-indent: 0pt;"><font style="font-family: 'times new roman', times, serif;">&#160;</font></td></tr><tr style="vertical-align: bottom; background-color: white;"><td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman', serif; text-align: left; padding-bottom: 0pt; padding-left: 0pt; padding-right: 0pt; text-indent: 0pt;"><font style="font-family: 'times new roman', times, serif;">Hefei Yushi Trade Co. Ltd</font></td><td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman', serif; padding-bottom: 0pt; padding-right: 0pt; padding-left: 0pt; text-indent: 0pt;"><font style="font-family: 'times new roman', times, serif;">&#160;</font></td><td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman', serif; text-align: center; padding-bottom: 0pt; padding-left: 0pt; padding-right: 0pt; text-indent: 0pt;"><font style="font-family: 'times new roman', times, serif;">Pudong Development Bank</font></td><td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman', serif; padding-bottom: 0pt; padding-right: 0pt; padding-left: 0pt; text-indent: 0pt;"><font style="font-family: 'times new roman', times, serif;">&#160;</font></td><td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman', serif; text-align: center; padding-bottom: 0pt; padding-left: 0pt; padding-right: 0pt;"><font style="font-family: 'times new roman', times, serif;">2015/6/30</font></td><td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman', serif; padding-bottom: 0pt; padding-right: 0pt; padding-left: 0pt; text-indent: 0pt;"><font style="font-family: 'times new roman', times, serif;">&#160;</font></td><td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman', serif; text-align: center; padding-bottom: 0pt; padding-left: 0pt; padding-right: 0pt;"><font style="font-family: 'times new roman', times, serif;">2015/12/30</font></td><td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman', serif; padding-bottom: 0pt; padding-right: 0pt; padding-left: 0pt; text-indent: 0pt;"><font style="font-family: 'times new roman', times, serif;">&#160;</font></td><td style="border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid; font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman', serif; text-align: left; padding-right: 0pt; padding-bottom: 0pt; padding-left: 0pt; text-indent: 0pt;"><font style="font-family: 'times new roman', times, serif;">$</font></td><td style="border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid; font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman', serif; text-align: right; padding-right: 0pt; padding-bottom: 0pt; padding-left: 0pt; text-indent: 0pt;"><font style="font-family: 'times new roman', times, serif;">483,871</font></td><td style="padding-bottom: 0pt; font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman', serif; text-align: left; padding-right: 0pt; padding-left: 0pt; text-indent: 0pt;"><font style="font-family: 'times new roman', times, serif;">&#160;</font></td><td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: calibri, sans-serif; padding-bottom: 0pt; padding-right: 0pt; padding-left: 0pt; text-indent: 0pt;"><font style="font-family: 'times new roman', times, serif;">&#160;</font></td><td style="border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid; font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: calibri, sans-serif; text-align: left; padding-right: 0pt; padding-bottom: 0pt; padding-left: 0pt; text-indent: 0pt;"><font style="font-family: 'times new roman', times, serif;">&#160;</font></td><td style="border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid; font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: calibri, sans-serif; text-align: right; padding-right: 0pt; padding-bottom: 0pt; padding-left: 0pt; text-indent: 0pt;"></td><td style="padding-bottom: 0pt; font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: calibri, sans-serif; text-align: left; padding-right: 0pt; padding-left: 0pt; text-indent: 0pt;"><font style="font-family: 'times new roman', times, serif;">&#160;</font></td></tr><tr style="vertical-align: bottom; background-color: #cceeff;"><td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman', serif; text-align: left; padding-bottom: 4pt; padding-left: 0pt; padding-right: 0pt; text-indent: 0pt;"><font style="font-family: 'times new roman', times, serif;">Total</font></td><td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman', serif; padding-bottom: 4pt; padding-right: 0pt; padding-left: 0pt; text-indent: 0pt;"><font style="font-family: 'times new roman', times, serif;">&#160;</font></td><td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman', serif; text-align: center; padding-bottom: 4pt; padding-left: 0pt; padding-right: 0pt; text-indent: 0pt;"><font style="font-family: 'times new roman', times, serif;">&#160;</font></td><td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman', serif; padding-bottom: 4pt; padding-right: 0pt; padding-left: 0pt; text-indent: 0pt;"><font style="font-family: 'times new roman', times, serif;">&#160;</font></td><td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman', serif; text-align: right; padding-left: 0pt; padding-right: 0pt; text-indent: 0pt;"><font style="font-family: 'times new roman', times, serif;">&#160;</font></td><td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman', serif; padding-bottom: 4pt; padding-right: 0pt; padding-left: 0pt; text-indent: 0pt;"><font style="font-family: 'times new roman', times, serif;">&#160;</font></td><td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman', serif; text-align: center; padding-left: 0pt; padding-right: 0pt;"><font style="font-family: 'times new roman', times, serif;">&#160;</font></td><td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman', serif; padding-bottom: 4pt; padding-right: 0pt; padding-left: 0pt; text-indent: 0pt;"><font style="font-family: 'times new roman', times, serif;">&#160;</font></td><td style="border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double; font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman', serif; text-align: left; padding-right: 0pt; padding-left: 0pt; text-indent: 0pt;"><font style="font-family: 'times new roman', times, serif;">$</font></td><td style="border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double; font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman', serif; text-align: right; padding-right: 0pt; padding-left: 0pt; text-indent: 0pt;"><font style="font-family: 'times new roman', times, serif;">483,871</font></td><td style="padding-bottom: 4pt; font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman', serif; text-align: left; padding-right: 0pt; padding-left: 0pt; text-indent: 0pt;"><font style="font-family: 'times new roman', times, serif;">&#160;</font></td><td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: calibri, sans-serif; padding-bottom: 4pt; padding-right: 0pt; padding-left: 0pt; text-indent: 0pt;"><font style="font-family: 'times new roman', times, serif;">&#160;</font></td><td style="border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double; font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: calibri, sans-serif; text-align: left; padding-right: 0pt; padding-left: 0pt; text-indent: 0pt;"><font style="font-family: 'times new roman', times, serif;">$</font></td><td style="border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double; font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: calibri, sans-serif; text-align: right; padding-right: 0pt; padding-left: 0pt; text-indent: 0pt;"><font style="font-family: 'times new roman', times, serif;">2,578,732</font></td><td style="padding-bottom: 4pt; font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: calibri, sans-serif; text-align: left; padding-right: 0pt; padding-left: 0pt; text-indent: 0pt;"><font style="font-family: 'times new roman', times, serif;">&#160;</font></td></tr></table><p style="color: #000000; font-size: 10pt; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; orphans: auto; text-align: start; text-indent: 0px; text-transform: none; white-space: normal; widows: 1; word-spacing: 0px; -webkit-text-stroke-width: 0px; font-stretch: normal; line-height: 15.3333320617676px; font-family: 'times new roman', serif; margin: 0pt;">&#160;</p><p style="color: #000000; font-size: 10pt; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; orphans: auto; text-indent: 0px; text-transform: none; white-space: normal; widows: 1; word-spacing: 0px; -webkit-text-stroke-width: 0px; font-stretch: normal; line-height: 15.3333320617676px; font-family: 'times new roman', serif; margin: 0pt; text-align: justify;">Notes payable represents all bank acceptances. The Company had notes payables of $483,871 as of June 30, 2015, represented the outstanding and used notes are guaranteed to be paid by bank and matured within a short-term period of six months. The company is required to maintain cash deposits at 100% of the balance of note payables in bank account. And the outstanding amount consisted of $483,871 will mature on December 30, 2015.</p> <p style="color: #000000; font-size: 10pt; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; orphans: auto; text-align: start; text-indent: 0px; text-transform: none; white-space: normal; widows: 1; word-spacing: 0px; -webkit-text-stroke-width: 0px; font-stretch: normal; line-height: 15.3333320617676px; font-family: 'times new roman', serif; margin: 0pt;"><b>NOTE 15 - INCOME TAXES</b></p><p style="color: #000000; font-size: 10pt; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; orphans: auto; text-align: start; text-transform: none; white-space: normal; widows: 1; word-spacing: 0px; -webkit-text-stroke-width: 0px; font-stretch: normal; line-height: 15.3333320617676px; font-family: 'times new roman', serif; margin: 0pt; text-indent: 0.5in;">&#160;</p><p style="color: #000000; font-size: 10pt; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; orphans: auto; text-align: start; text-indent: 0px; text-transform: none; white-space: normal; widows: 1; word-spacing: 0px; -webkit-text-stroke-width: 0px; font-stretch: normal; line-height: 15.3333320617676px; font-family: 'times new roman', serif; margin: 0pt;">Under the EIT Law, the standard EIT rate is 25%. The PRC subsidiaries of the Company are subject to PRC income taxes on an entity basis on income arising in or derived from the tax jurisdiction in which they operate.</p><p style="color: #000000; font-size: 10pt; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; orphans: auto; text-align: start; text-indent: 0px; text-transform: none; white-space: normal; widows: 1; word-spacing: 0px; -webkit-text-stroke-width: 0px; font-stretch: normal; line-height: 15.3333320617676px; font-family: 'times new roman', serif; margin: 0pt;"></p><p style="color: #000000; font-size: 10pt; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; orphans: auto; text-align: start; text-indent: 0px; text-transform: none; white-space: normal; widows: 1; word-spacing: 0px; -webkit-text-stroke-width: 0px; font-stretch: normal; line-height: 15.3333320617676px; font-family: 'times new roman', serif; margin: 0pt;">Provision for income taxes consists of:</p><p style="color: #000000; font-size: 10pt; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; orphans: auto; text-align: start; text-transform: none; white-space: normal; widows: 1; word-spacing: 0px; -webkit-text-stroke-width: 0px; font-stretch: normal; line-height: 15.3333320617676px; font-family: 'times new roman', serif; margin: 0pt; text-indent: 0.5in;">&#160;</p><table style="width: 1567px; text-transform: none; text-indent: 0px; letter-spacing: normal; font-family: 'times new roman', times, serif; word-spacing: 0px; border-collapse: collapse; widows: 1; -webkit-text-stroke-width: 0px;" cellspacing="0" cellpadding="0"><tr style="vertical-align: bottom;"><td style="font-size: 10pt;"><font style="color: black;">&#160;</font></td><td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman', serif; padding-bottom: 1.5pt;"><font style="color: black;">&#160;</font></td><td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman', serif; text-align: center; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;" colspan="6"><font style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: 15.3333320617676px; font-family: 'times new roman', serif; color: black;"><b>For the six&#160;months ended<br />June 30,</b></font></td><td style="padding-bottom: 1.5pt; font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman', serif;"><font style="color: black;">&#160;</font></td><td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman', serif; padding-bottom: 1.5pt;"><font style="color: black;">&#160;</font></td><td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman', serif; text-align: center; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;" colspan="6"><font style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: 15.3333320617676px; font-family: 'times new roman', serif; color: black;"><b>For the three&#160;months&#160;ended<br />June 30,</b></font></td><td style="padding-bottom: 1.5pt; font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman', serif;"><font style="color: black;">&#160;</font></td></tr><tr style="vertical-align: bottom;"><td style="font-size: 10pt;"><font style="color: black;">&#160;</font></td><td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman', serif; padding-bottom: 1.5pt;"><font style="color: black;">&#160;</font></td><td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman', serif; text-align: center; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;" colspan="2"><font style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: 15.3333320617676px; font-family: 'times new roman', serif; color: black;"><b>2015</b></font></td><td style="padding-bottom: 1.5pt; font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman', serif;"><font style="color: black;">&#160;</font></td><td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman', serif; padding-bottom: 1.5pt;"><font style="color: black;">&#160;</font></td><td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman', serif; text-align: center; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;" colspan="2"><font style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: 15.3333320617676px; font-family: 'times new roman', serif; color: black;"><b>2014</b></font></td><td style="padding-bottom: 1.5pt; font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman', serif;"><font style="color: black;">&#160;</font></td><td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman', serif; padding-bottom: 1.5pt;"><font style="color: black;">&#160;</font></td><td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman', serif; text-align: center; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;" colspan="2"><font style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: 15.3333320617676px; font-family: 'times new roman', serif; color: black;"><b>2015</b></font></td><td style="padding-bottom: 1.5pt; font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman', serif;"><font style="color: black;">&#160;</font></td><td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman', serif; padding-bottom: 1.5pt;"><font style="color: black;">&#160;</font></td><td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman', serif; text-align: center; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;" colspan="2"><font style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: 15.3333320617676px; font-family: 'times new roman', serif; color: black;"><b>2014</b></font></td><td style="padding-bottom: 1.5pt; font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman', serif;"><font style="color: black;">&#160;</font></td></tr><tr style="vertical-align: bottom; background-color: #cceeff;"><td style="width: 815px; font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman', serif; text-align: left; text-indent: 0pt; padding-left: 0pt;"><font style="color: black;">Current provision:</font></td><td style="width: 16px; font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman', serif;"><font style="color: black;">&#160;</font></td><td style="width: 16px; font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman', serif; text-align: left;"><font style="color: black;">&#160;</font></td><td style="width: 142px; font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman', serif; text-align: right;"><font style="color: black;">85,557</font></td><td style="width: 16px; font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman', serif; text-align: left;"><font style="color: black;">&#160;</font></td><td style="width: 16px; font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman', serif;"><font style="color: black;">&#160;</font></td><td style="width: 16px; font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman', serif; text-align: left;"><font style="color: black;">&#160;</font></td><td style="width: 142px; font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman', serif; text-align: right;"><font style="color: black;">364,827</font></td><td style="width: 16px; font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman', serif; text-align: left;"><font style="color: black;">&#160;</font></td><td style="width: 15px; font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman', serif;"><font style="color: black;">&#160;</font></td><td style="width: 15px; font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman', serif; text-align: left;"><font style="color: black;">&#160;</font></td><td style="width: 141px; font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman', serif; text-align: right;"><font style="color: black;">(262,461</font></td><td style="width: 15px; font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman', serif; text-align: left;"><font style="color: black;">)</font></td><td style="width: 15px; font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman', serif;"><font style="color: black;">&#160;</font></td><td style="width: 15px; font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman', serif; text-align: left;"><font style="color: black;">$</font></td><td style="width: 141px; font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman', serif; text-align: right;"><font style="color: black;">(15,502</font></td><td style="width: 15px; font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman', serif; text-align: left;"><font style="color: black;">)</font></td></tr><tr style="vertical-align: bottom; background-color: white;"><td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman', serif; text-align: left; padding-bottom: 1.5pt; text-indent: 0pt; padding-left: 0pt;"><font style="color: black;">Deferred provision:</font></td><td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman', serif; color: red; padding-bottom: 1.5pt;"><font style="color: black;">&#160;</font></td><td style="border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid; font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman', serif; color: red; text-align: left;"><font style="color: black;">&#160;</font></td><td style="border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid; font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman', serif; color: red; text-align: right;"><font style="color: black;">(5,325</font></td><td style="padding-bottom: 1.5pt; font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman', serif; color: red; text-align: left;"><font style="color: black;">)</font></td><td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman', serif; color: red; padding-bottom: 1.5pt;"><font style="color: black;">&#160;</font></td><td style="border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid; font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman', serif; color: red; text-align: left;"><font style="color: black;">&#160;</font></td><td style="border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid; font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman', serif; color: red; text-align: right;"><font style="color: black;">(397,357</font></td><td style="padding-bottom: 1.5pt; font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman', serif; color: red; text-align: left;"><font style="color: black;">)</font></td><td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman', serif; padding-bottom: 1.5pt;"><font style="color: black;">&#160;</font></td><td style="border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid; font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman', serif; text-align: left;"><font style="color: black;">&#160;</font></td><td style="border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid; font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman', serif; text-align: right;"><font style="color: black;">387,513</font></td><td style="padding-bottom: 1.5pt; font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman', serif; text-align: left;"><font style="color: black;">&#160;</font></td><td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman', serif; padding-bottom: 1.5pt;"><font style="color: black;">&#160;</font></td><td style="border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid; font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman', serif; text-align: left;"><font style="color: black;">&#160;</font></td><td style="border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid; font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman', serif; text-align: right;"><font style="color: black;">7,930</font></td><td style="padding-bottom: 1.5pt; font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman', serif; text-align: left;"><font style="color: black;">&#160;</font></td></tr><tr style="vertical-align: bottom; background-color: #cceeff;"><td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman', serif; text-align: left; padding-bottom: 4pt; text-indent: 0pt; padding-left: 0pt;"><font style="color: black;">Total provision for income taxes</font></td><td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman', serif; padding-bottom: 4pt;"><font style="color: black;">&#160;</font></td><td style="border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double; font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman', serif; text-align: left;"><font style="color: black;">$</font></td><td style="border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double; font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman', serif; text-align: right;"><font style="color: black;">80,232</font></td><td style="padding-bottom: 4pt; font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman', serif; text-align: left;"><font style="color: black;">&#160;</font></td><td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman', serif; color: red; padding-bottom: 4pt;"><font style="color: black;">&#160;</font></td><td style="border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double; font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman', serif; color: red; text-align: left;"><font style="color: black;">$</font></td><td style="border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double; font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman', serif; color: red; text-align: right;"><font style="color: black;">(32,530</font></td><td style="padding-bottom: 4pt; font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman', serif; color: red; text-align: left;"><font style="color: black;">)</font></td><td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman', serif; padding-bottom: 4pt;"><font style="color: black;">&#160;</font></td><td style="border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double; font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman', serif; text-align: left;"><font style="color: black;">$</font></td><td style="border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double; font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman', serif; text-align: right;"><font style="color: black;">125,052</font></td><td style="padding-bottom: 4pt; font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman', serif; text-align: left;"><font style="color: black;">&#160;</font></td><td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman', serif; color: red; padding-bottom: 4pt;"><font style="color: black;">&#160;</font></td><td style="border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double; font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman', serif; color: red; text-align: left;"><font style="color: black;">$</font></td><td style="border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double; font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman', serif; color: red; text-align: right;"><font style="color: black;">(7,572</font></td><td style="padding-bottom: 4pt; font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman', serif; color: red; text-align: left;"><font style="color: black;">)</font></td></tr></table><p style="color: #000000; font-size: 10pt; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; orphans: auto; text-align: start; text-transform: none; white-space: normal; widows: 1; word-spacing: 0px; -webkit-text-stroke-width: 0px; font-stretch: normal; line-height: 15.3333320617676px; font-family: 'times new roman', serif; margin: 0pt; text-indent: 0.5in;">&#160;</p><p style="color: #000000; font-size: 10pt; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; orphans: auto; text-indent: 0px; text-transform: none; white-space: normal; widows: 1; word-spacing: 0px; -webkit-text-stroke-width: 0px; font-stretch: normal; line-height: 15.3333320617676px; font-family: 'times new roman', serif; margin: 0pt; text-align: justify;">The Company was recognized as a government-certified high technology company on June 23, 2011 and was subject to an income tax rate of 15% for calendar year 2012 and 2013. This qualification certificate will be effective and the applicable income tax rate is 15% until the certificate expires on July 2, 2017.</p><p style="color: #000000; font-size: 10pt; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; orphans: auto; text-align: start; text-transform: none; white-space: normal; widows: 1; word-spacing: 0px; -webkit-text-stroke-width: 0px; font-stretch: normal; line-height: 15.3333320617676px; font-family: 'times new roman', serif; margin: 0pt; text-indent: 0.5in;">&#160;</p><p style="color: #000000; font-size: 10pt; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; orphans: auto; text-align: start; text-indent: 0px; text-transform: none; white-space: normal; widows: 1; word-spacing: 0px; -webkit-text-stroke-width: 0px; font-stretch: normal; line-height: 15.3333320617676px; font-family: 'times new roman', serif; margin: 0pt;">Significant components of deferred tax assets are as follows:</p><p style="color: #000000; font-size: 10pt; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; orphans: auto; text-align: start; text-indent: 0px; text-transform: none; white-space: normal; widows: 1; word-spacing: 0px; -webkit-text-stroke-width: 0px; font-stretch: normal; line-height: 15.3333320617676px; font-family: 'times new roman', serif; margin: 0pt;">&#160;</p><table style="font: 10pt/normal calibri, helvetica, sans-serif; width: 1567px; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; border-collapse: collapse; widows: 1; font-size-adjust: none; font-stretch: normal; -webkit-text-stroke-width: 0px;" cellspacing="0" cellpadding="0"><tr style="vertical-align: bottom;"><td>&#160;</td><td style="font-family: 'times new roman', serif; padding-bottom: 1.5pt;">&#160;</td><td style="font-family: 'times new roman', serif; text-align: center; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;" colspan="2"><font style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: 15.3333320617676px; font-family: 'times new roman', serif;"><b>Jun 30,<br />2015</b></font></td><td style="padding-bottom: 1.5pt; font-family: 'times new roman', serif;">&#160;</td><td style="font-family: 'times new roman', serif; padding-bottom: 1.5pt;">&#160;</td><td style="font-family: 'times new roman', serif; text-align: center; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;" colspan="2"><font style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: 15.3333320617676px; font-family: 'times new roman', serif;"><b>December 31,<br />2014</b></font></td><td style="padding-bottom: 1.5pt; font-family: 'times new roman', serif;">&#160;</td></tr><tr style="vertical-align: bottom;"><td>&#160;</td><td style="font-family: 'times new roman', serif; padding-bottom: 1.5pt;">&#160;</td><td style="font-family: 'times new roman', serif; text-align: center; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;" colspan="2"><font style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: 15.3333320617676px; font-family: 'times new roman', serif;"><b>(Unaudited)</b></font></td><td style="padding-bottom: 1.5pt; font-family: 'times new roman', serif;">&#160;</td><td style="padding-bottom: 1.5pt;">&#160;</td><td style="text-align: center;" colspan="2">&#160;</td><td style="padding-bottom: 1.5pt;">&#160;</td></tr><tr style="vertical-align: bottom;"><td style="font-family: 'times new roman', serif;">Deferred tax assets</td><td>&#160;</td><td style="text-align: right;" colspan="2">&#160;</td><td>&#160;</td><td>&#160;</td><td style="text-align: right;" colspan="2">&#160;</td><td>&#160;</td></tr><tr style="vertical-align: bottom; background-color: #cceeff;"><td style="width: 1191px; font-family: 'times new roman', serif; text-align: left; text-indent: 0pt; padding-left: 0pt;">Allowance for doubtful accounts</td><td style="width: 16px; font-family: 'times new roman', serif;">&#160;</td><td style="width: 16px; font-family: 'times new roman', serif; text-align: left;">$</td><td style="width: 142px; font-family: 'times new roman', serif; text-align: right;">16,374</td><td style="width: 16px; font-family: 'times new roman', serif; text-align: left;">&#160;</td><td style="width: 15px; font-family: 'times new roman', serif;">&#160;</td><td style="width: 15px; font-family: 'times new roman', serif; text-align: left;">$</td><td style="width: 141px; font-family: 'times new roman', serif; text-align: right;">18,697</td><td style="width: 15px; font-family: 'times new roman', serif; text-align: left;">&#160;</td></tr><tr style="vertical-align: bottom; background-color: white;"><td style="font-family: 'times new roman', serif; text-align: left; padding-bottom: 1.5pt; text-indent: 0pt; padding-left: 0pt;">Accrued payroll expenses</td><td style="font-family: 'times new roman', serif; padding-bottom: 1.5pt;">&#160;</td><td style="border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid; font-family: 'times new roman', serif; text-align: left;">&#160;</td><td style="border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid; font-family: 'times new roman', serif; text-align: right;">16,034</td><td style="padding-bottom: 1.5pt; font-family: 'times new roman', serif; text-align: left;">&#160;</td><td style="font-family: 'times new roman', serif; padding-bottom: 1.5pt;">&#160;</td><td style="border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid; font-family: 'times new roman', serif; text-align: left;">&#160;</td><td style="border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid; font-family: 'times new roman', serif; text-align: right;">8,348</td><td style="padding-bottom: 1.5pt; font-family: 'times new roman', serif; text-align: left;">&#160;</td></tr><tr style="vertical-align: bottom; background-color: #cceeff;"><td style="font-family: 'times new roman', serif; text-align: left; padding-bottom: 4pt; text-indent: 0pt; padding-left: 0pt;">Deferred tax assets, net</td><td style="font-family: 'times new roman', serif; padding-bottom: 4pt;">&#160;</td><td style="border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double; font-family: 'times new roman', serif; text-align: left;">$</td><td style="border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double; font-family: 'times new roman', serif; text-align: right;">32,407</td><td style="padding-bottom: 4pt; font-family: 'times new roman', serif; text-align: left;">&#160;</td><td style="font-family: 'times new roman', serif; padding-bottom: 4pt;">&#160;</td><td style="border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double; font-family: 'times new roman', serif; text-align: left;">$</td><td style="border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double; font-family: 'times new roman', serif; text-align: right;">27,045</td><td style="padding-bottom: 4pt; font-family: 'times new roman', serif; text-align: left;">&#160;</td></tr></table><p style="color: #000000; font-size: 10pt; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; orphans: auto; text-align: start; text-transform: none; white-space: normal; widows: 1; word-spacing: 0px; -webkit-text-stroke-width: 0px; font-stretch: normal; line-height: 15.3333320617676px; font-family: 'times new roman', serif; margin: 0pt; text-indent: 0.5in;">&#160;</p><p style="color: #000000; font-size: 10pt; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; orphans: auto; text-indent: 0px; text-transform: none; white-space: normal; widows: 1; word-spacing: 0px; -webkit-text-stroke-width: 0px; font-stretch: normal; line-height: 15.3333320617676px; font-family: 'times new roman', serif; margin: 0pt; text-align: justify;">The Company has deferred tax assets of $32,407 and $27,045 as of the six months ended Jun 30, 2015 and the year ended December 31, 2014. The allowance for doubtful accounts, led to a deferred tax assets of $16,374 and $18,697 as of the six months ended Jun 30, 2015 and the year ended December 31, 2014.</p> <p style="color: #000000; font-size: 10pt; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; orphans: auto; text-indent: 0px; text-transform: none; white-space: normal; widows: 1; word-spacing: 0px; -webkit-text-stroke-width: 0px; font-stretch: normal; line-height: 15.3333320617676px; font-family: 'times new roman', serif; margin: 0pt; text-align: justify;"><b>NOTE 16 - COMMITMENTS AND CONTINGENCIES</b></p><p style="color: #000000; font-size: 10pt; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; orphans: auto; text-transform: none; white-space: normal; widows: 1; word-spacing: 0px; -webkit-text-stroke-width: 0px; font-stretch: normal; line-height: 15.3333320617676px; font-family: 'times new roman', serif; margin: 0pt; text-indent: 0.5in; text-align: justify;">&#160;</p><p style="color: #000000; font-size: 10pt; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; orphans: auto; text-indent: 0px; text-transform: none; white-space: normal; widows: 1; word-spacing: 0px; -webkit-text-stroke-width: 0px; font-stretch: normal; line-height: 15.3333320617676px; font-family: 'times new roman', serif; margin: 0pt; text-align: justify;">There were no significant commitments or contracts entered into by the Company during the six months ended Jun 30, 2015 and the year ended December 31,&#160;2014.</p> <p style="color: #000000; font-size: 10pt; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-indent: 0px; text-transform: none; white-space: normal; widows: 1; word-spacing: 0px; -webkit-text-stroke-width: 0px; font-stretch: normal; font-family: 'times new roman', serif; margin: 0pt; text-align: justify;"><b>NOTE 17 - MAJOR SUPPLIERS AND CUSTOMERS</b></p><p style="color: #000000; font-size: 10pt; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-transform: none; white-space: normal; widows: 1; word-spacing: 0px; -webkit-text-stroke-width: 0px; font-stretch: normal; font-family: 'times new roman', serif; margin: 0pt; text-indent: 0.5in; text-align: justify;">&#160;</p><p style="color: #000000; font-size: 10pt; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-indent: 0px; text-transform: none; white-space: normal; widows: 1; word-spacing: 0px; -webkit-text-stroke-width: 0px; font-stretch: normal; font-family: 'times new roman', serif; margin: 0pt; text-align: justify;">The Company had three customers that in the aggregate accounted for 24% of the Company&#8217;s total sales for the 6 months ended June 30, 2015, with each accounting for 9%, 8% and 7%, respectively. The Company had one supplier that in the aggregate accounted for 14% of the Company&#8217;s total purchases payable for the 6 months ended June 30, 2015.</p><p style="color: #000000; font-size: 10pt; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-indent: 0px; text-transform: none; white-space: normal; widows: 1; word-spacing: 0px; -webkit-text-stroke-width: 0px; font-stretch: normal; font-family: 'times new roman', serif; margin: 0pt; text-align: justify;">&#160;</p><p style="color: #000000; font-size: 10pt; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-indent: 0px; text-transform: none; white-space: normal; widows: 1; word-spacing: 0px; -webkit-text-stroke-width: 0px; font-stretch: normal; font-family: 'times new roman', serif; margin: 0pt; text-align: justify;">The Company had three major suppliers which received 59% of the advances for 6 months ended June 30, 2015. None of the suppliers was a related party.</p> <p style="color: #000000; font-size: 10pt; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-align: start; text-indent: 0px; text-transform: none; white-space: normal; widows: 1; word-spacing: 0px; -webkit-text-stroke-width: 0px; font-stretch: normal; font-family: 'times new roman', serif; margin: 0px 1.1in 0px 0px;"><b>Fair Value of Financial Instruments</b></p><p style="color: #000000; font-size: 10pt; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-align: start; text-transform: none; white-space: normal; widows: 1; word-spacing: 0px; -webkit-text-stroke-width: 0px; font-stretch: normal; font-family: 'times new roman', serif; margin: 0px; text-indent: 0.5in;">&#160;</p><p style="color: #000000; font-size: 10pt; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-indent: 0px; text-transform: none; white-space: normal; widows: 1; word-spacing: 0px; -webkit-text-stroke-width: 0px; font-stretch: normal; font-family: 'times new roman', serif; margin: 0px; text-align: justify;">The Company applies the provisions of accounting guidance, FASB ASC Topic 820 that requires the Company to disclose the fair value of financial instruments, both assets and liabilities recognized and not recognized on the balance sheet, for which it is practicable to estimate fair value, and defines fair value of a financial instrument as the amount at which the instrument could be exchanged in a current transaction between willing parties.</p> <p style="color: #000000; font-size: 10pt; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-align: start; text-indent: 0px; text-transform: none; white-space: normal; widows: 1; word-spacing: 0px; -webkit-text-stroke-width: 0px; font-stretch: normal; font-family: 'times new roman', serif; margin: 0px;"><b>Fair Value Measurements</b></p><p style="color: #000000; font-size: 10pt; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-align: start; text-transform: none; white-space: normal; widows: 1; word-spacing: 0px; -webkit-text-stroke-width: 0px; font-stretch: normal; font-family: 'times new roman', serif; margin: 0px; text-indent: 0.5in;">&#160;</p><p style="color: #000000; font-size: 10pt; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-indent: 0px; text-transform: none; white-space: normal; widows: 1; word-spacing: 0px; -webkit-text-stroke-width: 0px; font-stretch: normal; font-family: 'times new roman', serif; margin: 0px; text-align: justify;">FASB ASC Topic 820,<i>&#160;Fair Value Measurements and Disclosures</i>, clarifies the definition of fair value for financial reporting, establishes a framework for measuring fair value and requires additional disclosures about the use of fair value measurements.</p><p style="color: #000000; font-size: 10pt; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-align: start; text-transform: none; white-space: normal; widows: 1; word-spacing: 0px; -webkit-text-stroke-width: 0px; font-stretch: normal; font-family: 'times new roman', serif; margin: 0px; text-indent: 0.5in;">&#160;</p><p style="color: #000000; font-size: 10pt; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-indent: 0px; text-transform: none; white-space: normal; widows: 1; word-spacing: 0px; -webkit-text-stroke-width: 0px; font-stretch: normal; font-family: 'times new roman', serif; margin: 0px; text-align: justify;">Various inputs are considered when determining the fair value of the Company&#8217;s debt. These inputs are summarized in the three broad levels listed below.</p><p style="color: #000000; font-size: 10pt; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-align: start; text-transform: none; white-space: normal; widows: 1; word-spacing: 0px; -webkit-text-stroke-width: 0px; font-stretch: normal; font-family: 'times new roman', serif; margin: 0px; text-indent: 0.5in;">&#160;</p><table style="width: 1567px; text-transform: none; text-indent: 0px; letter-spacing: normal; font-family: 'times new roman', times, serif; font-size: 10pt; word-spacing: 0px; border-collapse: collapse; widows: 1; -webkit-text-stroke-width: 0px;" cellspacing="0" cellpadding="0"><tr style="vertical-align: top;"><td style="width: 110px; font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: 15.3333320617676px; font-family: calibri, sans-serif; text-align: right;">&#160;</td><td style="width: 1457px; font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: 15.3333320617676px; font-family: calibri, sans-serif; text-align: justify;"><font style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman', serif;">Level 1 &#8211; observable market inputs that are unadjusted quoted prices for identical assets or liabilities in active markets.</font></td></tr></table><p style="color: #000000; font-size: 10pt; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-align: start; text-transform: none; white-space: normal; widows: 1; word-spacing: 0px; -webkit-text-stroke-width: 0px; font-stretch: normal; font-family: 'times new roman', serif; margin: 0px; text-indent: 0.5in;">&#160;</p><table style="width: 1567px; text-transform: none; text-indent: 0px; letter-spacing: normal; font-family: 'times new roman', times, serif; font-size: 10pt; word-spacing: 0px; border-collapse: collapse; widows: 1; -webkit-text-stroke-width: 0px;" cellspacing="0" cellpadding="0"><tr style="vertical-align: top;"><td style="width: 110px; font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: 15.3333320617676px; font-family: calibri, sans-serif; text-align: right;">&#160;</td><td style="width: 1457px; font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: 15.3333320617676px; font-family: calibri, sans-serif; text-align: justify;"><font style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman', serif;">Level 2 &#8211; other significant observable inputs (including quoted prices for interest rates, credit risk, etc.).</font></td></tr></table><p style="color: #000000; font-size: 10pt; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-align: start; text-transform: none; white-space: normal; widows: 1; word-spacing: 0px; -webkit-text-stroke-width: 0px; font-stretch: normal; font-family: 'times new roman', serif; margin: 0px; text-indent: 0.5in;">&#160;</p><table style="width: 1567px; text-transform: none; text-indent: 0px; letter-spacing: normal; font-family: 'times new roman', times, serif; font-size: 10pt; word-spacing: 0px; border-collapse: collapse; widows: 1; -webkit-text-stroke-width: 0px;" cellspacing="0" cellpadding="0"><tr style="vertical-align: top;"><td style="width: 110px; font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: 15.3333320617676px; font-family: calibri, sans-serif; text-align: right;">&#160;</td><td style="width: 1457px; font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: 15.3333320617676px; font-family: calibri, sans-serif; text-align: justify;"><font style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman', serif;">Level 3 &#8211; significant unobservable inputs (including the Company&#8217;s own assumptions in determining the fair value of investments).</font></td></tr></table><p style="color: #000000; font-size: 10pt; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-align: start; text-transform: none; white-space: normal; widows: 1; word-spacing: 0px; -webkit-text-stroke-width: 0px; font-stretch: normal; font-family: 'times new roman', serif; margin: 0px; text-indent: 0.5in;">&#160;</p><p style="color: #000000; font-size: 10pt; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-indent: 0px; text-transform: none; white-space: normal; widows: 1; word-spacing: 0px; -webkit-text-stroke-width: 0px; font-stretch: normal; font-family: 'times new roman', serif; margin: 0px; text-align: justify;">The carrying value of financial assets and liabilities recorded at fair value is measured on a recurring or nonrecurring basis. Financial assets and liabilities measured on a non-recurring basis are those that are adjusted to fair value when a significant event occurs. The Company had no financial assets or liabilities carried and measured on a nonrecurring basis during the reporting periods. Financial assets and liabilities measured on a recurring basis are those that are adjusted to fair value each time a financial statement is prepared. The Company had no financial assets or liabilities carried and measured on a recurring basis during the reporting periods.</p><p style="color: #000000; font-size: 10pt; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-align: start; text-transform: none; white-space: normal; widows: 1; word-spacing: 0px; -webkit-text-stroke-width: 0px; font-stretch: normal; font-family: 'times new roman', serif; margin: 0px; text-indent: 0.5in;">&#160;</p><p style="color: #000000; font-size: 10pt; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-indent: 0px; text-transform: none; white-space: normal; widows: 1; word-spacing: 0px; -webkit-text-stroke-width: 0px; font-stretch: normal; font-family: 'times new roman', serif; margin: 0px; text-align: justify;">The availability of inputs observable in the market varies from instrument to instrument and depends on a variety of factors including the type of instrument, whether the instrument is actively traded, and other characteristics particular to the transaction. For many financial instruments, pricing inputs are readily observable in the market, the valuation methodology used is widely accepted by market participants, and the valuation does not require significant management discretion. For other financial instruments, pricing inputs are less observable in the market and may require management judgment.</p> <p style="color: #000000; font-size: 10pt; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-align: start; text-indent: 0px; text-transform: none; white-space: normal; widows: 1; word-spacing: 0px; -webkit-text-stroke-width: 0px; font-stretch: normal; font-family: 'times new roman', serif; margin: 0px;"><b>Translation of Foreign Currencies</b></p><p style="color: #000000; font-size: 10pt; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-align: start; text-transform: none; white-space: normal; widows: 1; word-spacing: 0px; -webkit-text-stroke-width: 0px; font-stretch: normal; font-family: 'times new roman', serif; margin: 0px; text-indent: 0.5in;">&#160;</p><p style="color: #000000; font-size: 10pt; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-indent: 0px; text-transform: none; white-space: normal; widows: 1; word-spacing: 0px; -webkit-text-stroke-width: 0px; font-stretch: normal; font-family: 'times new roman', serif; margin: 0px; text-align: justify;">The Company&#8217;s principal country of operations is the PRC. The Company maintains their books and accounting records in PRC currency &#8220;Renminbi&#8221; (&#8220;RMB&#8221;), which has been determined as the functional currency. Transactions denominated in currencies other than RMB are translated into RMB at the exchange rates prevailing on the date of the transactions, as quoted by the Federal Reserve Board. Foreign currency exchange gains and losses resulting from these transactions are included in operations.</p><p style="color: #000000; font-size: 10pt; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-align: start; text-indent: 0px; text-transform: none; white-space: normal; widows: 1; word-spacing: 0px; -webkit-text-stroke-width: 0px; font-stretch: normal; font-family: 'times new roman', serif; margin: 0px;">&#160;</p><p style="color: #000000; font-size: 10pt; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-indent: 0px; text-transform: none; white-space: normal; widows: 1; word-spacing: 0px; -webkit-text-stroke-width: 0px; font-stretch: normal; font-family: 'times new roman', serif; margin: 0px; text-align: justify;">The Company&#8217;s financial statements are translated into the reporting currency, the United States Dollar (&#8220;USD&#8221;). Assets and liabilities of the entity are translated at the prevailing exchange rate at each reporting period end date. Contributed capital accounts are translated using the historical rate of exchange when capital is injected. Income and expense accounts are translated at the average rate of exchange during the reporting period. Translation adjustments resulting from the translation of these financial statements are reflected as accumulated other comprehensive income in shareholders&#8217; equity.</p> <p style="color: #000000; font-size: 10pt; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-align: start; text-indent: 0px; text-transform: none; white-space: normal; widows: 1; word-spacing: 0px; -webkit-text-stroke-width: 0px; font-stretch: normal; font-family: 'times new roman', serif; margin: 0px;"><b>Statement of Cash Flows</b></p><p style="color: #000000; font-size: 10pt; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-align: start; text-transform: none; white-space: normal; widows: 1; word-spacing: 0px; -webkit-text-stroke-width: 0px; font-stretch: normal; font-family: 'times new roman', serif; margin: 0px; text-indent: 0.5in;">&#160;</p><p style="color: #000000; font-size: 10pt; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-indent: 0px; text-transform: none; white-space: normal; widows: 1; word-spacing: 0px; -webkit-text-stroke-width: 0px; font-stretch: normal; font-family: 'times new roman', serif; margin: 0px; text-align: justify;">In accordance with Statement FASB ASC Topic 230, Statement of Cash Flows, cash flow from the Company's operations is calculated based upon the local currencies and translated to the reporting currency using an average foreign exchange rate for the reporting period. As a result, amounts related to assets and liabilities reported in the statement of cash flows will not necessarily agree with changes in the corresponding balances on the balance sheet.</p> <p style="color: #000000; font-size: 10pt; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-align: start; text-indent: 0px; text-transform: none; white-space: normal; widows: 1; word-spacing: 0px; -webkit-text-stroke-width: 0px; font-stretch: normal; font-family: 'times new roman', serif; margin: 0px;"><b>Use of Estimates and Assumptions</b></p><p style="color: #000000; font-size: 10pt; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-align: start; text-transform: none; white-space: normal; widows: 1; word-spacing: 0px; -webkit-text-stroke-width: 0px; font-stretch: normal; font-family: 'times new roman', serif; margin: 0px; text-indent: 0.5in;"><b>&#160;</b></p><p style="color: #000000; font-size: 10pt; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-indent: 0px; text-transform: none; white-space: normal; widows: 1; word-spacing: 0px; -webkit-text-stroke-width: 0px; font-stretch: normal; font-family: 'times new roman', serif; margin: 0px; text-align: justify;">The preparation of financial statements in conformity with US GAAP requires management to make estimates and judgments that affect the reported amounts of assets and liabilities, disclosure of contingent assets and liabilities on the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. The Company bases its estimates and judgments on historical experience and on various other assumptions and information that are believed to be reasonable under the circumstances. Estimates and assumptions of future events and their effects cannot be perceived with certainty and, accordingly, these estimates may change as new events occur, as more experience is acquired, as additional information is obtained and as our operating environment changes. Significant estimates and assumptions by management include: useful lives of long-lived assets and intangible assets, valuation of inventory, accounts receivable, notes receivable and deferred taxes. While the Company believes that the estimates and assumptions used in the preparation of the financial statements are appropriate, actual results could differ from those estimates. Estimates and assumptions are periodically reviewed and the effects of revisions are reflected in the financial statements in the period they are determined to be necessary.</p> <p style="color: #000000; font-size: 10pt; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-align: start; text-indent: 0px; text-transform: none; white-space: normal; widows: 1; word-spacing: 0px; -webkit-text-stroke-width: 0px; font-stretch: normal; font-family: 'times new roman', serif; margin: 0px;"><b>Cash and Cash Equivalents</b></p><p style="color: #000000; font-size: 10pt; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-align: start; text-transform: none; white-space: normal; widows: 1; word-spacing: 0px; -webkit-text-stroke-width: 0px; font-stretch: normal; font-family: 'times new roman', serif; margin: 0px; text-indent: 0.5in;">&#160;</p><p style="color: #000000; font-size: 10pt; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-indent: 0px; text-transform: none; white-space: normal; widows: 1; word-spacing: 0px; -webkit-text-stroke-width: 0px; font-stretch: normal; font-family: 'times new roman', serif; margin: 0px; text-align: justify;">Cash and cash equivalents represent cash on hand and interest-bearing deposits held at call with banks. The Company considers all highly liquid investments with original maturities of three months or less at the time of purchase to be cash equivalents.</p> <p style="color: #000000; font-size: 10pt; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-align: start; text-indent: 0px; text-transform: none; white-space: normal; widows: 1; word-spacing: 0px; -webkit-text-stroke-width: 0px; font-stretch: normal; font-family: 'times new roman', serif; margin: 0px;"><b>Restricted cash</b></p><p style="color: #000000; font-size: 10pt; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-align: start; text-transform: none; white-space: normal; widows: 1; word-spacing: 0px; -webkit-text-stroke-width: 0px; font-stretch: normal; font-family: 'times new roman', serif; margin: 0px; text-indent: 0.5in;"><b>&#160;</b></p><p style="color: #000000; font-size: 10pt; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-indent: 0px; text-transform: none; white-space: normal; widows: 1; word-spacing: 0px; -webkit-text-stroke-width: 0px; font-stretch: normal; font-family: 'times new roman', serif; margin: 0px; text-align: justify;">Restricted cash represents deposits held at banks with restrictions imposed since the Company uses the restricted cash to pledge with banks for the purpose of issuing bank acceptances. The restricted cash could not be readily useable until the pledge is retired.</p> <p style="color: #000000; font-size: 10pt; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-align: start; text-indent: 0px; text-transform: none; white-space: normal; widows: 1; word-spacing: 0px; -webkit-text-stroke-width: 0px; font-stretch: normal; font-family: 'times new roman', serif; margin: 0px;"><b>Accounts Receivable</b></p><p style="color: #000000; font-size: 10pt; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-align: start; text-transform: none; white-space: normal; widows: 1; word-spacing: 0px; -webkit-text-stroke-width: 0px; font-stretch: normal; font-family: 'times new roman', serif; margin: 0px; text-indent: 0.5in;">&#160;</p><p style="color: #000000; font-size: 10pt; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-indent: 0px; text-transform: none; white-space: normal; widows: 1; word-spacing: 0px; -webkit-text-stroke-width: 0px; font-stretch: normal; font-family: 'times new roman', serif; margin: 0px; text-align: justify;">Accounts receivable are recorded at the sales amount and do not bear interest. The Company extends unsecured credit to its customers in the ordinary course of business and the credit policy is decided by its senior management. An allowance for doubtful accounts is established and determined based on management&#8217;s assessment of known requirements, aging of receivables, payment and bad debt history, the customer&#8217;s current credit worthiness, changes in customer payment patterns and the economic environment.</p> <p style="color: #000000; font-size: 10pt; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-align: start; text-indent: 0px; text-transform: none; white-space: normal; widows: 1; word-spacing: 0px; -webkit-text-stroke-width: 0px; font-stretch: normal; font-family: 'times new roman', serif; margin: 0px;"><b>Advance to Suppliers</b></p><p style="color: #000000; font-size: 10pt; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-align: start; text-transform: none; white-space: normal; widows: 1; word-spacing: 0px; -webkit-text-stroke-width: 0px; font-stretch: normal; font-family: 'times new roman', serif; margin: 0px; text-indent: 0.5in;"><b>&#160;</b></p><p style="color: #000000; font-size: 10pt; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-indent: 0px; text-transform: none; white-space: normal; widows: 1; word-spacing: 0px; -webkit-text-stroke-width: 0px; font-stretch: normal; font-family: 'times new roman', serif; margin: 0px; text-align: justify;">The Company periodically makes advances to vendors for purchases of raw materials and fixed assets, and records these purchases as advance to suppliers.</p> <p style="color: #000000; font-size: 10pt; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-align: start; text-indent: 0px; text-transform: none; white-space: normal; widows: 1; word-spacing: 0px; -webkit-text-stroke-width: 0px; font-stretch: normal; font-family: 'times new roman', serif; margin: 0px;"><b>Inventory</b></p><p style="color: #000000; font-size: 10pt; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-align: start; text-transform: none; white-space: normal; widows: 1; word-spacing: 0px; -webkit-text-stroke-width: 0px; font-stretch: normal; font-family: 'times new roman', serif; margin: 0px; text-indent: 0.5in;">&#160;</p><p style="color: #000000; font-size: 10pt; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-align: start; text-indent: 0px; text-transform: none; white-space: normal; widows: 1; word-spacing: 0px; -webkit-text-stroke-width: 0px; font-stretch: normal; font-family: 'times new roman', serif; margin: 0px;">Inventory consists of raw materials, finished goods of manufactured products and low-value suppliers.</p><p style="color: #000000; font-size: 10pt; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-align: start; text-transform: none; white-space: normal; widows: 1; word-spacing: 0px; -webkit-text-stroke-width: 0px; font-stretch: normal; font-family: 'times new roman', serif; margin: 0px; text-indent: 0.5in;">&#160;</p><p style="color: #000000; font-size: 10pt; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-indent: 0px; text-transform: none; white-space: normal; widows: 1; word-spacing: 0px; -webkit-text-stroke-width: 0px; font-stretch: normal; font-family: 'times new roman', serif; margin: 0px; text-align: justify;">Inventory is stated at lower of cost or market and consists of materials, labor and overhead. The Company uses the weighted average method for inventory valuation. Overhead costs included in finished goods include direct labor cost and other costs directly applicable to the manufacturing process. The Company evaluates inventory for excess, slow moving, and obsolete inventory as well as inventory the volume of which is in excess of its net realizable value. This evaluation includes analysis of sales levels by product and projections of future demand. If future demand or market conditions are less favorable than the Company&#8217;s projections, a write-down of inventory may be required, and would be reflected in cost of goods sold in the period the revision is made. There was no inventory allowance provided for the years ended December 31, 2014 and 2013, respectively.</p> <p style="color: #000000; font-size: 10pt; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-align: start; text-indent: 0px; text-transform: none; white-space: normal; widows: 1; word-spacing: 0px; -webkit-text-stroke-width: 0px; font-stretch: normal; font-family: 'times new roman', serif; margin: 0px;"><b>Property, Plant and Equipment</b></p><p style="color: #000000; font-size: 10pt; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-align: start; text-transform: none; white-space: normal; widows: 1; word-spacing: 0px; -webkit-text-stroke-width: 0px; font-stretch: normal; font-family: 'times new roman', serif; margin: 0px; text-indent: 0.5in;">&#160;</p><p style="color: #000000; font-size: 10pt; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-indent: 0px; text-transform: none; white-space: normal; widows: 1; word-spacing: 0px; -webkit-text-stroke-width: 0px; font-stretch: normal; font-family: 'times new roman', serif; margin: 0px; text-align: justify;">Property, plant and equipment are carried at the lower of cost or fair value. Maintenance, repairs and minor renewals are expensed as incurred; major renewals and improvements that extend the lives or increase the capacity of plant assets are capitalized.</p><p style="color: #000000; font-size: 10pt; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-align: start; text-transform: none; white-space: normal; widows: 1; word-spacing: 0px; -webkit-text-stroke-width: 0px; font-stretch: normal; font-family: 'times new roman', serif; margin: 0px; text-indent: 0.5in;">&#160;</p><p style="color: #000000; font-size: 10pt; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-indent: 0px; text-transform: none; white-space: normal; widows: 1; word-spacing: 0px; -webkit-text-stroke-width: 0px; font-stretch: normal; font-family: 'times new roman', serif; margin: 0px; text-align: justify;">When assets are retired or disposed of, the cost and accumulated depreciation are removed from the accounts, and any resulting gains or losses are included in the results of operations in the reporting period of disposition.</p><p style="color: #000000; font-size: 10pt; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-align: start; text-transform: none; white-space: normal; widows: 1; word-spacing: 0px; -webkit-text-stroke-width: 0px; font-stretch: normal; font-family: 'times new roman', serif; margin: 0px; text-indent: 0.5in;">&#160;</p><p style="color: #000000; font-size: 10pt; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-indent: 0px; text-transform: none; white-space: normal; widows: 1; word-spacing: 0px; -webkit-text-stroke-width: 0px; font-stretch: normal; font-family: 'times new roman', serif; margin: 0px; text-align: justify;">Depreciation is calculated on a straight-line basis over the estimated useful life of the assets. The depreciable lives applied are:</p><p style="color: #000000; font-size: 10pt; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-align: start; text-transform: none; white-space: normal; widows: 1; word-spacing: 0px; -webkit-text-stroke-width: 0px; font-stretch: normal; font-family: 'times new roman', serif; margin: 0px; text-indent: 0.5in;">&#160;</p><table style="width: 1567px; text-transform: none; text-indent: 0px; letter-spacing: normal; font-family: 'times new roman', times, serif; font-size: 10pt; word-spacing: 0px; border-collapse: collapse; widows: 1; -webkit-text-stroke-width: 0px;" cellspacing="0" cellpadding="0"><tr style="vertical-align: top; background-color: #cceeff;"><td nowrap="nowrap" style="width: 972px; font-family: calibri, sans-serif; line-height: 15.3333320617676px;"><font style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman', serif;">Buildings</font></td><td nowrap="nowrap" style="width: 31px; font-family: calibri, sans-serif; line-height: 15.3333320617676px;">&#160;</td><td nowrap="nowrap" style="width: 564px; font-family: calibri, sans-serif; line-height: 15.3333320617676px;"><font style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman', serif;">20 years</font></td></tr><tr style="vertical-align: top; background-color: white;"><td nowrap="nowrap" style="font-family: calibri, sans-serif; line-height: 15.3333320617676px;"><font style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman', serif;">Machinery Equipment</font></td><td nowrap="nowrap" style="font-family: calibri, sans-serif; line-height: 15.3333320617676px;">&#160;</td><td nowrap="nowrap" style="font-family: calibri, sans-serif; line-height: 15.3333320617676px;"><font style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman', serif;">10 years</font></td></tr><tr style="vertical-align: top; background-color: #cceeff;"><td nowrap="nowrap" style="font-family: calibri, sans-serif; line-height: 15.3333320617676px;"><font style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman', serif;">Motor Vehicles</font></td><td nowrap="nowrap" style="font-family: calibri, sans-serif; line-height: 15.3333320617676px;">&#160;</td><td nowrap="nowrap" style="font-family: calibri, sans-serif; line-height: 15.3333320617676px;"><font style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman', serif;">5 years</font></td></tr><tr style="vertical-align: top; background-color: white;"><td nowrap="nowrap" style="font-family: calibri, sans-serif; line-height: 15.3333320617676px;"><font style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman', serif;">Electronic Equipment</font></td><td nowrap="nowrap" style="font-family: calibri, sans-serif; line-height: 15.3333320617676px;">&#160;</td><td nowrap="nowrap" style="font-family: calibri, sans-serif; line-height: 15.3333320617676px;"><font style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman', serif;">5 years</font></td></tr><tr style="vertical-align: top; background-color: #cceeff;"><td nowrap="nowrap" style="font-family: calibri, sans-serif; line-height: 15.3333320617676px;"><font style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman', serif;">Leasehold Improvement</font></td><td nowrap="nowrap" style="font-family: calibri, sans-serif; line-height: 15.3333320617676px;">&#160;</td><td nowrap="nowrap" style="font-family: calibri, sans-serif; line-height: 15.3333320617676px;"><font style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman', serif;">Less of the lease term or 5 years</font></td></tr></table><div>&#160;</div> <p style="color: #000000; font-size: 10pt; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-align: start; text-indent: 0px; text-transform: none; white-space: normal; widows: 1; word-spacing: 0px; -webkit-text-stroke-width: 0px; font-stretch: normal; font-family: 'times new roman', serif; margin: 0px;"><b>Revenue Recognition</b></p><p style="color: #000000; font-size: 10pt; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-align: start; text-transform: none; white-space: normal; widows: 1; word-spacing: 0px; -webkit-text-stroke-width: 0px; font-stretch: normal; font-family: 'times new roman', serif; margin: 0px; text-indent: 0.5in;">&#160;</p><p style="color: #000000; font-size: 10pt; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-indent: 0px; text-transform: none; white-space: normal; widows: 1; word-spacing: 0px; -webkit-text-stroke-width: 0px; font-stretch: normal; font-family: 'times new roman', serif; margin: 0px; text-align: justify;">The Company recognizes revenue when it is both earned and realized or realizable. The Company&#8217;s policy is to recognize revenue when title to the product, ownership and risk of loss have transferred to the customer, persuasive evidence of an arrangement exits and collection of the sales proceeds is reasonably assured, all of which generally occur upon products have been provided or installing service has been provided. The majority of the Company&#8217;s revenue relates to the sale of inventory to customers and engineering project installing, and revenue is recognized when title and the risks and rewards of ownership pass to the customer, as well as engineering projects finished completion acceptance.</p> <p style="color: #000000; font-size: 10pt; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-align: start; text-indent: 0px; text-transform: none; white-space: normal; widows: 1; word-spacing: 0px; -webkit-text-stroke-width: 0px; font-stretch: normal; font-family: 'times new roman', serif; margin: 0px;"><b>Cost of Goods Sold</b></p><p style="color: #000000; font-size: 10pt; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-align: start; text-transform: none; white-space: normal; widows: 1; word-spacing: 0px; -webkit-text-stroke-width: 0px; font-stretch: normal; font-family: 'times new roman', serif; margin: 0px; text-indent: 0.5in;"><b>&#160;</b></p><p style="color: #000000; font-size: 10pt; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-indent: 0px; text-transform: none; white-space: normal; widows: 1; word-spacing: 0px; -webkit-text-stroke-width: 0px; font-stretch: normal; font-family: 'times new roman', serif; margin: 0px; text-align: justify;">Cost of goods sold consists primarily of the costs of raw materials, direct labor, depreciation of plants and machinery, and overhead costs associated with the manufacturing process and installing service provided to customers.</p> <p style="color: #000000; font-size: 10pt; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-align: start; text-indent: 0px; text-transform: none; white-space: normal; widows: 1; word-spacing: 0px; -webkit-text-stroke-width: 0px; font-stretch: normal; font-family: 'times new roman', serif; margin: 0px;"><b>Income Taxes</b></p><p style="color: #000000; font-size: 10pt; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-align: start; text-transform: none; white-space: normal; widows: 1; word-spacing: 0px; -webkit-text-stroke-width: 0px; font-stretch: normal; font-family: 'times new roman', serif; margin: 0px; text-indent: 0.5in;">&#160;</p><p style="color: #000000; font-size: 10pt; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-indent: 0px; text-transform: none; white-space: normal; widows: 1; word-spacing: 0px; -webkit-text-stroke-width: 0px; font-stretch: normal; font-family: 'times new roman', serif; margin: 0px; text-align: justify;">The Company adopts FASB ASC Topic 740, &#8220;Income Taxes,&#8221; which requires the 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 income taxes are recognized for the tax consequences in future years of differences between the tax bases of assets and liabilities and their financial reporting amounts at each period end based on enacted tax laws and statutory tax rates applicable to the periods in which the differences are expected to affect taxable income. Valuation allowances are established when necessary to reduce deferred tax assets to the amount expected to be realized.</p><p style="color: #000000; font-size: 10pt; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-align: start; text-indent: 0px; text-transform: none; white-space: normal; widows: 1; word-spacing: 0px; -webkit-text-stroke-width: 0px; font-stretch: normal; font-family: 'times new roman', serif; margin: 0px;">&#160;</p><p style="color: #000000; font-size: 10pt; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-indent: 0px; text-transform: none; white-space: normal; widows: 1; word-spacing: 0px; -webkit-text-stroke-width: 0px; font-stretch: normal; font-family: 'times new roman', serif; margin: 0px; text-align: justify;">In July 2006 the FASB issued FIN 48(ASC 740-10), &#8220;Accounting for Uncertainty in Income Taxes &#8212; An Interpretation of FASB Statement No. 109 (ASC 740)&#8221;, which requires income tax positions to meet a more-likely-than-not recognition threshold to be recognized in the financial statements. Under FIN 48(ASC 740-10), tax positions that previously failed to meet the more-likely-than-not threshold should be recognized in the first subsequent financial reporting period in which that threshold is met. Previously recognized tax positions that no longer meet the more-likely-than-not threshold should be derecognized in the first subsequent financial reporting period in which that threshold is no longer met.</p><p style="color: #000000; font-size: 10pt; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-align: start; text-transform: none; white-space: normal; widows: 1; word-spacing: 0px; -webkit-text-stroke-width: 0px; font-stretch: normal; font-family: 'times new roman', serif; margin: 0px; text-indent: 0.5in;">&#160;&#160;</p><p style="color: #000000; font-size: 10pt; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-indent: 0px; text-transform: none; white-space: normal; widows: 1; word-spacing: 0px; -webkit-text-stroke-width: 0px; font-stretch: normal; font-family: 'times new roman', serif; margin: 0px; text-align: justify;">As a result of the implementation of FIN 48 (ASC 740-10), the Company undertook a comprehensive review of its portfolio of tax positions in accordance with recognition standards established by FIN 48 (ASC 740-10). The Company recognized no material adjustments to liabilities or stockholders&#8217; equity as a result of the implementation. The adoption of FIN 48 did not have a material impact on the Company&#8217;s financial statements.</p><p style="color: #000000; font-size: 10pt; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-align: start; text-transform: none; white-space: normal; widows: 1; word-spacing: 0px; -webkit-text-stroke-width: 0px; font-stretch: normal; font-family: 'times new roman', serif; margin: 0px; text-indent: 0.5in;">&#160;</p><p style="color: #000000; font-size: 10pt; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-indent: 0px; text-transform: none; white-space: normal; widows: 1; word-spacing: 0px; -webkit-text-stroke-width: 0px; font-stretch: normal; font-family: 'times new roman', serif; margin: 0px; text-align: justify;">The application of tax laws and regulations is subject to legal and factual interpretation, judgment and uncertainty. Tax laws and regulations themselves are subject to change as a result of changes in fiscal policy, changes in legislation, the evolution of regulations and court rulings. Therefore, the actual liability may be materially different from our estimates, which could result in the need to record additional tax liabilities or potentially reverse previously recorded tax liabilities or deferred tax asset valuation allowance.</p> <p style="color: #000000; font-size: 10pt; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-align: start; text-indent: 0px; text-transform: none; white-space: normal; widows: 1; word-spacing: 0px; -webkit-text-stroke-width: 0px; font-stretch: normal; font-family: 'times new roman', serif; margin: 0px;"><b>Enterprise Income Tax</b></p><p style="color: #000000; font-size: 10pt; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-align: start; text-transform: none; white-space: normal; widows: 1; word-spacing: 0px; -webkit-text-stroke-width: 0px; font-stretch: normal; font-family: 'times new roman', serif; margin: 0px; text-indent: 0.5in;">&#160;</p><p style="color: #000000; font-size: 10pt; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-indent: 0px; text-transform: none; white-space: normal; widows: 1; word-spacing: 0px; -webkit-text-stroke-width: 0px; font-stretch: normal; font-family: 'times new roman', serif; margin: 0px; text-align: justify;">Under the Provisional Regulations of PRC Concerning Income Tax on Enterprises promulgated by the PRC (the &#8220;EIT Law&#8221;), the Company was recognized as a government-certified high technology company on July 2, 2014, and income tax is payable by enterprise at a rate of 15% of its taxable income. This qualification certificate will be effective and the applicable income tax rate maintains 15% until the certificate expires on July 2, 2017.</p> <p style="color: #000000; font-size: 10pt; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-align: start; text-indent: 0px; text-transform: none; white-space: normal; widows: 1; word-spacing: 0px; -webkit-text-stroke-width: 0px; font-stretch: normal; font-family: 'times new roman', serif; margin: 0px;"><b>Value Added Tax</b></p><p style="color: #000000; font-size: 10pt; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-align: start; text-transform: none; white-space: normal; widows: 1; word-spacing: 0px; -webkit-text-stroke-width: 0px; font-stretch: normal; font-family: 'times new roman', serif; margin: 0px; text-indent: 0.5in;">&#160;</p><p style="color: #000000; font-size: 10pt; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-indent: 0px; text-transform: none; white-space: normal; widows: 1; word-spacing: 0px; -webkit-text-stroke-width: 0px; font-stretch: normal; font-family: 'times new roman', serif; margin: 0px; text-align: justify;">The Provisional Regulations of PRC Concerning Value Added Tax promulgated by the State Council came into effect on January 1, 1994. Under these regulations and the Implementing Rules of the Provisional Regulations of the PRC Concerning Value Added Tax, value added tax is imposed on goods sold in, or imported into, the PRC and on processing, repair and replacement services provided within the PRC.</p><p style="color: #000000; font-size: 10pt; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-align: start; text-transform: none; white-space: normal; widows: 1; word-spacing: 0px; -webkit-text-stroke-width: 0px; font-stretch: normal; font-family: 'times new roman', serif; margin: 0px; text-indent: 0.5in;">&#160;</p><p style="color: #000000; font-size: 10pt; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-indent: 0px; text-transform: none; white-space: normal; widows: 1; word-spacing: 0px; -webkit-text-stroke-width: 0px; font-stretch: normal; font-family: 'times new roman', serif; margin: 0px; text-align: justify;">Value added tax payable in the PRC is charged on an aggregated basis at a rate of 17% (depending on the type of goods involved) on the full price collected for the goods sold or, in the case of taxable services provided, at a rate of 17% on the charges for the taxable services provided, but excluding, in respect of both goods and services, any amount paid in respect of value added tax included in the price or charges, and less any deductible value added tax already paid by the taxpayer on purchases of goods and services in the same financial year.</p> <p style="color: #000000; font-size: 10pt; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-align: start; text-indent: 0px; text-transform: none; white-space: normal; widows: 1; word-spacing: 0px; -webkit-text-stroke-width: 0px; font-stretch: normal; font-family: 'times new roman', serif; margin: 0px;"><b>Sales Taxes and Sales-Related Taxes</b></p><p style="color: #000000; font-size: 10pt; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-align: start; text-transform: none; white-space: normal; widows: 1; word-spacing: 0px; -webkit-text-stroke-width: 0px; font-stretch: normal; font-family: 'times new roman', serif; margin: 0px; text-indent: 0.5in;">&#160;</p><p style="color: #000000; font-size: 10pt; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-indent: 0px; text-transform: none; white-space: normal; widows: 1; word-spacing: 0px; -webkit-text-stroke-width: 0px; font-stretch: normal; font-family: 'times new roman', serif; margin: 0px; text-align: justify;">Pursuant to the tax law and regulations of the PRC, the Company is obligated to pay 7% and 5% of the annual VAT paid as taxes on maintaining and building cities and education additional fees, both of which belong to sales-related taxes. Sales-related taxes are recorded when sales revenue is recognized.</p> <p style="color: #000000; font-size: 10pt; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-align: start; text-indent: 0px; text-transform: none; white-space: normal; widows: 1; word-spacing: 0px; -webkit-text-stroke-width: 0px; font-stretch: normal; font-family: 'times new roman', serif; margin: 0px;"><b>Government Grants</b></p><p style="color: #000000; font-size: 10pt; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-align: start; text-transform: none; white-space: normal; widows: 1; word-spacing: 0px; -webkit-text-stroke-width: 0px; font-stretch: normal; font-family: 'times new roman', serif; margin: 0px; text-indent: 0.5in;"><b>&#160;</b></p><p style="color: #000000; font-size: 10pt; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-indent: 0px; text-transform: none; white-space: normal; widows: 1; word-spacing: 0px; -webkit-text-stroke-width: 0px; font-stretch: normal; font-family: 'times new roman', serif; margin: 0px; text-align: justify;">Government grants are recognized as income over the periods necessary to match them with the related costs. If the grants do not relate to any specific expenditure incurred by the Company, they are reported separately as other income. Government grants are recognized until there is reasonable assurance that both the Company will comply with the conditions attaching to the grant and the grant will be received. Government grants to the Company are primarily for its Huimin solar water heater expanding project for the year ending December 31, 2013.</p> <p style="color: #000000; font-size: 10pt; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-align: start; text-indent: 0px; text-transform: none; white-space: normal; widows: 1; word-spacing: 0px; -webkit-text-stroke-width: 0px; font-stretch: normal; font-family: 'times new roman', serif; margin: 0px;"><b>Concentrations of Business and Credit Risks</b></p><p style="color: #000000; font-size: 10pt; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-align: start; text-transform: none; white-space: normal; widows: 1; word-spacing: 0px; -webkit-text-stroke-width: 0px; font-stretch: normal; font-family: 'times new roman', serif; margin: 0px; text-indent: 0.5in;"><b>&#160;</b></p><p style="color: #000000; font-size: 10pt; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-indent: 0px; text-transform: none; white-space: normal; widows: 1; word-spacing: 0px; -webkit-text-stroke-width: 0px; font-stretch: normal; font-family: 'times new roman', serif; margin: 0px; text-align: justify;">All of the Company&#8217;s manufacturing is located in the PRC. There can be no assurance that the Company will be able to successfully continue to manufacture its products and failure to do so would have a material adverse effect on the Company&#8217;s financial position, results of operations and cash flows. Also, the success of the Company&#8217;s operations is subject to numerous contingencies, some of which are beyond management&#8217;s control. These contingencies include general economic conditions, prices of raw materials, competition, governmental and political conditions, and changes in regulations. Since the Company is dependent on trade in the PRC, the Company is subject to various additional political, economic and other uncertainties. Among other risks, the Company&#8217;s operations will be subject to the risks of restrictions on transfer of funds, domestic customs, changing taxation policies, foreign exchange restrictions, and political and governmental regulations.</p><p style="color: #000000; font-size: 10pt; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-align: start; text-transform: none; white-space: normal; widows: 1; word-spacing: 0px; -webkit-text-stroke-width: 0px; font-stretch: normal; font-family: 'times new roman', serif; margin: 0px; text-indent: 0.5in;">&#160;</p><p style="color: #000000; font-size: 10pt; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-indent: 0px; text-transform: none; white-space: normal; widows: 1; word-spacing: 0px; -webkit-text-stroke-width: 0px; font-stretch: normal; font-family: 'times new roman', serif; margin: 0px; text-align: justify;">The Company operates in the PRC, which may give rise to significant foreign currency risks from fluctuations and the degree of volatility of foreign exchange rates between USD and RMB. The results of operations denominated in foreign currency are translated at the average rate of exchange during the reporting periods.</p> <p style="color: #000000; font-size: 10pt; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-align: start; text-indent: 0px; text-transform: none; white-space: normal; widows: 1; word-spacing: 0px; -webkit-text-stroke-width: 0px; font-stretch: normal; font-family: 'times new roman', serif; margin: 0px;"><b>Recent Accounting Pronouncements</b></p><p style="color: #000000; font-size: 10pt; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-align: start; text-transform: none; white-space: normal; widows: 1; word-spacing: 0px; -webkit-text-stroke-width: 0px; font-stretch: normal; font-family: 'times new roman', serif; margin: 0px; text-indent: 0.5in;">&#160;</p><p style="color: #000000; font-size: 10pt; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-indent: 0px; text-transform: none; white-space: normal; widows: 1; word-spacing: 0px; -webkit-text-stroke-width: 0px; font-stretch: normal; font-family: 'times new roman', serif; margin: 0px; text-align: justify;">In August 2014, the FASB has issued ASU No. 2014-15, Presentation of Financial Statements&#8212;Going Concern (Subtopic 205-40): Disclosure of Uncertainties about an Entity&#8217;s Ability to Continue as a Going Concern. ASU 2014-15 is intended to define management&#8217;s responsibility to evaluate whether there is substantial doubt about an organization&#8217;s ability to continue as a going concern and to provide related footnote disclosures. The amendments are effective for annual periods ending after December 15, 2016, and interim periods within annual periods beginning after December 15, 2016. Early application is permitted for annual or interim reporting periods for which the financial statements have not previously been issued statements. The Company does not expect the adoption to have a significant impact on its consolidated financial statements.</p> <table style="width: 1567px; text-transform: none; text-indent: 0px; letter-spacing: normal; font-family: 'times new roman', times, serif; font-size: 10pt; word-spacing: 0px; border-collapse: collapse; widows: 1; -webkit-text-stroke-width: 0px;" cellspacing="0" cellpadding="0"><tr style="vertical-align: top; background-color: #cceeff;"><td nowrap="nowrap" style="width: 972px; font-family: calibri, sans-serif; line-height: 15.3333320617676px;"><font style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman', serif;">Buildings</font></td><td nowrap="nowrap" style="width: 31px; font-family: calibri, sans-serif; line-height: 15.3333320617676px;">&#160;</td><td nowrap="nowrap" style="width: 564px; font-family: calibri, sans-serif; line-height: 15.3333320617676px;"><font style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman', serif;">20 years</font></td></tr><tr style="vertical-align: top; background-color: white;"><td nowrap="nowrap" style="font-family: calibri, sans-serif; line-height: 15.3333320617676px;"><font style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman', serif;">Machinery Equipment</font></td><td nowrap="nowrap" style="font-family: calibri, sans-serif; line-height: 15.3333320617676px;">&#160;</td><td nowrap="nowrap" style="font-family: calibri, sans-serif; line-height: 15.3333320617676px;"><font style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman', serif;">10 years</font></td></tr><tr style="vertical-align: top; background-color: #cceeff;"><td nowrap="nowrap" style="font-family: calibri, sans-serif; line-height: 15.3333320617676px;"><font style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman', serif;">Motor Vehicles</font></td><td nowrap="nowrap" style="font-family: calibri, sans-serif; line-height: 15.3333320617676px;">&#160;</td><td nowrap="nowrap" style="font-family: calibri, sans-serif; line-height: 15.3333320617676px;"><font style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman', serif;">5 years</font></td></tr><tr style="vertical-align: top; background-color: white;"><td nowrap="nowrap" style="font-family: calibri, sans-serif; line-height: 15.3333320617676px;"><font style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman', serif;">Electronic Equipment</font></td><td nowrap="nowrap" style="font-family: calibri, sans-serif; line-height: 15.3333320617676px;">&#160;</td><td nowrap="nowrap" style="font-family: calibri, sans-serif; line-height: 15.3333320617676px;"><font style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman', serif;">5 years</font></td></tr><tr style="vertical-align: top; background-color: #cceeff;"><td nowrap="nowrap" style="font-family: calibri, sans-serif; line-height: 15.3333320617676px;"><font style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman', serif;">Leasehold Improvement</font></td><td nowrap="nowrap" style="font-family: calibri, sans-serif; line-height: 15.3333320617676px;">&#160;</td><td nowrap="nowrap" style="font-family: calibri, sans-serif; line-height: 15.3333320617676px;"><font style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman', serif;">Less of the lease term or 5 years</font></td></tr></table><div>&#160;</div> <table style="font: 10pt/normal calibri, helvetica, sans-serif; width: 1567px; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; border-collapse: collapse; widows: 1; font-size-adjust: none; font-stretch: normal; -webkit-text-stroke-width: 0px;" cellspacing="0" cellpadding="0"><tr style="vertical-align: bottom;"><td>&#160;</td><td style="font-family: 'times new roman', serif; padding-bottom: 1.5pt;">&#160;</td><td style="font-family: 'times new roman', serif; text-align: center; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;" colspan="2"><font style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman', serif;"><b>June 30,<br />2015</b></font></td><td style="padding-bottom: 1.5pt; font-family: 'times new roman', serif;">&#160;</td><td style="font-family: 'times new roman', serif; padding-bottom: 1.5pt;">&#160;</td><td style="font-family: 'times new roman', serif; text-align: center; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;" colspan="2"><font style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman', serif;"><b>December 31,<br />2014</b></font></td><td style="padding-bottom: 1.5pt; font-family: 'times new roman', serif;">&#160;</td></tr><tr style="vertical-align: bottom;"><td>&#160;</td><td style="font-family: 'times new roman', serif; padding-bottom: 1.5pt;">&#160;</td><td style="font-family: 'times new roman', serif; text-align: center; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;" colspan="2"><font style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman', serif;"><b>(Unaudited)</b></font></td><td style="padding-bottom: 1.5pt; font-family: 'times new roman', serif;">&#160;</td><td style="padding-bottom: 1.5pt;">&#160;</td><td style="text-align: center;" colspan="2">&#160;</td><td style="padding-bottom: 1.5pt;">&#160;</td></tr><tr style="vertical-align: bottom; background-color: #cceeff;"><td style="width: 1191px; font-family: 'times new roman', serif; text-align: left; padding-bottom: 1.5pt;">Pledged for bank drafts</td><td style="width: 16px; font-family: 'times new roman', serif; padding-bottom: 1.5pt;">&#160;</td><td style="width: 16px; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid; font-family: 'times new roman', serif; text-align: left;">$</td><td style="width: 142px; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid; font-family: 'times new roman', serif; text-align: right;">564,516</td><td style="width: 16px; padding-bottom: 1.5pt; font-family: 'times new roman', serif; text-align: left;">&#160;</td><td style="width: 15px; font-family: 'times new roman', serif; padding-bottom: 1.5pt;">&#160;</td><td style="width: 15px; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid; font-family: 'times new roman', serif; text-align: left;">$</td><td style="width: 141px; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid; font-family: 'times new roman', serif; text-align: right;">1,772,878</td><td style="width: 15px; padding-bottom: 1.5pt; font-family: 'times new roman', serif; text-align: left;">&#160;</td></tr><tr style="vertical-align: bottom; background-color: white;"><td style="font-family: 'times new roman', serif; padding-bottom: 4pt;">Total</td><td style="font-family: 'times new roman', serif; padding-bottom: 4pt;">&#160;</td><td style="border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double; font-family: 'times new roman', serif; text-align: left;">$</td><td style="border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double; font-family: 'times new roman', serif; text-align: right;">564,516</td><td style="padding-bottom: 4pt; font-family: 'times new roman', serif; text-align: left;">&#160;</td><td style="font-family: 'times new roman', serif; padding-bottom: 4pt;">&#160;</td><td style="border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double; font-family: 'times new roman', serif; text-align: left;">$</td><td style="border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double; font-family: 'times new roman', serif; text-align: right;">1,772,878</td><td style="padding-bottom: 4pt; font-family: 'times new roman', serif; text-align: left;">&#160;</td></tr></table><div>&#160;</div> <table style="font: 10pt/normal calibri, helvetica, sans-serif; width: 1567px; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; border-collapse: collapse; widows: 1; font-size-adjust: none; font-stretch: normal; -webkit-text-stroke-width: 0px;" cellspacing="0" cellpadding="0"><tr style="vertical-align: bottom;"><td>&#160;</td><td style="font-family: 'times new roman', serif; padding-bottom: 1.5pt;">&#160;</td><td style="font-family: 'times new roman', serif; text-align: center; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;" colspan="2"><font style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman', serif;"><b>June 30,<br />2015</b></font></td><td style="padding-bottom: 1.5pt; font-family: 'times new roman', serif;">&#160;</td><td style="font-family: 'times new roman', serif; padding-bottom: 1.5pt;">&#160;</td><td style="font-family: 'times new roman', serif; text-align: center; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;" colspan="2"><font style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman', serif;"><b>December&#160;31,<br />2014</b></font></td><td style="padding-bottom: 1.5pt; font-family: 'times new roman', serif;">&#160;</td></tr><tr style="vertical-align: bottom;"><td>&#160;</td><td style="font-family: 'times new roman', serif; padding-bottom: 1.5pt;">&#160;</td><td style="font-family: 'times new roman', serif; text-align: center; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;" colspan="2"><font style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman', serif;"><b>(Unaudited)</b></font></td><td style="padding-bottom: 1.5pt; font-family: 'times new roman', serif;">&#160;</td><td style="padding-bottom: 1.5pt;">&#160;</td><td style="text-align: center;" colspan="2">&#160;</td><td style="padding-bottom: 1.5pt;">&#160;</td></tr><tr style="vertical-align: bottom; background-color: #cceeff;"><td style="width: 1191px; font-family: 'times new roman', serif; text-align: left;">Accounts receivable</td><td style="width: 16px; font-family: 'times new roman', serif;">&#160;</td><td style="width: 16px; font-family: 'times new roman', serif; text-align: left;">$</td><td style="width: 142px; font-family: 'times new roman', serif; text-align: right;">2,607,880</td><td style="width: 16px; font-family: 'times new roman', serif; text-align: left;">&#160;</td><td style="width: 15px; font-family: 'times new roman', serif;">&#160;</td><td style="width: 15px; font-family: 'times new roman', serif; text-align: left;">$</td><td style="width: 141px; font-family: 'times new roman', serif; text-align: right;">728,656</td><td style="width: 15px; font-family: 'times new roman', serif; text-align: left;">&#160;</td></tr><tr style="vertical-align: bottom; background-color: white;"><td style="font-family: 'times new roman', serif; text-align: left; padding-bottom: 1.5pt;">Less: allowance for doubtful accounts</td><td style="font-family: 'times new roman', serif; padding-bottom: 1.5pt;">&#160;</td><td style="border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid; font-family: 'times new roman', serif; text-align: left;">&#160;</td><td style="border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid; font-family: 'times new roman', serif; text-align: right;">(45,315</td><td style="padding-bottom: 1.5pt; font-family: 'times new roman', serif; text-align: left;">)</td><td style="font-family: 'times new roman', serif; padding-bottom: 1.5pt;">&#160;</td><td style="border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid; font-family: 'times new roman', serif; text-align: left;">&#160;</td><td style="border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid; font-family: 'times new roman', serif; text-align: right;">(42,580</td><td style="padding-bottom: 1.5pt; font-family: 'times new roman', serif; text-align: left;">)</td></tr><tr style="vertical-align: bottom; background-color: #cceeff;"><td style="font-family: 'times new roman', serif; padding-bottom: 4pt;">Total</td><td style="font-family: 'times new roman', serif; padding-bottom: 4pt;">&#160;</td><td style="border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double; font-family: 'times new roman', serif; text-align: left;">$</td><td style="border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double; font-family: 'times new roman', serif; text-align: right;">2,562,565</td><td style="padding-bottom: 4pt; font-family: 'times new roman', serif; text-align: left;">&#160;</td><td style="font-family: 'times new roman', serif; padding-bottom: 4pt;">&#160;</td><td style="border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double; font-family: 'times new roman', serif; text-align: left;">$</td><td style="border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double; font-family: 'times new roman', serif; text-align: right;">686,076</td><td style="padding-bottom: 4pt; font-family: 'times new roman', serif; text-align: left;">&#160;</td></tr></table><div>&#160;</div> <table style="font: 10pt/normal calibri, helvetica, sans-serif; width: 1567px; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; border-collapse: collapse; widows: 1; font-size-adjust: none; font-stretch: normal; -webkit-text-stroke-width: 0px;" cellspacing="0" cellpadding="0"><tr style="vertical-align: bottom;"><td>&#160;</td><td style="font-family: 'times new roman', serif; padding-bottom: 1.5pt;">&#160;</td><td style="font-family: 'times new roman', serif; text-align: center; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;" colspan="2"><font style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman', serif;"><b>June 30,<br />2015</b></font></td><td style="padding-bottom: 1.5pt; font-family: 'times new roman', serif;">&#160;</td><td style="font-family: 'times new roman', serif; padding-bottom: 1.5pt;">&#160;</td><td style="font-family: 'times new roman', serif; text-align: center; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;" colspan="2"><font style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman', serif;"><b>December&#160;31,<br />2014</b></font></td><td style="padding-bottom: 1.5pt; font-family: 'times new roman', serif;">&#160;</td></tr><tr style="vertical-align: bottom;"><td>&#160;</td><td style="font-family: 'times new roman', serif; padding-bottom: 1.5pt;">&#160;</td><td style="font-family: 'times new roman', serif; text-align: center; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;" colspan="2"><font style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman', serif;"><b>(Unaudited)</b></font></td><td style="padding-bottom: 1.5pt; font-family: 'times new roman', serif;">&#160;</td><td style="padding-bottom: 1.5pt;">&#160;</td><td style="text-align: center;" colspan="2">&#160;</td><td style="padding-bottom: 1.5pt;">&#160;</td></tr><tr style="vertical-align: bottom; background-color: #cceeff;"><td style="width: 1191px; font-family: 'times new roman', serif; text-align: left;">Li Qimei</td><td style="width: 16px; font-family: 'times new roman', serif;">&#160;</td><td style="width: 16px; font-family: 'times new roman', serif; text-align: left;">&#160;</td><td style="width: 142px; font-family: 'times new roman', serif; text-align: right;">391,131</td><td style="width: 16px; font-family: 'times new roman', serif; text-align: left;">&#160;</td><td style="width: 15px; font-family: 'times new roman', serif;">&#160;</td><td style="width: 15px; font-family: 'times new roman', serif; text-align: left;">&#160;</td><td style="width: 141px; font-family: 'times new roman', serif; text-align: right;">1,022,025</td><td style="width: 15px; font-family: 'times new roman', serif; text-align: left;">&#160;</td></tr><tr style="vertical-align: bottom; background-color: white;"><td style="font-family: 'times new roman', serif; text-align: left; padding-bottom: 1.5pt;">Bengbu Boyuan Real Estate Co.,ltd</td><td style="font-family: 'times new roman', serif; padding-bottom: 1.5pt;">&#160;</td><td style="border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid; font-family: 'times new roman', serif; text-align: left;">&#160;</td><td style="border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid; font-family: 'times new roman', serif; text-align: right;">156,804</td><td style="padding-bottom: 1.5pt; font-family: 'times new roman', serif; text-align: left;">&#160;</td><td style="font-family: 'times new roman', serif; padding-bottom: 1.5pt;">&#160;</td><td style="border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid; font-family: 'times new roman', serif; text-align: left;">&#160;</td><td style="border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid; font-family: 'times new roman', serif; text-align: right;">597,798</td><td style="padding-bottom: 1.5pt; font-family: 'times new roman', serif; text-align: left;">&#160;</td></tr><tr style="vertical-align: bottom; background-color: #cceeff;"><td style="font-family: 'times new roman', serif; padding-bottom: 4pt;">Total</td><td style="font-family: 'times new roman', serif; padding-bottom: 4pt;">&#160;</td><td style="border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double; font-family: 'times new roman', serif; text-align: left;">$</td><td style="border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double; font-family: 'times new roman', serif; text-align: right;">547,935</td><td style="padding-bottom: 4pt; font-family: 'times new roman', serif; text-align: left;">&#160;</td><td style="font-family: 'times new roman', serif; padding-bottom: 4pt;">&#160;</td><td style="border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double; font-family: 'times new roman', serif; text-align: left;">$</td><td style="border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double; font-family: 'times new roman', serif; text-align: right;">1,619,823</td><td style="padding-bottom: 4pt; font-family: 'times new roman', serif; text-align: left;">&#160;</td></tr></table><div>&#160;</div> <table style="font: 10pt/normal calibri, helvetica, sans-serif; width: 1567px; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; border-collapse: collapse; widows: 1; font-size-adjust: none; font-stretch: normal; -webkit-text-stroke-width: 0px;" cellspacing="0" cellpadding="0"><tr style="vertical-align: bottom;"><td>&#160;</td><td style="font-family: 'times new roman', serif; padding-bottom: 1.5pt;">&#160;</td><td style="font-family: 'times new roman', serif; text-align: center; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;" colspan="2"><font style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman', serif;"><b>June 30,<br />2015</b></font></td><td style="padding-bottom: 1.5pt; font-family: 'times new roman', serif;">&#160;</td><td style="font-family: 'times new roman', serif; padding-bottom: 1.5pt;">&#160;</td><td style="font-family: 'times new roman', serif; text-align: center; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;" colspan="2"><font style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman', serif;"><b>December 31, 2014</b></font></td><td style="padding-bottom: 1.5pt; font-family: 'times new roman', serif;">&#160;</td></tr><tr style="vertical-align: bottom;"><td>&#160;</td><td style="font-family: 'times new roman', serif; padding-bottom: 1.5pt;">&#160;</td><td style="font-family: 'times new roman', serif; text-align: center; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;" colspan="2"><font style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman', serif;"><b>(Unaudited)</b></font></td><td style="padding-bottom: 1.5pt; font-family: 'times new roman', serif;">&#160;</td><td style="padding-bottom: 1.5pt;">&#160;</td><td style="text-align: center;" colspan="2">&#160;</td><td style="padding-bottom: 1.5pt;">&#160;</td></tr><tr style="vertical-align: bottom; background-color: #cceeff;"><td style="width: 1191px; font-family: 'times new roman', serif; text-align: left;">Raw Materials</td><td style="width: 16px; font-family: 'times new roman', serif;">&#160;</td><td style="width: 16px; font-family: 'times new roman', serif; text-align: left;">$</td><td style="width: 142px; font-family: 'times new roman', serif; text-align: right;">211,656</td><td style="width: 16px; font-family: 'times new roman', serif; text-align: left;">&#160;</td><td style="width: 15px; font-family: 'times new roman', serif;">&#160;</td><td style="width: 15px; font-family: 'times new roman', serif; text-align: left;">$</td><td style="width: 141px; font-family: 'times new roman', serif; text-align: right;">65,497</td><td style="width: 15px; font-family: 'times new roman', serif; text-align: left;">&#160;</td></tr><tr style="vertical-align: bottom; background-color: white;"><td style="font-family: 'times new roman', serif; text-align: left;">Finished Goods</td><td style="font-family: 'times new roman', serif;">&#160;</td><td style="font-family: 'times new roman', serif; text-align: left;">&#160;</td><td style="font-family: 'times new roman', serif; text-align: right;">124,967</td><td style="font-family: 'times new roman', serif; text-align: left;">&#160;</td><td style="font-family: 'times new roman', serif;">&#160;</td><td style="font-family: 'times new roman', serif; text-align: left;">&#160;</td><td style="font-family: 'times new roman', serif; text-align: right;">225,360</td><td style="font-family: 'times new roman', serif; text-align: left;">&#160;</td></tr><tr style="vertical-align: bottom; background-color: #cceeff;"><td style="font-family: 'times new roman', serif; text-align: left;">Goods in transit</td><td style="font-family: 'times new roman', serif;">&#160;</td><td style="font-family: 'times new roman', serif; text-align: left;">&#160;</td><td style="font-family: 'times new roman', serif; text-align: right;">62,939</td><td style="font-family: 'times new roman', serif; text-align: left;">&#160;</td><td style="font-family: 'times new roman', serif;">&#160;</td><td style="font-family: 'times new roman', serif; text-align: left;">&#160;</td><td style="font-family: 'times new roman', serif; text-align: right;">-</td><td style="font-family: 'times new roman', serif; text-align: left;">&#160;</td></tr><tr style="vertical-align: bottom; background-color: white;"><td style="font-family: 'times new roman', serif; padding-bottom: 1.5pt;">Supplies</td><td style="font-family: 'times new roman', serif; padding-bottom: 1.5pt;">&#160;</td><td style="border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid; font-family: 'times new roman', serif; text-align: left;">&#160;</td><td style="border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid; font-family: 'times new roman', serif; text-align: right;">403</td><td style="padding-bottom: 1.5pt; font-family: 'times new roman', serif; text-align: left;">&#160;</td><td style="font-family: 'times new roman', serif; padding-bottom: 1.5pt;">&#160;</td><td style="border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid; font-family: 'times new roman', serif; text-align: left;">&#160;</td><td style="border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid; font-family: 'times new roman', serif; text-align: right;">403</td><td style="padding-bottom: 1.5pt; font-family: 'times new roman', serif; text-align: left;">&#160;</td></tr><tr style="vertical-align: bottom; background-color: #cceeff;"><td style="font-family: 'times new roman', serif; padding-bottom: 1.5pt;">Total</td><td style="font-family: 'times new roman', serif; padding-bottom: 1.5pt;">&#160;</td><td style="border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid; font-family: 'times new roman', serif; text-align: left;">$</td><td style="border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid; font-family: 'times new roman', serif; text-align: right;">399,965</td><td style="padding-bottom: 1.5pt; font-family: 'times new roman', serif; text-align: left;">&#160;</td><td style="font-family: 'times new roman', serif; padding-bottom: 1.5pt;">&#160;</td><td style="border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid; font-family: 'times new roman', serif; text-align: left;">$</td><td style="border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid; font-family: 'times new roman', serif; text-align: right;">291,260</td><td style="padding-bottom: 1.5pt; font-family: 'times new roman', serif; text-align: left;">&#160;</td></tr></table><div>&#160;</div> <table style="width: 1567px; text-transform: none; text-indent: 0px; letter-spacing: normal; font-family: 'times new roman', times, serif; font-size: 10pt; word-spacing: 0px; border-collapse: collapse; widows: 1; -webkit-text-stroke-width: 0px;" cellspacing="0" cellpadding="0"><tr style="vertical-align: bottom;"><td style="font-family: calibri, sans-serif; line-height: 15.3333320617676px;">&#160;</td><td style="font-family: calibri, sans-serif; line-height: 15.3333320617676px;">&#160;</td><td style="border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid; text-align: center; font-family: calibri, sans-serif; line-height: 15.3333320617676px;" colspan="2"><font style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman', serif;"><b>March 31,</b></font><br /><font style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman', serif;"><b>2015</b></font></td><td style="font-family: calibri, sans-serif; line-height: 15.3333320617676px;">&#160;</td><td style="font-family: calibri, sans-serif; line-height: 15.3333320617676px;">&#160;</td><td style="border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid; text-align: center; font-family: calibri, sans-serif; line-height: 15.3333320617676px;" colspan="2"><font style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman', serif;"><b>December&#160;31,</b></font><br /><font style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman', serif;"><b>2014</b></font></td><td style="font-family: calibri, sans-serif; line-height: 15.3333320617676px;">&#160;</td></tr><tr style="vertical-align: bottom;"><td style="font-family: calibri, sans-serif; line-height: 15.3333320617676px;">&#160;</td><td style="font-family: calibri, sans-serif; line-height: 15.3333320617676px;">&#160;</td><td style="border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid; text-align: center; font-family: calibri, sans-serif; line-height: 15.3333320617676px;" colspan="2"><font style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman', serif;"><b>(Unaudited)</b></font></td><td style="font-family: calibri, sans-serif; line-height: 15.3333320617676px;">&#160;</td><td style="font-family: calibri, sans-serif; line-height: 15.3333320617676px;">&#160;</td><td style="font-family: calibri, sans-serif; line-height: 15.3333320617676px;" colspan="2">&#160;</td><td style="font-family: calibri, sans-serif; line-height: 15.3333320617676px;">&#160;</td></tr><tr style="vertical-align: bottom; background-color: #cceeff;"><td style="width: 1223px; font-family: calibri, sans-serif; line-height: 15.3333320617676px;"><font style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman', serif;">Other receivables</font></td><td style="width: 16px; font-family: calibri, sans-serif; line-height: 15.3333320617676px;">&#160;</td><td style="width: 16px; font-family: calibri, sans-serif; line-height: 15.3333320617676px;"><font style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman', serif;">$</font></td><td style="width: 126px; text-align: right; font-family: calibri, sans-serif; line-height: 15.3333320617676px;"><font style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman', serif;">565,620</font></td><td style="width: 16px; font-family: calibri, sans-serif; line-height: 15.3333320617676px;">&#160;</td><td style="width: 15px; font-family: calibri, sans-serif; line-height: 15.3333320617676px;">&#160;</td><td style="width: 15px; font-family: calibri, sans-serif; line-height: 15.3333320617676px;"><font style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman', serif;">$</font></td><td style="width: 125px; text-align: right; font-family: calibri, sans-serif; line-height: 15.3333320617676px;"><font style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman', serif;">1,387,230</font></td><td style="width: 15px; font-family: calibri, sans-serif; line-height: 15.3333320617676px;">&#160;</td></tr><tr style="vertical-align: bottom; background-color: white;"><td style="font-family: calibri, sans-serif; line-height: 15.3333320617676px;"><font style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman', serif;">Prepaid expenses</font></td><td style="font-family: calibri, sans-serif; line-height: 15.3333320617676px;">&#160;</td><td style="border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid; font-family: calibri, sans-serif; line-height: 15.3333320617676px;">&#160;</td><td style="border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid; text-align: right; font-family: calibri, sans-serif; line-height: 15.3333320617676px;"><font style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman', serif;">6,876</font></td><td style="font-family: calibri, sans-serif; line-height: 15.3333320617676px;">&#160;</td><td style="font-family: calibri, sans-serif; line-height: 15.3333320617676px;">&#160;</td><td style="border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid; font-family: calibri, sans-serif; line-height: 15.3333320617676px;">&#160;</td><td style="border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid; text-align: right; font-family: calibri, sans-serif; line-height: 15.3333320617676px;"><font style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman', serif;">4,537</font></td><td style="font-family: calibri, sans-serif; line-height: 15.3333320617676px;">&#160;</td></tr><tr style="vertical-align: bottom; background-color: #cceeff;"><td style="font-family: calibri, sans-serif; line-height: 15.3333320617676px;"><font style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman', serif;">Total</font></td><td style="font-family: calibri, sans-serif; line-height: 15.3333320617676px;">&#160;</td><td style="border-bottom-color: black; border-bottom-width: 4.5pt; border-bottom-style: double; font-family: calibri, sans-serif; line-height: 15.3333320617676px;"><font style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman', serif;">$</font></td><td style="border-bottom-color: black; border-bottom-width: 4.5pt; border-bottom-style: double; text-align: right; font-family: calibri, sans-serif; line-height: 15.3333320617676px;"><font style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman', serif;">572,496</font></td><td style="font-family: calibri, sans-serif; line-height: 15.3333320617676px;">&#160;</td><td style="font-family: calibri, sans-serif; line-height: 15.3333320617676px;">&#160;</td><td style="border-bottom-color: black; border-bottom-width: 4.5pt; border-bottom-style: double; font-family: calibri, sans-serif; line-height: 15.3333320617676px;"><font style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman', serif;">$</font></td><td style="border-bottom-color: black; border-bottom-width: 4.5pt; border-bottom-style: double; text-align: right; font-family: calibri, sans-serif; line-height: 15.3333320617676px;"><font style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman', serif;">1,391,767</font></td><td style="font-family: calibri, sans-serif; line-height: 15.3333320617676px;">&#160;</td></tr></table><div>&#160;</div> <table style="font: 10pt/normal calibri, helvetica, sans-serif; width: 1567px; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; border-collapse: collapse; widows: 1; font-size-adjust: none; font-stretch: normal; -webkit-text-stroke-width: 0px;" cellspacing="0" cellpadding="0"><tr style="vertical-align: bottom;"><td>&#160;</td><td style="font-family: 'times new roman', serif; padding-bottom: 1.5pt;">&#160;</td><td style="font-family: 'times new roman', serif; text-align: center; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;" colspan="2"><font style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman', serif;"><b>June 30,<br />2015</b></font></td><td style="padding-bottom: 1.5pt; font-family: 'times new roman', serif;">&#160;</td><td style="font-family: 'times new roman', serif; padding-bottom: 1.5pt;">&#160;</td><td style="font-family: 'times new roman', serif; text-align: center; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;" colspan="2"><font style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman', serif;"><b>December 31,<br />2014</b></font></td><td style="padding-bottom: 1.5pt; font-family: 'times new roman', serif;">&#160;</td></tr><tr style="vertical-align: bottom;"><td>&#160;</td><td style="font-family: 'times new roman', serif; padding-bottom: 1.5pt;">&#160;</td><td style="font-family: 'times new roman', serif; text-align: center; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;" colspan="2"><font style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman', serif;"><b>(Unaudited)</b></font></td><td style="padding-bottom: 1.5pt; font-family: 'times new roman', serif;">&#160;</td><td style="padding-bottom: 1.5pt;">&#160;</td><td style="text-align: center;" colspan="2">&#160;</td><td style="padding-bottom: 1.5pt;">&#160;</td></tr><tr style="vertical-align: bottom; background-color: #cceeff;"><td style="width: 1191px; font-family: 'times new roman', serif; text-align: left;">Machinery equipment</td><td style="width: 16px; font-family: 'times new roman', serif;">&#160;</td><td style="width: 16px; font-family: 'times new roman', serif; text-align: left;">$</td><td style="width: 142px; font-family: 'times new roman', serif; text-align: right;">1,769,088</td><td style="width: 16px; font-family: 'times new roman', serif; text-align: left;">&#160;</td><td style="width: 15px; font-family: 'times new roman', serif;">&#160;</td><td style="width: 15px; font-family: 'times new roman', serif; text-align: left;">$</td><td style="width: 141px; font-family: 'times new roman', serif; text-align: right;">1,767,777</td><td style="width: 15px; font-family: 'times new roman', serif; text-align: left;">&#160;</td></tr><tr style="vertical-align: bottom; background-color: white;"><td style="font-family: 'times new roman', serif; text-align: left;">Motor Vehicles</td><td style="font-family: 'times new roman', serif;">&#160;</td><td style="font-family: 'times new roman', serif; text-align: left;">&#160;</td><td style="font-family: 'times new roman', serif; text-align: right;">266,974</td><td style="font-family: 'times new roman', serif; text-align: left;">&#160;</td><td style="font-family: 'times new roman', serif;">&#160;</td><td style="font-family: 'times new roman', serif; text-align: left;">&#160;</td><td style="font-family: 'times new roman', serif; text-align: right;">266,776</td><td style="font-family: 'times new roman', serif; text-align: left;">&#160;</td></tr><tr style="vertical-align: bottom; background-color: #cceeff;"><td style="font-family: 'times new roman', serif; text-align: left;">Electronic equipment</td><td style="font-family: 'times new roman', serif;">&#160;</td><td style="font-family: 'times new roman', serif; text-align: left;">&#160;</td><td style="font-family: 'times new roman', serif; text-align: right;">42,589</td><td style="font-family: 'times new roman', serif; text-align: left;">&#160;</td><td style="font-family: 'times new roman', serif;">&#160;</td><td style="font-family: 'times new roman', serif; text-align: left;">&#160;</td><td style="font-family: 'times new roman', serif; text-align: right;">42,557</td><td style="font-family: 'times new roman', serif; text-align: left;">&#160;</td></tr><tr style="vertical-align: bottom; background-color: white;"><td style="font-family: 'times new roman', serif; text-align: left;">Furniture and office equipment</td><td style="font-family: 'times new roman', serif;">&#160;</td><td style="font-family: 'times new roman', serif; text-align: left;">&#160;</td><td style="font-family: 'times new roman', serif; text-align: right;">30,713</td><td style="font-family: 'times new roman', serif; text-align: left;">&#160;</td><td style="font-family: 'times new roman', serif;">&#160;</td><td style="font-family: 'times new roman', serif; text-align: left;">&#160;</td><td style="font-family: 'times new roman', serif; text-align: right;">30,690</td><td style="font-family: 'times new roman', serif; text-align: left;">&#160;</td></tr><tr style="vertical-align: bottom; background-color: #cceeff;"><td style="font-family: 'times new roman', serif; text-align: left;">Leasehold Improvement</td><td style="font-family: 'times new roman', serif;">&#160;</td><td style="font-family: 'times new roman', serif; text-align: left;">&#160;</td><td style="font-family: 'times new roman', serif; text-align: right;">3,771</td><td style="font-family: 'times new roman', serif; text-align: left;">&#160;</td><td style="font-family: 'times new roman', serif;">&#160;</td><td style="font-family: 'times new roman', serif; text-align: left;">&#160;</td><td style="font-family: 'times new roman', serif; text-align: right;">3,768</td><td style="font-family: 'times new roman', serif; text-align: left;">&#160;</td></tr><tr style="vertical-align: bottom; background-color: white;"><td style="font-family: 'times new roman', serif; text-align: left; padding-bottom: 1.5pt;">Less Accumulated Depreciation</td><td style="font-family: 'times new roman', serif; padding-bottom: 1.5pt;">&#160;</td><td style="border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid; font-family: 'times new roman', serif; text-align: left;">&#160;</td><td style="border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid; font-family: 'times new roman', serif; text-align: right;">(728,444</td><td style="padding-bottom: 1.5pt; font-family: 'times new roman', serif; text-align: left;">)</td><td style="font-family: 'times new roman', serif; padding-bottom: 1.5pt;">&#160;</td><td style="border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid; font-family: 'times new roman', serif; text-align: left;">&#160;</td><td style="border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid; font-family: 'times new roman', serif; text-align: right;">(626,320</td><td style="padding-bottom: 1.5pt; font-family: 'times new roman', serif; text-align: left;">)</td></tr><tr style="vertical-align: bottom; background-color: #cceeff;"><td style="font-family: 'times new roman', serif; padding-bottom: 4pt;">Total</td><td style="font-family: 'times new roman', serif; padding-bottom: 4pt;">&#160;</td><td style="border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double; font-family: 'times new roman', serif; text-align: left;">$</td><td style="border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double; font-family: 'times new roman', serif; text-align: right;">1,384,691</td><td style="padding-bottom: 4pt; font-family: 'times new roman', serif; text-align: left;">&#160;</td><td style="font-family: 'times new roman', serif; padding-bottom: 4pt;">&#160;</td><td style="border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double; font-family: 'times new roman', serif; text-align: left;">$</td><td style="border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double; font-family: 'times new roman', serif; text-align: right;">1,485,248</td><td style="padding-bottom: 4pt; font-family: 'times new roman', serif; text-align: left;">&#160;</td></tr></table><div>&#160;</div> <table style="width: 1567px; text-transform: none; text-indent: 0px; letter-spacing: normal; font-family: 'times new roman', times, serif; word-spacing: 0px; border-collapse: collapse; widows: 1; -webkit-text-stroke-width: 0px;" cellspacing="0" cellpadding="0"><tr style="vertical-align: bottom;"><td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: calibri, sans-serif;">&#160;</td><td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman', serif; padding-bottom: 1.5pt;">&#160;</td><td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman', serif; text-align: center; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;" colspan="2"><font style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman', serif;"><b>June 30,<br />2015</b></font></td><td style="padding-bottom: 1.5pt; font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman', serif;">&#160;</td><td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman', serif; padding-bottom: 1.5pt;">&#160;</td><td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman', serif; text-align: center; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;" colspan="2"><font style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman', serif;"><b>December&#160;31,<br />2014</b></font></td><td style="padding-bottom: 1.5pt; font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman', serif;">&#160;</td></tr><tr style="vertical-align: bottom;"><td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: calibri, sans-serif;">&#160;</td><td style="font-size: 10pt;">&#160;</td><td style="font-size: 10pt;" colspan="2">&#160;</td><td style="font-size: 10pt;">&#160;</td><td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: calibri, sans-serif;">&#160;</td><td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: calibri, sans-serif; text-align: center;" colspan="2">&#160;</td><td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: calibri, sans-serif;">&#160;</td></tr><tr style="vertical-align: bottom; background-color: #cceeff;"><td style="width: 1191px; font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman', serif; text-align: left;">Huishang Bank Bengbu Branch</td><td style="width: 16px; font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman', serif;">&#160;</td><td style="width: 16px; font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman', serif; text-align: left;">$</td><td style="width: 142px; font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman', serif; text-align: right;">806,452</td><td style="width: 16px; font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman', serif; text-align: left;">&#160;</td><td style="width: 15px; font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman', serif;">&#160;</td><td style="width: 15px; font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman', serif; text-align: left;">$</td><td style="width: 141px; font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman', serif; text-align: right;">805,854</td><td style="width: 15px; font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman', serif; text-align: left;">&#160;</td></tr><tr style="vertical-align: bottom; background-color: white;"><td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman', serif; text-align: left;">Bank of Communications Bengbu Branch</td><td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman', serif;">&#160;</td><td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman', serif; text-align: left;">&#160;</td><td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman', serif; text-align: right;">806,452</td><td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman', serif; text-align: left;">&#160;</td><td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman', serif;">&#160;</td><td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman', serif; text-align: left;">&#160;</td><td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman', serif; text-align: right;">805,854</td><td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman', serif; text-align: left;">&#160;</td></tr><tr style="vertical-align: bottom; background-color: #cceeff;"><td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman', serif; text-align: left;">The Xuehua branch of Bengbu Rural Commercial Bank</td><td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman', serif;">&#160;</td><td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman', serif; text-align: left;">&#160;</td><td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman', serif; text-align: right;">1,612,903</td><td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman', serif; text-align: left;">&#160;</td><td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman', serif;">&#160;</td><td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman', serif; text-align: left;">&#160;</td><td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman', serif; text-align: right;">967,024</td><td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman', serif; text-align: left;">&#160;</td></tr><tr style="vertical-align: bottom; background-color: white;"><td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman', serif; text-align: left; padding-bottom: 1.5pt;">The Bengbu branch of Shanghai Pudong Bank</td><td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman', serif; padding-bottom: 1.5pt;">&#160;</td><td style="border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid; font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman', serif; text-align: left;">&#160;</td><td style="border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid; font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman', serif; text-align: right;">1,290,322</td><td style="padding-bottom: 1.5pt; font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman', serif; text-align: left;">&#160;</td><td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman', serif; padding-bottom: 1.5pt;">&#160;</td><td style="border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid; font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman', serif; text-align: left;">&#160;</td><td style="border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid; font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman', serif; text-align: right;">1,289,366</td><td style="padding-bottom: 1.5pt; font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman', serif; text-align: left;">&#160;</td></tr><tr style="vertical-align: bottom; background-color: #cceeff;"><td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman', serif; padding-bottom: 4pt;">Total</td><td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman', serif; padding-bottom: 4pt;">&#160;</td><td style="border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double; font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman', serif; text-align: left;">$</td><td style="border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double; font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman', serif; text-align: right;">4,516,129</td><td style="padding-bottom: 4pt; font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman', serif; text-align: left;">&#160;</td><td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman', serif; padding-bottom: 4pt;">&#160;</td><td style="border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double; font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman', serif; text-align: left;">$</td><td style="border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double; font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman', serif; text-align: right;">3,868,098</td><td style="padding-bottom: 4pt; font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman', serif; text-align: left;">&#160;</td></tr></table><div>&#160;</div> <table style="width: 1567px; text-transform: none; text-indent: 0px; letter-spacing: normal; font-family: 'times new roman', times, serif; word-spacing: 0px; border-collapse: collapse; widows: 1; -webkit-text-stroke-width: 0px;" cellspacing="0" cellpadding="0"><tr style="vertical-align: bottom;"><td style="font-size: 10pt; padding-right: 0pt; padding-bottom: 0pt; padding-left: 0pt; text-align: center;"><font style="font-family: 'times new roman', times, serif;">&#160;</font></td><td style="font-size: 10pt; padding-right: 0pt; padding-bottom: 0pt; padding-left: 0pt; text-align: center;"><font style="font-family: 'times new roman', times, serif;">&#160;</font></td><td style="font-size: 10pt; padding-right: 0pt; padding-bottom: 0pt; padding-left: 0pt; text-align: center;"><font style="font-family: 'times new roman', times, serif;">&#160;</font></td><td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman', serif; padding-right: 0pt; padding-bottom: 0pt; padding-left: 0pt; text-align: center;"><font style="font-family: 'times new roman', times, serif;">&#160;</font></td><td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman', serif; padding-right: 0pt; padding-bottom: 0pt; text-align: center;"><font style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: 15.3333320617676px; font-family: 'times new roman', times, serif;"><b>Origination</b></font></td><td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman', serif; padding-right: 0pt; padding-bottom: 0pt; padding-left: 0pt; text-align: center;"><font style="font-family: 'times new roman', times, serif;">&#160;</font></td><td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman', serif; text-align: center; padding-right: 0pt; padding-bottom: 0pt; padding-left: 0pt;"><font style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: 15.3333320617676px; font-family: 'times new roman', times, serif;"><b>Maturity</b></font></td><td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman', serif; padding-right: 0pt; padding-bottom: 0pt; padding-left: 0pt; text-align: center;"><font style="font-family: 'times new roman', times, serif;">&#160;</font></td><td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman', serif; text-align: center; padding-right: 0pt; padding-bottom: 0pt; padding-left: 0pt;" colspan="2"><font style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: 15.3333320617676px; font-family: 'times new roman', times, serif;"><b>Jun 30,</b></font></td><td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman', serif; padding-right: 0pt; padding-bottom: 0pt; padding-left: 0pt; text-align: center;"><font style="font-family: 'times new roman', times, serif;">&#160;</font></td><td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman', serif; padding-right: 0pt; padding-bottom: 0pt; padding-left: 0pt; text-align: center;"><font style="font-family: 'times new roman', times, serif;">&#160;</font></td><td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman', serif; text-align: center; padding-right: 0pt; padding-bottom: 0pt; padding-left: 0pt;" colspan="2"><font style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: 15.3333320617676px; font-family: 'times new roman', times, serif;"><b>Dec 31,</b></font></td><td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman', serif; padding-right: 0pt; padding-bottom: 0pt; padding-left: 0pt; text-align: center;"><font style="font-family: 'times new roman', times, serif;">&#160;</font></td></tr><tr style="vertical-align: bottom;"><td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman', serif; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid; padding-right: 0pt; padding-bottom: 0pt; padding-left: 0pt; text-align: left;"><font style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: 15.3333320617676px; font-family: 'times new roman', times, serif;"><b>Beneficiary</b></font></td><td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman', serif; padding-bottom: 0pt; padding-right: 0pt; padding-left: 0pt; text-align: center;"><font style="font-family: 'times new roman', times, serif;">&#160;</font></td><td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman', serif; text-align: center; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid; padding-right: 0pt; padding-bottom: 0pt; padding-left: 0pt;"><font style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: 15.3333320617676px; font-family: 'times new roman', times, serif;"><b>Endorser</b></font></td><td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman', serif; padding-bottom: 0pt; padding-right: 0pt; padding-left: 0pt; text-align: center;"><font style="font-family: 'times new roman', times, serif;">&#160;</font></td><td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman', serif; text-align: center; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid; padding-right: 0pt; padding-bottom: 0pt; padding-left: 0pt;"><font style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: 15.3333320617676px; font-family: 'times new roman', times, serif;"><b>date</b></font></td><td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman', serif; padding-bottom: 0pt; padding-right: 0pt; padding-left: 0pt; text-align: center;"><font style="font-family: 'times new roman', times, serif;">&#160;</font></td><td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman', serif; text-align: center; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid; padding-right: 0pt; padding-bottom: 0pt; padding-left: 0pt;"><font style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: 15.3333320617676px; font-family: 'times new roman', times, serif;"><b>date</b></font></td><td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman', serif; padding-bottom: 0pt; padding-right: 0pt; padding-left: 0pt; text-align: center;"><font style="font-family: 'times new roman', times, serif;">&#160;</font></td><td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman', serif; text-align: center; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid; padding-right: 0pt; padding-bottom: 0pt; padding-left: 0pt;" colspan="2"><font style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: 15.3333320617676px; font-family: 'times new roman', times, serif;"><b>2015</b></font></td><td style="padding-bottom: 0pt; font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman', serif; padding-right: 0pt; padding-left: 0pt; text-align: center;"><font style="font-family: 'times new roman', times, serif;">&#160;</font></td><td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman', serif; padding-bottom: 0pt; padding-right: 0pt; padding-left: 0pt; text-align: center;"><font style="font-family: 'times new roman', times, serif;">&#160;</font></td><td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman', serif; text-align: center; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid; padding-right: 0pt; padding-bottom: 0pt; padding-left: 0pt;" colspan="2"><font style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: 15.3333320617676px; font-family: 'times new roman', times, serif;"><b>2014</b></font></td><td style="padding-bottom: 0pt; font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman', serif; padding-right: 0pt; padding-left: 0pt; text-indent: 0pt;"><font style="font-family: 'times new roman', times, serif;">&#160;</font></td></tr><tr style="vertical-align: bottom;"><td style="font-size: 10pt; padding-right: 0pt; padding-bottom: 0pt; padding-left: 0pt; text-indent: 0pt;"><font style="font-family: 'times new roman', times, serif;">&#160;</font></td><td style="font-size: 10pt; padding-right: 0pt; padding-bottom: 0pt; padding-left: 0pt; text-indent: 0pt;"><font style="font-family: 'times new roman', times, serif;">&#160;</font></td><td style="font-size: 10pt; padding-right: 0pt; padding-bottom: 0pt; padding-left: 0pt; text-indent: 0pt;"><font style="font-family: 'times new roman', times, serif;">&#160;</font></td><td style="font-size: 10pt; padding-right: 0pt; padding-bottom: 0pt; padding-left: 0pt; text-indent: 0pt;"><font style="font-family: 'times new roman', times, serif;">&#160;</font></td><td style="font-size: 10pt; padding-right: 0pt; padding-bottom: 0pt; padding-left: 0pt; text-indent: 0pt;"><font style="font-family: 'times new roman', times, serif;">&#160;</font></td><td style="font-size: 10pt; padding-right: 0pt; padding-bottom: 0pt; padding-left: 0pt; text-indent: 0pt;"><font style="font-family: 'times new roman', times, serif;">&#160;</font></td><td style="font-size: 10pt; padding-right: 0pt; padding-bottom: 0pt; padding-left: 0pt; text-align: center;"><font style="font-family: 'times new roman', times, serif;">&#160;</font></td><td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman', serif; padding-right: 0pt; padding-bottom: 0pt; padding-left: 0pt; text-indent: 0pt;"><font style="font-family: 'times new roman', times, serif;">&#160;</font></td><td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman', serif; text-align: center; padding-right: 0pt; padding-bottom: 0pt; padding-left: 0pt; text-indent: 0pt;" colspan="2"><font style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: 15.3333320617676px; font-family: 'times new roman', times, serif;"><b>(Unaudited)</b></font></td><td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman', serif; padding-right: 0pt; padding-bottom: 0pt; padding-left: 0pt; text-indent: 0pt;"><font style="font-family: 'times new roman', times, serif;">&#160;</font></td><td style="font-size: 10pt; padding-right: 0pt; padding-bottom: 0pt; padding-left: 0pt; text-indent: 0pt;"><font style="font-family: 'times new roman', times, serif;">&#160;</font></td><td style="font-size: 10pt; padding-right: 0pt; padding-bottom: 0pt; padding-left: 0pt; text-indent: 0pt;" colspan="2"><font style="font-family: 'times new roman', times, serif;">&#160;</font></td><td style="font-size: 10pt; padding-right: 0pt; padding-bottom: 0pt; padding-left: 0pt; text-indent: 0pt;"><font style="font-family: 'times new roman', times, serif;">&#160;</font></td></tr><tr style="vertical-align: bottom; background-color: #cceeff;"><td style="width: 627px; font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman', serif; text-align: left; padding-left: 0pt; padding-right: 0pt; padding-bottom: 0pt; text-indent: 0pt;"><font style="font-family: 'times new roman', times, serif;">Anhui Jiangnan Trade Co. Ltd</font></td><td style="width: 16px; font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman', serif; padding-right: 0pt; padding-bottom: 0pt; padding-left: 0pt; text-indent: 0pt;"><font style="font-family: 'times new roman', times, serif;">&#160;</font></td><td style="width: 298px; font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman', serif; text-align: center; padding-left: 0pt; padding-right: 0pt; padding-bottom: 0pt; text-indent: 0pt;"><font style="font-family: 'times new roman', times, serif;">Bank of communications</font></td><td style="width: 16px; font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman', serif; padding-right: 0pt; padding-bottom: 0pt; padding-left: 0pt; text-indent: 0pt;"><font style="font-family: 'times new roman', times, serif;">&#160;</font></td><td style="width: 142px; font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman', serif; text-align: center; padding-left: 0pt; padding-right: 0pt; padding-bottom: 0pt; text-indent: 0pt;"><font style="font-family: 'times new roman', times, serif;">2014/7/18</font></td><td style="width: 16px; font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman', serif; padding-right: 0pt; padding-bottom: 0pt; padding-left: 0pt; text-indent: 0pt;"><font style="font-family: 'times new roman', times, serif;">&#160;</font></td><td style="width: 142px; font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman', serif; text-align: center; padding-left: 0pt; padding-right: 0pt; padding-bottom: 0pt;"><font style="font-family: 'times new roman', times, serif;">2015/1/17</font></td><td style="width: 16px; font-size: 10pt; padding-right: 0pt; padding-bottom: 0pt; padding-left: 0pt; text-indent: 0pt;"><font style="font-family: 'times new roman', times, serif;">&#160;</font></td><td style="width: 16px; font-size: 10pt; text-align: left; padding-right: 0pt; padding-bottom: 0pt; padding-left: 0pt; text-indent: 0pt;"><font style="font-family: 'times new roman', times, serif;">&#160;</font></td><td style="width: 109px; font-size: 10pt; text-align: right; padding-right: 0pt; padding-bottom: 0pt; padding-left: 0pt; text-indent: 0pt;"></td><td style="width: 15px; font-size: 10pt; text-align: left; padding-right: 0pt; padding-bottom: 0pt; padding-left: 0pt; text-indent: 0pt;"><font style="font-family: 'times new roman', times, serif;">&#160;</font></td><td style="width: 15px; font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman', serif; padding-right: 0pt; padding-bottom: 0pt; padding-left: 0pt; text-indent: 0pt;"><font style="font-family: 'times new roman', times, serif;">&#160;</font></td><td style="width: 15px; font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman', serif; text-align: left; padding-right: 0pt; padding-bottom: 0pt; padding-left: 0pt; text-indent: 0pt;"><font style="font-family: 'times new roman', times, serif;">$</font></td><td style="width: 109px; font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman', serif; text-align: right; padding-right: 0pt; padding-bottom: 0pt; padding-left: 0pt; text-indent: 0pt;"><font style="font-family: 'times new roman', times, serif;">483,512</font></td><td style="width: 15px; font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman', serif; text-align: left; padding-right: 0pt; padding-bottom: 0pt; padding-left: 0pt; text-indent: 0pt;"><font style="font-family: 'times new roman', times, serif;">&#160;</font></td></tr><tr style="vertical-align: bottom; background-color: white;"><td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman', serif; text-align: left; padding-left: 0pt; padding-right: 0pt; padding-bottom: 0pt; text-indent: 0pt;"><font style="font-family: 'times new roman', times, serif;">Anhui&#160;FeiteFule&amp;Equipment&#160;Manufacture&#160;Co. Ltd</font></td><td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman', serif; padding-right: 0pt; padding-bottom: 0pt; padding-left: 0pt; text-indent: 0pt;"><font style="font-family: 'times new roman', times, serif;">&#160;</font></td><td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman', serif; text-align: center; padding-left: 0pt; padding-right: 0pt; padding-bottom: 0pt; text-indent: 0pt;"><font style="font-family: 'times new roman', times, serif;">Bengbu BRC bank</font></td><td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman', serif; padding-right: 0pt; padding-bottom: 0pt; padding-left: 0pt; text-indent: 0pt;"><font style="font-family: 'times new roman', times, serif;">&#160;</font></td><td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman', serif; text-align: center; padding-left: 0pt; padding-right: 0pt; padding-bottom: 0pt; text-indent: 0pt;"><font style="font-family: 'times new roman', times, serif;">2014/7/8</font></td><td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman', serif; padding-right: 0pt; padding-bottom: 0pt; padding-left: 0pt; text-indent: 0pt;"><font style="font-family: 'times new roman', times, serif;">&#160;</font></td><td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman', serif; text-align: center; padding-left: 0pt; padding-right: 0pt; padding-bottom: 0pt;"><font style="font-family: 'times new roman', times, serif;">2015/1/8</font></td><td style="font-size: 10pt; padding-right: 0pt; padding-bottom: 0pt; padding-left: 0pt; text-indent: 0pt;"><font style="font-family: 'times new roman', times, serif;">&#160;</font></td><td style="font-size: 10pt; text-align: left; padding-right: 0pt; padding-bottom: 0pt; padding-left: 0pt; text-indent: 0pt;"><font style="font-family: 'times new roman', times, serif;">&#160;</font></td><td style="font-size: 10pt; text-align: right; padding-right: 0pt; padding-bottom: 0pt; padding-left: 0pt; text-indent: 0pt;"></td><td style="font-size: 10pt; text-align: left; padding-right: 0pt; padding-bottom: 0pt; padding-left: 0pt; text-indent: 0pt;"><font style="font-family: 'times new roman', times, serif;">&#160;</font></td><td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman', serif; padding-right: 0pt; padding-bottom: 0pt; padding-left: 0pt; text-indent: 0pt;"><font style="font-family: 'times new roman', times, serif;">&#160;</font></td><td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman', serif; text-align: left; padding-right: 0pt; padding-bottom: 0pt; padding-left: 0pt; text-indent: 0pt;"><font style="font-family: 'times new roman', times, serif;">&#160;</font></td><td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman', serif; text-align: right; padding-right: 0pt; padding-bottom: 0pt; padding-left: 0pt; text-indent: 0pt;"><font style="font-family: 'times new roman', times, serif;">1,289,366</font></td><td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman', serif; text-align: left; padding-right: 0pt; padding-bottom: 0pt; padding-left: 0pt; text-indent: 0pt;"><font style="font-family: 'times new roman', times, serif;">&#160;</font></td></tr><tr style="vertical-align: bottom; background-color: #cceeff;"><td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman', serif; text-align: left; padding-left: 0pt; padding-right: 0pt; padding-bottom: 0pt; text-indent: 0pt;"><font style="font-family: 'times new roman', times, serif;">Bengbu Hongyang Trade Co. Ltd</font></td><td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman', serif; padding-right: 0pt; padding-bottom: 0pt; padding-left: 0pt; text-indent: 0pt;"><font style="font-family: 'times new roman', times, serif;">&#160;</font></td><td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman', serif; text-align: center; padding-left: 0pt; padding-right: 0pt; padding-bottom: 0pt; text-indent: 0pt;"><font style="font-family: 'times new roman', times, serif;">Bengbu BRC bank</font></td><td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman', serif; padding-right: 0pt; padding-bottom: 0pt; padding-left: 0pt; text-indent: 0pt;"><font style="font-family: 'times new roman', times, serif;">&#160;</font></td><td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman', serif; text-align: center; padding-left: 0pt; padding-right: 0pt; padding-bottom: 0pt; text-indent: 0pt;"><font style="font-family: 'times new roman', times, serif;">2014/12/17</font></td><td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman', serif; padding-right: 0pt; padding-bottom: 0pt; padding-left: 0pt; text-indent: 0pt;"><font style="font-family: 'times new roman', times, serif;">&#160;</font></td><td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman', serif; text-align: center; padding-left: 0pt; padding-right: 0pt; padding-bottom: 0pt;"><font style="font-family: 'times new roman', times, serif;">2015/6/17</font></td><td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: calibri, sans-serif; padding-right: 0pt; padding-bottom: 0pt; padding-left: 0pt; text-indent: 0pt;"><font style="font-family: 'times new roman', times, serif;">&#160;</font></td><td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: calibri, sans-serif; text-align: left; padding-right: 0pt; padding-bottom: 0pt; padding-left: 0pt; text-indent: 0pt;"><font style="font-family: 'times new roman', times, serif;">&#160;</font></td><td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: calibri, sans-serif; text-align: right; padding-right: 0pt; padding-bottom: 0pt; padding-left: 0pt; text-indent: 0pt;"></td><td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: calibri, sans-serif; text-align: left; padding-right: 0pt; padding-bottom: 0pt; padding-left: 0pt; text-indent: 0pt;"><font style="font-family: 'times new roman', times, serif;">&#160;</font></td><td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman', serif; padding-right: 0pt; padding-bottom: 0pt; padding-left: 0pt; text-indent: 0pt;"><font style="font-family: 'times new roman', times, serif;">&#160;</font></td><td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman', serif; text-align: left; padding-right: 0pt; padding-bottom: 0pt; padding-left: 0pt; text-indent: 0pt;"><font style="font-family: 'times new roman', times, serif;">&#160;</font></td><td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman', serif; text-align: right; padding-right: 0pt; padding-bottom: 0pt; padding-left: 0pt; text-indent: 0pt;"><font style="font-family: 'times new roman', times, serif;">805,854</font></td><td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman', serif; text-align: left; padding-right: 0pt; padding-bottom: 0pt; padding-left: 0pt; text-indent: 0pt;"><font style="font-family: 'times new roman', times, serif;">&#160;</font></td></tr><tr style="vertical-align: bottom; background-color: white;"><td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman', serif; text-align: left; padding-bottom: 0pt; padding-left: 0pt; padding-right: 0pt; text-indent: 0pt;"><font style="font-family: 'times new roman', times, serif;">Hefei Yushi Trade Co. Ltd</font></td><td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman', serif; padding-bottom: 0pt; padding-right: 0pt; padding-left: 0pt; text-indent: 0pt;"><font style="font-family: 'times new roman', times, serif;">&#160;</font></td><td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman', serif; text-align: center; padding-bottom: 0pt; padding-left: 0pt; padding-right: 0pt; text-indent: 0pt;"><font style="font-family: 'times new roman', times, serif;">Pudong Development Bank</font></td><td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman', serif; padding-bottom: 0pt; padding-right: 0pt; padding-left: 0pt; text-indent: 0pt;"><font style="font-family: 'times new roman', times, serif;">&#160;</font></td><td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman', serif; text-align: center; padding-bottom: 0pt; padding-left: 0pt; padding-right: 0pt;"><font style="font-family: 'times new roman', times, serif;">2015/6/30</font></td><td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman', serif; padding-bottom: 0pt; padding-right: 0pt; padding-left: 0pt; text-indent: 0pt;"><font style="font-family: 'times new roman', times, serif;">&#160;</font></td><td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman', serif; text-align: center; padding-bottom: 0pt; padding-left: 0pt; padding-right: 0pt;"><font style="font-family: 'times new roman', times, serif;">2015/12/30</font></td><td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman', serif; padding-bottom: 0pt; padding-right: 0pt; padding-left: 0pt; text-indent: 0pt;"><font style="font-family: 'times new roman', times, serif;">&#160;</font></td><td style="border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid; font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman', serif; text-align: left; padding-right: 0pt; padding-bottom: 0pt; padding-left: 0pt; text-indent: 0pt;"><font style="font-family: 'times new roman', times, serif;">$</font></td><td style="border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid; font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman', serif; text-align: right; padding-right: 0pt; padding-bottom: 0pt; padding-left: 0pt; text-indent: 0pt;"><font style="font-family: 'times new roman', times, serif;">483,871</font></td><td style="padding-bottom: 0pt; font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman', serif; text-align: left; padding-right: 0pt; padding-left: 0pt; text-indent: 0pt;"><font style="font-family: 'times new roman', times, serif;">&#160;</font></td><td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: calibri, sans-serif; padding-bottom: 0pt; padding-right: 0pt; padding-left: 0pt; text-indent: 0pt;"><font style="font-family: 'times new roman', times, serif;">&#160;</font></td><td style="border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid; font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: calibri, sans-serif; text-align: left; padding-right: 0pt; padding-bottom: 0pt; padding-left: 0pt; text-indent: 0pt;"><font style="font-family: 'times new roman', times, serif;">&#160;</font></td><td style="border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid; font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: calibri, sans-serif; text-align: right; padding-right: 0pt; padding-bottom: 0pt; padding-left: 0pt; text-indent: 0pt;"></td><td style="padding-bottom: 0pt; font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: calibri, sans-serif; text-align: left; padding-right: 0pt; padding-left: 0pt; text-indent: 0pt;"><font style="font-family: 'times new roman', times, serif;">&#160;</font></td></tr><tr style="vertical-align: bottom; background-color: #cceeff;"><td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman', serif; text-align: left; padding-bottom: 4pt; padding-left: 0pt; padding-right: 0pt; text-indent: 0pt;"><font style="font-family: 'times new roman', times, serif;">Total</font></td><td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman', serif; padding-bottom: 4pt; padding-right: 0pt; padding-left: 0pt; text-indent: 0pt;"><font style="font-family: 'times new roman', times, serif;">&#160;</font></td><td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman', serif; text-align: center; padding-bottom: 4pt; padding-left: 0pt; padding-right: 0pt; text-indent: 0pt;"><font style="font-family: 'times new roman', times, serif;">&#160;</font></td><td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman', serif; padding-bottom: 4pt; padding-right: 0pt; padding-left: 0pt; text-indent: 0pt;"><font style="font-family: 'times new roman', times, serif;">&#160;</font></td><td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman', serif; text-align: right; padding-left: 0pt; padding-right: 0pt; text-indent: 0pt;"><font style="font-family: 'times new roman', times, serif;">&#160;</font></td><td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman', serif; padding-bottom: 4pt; padding-right: 0pt; padding-left: 0pt; text-indent: 0pt;"><font style="font-family: 'times new roman', times, serif;">&#160;</font></td><td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman', serif; text-align: center; padding-left: 0pt; padding-right: 0pt;"><font style="font-family: 'times new roman', times, serif;">&#160;</font></td><td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman', serif; padding-bottom: 4pt; padding-right: 0pt; padding-left: 0pt; text-indent: 0pt;"><font style="font-family: 'times new roman', times, serif;">&#160;</font></td><td style="border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double; font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman', serif; text-align: left; padding-right: 0pt; padding-left: 0pt; text-indent: 0pt;"><font style="font-family: 'times new roman', times, serif;">$</font></td><td style="border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double; font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman', serif; text-align: right; padding-right: 0pt; padding-left: 0pt; text-indent: 0pt;"><font style="font-family: 'times new roman', times, serif;">483,871</font></td><td style="padding-bottom: 4pt; font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman', serif; text-align: left; padding-right: 0pt; padding-left: 0pt; text-indent: 0pt;"><font style="font-family: 'times new roman', times, serif;">&#160;</font></td><td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: calibri, sans-serif; padding-bottom: 4pt; padding-right: 0pt; padding-left: 0pt; text-indent: 0pt;"><font style="font-family: 'times new roman', times, serif;">&#160;</font></td><td style="border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double; font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: calibri, sans-serif; text-align: left; padding-right: 0pt; padding-left: 0pt; text-indent: 0pt;"><font style="font-family: 'times new roman', times, serif;">$</font></td><td style="border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double; font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: calibri, sans-serif; text-align: right; padding-right: 0pt; padding-left: 0pt; text-indent: 0pt;"><font style="font-family: 'times new roman', times, serif;">2,578,732</font></td><td style="padding-bottom: 4pt; font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: calibri, sans-serif; text-align: left; padding-right: 0pt; padding-left: 0pt; text-indent: 0pt;"><font style="font-family: 'times new roman', times, serif;">&#160;</font></td></tr></table><div>&#160;</div> <table style="width: 1567px; text-transform: none; text-indent: 0px; letter-spacing: normal; font-family: 'times new roman', times, serif; word-spacing: 0px; border-collapse: collapse; widows: 1; -webkit-text-stroke-width: 0px;" cellspacing="0" cellpadding="0"><tr style="vertical-align: bottom;"><td style="font-size: 10pt;"><font style="color: black;">&#160;</font></td><td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman', serif; padding-bottom: 1.5pt;"><font style="color: black;">&#160;</font></td><td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman', serif; text-align: center; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;" colspan="6"><font style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: 15.3333320617676px; font-family: 'times new roman', serif; color: black;"><b>For the six&#160;months ended<br />June 30,</b></font></td><td style="padding-bottom: 1.5pt; font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman', serif;"><font style="color: black;">&#160;</font></td><td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman', serif; padding-bottom: 1.5pt;"><font style="color: black;">&#160;</font></td><td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman', serif; text-align: center; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;" colspan="6"><font style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: 15.3333320617676px; font-family: 'times new roman', serif; color: black;"><b>For the three&#160;months&#160;ended<br />June 30,</b></font></td><td style="padding-bottom: 1.5pt; font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman', serif;"><font style="color: black;">&#160;</font></td></tr><tr style="vertical-align: bottom;"><td style="font-size: 10pt;"><font style="color: black;">&#160;</font></td><td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman', serif; padding-bottom: 1.5pt;"><font style="color: black;">&#160;</font></td><td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman', serif; text-align: center; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;" colspan="2"><font style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: 15.3333320617676px; font-family: 'times new roman', serif; color: black;"><b>2015</b></font></td><td style="padding-bottom: 1.5pt; font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman', serif;"><font style="color: black;">&#160;</font></td><td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman', serif; padding-bottom: 1.5pt;"><font style="color: black;">&#160;</font></td><td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman', serif; text-align: center; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;" colspan="2"><font style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: 15.3333320617676px; font-family: 'times new roman', serif; color: black;"><b>2014</b></font></td><td style="padding-bottom: 1.5pt; font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman', serif;"><font style="color: black;">&#160;</font></td><td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman', serif; padding-bottom: 1.5pt;"><font style="color: black;">&#160;</font></td><td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman', serif; text-align: center; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;" colspan="2"><font style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: 15.3333320617676px; font-family: 'times new roman', serif; color: black;"><b>2015</b></font></td><td style="padding-bottom: 1.5pt; font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman', serif;"><font style="color: black;">&#160;</font></td><td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman', serif; padding-bottom: 1.5pt;"><font style="color: black;">&#160;</font></td><td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman', serif; text-align: center; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;" colspan="2"><font style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: 15.3333320617676px; font-family: 'times new roman', serif; color: black;"><b>2014</b></font></td><td style="padding-bottom: 1.5pt; font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman', serif;"><font style="color: black;">&#160;</font></td></tr><tr style="vertical-align: bottom; background-color: #cceeff;"><td style="width: 815px; font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman', serif; text-align: left; text-indent: 0pt; padding-left: 0pt;"><font style="color: black;">Current provision:</font></td><td style="width: 16px; font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman', serif;"><font style="color: black;">&#160;</font></td><td style="width: 16px; font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman', serif; text-align: left;"><font style="color: black;">&#160;</font></td><td style="width: 142px; font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman', serif; text-align: right;"><font style="color: black;">85,557</font></td><td style="width: 16px; font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman', serif; text-align: left;"><font style="color: black;">&#160;</font></td><td style="width: 16px; font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman', serif;"><font style="color: black;">&#160;</font></td><td style="width: 16px; font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman', serif; text-align: left;"><font style="color: black;">&#160;</font></td><td style="width: 142px; font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman', serif; text-align: right;"><font style="color: black;">364,827</font></td><td style="width: 16px; font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman', serif; text-align: left;"><font style="color: black;">&#160;</font></td><td style="width: 15px; font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman', serif;"><font style="color: black;">&#160;</font></td><td style="width: 15px; font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman', serif; text-align: left;"><font style="color: black;">&#160;</font></td><td style="width: 141px; font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman', serif; text-align: right;"><font style="color: black;">(262,461</font></td><td style="width: 15px; font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman', serif; text-align: left;"><font style="color: black;">)</font></td><td style="width: 15px; font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman', serif;"><font style="color: black;">&#160;</font></td><td style="width: 15px; font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman', serif; text-align: left;"><font style="color: black;">$</font></td><td style="width: 141px; font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman', serif; text-align: right;"><font style="color: black;">(15,502</font></td><td style="width: 15px; font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman', serif; text-align: left;"><font style="color: black;">)</font></td></tr><tr style="vertical-align: bottom; background-color: white;"><td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman', serif; text-align: left; padding-bottom: 1.5pt; text-indent: 0pt; padding-left: 0pt;"><font style="color: black;">Deferred provision:</font></td><td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman', serif; color: red; padding-bottom: 1.5pt;"><font style="color: black;">&#160;</font></td><td style="border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid; font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman', serif; color: red; text-align: left;"><font style="color: black;">&#160;</font></td><td style="border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid; font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman', serif; color: red; text-align: right;"><font style="color: black;">(5,325</font></td><td style="padding-bottom: 1.5pt; font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman', serif; color: red; text-align: left;"><font style="color: black;">)</font></td><td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman', serif; color: red; padding-bottom: 1.5pt;"><font style="color: black;">&#160;</font></td><td style="border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid; font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman', serif; color: red; text-align: left;"><font style="color: black;">&#160;</font></td><td style="border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid; font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman', serif; color: red; text-align: right;"><font style="color: black;">(397,357</font></td><td style="padding-bottom: 1.5pt; font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman', serif; color: red; text-align: left;"><font style="color: black;">)</font></td><td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman', serif; padding-bottom: 1.5pt;"><font style="color: black;">&#160;</font></td><td style="border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid; font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman', serif; text-align: left;"><font style="color: black;">&#160;</font></td><td style="border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid; font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman', serif; text-align: right;"><font style="color: black;">387,513</font></td><td style="padding-bottom: 1.5pt; font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman', serif; text-align: left;"><font style="color: black;">&#160;</font></td><td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman', serif; padding-bottom: 1.5pt;"><font style="color: black;">&#160;</font></td><td style="border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid; font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman', serif; text-align: left;"><font style="color: black;">&#160;</font></td><td style="border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid; font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman', serif; text-align: right;"><font style="color: black;">7,930</font></td><td style="padding-bottom: 1.5pt; font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman', serif; text-align: left;"><font style="color: black;">&#160;</font></td></tr><tr style="vertical-align: bottom; background-color: #cceeff;"><td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman', serif; text-align: left; padding-bottom: 4pt; text-indent: 0pt; padding-left: 0pt;"><font style="color: black;">Total provision for income taxes</font></td><td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman', serif; padding-bottom: 4pt;"><font style="color: black;">&#160;</font></td><td style="border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double; font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman', serif; text-align: left;"><font style="color: black;">$</font></td><td style="border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double; font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman', serif; text-align: right;"><font style="color: black;">80,232</font></td><td style="padding-bottom: 4pt; font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman', serif; text-align: left;"><font style="color: black;">&#160;</font></td><td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman', serif; color: red; padding-bottom: 4pt;"><font style="color: black;">&#160;</font></td><td style="border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double; font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman', serif; color: red; text-align: left;"><font style="color: black;">$</font></td><td style="border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double; font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman', serif; color: red; text-align: right;"><font style="color: black;">(32,530</font></td><td style="padding-bottom: 4pt; font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman', serif; color: red; text-align: left;"><font style="color: black;">)</font></td><td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman', serif; padding-bottom: 4pt;"><font style="color: black;">&#160;</font></td><td style="border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double; font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman', serif; text-align: left;"><font style="color: black;">$</font></td><td style="border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double; font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman', serif; text-align: right;"><font style="color: black;">125,052</font></td><td style="padding-bottom: 4pt; font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman', serif; text-align: left;"><font style="color: black;">&#160;</font></td><td style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman', serif; color: red; padding-bottom: 4pt;"><font style="color: black;">&#160;</font></td><td style="border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double; font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman', serif; color: red; text-align: left;"><font style="color: black;">$</font></td><td style="border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double; font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman', serif; color: red; text-align: right;"><font style="color: black;">(7,572</font></td><td style="padding-bottom: 4pt; font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman', serif; color: red; text-align: left;"><font style="color: black;">)</font></td></tr></table><div>&#160;</div> <table style="font: 10pt/normal calibri, helvetica, sans-serif; width: 1567px; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; border-collapse: collapse; widows: 1; font-size-adjust: none; font-stretch: normal; -webkit-text-stroke-width: 0px;" cellspacing="0" cellpadding="0"><tr style="vertical-align: bottom;"><td>&#160;</td><td style="font-family: 'times new roman', serif; padding-bottom: 1.5pt;">&#160;</td><td style="font-family: 'times new roman', serif; text-align: center; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;" colspan="2"><font style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: 15.3333320617676px; font-family: 'times new roman', serif;"><b>Jun 30,<br />2015</b></font></td><td style="padding-bottom: 1.5pt; font-family: 'times new roman', serif;">&#160;</td><td style="font-family: 'times new roman', serif; padding-bottom: 1.5pt;">&#160;</td><td style="font-family: 'times new roman', serif; text-align: center; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;" colspan="2"><font style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: 15.3333320617676px; font-family: 'times new roman', serif;"><b>December 31,<br />2014</b></font></td><td style="padding-bottom: 1.5pt; font-family: 'times new roman', serif;">&#160;</td></tr><tr style="vertical-align: bottom;"><td>&#160;</td><td style="font-family: 'times new roman', serif; padding-bottom: 1.5pt;">&#160;</td><td style="font-family: 'times new roman', serif; text-align: center; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;" colspan="2"><font style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: 15.3333320617676px; font-family: 'times new roman', serif;"><b>(Unaudited)</b></font></td><td style="padding-bottom: 1.5pt; font-family: 'times new roman', serif;">&#160;</td><td style="padding-bottom: 1.5pt;">&#160;</td><td style="text-align: center;" colspan="2">&#160;</td><td style="padding-bottom: 1.5pt;">&#160;</td></tr><tr style="vertical-align: bottom;"><td style="font-family: 'times new roman', serif;">Deferred tax assets</td><td>&#160;</td><td style="text-align: right;" colspan="2">&#160;</td><td>&#160;</td><td>&#160;</td><td style="text-align: right;" colspan="2">&#160;</td><td>&#160;</td></tr><tr style="vertical-align: bottom; background-color: #cceeff;"><td style="width: 1191px; font-family: 'times new roman', serif; text-align: left; text-indent: 0pt; padding-left: 0pt;">Allowance for doubtful accounts</td><td style="width: 16px; font-family: 'times new roman', serif;">&#160;</td><td style="width: 16px; font-family: 'times new roman', serif; text-align: left;">$</td><td style="width: 142px; font-family: 'times new roman', serif; text-align: right;">16,374</td><td style="width: 16px; font-family: 'times new roman', serif; text-align: left;">&#160;</td><td style="width: 15px; font-family: 'times new roman', serif;">&#160;</td><td style="width: 15px; font-family: 'times new roman', serif; text-align: left;">$</td><td style="width: 141px; font-family: 'times new roman', serif; text-align: right;">18,697</td><td style="width: 15px; font-family: 'times new roman', serif; text-align: left;">&#160;</td></tr><tr style="vertical-align: bottom; background-color: white;"><td style="font-family: 'times new roman', serif; text-align: left; padding-bottom: 1.5pt; text-indent: 0pt; padding-left: 0pt;">Accrued payroll expenses</td><td style="font-family: 'times new roman', serif; padding-bottom: 1.5pt;">&#160;</td><td style="border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid; font-family: 'times new roman', serif; text-align: left;">&#160;</td><td style="border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid; font-family: 'times new roman', serif; text-align: right;">16,034</td><td style="padding-bottom: 1.5pt; font-family: 'times new roman', serif; text-align: left;">&#160;</td><td style="font-family: 'times new roman', serif; padding-bottom: 1.5pt;">&#160;</td><td style="border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid; font-family: 'times new roman', serif; text-align: left;">&#160;</td><td style="border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid; font-family: 'times new roman', serif; text-align: right;">8,348</td><td style="padding-bottom: 1.5pt; font-family: 'times new roman', serif; text-align: left;">&#160;</td></tr><tr style="vertical-align: bottom; background-color: #cceeff;"><td style="font-family: 'times new roman', serif; text-align: left; padding-bottom: 4pt; text-indent: 0pt; padding-left: 0pt;">Deferred tax assets, net</td><td style="font-family: 'times new roman', serif; padding-bottom: 4pt;">&#160;</td><td style="border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double; font-family: 'times new roman', serif; text-align: left;">$</td><td style="border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double; font-family: 'times new roman', serif; text-align: right;">32,407</td><td style="padding-bottom: 4pt; font-family: 'times new roman', serif; text-align: left;">&#160;</td><td style="font-family: 'times new roman', serif; padding-bottom: 4pt;">&#160;</td><td style="border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double; font-family: 'times new roman', serif; text-align: left;">$</td><td style="border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double; font-family: 'times new roman', serif; text-align: right;">27,045</td><td style="padding-bottom: 4pt; font-family: 'times new roman', serif; text-align: left;">&#160;</td></tr></table><div>&#160;</div> 2012-01-27 100 180500000 1.00 0.40 10 years 5 years 5 years Less of the lease term or 5 years 20 years 0.17 0.15 0.15 0.15 0.25 0.17 0.15 2017-07-02 0.05 0.07 1772878 564516 1.00 0.50 728656 2607880 42580 45315 0.9743 0.9952 The credit term given to customers is within 1 year, 99.52% and 97.43% of the balance were within 1 year as of June 30, 2015 and December 31, 2014 respectively. There was no change of payment term and collectability from prior year. Company a 1,139 square meters (12,260 square feet) office building in Guzhen County, Bengbu City. The Company built an approximately 3,000 square meter (32,000 square foot) four story addition to this office building 604285 65497 211656 225360 124967 62939 403 403 1387230 565620 4537 6876 2922903 1902.41 20473 1767777 266776 42557 30690 3768 1769088 266974 42589 30713 3771 -626320 -728444 243988 101659 806452 5000000 806452 5000000 2016-01-09 2016-05-14 2015-12-30 2015-01-17 2015-01-08 2015-06-17 2015-12-30 0.60 0.3639 Bank of communications Bengbu BRC bank Bengbu BRC bank Pudong Development Bank 2014-07-18 2014-07-08 2014-12-17 2015-06-30 1.00 -15502 364827 -262461 85557 7930 -397357 387513 -5325 18697 16374 8348 16034 3 1 0.24 0.09 0.08 0.14 0.59 0.07 3 EX-101.SCH 7 ceth-20150630.xsd XBRL SCHEMA FILE 001 - Document - Document and Entity Information link:presentationLink link:definitionLink link:calculationLink 002 - Statement - Condensed Consolidated Balance Sheets link:presentationLink link:definitionLink link:calculationLink 003 - Statement - Condensed Consolidated Balance Sheets (Parentheticals) link:presentationLink link:definitionLink link:calculationLink 004 - Statement - Statements of Operations and Comprehensive Income (Unaudited) link:presentationLink link:definitionLink link:calculationLink 005 - Statement - Condensed Consolidated Statements of Cash Flows link:presentationLink link:definitionLink link:calculationLink 006 - Disclosure - Organization and Business Background link:presentationLink link:definitionLink link:calculationLink 007 - Disclosure - Significant Accounting Policies link:presentationLink link:definitionLink link:calculationLink 008 - Disclosure - Restricted Cash link:presentationLink link:definitionLink link:calculationLink 009 - Disclosure - Accounts Receivable link:presentationLink link:definitionLink link:calculationLink 010 - Disclosure - Advances to Suppliers link:presentationLink link:definitionLink link:calculationLink 011 - Disclosure - Due from Related Parties link:presentationLink link:definitionLink link:calculationLink 012 - Disclosure - Inventory link:presentationLink link:definitionLink link:calculationLink 013 - Disclosure - Other Current Assets link:presentationLink link:definitionLink link:calculationLink 014 - Disclosure - Construction in Progress link:presentationLink link:definitionLink link:calculationLink 015 - Disclosure - Property, Plant and Equipment link:presentationLink link:definitionLink link:calculationLink 016 - Disclosure - Advances to Suppliers-Non-Current link:presentationLink link:definitionLink link:calculationLink 017 - Disclosure - Due From Related Parties-Non-Current link:presentationLink link:definitionLink link:calculationLink 018 - Disclosure - Short-Term Loan link:presentationLink link:definitionLink link:calculationLink 019 - Disclosure - Notes Payable link:presentationLink link:definitionLink link:calculationLink 020 - Disclosure - Income Taxes link:presentationLink link:definitionLink link:calculationLink 021 - Disclosure - Commitments and Contingencies link:presentationLink link:definitionLink link:calculationLink 022 - Disclosure - Major Suppliers and Customers link:presentationLink link:definitionLink link:calculationLink 023 - Disclosure - Significant Accounting Policies (Policies) link:presentationLink link:definitionLink link:calculationLink 024 - Disclosure - Significant Accounting Policies (Tables) link:presentationLink link:definitionLink link:calculationLink 025 - Disclosure - Restricted Cash (Tables) link:presentationLink link:definitionLink link:calculationLink 026 - Disclosure - Accounts Receivable (Tables) link:presentationLink link:definitionLink link:calculationLink 027 - Disclosure - Due from Related Parties (Tables) link:presentationLink link:definitionLink link:calculationLink 028 - Disclosure - Inventory (Tables) link:presentationLink link:definitionLink link:calculationLink 029 - Disclosure - Other Current Assets (Tables) link:presentationLink link:definitionLink link:calculationLink 030 - Disclosure - Property, Plant and Equipment (Tables) link:presentationLink link:definitionLink link:calculationLink 031 - Disclosure - Short-Term Loan (Tables) link:presentationLink link:definitionLink link:calculationLink 032 - Disclosure - Notes Payable (Tables) link:presentationLink link:definitionLink link:calculationLink 033 - Disclosure - Income Taxes (Tables) link:presentationLink link:definitionLink link:calculationLink 034 - Disclosure - Organization and Business Background (Details) link:presentationLink link:definitionLink link:calculationLink 035 - Disclosure - Significant Accounting Policies (Details) link:presentationLink link:definitionLink link:calculationLink 036 - Disclosure - Significant Accounting Policies (Details Textual) link:presentationLink link:definitionLink link:calculationLink 037 - Disclosure - Restricted Cash (Details) link:presentationLink link:definitionLink link:calculationLink 038 - Disclosure - Restricted Cash (Details Textual) link:presentationLink link:definitionLink link:calculationLink 039 - Disclosure - Accounts Receivable (Details) link:presentationLink link:definitionLink link:calculationLink 040 - Disclosure - Accounts Receivable (Details Textual) link:presentationLink link:definitionLink link:calculationLink 041 - Disclosure - Advances to Suppliers (Details) link:presentationLink link:definitionLink link:calculationLink 042 - Disclosure - Due from Related Parties (Details) link:presentationLink link:definitionLink link:calculationLink 043 - Disclosure - Due from Related Parties (Details Textual) link:presentationLink link:definitionLink link:calculationLink 044 - Disclosure - Inventory (Details) link:presentationLink link:definitionLink link:calculationLink 045 - Disclosure - Inventory (Details Textual) link:presentationLink link:definitionLink link:calculationLink 046 - Disclosure - Other Current Assets (Details) link:presentationLink link:definitionLink link:calculationLink 047 - Disclosure - Construction in Progress (Details) link:presentationLink link:definitionLink link:calculationLink 048 - Disclosure - Property, Plant and Equipment (Details) link:presentationLink link:definitionLink link:calculationLink 049 - Disclosure - Property, Plant and Equipment (Details Textual) link:presentationLink link:definitionLink link:calculationLink 050 - Disclosure - Advances to Suppliers-Non-Current (Details) link:presentationLink link:definitionLink link:calculationLink 051 - Disclosure - Due From Related Parties-Non-Current (Details) link:presentationLink link:definitionLink link:calculationLink 052 - Disclosure - Short-Term Loan (Details) link:presentationLink link:definitionLink link:calculationLink 053 - Disclosure - Short-Term Loan (Details Textual) link:presentationLink link:definitionLink link:calculationLink 054 - Disclosure - Notes Payable (Details) link:presentationLink link:definitionLink link:calculationLink 055 - Disclosure - Notes Payable (Details Textual) link:presentationLink link:definitionLink link:calculationLink 056 - Disclosure - Income Taxes (Details) link:presentationLink link:definitionLink link:calculationLink 057 - Disclosure - Income Taxes (Details 1) link:presentationLink link:definitionLink link:calculationLink 058 - Disclosure - Income Taxes (Details Textual) link:presentationLink link:definitionLink link:calculationLink 059 - Disclosure - Major Suppliers and Customers (Details) link:presentationLink link:definitionLink link:calculationLink EX-101.CAL 8 ceth-20150630_cal.xml XBRL CALCULATION FILE EX-101.DEF 9 ceth-20150630_def.xml XBRL DEFINITION FILE EX-101.LAB 10 ceth-20150630_lab.xml XBRL LABEL FILE EX-101.PRE 11 ceth-20150630_pre.xml XBRL PRESENTATION FILE XML 12 R39.htm IDEA: XBRL DOCUMENT v3.2.0.727
Accounts Receivable (Details) - USD ($)
Jun. 30, 2015
Dec. 31, 2014
Accounts Receivable [Abstract]    
Accounts receivable $ 2,607,880 $ 728,656
Less: allowance for doubtful accounts (45,315) (42,580)
Total $ 2,562,565 $ 686,076
XML 13 R54.htm IDEA: XBRL DOCUMENT v3.2.0.727
Notes Payable (Details) - USD ($)
6 Months Ended
Jun. 30, 2015
Dec. 31, 2014
Maturity date Dec. 30, 2015  
Notes payable $ 483,871 $ 2,578,732
Anhui Jiangnan Trade Co. Ltd [Member]    
Endorser Bank of communications  
Origination date Jul. 18, 2014  
Maturity date Jan. 17, 2015  
Notes payable   483,512
Anhui Feite Fule & Equipment Manufacture Co. Ltd [Member]    
Endorser Bengbu BRC bank  
Origination date Jul. 08, 2014  
Maturity date Jan. 08, 2015  
Notes payable   1,289,366
Bengbu Hongyang Trade Co. Ltd [Member]    
Endorser Bengbu BRC bank  
Origination date Dec. 17, 2014  
Maturity date Jun. 17, 2015  
Notes payable   $ 805,854
Hefei Yushi Trade Co. Ltd [Member]    
Endorser Pudong Development Bank  
Origination date Jun. 30, 2015  
Maturity date Dec. 30, 2015  
Notes payable $ 483,871  
XML 14 R48.htm IDEA: XBRL DOCUMENT v3.2.0.727
Property, Plant and Equipment (Details) - USD ($)
Jun. 30, 2015
Dec. 31, 2014
Property, Plant and Equipment [Line Items]    
Less Accumulated Depreciation $ (728,444) $ (626,320)
Total 1,384,691 1,485,248
Machinery and Equipment [Member]    
Property, Plant and Equipment [Line Items]    
Property, plant and equipment, Gross 1,769,088 1,767,777
Motor Vehicles [Member]    
Property, Plant and Equipment [Line Items]    
Property, plant and equipment, Gross 266,974 266,776
Electronic equipment [Member]    
Property, Plant and Equipment [Line Items]    
Property, plant and equipment, Gross 42,589 42,557
Furniture and office equipment [Member]    
Property, Plant and Equipment [Line Items]    
Property, plant and equipment, Gross 30,713 30,690
Leasehold Improvement [Member]    
Property, Plant and Equipment [Line Items]    
Property, plant and equipment, Gross $ 3,771 $ 3,768
EXCEL 15 Financial_Report.xlsx IDEA: XBRL DOCUMENT begin 644 Financial_Report.xlsx M4$L#!!0````(``]'%$<:LHU,!`(``.PC```3````6T-O;G1E;G1?5'EP97-= M+GAM;,W:S4[C,!`'\%>IU6 MW17L4NE_:9J./3/))+]3S^^?`J79SO5#6E9=SN$;8ZGIR)E4^T!#B:Q\=":7 MT[AFP30;LR8F%HLSUO@ATY#G>C8%]I^\'N/L8PJF$,FT MJ2/*KJ]3?NHI':N_C[Q4OJ*5>>CSNPH_W[LZ4C^M29T-SZ6N=R5+*K\MJQ)- M;ZIPN/%OG5DW#BT,Z]]VC.?_>"T'-W'K^JMH'NU!@>W)QC0>:V?L<&Q4CSYN M?GB_^E\9'>5'!<>,*7HC.1 MVN\YEOD>?S=^77"Z/L:Y3M__-/0IF-AT."$2[^I#@/0A0?I0('UHD#[.0/KX M#-+'%Y`^OH+TP1QW8OG*\M"_V/ MZ'D4X$G1H>)%]2-F`Q+M*;V"^GH`A3&^.R6:E((C-Z."N[_8_`)02P,$%``` M``@`#T<41_8!U;L.`@``WB,``!H```!X;"]?36'%&F63:R0:07396;$!41>GL/L2#EOO! M40\LG0D((]WZ1Y]1P4.7Z]6/=&S*H>]R>QCRXN?IV.75]/NZ:DL95B'D39M. M3;[IA]1-=W?]>&K*=#GNP]!LWII]"E+7RS!>SJD>'_ZKJOQ>1NKQ6LS M[E-95Q_]^);;E$H.YU.\F1:8;G\.Z7^6[W>[PR8]]9OW4^K*/RK"KP6J,!\D M\T%""=+Y(*4$V7R048)\/L@I0@MI&=M]+#-T5N`WL+16X#>PM%;@-["T5N`WL+16X#>PM%; M@-["T5N`WL+16X'>RM%;@=[*T5N!WDK:*T&;)1R]%>BM'+T5Z*TBM'+T5Z*TAM'+T-Z&TAMI+UNM-G-T=N`WL;1 MVX#>QM';@-[&T=N`WL;1VX#>QM';@=[.T=N!WL[1VX'>SM';@=[.T=N!WDYZ M5XE>5G+T=J"W<_1VH+=S]':@MW/T=J"W<_1>7NB=VV9,VYN7P>T_53SE-APX7695HIA?/QZG\=YZG?(>&O3WD>OP!02P,$%`````@` M#T<41UN?05M'`P``7PX``!````!D;V-0&ULO5==;]HP%/TK M%D^=-!I*H5H1C=1"IU7J!RJL>W:=&_":V)GM(.BOWXT#+%#'!1[&`SC.N5_G M'M^$OM"MWDC)#)3AH,DB383NX>958V9,U@L"S6:04GV*$(%W8ZE2:O!230,9 MQYS!4+(\!6&"=JMU$<#"@(@@:F8;IXVP7T2YSK*$,VJX%.$#9TIJ&1MRNV"0 M](-=@+5`SV-@N>)F&;9*3'7+8L:,)C#`6&%,$PTEZM^FQ0QDFE&Q#,JK>R[> M],]L(H?40-5J^T;I?4851!ATR_MFTV)^++'.I+`=S*B80E3%?KRYYN(%E"XJ M/6N?MO"SH6"]7_H&&G$Q'5&N=-B?F]XK7+@@5$;D5!N5( M[D09"IM7I62S&D@\%T)#1'"E9<(CE%E$;FA"!0-RA,VYTV9L$%,DIXF,R1/J MS^:D;:X#>4B08&?$Y?$W#CHGE!G"9&DG%>S!L\ M;4[D,`<2*YFBQ\1R40BO+L4[,4>^I5JZB3(S4&20*U4HYEKKG4-3[0+^Y,PR MR@5!74X5$NH$KX;V\BL9)72MQ#\YSXK6[U]\\U&*ILVMEH;O#AI69NXFSZ0R MS0FHE-Q+ZA;/HS28R(@N:UMU)YA,@4SHHH9TG.HI-Z702VE;,8&H5=(#_8T# M8U-Z:95K@W%J5.#5:[OF_'EM.OMHG)Q,"E[TEWW%[C>HT_+*RB]IOVN7MOT6 M7MV2DWT4Y0^P)2T_M*JQ3^KT#;MS=U.]0CCO'F%SL9]XAF`H3VHJJ4.3";ZZ MY71_Q7FC^"PPTO[SZ9,X]=*V9H?;=-R'NG( M0]?Y=H3-Y>&/F&[K\$=,]VR_@>!EK`[MD_S.%/'Z=V/]C=\>/9]HR@$E9X>` MO:EX'XO;$_G#B_K.:WFP_7I)/5$7(C M0=RV0]GO5.B,X)0_RT'T[>/?/SW$#$FZRJ.7?573-)-F&NO"P#EY6ST^Q[-) MI?;(-(>@\I)B:V&97#J_3N_NUP])563Y+,T6:9&MLP6=S6DQ?S]-=N5O,*RZ M(?ZMXXO!N%V46,/(W4:-B,N-GQ$DP',G+4JC1^$BYILXPOSAXQ,XC@=UPGC9 M]M`VQ@E?Q?LU1*>7$U:V-:X]IWY$5Z^J^@)02P,$%`````@`#T<41YE&UL[5I;<]HX%'[OK]!X9_9M M"\8V@;:T$W-I=MNTF83M3A^%$5B-;'EDD81_OTV23;J;/`0LZ?O. M14?GZ#AY\^XN8NB&B)3R> +]O6N[!3+UES@6QHO(];JM-O=5H1I;*$81V1@?5XL:$#05%%: M;U\@M.4?,_@5RU2-9:,!$U=!)KF(M/+Y;,7\VMX^9<_I.ATR@6XP&U@@?\YO MI^1.6HCA5,+$P&IG/U9KQ]'22(""R7V4!;I)]J/3%0@R#3LZG5C.=GSVQ.V? MC,K:=#1M&N#C\7@XMLO2BW`A(5M>5`TR``6'!VULS2`Y9>*?IUE!K9';O=05SP6.XYB1'^QL4$ MUFG2&98T1G*=D`4.`#?$T4Q0?*]!MHK@PI+27)#6SRFU4!H(FLB!]4>"(<7< MK_WUE[O)I#-ZG7TZSFN4?VFK`:?MNYO/D_QSZ.2?IY/734+.<+PL"?'[(UMA MAR=N.Q-R.AQG0GS/]O:1I24RS^_Y"NM./&K;YH]5Z%82=J$^!!&&N*<<^9ST6S[!Z5&T?95O-RCEU@5 M`9<8WS2J-2S%UGB5P/&MG#P=$Q+-E`L&08:7)"82J3E^34@3_BNEVOZKR2.FJW"$2M"/F(9-AIRM1:!MG&IA&!:$L;1>$[2M!'\6:PUDSY@R.S- MD77.UI$.$9)>-T(^8LZ+D!&_'H8X2IKMHG%8!/V>7L-)P>B"RV;]N'Z&U3-L M+([W1]072N0/)J<_Z3(T!Z.:60F]A%9JGZJ'-#ZH'C(*!?&Y'C[E>G@*-Y;& MO%"N@GL!_]':-\*K^(+`.7\N?<^E[[GT/:'2MSAD6R4)RU3393>*$IY"&V[I4_5*E=?EK[DHN#Q;Y.FOH70^+,_Y/%_G MM,T+,T.WF)&Y"M-2D&_#^>G%>!KB.=D$N7V85VWGV-'1^^?!4;"C M[SR6'<>(\J(A[J&&F,_#0X=Y>U^89Y7&4#04;6RL)"Q&MV"XU_$L%.!D8"V@ M!X.O40+R4E5@,5O&`RN0HGQ,C$7H<.>77%_CT9+CVZ9EM6ZO*7<9;2)2.<)I MF!-GJ\K>9;'!51W/55ORL+YJ/;053L_^6:W(GPP13A8+$DACE!>F2J+S&5.^ MYRM)Q%4XOT4SMA*7&+SCYL=Q3E.X$G:V#P(RN;LYJ7IE,6>F\M\M#`DL6XA9 M$N)-7>W5YYNTB42%(JP#`4A%W+C[^^3:G>,U_HL@6V$5#)DU1?*0XG!/3-R0]A4 M)?.NVB8+A=OB5,V[&KXF8$O#>FZ=+2?_VU[4/;07/4;SHYG@'K.'YA,L0Z1^P7V*BH`1JV*^NJ]/^26<.[1[\8$@F_S6 MVZ3VW>`,?-2K6J5D*Q$_2P=\'Y(&8XQ;]#1?CQ1BK::QK<;:,0QY@%CS#*%F M.-^'19H:,]6+K#F-"F]!U4#E/]O4#6CV#30,9FV-J/D3@H\W/[O#;#" MQ([A[8N_`5!+`P04````"``/1Q1'X"3O=E4"``!V"@``#0```'AL+W-T>6QE MC[WPZ.LY16*D-Q8\KC!5H&.55!%=*E;>>5Z4K MS%`U%27F>B47DB&EI[+PJE)BE%5F$Z/>S/?G'D.$PSCD-5LP58%4U%Q%\+*# M@-M_+S([.@!LG'R<3_^GB;A<_MPL7$#B.SUD$@_D5]%Y..O7] M_<1F<8=\?H#\]Z\]DKN%OVJ^-K1>FYPXS`7O=PC2A))#)@C1NC&P3,#V'MK_1CA0MK8+L)NG*G?1Y)%$D&_ M_;T\7-*SV\$($FQ,J,2I9$NE!),&QE!A>"(&LKMCM;0M"FF M]-%\)=_S$7>3`^=C[MB'P*C8FCH1K=F7@4VJ-V1SW$/:XWA!DWM;\IA%0#6$*PQE*1=(C\E*APU^3Z%QQ[Y-36=/FN]&EV";YV>HX-;Z*%F"98+^Z?X[Y(NKP]?F?TZX8[, MMZV:(R2<(#FFJ;U;:?/W*^UU:NH4U7[SG\J\MC$,NL^H]W0H2&I"%>%;":7F$;]/C(>L[1P9_<^:.Q/^^-^&J7= MN1TG2^]7YX.!JY:BX>XWLQ(Z?#\$>/D M225,<>>_UM*+>IP4X=0\BMX%VZXN6JGB23DLDT&$;:I MO+"7W(O?K6E74B\"*V%S:9V_B]/M?ME(+1OY$N,.9VYI'O\P5KX8[;FZJZQ1 MJAL5O^@&A3NXURLA1B^KW@\]O[^-*S%.1L,`?)!.WDLE_?,XZ8Z5B#,9[$RE M>_QO1TQW#V>[Q(SKFGW5/E#8E5XO7G@T,8;PXZNZN[$]E^'`7M7I^E$A:&)T M+;03-0M'SBA9AZ=2LPNNN*X$`U`&H.S_@G(`Y0#*]T%W/@R,TY0.H!%"Y#[JQ"Z[E2Q=&%\5%ZZ06SH7953\7`!H!:$1, M32ZT#!G*P\)]J2K3AH73"S8-L552.`!]!-#'?=!MR"DKJSB="7=+&'@*`T_W M!V[NZMBMJ(1\X%&ZM\%G,/B,&%P_Q+5TS!MVUZY62H9$1-6&Z-IP'W#9"C:W MI@EW5]U:3'G(DM[$TYZOA+!7^B&X8>PS#D(W4T+.&[\4EDU::V/.?'$NI!2. M1R53PLDHD+=MU1D@-9M:L[!!`&2@C2FA8Q@37/;/O[*IXMO,_:>5J^@Z@M#& ME-"17(:3:Z-/N@DB"GU,"2'C@GPC%F1#0Q0:F1)*WBV-]2Z8=57I$E'H MG2S,4,:,D/$[_]O8MT58PUKG0U2]S,AZQ9,0]&AER+!Z9NAJ1M7/HZ@"4:AL M1BB[4V;8AUE<(?<+,M#6C+)UO^*0'%0U.Z`J53LV,$2AJAFAZFL)(0-!6S/" M5JJ6D""T-R/L/5H0V`?<,5'HG!!Z)_FH<')T.2=<[F4A24"):(>,JH=D&H?;0D%J>(0K4+0NWCJ#-$H=S%>_O>;<-5#O&/!,I='NB` M#S9<98HHE+LDY-ZK^<3:E:AU2?4=!R#[M:1$K4M"ZYW]@XH&U2X)M6D$I7?9 M^\M&Z-W?BZA@4.N2T)HDL+3'0)]+LM.@&-1\4.>2T/EHI]EK%DK4N3S;O%-X M>XU0BWG84^OXDL5UMZFXJN*;E_"Q_C-5E+'SCN??31WN'5^9)&S>*C4)UVYT M,*5[L;`F;]^U?/X74$L#!!0````(``]'%$<\/8^U0`(``(\'```8````>&PO M=V]R:W-H965T&UL?97?>6!N#4-YO\.A+)^%\+P,?!67RNI!Z(BCR;?N6Y(*VK6!IQ<=N$>;H\0:8E1 M_*Y)+V;M0"=_8NQ==WZ>=R'0.1!*2JE#8/6XDR.A5$=2Y+]CT$^F-L[;C^C/ M9KHJ_1,6Y,CHG_HL*Y4M"(,SN>`;E6^L?R'C'%(=L&14F/^@O`G)FH#*@[%L#&@UH,L#$S'3(S,SK!Y:XR#GK`SY\C`[K M;PZW2*U0.K85Q9@4*1&T0XKG*8) M`L"/R;R8S,&L+8RKV/@!*R]@Y=BAO54\DH6]LO8BUJ[?VBP'CV1AMVR\B(WK M3RR$1Y+Z$?J"\)TIX$;([%,%G(\>@T7.PMF%+L?>6Z,FFVO6"Q3O`=[#V*5L M;(JKB1=V+_2?8HC<"-"Z*$;-EX.R`Y!V^DE^87^M6!"&PO M=V]R:W-H965T&UL?9C;;N,V$(9?Q?`#K,@9'@/'0..B:"\* M+/:BO59B)396LEQ)B;=O7TI67'EFN(M@+'JAI6/YKZ MU#^N#\-P?BB*_N50-67_I3U7I_3-:]LUY9!NN[>B/W=5N9^"FKH`I5S1E,?3 M>KN9GGWMMIOV?:B/I^IKM^K?FZ;L_GVJZO;RN-;KSP??CF^'87Q0;#?%+6Y_ M;*I3?VQ/JZYZ?5S_HA]V:$;)I/CK6%WZQ?5J-/_JCJZF48 MFRC3QT>UJ^IZ;"GU_,_S6.P8X,O;=U/_Z]>WONA;3Y#UJNF_'']/)ZFS\OUFZ#F,#D` MY@"X!6CSTP"<`Y`$%%=GT[A^+8=RN^G:RZJ[+L:Y'-=C&(]3O%G& M6S*(J\1/DM,D,<%Y,@XN`A>\DJT8T8KA5ARQ+?CSW$XD?S_T8'Y'.#IW%O* MH%-S2T@M:=Z5`N?3SJ"FN#)$[W7(F9)1JH&;,M04".,/QD6:8[-P"41M@@63 M23(MXUES/M/\>9HU]SL6(*I,`FD9OYKS%RE_-2=K,#K2L1LV]F@79^.]&YF^ MFN,7*7XUYZHV7GF%U)`@!)O*L=P&D1&L.8.1,EASN!KP(;`YXCIMM$,5,Y9D M"FN.8:08UA)@30`;*&TD):;]C9C;2C*,=6!5B`<-92CP/EH`@9/\2#HP/K@,9,E(',4.$<-Y2AP.F*" M@Z?5S$X06HC.9-('2IM+&9E`.9N,"):RAQ00*I MBXB1S9/E9X#W:$UN[63D@N,DR66M3$C@A#24D+/F[K".*OW+]"13#W@-:A6= MEL![4M8`9DHZD/$('(^6XG'6++L*+M\3RM!##CU+H8<"S%#[Z&GU.`OOY]E: MP,R2HDP]Y-2SE'HH4,^ZP'X+"3J((;K,@894]H$:HC+K,-< M+F/F5SU'GF4_ZSG)T(>8-CYU)`C1&1\R!P/*R$../$N1A[QRS)0JDE(N58K% M^YQS^5;]679OQU._>FZ'H6VF%SBO;3M4J57U)0WR4)7[VTU=O0[CI4_7W?4E MUO5F:,^?[^1N+P:W_P%02P,$%`````@`#T<41[89TP':`0``;`4``!@```!X M;"]W;W)K]%>.S`$M#9F;2=LW[[^(900JTTN8GM\SLPW@)T/7+S+!D`%GXQV[$!L$H%`JDX'HX0('H-0DTH4_QIQ_2QKC?'[-_F*[ MU?1'(N'`Z:^V4HV&Q6%004W.5+WQX1N,+:0F89:*LZLE#!CY=&/; MV7%P.]EFM/D-\6B()T.T_JWK*U&DR`4?`N'>14_,*X^VB7YR MI0G:!V7W=&=21R]%^I2CB\DS2O9.$L\D\:WBX%$DDP3I^A-$[(6(K3^90VS\ M_L3K3ZQ_/?<_+YIPDHV5=%:"5QA'BT;^I[IA67M9UG!Y1WC"E7J;TGFG1^3Z]JQ0]^YD>4=XP95ZF[)YI\5GMLX>9'E$Z)C0[&#TY MP0\B3FTG@R-7^HS9DU!SKD!GQ2N=L-%7W[2@4"LS?=)SX6X#MU"\O]YMTP5; M_`%02P,$%`````@`#T<41QXS=LZ1!```%A4``!@```!X;"]W;W)K5HWM^7KK#J56;KM@O+##)5RLSS='Z>+>=?VK5S,B[?Z ML#]FW\I)]9;G:?GO,CL4Y\X[3[/CM6^.$[*[.5Q M^@0/:W0MI$/\M<_.U>!ZTB;_7!0_VIL_MH]3U>:0';)-W5*DS<_/+,D.AY:I MZ?F?GO2CSS9P>/W._ELGMTG_.:VRI#C\O=_6NR9;-9ULLY?T[5!_+\Z_9[T& MVQ)NBD/5_9]LWJJZR-]#II,\_77YW1^[W_/EB<<^3`[`/@"O`==^Y`#=!^B/ M`/-I@.D#S%=[L'V`)3W,+MJ[RJW2.EW,R^(\*2_#?4K;MPH>;#,VF[:Q&XKN M65.[JFG]N7!Z/OO9\O20Y06"0XBYA:PX!*Z(6=/_-0F4DE@B"\?;#A*.<);D M\+\DZT]);M+48JUT%Z^'\4Z.-V*\Z>+-,-Z36E\@OH,<.X@!K8,G8A..T]HX MK4A-)#KK$0C=6J!SZ$R4U5E1G>7J`E%W@=A!-W<:`!"!R!.`$$%'@EN)A#H& M10JQ%H!-%2(&6:$3%3JN,!*%CO4#"M%9,F$2`63X5H&811\T&02)`+,JAC(=%X),!\]$+:U``,,T8], M_2B*BUP<26<9A:RU1C('$@$&RALV]`(.-5I#AU[BBPAZ1%[KFI(-*"Z0^8#B M706@B2<2#-!;*E#$!8-DJJPE'%KO1Z8NC/@<<(&&"@1!8-"*3EX)!QX@T.57 M`FJM7'!4HP0T+H0QD:*//@%RD9:*1-95U%I;145R7#-9HZ%+L(!K]'F,5*+$ MIQ0,+/!6HNS!P$W8CY@PR"X,W(8]M>$>,TS61%XBCD(=:'TX"$R@7&NI1SVR M?H-LP,`=V%,'[C%#I[^+2D>Z!$LX#"&R22S@6H-20/4)0!N&R]ZM1-F!@5NP M'V.070X\8Z#3=MEC;L4[!W13*N&]KB:]Q/ZM&5BF4#1FY(0=JR"@ZK566?3UQH+=T`[.2Z()J M-AWT,XKCFHV)'MDLHNS'R/TX4#_N,<,)X:)CN^1$P-U9&Q3[0N0X@\HIZL82 M'QJ,8T:#LALC=^,PLBM#V>Q0%>CG8H\)@\[4O:(;SM4(#$D^ ML\&A3YZ5K]UQ6S79%&_'NBWQH/5ZI/?4'7R1]B4\)""TK^!A?3FP^Z!?S$_I M:_9G6K[NC]7DN:CK(N\.E%Z*HLZ:[-5]4\M=EFZO-X?LI6XO?7-=7H[M+C=U M<7H_A;P>A2[^`U!+`P04````"``/1Q1'*@*!M;`$``#2%0``&````'AL+W=O MBZ`S5O=;_7'XW(OSG7SL]V593?Y51V.[>-T MUW6GA_F\W>S*JFB_U*?R&/]YJ9NJZ.)E\SIO3TU9;(>@ZC!'I>R\*O;'Z7(Q MW/O>+!?U6W?8'\OOS:1]JZJB^6]5'NKSXQ2F'S=^[%]W77]COES,KW';?54> MVWU]G#3ER^/T"1[6&GO)H/A[7Y[;F]^3WOQS7?_L+_[_OYH_>N0;K3_7+3ENC[\L]]VN^A632?;\J5X M.W0_ZO.W M`Z[]R`$T!M!G@!XRO3@;\OJCZ(KEHJG/D^8R&:>BGW-XH#ARF_[F,%##?S&S M-MY]7P:UF+_W[8R2U46"-Q*X*N:Q\6L/*/6P0A:.]QVLN<(:N0<2XO5M?&)Q=9&X07(<)!J553;)A,MFJ#$X*]LQHAW#TR$YWHKQEJ7C M*$GG(C$W/D&A-NG$6)8.`!K(3(X3W3@^N#IQXYB;&1A#6N[&B]UXWHU)NO&\ M&T.8J-:>3R$%1\;);H+H)O`IS"R!GC'2ME0\'Y?N2R6,FW?H74AR$I1QMKW6 MF#&5805P4SXU!=P4:H"@(34E**TF&T+&E(B7)T!N*J2F4%CO-KAT7ZQE(1F3 M&R@92$#,$S&J$E]HH#P8G7H2A(@0EV[&DPPYX)0#I3)-R&`"P]-*03EJ;MUZ M,B&DI!1T,W3:.0=7##;8G"F9>\#!%U&>NN+H0V<0R*6F!/H941\JDA#+[D+,/5)K3*+K+25O/YE[0H;$:,ML19?(A M)Q^HS+,995`A!Y6V:5*I<^] M47B[[N.F1YU;9#+VD!=DD$U+IA1*E/*I6UYNS?I5D5NH,J604PK2@5DAA\\, M`Y!WN=)>I@\*],FN8ID5R%D!D`(<.2R8WW$0!>5O!I%DKI#B4PZ9YRW)P"`. M#$P7,G$.`"H3*%W(@C#62E[[G">9&"00`S*;@3+O6IP8`)E*G>0]3L(>A[18 M)[['8W$(-MTT@@XLQE',6)*W./'*!H#-EN'%H=?AE@6C)RZ<:6_)YF9+A@8) MT(#T)8!X:1/[2@T)(M*0V>LD@X4$L$!:_I-4_Z!BSV1)%^"&C,?,ZY&62:8%DF'N M=$0FF19*'TR?_IJ_S441Y`YRM`PH+0`*T\.+472WY9UF5?]:T,5W7DK';WYS M5%:5S>MPA-A.-O7;L>M/I6[N7H\IGX93RN3^"A[6E\/&SV:6BU/Q6OY5-*_[ M8SMYKKNNKH;CMI>Z[LKH4GV)0[8KB^WUXE"^=/U/%W\WER/'RT57GSY.4*_' MN,O_`5!+`P04````"``/1Q1'\:V^"J$!``"Q`P``&````'AL+W=O0/*`YQVBIR+#5=5;N'E:H>VC.QQS8J M,"[@N/OW!>RX;NN]`#/,>_-F&/(!S:MM`1QY5U+;0](ZU^TIM64+BMLK[$#[ MFQJ-XLZ;IJ&V,\"K"%*2LC2]IHH+G11Y]#V:(L?>2:'AT1#;*\7-OR-('`[) M)KDXGD33NN"@14YG7"44:"M0$P/U(;G;[(]9B(@!SP(&NSB3H/V$^!J,/]4A M28,$D%"ZP,#]=H9[D#(0^<1O$^=GR@!^$65PQKKCG1=JO?=<;%B6TW,@FF*.8PQ; MQLP1U+//*=A:BB/[`6?K\.VJPFV$;_^C\`M!MDJ018+L"\'N6XEK,=??DM!% M3Q68)HZ.)27V.@[JPCM/YQV+;_(97N0=;^`O-XW0EIS0^9>-_:\1'7@IZ=4N M(:W_/[,AH7;A>.//9ARIT7#873[(_$N+#U!+`P04````"``/1Q1'5A\<[*(! M``"Q`P``&````'AL+W=O3_P/DZ?+NJ<)O@V_\H M_$2P6R78)8+=)X+;+R6NQ7S_DH0M>JK!-FET'"FQ-VE0%]YY.N_2([*/\"+O M1`._A&VD<>2$/KQLZG^-Z"%(R:ZN*6G#_YD-!;6/QYMPMN-(C8;'[O)!YE]: MO`-02P,$%`````@`#T<41RJ)U<.A`0``L0,``!@```!X;"]W;W)KP%FF/?FS3`4(]H7UP%X\J:5<4?:>=\?&'-5!UJX&^S!A)L& MK18^F+9EKK<@Z@32BO$L^\*TD(:61?(]V;+`P2MIX,D2-V@M[)\3*!R/=$>O MCF?9=CXZ6%FP!5=+#<9)-,1"4/V6M>^"V(R2&AHQ M*/^,XW>82[B-A!4JEU92#)MVJ5)^SC=\+L9M@W@,X`O@*]9$CXE M2C(?A1=E87$D=FIM+^(+[@X\-***SE1WN@M"7?!>REV>%>P2B>:8TQ3#US%+ M!`OL2PJ^E>+$_X'S;7B^J3!/\/R#PO_DWV\2[!/!_@,!_U3B5DS^*0E;]52# M;=/H.%+A8-*@KKS+=-[S]";OX671BQ9^"MM*X\@9?7C9U/\&T4.0DMW<4M*% M_[,8"AH?CW?A;*>1F@R/_?6#++^T_`M02P,$%`````@`#T<41RLA5!^A`0`` ML0,``!@```!X;"]W;W)KZ*]<\.1,5OWH+B]PP&TOVG1*.Z\:3IF!P.\B2`E698D]TQQH6E51M^S MJ4HK4-U@U"B^-N\ M"QWW:;[)TP6V#\@60+8"OB11^)PHROS*':]*@Q,Q-=I_,QBV_R'EZ5`^_@ M)S>=T)9_Y_5D-"Z<'SP9S./U&PX'&X?9/VEU3]0 M2P,$%`````@`#T<41PGR^IZA`0``L0,``!D```!X;"]W;W)K&UL;5/!;N0@#/T5E`\H&9)VNZ-,I$ZKJGM8J>IA]\PD3H(*.`4R MZ?[]`LFD:9L+8./W_&Q,,:)YM1V`(^]*:GM(.N?Z/:6VZD!Q>X4]:'_3H%'< M>=.TU/8&>!U!2E*6IC=4<:&3LHB^9U,6.#@I-#P;8@>EN/EW!(GC(=DE%\>+ M:#L7'+0LZ(*KA0)M!6IBH#DD=[O],0\1,>"/@-&NSB1H/R&^!N-7?4C2(`$D M5"XP<+^=X1ZD#$0^\=O,^9$R`-?G"_MCK-:K/W$+]RC_BMIU7FR:D!H:/DCW M@N,3S"5^\4.N]YW*7W1;T'(CFF.,4P]8Q2P3U M[$L*MI7BR+[!V38\VU2817CV2>'/;8)\DR"/!/F:($^_E+@5\[5(NNJI`M/& MT;&DPD''05UYE^F\8_%-/L++HN5_4$L#!!0````(``]'%$?Q`0`PH0$``+$# M```9````>&PO=V]R:W-H965T ME=3VF'3.]0=*;=6!XO8&>]#^ID&CN/.F::GM#?`Z@I2D+$U_4,6%3LHB^AY- M6>#@I-#P:(@=E.+FWPDDCL=DEUP=3Z+M7'#0LJ`+KA8*M!6HB8'FF-SM#J<\ M1,2`9P&C79U)T'Y&?`W&G_J8I$$"2*A<8.!^N\`]2!F(?.*WF?,C90"NSU?V M7[%:K_[,+=RC?!&UZ[S8-"$U-'R0[@G'WS"7L`^$%4H;5U(-UJ&Z0A*B^/NT M"QWW<;K);F?8-H#-`+8`;M,H?$H493YPQ\O"X$C,U-J>AQ?<'9AO1!6YX MYX5:[[V4NYP5]!*(YIC3%,/6,4L$]>Q+"K:5XL2^P=DV/-M4F$5X]DEAMDV0 M;Q+DD2#_1)!_*7$K9O\E"5WU5(%IX^A84N&@XZ"NO,MTWK'X)A_A9='S%OYR MTPIMR1F=?]G8_P;1@9>2WNP3TOG_LQ@2&A>./_W93",U&0[[ZP=9?FGY'U!+ M`P04````"``/1Q1'.GZ`/Z(!``"P`P``&0```'AL+W=OT@ZY_H]I;;J0'%[A3UH?].@4=QY MT[34]@9X'4%*4I:F-U1QH9.RB+XW4Q8X."DTO!EB!Z6X^7,$B>,AR9*+XUVT MG0L.6A9TP=5"@;8"-3'0')+[;'_,0T0,^"5@M*LS"=I/B!_!>*D/21HD@(3* M!0;NMS,\@)2!R"?^G#F_4P;@^GQA?XK5>O4G;N$!Y6]1N\Z+31-20\,'Z=YQ M?(:YA.M`6*&T<2758!VJ"R0ABG]-N]!Q'Z<;ELVP;0";`6P!W*51^)0HRGSD MCI>%P9&8J;4]#R^8[9EO1!6YXYX5:[SV7N[2@Y\`SAQRG$+8*R98(ZLF7 M#&PKPY']!V?;\-VFP%V$[];9\YMM@GR3((\$^3\$MS]*W(JY^Y&$KEJJP+1Q M93CO67R2[_"RZ'D+K]RT0EMR0N$X6Q/H`$``+$# M```9````>&PO=V]R:W-H965T MO&EEW(EVWO='QES5@1;N#GLPX:9!JX4/IFV9ZRV(.H&T8CS+/C$MI*%ED7Q/ MMBQP\$H:>++$#5H+^^<,"L<3W=&;XUFVG8\.5A9LP=52@W$2#;'0G.C][GC. M8T0*^"5A=*LSB=HOB"_1^%&?:!8E@(+*1P81MBL\@%*1*"1^G3G?4T;@^GQC M_Y:J#>HOPL$#JM^R]ET0FU%20R,&Y9]Q_`YS"8=(6*%R:275X#SJ&X02+=ZF M79JTC]/-GL^P;0"?`7P!?,F2\"E1DODHO"@+BR.Q4VM[$5]P=^2A$55TIKK3 M71#J@O=:[O*O!;M&HCGF/,7P=1"@>3!G7E7:;S/CTB>P\OBUZT\%/8 M5AI'+NC#RZ;^-X@>@I3L[D!)%_[/8BAH?#Q^#F<[C=1D>.QO'V3YI>5?4$L# M!!0````(``]'%$>]HCA?H0$``+$#```9````>&PO=V]R:W-H965T*D4YM&?6'MLHP+B`U^G? M%[#7<1)?@!GFO7DS#,6(]L5U`)Z\:F7]T?&7-6!%NX.>S#AID&KA0^F M;9GK+8@Z@;1B/,N^,"VDH661?$^V+'#P2AIXLL0-6@O[[PP*QQ/=T9OC6;:= MCPY6%FS!U5*#<1(-L=",YC1`KX+6%TJS.)VB^(+]'X69]H%B6`@LI' M!A&V*SR"4I$H)/X[<[ZEC,#U^<;^/54;U%^$@T=4?V3MNR`VHZ2&1@S*/^/X M`^82#I&P0N722JK!>=0W""5:O$Z[-&D?IYO\?H9M`_@,X`O@:Y:$3XF2S&_" MB[*P.!([M;87\05W1QX:445GJCO=!:$N>*_E[L`+=HU$<\QYBN'KF"6"!?8E M!=]*<>:?X'P;OM]4N$_P_3N%^VV"?),@3P3Y.X+\0XE;,8M/!+V%8:1R[HP\NF_C>('H*4[.Y`21?^SV(H M:'P\WH>SG49J,CSVMP^R_-+R/U!+`P04````"``/1Q1'[?84J:(!``"Q`P`` M&0```'AL+W=OPUW%27X`9YKUY,PS%B.;5=@".O"NI M[9%VSO4'QFS5@>+V!GO0_J9!H[CSIFF9[0WP.H*49%F2W#+%A:9E$7W/IBQP M<%)H>#;$#DIQ\_<$$LG5\2+:S@4'*PNVX&JA0%N!FAAHCO0A/9SR$!$# M?@L8[>I,@O8SXFLP?M9'F@0)(*%R@8'[[0*/(&4@\HG?9LZ/E`&X/E_9GV*U M7OV96WA$^4?4KO-B$TIJ:/@@W0N./V`N81\(*Y0VKJ0:K$-UA5"B^/NT"QWW M<;K)TQFV#%P9&8J;4]#R^8'C+?B"HX8]WQS@NU MWGLIT_UMP2Z!:(XY33'9.F:)8)Y]29%MI3AE_\&S;?AN4^$NPG>?%-YM$^2; M!'DDR#\1W'\I<2OFVY^;.91FHR'/;7#[+\TO(?4$L# M!!0````(``]'%$=_D#OVH`$``+$#```9````>&PO=V]R:W-H965T#@E33P9(D;M!;VSPD4CD>ZH[/C6;:= MCPY6%FS!U5*#<1(-L=`6;_EJH-ZL_"P0.JW[+V71";45)#(P;EGW'\ M#M<2;B-AAJ.]T%H2YX+^7N+BO8)1)=8TY3#%_'+!$LL"\I M^%:*$_\'SK?A^TV%^P3??U#XG_SY)D&>"/(/!/Q3B5LQ^T])V*JG&FR;1L>1 M"@>3!G7E7:;SGJ0\OBUZT\%/85AI'SNC#RZ;^-X@>@I3LYI:2+OR?Q5#0 M^'C\$LYV&JG)\-C/'V3YI>5?4$L#!!0````(``]'%$=HLPC(H@$``+$#```9 M````>&PO=V]R:W-H965T0/*`YQTBIR M+#6M5KN'E:H>VC.QQS8J,"[@N/OW"]AQW=878(9Y;]X,0SZ@>;,M@",?2FI[ M3%KGN@.EMFQ!<7N#'6A_4Z-1W'G3--1V!G@504I2EJ9[JKC029%'WY,I#+&]4MS\.X'$X9ALDJOC632M"PY:Y'3&54*!M@(U,5`?D_O-X92%B!CP M(F"PBS,)VL^(;\'X4QV3-$@`":4+#-QO%W@`*0.13_P^<7ZF#,#E^4KZ)RK1>;)J2"FO?2/>/P&Z82=H&P1&GC2LK>.E172$(4_QAWH>,^ MC#?9W01;![`)P&;`71J%CXFBS$?N>)$;'(@96]OQ\(*;`_.-*(,SUAWOO%#K MO9=BL\]R>@E$4\QIC&'+F#F">O8Y!5M+<6(_X&P=OEU5N(WP[1>%NW6";)4@ MBP39%X+]MQ+78FZ_):&+GBHP31P=2TKL=1S4A7>>SGL6W^0SO,@[WL!?;AJA M+3FC\R\;^U\C.O!2TIM=0EK_?V9#0NW"\=:?S3A2H^&PNWZ0^9<6_P%02P,$ M%`````@`#T<41ZW1E!VB`0``L0,``!D```!X;"]W;W)K&UL;5/;;MP@$/T5Q`<$+^MVRC`N(#7Z=\7 ML-=Q4K\`,\PY,P/7YROXM51O4GX6#)U2_9>V[(#:CI(9&#,J_X/@= MYA)N(V&%RJ655(/SJ*\02K1XFW9ITCY.-SF?8=L`/@/X`GC(DO`I49+Y57A1 M%A9'8J?6]B*^X.[`0R.JZ$QUI[L@U`7OI=S=/13L$HGFF-,4P]ZS3R5NQ7PNDJUZJL&V:70< MJ7`P:5!7WF4Z'],CLO?PLNA%"S^%;:5QY(P^O&SJ?X/H(4C);FXIZ<+_60P% MC8_'^W"VTTA-AL?^^D&67UK^`U!+`P04````"``/1Q1'6*K4@Z(!``"Q`P`` M&0```'AL+W=O)%MYZ.#E05;<+748)Q$0RPT1_JP.YSR&)$" M?DD8W>I,HO8SXFLT?M1'FD4)H*#RD4&$[0*/H%0D"HG?9LZ/E!&X/E_9OZ5J M@_JSL?1?$9I34T(A!^1<Q!?<'7AH1!6=J>YT%X2Z MX+V4NWM>L$LDFF-.4PQ?QRP1++`O*?A6BA/_#\ZWX?M-A?L$WZ^SWWW=)L@W M"?)$D/]3XOY3B5LQ^:A[.=1FHR//;7#[+\TO(O4$L# M!!0````(``]'%$<@2DL%H0$``+$#```9````>&PO=V]R:W-H965T0/*`YQFBIR+#5=5=W#2E4/[9G88QL5&"_@N/OW M"]AQW=878(9Y;]X,0SZ@>;;PRD+$3'@5^E>\'A M":82=H&P1&GC2LK>.E172$(4_QAWH>,^C#8TQK!ES!Q!/?N< M@JVE.+$?<+8.WZXJW$;X]HO"VW6";)4@BP39%X+]MQ+78NZ^):&+GBHP31P= M2TKL=1S4A7>>SGL6W^0SO,@[WL`?;AJA+3FC\R\;^U\C.O!2TIM=0EK_?V9# M0NW"<>_/9ARIT7#873_(_$N+_U!+`P04````"``/1Q1'N)(9)*(!``"Q`P`` M&0```'AL+W=O35G@ MX*30\&J('93BYL\1)(Z')$LNCC?1=BXX:%G0!5<+!=H*U,1``T:[.)&@_(;X'XZ4^)&F0`!(J%QBXW\[P`%(&(I_X8^;\2AF`Z_.%_2E6 MZ]6?N(4'E+]%[3HO-DU(#0T?I'O#\1GF$JX#8872QI54@W6H+I"$*/XY[4+' M?9QN\FR&;0/8#&`+X"Z-PJ=$4>8C=[PL#([$3*WM>7C!;,]\(ZK@C'7'.R_4 M>N^YS&Y_%/0+(_H.S;?AN4^$NPG?K['?I-D&^ M29!'@OP?@NQ;B5LQWU7254\5F#:.CB45#CH.ZLJ[3.<]BV_R%5X6/6_A)S>M MT):G5=4(Z_W\60T+CPO'6G\TT4I/AL+]\D.67EG\!4$L# M!!0````(``]'%$<(U:Y-H0$``+$#```9````>&PO=V]R:W-H965TE-3VF'3.]0=*;=6!XO8&>]#^ID&CN/.F M::GM#?`Z@I2D+$UOJ>)")V41?8^F+'!P4FAX-,0.2G'S?@*)XS')DJOC2;2= M"PY:%G3!U4*!M@(U,=`4+Z)VG1>;)J2&A@_2/>'X M&^82]H&P0FGC2JK!.E172$(4?YMVH>,^3C=Y-L.V`6P&L`5PET;A4Z(H\R=W MO"P,CL1,K>UY>,'LP'PCJN",=<<[+]1Z[Z7,[G8%O02B.>8TQ;!US!)!/?N2 M@FVE.+'_X&P;OMM4N(OPW1>%^39!ODF01X+\"\'^6XE;,;??DM!53Q68-HZ. M)14..@[JRKM,YSV+;_(97A8];^$O-ZW0EIS1^9>-_6\0'7@IZ6'U!+`P04````"``/1Q1'V8"6Q:H"``!9"P`` M&0```'AL+W=OWB=?Z<#1N(JO*;(S;U:WL=*VZ MI)?[=?K$'S>4.XA'_*SE1=^])R[Y-Z7>W>#[;ITREX-LY-8X"F$?'_)9-HUC MLLJ_KZ3_-%W@_?N-_:M?KDW_36CYK)I?]567;_*ZAIDC MW*I&^]]D>]9&M;>0-&G%Y_"L._^\#%^*XAJ&`^@:0&/`DOG$!R&?YA=A1%7V MZI+TP]Z>A#M"_DAV([9NTJ_;?[.):CO[4?'EHLP^'-$5LQDP=(\9$9EE'R4( M26QH$DXX/(<9YCX\OU>G!28H($'A"8K_EK@,EH@P*RPR@R*S*<&*!2(($]G) M.129`P(*1!`FQR(+*+(`!$4@@C`S++*$(DM`,`]$$"9R\"LHL@($X<$C3.3@ MG;N1@]B$@L*E(`QC$9F(4?DTTSP\%P`B%BDQ#MWZQ`E0A$4&09$JX]C6/)]0 MY*%A`(98$9'!YN?`V;/)\4Q!Q"+US+'_^=33K3IWOJ&\FQV[R"?RK=,_>%6>Q$'^$/VA[G3RIHQMP'R; MM%?*2)L+>[!>/MH^=QPT&PO=V]R:W-H965T*D4YM&?6'MLHP#B`U^G?%[#7<5-? M@!GFO7DS#,6(]M5U`)Z\:V7]T?&7-6!%NX.>S#AID&KA0^F;9GK+8@Z M@;1B/,N^,"VDH661?,^V+'#P2AIXML0-6@O[YPP*QQ/=T9OC1;:=CPY6%FS! MU5*#<1(-L=",YC1`KX)6%TJS.)VB^(K]'X49]H%B6`@LI'!A&V*SR" M4I$H)'Z;.3]21N#Z?&/_EJH-ZB_"P2.JW[+V71";45)#(P;E7W#\#G,)ATA8 MH7)I)=7@/.H;A!(MWJ==FK2/TTV>S[!M`)\!?`%\S9+P*5&2^22\*`N+([%3 M:WL17W!WY*$1572FNM-=$.J"]UIROB_8-1+-,>73?UO$#T$*=G=@9(N_)_%4-#X>+P/ M9SN-U&1X[&\?9/FEY5]02P,$%`````@`#T<41X]EDRFC`0``L0,``!D```!X M;"]W;W)K&UL=5/!;MP@$/T5Q`<$+[M)5BNOI6RB MJCU4BG)HSZP]ME&`<0"OT[\O8*_CI.X%F&'>FS?#D`]H7UT+X,F[5L8=:>M] M=V#,E2UHX6ZP`Q-N:K1:^&#:AKG.@J@22"O&L^R.:2$-+?+D>[9%CKU7TL"S M):[76M@_)U`X'.F&7ATOLFE]=+`B9S.NDAJ,DVB(A?I('S:'TRY&I(!?$@:W M.).H_8SX&HT?U9%F40(H*'UD$&&[P",H%8E"XK>)\R-E!"[/5_9OJ=J@_BP< M/*+Z+2O?!K$9)174HE?^!8?O,)5P&PE+5"ZMI.R=1WV%4*+%^[A+D_9AO.'[ M";8.X!.`SX!]EH2/B9+,)^%%D5LZ"4!>\EX+S MNYQ=(M$4PP#ZGX&LI3OP?.%^';U<5;A-\N\R^_4_^W2K!+A'L M/I5X_Z7$M9C]ER1LT5,-MDFCXTB)O4F#NO#.T_G`TYM\A!=Y)QKX*6PCC2-G M].%E4_]K1`]!2G9S2TD;_L]L**A]/-Z'LQU':C0\=MB`0``L0,``!D```!X;"]W;W)K&UL;5/!;MP@$/T5Q`<$+]Y-VY774C95U!XJ13FT9]8>VRC`N(#7Z=\7L->Q M$E^`&>:]>3,,Q8CVU74`GKQI9=R)=M[W1\9LM MB#J!M&(\R^Z9%M+0LDB^9UL6.'@E#3Q;X@:MA?UW!H7CB>[HS?$BV\Y'!RL+ MMN!JJ<$XB898:$[T87<\[V-$"O@M872K,XG:+XBOT?A9GV@6)8""RD<&$;8K M/()2D2@D_CMSOJ>,P/7YQOZ4J@WJ+\+!(ZH_LO9=$)M14D,C!N5?`\ZAN$$BW>IEV:M(_33Q%?<'?DH1%5=*:ZTUT0ZH+W6G+^K6#72#3'G*<8OHK9+1$LL"\I^%:* M,_\$Y]OP?%-AGN#Y.GM^V";8;Q+L$\%^G3_//I2X%?.Q2+;JJ0;;IM%QI,+! MI$%=>9?I?$B/R-[#RZ(7+?P2MI7&D0OZ\+*I_PVBAR`ENSM0TH7_LQ@*&A^/ M7\+93B,U&1[[VP=9?FGY'U!+`P04````"``/1Q1'F)FIEZ(!``"Q`P``&0`` M`'AL+W=O6_>#$,YH7UU/8`G;UH9=Z*] M]\.1,5?WH(6[PP%,N&G1:N&#:3OF!@NB22"M&,^R3TP+:6A5)M^SK4H)%=[Z.#525;<8W48)Q$0RRT)_IX.)Z+&)$"?DJ8 MW.9,HO8+XFLTOC[ZQ?TW5!O47 MX>`)U2_9^#Z(S2AIH!6C\B\X?8.EA/M(6*-R:27UZ#SJ&X02+=[F79JT3_-- M_K#`]@%\`?`5\)`EX7.B)/.+\*(J+4[$SJT=1'S!PY&'1M31F>I.=T&H"]YK MQ7->LFLD6F+.X/DV>Y'O$Q2[!$4B M*/XI,?]0XEY,\2$)V_14@^W2Z#A2XVC2H&Z\ZW0^\O0F[^%5.8@.?@C;2>/( M!7UXV=3_%M%#D)+=W5/2A_^S&@I:'X^?P]G.(S4;'H?;!UE_:?474$L#!!0` M```(``]'%$>N=;/0HP$``+$#```9````>&PO=V]R:W-H965T0/*`YQTE7D6&I:5>UAI:J'W3.QQS8J,"[@N/OW"]AQ MW=878(9Y;]X,0SZ@>;,M@",?2FI[3%KGN@.EMFQ!<7N#'6A_4Z-1W'G3--1V M!G@504I2EJ9[JKC029%'WXLI#+&]4MS\.X'$X9ALDJOC532M"PY: MY'3&54*!M@(U,5`?D[O-X92%B!CP1\!@%V<2M)\1WX+Q7!V3-$@`":4+#-QO M%[@'*0.13_P^<7ZF#,#E^;)J2"FO?2O>+P!%,) MNT!8HK1Q)65O':HK)"&*?XR[T'$?QAO&)M@Z@$T`-@-^I5'XF"C*?.".%[G! M@9BQM1T/+[@Y,-^(,CACW?'."[7>>RG8=I?32R":8DYC#%O$;.8(ZMGG%&PM MQ8G]@+-U^'95X3;"M\OLV7Z=(%LER")!]J7$_;<2UV)NOR6ABYXJ,$T<'4M* M['43&5#/HP$``+$#```9 M````>&PO=V]R:W-H965T0/"%[L3=.5 MUU(V594>*D4YI&?6'MLHP+B`U^G?![#7<5)?@!GFO7DS#,6(YM5V`(Z\*:GM M,>FT-]J#]38-&<>=-TU+;&^!U!"E)69K>4L6%3LHB^IY,6>#@ MI-#P9(@=E.+FWPDDCL=DEUP=SZ+M7'#0LJ`+KA8*M!6HB8'FF-SO#J<\1,2` M%P&C79U)T'Y&?`W&K_J8I$$"2*A<8.!^N\`#2!F(?.*_,^='R@!AQ?<'9AO1!6YXYX5: M[[V4++LKZ"40S3&G*8:M8G9+!/7L2PJVE>+$_H.S;7BVJ3"+\&R=?9]N$^2; M!'DDR#^5^/U+B1LQ^=4[4$L# M!!0````(``]'%$?!#WD.H@$``+$#```9````>&PO=V]R:W-H965T]T?&7-6!%NX!>S#AID&KA0^F M;9GK+8@Z@;1B/,L^,2VDH661?"^V+'#P2AIXL<0-6@O[YPP*QQ/=T9OC5;:= MCPY6%FS!U5*#<1(-L=",YC1`KX*6%TJS.)VB^(;]'X7I]H%B6`@LI' M!A&V*SR#4I$H)/X]<]Y31N#Z?&/_FJH-ZB_"P3.J7[+V71";45)#(P;E7W'\ M!G,)ATA8H7)I)=7@/.H;A!(MWJ==FK2/TTW.9]@V@,\`O@`^9TGXE"C)_"*\ M*`N+([%3:WL17W!WY*$1572FNM-=$.J"]UKR?%>P:R2:8\Y3#%_%W"-88%]2 M\*T49_X?G&_#]YL*]PF^7V<_/&X3Y)L$>2+(_RF1?RAQ*V;_(0E;]52#;=/H M.%+A8-*@KKS+=#ZE1V3W\++H10L_A&VE<>2"/KQLZG^#Z"%(R1X.E'3A_RR& M@L;'XV,XVVFD)L-C?_L@RR\M_P)02P,$%`````@`#T<41_6`J@ZC`0``L0,` M`!D```!X;"]W;W)K&UL;5/!;N,@$/T5Y`\H#G&R MNY%CJ6E5M8>5JAYVS\0>VZC`N(#C[M\O8,=U6U^`&>:]>3,,^8#FU;8`CKPK MJ>TQ:9WK#I3:L@7%[0UVH/U-C49QYTW34-L9X%4$*4E9FNZIXD(G11Y]SZ;( ML7=2:'@VQ/9*'4Q8B M8L`?`8-=G$G0?D9\#<93=4S2(`$DE"XP<+]=X`ZD#$0^\=O$^9$R`)?G*_M# MK-:K/W,+=RC_BLJU7FR:D`IJWDOW@L,C3"7L`F&)TL:5E+UUJ*Z0A"C^/NY" MQWT8;S(VP=8!;`*P&?`SC<+'1%'F/7>\R`T.Q(RM[7AXP MJ/7>2\&R+*>70#3%G,88MHC9S!'4L\\IV%J*$_L&9^OP[:K";81OE]GWO]8) MLE6"+!)DGTK+H6%)BK^.@+KSS=-[&1Z0?X47>\09^ M<],(;&UL;5/;;MP@$/T5Q`<$+^MVRC`N(#7 MZ=\7L-=Q4K\`,\PY,P/7YROXM51O4GX6#)U2_9>V[(#:CI(9&#,J_ MX/@=YA)N(V&%RJ655(/SJ*\02K1XFW9ITCY.-SF?8=L`/@/X`GC(DO`I49+Y M57A1%A9'8J?6]B*^X.[`0R.JZ$QUI[L@U`7OI>3Y?<$ND6B..4TQ?!6S6R)8 M8%]2\*T4)_X?G&_#]YL*]PF^7V>_^[)-D&\2Y(D@_U#BPZ<2MV(^)V&KGFJP M;1H=1RH<3!K4E7>9SL?TB.P]O"QZT<)/85MI'#FC#R^;^M\@>@A2LIM;2KKP M?Q9#0>/C\3Z<[312D^&QOWZ0Y9>6_P!02P,$%`````@`#T<41_=(#.JO`0`` M%@0``!D```!X;"]W;W)K&UL=53=;ML@%'X5Y`(#C[NT'V'&]C-T$.'Q_QT"*"?6;Z0`L M>5>R-Z>DLW8X4FJJ#A0W#SA`[W8:U(I;M]0M-8,&7@>2DI2EZ8$J+OJD+$+M M19<%CE:*'EXT,:-27/\^@\3IE&3)K?`JVL[Z`BT+NO)JH:`W`GNBH3DE3]GQ MO/>(`/@A8#*;.?'9+XAO?O&M/B6ICP`2*NL5N!NN\`Q2>B%G_&O1_+#TQ.W\ MIOXE=.O27[B!9Y0_16T[%S9-2`T-'Z5]Q>DK+"V$A!5*$WY)-1J+ZD9)B.+O M\RCZ,$[S3GY8:'$"6PAL)7Q*0_#9*,3\S"TO"XT3T?.G';@_P>S(W(>H?#'T M'?9<4..JUY+MTX)>O="".<\8ML%D*X(Z]=6"Q2S.[!\ZB]-WT82[0-]MW1\/ M<8$\*I`'@?RO%K.[%F.8_Z3<1TWV$8'=G4D,D]^9T,W!*=!MN)^&5#CVX35L MJNL3>&+AX#_@93'P%KYSW8K>D`M:=WW"(3>(%ER4],%EZ=PC71<2&NNGCVZN MYWL[+RP.MU>X_A64?P!02P,$%`````@`#T<41S*]T4X9`@``9`8``!D```!X M;"]W;W)K&ULC57+CILP%/T5Q`<$AU=H1)`F1%6[ MJ#2:1;MVR`V@L3&UG3#]^_I!""'6M%G$KW/N.;ZV+_G`^+MH`*3W04DG=GXC M9;\-`E$U0+%8L1XZM7)FG&*IAKP.1,\!GPR)DB!$*`TH;CN_R,W<*R]R=I&D M[>"5>^)"*>9_]D#8L//7_FWBK:T;J2>"(@\FWJFET(F6=1Z'\\Y_66\/F488 MP,\6!C'K>]K[D;%W/?A^VOE(6P`"E=01L&JN4`(A.I`2_CW&O$MJXKQ_B_[5 M[%:Y/V(!)2._VI-LE%GD>R)[%'_8 MMNU,.]B5%(TT-R$<">%$F'38-'Z$E,^0]80( ME(')1>ARL0^?Z&&2+B07&S<`6)G@-@$B!\"9(MM MN#!?W"*)4R1Y#I"BQ8E93&(PG3T.A-PBJ5,D=8BL%R+ILTB&$J1_;JF-4VKS M)#7+AU6RD&RFA%8(+?R4_X4Z_`OUX#AS.LXS2F=HZFYT*ZDMH'OD=7N0]KN$'YG7;">_(I"H5YD&?&9.@K*"5.J)&E?QI M0.`L=7>C^MQ603N0K+_5].G#4OP%4$L#!!0````(``]'%$>'AJ/R'@(``*(' M```9````>&PO=V]R:W-H965T@: MP`2O@K=Z$];&=.LHTE4-@ND'V4%K=XY2"6;L4ITBW2E@!^\D>$3C.(L$:]JP M++SM296%/!O>M/"D`GT6@JE_.^"RWX0DO!F>FU-MG"$JBVCT.S0"6MW(-E!P MW(1;LMZ1W$$\XG<#O;Z;!R[YO90O;O'SL`ECEP-PJ(RC8':XP"-P[IALY+]7 MTK>8SO%^?F/_[N7:]/=,PZ/D?YJ#J6VV<1@29FD171S1%;,;,/0.0T9$9-G'$!0+L:.?W"GN MGJ`9)MX]?9?A`B=(48+4$R3O"#*<8($2+)`,\@]GA&&6>)`,#9(A!"N<($<) M\ODRERC!)`5&F2%$$Q4D[M-6,7&\X62B:(G,Z1BH'RB<@E:^5M" M$8ID@@*O?I)\02U>_R2=HQ8!3:K%KPE![D">3E#@EX!D7U"+7P.2SU&+@/*/ MCTIT]X8*4"??*G10R7/K.].==6Q'6^K?X#=X673L!+^8.C6M#O;2V)?VRU;9CC@L/1N&ENYVIH(V7/X'4$L#!!0````(``]' M%$?TW=%9*0(``"`(```9````>&PO=V]R:W-H965TGC?W-7>]<3T,,XG=)6G$WM[3S>\;>].+G<6,[V@="R4%J M":R&*\D)I5I)6?[;BW[8U,3[^4U]9\)5[N^Q(#FC?\JC+)2WCFT=R0E?J'QE M[0_2QQ!JP0.CPOQ:AXN0K+I1;*O"[]U8UF9LNY/0Z6DPP>L)WD!P@X<$OR?X M'X3P(2'H"<%2"V%/")<2HIX030BH2Y9)]19+G*68W(`,T9L/R.B<`SY#AE*QI@=A%D- M&*2"'2+VP(@](^#?"R0.+."#`KX1"$8"[B0=$,:#C02@D0`0\"?W`F&"B2,0 M9IKV!3J[QYA10"$84`@(3`HMAS"30MM"F`1V)`(=B0"!F0**08%X>0$EH$#R M]=WF$&:F@%:@D=5G@=6,E[KU0JW!61ZH.]-=W`6A@J"9VG+A;]KU@&BGWR0( MFN84W37.!I_)+\S/92VL/9.J!YM.>6),$B7H/*E:+-1S/2PH.4D]C=6<=P]8 MMY"LN;W'PY^"[#]02P,$%`````@`#T<41\\^ZG^T`0``1@0``!D```!X;"]W M;W)K&ULC53;;J,P$/T5RQ]0Z,&;:$ MZ+H#3O6-'$#8F58J3HU-U9'H00%M/(DSDD31AG#:"UR5OO:DJE*>#.L%/"FD M3YQ3]?^'&<9M+- M3`L3DIF0+(0X^RFC/ M#@S!JLVPMA.Z;U_;$)JV/O2"[?%\OV\&;*H)U8ON`0QYE6+0NZ@W9MQ2JIL> M)-,W.,)@=SI4DAF[5$>J1P6L]2(I:!K'!96,#U%=^=B#JBL\&<$'>%!$GZ1D MZO\>!$Z[*(DN@4=^[(T+T+JBJZ[E$@;-<2`*NEWT(]GN2Y?A$YXX3/IJ3ESM M!\07M_C3[J+8E0`"&N,(S`YGN`#V_T'_Y;FWU!Z;A'L4S M;TUOBXTCTD+'3L(\XO0;EA8V#MB@T/Y)FI,V*"^2B$CV.H]\\.,T[^2WBRPL M2!=!N@J2W!<^&_DR?S+#ZDKA1-3\:D?FOF"R3>V+:%S0]^WW;*':1L]U>E=4 M].Q`2\Y^SDFO<]8,:NFK11JT2+T\_V!1A@%9$)!Y0/8!&PO=V]R:W-H965T*J6=?#LXS4E7,J_QZ`B7$?I_$]\-)= M6FT#J"K1[&LZ#KWJ1!]).._C+^GN2*S""7YU,*I%/[+L)R%>[>!'LX\3BP`, M:FTS4-/JX"C8[Z[1K8%-XJB!,[TR M_2+&[S"5X`AKP91[1_55:<'OECCB],VW7>_:T<_DR60+&[+)D,V&-/^O`4\& MO#(@3^;J^DHUK4HIQDCZ;S%0^\G3'38[5]N@VR@W9RI3)GJK<)*5Z&8339J# MUV0+S4IQ#"CP+$$&8*;(@A29\^.%/\4DG``'$V"7(/]0!EZ5X34;I^D]9)%L MMMMD5?(@3Q[@R5<\7D,6ZWS*"4[)"B*0!YSL M\VJ=`WG<'E*89\WSJ"NV9A_7VX,6)W"@%_A)Y:7K5702VAQF=^3.0F@P*9,G MD[,U=\P\8'#6MKLQ?>E_.S_08KA?(O--5OT#4$L#!!0````(``]'%$=8),G^ M!0(``,\%```9````>&PO=V]R:W-H965TU#6$)\?8%V^-SCL^,\>03 MXV^B`Y#..R6#.+J=E./!\T35`<7BB8TPJ)V&<8JE6O+6$R,'7!L2)5[H^XE' M<3^X16YB+[S(V462?H`7[H@+I9C_/0%AT]$-W%O@M6\[J0->D7LKK^XI#*)G M@\.A.;K/P:%,-<(`?O4PB<[,XG5 M3&(Q\V5GQH()]H6Q80*[D=1J)+4(['ZEDPVS_Y>\S0.BP%O36(13L_`-02P,$%`````@`#T<41RW%ZF*B`0``M@,``!D```!X M;"]W;W)K&UL?5/;;J,P$/T5BP^HP88TB@C2-JMJ M]V&EJ@_=9P>&8-47:CNA^_>U#6%IBOJ"9\;G')\9XW+0YM5V``Z]2Z'L/NF< MZW<8V[H#R>R=[D'YG58;R9Q/S0G;W@!K(DD*3-)T@R7C*JG*6'LR5:G/3G`% M3P;9LY3,_'L`H8=]DB77PC,_=2X4<%7BF==P"]'K5]#\KO9)VFP``)J%Q287RYP`"&"D#_X;=+\?V0@+N.K^F/LUKL_ M,@L'+?[RQG7>;)J@!EIV%NY9#[]@:J$(@K46-GY1?;9.RRLE09*]CRM7<1W& MG9Q,M'4"F0AD)F3YMP0Z$>@-`8_.8E\_F6-5:?2`S'@7/0M7GNVHGUP=BG%0 M<<]W9GWU4M$L+_$E"$V8AQ%#%ACR&7%80=`9@KV!V059=4$BGWYR4:P+T%4! M&@7RI8'M313%PF!G/&03E(.2[:BC5P2=GG=J&C=;]!@!5-Y03]21ZVIF=HY"<:+.4)Z!Z M2?&8=R)9YJ?@"8"6@@P_B\!3P2\ M(H#1F>OK*]&D*J48`CF>14_LD<,--LG5MNB"#XK\`KE7('\\D<(K4#R02'%_^$F:1_$JD7M84F19D:_L@*M; MV),3_4'DJ>U4L!?:7&AW[8Y":&HDHR>3;V/>V67!Z%';:6;F&ULE57;CILP$/T5Q`"N.N3(+7IIX`V]?5*R6!:\=P0Y+=Q4LM@$V$(OX5;!6 MCL:.,;_C_-U,?NR7KF\\L))ERDA0_3BS#2M+HZ0C_^E%KS$-<3R^J'^SZ6K[ M.RK9AI>_B[W*M5O?=?;L0$^E>N/M=];G,#."&2^E_7>RDU2\NE!(9(#/N)0#\1 MD%`\,13=!0I]@N('7SD&X\3W<8(Y+#`'!>9?KS-S)T>O]"I0$@C.:34OL$ M=&OFP141W$M@_X$$>`6L`O0?6P(?W@!_7HX]YLGG[S>EP\U'..+;W\22-[I& M*R:.MA]))^.GVK:_T>K0\U;(7L-7>)HT],A^4G$L:NGLN-*7N;UR#YPKIOWX M+_JLYKHK#Y.2'9091GHLNC[5311O+FUWZ/WI/U!+`P04````"``/1Q1'0OQ+ M!/T!``#"!0``&0```'AL+W=OBBN0HZ"DMJ:>`1A% M&/2D&\*RL+%741;\IE@WT%<1R%O?$_'W1!F?CF$&/8SY^]F\:,^AI%!H(Q>E,E`]'"G%67, M)-*%_\PY_Y_NUJU&C8*@YHVY,;4&Y^^T[F%U"2\ M<";M-[C,$^Q,@;P)D$R1/;6P@3TZ36#88YR?QGL M+8,]9=)-&;PKDT2;DZGPKN6UY@DD\X)D.Q"8;T&R71&4YSG>R*J]#.8QW!T_ M6%VWD5SI3R*NW2"#,U?ZYMK[U7"NJ$X9O>CN6_V@+@M&&V6FF9X+]\:XA>+C MX\5<9&7BDU-%9B0PQ4*_HP6ZYY0$3`AX3.GL4D>-\B[D/R M6JYH$BR`@L(%!>&7(ZQ!J2#D#_X:-/^.#,3S^*3^'+OU[K?"PAK5IRQ=[8&CA-@@6J&S\DN)@'>H3A1(MOOM5-G'M^IU%,M"F">E`2$?" M;/XO@0\$?D5@O;/8UY-P(L\,=L3T=]&*<.6S)?>3*T(Q#BKN^59_)J>-NQ%Q7HJQ!4_7YB M7`ZG$(;WB=?VTA@W`?(,S+ZJ%:S3K>P"Q>I3^`4>"^(47O"S98->]`/'?I;R MS0V^5ZM9'B;@D#03_&MNU\.XPK,9QL^P8T M&=!L@/%_#7@RX)4!C&2^KJ_4T#Q3<@C4^"UZZCXY/&)[ MX8$KGE%#%ALECVFRHMF*8H+3 M?12RBT(V*.A`5BAD>S0IB@]KF*T,X@-,DS4/6-R^GE[8#ZHN;:>#LS3V(OOK M5DMIF,V,'FQH8]^7>U=U)4^&LP'>%=(G(:CZNP&E MKF4"!LWD@!1TN^0QV^Y+A_"`WPPF?35'SOM!RD\7O+6[)'46@$-C'`.UPQF> M@'-'9(6_9L[_DJ[P>GYA?_'=6O<'JN%)\C^L-;TUFR:HA8Z>N/F0TRO,+7B' MC>3:?U%STD:*2TF"!/T.(QO\.(65,IO+X@5D+B!+099[XT'(VWRFAM:5DA-2 M86M'ZDXPVQ*[$8U+^K[]FC6J;?9\S@,61#R";]P6D1%2HB0@]W0@'CSGI1RC8I M61597*F,*I41I?6=4L"4URVEQ?J^(7QUUB,]PB^JCFS0Z""-O3;^<#LI#5C& M=&7)>OLXEX!#9]QT;>7M_R"ZC_`5!+`P04````"``/1Q1'VR91 M>(<"``"T"0``&0```'AL+W=OW82)Z`%3+$3MG]?VY"4P*-*<@BVF3>>]^PQ M3CO1OLN<<^5\5&4MUVZN5+/R/+G/><7DBVAXK=\<15LQI;OMR9--R]G!!E6E MAWT_\BI6U&Z6VK'7-DO%695%S5];1YZKBK5_-KP4W=I%[G7@K3CER@QX6>K= MX@Y%Q6M9B-II^7'M?D:K+4H,Q")^%KR3H[9CQ.^$>#>=[X>UZQL-O.1[92B8 M?ESXEI>E8=(S_QY(_\UI`L?M*_M7FZZ6OV.2;T7YJSBH7*OU7>?`C^Q-##J$AW(M2VG]G?Y9*5-<0UZG81_\L:OOL^C>A/X3!`7@(P+<`%/PW@`P! M9!+@];PDYBR![.<_4)0!-,Y6SY/0Z<:%<90N25HX$1`@"2]0P'9&3_@9P89& M@*/GA2&SA`,PK8ABA^HBRP$5'R2%F2V<%.*)T>MB`JFAZU MWNC[VK`3_\':4U%+9R>4_E3;#^I1",4UH_^B*YSK*]2M4_*C,DVJVVU_J>@[ M2C37.]+MHI;]!5!+`P04````"``/1Q1',O"W3LL!``!'!```&0```'AL+W=O MN#FIA:2$6V.LL&JET`J1V(4QV&XP8QT/"AR9WN312X&33L.;Q*I@3$B M_QV`BG$?1,'%\-XUK;8&7.1XYE4=`ZXZP9&$>A^\1KMC:A$.\+N#42WVR,9^ M$N+#'GY6^R"T(0"%4EL%8I8S'(%2*V0<_YTTKRXM<;F_J']WV9KH3T3!4=`_ M7:5;$VP8H`IJ,E#]+L8?,*606<%24.6^J!R4%NQ""1`CGW[MN%M'?Y-M)]HZ M(9X(\4R8_:P3DHF07`FN=-A'YO+Z1C0IF);'NT24[G2&EVAW)W) M3!GKN4BR-,=G*S1A#AX3+S#1C,!&?781K[DXQ`_T^-;!\1&QR=8])*M))(Z? MW"3QA4"Z*I`Z@?1&8'-7!8]Y=ACNJQ!&F^SE+I='6)PF+]OM73AXT2`&LG$/ M5Z%2#%S;4BRL\VR\QK;!=_:#F1G_Q*\R1=Z3!GX1V71&UL?5/;;IPP M$/T5RQ\0`UZ"M&*1FJVJ]*%2E(?DV0O#8L478GN7]._K"TOI"O4%SXS/.3XS MQO6DS8<=`!SZDD+9`QZ<&_>$V'8`R>R#'D'YG5X;R9Q/S9G8T0#K(DD*4F39 M(Y&,*]S4L?9BFEI?G.`*7@RR%RF9^?T$0D\'G.-;X96?!Q<*I*G)PNNX!&6Y M5LA`?\#?\OV1!D0$O'&8["I&P?M)ZX^0_.P..`L60$#K@@+SRQ6.($00\@=_ MSII_CPS$=7Q3_Q&[]>Y/S,)1BW?>N<&;S3#JH&<7X5[U]`QS"V40;+6P\8O: MBW5:WB@82?:55J[B.J6=M?+!JXH_4]?W?DA MJQ&/[`R_F#ES9=%).W];<::]U@Z\9O908C3X1[0D`GH7PLK')OU7*7%ZO+V2 MY:DV?P!02P,$%`````@`#T<41Y7@..F@`0``M0,``!D```!X;"]W;W)K&UL?5/;;N,@$/T5Q`<4VR1-&CF6VE15^[!2U8?N,['' M,2H7%TC<_?L"=KQ.:O7%S`SG',X,)N^T^;`-@$-?4BB[Q8US[8806S8@F;W1 M+2B_4VLCF?.I.1#;&F!5)$E!LB2Y)9)QA8L\UEY-D>NC$US!JT'V*"4S_QY` MZ&Z+4WPNO/%#XT*!%#D9>167H"S7"AFHM_@^W>QH0$3`.X?.3F(4O.^U_@C) M2[7%2;```DH7%)A?3K`#(8*0/_AST/Q_9"!.X[/Z4^S6N]\S"SLM_O+*-=YL M@E$%-3L*]Z:[9QA:6`;!4@L;OZ@\6J?EF8*19%_]RE5[XSZZNG@B[7 M.3D%H0'ST&.R"2:[1.QF$'2$$&]@=)'-NL@BGUZXN)L7H+,"-`HLI@+77?20 M582H"%EDJ_7Z[JJ5G[!TD=[2Y-H.F4RX90?XP\R!*XOVVOG+BB.MM7;@-9.; M)4:-?T-C(J!V(5SYV/2_59\XW9X?R?A2BV]02P,$%`````@`#T<41[[U_18V M`@``#P@``!D```!X;"]W;W)K&ULE5;;CILP$/T5 MQ` M"?FN2L:T]U'S1FW\4NMV'03J4+*:JA?1LL:0Y4*QD]NJ":!S@, MDZ"F5>,7N=M[E44N+II7#7N5GKK4-96_MXR+;N,C_[;Q5IU+;3>"(@_&N&-5 MLT95HO$D.VW\3VB]0\1"'.)'Q3HUF7M6_%Z(=[OX=MSXH=7`.#MH2T'-<&4[ MQKEE,E_^-9#^_:8-G,YO[%]`O`8@.)_!D1#0/00$/3* M7%Z?J:9%+D7GR?XR6FKO'*TCX]S!;CJCW)G)3)G=:Q$E81Y<+=&`V?88/,'@ M>\0.0$0C)#`"1A485(%=?'2G`L$$$4@0.8+XCN!!Y+;'K!RF<9B8H`3A["&9 M9UR4)FF8I;"@&!04`X)F+"$@`5EN20(2)`LLZ3%DDFH:)C%YO%X(1E(2PW)6 MH)P5(&>&(`4)TN6&9"!!ML"0;)DA$&S>$-M'H-(+`4%DAF*F>M%R4Q!<>@@O ML&4`31-VE1-&CXW@&9@EJQ#/.0-7,X+*.9FA@.L/Q?_A#%R!B"QQACQU"^<+ M?FJ1$##-GO,*)JV[I6?VG&ULC57;;J,P$/T5Q`?4W"\102HT MT>[#2E4?=I\=X@14P*SMA.[?KVT(#62:A@=LC\\Y,^/;)#UE[[PD1!@?3=WR MM5D*T:T0XD5)&LR?:$=:.7.@K,%"#MD1\8X1O->DID:.906HP55KIHFVO;(T MH2=15RUY908_-0UF_S)2TWYMVN;%\%8=2Z$,*$W0Q-M7#6EY15N#DGX[ZCYZ5(1 MK_L7]:W.5D:_PYSDM/Y3[44I@[5,8T\.^%2+-]K_(&,*OA(L:,WUWRA.7-#F M0C&-!G\,;=7JMA]F_'BDP01G)#@3P;'O$MR1X#Y*\$:"-Q'LX"[!'PG^HQZ" MD1`L"&A8++W4+UC@-&&T-]AP/#JL3J&]"N1F%LJH]T[/R<7FTGI.W2!,T%D) MC9ALP#@S3#3'O-QB[`F!9`13&`X41N8`+N*YBQS`A-8BC%N,,T=L(!5[CME" M&`=.QP57U=4"[DS`A04\4,#3`MY,P%OD"F%\V(D/.O%O!8(O!`)0('@\S1`4 M"($4@L7I&S"AQK0:$UF!YR_V-7\,MAE@\17,M_2W.`+?XV;I16!ZT?>[F$&8 MQ07,(4P$!Q*#@<2`P.)Z90`F6JQ*#F$6EV?S@,[VOLZ0$+IZPAK"CKK:<*.@ MIU:HRWEEG0K:LZ.>P(4]LU?Y\#1^RJ1)AX_D%V;'JN7&C@KYP.IG\$"I(#)$ MZTG>CE*6XFE0DX-0W5#VV5"=AH&@W:763@4__0]02P,$%`````@`#T<41_G< M'>BU`@``V@L``!D```!X;"]W;W)K&ULC59=CZ(P M%/TKA!\PT`)2#)(HF\WNPR:3>=A]KEJ5#%"VK3K[[[FX:*?QM6\^O*1_[MX*TZGI0Y"(H\ M&.WV5<-:6?'6$^RP\M=H6>+80"SB=\6N>W?)&0P@PWP8(!'@[X23H-H M,(A&`V0-@CXRF]HV6D*[T',(3`)!E(DCUM?]E#DJ_M3Y"CK>9V@009 M`I%F#A<.3:,9K85`6>C@`86]1GA&=R%0YK@_$"QO-$??$"ASE1Y6.'HN\7+` M3)N,,,FBQ<)!!:L7`?+-'/)%L'[1'`%#(&>780FC.1J&0%GLX(%5C.;(&`)E MCAL)P4)&,Y0\8*97-`D3DC@RPK"4,2#ES/$_P;"4\1PI0Z#,<8-B6,IXCI0! M$'+4'L-*QG.4#()Z9@LDHU3!QM".F]';\W-J)=G(ZCK%K M;$>Q3WB1=_3(?E%QK%KI;;G2`YT=NPZ<*Z;#"5_TC7#2@_:XJ=E!F66JUZ(? M/?N-XMUMDA['^>(_4$L#!!0````(``]'%$=?_J&]Y`$``/D$```9````>&PO M=V]R:W-H965TD.HDT),C<89P%&6(TZ8-R\+%7F59B%ZSIH57 M&:B>TI+7,YOZE]=M<;] MD2HX"/:K.>G:F(W"X`1GVC/])H9O,)606L%*,.6^0=4K+?B-$@:5.@JQ6:,/L1@Q>8>$8@HSZGP+X4>_Q`QY\3'#P(XL]` MO$40QR>?BGCV"R1>@<0))`N!9.5Q/T)R!VE'R(9L\GA5RB,,I_DF)]AO)_7: M21_M1-'*SR,&9_\XM,R;)'L0('FR2N+#I*LD:''5.,B+:T$55*)O7<,OHG.7 MO[AF0'=X673T`C^HO#2M"HY"FPOOKN59"`W&2O1D"J[-.S0O&)RUG>9F+L?6 M'!=:=+>'9G[MRK]02P,$%`````@`#T<41Q#(6T%4`@``+0<``!D```!X;"]W M;W)K&ULC55=DYL@%/TKCN]9%42S&>/,:M)I'SJS MLP_M,S$D.JMB@<3MOR^@,0;IMB\!KN><^T4N24_9.R\)$5$68.%/+*SQSM&\%&3FMH#OA]Y#:Y:-TVT[96E";V(NFK) M*W/XI6DP^YV1FO9;-W!OAK?J7`IE\-+$FWC'JB$MKVCK,'+:NB_!9A\IA`;\ MJ$C/9WM'Q7Z@]%T=OAVWKJ]"(#4IA%+`*.-_?U+_H M;&7T!\Q)3NN?U5&4,EC?=8[DA"^U>*/]5S*F@)1@06NN?YWBP@5M;A37:?#' ML%:M7OOA"X0CS4X`(P%,A,F/G0!'`KP3PD\)X4@(_]<#&@G(\.`-N>O*[;#` M:<)H[["AVQU6ERK8(-F;0AEU*_0W63LNK=$ MW$4\&<`4!;!%D8$%'3PZR)>("!DQ_%-D_ZG(0YC06BRH^7">91S9!4*K0*@% MPH=J&T%F`R;6F%9C5B`"861T);?@`H1,N=T2MD8(Q49EEB@8A6L0VY-#UN20 M)3EH)#=@T-S/.D:!`0E;Q2@VN[9$K7T`S?MLT9(%F!5J2,V;#8.&L+,>P]PIZ*45 MZCK/K-.D?P%JF!CV+-CD@<6^DR_#,,CO\FG2X3/YCMFY:KESH$*.,#UH3I0* M(J/WGV132OEV38>:G(3:QG+/AG$^'`3M;H_3]$*F?P!02P,$%`````@`#T<4 M1ZRG)&'.`0``RP0``!D```!X;"]W;W)K&UL?931 MCIP@%(9?Q?@`"XJ.TXECTK5IVHLFF[UHKQD]CF9!+##C]NT+Z%A726\$#O]_ M^`X@^2CDFVH!=/#.6:_.8:OU<$)(52UPJI[$`+V9:83D5)NAO"(U2*"U,W&& M8HP/B-.N#XOA5)_I`0G,./T>G,K4*)_C9P:A6_<"R7X1XLX/O]3G$%@$85-IFH*:Y0PF, MV41FX=]SSG]+6N.Z_\C^U55KZ"]402G8KZ[6K8'%85!#0V],OXKQ&\PE.,)* M,.6^07536O"')0PX?9_:KG?M.,V0A\UOB&=#O!BBY+\&,AO(QH`F,E?7%ZII MD4LQ!G(ZBX':(X].Q.Q<98-NH]R:Z$"R9%.)1W4\?,K\ M,(D7)MG!)/BP@9DTZ0<83+8P>]61)$<_2^IE23TLV88EW95,XIVJW*OB#"?I M!@:M[MU`K_"#RFO7J^`BM+G"[J(U0F@P&?&32=F:EV49,&BT[6:F+Z>?;1IH M,3R>CN7]*OX"4$L#!!0````(``]'%$?6/(78^P$```\&```9````>&PO=V]R M:W-H965TX,**&`NAY$6APW;II8N;>>)JPJZ1U2]ZX M(ZY-@_G?9T)9?W1]]S[Q7E\JJ2=`FH!)5]0-:47-6H>3\NA^\P]9J`D#_*I) M+V9]1\=^9NQ##WX41]?3(1!*O[MG)EL5 M_1D+_"LF:N\1U&OPYM'5K MVGY80?XHLPO@*("3P$=?"H)1$#PJ0*,`/2H(1T'XJ"`:!=%*`(9BF5*_8(G3 MA+/>X&#AC8!POF9.% M61(O-I?53J\V9K]D,@L33`A0R4X90VO&T.B#1<9[NT%@-0B,`9H;^-ZJ9%L& M[M"J9#8F7!7M`9_7KYE%0LB:$-H8!/XJU@&)#=(."$3>ZA!D6PK&'@KML836 M6,)M+.OS>`HWV_A1$*_*DEFH7;2/5\&`V47I\(7\Q/Q2M\(Y,ZGNG+D9)6.2 M*$?O25E6ZG6>!I244G=CU>?#@S4,).ONS^_T'Y#^`U!+`P04````"``/1Q1' M_ON_X$,"``!'"0``&0```'AL+W=OR'=5,::#CX:W:AE66G?/4:0V%6NH>A(=:\W*3LB&:C.4^TAUDM&M M"VIX1.(XBQI:MV%9N+E761;BH'G=LE<9J$/34/EWQ;CHER&$YXFW>E]I.Q&5 M133&;>N&M:H6;2#9;AE^@><5(1;B$+]JUJN+?F"37POQ;@<_MLLPMCDPSC;: M4E#3'-D+X]PR&>4_)]+_FC;PLG]F_^;*->FOJ6(O@O^NM[HRV<9AL&4[>N#Z M3?3?V:F&U!)N!%?N&6P.2HOF'!(&#?T8VKIU;3^LY'`*PP/(*8",`9"[Q`= MZWAZH>"Q!DPH%0,1\.C@[@#$'L3C+\#]`0\8!'"'`&:1NVKO063N.<"`VP00 M#Q"/T0`W`60/5(O;`'(DB^2VVOSNB^![L[A78(I9,!!)/3JX70#S2^;Y0N-^ M(0_XA>!^(5/\@H&(YP01SVV"^65^JT,^_9I'%W=D1_?L)Y7[NE7!6FASW;I+ M<2>$9H8N?C)$E?FK&0><[;3MYJ8OAWM^&&C1G7];QG^G\A]02P,$%`````@` M#T<41Z[CO1':-@``^`@!`!0```!X;"]S:&%R9613=')I;F=S+GAM;.U]V7(C MQY7HL_LK,A2M:W9$$8V-"V1;$5S0+9E(NY]G!^83_"G^$OF++G6`H`MR6/9B-`"`KFOTZ&\_E,LQ:R4K&\,LT29=A#G^FL]?9*I7A))M+F2\7K[OM]N'K M91C%7X@BCOY8R+.DB//??-'O#K[X^M=9]/6O\Z_/DW&QE'$NPG@BAG$>Y4_B M(N8QHR06^R*;AZG,?OTZ__K7K[$/]SL4ETFCO9)@B0L5YF%?:[N]WNON]3B/"[IY6 ME3Z=]O[O&CO13/Q%FR7(5QI:'>RV2Y!&(:Y_DRDM5)G$1/P"H-?MU+J<25CT1>?BI8>'7^1PV=+P6.7=)#O2TOLU-"GPRS9\" ML5J$BJ\@&E=(DK4HP"W.TV),_":*Q2I-9D`?-:L#:IE%@$DU]?8(W8]A:`7W MMLA=UX<1T4!!"CV+*+R/%E'=/HWF<&KVW8GK-^+M]?7Y2(RNWYV76[R]O1Z-Q,WM]9N+NPKO MN!G>GMQ=7+T5PS_<#*]&PU$%4KE8X"F5GU9(;Q6J.9DLHYATRASQU]3L7`*2 MQQ&KJ8CV<(FZR)_XBZ9>?"(21L\:("ZNSJXOAV+O':STE7AS>WTIU,JNKRHK MNK[[9G@KN,OK/;WNRNZ"`)-`5WG#L38_*Y@J>"ONLVCRU-";>3;_]GI/+^M5 MK8Q42'!ZU#;S<7`Z?'-].U2K%',: M===I0T+_VE#W"2A5#[4"^4KF@O'20$\GD^]!=V`X0)6"HY;$8S`*D%`$=L1O M\3,IRBO<>6!9XOY)[!6XIBA^Y1RST`!2@TG`H;QO)'M/=[V7L9Q&N:7O"B[F MH",BFX_=V4E1H]U:HZ,HQ0J,&JVQ-ZE6S];5JP:4.LO6.FA0R$$)W5^OF4.`:`/7@`/:8&-W%_UKL'?U?%+81,=HSF0;Z/BF2,?S,)-T6%;K;(^F MGG3*MC1!O-FBLCW2B!*%!?A'+VA[)+R)8J"Y#4A(D[&4$]4C`X.5`!P[2DV= M$KS?K-IFOH6R<;-?TTZ_PCV?&H";%SF<3N4X1QCEIS&=6`'4(<58G5ZTO+8U MQ!$68&&IA'UYO3>1_.D5Z^U;CM%H]0?`<691C)Q@(;Z_JNB-5]=W0]$! M0;9-9]$,U=D<:`QT9)G.GL2=',_C9)',T,V4KM"IF$]:8@_8I_CKG_^?MG$PCN9B(#[`1!8I]4-B1>*[D0S@)D12_#>,B M!".N>T2J=[I]`$U-5.%H$Z36,J>&"-\ M**D?B"@4#8]1/AJQDOOO)9Y:F;7$31H![0#\ MB$GRV8FA/JU[L+()2&*T?N\ED"THFGD)*:=)F$[PC)]'(.;`#`;K$3:$OJ;M MF$AD,#0&S#*),E@]+!?D56+-%X`SGT>P2CC6M&X4OE)^%"%H'X\.Y"MT10*2 M\J>6N([%)>%4.0$//.A@0_`\($N&P<+RVDZ`]=.Q-#34U(")"G$+7%H"PEAJ MB+=P8E;B7;1$JS@0;2\N7DK3C]0'RP86(.(14&;8-?,5(/%P!B/-D'=#A\YQ.SCP7#1Z>IX9?HAN:7) M(A,G\;R(@!/$H&9]'P%!)`L`YRPQO`2`X#;T"T-0GLYJ.'I;[T,E]['IC4R` MVU/+6[DJ[A?`!%#S(%:F5WIS>Z8'!Q*:S1$F^%=\"T"1>1B'RC5EB*NT?5^* M\GJ!.1$?M:!\DP"0O\7_C%9H02]$R>3&F`[L$"[[]O;;"['WS6]?(5PM8?X4 M<"1Q+#,E&4Z,I'^91XA%X,;P-6PS'(WA`CA`F@`+RWR&746QT[0>T>N6!@AL MB?^;N@O3C$+M MT!*DUQ27!X/BU*@>DI%+2%@EC\0*'^$(IV(NZ7_94P8F:.8C%5@PRBJ03CY( M8TED#L#?PP2(E6PN%PM]"A`5*"VR`D`BA3*RH@,FN"T`G$[W?K\K0,N0*:-` M@LW##DO+LEAA[`QZ_0#W(L3PGYQXPEB`B7QK"#.`]OB)[' MB&!7@@A;RT\1*^V.K#'BR4<]P27X=`/K`;)"0TCS`[N^&/G5-EK,795UXQ+O M)?"%/)5:B<&=4=Q:*TP^XR5VK31S)'.V&7%1JP*TH0SEO6:+$9T7.&)2$YJB MNI29?K4O8PY;@J0&08^N86>VS/=H;*.\H0HL4_?HU>II+;`X)+25=3*.=A)H M,I6@C(V1QE%2;PFE1H:6Q&/714.''(FS>7)4KV#Z:4'G;AHMR!=D('`(G`+O MNAOZH:,,76@M@2XF@N4&542P$FA?[V@_%$FQM-%N)`_&VH6!\KLH)E)MJK;. MMMT5C0L6K!5!8V114(\UTS)":CL![!#7U*>#''SAF(_5/`0Q1%0N%R#I8AJ` MV1%8[!L7R@>G%@7D*7;Q%U.PS4ZX`GH)63NDANF$E&O:NO=Q9%QTF9A)0%>( MJ(!V0^5;;<,$2)%F!>E%A2K_,4#B%,Z6(YDU;YL(=6K>D MD7/J9Q+5,2YG@>RP2%-R0K@=8CD&_HV:`RZ$)@RC%+?<'K`*C!8F8'84&C2] M5Y1:D>D!4!J=R12C@AYFH]@@ELP]!*,7U**!%'"7.@'_.`X(E&"/1"6P<"J$YB.W(B.TD*BW9E1"P.["M8; MLF:\`2$\$8W>(TU.R-)]D'HOI@7L_)-$S?L_,ST8G_%"1]6>Q0>S>5(L)BP< M0HW+[XN8'8#FV&T>R#\SZ+&5@)#R=KK:JP:W@=*%R6IZ<96T1$^K+"JKX`5G MW*`^^0:V7ASO_]87\]'"%72;Q0R.=%+,X(B(0S:5*_E8HV@61U/8$MCM$TMB M-X"9<5URP\7;JXLW%V)'246";_H&%SY:V! M+1#W";+0VD@11;]F;&BJ#7:_4L:=$:K,U"KL>9VUGV#RHU)W'%4+VB5 M/R)1H/9,A,394-X&7X+)!P*,-[6Z,T%C6US?N2,`/X`RF!3(]U9%SD?&,3T> MYP"'=A+JL^FCI7R:,)"H3X,S*+,-UU$`QK^$+4L38/\+^2`7&6QXEFMW9DN\ MPR]%!^S9?X>CAMD[M'/LD]5C$PGB!""&2,^`_G\L$A*0($DE2SQ83DSI,IJ\ MX#N7NDC1)'G'HV=Z]B[/3H%`E]TY\"A`]ECD())JYM?."70^`Z6/`;E`DVF4 M?0R$S,&*TA/V:$)WJB)>.UG%"4;&&J![9;RWZS>00V)$':^8K8[#-"7%O.;` MKCF>*#AT2Z8^.J.AHQ4F%%FU?]^CK=5RV%;#3/YX&)PMC4'4D,^9 M\RCB,*0!Q]X!C\@[]+`M,7]3)&,8,BL[-I#M5%%1(B5$7J2X5`76,JB3(M6; MDII$7J6:/1L7GX\'&2+'BI;28W)&MBC)35KOCXR3YR&$+.^',%KPT$],OG0B MO#.BO&[$)Q[(VN6XK,.024>T3)RX_DIB2(#@HEX\`7KN,'+B'[G\::5.CQX$ ME0=)C*+$^W$KB+DLR,2>4$`B-NF&\Q#%$BP1Q-$X8VX_+L@]JJ((5C:T4.=$ MA>6I288BTT$8'=:+"G:$WH(&%+'=AY3`2L825I%,V/G`<7-TFTRD:[^`2:KP MR_!&0`ZYXX6RHTT2,K.,GN"=-JMZD;H`JKM9)&-G^U4N.'C60`5$>>&3`<*9 M^/MB,L,/0%Y.@A-J4"H!BA5_4N7*44=E_+4_;4L_)A')1.?$_I M*5-E8IFDX?&36KAV_("H3!Q_S]BN/E'4'<8")F3^HE"F0WGT?:Z`3$0 M/+G$^GEK)BIF5:+QC'S+2H8"G>'/;^0$+6AQRTF\'-ALB4J*FIES1L@E?IED MF=0F*\Y.G("]6)[#"Y?CFHUV&ZO1YGK#HP8?/B/3<`8UQO]YLL`S3XZJT3G' M>D[JV;["&0*D*21LL)I8G*S:4\(4Z-:)Q*K4PG"U8F62,[_+/M M.*1JZ,++QL8K,)1-4 MF=2I!.Z&V3YJ/C*02%`ODU2Z&")MEP,7'"2VEWD\ASPJ:^KR#J].)$7J7@N( M'Z(TB=E[PF<.N*-KJ35BAY130_Q*IG^%NNRTP+LX#RQ#%TD\VU\08AQ:K>24 M!HXRJ\QENN$76$'EW3!4L1O]C?8HF11>7,?OYYC'[3K,%'FHLTCBO7%]A9/4 MLJ5WD*V_%:;GIA%\BEP6JV0^1 M?%1;2XM15,F'5WD:??&Y+O"B%\N:"D74L+.?OG8O;72I)4Q2*'T8VJ10T9@N M:IW%_!-R`5HJDP5Y`MLSE@:1'!W!/7`LC$0L8[YE_KE&K& M1WF%+5&Z-%OYVZ`@JZZ0UL4@IJH;:PK+%27$@60?^U1=9,HOG):F`?!6"SF9 M20=C-C;%20UTVH#*6+#&'Y7UJ9CC7_CPB MIX9)X;=7#T3-!6)%LM;719H$97MK!S">]D3!$%K/GT\.\E-.OH8"!->8O"'* M(XAN"3R-^M*HIGQBT1AV`9!21HW-/E5G3`U!<8@Q$P4-S/'CM7")'YA1^48&QI= MF5:O.(5$:2;*A`]G9`I.W0L8>/'PR3AD[O6U%!;%RFK2J.%$1N4^5TM_!*$_ M)Z0$KIZFNYC15V&.F7P6=7BU!HS>L2MU`#OVLLE(7S;QMM'C>:AAH;BSEY]! M4$S0J3AH@G^4=G248!X8&3IH:.J^323'6^EORN,^>PMKY,"J8:Q-M@>ELK`IF MN2!Z,QX8%QP'E$5X3ZFL0$A@$\SAW/JGQ7"1Q_*%,795*1>[!L>(ZY:X5N,1 M,)EGWI?6KU,8)I0IK4"B)3BN.AJ$6^@XG8DFY5ZB'V<`)"B-2B>?H2/"U``C M^&#]$-EF:)@M$\P)5U["^RRA7`_;/L1,!,S$<`'B265!,:-3L9K[)TTC!"9\IF"HKYU. M)*`$K?S2-PY=8-)`9-4($FK3\"%)&;'H;"J'.)RY,+7[$42DW)\@BW'U,U)> M20X8;103>FS:@:-X,*U.%2T`PB=5E<,H+A35"">$-4P(P3L&<>+NCV&IYB:6 M%FV80I$)2IL4Y\#XZ+ZC?B>#`(0/O8#"SU(YC?$>@+Y5=6-N50WUK2JQ]KT' MCNAI_WNNC/?2$<50P`M%"9=H&\B88[ZH7$8I,P%@^-`4V*U\)*Z5FHO!$Z9$ M8L:37P%NOO<:HO:T1$Q(Q]ID"FCM$S.?#53A6/GZU+J6DTX)4IB7* M[M]3%,?^J(0ZC@C&*:LFR51)#WVB74_-Q+O'3"/`"<1=TPX2+0V9AO`<6[\1 MNQI1'V-/8]F/J-0?TK)+WF']8\D3!ZT8\(BYF'?/VG?+4+`"L\:1,8(Q$TL5 M2$%.ZID1$VO_3(WES5AC#J6Q@,>.MT0G(L"*OA*G1;284`IEMZW(^!*OK\02 M*-X28\?\F,!9$!_D'-/D,G&@OK8YX4XG_>,[W'UTBHD+2S#P;69\G@NF#TQB MAM%UOUOV!Z#RAAD!)DM3,UV3*9!IUP%[)#DM@-(.\`$)I=XP=V0"LIRRZ@2V MBI:ZG4M3^#/D46[%@^*7`6?K9_-HQ?-%V4>V1S.5!4F.-&TQ)I[:$R"19$5( M[D2)S`7Y#/IG8C??'5.FE?`>)XL%Q=);$DLC/!AG54EEM"HP[9?LKU1X M9(6EJONY2D[@LS_-;17/UR<\\-0S-3"L.<%^;KY;K0JD+.@*.1AJJK3!6'I1;=*.Q(7U": M#'9!U,/PDGV^4^T=(PEG#\56N:4X"XP(PJM(,>3T7GD%*84"M=S`0NO>.S4F MJ:)=#6X%/-1Y&7)FFB1ET-W#/^NL(]WW7ALK#6BQ'D`P M(K!%"5)*[&N=3?5U3%[B!C9OF9@]\#U92ST*0.4-<$%@EX3262YB\6T!!Q4? M+.0()]*T>DSIS<65Z!_O(84#;>]WVJ^(OIW,3]SD]['UY.*-1H?Z7_SUS_\! MMCU?6(/#;?.J:1H;&L($UTY[(/1<>,">ZY`&GH,TN&.4$(7&E M.A@M7&XR)_8CY:R%UD;K@CF M%%2NA.;R<%9S3\0E0,HL)IGM'FLP8&M@:]4KCI3FI"6H%T`&,O/"6ZGW+)@- M[>I+8LW84OE-*.-\W$TB=FJ21`DM&-`]'.(FNELR,G% MF./1F_*[FJR!>[Z^!3Z&NE!`D=A^4!?NV==HIV?=N$B!615T-TS9\QB/#I35 M1TO5VVL\"GH#X!AKF9.SK8@A+!,Q,=?%Z62J=:@#":K@1)L-Z<0-DI4>>4&" M6B68&1[IR(I$!_#*9R7DCZ[I6A513C3+R+P6OCN+VQEETA$D1@>AB_7L_*`D M'(M$O!MW>X89([#CE&#J=(#R_NQ+OPL7+CF/PK M;OHW4L4,55%RT^XCJ453M%,QK`*VH;DYI^^U)5K8LIM%78ZS4BTRSS`B7-*B M`D.W)L^D<_"E9D5E-8*\9W\$6J'8).%6037&SOH:)`?!D+-IJ\+1;!QX:$:; M(H83V^"%.S"H%R2A_04>M53B]\D$J0)WXF[C%KYPMK#OR"\AN79I,D3P)S!0J]*],&K(@V3VF&!M=<246J,R; MS-HW*)+TWZ"%36&E3A4K/Q&9^Y,U*XP%CC$T^J#@A\#YN*;M;8C_U4`3<927B*K.1&*ZTE M1N2K85,8.]'?^[?$9+.5B+**9SJ`"P`5L&W9GGD>L M*HY1&'XXN>-UAIFR/S%C6/$JSNS"AW'85RC&SI.G@#Z=?F>$W51*?>_'N)KP M]@>F\23LI]HWJ5V<.C&J?NE'9G)=X:X2'>IN3K<+Z9\3':P`[8* M]BF3@UU3F-J]P*9#F%2IC'-"*&,[\UZ9;&U>JA$UJ?1<@Y)=@QQY1-.`MLT3 MU)%Z=&+QY-W@-/&=/"=_TDP3*@%@!`#_9=\,X*2E.HCUC4SM%J);N=KW1<%` M:/1-@=?6U2,;WN,:@%5UU5"[!=WPC'XSK!R>Z;58RL2Y\_+$J1N$/^,H]"VY M"D_L%>_294/'/P;XQ4Q*)_U%IXI3D".FG):DC/@*SO'9#^4=R8HQDB-R]B?G M$8W$>X2$S"DWP(LF,_FT$B3(+%%ALK+!$4Y8^;12OMGPT-99T!#\,`DXE':) MKQ%D2MBJ)=1AST]/=2R&N%C*%#/R3`+BF+(3L\2-AW(>WE-"GDTO7T$]3Z,O MKGFCF-BP1ODX=WU"_"2K.@F)#.-H8TX(^]%Q&E8[GV7:?G"`J^< M;,?IHD![TU>*)Y(RCU%]21`2?>NI-FG:.G'QF5HC.U"&`%+*=CY!S\1TY+UXS+G,A&+HA,8E:G..4X<`/$VW9!Z>YB+D: MQV$"/ES:_0>;H,2ORT"LRZ_RN$^MSV]-S92SFIHII9_7OEP_NKN].+L;GHNS MD]$WM6]*],2^*+6KY)NZ*6'3!!U2^-:W^+:`DX'76#PMS'W!_X:2.'D?*3MT MD@(I9.*E.#CL!P>=0_C4"8Z.NL'QT;'@]];K?RN#A&2B!E^3G.IEIO+<^&`4 M-M67#%VI2^>==")\GDP-KXQ5?0&%GR[#;'U@:#.3I&%GT!T\Y=>\%J&?5H/F M3&?.4.8M(5C<0?M+!(?>#:34,PS0V4E\&HV80K5ZB0B9H((#_0J5J:-70VO0 MB[0.*P=\Y:_R9]`+T`AV-U.)UU,9S^X+<8\Z,%F*(Q0X\S`"TW>"^L>I6?.L M"-%&D-*F+].K/<8\M+F[2E$(.E)].%(U;6MSE?6C(A-S,4"?+Y3DYH3ABS/\+$0Y M'VV;8U@W\4O1#0[;1\'Q<1L^'W6/@\.#0TKC^4IL2C?>ZQ\$/0#H%7SJ!@

.'O0_SW`#X?'A\&[:/#2E).S9T,=6I8Z+XTH.&27RK@_(0[*L5`H>\- MP/+`RJ!]J2"G<17L(?&U+5!=SOC#9>F4<$QV0HTR]E-<(B,;.V2W!F(P:!UT MV6\S.&KU>U]:#L+7T.@D>)VVA[`*H$U]5/H?YHZH#&L"VLD^TMH':;HK>M:8 M_5O._OTR[^#3I&48:RHX1\%,:=PL^`&!^] M5K+M5)R4KL=5%]'O2::3&,8V#3`@$U]%W1['3[^O:!SV`GZA\>?S0$:BUIH MU^]-?0$Z]^H@FDJY>7J> M)XNV$3+O(O&[:"DCT1MT@@X@N1.TNUWX]T"K!J?)4X'/$D@0%,-,!:=:P2*? M@$5P&!RW^^)@=@;!<;?7#+[)AW?$BLD.YL>7[855 MKVO+0J]>@^B[[S4[JIS34CL_-3_-2K7D!#T3-0\7T](8;$/1P:_0U_4C*0W8X8%GM29PP[`Q\N MDSO89][._6D>/4G[%X4Y/S]0?$2<"H.N-]]9$=ND!5!A?PZ[=8U@D(#`C MT(H6YI5D#WJ!%#40V1\+-%^7>+4)M!#HW3ULZV^G4N:O`--3C!"9X`8PB[?% MGS#:0%5F`?=J26?Z03A[NQ/ZD%E.5S`_47X`(*K'[[0[4XN]7M?]$NUN?*NT MH+02O%N@_'2\#KJ7X4-%T3=]G\&?#A_GZ)L*?GOO1^+E8;L?=(\/7K4LKF@_ M;:Y6Y1D\,SA-/W;KMO"%8O=^/B)>$5)(=4P<2G()QY*,!LD?F?/VE?7C[R#L MOA-K)MIJK,JYA@=>7'T87MU=WWY7R_2.@.F9%@T7K+9B:Z1*N;SM%N3-I9$W MH.1V.J0N@XI[$/0'1^C1XH0ES@+N=/O!X/!(=+N@;@*)OE6A77;4@;X(*O(` M"'I?2^(,&$Z/_M6E9Z"VU]Y_HL5-S^PF?0Z]L+%=HTO4^3]:4 M5?7;K*$#VNYCK)!")>7.WM_>#O$]S-%H""9738W6=33@E\#80`D\MG,=DOP5 M!\%AMTU"JG=\!!I&&UV>%($U#Q^`?`-+J!\<](ZL=#OJ`O6PHP.EYA&03'4" M>@W?/'ZKO!#J=B%JWLO5(GF2,K"^"^VAVSJ>Y25WOJED.PR M),[%$3C_"JO)S;-?DRA%W64>K5J]-0E\IK=V';N8[E-=4WKZ]&=[?OSZ@:S\45%G9\>SL+:; M.K#AZ!P_G7LP(:=P25;$>)"5T/I]DBXFJ#`"'9Q1#A0N]P1LM04_2LONE10O MJ5`E&&U;ZL%RI#S@3\&@W6WU.V6)VFT'_:.>)U'UE2R]H<5LSKZM,IS\MG+L M:.M@Q@]``QRT>Y4=6WM9[EF-UVP8X/MF>'OW'?1[1\_E7IV+X>_>7]Q<`K.H M+[K4AFU;VVW#13Y?T=-'@:# MHS[]_PBXCG.?RXY%WH\!_>\`!%B1QI$I?J'VUC8&2(\Z/?S?X:#=<`6L!W-U M\+]@4=%U,+=LKW<];@\].OU^'QU(A]W#H-=U/4C(1/LP3X<^]X\/@F[_V!]` MOT(%_.MEIXVR>,`V7;??"P:`G.D:65DR\AH$Y3;V7JU)O7^5Q/MG]06Q-W9X MKCV^?W5]M:_$7SU%=YJ,<[>KJ"\'[I55-->5*J3]$G;I"`@$M!=49^N&8A^V MO>_*EY'Q(*'U56='OZFQH]>A=IL^GV%=;T9P=XVI[>&XL8+ZMFCN=]$G.N!! M)K4%--<9;)R7\N@_OZ%,6'Q*+Y;*W7?)]C"^&TK2%[@!730T[S[0]3*`Z!;X MV3[L+-ZU$]D8]%^L4E-ST*J/I5/AQ#MT0+ZK*9Q(/POS\VO!I=Y5['LIWEV?7-7O&(:\2@U%N=;\#^7DWQ2@)(4JZF%VA6,C+\5Q^S#H M'W3ITT%P?-#G9LF4GIRW)>Q*'74WW0F%_1\*.2]")^RBNMP6F`6#P\F4`HXT M`WI12"(+,$^"=I?'V"IT`WV[@S;PZBY^.AZ`87-H>#8%[().=X"62W!\>!RT M!\=T@4H7!:Q4EZ.[YU+=+O>-3N.^>-[B*%J,=+Q//)T&Q6.B81CH$';D:BEH M$'OQ<6R5%W!Q\W:"GWCQ.2-E+&)U2(>HDF!VM_>52A^+Z-`G`(BX(-: M'$V$CE(3GM.*=R;=_@3I9?BY>[KN9#3M(,Z&TOAOOGV]PU9O\/>Q@PI3WT2S M^3[>GQ"CRV&FTQG?FH@J<'OQ[NY\TY8Z,=AQ@U7E\=PZ3CH",?==8Q2T@V%0 MKYGBXCJ/OI[#UEGHU_S6%F'EDI_;>C)>#V"[Q'%/J>;UF`K>#>E-'V#%]((A M_8?TO8HYST7)OHV`'F-`E;*L$(4@+S5/]LN*TB"OCUYWCFG,UYW7G2/D@,<] MX(%=->(;">._`6GX?\+EZE?66+ET$CS--.H(W)YQ6%V-;X8_=OBM)@)@RD]X MADH`UXW4Z2*`--8A?M+"XQLYE9'XK@"[O32,8OKG^(9,PG"?JN%PC%Y;0=;% MC[SR8]#\C2Q0?U,L^.@X..IU2SOOO%^&>D7]NV'^\^5.]XR5(35+3>PFL!,H M7N24J.>[;YETZX\XIX,]JMKIP)!1)BJ_N*03G813^=D^"&*MC99GXY="7SH3 MWTO&H*LB7";2CP?#GY34958?Q09CR`3Q@;":53*#]-(+#,XPP_,%+PE9FU5< MFM0U]][RNM_6NF[/KB^'XN[D#PTAJ\X!N6]M*^=FF[IVIE*/U4U1^I;R&P&_ MW8,O&>=X+<*?C>^!.V20ROBB3EF824EOVEE>E0+7+!;]J]OCJ'[S7!ODGR^?L)VW^&._N M5P*L:C3[>X?]X+A[)/:ZA]V@?]@!,_REV(,C=-#NPF==U?Z%TW/O`'1`ROWH M#8Z"'@SR2J#7\P#T:@S6M14C*+N2G46BVAMT>ZC_8BCEH->F>3M=$.2D%>_! M<$<(@,L(?IPKAL`GNCTBJG48B_(E/W6MD&JZX0N-0'OL-,#XE7D. MZJ>Y8!A]ULU"]P567#PH5"K[H?8MC9223%G>9E^Y@K7>,W5>,\C)ABP'@"+U#:<'1TQ2FMIYR:-CN]<5QT".W3V4NSOP!.P,HMHVB%\SB M=O^@4N"T;JW(!54_]A=QU]"PB1\47*'3IO(.-F6*J-= MYH3_B?U4_K$#)CT5R"6,,U_M]J,+;H;\3X#F2WIXS2;@$/9TRL"S&J]!\^7) MM]>W3AX.X>S]Z`YD:T,.3P>#IVN[590R%CXVW8'<2RH9U-8[5Q2O[_2]+ M`ID2`BDLH>X#:M?MX1K';<`F$27%AOZ+*X,O`W',^75'7]9E[+E+0)^7]E%N M!7]G'?SV"JE6=+=92Q4J)=5I[ZT'53_XHCQV!P-[ZU-[7'&Z]5-=X8HU#[%# MJW0`QY'XW/*&8D]_>E7NN47)N\_HLJN2]S.NDK=FO]U">%LVV]76V]76V]76 MV]76V]76V]76V]76^_S:>F5QN['4WK,[[&KS[6KS[6KS[6KS_72U^2IF:WV% MO2V;[2KZ_0-4]"OO]:8"?\]MORL(N"L(N"L(N"L(R#K%KB!@^/D%`2OAHJ;Z M@%LW_**7?W$7?W$7?W$7?W$7?W$7?W$;>HGEC6P M85TYQ:T:[6HN_DQK+I9WMU2&<,//6U1H7%/C\'^[0N,ZR#7)[2HT[BHTBG_` M"HV5=+_-!1L_H\NNQN/S:CR645PI^;BQP:XFY*XFI(F$-=>$K'D'=ML2D3^@ MZZZZY*ZZY*ZZY*ZZY*ZZI+J^6(V(KB\V^=SVN^*4N^*4.GEW5YSR)RI.N?$= MD#M*WZR\`C+2SP,GT^8,D;"N.$1]AM+/*SO$K]BY#8Y*Z1O6I%SF[3I M;19:CHK^;-Y'=GG_3-Y'7GVE>,TOB]0\Q9JVC&+T>?/P4H@21=)6D*J_G7/G6O*_+7;\-XQ8N_L4O?H&O45?8>D&[A[>M:%'VS<;J M!6I^6X;RNIRG'7$K[3LER$,IUPP:57!@\\Q-T>MRFTZ[W6JWOWRV3T'O4+FC M=@*(?[TD.JV6@%M?.NX=NL\NL&IEI>=P\RV6!JR4"H[>U1'^J7.]9DAB-YV MND;JO`P_1RPCUJ[F,XK5P'-1RXEHGWF8,USC: MZOC$1@_;<\`Q.]`,%BCREZP'#N.:8U3OL6S8C@W:397>G0=O23-3CSH`Y=MSF8W3R"1/ZU<,ZH:]L^]`$$O&D&3LWT"+3'2D0\PZ M$`P+R4D&0/-V_:86/;/O=:HKP4,#5+U'E=?8[85G%4`LKI MY\:UKY'>H+%J,FG`CM?F[.H[L?>7_ZJBWQ'F_8:!UCCYTR4'KUM7693K)\-Y>EO\"7/F,!\855:U/6=17BI= M@'TH1NM7N^M1"3QW:C(EG2\Q"/L*_EO0!0Y\7$#E?'`:!CW,X$%5I5MU.I5] M67'%?=VOE2O7/.Q&?=V)!6QQB%RG??E'WV%?S23T_?45E4=Y[3?#5R.&N,H" MIK"-0[H9RB\H([?='W2[O=Y1M]T[/#[H'QT==`>'Z^(A#51:+B!5'Q)I""!L M1FS%L5^=W_?HUV3)U19D]R;W3GEY!`79\B__/O2:>,$YT9[ MDHJG^X?XW\2R"DAM!SS?T+P.\`T1C,U;L]8]WVQXENS>C=9RS;L>@7B+=>77 MF)9RXP0;8A6?9\4_0R'<%$!JDO0UM<>W4AZ\XM-;[.Y61:Q_P#C(F0P_:%QN M)4"S>4(G/G..SW2MTV)*I98;E)=U89I&?6:;4$U3Y^>';-:-M%W@IFF$IAUH MU*HZ:PV=R_#)^BZ;="[T)&YHXXW3I)=Y`S4U*A7X;J9%$RBJ\Q2P"MA6KH** M#"D16LUJL*@P=ZY(85K&H.G7"Z>2<-W87#>X_.UAK6Y4BKUM8:>L*UK;Z*!1 MP;2F,^.'QRKBTXG=-?IL.L<*716O'"&S<]2T44ZT36"X35"\3:P/N&TR:E3X MK!;2]8`>-\&Y/F[7:"LAE9K%5ZJA>B:M7T]@AZW?K?8E=U$]AL@:UJX#9%9 MM]B_F8XUAH>]_J/*5S53=K=?Q^_K%N-,V;C`P><,=@UJ6-.`QY\SX-UCTJSX M4-^;(AV'\\SOK_>EL6_-/E24G%IT&L7[.;,=U"+3"9=6'W5]G67YU_\#4$L! M`A0#%`````@`#T<41QJRC4P$`@``[",``!,``````````````(`!`````%M# M;VYT96YT7U1Y<&5S72YX;6Q02P$"%`,4````"``/1Q1'2'4%[L4````K`@`` M"P``````````````@`$U`@``7W)E;',O+G)E;'-02P$"%`,4````"``/1Q1' M]@'5NPX"``#>(P``&@``````````````@`$C`P``>&PO7W)E;',O=V]R:V)O M;VLN>&UL+G)E;'-02P$"%`,4````"``/1Q1'6Y]!6T<#``!?#@``$``````` M````````@`%I!0``9&]C4')O<',O87!P+GAM;%!+`0(4`Q0````(``]'%$=Q M$P9S/P$``&D#```1``````````````"``=X(``!D;V-097)PC$`8``)PG```3``````````````"``4P* M``!X;"]T:&5M92]T:&5M93$N>&UL4$L!`A0#%`````@`#T<41^`D[W95`@`` M=@H```T``````````````(`!C1```'AL+W-T>6QE&PO=V]R:V)O M;VLN>&UL4$L!`A0#%`````@`#T<41SP]C[5``@``CP<``!@````````````` M`(`!]!<``'AL+W=O&PO=V]R:W-H965T&UL4$L!`A0#%``` M``@`#T<41QXS=LZ1!```%A4``!@``````````````(`!#B$``'AL+W=O&PO M=V]R:W-H965T&UL4$L!`A0#%`````@`#T<41U8?'.RB`0`` ML0,``!@``````````````(`!DBP``'AL+W=O&PO=V]R:W-H965T&UL4$L!`A0#%`````@`#T<41PGR^IZA`0``L0,``!D````````````` M`(`!&#(``'AL+W=O&PO=V]R:W-H965T M&UL4$L!`A0# M%`````@`#T<41X3A;$^@`0``L0,``!D``````````````(`!H3<``'AL+W=O M&PO=V]R:W-H965T&UL4$L!`A0#%`````@`#T<41W^0 M._:@`0``L0,``!D``````````````(`!*3T``'AL+W=O&PO=V]R:W-H965TMT90=H@$``+$#```9``````````````"``=E```!X;"]W;W)K&UL4$L!`A0#%`````@`#T<41UBJU(.B`0``L0,``!D` M`````````````(`!LD(``'AL+W=O&PO M=V]R:W-H965TXDADDH@$` M`+$#```9``````````````"``6-&``!X;"]W;W)K&UL4$L!`A0#%`````@`#T<41PC5KDVA`0``L0,``!D``````````````(`! M/$@``'AL+W=O&PO=V]R:W-H965T&UL4$L!`A0#%``` M``@`#T<41X]EDRFC`0``L0,``!D``````````````(`!SDX``'AL+W=O&PO=V]R:W-H965T8F:F7H@$``+$#```9``````````````"``8%2``!X M;"]W;W)K&UL4$L!`A0#%`````@`#T<41ZYUL]"C M`0``L0,``!D``````````````(`!6E0``'AL+W=O&PO=V]R:W-H965T&UL4$L!`A0#%`````@`#T<41_6`J@ZC`0``L0,``!D````` M`````````(`!YUD``'AL+W=O&PO=V]R M:W-H965T&UL M4$L!`A0#%`````@`#T<41S*]T4X9`@``9`8``!D``````````````(`!@5\` M`'AL+W=O&PO=V]R:W-H965T&UL4$L!`A0#%`````@` M#T<41\\^ZG^T`0``1@0``!D``````````````(`!AF8``'AL+W=O&PO=V]R:W-H965T&UL4$L!`A0#%`````@`#T<41U@DR?X%`@`` MSP4``!D``````````````(`!8VP``'AL+W=O&PO=V]R:W-H965T5 ML\.]\@$``-D%```9``````````````"``7AP``!X;"]W;W)K&UL4$L!`A0#%`````@`#T<41[JY0;56`@``!P@``!D````````` M`````(`!H7(``'AL+W=O&PO=V]R:W-H M965T&UL4$L! M`A0#%`````@`#T<41^7<+-76`0``T00``!D``````````````(`!(7D``'AL M+W=OP``>&PO=V]R:W-H965T&UL4$L!`A0#%`````@`#T<4 M1S+PMT[+`0``1P0``!D``````````````(`!U7\``'AL+W=O&PO=V]R:W-H965T5X#CIH`$``+4#```9``````````````"``:Z#``!X;"]W;W)K M&UL4$L!`A0#%`````@`#T<41[[U_18V`@``#P@` M`!D``````````````(`!A84``'AL+W=O&PO=V]R:W-H965T&UL4$L!`A0#%`````@`#T<41U_^H;WD`0``^00``!D````````````` M`(`!8(T``'AL+W=O&PO=V]R:W-H965T MLIR1AS@$``,L$```9```` M``````````"``0:2``!X;"]W;W)K&UL4$L!`A0# M%`````@`#T<41]8\A=C[`0``#P8``!D``````````````(`!"Y0``'AL+W=O M&PO=V]R:W-H965TNX[T1VC8``/@(`0`4``````````````"``;>8 L``!X;"]S:&%R9613=')I;F=S+GAM;%!+!08`````1`!$`(X2``##SP`````` ` end XML 16 R55.htm IDEA: XBRL DOCUMENT v3.2.0.727
Notes Payable (Details Textual) - USD ($)
6 Months Ended
Jun. 30, 2015
Dec. 31, 2014
Notes Payable (Textual)    
Notes payable $ 483,871 $ 2,578,732
Cash deposits, Percentage 100.00%  
Maturity date Dec. 30, 2015  

XML 17 R46.htm IDEA: XBRL DOCUMENT v3.2.0.727
Other Current Assets (Details) - USD ($)
Jun. 30, 2015
Dec. 31, 2014
Other Current Assets [Abstract]    
Other receivables $ 565,620 $ 1,387,230
Prepaid expenses 6,876 4,537
Total $ 572,496 $ 1,391,767
XML 18 R33.htm IDEA: XBRL DOCUMENT v3.2.0.727
Income Taxes (Tables)
6 Months Ended
Jun. 30, 2015
Income Taxes [Abstract]  
Components for provision for income taxes
  For the six months ended
June 30,
  For the three months ended
June 30,
 
  2015  2014  2015  2014 
Current provision:  85,557   364,827   (262,461) $(15,502)
Deferred provision:  (5,325)  (397,357)  387,513   7,930 
Total provision for income taxes $80,232  $(32,530) $125,052  $(7,572)
 
Schedule of components of deferred tax assets
  Jun 30,
2015
  December 31,
2014
 
  (Unaudited)    
Deferred tax assets      
Allowance for doubtful accounts $16,374  $18,697 
Accrued payroll expenses  16,034   8,348 
Deferred tax assets, net $32,407  $27,045 
 
XML 19 report.css IDEA: XBRL DOCUMENT /* Updated 2009-11-04 */ /* v2.2.0.24 */ /* DefRef Styles */ ..report table.authRefData{ background-color: #def; border: 2px solid #2F4497; font-size: 1em; position: absolute; } ..report table.authRefData a { display: block; font-weight: bold; } ..report table.authRefData p { margin-top: 0px; } ..report table.authRefData .hide { background-color: #2F4497; padding: 1px 3px 0px 0px; text-align: right; } ..report table.authRefData .hide a:hover { background-color: #2F4497; } ..report table.authRefData .body { height: 150px; overflow: auto; width: 400px; } ..report table.authRefData table{ font-size: 1em; } /* Report Styles */ ..pl a, .pl a:visited { color: black; text-decoration: none; } /* table */ ..report { background-color: white; border: 2px solid #acf; clear: both; color: black; font: normal 8pt Helvetica, Arial, san-serif; margin-bottom: 2em; } ..report hr { border: 1px solid #acf; } /* Top labels */ ..report th { background-color: #acf; color: black; font-weight: bold; text-align: center; } ..report th.void { background-color: transparent; color: #000000; font: bold 10pt Helvetica, Arial, san-serif; text-align: left; } ..report .pl { text-align: left; vertical-align: top; white-space: normal; width: 200px; white-space: normal; /* word-wrap: break-word; */ } ..report td.pl a.a { cursor: pointer; display: block; width: 200px; overflow: hidden; } ..report td.pl div.a { width: 200px; } ..report td.pl a:hover { background-color: #ffc; } /* Header rows... */ ..report tr.rh { background-color: #acf; color: black; font-weight: bold; } /* Calendars... */ ..report .rc { background-color: #f0f0f0; } /* Even rows... */ ..report .re, .report .reu { background-color: #def; } ..report .reu td { border-bottom: 1px solid black; } /* Odd rows... */ ..report .ro, .report .rou { background-color: white; } ..report .rou td { border-bottom: 1px solid black; } ..report .rou table td, .report .reu table td { border-bottom: 0px solid black; } /* styles for footnote marker */ ..report .fn { white-space: nowrap; } /* styles for numeric types */ ..report .num, .report .nump { text-align: right; white-space: nowrap; } ..report .nump { padding-left: 2em; } ..report .nump { padding: 0px 0.4em 0px 2em; } /* styles for text types */ ..report .text { text-align: left; white-space: normal; } ..report .text .big { margin-bottom: 1em; width: 17em; } ..report .text .more { display: none; } ..report .text .note { font-style: italic; font-weight: bold; } ..report .text .small { width: 10em; } ..report sup { font-style: italic; } ..report .outerFootnotes { font-size: 1em; } XML 20 R57.htm IDEA: XBRL DOCUMENT v3.2.0.727
Income Taxes (Details 1) - USD ($)
Jun. 30, 2015
Dec. 31, 2014
Deferred tax assets    
Allowance for doubtful accounts $ 16,374 $ 18,697
Accrued payroll expenses 16,034 8,348
Deferred tax assets, net $ 32,407 $ 27,045
XML 21 R25.htm IDEA: XBRL DOCUMENT v3.2.0.727
Restricted Cash (Tables)
6 Months Ended
Jun. 30, 2015
Restricted Cash [Abstract]  
Schedule of restricted cash
  June 30,
2015
  December 31,
2014
 
  (Unaudited)    
Pledged for bank drafts $564,516  $1,772,878 
Total $564,516  $1,772,878 
 
XML 22 R50.htm IDEA: XBRL DOCUMENT v3.2.0.727
Advances to Suppliers-Non-Current (Details) - USD ($)
Jun. 30, 2015
Dec. 31, 2014
Advances to Suppliers-Non-Current [Abstract]    
Advances to suppliers-non current $ 1,470,703 $ 1,250,067
XML 23 R42.htm IDEA: XBRL DOCUMENT v3.2.0.727
Due from Related Parties (Details) - USD ($)
Jun. 30, 2015
Dec. 31, 2014
Related Party Transaction [Line Items]    
Due from Related Parties, Total $ 547,935 $ 1,619,823
Li Qimei [Member]    
Related Party Transaction [Line Items]    
Due from Related Parties, Total 391,131 1,022,025
Bengbu Boyuan Real Estate Co.,ltd [Member]    
Related Party Transaction [Line Items]    
Due from Related Parties, Total $ 156,804 $ 597,798
ZIP 24 0001213900-15-006410-xbrl.zip IDEA: XBRL DOCUMENT begin 644 0001213900-15-006410-xbrl.zip M4$L#!!0````(`.=&%$>$2"T/@I<```K$"``1`!P`8V5T:"TR,#$U,#8S,"YX M;6Q55`D``S+.U54RSM55=7@+``$$)0X```0Y`0``[%UK.WT?E2(@VZK&X!&0Q]RJ^]NOA%\"8VR,(';" M5-VMI:TO:$I_^_3)TA2>(`^1[1WM@7]P3H&?[#O+Z1WO?[L];QI[P M[\\__>W3WULMX0OT(+9"Z`A10%X0SOYJ_7%\>SG-+^C[\KZXKPG_)1IM8+8E M$:B"J!](XH$$A)NK_Q%:K6E1QU9`BB%YX@*D?3!.(ZDOC]A%!_3_`L'F!0<)>F&$8;!O^\.X,E&3Q;V?_C;)YR+O1R(? M+7/?QWWRKBBW:?(C0;$G"+,L]`T'S3*Q&;3V.#'Q^D(5SW+\/C!-LQVG)EX/ M4-;+I'#0_N/J\LX>P*'50EX06IY-<"5@H1Q1YEGF>5#@*Q+0\W*-WV`S>;[G M1B%^3[P?0 MWN_[3^U)(F6"W!)!2P:)K!'&A-G+\DY2:69E,;,#478^DK`D"WRQ!]EY:$I, MU\5,R'N"09B=;9RV1#K/0G:0G2].HMG`8K8`V=F92,*R+.$(+\E#4I9DBH)6 MW[)&LWP]*WB,VWF2L$0=))42)\C,%ZD MAHMVZ(,@[J:WL"?$'?S`PC;V79AO!MHC[(\@#A&!/#<\XP*H($=[`1J.W-FS M`8:]HSUJ^5I3P[;_$CA[0GMJ0$]\+X0OH7`'[9#:WHEM'5M/>Y*(G*.]R8L/ MY]_/'D3P\(OE/9`BI7M1?!C_N^\^R.#A%-K)YWOSXHB=1>'K_&_DT"?$!F,A MUD92^"D?3BY^W?LL$N.FJHHLBI_:Z":W*1;4J5Z753O#0 M[67J;R?T.AZ/PR5*FJ>64Y)\%5.O,\)4%4I21>+#+Y&7?+Y5*DI1CPR@2B'J MD;>UEBSRIYYVQ7;HG==JL0Y=F58G'3I#?SNAUT2'7E`2KPY]$@6A/XS9%[F+ M6A*EQ>=;I:5%]NE%V4O]V2JT'E!P<.590^0!_$KFWX%AX\0UZ/D"?=@ MGU8\?>"0*E]&+K+1!(O@()(^7EN:3/4.UA!O[_/TY1PY/[4SJV0:B$'W$3CQ M.QP@VX7!.Z1!4K2FY5,M_YXM0-/K\]N^V^LA&[YG!F1*V/`@Q8-+:`5PX+O. MQ7"$_2=(D]_C4)`CYX?BQ"UTZ4[<#7'^7^^QY056O`X<'+^R*6-JH-^(TM%N MD&%]N?8^T_7Q@X1T#06R*7`,O?YC=.R_1I9W"RWWC(`.X8E_&3KOE!8K)?Y0 M5+D;^#B\AWAX"A_#V9AQ;'D_+GW+ZWIP-UB0*<:TP=/"-`T\:^#[9__]-/!, MF*:!YPT\P/`=]6%&G*:19XU\[D?X_;3Q7)H/U<27L$^VPYN^"5.1`=I`29M&ZN.$U#GT,4PO/(998S+"_J$6I[_5?237:_R^?+\Z&;^BOL0?0]"@9HHI;]'6[G'&'>02-/@@/4=",O M/F\\\8H:>1+(R[^1F<":II7?H)53(2QJT1"6!6+P"F&1$\%^"ZRXLG#R^58% ML'#0JEQM8-""_G9"KVF;)%<[\%Q9KTN4E'[>F*3J!AZUXH&G:>7M&'C4HB92 MK7+@F<3NIU@QBX;>4@.YJ-5BL?MJ/;'[.Z_5PL/Y=FBU"6!]NP#6CT6B)N*U MHS"T\(^8)G<6F4'>PB?H1?`:[LC49Y54<_EX-WA;:&DW*5I#E3RJ7'@V&>7NK9=.%`Y\/)UDWT'\A&SZ M?#?XD2W&9"A/"],P8@-&G*'PTGI^!VQ@!6F84&K"W'&>Z-7KP1HSY14^Q;8S M:K6_,MX22"BDMOGQY@Y;P_):EX5VYBZ";5\9RI^B5WI+PM8R/WW/\([%@*:C MTJNY9[BXDIJ0SBVYDW37.-%$:'[4EG_/%J#I]5 MP?]1VQ!YN]V&+/Z/U8:S5;V.YW1L.QI&\4K@*1QA:*,X.N<4!C9&(_IKMS?= M9V#VS78K*KV4Q.D-M>JCUNMD#E`>.E%_D3E9S[2@4 M[F"\.BX(K=;T^4]_N_@_\-_GO]]\A2_P5-5TX_LM_!-]OAC\@$]G/Q!^>=8/ M;451;%55[?O_'7P^^G*N?SH\N@#G7[]^`L:1J8*SB_-?@'JH*9\.#4,Y.#>3Z^\_+RN-I!7']D!:Y>&."C9#Z:`GPH?/S,O7T1!B*_3QAH(L MY*RZZDX4T4ZBSY=\%#$")ZNE207U&/PY7"@L"O$!>5ZXI%ZX MI*A>6+"L:=#G0GF)D-""A4X#J+,+G::N*I1VZS,WW@%/]/A/U(P5^8BSY.O%]<=X>SZ[/;+=^'^[.3K=?>R2WX]Z=[>[/]+ MN+P_W?_47H:!`I^GG4`:1^M>>`Y\^16^<@+(FN:E=4V!=(C^'*K#<]?JKO`F'LGX2CYW-)+U)^I*`YFKYIP\"3A"28)(U9,-8XR4 M)Y#?I"P83#W)+GF.7(A/B)KZ/N;5(>^&EDM*%6[AR,0N`G()A/:[*QUM`70=\T#.-7T:03/L3]D@@`1 M#&JD+%&F:4CRO.GS`-4,?/,8X5R)14D2)77G)5X=$IM+4E/73:,^)7#K7(IN MRC4V7BTA[;GFS@2`&I,=%[@<6X&J&:)27`D7WA-Y0J9C9/BJQ1,V@:0QKC!; M_R:X>/4:V31-=GQ?ANL4]B!1HD.O`@D"&`;U^D^2+BILWUZ.A@-H;KJ5%%$O M#+H;#B`>OU#G:$^LB<[.<19A;`Z2FXG7)<74UL58NPX-,G("@]%A>6B\-$=< M&XV,ZM(:V):>6:O)4@+%4"6%<4#R`/$`SDW'LJ%H)MA*X%6$%.3.=T5%,M0/ MJ(J3Z^_II:/ITFI171`1@Q!'L>-TX9%[1'JH5[ M;0Y@N*U#F))DBLQD-` M/LAYZ=Q0@%D$^;)%C6O?J].1D511I([,:CCE07,;.A1=U"F]UP.=.]DAK]HU MJEL!FBR:*R9@Z:)Q+TF9(ZVYKH.FB]*.R\J<[,P?M0U3UK2WD)7;4*("#;#;]ELI`B=S MHRFJM-N2KFMNWH&D:YJ;F+[L'&L7A5W;WA!)I4T;EGU>YR*XJANZS(#.P%$/ MS()GO?,C:V05;*],:Q]K+C2Z;8^0*X[L%G'%MD>HO,.IZR]Y%03,+]1,-G10 ME5JKN]!A&Q3+MP]OAPC%>NAV8"[0`-'M%4@:ZO#3,.`;A$UB-R4` M^S9Z-75=5A6&`CQ!+1FWZF`.*`+JB$V4>I>6_FRYJB&^P&X0*, MS4%RZRZZ81*79UV0C,=(.\N;Z'4QMF05*EX25!>/4D0"QB.]L7`74RL&G=@Y MO8$X/OA>23,P]^HPXLA[G\5]4029'O,R?%S%N;)P1IMD/-\%<3:F6/7BC*]4 MF'Q5]Z\J/)DE=SU(HI@.2,Z!Q0']9HU0/?J+((AJU#MSQ\8*2"51<]4W)]3K M76I2O\*776FR(?[:5;\$_^0CLMGAH/+XCIO."&=HNNA-);*L:++(3O[&-:^- M)GGC3EDTFJ0I9@DT2=V4W<@%LFRP%]*45$YI.*HN@15P3OR`>/Q??-\)[HC+ M5#V!@$E/'K(43P`HBHTKG8BV3,G@AHTKN60`@"15I;C2X&332!JNI>#B(SLW MV.\M6:[BRS9%EF3&0#"5%\'$E65`T72V(3?$Q)5=]"8,C8WMX:*HTJ"`KK`& M;`FH.^BZ9$`\>QE!+\B>'W`EE2HF#M8FJR\(C"^S),-DQY]2R+CR2](-6:]$ M926!Z:8.U@+V!7H0QXN<'6>(O/@:T!`]P=I8!T1=29BR?$!EL?,EIBD!=L>F M8NQMY+(.@:&PQZ/6A-P=T;O&YU:]AEDRT`$PV$BA-(3B M^/C.FQ7-,`RN^/A2TY#9.YZXJZ_L=$<6-79K:CU\\UVVZ@G8DG13`1D(YR`V MP! MQI5\JI&8VI6$QM<`BHF@5ZY:*\LW70%B1J]EL$T^0O(8(.=US,-*>)81)[EF MS65IM'G-95G"2V:NX;&QE;GV/3\Y!-9F8UI:XHL$^7!*`N?KC`%=EM.'!:I" MSM5`M21-8\\3UZAS#LB5]'F2M9"_)<-E59$3)YNYX^5+;%V5V;&U"+PUE MKV!!B!.R"A:,*M$9UV4=KCKCBBSC'%WN*;]*S5H.F#*8JS5Y%8&NU!S6HFC. MIG)-S/]!.MH@A$[GB;BK?7@=T3NN_!]`!@Q5TC=5HQAWB;`"MG MZRL$5LZ>YY[O9"*-5B#CJUVN0D@;"9'\!,[(A6\2/`G(9!4B\W5,_>@Q[D3N]N:_NJ4!)+*6W%%25O;DN#TV2!^,/ M[KWA`I.IRVK&)P#76!(I#[ZLUE59ROCDXGH+3QA:`3R%XY\7WN)7HVN96:B& MHB07HE;BJD".TE'.]+OM)D\Q;C`<6$%"3>^,N>G%`` M2`30EA2@\"=X.0=WB)JLJKD]8_WOZ'*6K?18(6KT`LEJ9)M^';>63B-)0)5S M&XF!PQ-W:JNJ+KDI;7YHNP*A"CK/$P9-4T^8LQ_X!(M M0.DC\:H$9)V;`.F;Z-_>YFR`J'1\DRKF]M`TI)5C_KW_5CZ[(?C+2KF<9T+"I*J*4#,]VO7QUNKY&7[D:(9^0,$/\FGZTS,)9YO M;[HV`U6CHU^UMM)CK9@[4"U!5I4X97?S-1.8N?/L->0A=#^Q@D&\-.U`Y_CU M6T#72F=G;SMVB)YJ:A_B84L*,^ZMCZTRB4HO*2B2(9IE12*F*0Z4O?<[=GPE M.L@Z^"9(?-UL%*;>A+[S0\OJ(#*=OLZ3``Q!7PBVQ"./P^)H- M<"O5N=?'5IE$I1<)TNS=3*:8VM`)QNOOHPF)NKU;D@DCF\Q!:*'GR"/3L;H; M35,,A;W(;V.L=0E<^DB!J)IL&"-W@>G-T'1>W>TQ-Q>_0>Q":4#\CL.S:%9_ M*:FJZP#*H.#K)C!`$A_VKF$!5Y-(#\AF?P(*+[QEIRF*##2C(-XE5OIM#*QB M:+(FK1Q"5A@8KB*5OX'.!.Q<>#.1SGH]:(?=WMF+/2!.%+RU0MCU:$'$A:<_ MJ!O_9+DU';65%<`,]$7`52A460>&_?K1IB)EOW$#,:+G,).K!G6$<6B2J;`A M_07@52A6:5=3$ME5^TVE2BQ)(H?TS#HV!26@)1=*4QA*(^2\J#@^84RK?[-K MK6CE)4!5=&M4&E47]RUO$J9+I^N^BYSI5:,W)`,A9?QGMS$\$.':Y>9V?_^F&AR,A"%]=>+1G^ZZ/#X1_C`\U'`H]4FPK0'_! M`P&(HW#Z@+Y\('@^)DJ8/'NR,+*\,/7T.3X,,7_HPI`HIQ6,+#J6,<^1!UN# MU,L^'A'C&AP(5A3ZAP*5KV6YJ.\=$+@6#B>/D.=`6K$X>ID\">EQOAXIA9;E MP4/A>8!"&-?*P'Y&CO],2@?D5Q\[W] MLQ\>TD9XI+]<=^_/!""TA.[ME\[UQ7]V[B^ZUT+G^E0X_G9W<7UV=R<<=TY^ M_7+;_79]2G.U'Z?YVZ/I;SO=G#O5>"D&[JO(FS2H-1P=_@-HXGMJFG?5TUAS M+%B>(QQ'`=%-$/Q_>V_:W+:1-8Q^=Y7_0U]7Y\^2_6YJE)8 M*6*A'`7^)PXC9S2O"U]5G(G6H&8+A*R9D[Y)IM;H6X.^S?!R-@%SDIU[/!C/ MV0VW)AY@!/X\@^T=&^QC9!^SU]&$,\%;`S@]_8JYW:8W3[YI_OJ&W9DA<^#` M$%>2L?SA?SBZ:7AXS"[AE!G@ M^A'"HM^H_>V/08T7`>>>;@<'GRI'<>8GA:-P_='$@=W#X9?@`8^&G']G)O%DNJ,9 M(#W"0]#\6`O>"@O>,B&D@N#79DJET%6$FB\>^T2:HMTDA=3-R5Q0,^B]L4$R M@B@T%R7VZ3C@Y)!9TIBK'LRK4-0@'P`%H!9\>`(DZ^^!'\_81V<*L+1!)[%W M@1,YX83]Y>!NV$4(.M!&_[987U;H?[C\G;W[ZR([A=!J#F@KJE:D5)4J#I"U#8%6BO9FL$6%D"*JMEHB+GI M?4O>"H9T3WH'H&5<#F0#7@-8+C/',.(8UH$O-`<-H]MH&(W<,*NTHD67L&)T M@_U$S;79S`S8+7;09J#HQ"#WH&L9@G)GH)8MA-*J^>\`P.[\R+]#-1M2H7(' MC)W*ZL@*\K@6R95"5Q%J%+.AA1KX;LA.O4GLP.'""[CW'P>DL.\"3Y_YR7$E MP\GB67HBS\:K>#:I)9W(U*$9DL2G5RZY/W-Y[HTK/HN'+IPW0!*)T]2B.+F\ M.EN<'.3Z>()[@'_8G[`)NA?PR/`&@9A(_!4R]&>V*%2`)LACE2[U#Q\V\7_Q M7]9Q?]U<9Y9+JPD^R-)`,RD<.3E M#]H1<%C*OI&;2JK@J>EX+FGL=#M5%4\5%$9:=Y0$72]?9!$&G[;2'XO6:]ZX MR]OWI@@VMNG+U+\QRDH*92Y+40AKBD> MMW,..C:!'Y2]CL>*!&0CWXI#!?$,('-P1'#=.:Z("B3G$S[-?S@4X9OU+R4N MJ3PJ:%U,J%\PM(%H;2J%)A:7[L]#*WT#3V=5^;=4W*J%:Z6$Z\,-\YOETS_* M@R$'JQ8F5K<`*-;D05]=J.;/['32'ZFH%I#!E(:.$F`6!S,_1$>Y.@0X9+V! MP<>5E)8B.Q#^@N5WA9C!)R<@5_S`L6".=+8P":))[?=[;D,0L!G+F#=%LZ?#5>I@*&<.582+P0#D6F)DGSUY'@O`=./ M8E):6&'&&X?I"C+:`&=(7L.8=B?$PGB5%90ZHJ1*J*FXY,Q'E&!95.+>;#1? M]:-)ZLM1"G$+K%5I;%64:RODR<=M'-.02^3ET@=8J*T^40(YM4M%_85=YTI M+"U*?%TB='[]1K7:+IV0J;S:KK5$*906R,4Y4>-A];(,;\ZP5*NX):8'`YM" MA\B^_NJA7Y]1Z'[(QAPDBXE2`Y[C,SHP94XP`0@F9^;R?##/U^/K8_;[Z>EE M[O(83S\D.)QI9MF.AXA(HU@3&]])"P*0F^8TB!S+Y6R`4N^*CV-7O'1]]+\@ ME&@3L"1W3KZI.;-]W'4B./$T(<]TBS..?#\2``JX]*T-YRS9`ZT;80F$N(D$ M@X,53>//'&_Y)/E_0G3'F6-Y`1VM0F%VW::-:*?O$\^>_)F\_8*X\`P;!P&B M)?>"Q[&4`EX^X$9H0M,)D`02&V]YC>F:X(3JT#/J[1GE'85J`%Y=GY26V:5% M36UEM@XR/C3Z-@PRYD%D@C;,*@?'2W0#Q9^*_+50C@R"5TKAY/:S4))3S%!6 MX8(*P3F<:"Z47;$^+5"\_6.-,PZ`641KT9V^6O8* MY8TX\6S\]/(%^^P?L[:Z:9)%U.#K*XXQR7B3_@'(@0V._F_>Y>RX6:?K_2Y/ M'.DT'@-5LYZ(#,QHYC2]<]=IG-D4T6M@+&<$9.!%IPE57\(,%JQ;)W[6V7GX M&1,_6^R(75_\_OGBP\79Z><;=GIV]N7KYYN+S[^SRR\?+\XNSJ^K[Z&JK]FH M_8DE15;QZ=_!&(KIE.+*1BQ,96_.I)#2=_%&T\FJ<0P5!QT2XGE9!"6H-G\K M%6#QV7>M2T)H6;SG"WCV^+DV0CI[6DZB6N#E&=ZQ8L2:-$XY"+O: M&1FL>=P$3L._EDV.#^C'^HL2)3#D(&&["_(<$M_5$J550J!V4I4<,ZLN%I)X M4]EA3B@[V7:2-'9&FXYCAVX0#/;A]/H=.[T^8S?^S+'8H-6`-\U(N=;#G`TB M\WHQJ2MU3-\JAL[>$20,;;"ACSX346$7];2;J90><,L?B_AZ:7!DOY(QZT/3 M%8G2$\[!J$#[01H6D;"*\"[3HFAX3-L&N$PQMRM=G+@F%1&KX<*BS<)E8P06 M7=U.$6(,X"%F3.\Y9(5JZ=9(4\SP@H;)3D#9FU9X*KI#XP3#M,B@$9TKM*%1 M.CFG#8TJX&^E:?&)F^COTN9$*="DS8ER8Z8P/7+))C`0,TX>;2M8CG1MZG86 M+$BO&LQR`3,C99V00G;423RCEO/!VP&YW0%`!NIV4/,.&`(8`SX*S"D'"'ZG M%Z:T!M2LF9%P+8DE8]JV(Y,AL[=#YM"/(UI0'/*%E4PS&].:6HL0+4(V%"%_ M`?S\&&_69G$D?(B9)(N["1C"JEZ0N:1FM]=?R3(O7RPS%WRW"O*/ M#-TH@.40OH*9@)1<W"&@0-`!\P>2$.CFA4++'GHB.!,']=^Q33$S@8"]6"D]%#J?$ M-NE@@N^R_B4*EZ40%S&Z-.)PT#GQRPN\&@PT= MO]'*0"L#K0RT,M#*H'S*H)U3!EDU$'MK%<'**GQ45R.,I[.D$O5Z#Y1#?4') M]:LU1=TT17504UL7,0:M6&804,)K01#)FI"1`),]S"C+L$ZH+FLH;L3,9%>" M+0AP2C\/L6S&<2;^;,5,^?%@B*.%,<@_$4U$-(QT5R3.BLC/+H\\WF9.CH&8 M0Z/6@B'#Q1)H&`JS#(H%YP8"SY&1,TMK75RJ+>[&4,PE%VHJ/VAK6#P<#MS$ M*!H@G%S@31)W*Z.<*?5JQS#9"B!5%19:CI<6-;66X^:MZ;B""^?"=B*S+&>H MR=*6Y.2]I=HD;`039N/I*).<649G!0G`303K))`9W- M=^F*[C0KJ("$M#E/%I&9^#^Q/<8_RBR)L8;LIK)8W4E6D.?OE<8Z6++TF,P' M2][@TMTD!PH8&X#BR4QG3+*J)0HKA3!M")4;,_=D8>0\3[)D@XE%J6,O$MF? MV9YH85JS.WODP5K]6.,BE.F20]__GM:*DID6/-L4>\K[DT= M;^CDZGEG?__T+M\70>0Z)(5W,XW=9%K$2)9NP"W)"6'IV;)R@&(_4TW.2D2+ M-"'@G.@QF%@<':4\4EV0Z/M(5NZ691/H$@?/AFAITJE>F!*V;..S8).%5&!< M7@J!780_?^`V5NA@5QSM$2XZW!TGXB\!73+GF(!/1V$?3INJ%`;%F*+E*FKD MY_YAA69^54\F= MF;<@V-1NLI.L\:M)'2$MSTS1NP+!FDR9)NJ'JTH5T'%ZY-)>J#R\9<736"Q7 MGN>!F@(.VP\Q%LP1N\7.KIF>=1E28W@@K7#GT?I:O_JX607\Y7&55*.B\L=F M.&$?7%AE+1%7*33I0V:Y,5-D&UTL%P!.^6LA<:_5;AAL!?<98`C`WR/X.]6Y M:3W9_/$4K`E+ZE/1NC">R>.7ZUOI(5#5NLM8"RN-,6FR8#=6:4F,Y#DL;RBI M4H;+MD2NO95(U$=#(IEWY?TQ#I3F"859^"0P"44[%721JWJ\Z*TWL16M@+I8 M9-)Q"U`BBAS9XHJ12A:$A24,M%FAY9VV(;:S(;Z*U-QS6=Q#L/5I&LZEC8FG MQM?SLMF?A+E>OG@8NK9M;WFS7"=O5=G6I^YTF% M'L'$ZJ97I7R-1G".SZA\/-)+Y8[E>@J5NI%)Z"+'N/5Y9! M7+66`".X8KD-Z399&U>4=^^C)152\Y95`(%%9MPY.$/@<#0C*%#!HW@(3+(6 M/HYL<*OH\)M6QD["LH;<=6#9JOEGP,W0]^AJ/FUM:3F!%4^QH*2%_6/R,C<[ M"]*%:/A&L6P)M)R`<4(C6HZ>+#<-B[>XH_6A(F]9)^D&$63+! M&`%I$YJ"L.5\%#Q'GOXI]J7+0(C".T1S"-%J-*W]D*L8CM$)N`X9,@9/^G&0 MZ=C-O5LG\#U1[4E8?,?L.AO%MQ(Z%(V1$+^\%/@%@S=&L0O$>"M\B*[OC8]< M`DR&5O'FQQM3O4SQK9&)WI#!R1Y0QMQ('74!1P`C,@VF^F.H;U0%+!Y0DT/S M!^[C7Q/'Y;D"7Y(\)"^2>W/E_N),#_,-JVJ*R,#9+/!G(*4C+,PENF*KPN6B MH);M`/4$ZECB9VEA'3GBX(+1D%]F7#EEY*Y%<%,BP],F3HMB)7%L\9:>TIK?X"8U-TJC"^J#4V:,A-\F:M3FUE0K9!%L2 MF_B*ZPI#;FAZWQ?R%U2EGY"Z84T`^J",70?FMK-95>)]L&YA&Z!H0:FKAAED M0J"G;0J@F(@@?XPDE38)Y0_`,[,X`)LLY%+M+NY0:U\M)[3VW4[[7@%SPG%3 MQ!R$$ZUSGQH]VJU6.605J>$%ODJ5;[BL6TFC"N48R-?$1=P4'L3VO@YZ.++' M]CB4)36#A6E`,>U1KX=-E-+EV_:3T!B@F;/R`7G-?JCHSK2F5/^_"E)2D&GLA M)IFCFA2UIC"?%;W:L`Y_RH/$@TQ7'=@&#)84"`T\Q'@8.N-*7[4<@OI>4?2^0.+!%>(^/`Z4CYQMI8B9$J`)FOGM85T7>]LD\4'-,^1FC#*0Q.]2<)UF] M0].F0K[R>DM&9BLPY:93K30D.("VH@D!RLA&X*A7DUEF)O*!EX(3L(P9*5;V M1D?;(^66G[4[WM3>6+%O2?*`W+N.J0]1H-WV3XXC[4*H'++N:_*5N^;&H!J, M<+@5(:?`?+=@CF!U#+0`E)-&[)J+VSKJQHU%Y4.6:]RS*.Z/"_K M-0.CM\3I=NS[-CT`@\98,XI.Y[/`MV-+187Z=T>B-ETM55JE,%QC=JPX[ZU+ M2%,,B>WM(Y4C#FS%`Q&+'4:,'%5)S:\LYV:XUC6'\!S%-M_R8,+-A8#IY)9+ M(`?GD:ECHC@:$U7?U7*2>-EC]D6.1XL)3,E;"CV._`Q''3!92A61]XKM6!08)F! MA6\R=&%AYEP:QTOA/B/SU@\$8+%J@V\N`EC0[$C2!`#>7H[]32*(J?2L:1/T."S]#F/4_2R>$H\L]6-& MPE-7L'-NPC$-3FOPW7MN\>D0Z*O=-%BKT>S0`N&/MH$WL#,NRQ5J[:2UDS86 MMSMR70:8TA'-#7;IFO(2`D.+9W2]H8]AFK.TW5>(&56WM,CR2YEJEC`55TPE M6GZJ:MR1+!:P8!-B87"801H?GS`?C&/>#4>--X,?Q1%MZL`.X!M8*[DM9:J7 M%XIR/V"DX"6AC2O_3^Y!#&6>HM+EF0Q#<5LK%B22L-!JM#`53D1562;"6M09 MECN3B5FT)2J?A)U&M2+6XD*+BPV/B?^B!@@I'\F00&0^VPE%8*,_DH$`ZKR5 M+>1E8\2DY!.?OME?COJP50G_1;"?[7=J&[KY%=A3O2 MO8L=%T$O8IGPQ<19D.LCN!Z2[>8N`;FFG>'Z971[G6>/T%9#>%[7X3/3U6]K M-B,!O`F3/6LL?#(M#.4-Y@NNN*T9[.EXZEGCK[EG+MI"63UK/'SR(SC8_L4G MCN7R!^HHS4)/@KJNUD-/CX1SO/@-?,^QM"*J)`+WS$5:#VW:N-L,J9D"NT@O M730C50J#8=+7Q!7W83R8HMM\.Q:K<1OTER^>W+T&2WB>#O&Z1ZEOU@Y5=45(;*NFX81C[F'_1.Q:376719-0))<"EHT M]8M,HEPIL`88WZ4&:-ATT8%U)GTEU7,"NA2[(Z-N5D7Z*K"*+A^A@@ON)1_K M"S^D119R$>:05&+2\05:_&MS:LM*PC**_W>*XK^&@ZFV MIIX:0[H60>6055A5>#E!)DGJF@7.5'3+DIIZBRQ,@-+EC9>,D@2>R5K-6B%6SH)D0H&K7I+A[;%$@?4 M8?<&^XQ47XP_!Y:J*&HJSC6;N3!,VY^!HEOH[MGO-`R6Z5N>Y3DCT\%Z8QT*J.62IE%3-O*$]69O+B*ZC[87@N6EZ.5'LF2K=)_0*+ M\?:%/79P%A@10!L'7GC,OLJV5)AD2UG>1KI:V<>;NADEM1SEL5TM=VEYF/,M M5BZ2;RF.'_L-B9^'/+K#Q:IWAZITT@JPI"VOTNVDN0*J6YAJ]YYI\JXJ+<(' MD^")L[GFG1@2(1(+5P9"0_0[6DHT%\/1G@22J:=99C(O4`19N![[Z7B5R_MO@>B(ZLX8%6)Q[7U*SO%7P$E<#2+DI,939RVE?[L'P/V3YB: M_4U&]QB+RB<5V4RE3I&PF'*L#4)M_(Y6T! MG)O#>"C4452H,Z2.R,AT,SN^4(3'[#)=9&:B@MUX/O48A.UOOP4`VKXVD5V6 MKL1;YJ.!U@IEP%%A37.PTF3:JG*V.7AYA$(O%=W2V*!IJJ9!#R]LAW'9_FR@D:QY,=7*G,C6Q=DDIM["5KTT59UJ`< MSHO6EJ^3E!$_GI\X#^%$A'"02?U^OK,OAO?YUG>4,UA^.+T_I.($$=5-6@\U ML00Z=>5A:#NB[0F=:T!T_"@<^1HF!M8YEMV$G9](:2<=M>BA.C>-CM(F+ MIP`^GX;OC7]S1/C:0:U7:+N)SB[Q#"" M4"C"JXRN!M5]>74&IP(T+#QTCJ0\AT>&E!DI'G,:NV,*9AB*8J[X[FO\(^// M.[^X81_-NXRC;>%(AS5(,T MOLC:#@M,5V0QT-41!WTD;7<-*E).AR@A*UTW,Q?H@IP\,NPS3.,^T5\M?1LPE#8% MM/C2XFM#\?77`O>J0T'*3E3@<0*#R>J.\/_Q&&2,D%A4VS%_9NC_S%[;?,8] MF]K(RE"L^8RG`>>.=^N[M]Q^HWX>Q7!<@`.(Q56J6R8$+"-#,-!<+LTR1>-= M=3!9$@O&\KKD;&([:4C7[R6XO'"U@!!53GKCA7%V6JAJH:K/5]N=KZXI1?=&1+<"F]'G MHRLN*N7JV/I2H*S&_%5Q9EK3N"+&['DO4E'*\B)YZ9(W/<'DO:M8CGH(XYHR MI!GT(P/K`%\7#D_R4WH>7L#^=7HCU*D9RD!UT*/*44DAXA@++@O,,BL-*D:5XKI%.8#" M#'BMNK5HT:I[.]7]>W+7PGX/,(]5*^JG1I#./*\62EZ9F)!*FIFG:N-*2E%A.[2K)?R#FL7TFLA'P&4JF`E,`#^5X MM2@:4H&>CD5C&6I(I8[0TFX@(V(NURN=F"&?F>AAH*([LK^HNB*]=ZO)#6?` M$A1<%ZE3ES*@KLK4H;R=>Q`1WO^I89I:Y^O*Z4;:S8DQ;A'NG]\[W9\>HE")C13<^"GPWPPD;N8#88W;JAO(26&YE M'32S7?UR*0)>/.6!'X<2!&,.BZ'&3WZVC3H:+T,^]ZDBD6>*(HNY"?#UP'<) M)2'/CY:TEI=E%!G8<9X_!=,QM;L,<7=35"P)C34>2=BDH7PRLP&3":B4>6XP M`E::7I!Q;1VS:T<02,ZK):[=T'Q#9`6FG;W(6_*!90"(@@#AEW%5)4LRTIW2 M)3W9N&F6A8-.JM,INK#$3U1=T=@$B8J:,PM)RS-2Q@0PKZ.ZT7M)24W1F=ZS ML0858!C8T9*%GT*9CT&6K_E#^-\H4X/H`=,K@(?Q1D]D>61G,!8P@9]RB,K" MOP*BN/ZJLUX^M=KJR&P^J.#^]*J9Y)(0SYC@-*:L58Q#1N4&0U'8KQR#HCZU6M1H4:-/ MPUL7XL?#,,N43;D,P(1!HX4RMRMUI-+,52W45)R3UE8P.HW'\(U,*4J*&&%% M>%G(Z/3Z*Q44PB>.FET#R]R$N6H6R5$QJ4"4UGAH_?J[C]PJXXW9Z^MX&%&Q MO%:C>]1IO/F%O7="R_6QO#V.]C5[#(%3L1^CDQM3LD#=YXX=IS*-&NR*,W5. MIK2JW(S'M`&Y>`IE]B(\45&8@,U'V,]ZQ=D1`_RPA&XZ#Q?9SM1%@$Y&B::?*.#,Y>&&G(@>"\-8,=LW,SP%N53,T`3%KCP=2)5'2H')3Z%(A9E\PG M>BXMKE=8LY`<'W@WE$EL%Q4/!5%G"U%EC5G;1W;R57T\8>.IJB.`!.E0R=JQ M::41],I@84,X;]H"1>M+C/SC;1P>C4US]LMU.EZJX2[E(?<&N/>=ZUO?__GR MQ3_4&V=F.#GU;/P/=L@#NL3!4U9*7B+2@@]7?/3;JS/Q][?>I_-OC>:W/TWO M&V"F>]-H?!/_O_GRK=WX]F>\\/VK?U9+8-?=&OK\Y>:_W5-+U,^ZOP5`"Z(<9X!MC)U#5G M(4!<_96#>4)(1Z*PFIJZ&+#WH.,5L[CKRF7\]JHA/L_P:D!\3H"WLA'KT(\B M?YJJ(=EDM2K<>C2Q-L`LL&CRW07*=$-+=1`VLM-Y\O';_^ZIFQ#;:5 M_:9$9'O?))N^74`4RPCT:FMYW9@?F2%Y@%`%(+:FWQ8(>A]G#E3;PT[WK[K1*M/``Y8A8 M>;?7,;K-WF9P?Y0$6`&Z+7#?/3BU=4N$M*VHK5FBA6>HK6GT^RUCT!]L!OF# MTMLC!3@Y+(K$]P,)MJ/(]<:/3'?7)EEG"V;8FHPZ*XD(;Z%T^/G:(P MEFV0LF9.^B:9NM0H?&KFV@POBU=K&.TA3[^4XHK'W[1FURP.L,@@A6A@N$?F M<'S,WM&CLFE9+NV!PG@H2869R?"R5!>V><")*:IFQ@/T4V"XKLQ(26=0+^0R M8S%.158U3!X7X2*9H>22J(%6M_$S+J?9@/_BKJC!9#I)/M3$$8$F*N\'`6)C MA@F\%X=BBVHWM`>UR;2(TX!N!&6JZ!DM<)8OHTC\[+A?#*& MUAM?4>4&5`IIW)\.X:L%V1>$\'78$3L]._OR]?/--;LZ/SN_^.OTW<=S'<;W MU+BJ\4FPIHPEXZ9#6?N&S&H9RH=ECH7!G\3S8?Z>"FO!X/0N!;HO5JWIZ+"_ MJO"?#OO387\Z?$6'_6EZJRR]*>V;(D+'_VF"KC!!Z_B_YQK_M^I$LLL@OP=% M\QTD\NYQE_(MH]?H&X-!XP`[VD]`W#YC[1X7I?8XS/1;`Z/7O3]^\?'[*6O@ MV%:!OA]YB(=RU16='-E4&F`4N\K)O#KL]R#ZOR11BULQ9$G6G.&+UYVNT9;G MHITK\Q6`>J,)IPZ$TS*Z:Q3=(0AG?[:4#L9]OI&50-<]_&=SH:C#<Q/\G#IJ':K#JWW)T;L"R*QKGG5"4'EMU2?A+V.5WQ_B1,+FKM,MKD M"CB_`!%,9(G>"T``4ZIO2Z7!1+EJ'E`E! M`^"L6W?8BK.:%GAEP,)&`N__A-GHP2F/)C[%GF!!^ZE)7\:>9#QJ]UP@%`V4 M'U1S4+2KHDY125,K!X%(I0)%(TI9&SN=RJ1*^6K<8_8!&-H?4@U$*EN(SZQ8 M`T;+B]J;J3`SDJE3"EQ8`RPW#H4,AZ$"+&*Y7CI3>7`7"U>.1B"KL*5V&D]? M-`KV07`PE6`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`R^VC&0$8GV7F^&2>(!QT0EZPL*_8S.@2'Z4 M0Z_A[5:OH;X=<1Z]`9$TRX:`)A&>3?X_].0/:<8:`C""FYI3,GFN>K MS>,[$<@P+*L<^#\P&X&D;0'.YJ=GK=BO[Y:1'^/1T`]@O6!^4=P_ M[<,)EU9E8B%^RP]%HE9NNJM/[U@'1Z<97G^]9C_U&AVC->B^.4YA18*/X#3D M%'.)\3JD&&1@J!J[$8&`5Y*7).Y/D(@$;E9"9O* M5K6D_,@TI^H2D,<@8/]/TXNQ+/2R$$Y3#[:(^\R&BUYXM[!6@+R.#ZVWHG"S M\:%]=L0N/O]U_OGFR]6_JV_8ZF-(Q;%5!PY+).GSB`"M%()TP6<=`ZI#F'0, M:+EN.S6][9/>EC+L2D1H.MY3$Z^.]]3QGJON#*_,._9))2'O,H#Q\$&?!RKK MW&QN5#Q8QWH>MJASKVMT3OH'V$YEXCMIJ`^.YX03;K/??=]^;)7F/6KL?82_ MK`K-:'6,D]YJ4BG'ZNL!ZU:K:[1[JRL#EY(3'Q\)6+Q>8D'J^8D.&B?2%()R MNV6XEAZ'B\G*':0Q[)_+VR0F<>@[;W*4L'N228*.:A-,Z M:6($7SD(1V]VE@N-%\M%)^B MLOWB]^S5IJ@=F@T8G5!Q_@@687,V"_Q;)\004PQO=9(8):QTRL=F8%.%U-#U M[V`)MQBM2A6]04;QB#.`ZC0L##==%S>:C2_]@J6TS^(`"V>?AB&/=*GK.@:_ M)1>7%%XZ8$?LR\T?YU?L[.O5U?GG&W9Z?7U^HTN//CFR=*1I#9CMBVQ/$(AN M!"A5=&#TLI8+6BZ4*E*ZCH2X#P)Y^OWM M/VJ[U6HOQ:`^8B.5Y"GA5TA+Y82;L='JV.J]4OI>IJTDWG[:#D^MWN*MA+A7 M?-Y`[/:Z1J_5J`3)+X?+5V_:2A+)MIS6U9RV#,2FT1[TC59[2UX["-$?)#CV MN2'\$JL?.3;C/V;<"S=[L-0, MHAED/8-TC&Z[7PX&.5#(]G/#<-3SEX`KX7J M@ENBWS(Z)]KNT.RMV;N&N&@:V*6NWRN?W:03.:H;-E@=;%4\''=U;L?271J\ MYWCN7+6D`.X-)\RT;TTLY^Z/&)_.7'_.N<%L/O-#)Z+$#P>O_8]4.7@0K0$% M]1ZSL^SK#B[4XF&(1<(QSR,T8498->9V\!\S'&D8AX"4,*1ALL(AVV#4(>GDB@T9>.N1E>;B9I MAQA,]IS%`:A9;/X"&G^Q7XJ'::.R<:"GL\!Q*==4 M-'49!SZ:"0$W53)1,EB$#L"0-8V31NNXTUSL*M-J&)U^.]=5QI`M590A$0,^ M1/>MA752@RKLGR*:H,#,/[6,DQ;\TVCG+(7M3(!L+BH\-N-!-+]T@:Q./?O\ M[]B98:L6;3H\(].AV0#;`6R%R_.KFW\;[/+C*>:G?G[/SO_GZ\7EI_//-]57 M2=J`J#BVZL!V2MP:;(8"5QP\EGJIER@+-Z>XIFHXK0\>Z>\J>%E&-[BF?3&L"I!3,T^/&2BCH'BI)24F, M0S@Q&H/!`7;TJ*RC9]=%A2)$C'Y?-U)98G4_\@/V%Y\XEOOHPO%[5-Z';.[1 MZQDG_4[)5U\?6/?[J]M.E9(3]]5(Y=SE5A3XGF-MH'>?$Y5T6D9WH)NI'`K4 MW4,WD2JE9OP0!YX3Q0$GO[N\;=5\F2N^WS#ZS=5-)LJQ^*<&==K69/L9L+5* M#MR]$]UTC(;ZR,V03WS79A=3+-'--5,J*@&#JEGRM=<&TKW59_U2LN/.5>4Z M-^Y'#(L^M:QX&KMF1&7W9P&W'`J3?EKW<4GZD52\P]3K?FM@=#JKC\K[:*+R M1E-.#2BGU^H9[=9AV^\L4LZ3FS:+F^SLM2M99Y]4WMDN9?0).TOM9:4Y7W-[ MT`%#?;4-5H28OL&#U4%-Q2-S5V>5 M9$\WJE0;9I;^U&PTC5[WA/R(/[4Z;>-D,*`LTU6]RWB^>=F*QF5,="X+>#CC M5N3<S\FMU\8==?+R\_7IQ?71]]_O+Y2#8H(\+3200E1*96&&55&$K&4@-) M)66/<$M'JC>9S.:PEI,\?@*3L=\P^HTV?C*+AB(=DR:,B*H"I`L<'BZG!&XK M\A-=\3[F'P``5YR\?)WIR_ M9Y>G5S<7YUI+5`J?"^JBTKBJ.&)T78'RH&_#$V#,V0B@*VH!P7%M1KIP M:?6-P>!$#&(7C397I0C>^?/8]/X[<>:8`WILL(\1MKDV(]AT[-H,&U@/N2R@ MQ+$0$@.0T5GR^'G03ZE\0'MT[M0*0V5E>A$L'1ZSCPZ;F+8HQ^6/P/)V7?@P M%Q;VA)OX+;OR7?<(UGQG!C8+K0FW8Y<7^7>6K?`-C>EL68[KB1_`+\'T/1]J M<[O,%+4C<[L-YO;U'U^N;HYNSJ\^L8]?3C]7WUHKE;C>JT)7X+RYMDSY0;/CLC9E(XS'VS'I=`]^[Z$]S!\\ M=QW@7LX]%$G>A^.WG'LL4]6=$H!HVU#@/V(GG)C>F+TSO>_)#1.<>JW)2G)8 MKF53YHT_O.90F7>UBW)'E=E?)EQ^T.@9G6ZKWEC<@EJ[E=AG/7>UB\)6E=E? MC@>[QJ"[.O>S%ECVP-C0G2K_I MJIG)^\HAK,S6MK`7JK6Q>N&L-ANI,8X>:@-4:V-/7PVI@J#"AE?_&_-);+(A M:7BT`*3*OXH#TR5S@`>6`W^BA5!=8JDG.S\/2=4T>DUJA5:3K=4+:[792(UQ MM(JS3GI]H]'2-L!N2K!5"U#K@A;0,)!V0&H87.,MP\1TV&5L^_*^H<*44])2 M8J6&6?FJF%4&7#E[IG72,-JMU3Z-JL9XU%F%:GFAY<63R8O!B='NK6ZU\%SD MQ7-VX3RFX&0U-_:$90M+#;"GJYCX\L6.P`0#/9T\[1C=9L]HME9W)5E=L+&" MA%%+ZTL+B=(*B8H"*=<<8-`;&(V3AU1TKQ[6 MQH4W$ACD89.'(25'B'E]6(3E8[5$4=!W`9I`C-F)V.^*G;#N&?MX\_X^ M=DN_4477"NMD%Y=1RA9:PA]J7OM:,_]BH<5,W:4..V+XUS6[//WWZ;N/YT1& M9:SC4\&2/?O`;/6LW.>*I,]^!$_.S#G5XBFNNA26ONR2QNC];*>K+>V@VE*& ME)4;*1`HS'VG7$NY+]%I4Z#X5&:XFA(GVK1Y5`ZN1=C'`5(WT`;%`_2VRK^M M,GLI-9Q+!N>M@'K8+3]$ZQ7@5IT5O@`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`)35)>N^X%RP?+#75-W!:E[M^Z_K6BY9@Z_9^)2*IE7[UE!O M!]Q+[*G+=Z"N&=RK3N_/N2EV-1QTJB66[XWGV%'L`1%\Y4=%=1FH2E"NBA-" M>]HTD=>>R,G3UFQM')U4?LAK^JX@?>_2U]:K'#&#D>L,`P>V8GKAD:;CPP"X M3@>H%Q;_X"/NL'_'X<2IMV/VP24?M:)XY)F^3.1^&=N^-V;O M^2UW?0H*9N]JZ*#5Q%XA8M^M`ZO=J`N8-3$_?EB5_>3.U0(L*@RDGYIJ%P'':_S:W=*X.B[\2/3K99"W_SLV*F@5B\_ ME#?QA)2!M.L'>4W?3WP(UI2L*;E"4'YX!+$&:8T)=^L39V?E>=/VXZ'+RW/@ MK)`_;5^.Z+HA:P,70=E=SAWMR1:7![!0>PHG)D6 M0";]W@]F$X#O+\R,(S\/WS`R@V7(_9#?1`&\-H)1<"P/6)6"P6F"S`J!T?T[ M&+T)?P*?I_/30+#*X7<'QL(!@6;\[UR)AD:FE/("+3VZ0:&DI:D9C!TO2PUY M7,Y*C:2Z8R1'BO^)P\@9S06:/OL1O#XSY\A(+."S@(<`BI"9KDL%'9AI67P6 MF9[%PV-V,\&H^>G,].9L8MJPZ,SK(;9K^DF:V(HY/^VS(82;'9L.Y7!F\,#6QLK$- MF(@FCL=,%D[\`$$>3-D,`.';N(K0^<&F`+:)W((EM^"$L**_8R<0$TQ-QXO@ M'Q"7X839?.:'#H(B`HIL_(P#X9J'IHO0P(^XTG3W\**"F!][T3$[]0IV.<7? M8`5>Z(0(ABS,[AS7??E";HKY'GO/+3X=\B`!X7'*3?]X&X='8].<_?*>#Z/W M3FBY?@COW0"NW[F^]?V?+U_\0SURX<&>^8WYH^`Y7`P2R!4?_?;J3/S]K??I M_%NC^>U/T_N&\]XT&M_$_V^^?&LWO@%>\]^_^F=IN?O9BF!7=HK]_.7F'$9F M1^SB\]F73^?LYO1_SZ^)DH:)*BVWA"[`8;TPMD"7QUW'JZ`B?:ZL]A4V&9"L M/[^X81_-.X,^D-0W`YN^#4Q0%J!Q6MV?A1:ZO#IC83P,'=L!1`CU&644+&I` M^/T_W(I0.^'C#HEQ%ID_\''0=QX#X#H1:D30)_B5?`1&#%'?@%+R`]!E@7,+ MRF8$&Z$Y8`0P!.`9V[&PL2(^!VBP)OCKG/F@.V&YQYKD2DMR&C6E1E^E^%0:V\I@4P56Z M_X""7',6`CK47SF$W`/]5\SBKBL'_NU50WR6;B#\O'$\X,J@OY28"SU'.6]G MI:\1-K^%%B'!SQ8<17$.>PBK?H4<`:3M_?:JM]II>5A(/4*2%5"&.O-]\(4] M&CH_4FH1/A`P&6U.50^&`7N+#RLOS<*1<&N?MT1`ZR^CT-BSA\$RHY4T=H:$%R&-(8L,2`\]';C3A)-/8,(__ MF=#(6K&A6YFM+ODJW94[=%*]YR,>!-S&'J];^JD*`*J:TY8&I'+#L,$#WT?4 MN2SW9N`^E`6J(?UPW=0UVJUNO6].=D*3&]JYU0*&EH>5H#T-ZNV@)6(=)**6@J4])FKH[O=J9-`WNLUVS87=H8BO_)#0DJXVQ*:ANY6DZQLG MFW:XU7).=^)Z6">N'3IEJ:M6ZH]EBY5\ZJJ1.B721]4I:?UD=WC/'J;;130V MC%8MZGD_O?E3?DBL\[-J*5<^=U95)9ZZ<-T!A&&HO;M76T;WH89X142@]JUJ M^Z[T^K:JTJ[4]EVSU34:76W@:0-/B[GRZ50M\O9MW/6-;K_>TF_OMEWENTL] M\_KK^XOE6T8=6=BNR7+'WN`!1L;1)EL[-_RP)L"=(XLO,H8.?#+ M!!8'0UH3#W`XGB?MFGQ/])-JM:D94I,Z0.&HF2X9II=QTXN>&_X(]ODS>?`M MT^78D8/-.?P+QFC1&/!'&WMR."'[.X9MC!S+I*X8`8+PR_.#2/BW+$7.2X]FQV1_Y@Y@6CD\6?LSEF+MM6O:->- M.I)TU07/<^W`<0W;)BZC5FO3&6S+HZ8;S);)%L2B9ACR2+2:`RDR\ET7MZCQ M6EJ\;M25`P<7.'DK%I2V/YUP]Y;CA7F^$^J.^W@\N#-'0E)'IHUJ5$U=#.6G MZ.-1@(25SH/'A4/M;!)=].L!K)>R3]/;`&OZ;IE33]\L534'5RF;MONG[]U3-C&^PQ^TV)R/B^239] MNX!(EH74?A:QBVX8FT'Q_?)18FDG#X"7=/EN`:['_7R`->R]VF6S>=+F6-F#[W&; M/:/=[QQ@.UO`KKL_M&PQ],/1\E#JSZ)E8/1.^@?8SK[$Q/JR(T]1^^/4LH(8 M%,3,G`=PWD>'+_="OEI*',30VUOFRA[YM"1KSDNQ1GNU%'N4D?9P.&D"*O>: M,P0T,-J=03GH9\^I18?/[RDPS0V8-]HUWW3VR34;QK7LWJHHQTHSK-)N&9W& M:M-D=2Q+^22MIIB#4$RK;S0ZW3)0C`XH*M4U8CWN]>M^V;M90-'$#`OO\_T1 M^TFH#`K1^4D(`[SBAU]D4W26[87.Y`47AM]TD[`>BA$2OV=O(?"A#D8+<6:N M=P89@%.;@I)6+E/X0L0RQ0%\M\M,:?D?;^/P:&R:LU\N*$;IQOSQW@DMUP_C M@-\`N-^YOO7]GR]?_$,]!V">.A'&9H6GGGT&"P%2X9[E\+#@36;!`_#ABH]^ M>W4F_O[6^W3^K='\]J?I?<,UWS0:W\3_;[Y\:S>^P7[RW[_ZIV:YTK%<?SR[.KQ?N,\HM2>N( MQ+QV6X-8K?+*AKH5*B_@[`[_Y?F@%'*A;4I",XQNA5D#TXI070!<02$X'FB? MX9STA-*:=AS`_A^O8%+J6:EIMM,@J'LL#J#_9/['#ZYCC*KE`;T)X`"5%82U MU#:%^1!E9X%]:I@^:)A/IW]^N6+77R\O/UZ<7TDM\_7ZYLLG^%1:#;,Q*BN( MN,IK%`']#@^UUM2,CS1,@9`+9HP;EH3-1%J)WSUY&>##7XF M-=2'/P,>SD3BA3L7QZ_L5@`K+)0J8Z-]-#?9QRP.+#AEPEYFYIQBC#?94]D2 M.#3A:YE46M04RZ0IFH`)0X>X-Q`0`9B?P/\VZYXDS&O:M^B!$=)F+5>RSR@D ME&\E'9H2T0+NFA%=U0?1/&?,;FJ29ETG'TPG^,MT8_YE],'Q8'V.Z5YX`,B8 MC.%+WW6L^;.T84N>N;(U:?]@S>,FJ!K\B[(NX,MD=@!:\$GH?6^+&AUJ#T6QZ26$\*=I(3/6-0CF/'1CUAL`^GU^_8Z?49 MN_%GCL4&K8:P%P/^=TSIN%EG2>0S6W@J.'T_0H:^50P]2AC:21G:P$B)29); M"-:KZYA#QW4B7&0V`1I^\OPH^Y4O;-:AZ=*M0CCA/#)(LPD%Z$2843Q#)X], M.(8%$K\^WE[BFJG95?KU0S^M2Y]7;P,)["PLADEFY>X38:!KX)]C:_Y6X(:`G1HS/DKG^GN;DJW)PK MY;'CPASWK9^^2;:Q1`L/KNNQ_TH=D3]+3>2"],@L4DM5!B`IS9*MQ[(BJ'>+ MI+M.MU_9'2]=C>/KE2G+2JO^B!*8-5DBRX$)_"$\<$O<#0+B.X^40"?O"TKU MV!-E;T!H_QW[Y(T/'.7:=Y"_D>23\,D@YUA!-X0HRR9&EP8<+CJ-OZY`5+;6 M#%HS:,V@-4.M-4,KKQG`@`]R@8T972&5Q&O'L]P8R;Y(-U"X8QA1S4U@4PM. M'0Y\1?^?A(2&> MSB*Z"7;N\SXYWBUH#W+[5E13O'RQ7E?`[\]96SPU>K2+F"(V+#,(YLB"!1$4 M:^(E`HSE,Z,LTSJANJRAH`F,W\,0!!P;[$&`4_IY:(9.>)P)OEHQ4WX\&.)H M80SR4403$0HB71:)PR+RL\LCC[>9DV4@ZM"PM6#(<#E\V?.70;'@X$#@.3)L M9&FMBTO-)/DD%VIL!OCR[>UA\7`X4%@W$DXNZ@3D3D27;"*8A<]@!'O',-D* M(%45%EJ.EQ8UM9;CYJWIN((+Y\)^(M,L9ZP1JTE'+\(!R0G M3J_R-M/1;!\Q[BVQ_C'^MC`^T+]3@DR-,VP+EQLP]4?@Y!PRH!@_5DZ#M6U*AXR("+R\ M.LM;_5/3\2+XAWZ&0\30][^+PTDFDE^<",FK`P/(R'-KGCB16HU?K[@W=;RA MDWP%$'R=_?W3N\Q/;PP9ZX[UA(8\$ZLDNI21ORCV+!E,J":$I6>4"KSC^?`* M)9'!TJQ$M$@M"D(3&%AULA3:U94^S M!;,$%7^H[D9DR8;YZ"G#C\>OT^*PZ/V6FQ5T@*'8S#@6/9PC*D^,K(JYPD MP]_)&[3H?<%479)IQPRM[<`9QCB<9J)&F9<736"Q7'FF!F@(.VP\Q)$JVI03Q',)1 MET]\%Q1#F"$UAF>RA<3G1Q^EDH(^9V8X^>#Z=SI!J^XJ1AVXKA,7+U`RHI\A M_O4QZ\G1I(]9Y<9,D75PX9%N"BB!6=3+2?EK(7NKA>4N5G"?`:H0_A[!WZG6 MD6;'_PD7#FB@3RVI488F>B#CF3R`@-!.CT%H%Y##,=67*\T1J;3A'*1TZ4B> M1/*F@JJQLZQ-3T6I#E2=ADQ5#I/2'5AH==4E(@Z4)HN$6?@D,`E%BV?TDWK< MXF$(9(O^UC%FEA#4Q2)#-0R@!(L2^9XM[IE<48BD*(E[N:+(6IV8]61^#?F7 MT;G,\0ZUMJP%L^>UY5>1B9@B&0GX-(U@T6KSJ?&U6FTJ'"[HSTICJ^+,M?Z< M+0(.DF-6X0$+'7B^A_O%DR[)_J_7[/?3T\LTOSAS?06:9VI^YTDE#L'`ZE)+ M9;B,1G!>RR@V/+I)%89E.0I5EY')729EY,I/E!J!RA3LF MS)()7H=*R\<49"WGHS@A\NA.?5Q%"B&ZR282M.GW3)I[%BX.7L3B.F1T#%:5 MCP-EXZ%WQKMU`M\355V$77/,KK,!2RNA0Q?/"?%+Y^\O>$^-U>]=``5!T/6Q M,0\!)D.KZ.'WQ@XB1C7F22^J92RF!Y0Q-U*'C*C[AL@TT#SCV6]4I9NDO#[N MXU\3Q^6Y0CZ2/"0ODAMKY?[$A;NG_%E9:;&:G3`(:C8+_!E(Z`@+\%A13.4, MT%@-9>$60$I[R:2 M&UHE[VBSPB,'?PKW7N8>1'"5LHN+'45Y2S772@",72R:!_\Y!]H%A*=5?;0C MJ,ZF+9T^D4KICPSRJV\EU=>FU:Z@,F"FR(!-V(F\%CQE)S3)0->0-L>?T,(B M-2)4+J7''0VY22:<#>9;B/;9A+MTOX%:15@O0]/[OA"?K"IYA-CO!NRV\00T MD.O`W'8VR.JZNI3<58,XL5(,:F(*3X8GE'%EJ6N M6=QA<8>!313+_9KH"C8!MBBHR74#:@55"^[**Z@4]41Q6BT]-7JTJZ5RR"K2 M5`M\E>JG<%G]D-(1^B.0KXEKB"D\"`.$#IY\L\>Y.)15Y8*%:4!WS%QNCWE& MG247"J!A<$`Z9L+Q2GCMO>\RI%IZ!6X*1A6G-WG>5['1E^J`#,M.9(_*L&4E+\4>R'F'Z+Z$*5(,-4)O8!) MJQWI<2/7L!G@T2(.A&8:XBTY'8^D;T\.,1-G$,QEY)9CBRA?'!24JB,RDJ1+ M]IB=>O?U)L5QTOJJMO2B)NX^<>6/B4C)J+G`1'3=AJ&Z0O_N8[4$>OUJU)4-NI:#QRXR=M0;06?@9:6&`=&3K!NU;# M3XTC?6:L'++NZ^J1N^_"V_4P;?4$S'<+>A8S@E&YI5W:4-V8=^A[A+=-5PC^ MD?,CN8(T9(UPD4(DKF/3U\UD#IPB:1&U'+QUK^S/GM,NU(VFU@_UUP\)LJLO M9NJK%"I_-JLI%R7,(^Z8'2O.>^LR#Q1#.J&(%R+O"+`5G+(I'#&,&/D>D@H? M6<[-<*UK#N$Y"N^[Y<&$FPLQ@XE#7R`'YY$Y`J(4"A-U7M5RDI"Q8_9%CD>+ M"7.YR`NB0O[$;"?`2$RQ)-I"IA0,#2*><&5ON:33FBAFHH0-A3\&/D9$+7B! MQ.K(*:$6C,OG/RQR6828@#'U;QUL>3!MM)<*"D--TY%LF"UX73 M2W;0&,Z5.*5EPM^8/KD0(6ES``EF5"Y\DZ$+"U,DTE`VNOP?F;=^(`"+F?&K M:CEFY@18L;L`VEJ)HF,A`7'LY_"T) MHJ-"I&VV' M%@A_M!<:6Q*/+Z047CS8?]JVR(GCZ(87U3 M5#D\DV(BKI_$';_J'C8/[6$#G&-]'P>@$^TC1=>6Q?EHE)Z,(PS8 MO0O,V6^OQ']?+8#ZI-]*\+^VZ\I]C5LJW('E7>RX"/IP7=>3>R'9;NX2D&O: M]ZQ?1K?7>?8(;36$WW'#+C9;LQD)X$V8[%ECX9-I87QB,%]PPVW-8$_'4\\: M?\T]<]$6RNI9X^&3'\'!]B\^<2R7/U!':19Z$M1UM1YZ>B2K[>G*2UD6;-JLT0ZJ>V`!GRVS2(8],`C7R&+]5AN^*6/_;(&:^C.>H?S2&QSC)HUS$<3XTB M?1E3;LS)_PN2B>"IIJ8M[(IA"INZ./38BV!*I09%N"=%L7([ M%)4K9.',.94@%,&4KIL&G(ZYATV%L)DA%JD4=<&3J'M:-#512N(A*0@%&-^E MKB#8B09+[,@N@>(=682"M93F;+IJ(8^4`P%:(I`T75 MC9*12Z*1`X.J\?$]58-Z9:**K`>YI(T399U5F<75JU8JD'S.,S:ZG=8.WMZ@NL^JH7?5(M`V;N.ZF:MC\#D;[0UZG?:1C9%K=9GC.R?6[% M(2WI4B$"?).3`<7V9HKEK^HBH7+8,!F!$N=D:A^^@EH.AN>BV=%(M2R@#(3T M^+<8@EQ8=QYG@1$!M''@ASM1REY:' M2:!BY2(;CT*;L0:_^'G(HSMZ9!$^L&'B!)0WA`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`04B7@2A(:_3Y M2%*!CB4N!\JTYBXW9@HKE\>8%.I%*BI37IXM76RE9GS>L88528Q3.41`$J$4]H M>+LB>G.`OHI%C7WJS:'.4U)_DC*=R_5*CU;(9R8>-ZFF@FPTIFZ)[MUJ[C[;BRN***MTK$P%6D#B&12?U#65 M:...91J65RQ?3S*8`I[)@*7&;?#0'[$SA7,D'-?-@-UA<`J;4CF386RA)8`N9&HH'#EX^B.C(.D7+,+=LRV# M,0^(,EU]M`5"7W:17`P$-VT1X9C>O-T?$*ZBZ(T5_7@HUM,,)VSD`F*/V:D; MRHLPN95UT,SV]H0R!)D,/O.'<+]0<#+1`T84`P_CK88(;,[.8"Q@`C_E M$)6%?U4%<7W5IO;6E@$S]U5^$-R?7K>17!+B&6/ZQY2HA1&(J-Q@*`KX\Z*$ M<^D\ZEES*20HUG_DQI@?D(_YL/DXX"3\;WUD6E<6W%L6`;0<527AZ_5[&N+J MTSN1.%6LQ@!3(!`]IJAK#GJG[BY%&6[;[5M6RR!EO8!T6=ZE95*%IY MM,N>`#_SNS17^C(`*8YRF_*UQ+E1NW#K?RR\XD@J+),TGZ>$ZI\NM%(K+6HJ MSDEKZU>OV5"DK@$T?-KH%E#L)<-G-R;DHJ4*0Y MOJU??_>16V4`(GM]'0\C*I34:G2/.HTWO[#W3FBY/E:PQ=&^9FUR."+Z,3HZ M,3,!=%_.!C^5:72@9,_4H9&R"W(S'M,&Y.(IMA$;/,L*>C8?87O'%0++X0F916!^8\[#%=NA^,3<_Y+\$K-[Z9#FSE-C"F M#5@29&0,^"JD*?&*CWP_\OP(*PLI^,FNDR;LQ!:9V%0M*,E;0&^MO!!63GCI MLS5'Z-]-/+>(9@!93^5:X`%PFKPCHS471AIR(#AOS6#'[-P,T+.>R1G%W`T> M3)U(A8O)0:D4L9AUR9:@Y]+"2H7UJL@+@/<#F<1&4>U*$'6V$$G6LK-]9"=? MU482!H_*.@8IY;0MB9.&IYE3;@=N_S+ MZ%SU)/U*+4D_.B/X\I3*/MV@HV4?YI'NBZG[8JY2NFNTE^Z+J?MBZKZ8I<:" M[HM9;?SIOICEP(/NBUE9U.F^F"5`@NZ+67$$ZIZ8I4"#[HE9?0P^04_,A_J8 MLM=WZ>MG9C@Y]6S\#PKS6]-%!]=AO%,(&(&*MP+X*0%-L&@<"IL\+>W8G_5@ MAU1"24>BQ*::NICN]N^^&OI1Y$^S$O<^=BYBW]4W%W(Q1V(>`,%Q%_CG7IFQ MW239&Q&+2@8EZ!#S*@4S=$'G+/ZF2(-6MO";%"3D!$9P^PAM[[=7K0K+GN06 M%CB-LW;#H"\"]E8X;)K=A=O7U3I%;KL8QULM2=/;,Z"W;"K!`LUU2D1S&UFP M6FX^7SI^_=4S8QL._/:;$I'M?9-L^G8!42PC<#^+V(;S-CP^+EQG-D^6[X8V MXP^7CZ*U;'GI=V8$YDJ%,10!22^IML:#'838WXQ[X_,%@I0W\ M=.^Z.ZT2+3Q`.2*](KV.T6WV-H/[HR3`"M!M@?ONP:FM6R*D;45MS1(M/$-M M3:/?;QF#_F`SR!^4WAXIP)>]Z(\SFCJ*7&_\R'1W;9)UMF"&K?O1- M#XOLR$A?;WQ%-0:TXU8[;K4#HA(.".VXU?3V%([;%!':@ZL)NL($K3VXS]6# M*RJD2'-85M[36_HX/^/C M,--O#8Q>]WX/]./W4U;7WU97-1A]]4O:X9"N;"C--WI&FUY+MJY,E\!J#>:<.I`."VCNT;1'8)P]F=+Z>N4Y^L; M![KNX3^;"T5]H?+LB:8WZ!F-?BGNX'9WG;+UI4CQW8IL4W!I!M'\!B\F3%&[ M3T?"ZPL5[0^LAC]07ZAH>M,7*OI"11.TOE#1%RK;6^L?'?8_\(93[5N4+2;; MQ75*^Z1I--O-<6\\C-D[?QZ; M'KOB/-;L\8-#H'=8V7Q8@L"38J3D'=D[[1/]D\ M.+O,*2OZED4[S(M(O-,W3MKZCD63S!;69J]Y8@Q:[3(0S>YN63:['BF^6KGP M;N&T[0?S,VIB$NDK%7VEHCV"U?`(ZBL536]/55R(Z>L33;Q5(EY]??*LKT^N MS#OV2?5EK?8=RH$R49K-C?(=]-7)8?-0>EVC<]+7UR4+J_W@>$X(AUKVN^_; MCTTLV:/&WH8D%J M]8L.&B?2%()RNV6OL8JE#3[:35V\)GV(2V* M[M!VL*.:79E],@-KHCK)K+@P4W$'%=_J0\(F-+-I9CM`OFKM&6_K,))]L\,# M8TFT7-!RH51Q*W4DQ'T0R-/O;_\Q-*U6>RDBX+EU!*:#;:8@[=H.P)M$NNR5 MTO&KU$O=!SM/SO('8[76-7JM1"9)?#EZJWK25)))M.:VK.6T9 MB$VC/>@;K?:6O'80HC](J,)S0_AEP&>F8S/^8\:]<%.SHMJ'MVJO7HNL/`7W MC($L/5HBLJTVB55[]9I!\@S2,;KM?CD8Y$`!-&7!\,L7&^(8'GPLEM/XGR?' M\F.J**QA[\(Z"F5!=VIZNPLT)PNN:/IN#)TK$ON[&D1U2BY\\FT)D!*P9QQ9?`^(.#@V17> MP>/2B=$8K"[>K$OO/$WI'3K(&OV^KKZSQ.I^Y`?L+SYQ+/?1U0;VJ+P/61&F MUS-.^JMK^)=C]?6!=7]-[\Q2]$5ZFC MH3YR,^03W[79Q706^+=<,Z2B$C"F5O?,*\?::P/IWNIS?BG9\:#=[C[R,&2G MEA5/8VIQPM[S6<`MQ\3^)D_K.BY)$9N*ER5[W6\-C$[GL*WNWCR4,]=5VF.YOIXEF MB6@Z@Z[1ZFS>][/$_>WNCYHK+E]W/?$#>":8ON?#_4?8/6G1NNK6J"M!$$-1 M>.E68K`$>]AK7$RI]Z=#@TC+#YI]EODK MP>X?;\>DTSWXO8?65'OPW'6`>SGW4"1Y'X[? MF+TSO>_L'??&PYB]@U.O-5E)#LM!JV7>^,.#B\N\JUW$-5=F?QF_V*#1,SK= M5KVQ^*"`ZS+OLYZ[VD4$>V7VE^/!KC'HKK[HK046GR;HHH*`(L/!'[$S?SJ- M/0`"!G2$&YH2I=]TU4SD?5T45F9K6]@*U=I8O7!6FXW4&$Q_8SZ)338D+8]6@%3[5W%@NF02\,!RX$^T$JK+ M"?5DZ>H:HQ'G56HEA=:7CR9O!B<&.W>ZIHJST5>/&<7SF,RRZJYL2?,3RHUP,J2 M&E49(&6+X1C=9L]HME:7'EJ=E569_=;<\M("0@N(O0F(MC'H#8S&R4/2-BNS MWP-DC-Z7`UJ<+TJ/Y'HWZ%S1PZN112-`ZS-I]';JMZVRBQG-9Q+!N>M@'K8+1?T3-I.D^3S#;\`+!PO MK<>U159AC?"M^6KGN;Z/@'U-6>V3&<6!$\TUGVD^*P>?E3!W?L<\!\/V=]SC M(\=RS*#&YX="9!=118DXODIP/E!-+GWV7V+?<\_V`_A!\Z[F7Z8?VTSXIIW->]JWJV6WM5\J_FVWGQ;?T?7+NI;-ZH1<*=Y6,O*BL)9 MR\J2R,I'5P>OH:Q,XW'76;IEO0_8943FDT%";TIO2F]*;TK'HU=;M5:+>,H, MY1V'O!1`OO[V[NNOGAG;3L3M-_5U\U6?#;5BVCG;5GF#93V!/:@93*_5KVC) M^R)D;9>I/8@:?^!+"-/=-C-X%I-"+AB'4&J MRUY+(&^=#*H!\W7FUT$9XAX\J%8+5J[5@F:#/#*M*`YX^N56/L7R8Z^Z'%OM@- M\<`XAPD^J-/18L-M'MZK]ZR@7F;9I*&LW17/`^XE]M3E^V?5#.Y5I_?GW-*K M&@XZZ7KXP_?&<],;/R2"K_RHJ"X#50G*57%$:&^;)O+:$SEYVYJMC:.3R@]Y M3=\5I.]=^MMZE2-F,'*=8>#`5DPO/-)T?!@`U^D`54&0/Y5#M`*@T=2HS85Z M05E3]]/#O<3.V4&C:PRZG2I"?2'Y]='TOJN[W!*Y9VL9/7D?JQ3A>U]8_(./ MN,/^'8<3I]Z.V0>7?-3*XI%G^C*1^V5L^]Z8O>>WW/4I*)B]JZA-[A8A] MMPZL=J,N8-;$_,R)N=G2U%PJ:MY'">?R8ZX:#H@-DSDU"DOLR\"4T$&_N1DF M"Q=;+53"&KW\4-[$"U(&TJX?Y!]!WR]?/#F<80F5@?0: M^T13\]-3LX;R3J3U0=S3]0-I'0AWZQ-G9^5YT_;CH\.Z MM:76&-5@C:V]TF\C$RA;?;*=VX)1Y+?_>!N'1V/3G/UR;4VX';O\R^@]'T8W M.,(-;.B=ZUO?__GRQ3^6GSOSIS/?@]V&7T87GN5/^8WYX_S'C'LA?\<]/G(6 MAF$6+!T^7/'1;Z_.Q-_?>I_.OS6:W_XTO6\8\W/3:'P3_[_Y\JW=^/9GO/#] MJW\2@>'`2[61>]1[B_`0!8#2$2`=4>_Q)>S` MP<'6=>7`O[UJB,^2[/#SQG<0*R\:4EXII-2<=*VTV;+YJ5=<03Y;@R+\5BHX[DFF%W2\KQ0Q[1DLG5;UX"(B>38$S*!K M=+L;%J76M%(#L&@@:#FR!SG2[G6,04L+DET02S4,.PV$)Q$DS>K!92M!\KK5 M:QF=WH8I(\^$6M[4$1I:@#R&)#9,:7@^R/C6D'ZZ7ND:[U:WW MSUVI)MP?; MKMGJ&HVN-NZT<:?%7/ETJA9Y^S;N^D:W7VOI]_+%@RD1+W>W#WU]9#7KK:M4 M%Q>[5M&A\/)I&/(H//7LCXXY=%PGH9 MP'6JX*DJ@KKKJCP;KDB3WC,CO??V!96TW3SY&F M7W_US-AV(FZ_*1$)WS?)IF\7$,@R,O>SB%T4E]X,BDD:5&3^8":9NDL[>0"\ MY"EJ"W`][N<#K&'O!:2:S9/F%D7"'E'&Z=1U_3O3LS@%6."9/1K%+C,M"U9< M0`"KRT3LC%4?,/2*P^A/]\Z1J?WQ8-=HLV>T^YT#;&<+V'7WAY8MAGXX6AY* M_5FT#(S>2?\`V]F7F%B?Q?L4J;2GEA7$F"=KS@,XZS,NG"FKI<1!C+R]!8+N MD4]+LN:\%&NT5TNQ1QEI#X>3)J!RKSE#0`.CW1F4@W[V'*E[^'#9`M/<@'FC M7?--9Y]ZMBG*L-,,J[9;1::PV359?#Y5/TFJ*.0C%M/I&H],M`\7L MLMOL%A=K>#=G<^>7YP4S/S`CQ_?>FQ$7-WS)5SNZAH./K:-&\ZC5 M_\?;S2?'I5H+Z/KB1GP\/R'-3&],0CQHL6UURVN^>V3&2PLCL6> M(X8(:?A7S.:6,S7=\+=7%Y\_O/IGL]'XQ]MUZ\A==T8`XXLP!.O^?1P`*5T" M.,SOZ.?PD.M?-#H-O!_&:K9:'W9'9W_'0.N/L'^??O"N^5A-`4U^^7. MXT$X<6;P/CKRS#$OW-1I^.W+J)`J5E)+NJU9'/#LIEJPI>/L;C9>VU-NZ-L5 M=X&X[4LSB.8W>'-L6DC>X;MY]I?3'T[X[:/S/R!>G$]TK;$>$HWCSF,A<1GX M,S#FYI>NZ44@-'"0&;YW'H*4PY5]#?DH=C\ZMRMH=EM1\&WEE._F-_,9)R!\ M,JV)`PN?9W^7(`%N9'-N!F&Z]:UV48'M_\4GCN7R4.VX6_<-+^&X]CO^R,V0 M3WS7OIAB8A['GQ-\?^1AR/P1M1]U\4&P+((I\P-6>[B\BQT7[2\%BM;CF9T4 M]U^F&_-3VR8;:32@T&@M?U]#*.R:JUOU!\&W9,C3&(S)P)&6Z34/ M;AT+O]_,.$4!^$Q!=>Y$'\V[#<&T/XJ"K\X";CO1F1D$\Y$?W)F!??YCYJ0' M[L.!`5T`_:,&_+^5;GB#%28J_-ITT96QB?;NK%CRYJ*NT97:6\WZD&4\7MPT M^@7+4,#[`O9A<`4'O<"QP.P1GA_5*FK-R371?YT5>K$03%^OWV>7UX"#6+_? M&O0'*3;7+6@7"W^8#V%YX=U>I]OL;;_N])'T@!W*@_67T6<>B3=WYC5`WY(\ M#_]PIO%T$X&2=X]LN.)R;-+Q-MUDX[C[N$V>RJ`<$*W8!U M>MT,#:Y?T6[6OBO^:?4:_<&@\:#%JR"I#W[P7H9(+;]]0#QT6MW<3K99WUXV MMBLD=;KMK&GQX(VE/_[+B287TUE,C!;Q`%@M,5C^[7`W^7;#8]E6F%N4`AV4 M`B?]3CLK!QZTTGUM=H>V@-CL2;=UN,V^YZ$5.+,=7@'=3`!.9.P)=]88UN>Q MR&<6G51Y$#(G9'>P%,=C37+[&.SDY+C;^IF9GLU.^L>=]L_*+S8T78JUO(/5 MYE]B)CG/8`4$M=K& M`;;[6"8U6`Y"=N@-84@BD3<$U\-![#H:]3Y?#9WZX M@JMV:MBU3EJMDZPXNF=%.0^",%K%"6/'8`[_GB[Z"4\:K>-.,^,@2*9/CB/* M;L:?]K&F4;0(OD:GWY8V?';RC0(7R.6T(QY[=)32>K]YKP__VR"D@;94SLTO MQ"BM=Q?"?GO5WNXV^.VTNMV*8_<+':NWV72[T3MI5'O3ZV*RUFZ]WQL<=N?; M7+#L69*=-`85W_QVDNRDWZGV=K>49(.3:F_W(9*LWVQ7>],/EV3]YD-V?FI9 M\32F2/;W?!;`D")\@\]<+BW?TZD?1,Y_Z?N5`Q_BA'34:_7:V4/=KA9_:(#L MZL!UU&\-.IW.?@&2'6C7`3P%SLCUC58QVJC6:O>W+_JJXG`-P; M'DS?^4'@W\$9Z!XS:%7"T/+WR=!XRY`&79O>]X^^Z=U,`LXW$!.#1J^3O8LL M6'")]W/V^=^+;I[&8H[4CC?TR9ROR.A:_+X:"-KO?AZ/()SL@APOI//-*,:8 MQ)7QCIE0Z3U0'@8^]C#WL9'C_54KW,D^]H$@N8_N4;.SYWT\*+T4UM4ZRCJ3 M2[$T,,7&IBNR70FRI]XD=OYT3&_LF7@;9/,S_V-D9V#<15K)!D^7>",?N!/Q M#[&;,;!-+QZ9%LQ>O+'&H.P;$V$,?_C>>`Y86H6B7@50]`??<3AQY"Z. M%[>Q`Y;)1A=A2#JW-\N?W;>:+PP;[:W<[+IM[&/S^U6AA0%D[5Y[I0:Z;_LB M^]V/>'AISO'NZ]RS_2#DP:YCD[85F`@'C-*R_.D4MF^1-1VJ=/WU"R[!QC87 MH#*ZZMW5&1O"GJNPP_LD:06WM%:D7L8V[)5E+OG8NZWVM8(WPS#&6$>4P\VG MLDHZF+K37*F\79V@:620=5^FK+I#Q[N=\V`1-KM6VR MM!%BL3,SG+SG,S]T=G_9OS+79FGF7$2""%)8T31C7168TUFP`T_84;/;S2;< MK5_/(U>^4Q]>N]<9M/H'6GD>YH]UJ+9ZK4ZO^21`?^32!]W^4RH_:)_UVMW^@I>^4S-N#?C=[479`H#^60;OM;![_ M]@M/ZJS!'^H[^=85![/NEF/(*=7XQ>C3-:E7!PFS'/1."BAL=YMX.A#M+-:] MU^YW2@XB43$Z4];O$+0S:'<&CX;+TLH/#8W=D4FC_7@R*01'KKS@69(1MQ/; M&UY$5XZHJ7#EA-_?S4&X69.I&7P7I3VPNL`5'%N]F'_FRT$2:CU+]07;"W41 MDX4_P982UY@,]0^6GA'[NA\<&)K[943I+3=^9+I+\%`S+-=;7`>/3$QP?O[4 MU;:CP]:C$5Y<^R9#^NOV4(6]KB4@A;45!'1OT8Z3BL#I_@U_\?BF3/,@DLIZ M7:H!JOT+E^(J0=7DO5/[%@VB<`.FNP>P]Q8$J0K3[4TXW=SY&S)=?W-0Y:L> M2Q0=RBS9"_6LU-V+MDRR6X`#0.+_.3IB'WP_\OR(LVM.&3WLZ`B!Y#K>]U]& M\K>/\(']H*\B6-UOKP`VW+.Y_4I^&_A89WP21;-?WKZ]N[L[_C$,W&,_&+]M M-1KMM_CS6WSP%0[]=FEL^A9?<7[!?\/'_Q]02P,$%`````@`YT841SY/R!:@ M"P``?[D``!4`'`!C971H+3(P,34P-C,P7V-A;"YX;6Q55`D``S+.U54RSM55 M=7@+``$$)0X```0Y`0``[5U9<^*X%GZ?JOL?4LPS(73N+-TUN5-DZTI5ND.1 M]-1]ZQ*V`%4;B9%D$N;7CV1L-FNS(;9,\@0A.M)W]$E'YVC]X\^7:70RAY0A M@B]:W=.SU@G$`0D1'E^TOCW=MG]OG?SYO__\]$>$\(\A8/!$"&!VT9IP/OO4 MZ3P_/Y^^#&ET2NBX\^'L[+R3)6PM4WYZ86@K]?-YEK;;^?^7^\=@`J>@C3#C M``=K*9F-2J[[\>/'3O)?D92A3RR1OR-%B:#J+).SDMPF%HXM6`/E$R'=_.?OU_$Q* M_WQ%<`@Q@Z'XPDB$0L!A>`DBJ?+C!$+.6B4\A. M`S+MR(0=AQP[$G,`HB".DLJY%PBWL,,7#D4N889>9GRXXI-60X*M$B/)$Z'; MU946F)`Q`FR8,!*S]AB`64=68P=&G&6_)!7;/NNFQ/R<_OR]QY@H]2JF5(#- M"HC`$$9)L=\UZ3H5P[P";-+#H?RX^3M&5W MN>_1;0T!#;)"Q-<<\=L=(TW18?%TFN361AQ.,_D1)5-C%:?EDE**$!I"*BR3 M,$PQ$R#)3`(`4>OD&:+QA(M_M:KF<``9IR@0+5ZMA($^NZC_S-EU2$G[X!-I MO2`@L4`W@`$42(<1_`JY@[DPBOE/EAE_2M3Y88C*CWORE^^]<"Z'!?9$'N/9 M+$+"VU!4N#ZIOY6LQYQ6[']]Z@'7,;P5^@U@)`?K/J`<08*OX8C*%0(G\#+4B.G(<(HY3\M M1O@I2[_YQ-(#GT#JZNZK$OO/B0IU2L7O5BHZ.S'?&PP#K?%?]8'?/O%IO6U5 MZUHJVZ=7D5J?DAFD?-$7+9*+2$5&*;.I@&L>6_1'(9WF`,\1B*"7+D)!H9L M@AZ39(-^V-C./6C^2K!^^'`1\K#.76#[&*(I@TH!.B@73F]*>LB2,W;GH.Y- M^ZCW"`Q1A-RF7U2)JV[MCQ-"^1.DTTN`?]P3@)GP+;X2#ED?+.2"E@S9>J&T*+$[J,OG$Q6%O)IM!(-H4:+_]W_ M=7(G.0E^3$@DZHK)&2J^,/F/BL353U)-IP0G2*S[H"&LZ.![Z=6N8/8!"N^PG1RM1$/8T>+WT;$= M0`X0AN$-H!CA,1-.>3R-DYF<:SA"`3*-V"["#2'-114?/=]'#G@LMT^DT93` MWJ<@X$BX[*O_I2VPA\/'F,ZBF`V@J`RZ=AR4(^Q^&3>$]WW5]-'UWFB[R4@A M!O$9A1/A[J$YO,/"!X3WA,EEBX>1B"?,,PS%G?A"TYAR[Y2Q*&W MBU;=BPXS'^]!V&JD8K=G&.)7KUS^PT2+36-'E=+9Z5>9IO*'E^3@".4F$O8P M>IA!FF0KM5'8TF\8Q,(GEE:NV'FFI=E+Z7O$YP'9C MV*[>46N$S4B!X?'-RTQZE::>J4A;^?@/HV@-P#3V[R2LM4EK*SDWT.^@]M&N M?(98:".CXEXX11@Q+G6;0SLG5LEFD&15P\?YV&LH3$Z`EM4JD$\)Y>B?Y$_3 M_C235#/8,JK@/#7[/FQHAHWUK(G+P+&9NG*[5=([KKV%YZLX9Y$V0?LX9AS" MRV@`#PKH[YYI^:V*F&Q7O=W#,,A4?VZ70U'I?`DCF6XV`%>FKK796ZL_?Z)7 MH8*/QB@#:F].N93-9*2`8]H^P&F5QWC(4+A80E34KBI1,RI6A=S'U?VD\Y6Q MGS;!9M#DJHWSPO[[T+QK03-/2)X`NB)R_3P6];L&?`E'A*8PD[VK7Q`F%/%% M9I.$1MNY+-1D)Y.03C4\OU296BJ,UCWC/`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`,*0+1>4 M9VD#>A@-1)NC*!`\)'5?2-\]\O2Q`QJ45^R,*ZNYCUM;-]59/:QW#8>69YEU M,D=$[HYF/IY?]=>HRH+E42[Q(5W(.8@DH#ZD2!X:W([O#"VM6#8U[->OX4!" M;>=Y2E"JV.OOK*R/UK*>`/H(&5;46>S,:P8`_C&Y> M@HF(K.!`#*213 M76+ESP=L@BC4%>RBM=S2MH:UG#EQ?"]5*U9K'W:E1WE1FU8E9Q_LL/TT?XRE M9%_59_2:_55?:L7-/`]$#L[.KYRKQ6IX6VT'37+G;],F>'5Q8E#7)._C7M<*ZP MRK=]I.4+^HT[.S:35;\W)2U]`)Z_"*>=(A"9]Z$HT]=\\V&^HO.[2I2X?;29 M*ZBW\HF3"0R3YY9<.-D1:`XI.\!]G`E*/.45X#N8GJ)U78N:;WOS6BK6C-ML@'<1T\E:\PX7!]G-*[RVX4;PI:+*C7= M)[AQ4*%T2)7+X76#JEQQ#;_3M\IM$U6;$2[55O1C$P!8CF&.BT-&*7JZI0K,.)+ M]EO:-@>003J',B#J!0&-96QDF&DMHOD!"JNU\SLT`)T!.&0=^&SM"^HI/UT/ M;1ZNB#?2B!2:[S7>="2X(6!0_/$O4$L#!!0````(`.=&%$<+3Y'3"`T``/_1 M```5`!P`8V5T:"TR,#$U,#8S,%]D968N>&UL550)``,RSM55,L[5575X"P`! M!"4.```$.0$``.U=77/B.!9]WZK]#RGF.2%TNGNG4Y.=(E\SV2(?2^C9W2=* ML05HVDBL)"=A?_U*#@8<2Y9L;"2Z>6J:Z,KWW"/9]Q[)XI=?7Z?1P3.D#!%\ MUNH<';<.(`Y(B/#XK/5U<'WX<^O@U[__]2^_1`A_>P(,'@@#S,Y:$\YGI^WV MR\O+T>L3C8X(';<_'!^?M-.&K;>6IZ\,95J_G*1M.^U_W_8>@PF<@D.$&09KV#3^VW/[8.9+P`#2B)8!^.#A8?O_9O\G8(\W:(INU%FS:( M(G$IZ<0IG\_@68NAZ2R"Z7<3"D=:C*D#TO5/TNF?9&_M#;P1GR&60^,PA",0 M1[Q&W_)]U^0IF0*$FW'TK>N-_$RZ.)S"Z1.D=3J9Z7<3#R?"&1K$3_!P";Q& M/U6];^(M)KQ;ZY19=)CXE#IDZCR`?")ZZ'PZ_GQRG/3RB,88C5``,.\&`8DQ M%S?4!Q*A`$%V"3E`$6L=O$P%<> M@Z@)]].N-T31AXQ3%'`87@`VV43/LP`J+_!T!Y]=%1V%># M?E8,JTV7&WK]0(FXU_#Y0R2&',#AU7]C-!/W'%XQPL;^-IU[$T+Y`-)ICP!< M]1ZAZJ,!OZK>`PJZVM#+.\(A>P!S\!3!BL%3=;&A5[?@3T(?X]DL0B+'%H/F M(F:<3,7GBCZ:.TP\%BD5PDAFQ#WA7L9Q$6Z(0QBFKLMNZWP")<4""3+7C&1Z M3JCRD9P\CD>`/27/Y)@=C@&8M644VS#B+/TFB>OA<6>1C_^T^'J8F97=M5DI M@,,;#J<\Z>,OY M3@."N9@-5Q&4=F)*P['\T%K^/2(,AF$99`]8/!&UZENY>9XK4,KROKX4DCO.HJ[!(3/$M)23ZS M`'\H/H>7J?K2+*]9C<<%L2ND6H*WS>]YC"(IA]YF)!L%E=F&PX_-L*72CTHP ME9U%:J;R0/R9;;<@F(@T@<[701FI*;`:?MI9G@RH%J1U/&#M#SA!0029D:AL MP^'GG>4F#V1!QPL*:%><4XFDIA\RN#HSCJH6=8J5A3]3/\XB6S%L5[ M:9BF)U@[*W.Y%;Y2'7/+8_!>A!1(=WJ$L0M`Z7Q$Z`N@(;,1P"RL72A@>K=, MPI?!TH7>91EC]9RQP+/C.M<-%M,,#L!K-^830A&?&Z0MM8$/:I8%66J6]9#\ MJ;SR/AK%#9V)KT8C&'!1FRZG>%_4K'THTNL`12C9?]SEUU#X"Z)'#G@L')EG&AK=*#+DX,:WEHKY[)8)I`%L5ZYN]/1]D7B*AMV#S=)W8)7-(VG%AMQUMJY%;W>C61U MW'/^^C/@;T7(K$*^WLZM-F87\O?^-BFO9+-/2PVLT,BMZ%4Z-[(#Y%%%O?+U M!C^+S\GND`>1:XA_[T=WD'<9@[PP];'KP:&.9N1#\Y"P!V:XC6VM^BM\:W'K M(VOIQ'Q``68BV&]PC>6?R=1M_:?QCIW/,W^QK@=+].>B/K0APU0@EH2XZP6C M%5I316G=B5\E9TFJ=;?>,N#]22+7O3-N%L@W=E^QEHJ[F3L?MW5LS)$W=6Y# M9&UC8TWRD&MR/US/C>XD^,557J3[^*P&P3Q-$Y`7L(9A<';CI9+R`**$F"K8Q",Q=8& M_7Z7]=>&\?`IW3=#N0/3M2,S+(J":EUZ4-YM2&OUT:*+QWZ@*`/C3XWIV8CQ M<+'V?C1"`;0^UT+5W'5Q6WW^JOG58?1IMF]7HVVFH-X1C=:O*GQ3`;"ABKL) MD?93"=WOLZ_3LQ)'_CQ`FR'+4Y'6Z8$FZD%M%&EK>BM&$T2E?F2Y,\;&UNW) M).4EC%+`/'IJR/T_?'XKO"=K^T'N7S"D;()FBWTA8%SX4I)M'PY?0[&E1GVK M*H6PP5G7I1#/[<\8]6L3Y(<\9K_]DZ]T]@=R` MRI])6?5@Z]T]=#P/Q*,"O/K!UKM[TK@"B4>5]=O"JCTORO8[?.RX%L_^\'$O M^?H.#A__C1)6J61+#+_#X\67N#QZ4FFW)LTBF,0BZV`Y[HN MX6CYH(XA46L(/'JJ?C\+#8U._'Y%;>7/LVY;]4U]D)J_C7BM-G`K6&=\ MLA>I\V8NA&E]0$UBM-K_'1>@LZ#,DK.RO5\BLYHG#;LZ./ZH'#D7C7*CQL*Y M9*P-MB4W/@K#-;+CBP!<%TW;V'1X#O`W^3B_Q_KCY]0-W0JT!6,[&V6]\TV^ M*KZXWN"%V$5UV="MMEHMJAGGFSSO;'E!TM8'BTY+M*Q0FEY`7AL=7C>]7:3?EM%693\9'!X,\S08ZP&RQ@Q,GF M'"#*$?F#C<6_RJ4WY4(*H;BT=S).GHC\G11-W+Y@V_R9^!@:/4VJWTG M+G])KP8B3=!,(MC6ZOUU(<+5>M%Q>UKB#B\CJ.UUQ(`CD#P70\AV M5A5;N5W8KX85#0AFD%B+3G:7W:FW^A1=':\0M`95C1>6]Z.W-KNN8M^)/0QW@V MBQ"D#.#P(F:<3,5G1RKG!<%2_Z7)([R/V#<;M5-OY$+US'EC4C_5!BY4T.)` MJL>XWGLO5-$:>3R?B]0]F$P!_6;8TF0R]4%-U?-FR;,"DS]R7-[;U%>C_F8R M=;[IR88)6P[ST'X0#EV+IML@T\/#HQY!!%D?BDPDAG?0?,R*LKU;<=5F$FD6 M#G5@?)ISC-^/?B,D9`/"060D2&W@5DRMSI`>39-*:3=\EA6U_B@;12NW2FCY M"&L@>"0>*.[$%KO7"ZP:$D>WG>6MP_%(D,LCL]DJ76#5E&RZ25ZW'GO;\BL# MR*9S#;4B]2;)2!U&3ZIG7!>":`V=*QV%TC'UE('N5]J?Q=_L9FL'3TBQL;W=EL(#6Y M(IY=D.BN+4A8OBYDW<&PTY".5Y&=`JF]`K`F[W=WL81V/UHZH-VG\+[AL.-$ MN:D0/P4!:C0>)]BK=RF*MB@4F0T[3G2`L``00E#@`` M!#D!``#5?>F3X[B1[_<7\?X'Q.R+MST1ZFLN>\9K;ZBN'MG5I5J5>M;S)EY, ML$2HBFZ)E'E4=_FO7P`\1(K$R2.S/^RZIX1,XD?FA40B\1__^7F_(T\T3H(H M_/-7;U^]^8K0_O$K\I]_^=__ZS]V0?CQWDLH801A\N>O M'M/T\-/KUY\^?7KU^3[>O8KBA]??O'GS[>MRX%?YR)\^)T%C]*=OR[%O7__] M_?7=YI'NO9=!F*1>N#E2<39==&]__/''U^)7-C0)?DH$_76T\5(!03LO(AW! M_^ME.>PE_]/+M]^\_/;MJ\^)_Q5_!W&THRNZ)>+Q/Z7/!_KGKY)@?]CQ:8N_ M/<9TVSV'71R_YO2O0_K@I=3G_'_D_-_^P/G_6_'G:^^>[KXB?.2'U4(*Y\<& MKYSH]5_(%#.\I7$0^9>AVU1/J">=\UWJQ6F/6=?H)YKW.DJ]G=.,:Y03S?6& MNKW;BFZJ=\J,'75[IT?*`>>:MN=I_2*/;Y!;:O[O:_;\QLSHYY2&/O7+N7%* MA;44C(65%<8_VC28[;BYC>(FS@U-'QF6M]^_^>';-P()_\OO%]$FV],PG8=, M[=,@?5Z$VRC>"W,]OT_2V-ND)2,Q=<'^]Q^^^;R+F M<`_IRP;.;1SM^WV!8EY1KY?UVECL"I@"8D(WKQZBI]<^#1C4M]_Q?W"1_.[E MF[>%(_\W]J??\^>NZ$/`'Q>F-]Z>=LC@=S^_^^.WWWSWUW>+Q;<_?O?FAZN_ MOOO;[W+Z"43OA[\NWGS_W0_7B[_][?NW/WSSQY^O%^\5,VI)7"%DQW&$#X20 M+LMWVQ0JN]["Q.R>$D`;G%,.IJ%2_$SX`E87I?/U:T]*D M&E=`SK,XYD\*DHVW^Y5Z,5LP7;`0U,2LR&DA+(L"R:G$%$-)/I;PP2PH\@D? MCL+`Z+Z*U,9("<>5HC+06C.V-E:F20=I9$X02.-G_CLJ$]/UZK46ID$TC6A4 MZ1A3ZR(AA#`M,@Q2*).P[F.[[R:BFMIC2V;>RGF*`0LQZS_>)QO=1M8$]U+3O[B[7 M=^!V6RTDG79:0@(CUD6>S]402YA`6UX9MF[9GY$RCPNG!(/`*6%X8CPZ=Z&4 M."/_T,UA:LTY]Y+'>>CS_[G\9Q8\>3LVFV2>GGMQ_,Q"K%^\7:;-3%HR@W(? MIEA;HL@(1(V(^$>-=$:\E)341)"C<#B]@6[X/^B1='!4AU9%(!"R&;FG#T$8 M\@]XGP>K(X$]EFR"0:5BU23#"19O6-D@91ABQFEJ&[NBS+@'FY3ZW?.S#53T M_*!C%@/$IV)[)"%2>XLJD.F'D2OGX'#26KWRZ&!$B3.ZN,Q4UXQ"-"VSR=OZ(:R2=SOZ`U-BQ#2>#&OY`&VM%MVIU MZ^-"BFN00CH"$I65&`()F&5PD'>3W(:*@;D%D-3GS_TG'HPEZ^@N.QQV`1,S MTWA`3@_E_Q6(6N)>C"+KB%3C4#AX%Q!I1)+10/C%1JXHT9\*Q2LTKEVG)DI7 M+B6>VG5?9/2*X5S1G3C1QA:^`4TL7;>:!Y3KUB!K55QDE/`O3@H"4E!@D&^40&H23!QUT2YEE\-?> MYWR[R3Y=H&0!%G(H<;5<6C&:L.&DW"9E%"3:BDV;_+3O?+>+/O$P<;Q`Q,E] MNT%-&=3NK5,(C]T70V0@U9%&6\/3*[)BH(R1;9\ M;+6U3Y*;2+E&4X%+_JRRXJ"B?1M'!QJGS[?L%8M.)O_,@@//D3HL1-6\H%V9 M!NFIE)7#9T00Y*UM2A)LBU=G;(<*&SUB&V.OK$^!@"4Z@/3:Z-,'=^(F=L+( MG2L935ZT&85)&F<;OFY=A&QJ#TPTDG=QE&B/:QJQ`"O05.)J%;K51I,@).7X M&1$4"+81^N$Y%./1!`D&8J>NSE/03ZU"5T$8I/0Z>*+^(DS99PCN=[1:C=N& M$#INT$&$%NVI+.8$+P4%.9+4LV>(X@AK>#5$P`FF7F)EX;\TK,8H8[F)0L.U MIPD'D,:2.E1&12V$D2#8V^X'J%X:\C)D@#8C`=(5N_3'5!W8\/:\KHM9`+X1 MD#[2LC">)/RT*O&]E/)?/-T[`"F5L58@A8,V($=1+L/FLW%+4FO907MH/5[S M0HTC&2(?W0/@256-ROR`NVQ#N37RV3I>,/EDNT0R=`99FCI&L;DKG6.>+!YI MIJZY;>D\42:S+;+8DVO2=>#=![N`Z_,\]$5SD\=HYS/CRO-*Z;/K$79SOM#^ MSN(-G,I4=F=]FES>E@U.03]X\ZS&* MTS6-]V=>^/$Z\D*NV3=12I-;[YD?J[+U=@8,H=V<">93:10T+]E*:T\X%1%D MPM,)0E)0(EK;]42Y8Q1C'2_HX[H'@(6O<8VQ%IHU.=-RF]K*U!]N6?K420KE MD;MQG(I;PR)@.D%E-OUYGH'-3]92'T7D8//B#]VF&"Q84`B_,DKHHH/J;:#5 M775?+@D7Z$!`BD[:!@!6J0<&`Z@H3N)BX0(E+":O"FX(,STI4(V'JTA\)[=1:LO8^&T2'2I/1 MR0+:O73C:F7K^:CQ'4N?-9<-$*Q.12%D1AZEBQ[D7%@[>63J3J3D4.Y$CJ?[ M1%57CA.%.[$%4AXXP9C;U`B9TJ/(:.'W`WILVJ'Q)T8"-HF.N!]@,,+0/)4% MK"368N*VH0:E*E;[W)T&`WA'N],066WIU@?_>[ES/4_3.+C/4N[O>9'AK8=Q M1\T*9SX`C:,QWY2VA3[]T9_J.AQ9:W:E%6G30[N:#D3MDS'U&X_$J!E9)$DV M0LK8/2MF"82\^#]O7KUY\Y:7-9(G3O`GXF7I8Q0'_Z(^>4G8G&9O\O\CB;CZ MZ$\D$*#%9F!TO`>)#7[[8S7X:U0+.O.WDN2?MWH=)'\_?^IX$;47Q7[^(6!Q MEM7JL8,:=/'8A4;24J0:28JA*!RX,8I;+_#Y`<1-]^1AEXM2H=*O%MNDD^]Q M53/@[W@1RO5"O6LA8P/MR^7XVKGN2D=*<1M+5WKL<_6!(]$>4&=L#HC__A+6 M!KBI@,W.G83']/>#I%X04O_2B_D]-,E\L\GVF3CT<4&WP28P7A^;<()RHD8H MVS=FY$2DI"(O:G2D(!P^XK4O>.D'CQ94*`(%)RC%+\2K?1X_B_GJA!^M]"F+ MLB/1,8,%^M[#@.6+/^9(0_K`'XH?*5C\9&YGE+&4`1N(>WDSWF2U*,9@T[KE MZ9E@0Y/JM\*\\^,$67S89!1`:6)IX<1"\CS:'V+Z M2,,D>**+< MS==5UN)H!%)LSK+V.^)*.^V$F^I?$=WU7O47G,$(2Q20GS6M5 M"",F@AI5BJ,7VM-B#71.W$*&;4LJI/P`]51,()E793&F'E[)`JX/M`J76B); M!4)H?(7!U]*T3Y;3@TM>7HW7PRLTV2#R!"?XU-8_'SQ:<>)`YMX,4E.A@DY$ MF,Q\ER#:FO8&#W"E6AZK%9WM>8,'&H/>1&:F4S4:%(LV-U!-K8KDF/#XJ0XQ MM'-4=0;37U'+,\LB6MNKF[5I[O^4L('V5')\73N08HSH=[T\T%CTV$X4!TW` MS;OFZQG>P-K-8_HRKR<:9M2X@>YQ/%S)5C7C=N52_A,*2ZR:Y^4OES-<" M6-ZMR?**O%LN+^[(W?+Z8NH*N]$!@'LCB5H8+C*:M%.KM+AFZ3:.MN;5Q`T2 M*!_4G/>IT(A?2?XS@FT.S617R[L[P0C:5:DPMHZ;E6-).1AK%W0K5+>7J_EZ%T]JV5;SZ@U!(4:Q;C2=-".%`< MF.@]:[@6$)TBKF[[T"29/&*C(;,/O/YY[N^#,."V@1]6EVNITF9IV4%[/CW> M5D"54XC"D";-:*KN?IC4'MX)I.$-P0".O=]'\\9&.,#*=;3O!A[%&!H8HUA& MQVOR^P/I(::;0&2X^:3V49P&_^J\5%+F,90LH&(=-:[V4<7CZ!EA_[6CXG9I M83!KI.+.P$,<^?GES`B.T[KCS`U+;3RN"&H*8&!!EH'6*2,N%3UXLJ%WD@$^ MQ.K"I$\JH`HXD$!P/[9B`B"O?8XJ&&-;L#4*-.`!D53EW=(Y<";K>)S.--CI M)`7KM]6)0Z[EC=.C"+8!S.:_N#E?OK]DLU[>W7U-KE;+]Z1(?2YO6BG/231] M*C!P'<3D"J)N']9!-_W%5F'4G$9A9UPW00P80LV_05AFQY2Y,TGXTXVV[J=3M) MH;QN-XZ6H2]&%:HUR]LYH-A2L02`K.>"0HR4OJF+#DH%'+-1RI% M0'N*0TV?#CW]`3+N_:';-T)!^5]^O\ON MD\!_S@V$SC5U44SMD3IGW=IISG\O_!!@RMIJMMU.I_=L_6B3\>+VS@V.`2;\ M"MQ-RB6YTSMV#`?I@2X-5ZVSR1INT"Y3B[:[5[IRM8;*J3H"S/7G]8LRZ?GU MC(2T5:L*[K#,A-4L#ZIFA29O8KI(@U4ZR7W-YF(XK8;9)TMML!0["37%`M,F M6U$Q6,GAT9ECFO.*`3Z/>(?.C,WJ>&CPC&ZCN&C;)^ZK?!^$41RDSV7T.@_] M)I>\E\U[YI<&K13G?8[M%=9M6V5_%;BXQ3J!TCOQ23* MQH$Y:U+C/2OMCICAC*V9T]B+8C\(O9@%\"G=)Z("A:EIIYD7C-]C*B[9_6,"%U"=!9$A^S%_&O1`W_'?D85`)M\DA<[\2U&RG0?HB3@ M!PM&FSZ?O;!1_#*?O!DV^:L79GRI\G9&F-Y]RWZ*H^SAD5S0#=W?TYA\6_R" M*-[68KUZGN,[_7."UH'%L"#]TXS;%;?TJ"< MVGU`CS&^(WS^O8"Q-/G`GAKYE/:46]G4V#41N.4&&R%>I3&2R(24E- M:N1".*M;34HF*.+I03!O2LPI)]_EIU(>&'WN`]!$=O9BK0SV+-@!])`\O55% M<2V1KK6FG!5T;*C&V=%[T>2RH1G^2T_ZX"ZW(L%TTUW<+!RHBL_4VOC?S$P\ MLC7UG%EH[X'>9#Q87&Y;73$5)=R=]LR>+Y1K=7@#IT)!%A]2+:[61_0N-\795`Z8*MF6)2_=K\SKPDV,Q# MOY!:6Q_M^A1H]^W\=GH:!\%0'*0N6*+*K@SV5HXP_6Z8X-Z^GWH8!0*.CYC: M4)37*)>WB.@M0J>5U;*!B@#T^%K7PY5WO5?WYDRAN/8]*GHB2R!N!!H(2)4H M/91`?B+W&(R.FVX8!!PZ'A!7GHM^YLOMN9<\7NVB3\[M,-6\H&,%#5)UFWM. M000)YC;W)A_3^&)M*2.`O4@^";'SZU/_[/E#0OU%6!VFGF_2X"F_]LYR_>O" M&:Q6U^4M=-E;(1=LT%^_G+L4P(WVUEG!>&YI8*I*Y=+A&D#`9`.$5_RQYAWJ0(432Z MU.FD<<=+*:.I+4Y5JWL5Q1=1=I]NL]U\LXDRA_-::E[0X90&J;J(N20@)06J M:,82VIGG$Y_>XVVI82*41D&!DM'TSGU+XYCZ/4^>:-G`N70=OK8GR"EJY]@F M.)+BXLJ=D56'.EHA.Y#+=D:2LH]SGP\[=CA`Y*6-E$OCH-4\`(ZHQ=1+Z`7- M_[>V5CGW#D'J[7I<<6O,&=IO6[V%CK-N@HB\*,GY:85:JJ)@@35/T0O\^2/[ M+WZ?>UA/(B0)31,1=^\"[S[8@252!Y-0BX#`@BV\MI>1RHIN:/#$ZU1-8P0S M7H!'54V0&NIR24N.Q`A"!D>,Q:!1L/0[^SD.&L@#H,;:ICL-JF<$;TMN8WKP M`O\N.QQV@?T%%P8,\<4);7RW("CZD8#0KCAY.WBII'/05S+B`>6`4ST@CGE&P(8I_3/36,A)2LH2W5+S] M4,B>-D@\U&"&+Q9J8C4T0S4B1!TU[,'EOTYN6*9!@3#$Z5`LQ_"FS@G>8!3V M;+[=!KN`??G!PIH.CNA"FB[4MN',D<=XDSP1#\RO%:VYT@_ MEOD9(NHQA9IC"J/P):SM`8*%*/)1*J-EV-/-"][@W$0L!+OUGGD4*E]O6=KJ M3J;XHIYN[(:F1Q"3@AIHO34*WAS8(1_V!00&"@EVC`RZ.,)K:KGQ74RL?[%* MQ0A/.-#&:%NF)0#K6Y9 M'&#Q*'C;4AXONSX>N^D1$G0Q0Q0+=&(U#0+*(X?7\@-*6#R_$<[&&4K@4U=] MY,O-WW=P@E?&^MZ:6B%[[`).K9P]]A>=%+6YL3ZFM@[ICLUA-S>BO[#CDFH! M'V!+&E*AS1OCF;I8&X[X^TMV[9K8]Y4BS:6\\T_LR"F;++,<*7/M^SK\@O5^17JA[W% MCH(-1ZC8Q@IUJUE;0EG1'"8B98G%1,$!7C]$+/Y/;*07'2^/U10 M#YQ4(*7#(^U1E0>$%2R>L==A93QCP0[*6EU%\7D4,I.9B=LQ^"(RAD MU?K&HFGG^5M<\"8PQDMT/?U#.Q0046-BTYF&2.DHS` MHN570>B%FS$N]%)R1K;AHGX+EMI>,<.1EASO/9RF([N`H_'>[O+OLC&A8@MP M(\2&4C_).S<=BOACN5TQFQ0'&[;>$M<-MF=LO=)W?Q"T]^_SCCHNFA"\C.L9@2W"J-;RDRK-(G(X(0@RK\=[@$F^7K\LW.;*D M"QGU,?JN$`Y M4"TZJ7CQP82/9LOC\M8&!'[/'A#[_25;]VY&@N!'FXQ[B,Z[`H?_+$+K1;/L M(Z97:#RUF3(IW;"&!:2/O7N,XG1-X_T%O3>O!9`SP.!33S&I!4^,?LFT=D_X M>!1K91LTR7'^N\AKW5J)PE%V2IFQ@VQ2X\UB#92K1KE:M7H+`V2OOH1*.DOP M]9+::5;@0Z?GS0$W:HA?BP+BKSGN;87[R\O4]UV$6["=VL9=;K=TDRZWEY\W MXKZOE9?29Y-<5U<%.8F@.,7_Z!R_&`1BHO4*X,6*X93 MZWCW-&YI'$3^Z2$MVTC&CC=T+&/Y)CKWH+H4>T9R'J3CJ"/0,:@QWP/W\[)F M21VI=L!P9@"@03'L]0N_#A25D1M012W"&BO&4QL]<:<5%;FLG=CBV$6?%N$V MBO39SEX M'I\?40AR:"FG017VV'P8,7N!"9U#EVN-:5^&4_+I]9X))$U2_GQ3#]RD@6M6 MU)AY6WCRGPN-!E!FEUF?JF^!@7X^T##!TFO8[+U#*:R!R!KXZ0;!U$JYC!^\ M,/B7B`CX^9QH%_AY>!#ZMVQ6Y;;PW9&S^?G?WJV6'VXNT`0Q8VFE,A`:_*%3V[+BVH<@?+AE<]_T M:,BDX@0=]BA1MG)OP4,8;(,-[[MQ)"0E):HP9DQ@X/&(7C:-@@P%F\F3_<+J\7Y_&9-YN?GS*&N%S?OR.WR>G&^ MN+Q#XUSM!%>=XS=CA:/XP-49ZKA!.T0M6L4I-9&%D^^T@;L-LR_98^<8S'UT M3Z?'BM*"(903L<%L7`>#>F'7!_'J\FZ]6IRO+R_(^?SN9S3^PUIRE2[$G-O4 M&GJ\BL/9=72R@/87W;BDER8>AX]9DN&^6>P,!YVS4PB#^A):35"R:V@HNE?-1[C>L3TZ^D/YJJ8 MC"%?QL;7@,'4AM<$DU2DU@V1PK(P<()T\WUXG+52B?U M1J$[AM\;QOJ1$L:?-_;TCTLV7OWCU.KN=K]:8=E\<9%FY8K'A-WW)]1-S M^%'\?)R,JZ]1LH)V,VJ<[;KA8C1FAV+PZ0P+_^5\$(BCM=]0\X`[(:!$)I=` MS([`%M3-+Y-*7Y"@:]DP7UFU'SSOQ.N2@5&]!4E!)?]\6Y MY<7`^7",]MGPR^GS4`H>D]=@MZ9B7TZM8@%6&:W$92:!N#8+^B-"8YP-A$Y= M+:R@[VV:6U<5B9N:W*-H2Z:@9ML">\>!G>,55PMQ3YD@;H0Y2&VZ[2?76WAC MCJ.+J]T>A`4WD`T)&[1.$HK#YO?'NKRY6Z\^G(L3)XL;*NF::#!A"YYM,,'>T(:Y?+MR\6QBC M5[3^P*9W4VBXH1'@'EDJ.YZ`7;1MD-M)-.;,5E_@J^7MY6K]*P-^+0Z;W%R0 MR__ZL+A]?WFS!G<]?>1:UZ3;G.$8I30W45@N^`8JVNKBB*U\JQ.U42'72T;Z MLES^(_0P]M_9J;RK@]VXTNFZ\+)GBJ4@3(?=K$CLAO=1+L05Z7IL".Q=U60O M;Y8W+\\_K%8='@1@?38`3,MJ,Q+R)M+Y`Y`LWUQUW*H:3H)S5'WBIAR6A^=U2]@(<1?Q'NU/*#ZQVJ*<-11/7X'#M/:LP+ MQ(&:(S44S8;GQ.0N>R"5U)$ATE)EY8[1 ME-'4N2%^!57_VCD9%^@TIA1=J[,&OY*+\#NYR'7DA:^9O4E%!^-GS;%4\.2E M^@,:92PE+"9O=U._%LV^O8V$&JR=C0Q-I^@=[^O#ETLT1_+S@E>WD#U4AV4`FU<&*6K'MO M`KWW_A'%Q\8\[)%9DC(WJNS3U$Y,F[`!V?HQPG(HF;M*LSY@6Z)FR'62=^\*7U@NXV#XYS_=;DZ5N3D=O_#W9HM5=K= MGF`W^2U$5[_!;\)L\BZ67A#_XNTR6KOK8R%.0`A7)#J^)Y*?-L*7R#'!]?RTT93 MU:T_C3B!6:+WU..Q+I]+/I7\_SLO*RT80Z\H;=Z!0E=KU),:ICXKR>&AX[L: MR%K$C5:.YEPG5^DHIL%#45RT:7;8"WWQG[O\RDF]BG?;1/<'@`4A/=Y)2^YS M7J1DUFQ]QQ>O=7Z(+,'H;Z8V6D0NS1<%=&W8T")LXNJ=N?=OE>`ECU>[Z%,O M'V["";:'AP9EY^4NG`"1-@Z'KKHEDBM=!77X-8*N?'@X1+4D/(/D':]U.^2? MC9<1;SC0+6,*4BSLK#>F:0LUFZECB@\)6[9<)FFP9Z*6F`8*IU10WK\U^U-Y M8P.XH%5#,,7OPR`2<-)ZX6[*4[O6$!,?-:CV7RX9,H9?*IMB- M;U?#D\(;!?=4KKG7;O+0WQ2-/W;2V!Z7/4)[Z>Y9':_C5,W:N"BJUS-PW0QI M_&8LS-GIY:?@1F^X:R6=7U?MG?"H'4WL,82^.%P^:?@`P/LH>P8S*D[0$8P2 M95MPJ\&8='8X@%_8M95]7+:"S5#MMJV-0H68#>)]'3$G(*`O;HX<[C677<.6JXS;] MB<0D76[O/*-4D>0,IYP#W$%:!:KV*<)$;.J(X9@4;CAH[Z+(3\A=M//1N#Z] MX&G.^4K)P7I#]%[BR?A`.S,%0GD_"$R:-#PZF`I(1_FQ6N9)F/3.K%Z&*8T/ M<9!0"X5I9XE,V(#D5HWPG0K4D8C4.JD@T)@Q\2'(KSJ!,4FPTB/@0'!.O<]( M\JOF"BA/L!KPZ&THQ%F,N>]3W]VG&C`"+7O68#R5O/QLCAB/Q4",A0U1K;,E M$!/SD)^5]`18*,O@JC`&482>2V_K($)^$8#-0U_\1]&+6?S-):*PY`@27-BB M;E4ORNF1@N0D M&(S.J``1A3/V:$S,RL,1\8-@BRRF,51'?5BC8S1]YIZ]D3"-A2"L@N3C>4S] M(.7_,D_=*UC`Y>Y5N#KN6#Z.)GS0C.0$Q7_@24(.C3;A2GF6)4'([Y06U>E' MX'B.A1G(J2;3+Z>?6N=NZ*=Y905OXRAD_]S06M>7GEL`]ORAMP8^T7PNF;F1J7O`HUC[:L.1CL1ULS[IQ8VC]3/=K4CJ?Z'A&ZS MW76P97^<)PE-V4+B?F=Y6ZH37Y@T@],;:*VY"RYD>3RV[).<$>&<^`\Y+_*; MX(;&+8_Q%IB7IM5;R/*WL.-O@&#,0@F-F`;.?%]7OB].BQ9!WW!@.OE]7=4TD?8=&$=B]Z=Y"#']H=%`1M0AB M+%G#J7YY?%#B\J72CYS?*;*6?B MFLI\]5YQK1WAG,).V+?#'>_U>.4IUACT%.OPDFR0Z.C#'\YPU&[";;3'&RIJ M,.6/)VXP?B,J1:A?FWW2EQ+:)$SY&B0W3.-+A;@JA&448<@0RIP$?"?";`GQW"A.10S85>$M7K&6+YF#\<$?B M$3A>(Y16I\$1Z.UP2.MZ>NA`3;^<,_`#G7['X'/O'J.8323>\QO4!_"T,GYX M_*L4L4I@!=%+MOC<$T[VI:QT^V+U&1EB_ZD67DNO*6$&IYIB'CT7J5T\X!>F MGDVT.N:Z5:=_:/P>$>7]Z3<9Z[XY4FEZB1QP9.\*+A^C2#8G?`=U=X+ MKU5G`?%3D/!"8?Y?^?E4+;SY"9Y\Z2\A/TH,EM\Y5CCA\"(3/A"-@WCZI>OA]D- MP-S7L!)L&7'8\.Y=E;N,'[PP^)% M%([,04_<.;R+4\FNLQ!'@:L3)$%'P^1I-9-!+ M&?3'VZPYNWG_A&Y>/41/KWT:<,?_'?\'5_KO:OZ>_8DW&@G29QZ'Q(I/M[VG,DV\>^^"7GS>/[#53W\I32GF`.D0YLM8I,S&2GSS) MQY)J,(KUKQL:IAQ)CH:.AL;]P/D0<)"=)M=HDM[-RAA,OI9.67"^2)*,^A=9 MS$_8T3B(_'Q:-_23^,GX>E!3;F`K95.T[5O_&"')*4E.2G+:66%'9H2?7\T9 M8,B4NR(]]PY!RD+^1""N]$]DRGAJR`N?_SWA:^$]BYK%('!/[";+ZE6N&:NI MM95O9J?/[YD!B7Q>6):DW"(O/X5,/AZ#`YLD/SGL/5!3E^[`&#I[;O,.6N&R MH"4Y,3E2STA%3XX,4`0$0\`^@CM(P8%GNJUEVRBO;6HO8I7"KE9M"D'\U^[2&"5<-,S1UAF?/:_;L^>>@*VY4V@`CEM`.R`RW MY0T\G)+\QFE!Q+C_5[&PR2;\T`@SG]%%M/<";9+1BA6^LMDZ3B?AS:GQ6&&+ M3^I847KD,[6XGF7!SF?+DO>4IQ%LS>PI-;1%;:$YE;]R`/DM'X*K5J7_],%- M?+<\&5GS$]*I->&]MWD,6#3_7-=,J5IT&@HE"RA#K<9U*F'5Z-/(>"Q]L<]( MN0*:`(Q+C[FCFS2.PF!S/.:&R1-:(4#J M_@;^"F#^SL7'0?NU:^HE]#':^8L]KV3/>Z&Z.3DE*VB/I\9Y*F_5:%(?CM,- M#H`,KVLT$$\C/ZGB@R8]>,V"W45*]\8E$B:(R^^==T M2PP>V:"1TU;;V:?.JAZW?8!NYM#NP_9=6":].SI:/XU0^M/'S?1]`Y>RALWI M(\7:[\5)`_IM6W5RGEKSEVQN'F^1?QTER;D7Q\_;*/[DQ7YB546@90/EF_3X M6E4O)07A)*1!@ZYDP/#S*?V1C@?8A>CS+'V,XB!]=JD)D'&!=B]2=/++PDDU M%.M6O_J3V=TB@+J$!D)G+8-NAUGTAI[*3$_:]_H?%3L.&L M[7(J$F+0D2#/F%-HW1>-8ZJG2<,O`Q M8@D=?G^G\4B]#4A%__\"%X"(-ML.%)@N.]=?R..MX40]NCHN-" M*BN&,/?%V6%N>?`C>>/6PX+!%&TH["^'&Q+J-S MWQ>=:JR"^1-*T$C^%,6I0(G?B1C`(V$L?5K,INV)::?>9]%.*LF#WB3OT^9C M.IEO"4?6<+(W`/?#^)9R5#L.B>P(?J=:ZU=43;+)BZ^V6[I)@R=:I2]67DI7 ME+^%8!?D77?2*^JS0&5WQSYOQJ^.:`PV+M@:XE%@15Z#O*?6PJOD6F^-R<>2 M)N<9\5)2,"<5]U.B6:D;&$K*1GE?*(WSE/+R^4#%=97'%J&$+2#P]`\>T)RH M*]X&>,[4II8]]SRF?I#6%WKLBP;'!DNV20(CEM!)`C/<[1N;/Y.3'<<7#:RKVQ51 MN3%+;+<[ZI<=N>Z]\"/Q8V^+L!+/1#C-TO8J1H"77,AO$(, M;4U.L;2[-HC?<97%#35Y<)/8*4E&9K%).;D&!*%2`[K[:C2)P+K*G,R])33Y M[SAJZ8::-%PSE2Y)4;=/:5!,+=G=T>JU:TV=EAVT_=?C;7?'EJYFKA$7TAE^ M6"/CJ^/5.WU\7.GS9[A4S&DX@"2:=:A:H>HQ=R5D#6,-7%],R(KOD-(::57MP9-:C+S(**-: M$@R"><,U\U#+,0=)DO'M&LRY9DMI-TN^&/*<6K.+DMED13>4N=_['7T7\WIV MZ;9/9VRJXP*U0M&B.Q7=DH`<*69$T(RWVV-?H.4.*ZXHP+VDG00J%SH:%I/K MU&X7??+8F[B*XHLHNT^WV:X]1<>=54OFT)[3]EVT)+>D%]ZCY$`Z]11$02=$ M[Y?HO8+%<$A_S)&&](&W'@'!>DV3Y"?BV2$&CQ6<=-TH8K#CW'NAW&;MLE@V MX`*R8#9!9Q`+@-]A/!XR9,MG8W&4+Z'U+*9?1I\@?5SL#YE8#[`OSE8$ M55GTKP'=57^5'-+0K%\<'P,=++B_G_82M!+L3XP5*7B1DFQ&CLWY@Q1?FB.VUOT:/8#W?`VKM5Z[.!^]9=$J%TN>>LF:PUC=FUC\B]I]X^)VL MH[OL<-@%[+/J0V+Y$5,3=J"'PHWPMD+)@HBL(U*1(=A?&@MF6H<)&C/WDS0# M%VG*"ZYH>D5W/%UQZ\7I\SKVPH1-AZE^GPFT+SO`+28NWT(X>&P*.M`3< M^CL;+H>,V4)*MEWWU2Y*N%5-!PJ-!**K,)=^"4WDWB+K':-?!_\5[&G@T%OU MA!(T\CY%T=H:"8@8`'3O%.:).R\#=%-_GY!K^;QA`_Q.J=?'\DVRWKIW1L.' M^^PL>LZ\<$6]W662,OT^CZY3WZ(CK`$7D!TC$W2MJWD%#7[M6U>OY(0WEKQ5U]=(%+.ZZ>M-O MVR>0OP:[3.JH/_/0GV\VV3X3,[R@AYAN\JY/M?3MD"-9JTHBTUX/@5L4 M]'LWIPIPX^U%)J<,S&:TU^CP!HV[P;WJ\@HX72- M[2@<[?U'P;KMPHIT_]E&C/59*R-N_8L]8NHMM^*6:)\YPE*S+2JKC-G`%$"; MX&M5/3`BLMR2G(PPNJ,MQU%!U1,;"P-W.39^#/^^Q.:/B,V^$>:8\)!TQS37 M/D6YMY['].NZHAXO66XOZ+WU6:\V/?PZK(6HG7TKAW#YXX,0[%8YS]_OF#^" MA6&W7!DN^$Z(I[],]8D]/8J?5]ZG]\RGQX&W,\[P28CAKE'MQM*NNR_&S0@; M2:JAQ>%B%)V13+$T`(#[#R.ITES^VD4)IA5701@DC]1_%T6^P_W6W5R@_884 MG4)1RJ%$C`72E&%0-:&@\R=JV3.\J+N3!4@/\VHNBU!L?07&?2RDY&"I0BF> M[B;E-?4)0E*,'DMU'/*&QG"$^'`,:3X$C9_12)@Z:RBA11&!L3534>+O[G6D M_-#X'SEBTY!-K*5+.M1>R1QK^1->SZ215#L?)6/6.XM8/<&E=X*<&"1CJ,`B M516$_1&<8"!KAJ`3*WE23$H)YG+F_C^RHOV9LYMI\$#C6IK(Y,)5&X>#;.DK7I0!O`"?G\@#9.RKQ6+SF[8&W!KE6?"$=I[ M&*%N&V%!1`HJ1%ZD%QR:4^%;A9B+II%K,6#7>R5R'H4LTLM$T?J\7Z,CBY"4E`C7+X-`#&H0D:UMK`15OM`Q8S/Y'1BU M63$%OZ!/=!<=>"QY'B7V"R`M.VAOIL>K%%.>6:O1$$&$R+O9PRLJ8*O2&V_/ M6Q*B&U^3=F/.Z("9;IJNG.@58Y_+ZK&7%7?QG!(LEY5RK@D&/ M3SKY9\;^E^PI?PJX`Y*+B+K=^'%X_T/4Q>OA/$W=00QA MI#862213#<1UJY\IBJLL#H,T8PK,8\THQT2UF(`/*$DDS>"$TBGE]$F]_,S@ M+?L*/,51S4=LF]LG]-3F,=US"4 MK$F=-V]/77`7^E+G/R,G-F/6-!HHO/&([XS?$D-D+PZ-VQY:S72W7PWSL-Z+ M62GK/F>8S9F"+H(ML.NB@'E=H5$?:!X0=,.*83W9;"O@^G6L,<>I(X6Z*3'U M]DT:*(]],O/VC0ERAP'B+2WF6VZ1HW%T75*B=%8-@G$:9MQ$8;&G/GCK#`5K M?$TT5._!N)T&8U+>JPB^.0Z-'ZE3_-QA`^B+!1Z&Y/,$'P[#'7KAY1'HY@53*##;U6Z2#R?SZ4V1S*4&;"N82@H[9RV6ZS!U"E*A(\O8G9T!PY[`D)VO-!$Y.0F6$D-9HS/HCB./@7A@[LEKK-`8X8; MN#0V&$$.QWG^.R9,>-U&6[KL?$:-?OJ:E?MT(4X?BI)W+\WB('V^\%+C#4$5 M![AZ%@6J=K4(BT^.HV>D'$\X`8+#@E9HJLG[8TS>K5AGJ.D#UNSHM$13P2,E MA]7W1<`8SDK,@ M1QZ('&\OX!7.*,3ID.V%V\A/6["=/,#E$Q"UKU8U/"=48'O8I[-O18#E`'Q5 M.9TO7KU)W21Q$Y6$;EX]1$^O?1IP*?F._X,+QW[&T3[>\L#OU19#L!71*+Z$TO)TT4UM6M9!RFO&%J$?/`4^6\7_ M=Y`^BLI&ON7X&!S643X[NT(::[90QLD>?^>EVL5@DD:5C&*KO''\TDIC9\NS M_VUTX6,6_#5@[S_T>)=XO^O>>J.M7@TGT$U?'4D^GI0$1%"0\^@5841( M]S^-/J1^)U3-9AAQNZ)!2J^R7:UG@!=F6V_#VR6HQ:_C0C<[CC!7(EJB[A9' MP8!P#N3_>OO#GVJ'V&J<4(AI[\^D2Y?;L>N_E2\V@G^.PH=G]EUZF4D=*]CB M&!W.5F%5OD->4GP1EM+L8QH4C:CY]!:ZG^F6!K]FS.L7O%_9648E/8@=5"-J M%:3RT40,1R17EN]99\A4Q&!9D6OG^HL.#M!)RTY4BHS)->:*"^D7,MLY:Y/W MME(W44J36^^9)VTV`<-LHI%`U$SGUD`XSIF?Y]C4`?&]IGM*^+Y*ROZ/^LC: M5W[KV/A<7$9W1D&[-[\K6<8':ZM2B:^E/T=XG MIR",I+Q8B[PHJ%JN84+_UAO7H;RR\2=P!V&I.^TN8+\"!H//[SV6D4%`S[^"[%__'^I?QUX]\$NX&U2G:,.Y^>AB5#V<[OL^8R&F\>]%W]T:?2MYP>]3C5` M;"")%0FV`XRV'];TNG,U,WBQ+:=C=[91SP>-F6PCM!-3;&<833^AG14]93)Y M(;NWH\F*/M$PHS=4?FNRNM:ZFPFTY91A:U6T\W&D&%BDYO%T);=%LXY2%K?G MF-"=*C(2.[,"_4X.T]OU)%UNWT61GXCW;G?KN(P:SH9+T+0M-^_1LB5BZ(SD M(H>@R[DUD'SFMVQ&WF,"K#!6(F+D:SI)^Q],]I]X9CAQ.?A^0@I[TOT41RMK M5PS`9T85W\'@W'J3#CX4?N;WJ4@6;X:A6(T%G@"XCLL@]N6C`5=G]F_:*=X] MTH,+'I^)=/EEMUBMLX(.>]4XC041_0^\R![@=H.:"3O8PS$F M>&W49]1;UYPW]?K!5&$"/HIB+*X&!U3TO,93+[O+VDS8@!RQ-,)GHTZC7O!F M?6%//WBC8K'O8M`/S*;QK6+^K=)/$9+^!>9J)C]7:L!C\NV$['#8!3:!K#I- MK&,'O=;2XVUM-A04DP:V/78=W`&B\\>60FJV#:'A!9[DN%8TJ#)+^5Q/VJ#* M+(UTK6A0U:58U["=JJQ?M$MJ[7JX3E7OO7]$<2G:O`BS=#6]RB0MN(*NN&S0 MMV\78;2D(B:,FE3DX#TZIL'L-3`CK;FT%G']\LR<9?_6-QGW+LMM]02C15D' M%4R;FX[9M]K!B#%DN3V*$OSJRF+BO&7&:!-W:`CG-G,DJR6IN"N:[K1(P$.Q M8T,5ZY9N:E[0JR`-4GV`-FJ#'/?%3R]?O=S55:/PN#J#B3.'D8PV<7=79SES9*ZN)>YZ5WPV&KPH]_ M8?]F_W/O)93]\#]02P,$%`````@`YT841\TT?+.W*```$T=VNJ?39WKF^-KC7G2<>6H1D="A"RXMC M]Z]?@*(D4L2=H(I$\M*=*"BP/E0!*!2J"G_[Q\LB?O.,T@R3Y)>WD_E)__.7]=HE_>9GBQC!G;Y6]/*9K]\G:*\B=*/_GA MPX]''QCU7\[(M%B@)#].HO,DQ_GK93(CZ:+D^>T;UN]O=Y<-YE,4S3"*HV=* M5:0H>S\EBP/6\$#:UT$W/D])$J$D0Q']0T9B'(4YBD["F(GF_@FA/#/E5J/' MWGF^#5/*UQ/*\32,>T"PTW]'//-'A M.BDRG*`L.PFG7^8I*1)C2:@[[*I/>)[@&55-NF1,I[3'G"[NMW20IA@9#[2\ MLXZJ.O%3HLCLT1?@Y?&049OQP>NC*4_3,%IWL@=P7 MRV6,Z;9MS!2GBXYAN'*P/G_PJ\9$NX*7OBCMS/P6N25`)R,!MKG?4Q+^UY5777=9=Z(FG^@-+% M%0F-3>(F<4=.KDF.J$GW:K/F-V@[KU[,^'H(7\Q7TSIIY]5BL?PS](NIE#K/A/WTL6_8L2CKRI5M9\?9+KES.\^.+6$_+NVJL&8. MV;&IZLZE+6"YOG"Z<&@7V#'%Z<&=C6`[#W8[<.@?"7GNC#.4A]C<"Z?=;Y][ MG27O6GWN@>\'])(78=P'^^NNG>[9EL/-[Z0/SBP'5-J7<^O"5H M*OMS=.+/MX=TVR$5]]2'S6;)I;2O'OFT%+].EZYL3% M;;=\84<./:!XX[NTY%+>65]VNR6SRO[Z\M]VTU3=;OOT[79<\Z5]]NOI=;D/ M..>]<5"SM:]Y??3`EZW]+.G*X9G4#USXU^EH1'?S]S3XXO$4I)M%Y8L?J#O5>>;[/Z9[6@>L:_9[X M?B!Y&%MQ7*/<$Z_7R&YL-W3[&E,ZJY'=F&XI'?*:M_DT'LCM"-)5:DF7-KK" ME9[3*\I&@T&Z`*,D8O&#JU]9!R[B4,N083)M?"MF0;HD5:WF[)=`UOGQ(SUP MA=-\W5',P);=!]JTP8>W;PZTF:S&HQSK#$W?S\GS080P'?/)1_8'!N#CNP^3 M*ECX+_2G8/7I.S3'[(M)?ATN$(=C4=-@4C%8%]]QVF0V3*?K+ND?6[)KAC=7 M+0Z69;3JN^D3CC=BGU%#WV($*UZ(&@I)(Y3^\I;2%!EEDBQ+/WZ\'R&<4BAI M&%]217_Y;_0JE<).V^!PQ&+@8*GD,-FW((XICHAAN8C#N4``C3;!T2@'OH6A M&O##?0]X=4J_P-DTC/^-PI3:6&=TUQ*,O:AY\'&48I#!J21RM&^)K-$\T&X% M4J@W"7X8YP5(+X`4H0V[EX07_)%*+8 M:1W\==3"X*"IQ/$CK#A66J(OD%K[X"3# MB"6D1%9)[)-`8@>[_H?=@7#ID]#(-K72HEF8/9:C7V3OYF&X9*KTPP&*\VS] M2^G#J.E4]7.P24*\F5W@A/*!Z:I#,JQP9)B0V_LR[&&M[N,U`#0;0GDU3(>S M.1G$6(1N#8IOAN@99.77EO!?,O^,TD>R\4+"R'(=:*$KTIWV4(X2L6QD,N0P M[X4H63PARUFA_V,Q$L]AC%BV37X:INDK7;!_#^."=PHRHH=RS2A%R)>X-B8O M-*`96]K&+1&^BA3*%V0I=QTX8G?HF&3>CH"]1ODFS5.\CDO(H+Q/EK)601%[ M8/DU+-/1@;E[K*< M?2HH8A_P/F:?&REO@J7IPB*1:KT9E(?,4HJ[K(L=QN.1VEG%Z$/XLAH-K8U1 M0@7E;+.=F7(D8B?TF!;@,D^@,3`2V;8;@[GG+&4J0"#V78]GNNH*<0<]L%/) MU%9M,2_V>1N*KA8>N&_1"5,TY/NEC"R8C,2GI`3AZI@).3?Y!9]^34DF\RE( MJ(+)(/Q(:O&J,,`>+MU(]P(G.$=7^!E%ERPS;([I&7IC,D@$+"<,)H/P&:EE MK`'#U6FU;Q]"O<27MC=A2Q1,!N'Z$8M,$X(/ATY1"M[4SKNPI0PF@_`>J>>E M#@X?#JKKXI`*DS>8#,(SI'O-5K+KZI`):=U>X?`1QY@I'[7ORF"()Q)37!FS M]?)7C5M3W2Z"";#;J-L=N1%,/ZY?:I#U+]'%1,$$V,=D)$*E%O#0>7'3NDGK M/@F3+RRUFXU6LWBH4/I*VN`0V"FED"!?['JPO)!^'97:8<5I'1P"NZVL)"P" MXL=*OKY&UI8KGR`X!'9<68E6@L4'#\^9R6@>'P,XJ*\&*@+CR?PS@;J\]+JH+OC9%<`CLUK(2K@R,*[?'T`Y/ M1H>FX!#8D64E5@$.'SPE5KX1R1GS$-CAY>`PK$#GA^E<2Q-2!IGO-`T.P3U> M4@&);@4Y*!P=;2'MY%5X213A%>NGX1+G#(%\PVT1!(?`7BPKH4JP^#%-M]AN M0QQ=)FKQ"BB"(V`'E95\96!\..3>L?)T"8K.PS3!R3RC9_IB491W9V=HAJ=8 MM@NKB8,C\/P]"Z%KXH*]WW>7;5JP&-Y:H7XV.IB>^#?_5BD],V>*=!D7V1VB M0YEN$VX%>:CV'0='P`XQ*[UQ@-F/0WAMPJQJVHQ2=C.[6:*T_,#J6>S68?&W M)"PB3#>V?1M5J\]O6-6PHP04$*;3':*C7B!YP9M5$V@C2#)J(H_FEG%/C)N, MKA>_$A)E]R26[W.-EM!&C+'H./QWME5XK[_L781E/N1M2F;2.X9:*VC3Q%AT M.[SW=K#?YV7O:NM)YNDT1"Z M_)=4,@(W;`M`UYUQ&,LJ2NA0L/NEXVB!D_)9E9R:AFJ)*BBAZX=9B%@#D1][ MZ1FBW-*#4RD2BG9!TAS_N7I922QP"15T03$+82O0=-Y]!R'HUKB8[+O0]<4L MA,K%T'FG%3YU!R?/[36OCD2WK:'KB]G;4$T,SJHO``KSFB2DB:[26@TC64D+ M7G7,6-)ZD/P(9+A,=B/P2F(VDA'`\"$*N5PQA&.B2B40 M$H(7$^LR`36@^>%QLI&[9%R`'5%=1"Y'Y8.%O+7Y69&N4\)BI`N*=GNC>8)F M)*WN,+DV2W7A`^E<87H0+K=KE&LY9QKMP(NR MF9_66^S[4&7Z@JY4>%[5^9R^/J1ADH5E8=Y?0YPPJ'U24C]N4/&,JHI/7WS+V`L/F5OF8VJ[/JPQ+ MC4M7X\Z@([]5XA">[2QP>K$,VYW>H2_NK.2EAP=I=*UM?X^%%#JQZ92/\<(_LP31$Y="A]7PK`5S?= M$?%BJ2M'+*.,7Y#TC!2/^:R(UZ6W)5HC(X..UM^OMJA&PI=%9L6J^5V4@A(Z M[G_?2XMR,/S()*<`4Q1FZ`RM_E\;KW6),JWT7JJ!A^G%\EH;;"W*5J&.*H>851$Z^6QLXBQ]+Z-=,%X\:'7BN13\J ML8O0<9K<8#2@4OWCV0S'F'+69M-'K*"*LBJF6SVRHGHO M5X<;]*@<7*R=([<'JA]F+W5JT8.G MI?2C&R*DG0._!Y"3)CZGJU_K5=(.(2VD1T]&':6K*/*A.;=VW\#($W0PAHZ2?@XD,L+,P]*$M'[7TN6JU+,/O M:S];>LU-.AY"NDHOCA##(7`6Q3ZP-6G-^O;9";/%J$T_A$27/E8A`5)G4Z.`ZR-8'M0R5@`>15 M>K^C0'Q)9^!9,$XC\55`_0A1H\98%8!S/"W?/*3#0&=(_GH;APFK&L'J1"P7 M\C.3?B?!(73Y'SMA\S7'$+<7X2-KS!5J4F>DL2(),D32?0T4:'$(7 M"NI#.:1H_0@C:J_>GW!BODLZ"0V!?KE/C5074CWCYIDT-$$QP-TVO:?3*W8?J1%J4_8$Y,S.!H MF&4%[!3$$+PYC)$__ M-NDF.!K.$\`&QQ%CB'XL*'R`MRC%K+AR\]I2HB`FW01'P,Y2.P4QANC#^L$' M?4S7T31]I4OF[V%#]1E,B/I8B4QC8*`>CT$1Z-T<9J@NDR'""LNPDG'Z9IZ1(HGU7E*TSM"UWN^+NMC8( M-[/JO![&VTJX.N_&N^@?HD9M)\;/<#:-249E_T"5Y226>_]=?PJZOJTSF?.7 MACZ&J[\B@WM=7N[Q/,$S/&7!9*LT/FH`W](!FC+7Y+[+N[8XT"G2*B2"6`2D MXZDSM?4Z@)ZP\D$7&-G:R#R96\V+['U/)L$I5SVAY(00DXK/D=F6J=T']-12 M#[^)5\/OW8M3:G#/JKG]LL[4XK2&F$^;B[0:/SIS2$H'/6\$8\N?+$HD?;D! M]CL]J@3\!U+5%4P-3#I!.`NG3XGBJTC,M%^?)9DV*VF@-%EGL#BQ-"HHGJSU MW-*'^U_N-U^O/YJHM_;+22$V`A%/9J:502_PFX1:"/P=PQ"D)Y-N75SR==\3 M;?/A[?AJ%2874D%,+PX[.O-)1@8]@10C+'+-RP%Y,EDXA2>[FC;M+E7&EI@" MQ"?>XD;+O2VF`K7-Y&,K\#W+L7AQSF@EG\Y3EJ;;5?GYW6IM"$;T3@XAJH\I M3R3:'8!.`9,QY9Q5C$!Z,3?$Q0[VGY#`9T3#KE+20NPM0J;,K"V3;J"M+RTY M\/V&0[%9<)YO#":/H7S5E-,F=3!K>M[:?4LX537+0*6(PG)Q)8H#0B[FQ256\ M(F&R;^N-I4<:N<+X!"`A,?443ZT0&"X!M.TE'E"^P25&X8EI57\&X/MTL&1= M9SX(*,8V(20P/)D1M92"_=^75)\VO"\14L'AL9RX4], M<]">3-7/X1\DW08D4>S5&R_=;WG$7:N\`6I*)XX`\6>43@`-4E`'@-X(FT09;6`> MY"IOL'Y&(=L\&<(5P-5_M<+2=?L(@*NH=5(&'7!^/!AP05)$U]R5(WG:C--, MHO*O<2FZS$!';/L,@`NK6>E,%[#0=7M%\35540#=Q4%-%`"7/S.1K!X:/RJ= M_9;1C>\\R_&"O5@NF=/-A@%PL3*;B=I&X*H6V2"+U6FOUEKT`7`Q,AN!:P-S M58ELB'K0S(L6#8>Q>NAU&P"7+'.G-?IX794Q@U6F6JJF_DHB)@J`*Y79*((< M#71E,GGT62V62M-Z4Q(&P$7(C"TX+42^/)U>Y?SHSU4123`!+DYF,U6E8%P] MA@[^-@H_I%A?Y+I=!),1^O&,P'GRY/D=HFI?(+I1D7F"&0*3O5I!&TQ&Z,#3 M0^7L+7)@@Y]D^%U_%J)CL[WR28#(B3YP6&&90QHE2L[#\2Y5%L2I'K2=+HTZ"R8C\7I;PUM(&\W,) MI/TKH1TFS/#_-0VU_.`Z9,%D1`XL;4!K&8Z\O/XI2:849UK*Y`YG7TXIWSAG M?Y(:PD*J8#(B7YA*>WKP*A9E$'M7;WBH3GS?EM+/K"'K2V5;>-D?IR;1KE]^&F7JC M+,*]U9KU,)8)U:RX`#OQ^..+U(3.&6[X":@5[51=YJ MEX@[BRU0KROX66A;(=D&J1?S#6/K0D+F,TW>!?0,LRJA M;`+.$^N24SG7<'YY6E1YJPN"(3*;+:I.1E=RV0R:)[.E$6P6UH+-8#:E;Z?: M;*U_GZWRQQWA(C*.53B71;6TL:J6G[NDOJ^@LC1W!2?].`HCJG!SS),#T MK@ACI>_/L!_H-=^9!#A11C9C,9@B91F:OI^3YX,(839?/K(_,+WY6)LF]">6 M%H+S5[;PI4NRBET]H^.SV@(W/W'419\8:E6W%F)3%\R`"A6@\Q2_+A:/*&4G M:(HZ.W^9/H7)?+M<[\YD07.H"E^.A*&"YD=-N/N<&@B765:@Z*Q(65PD2C&) M5GBOT=?RGV3%HO0Z@*H)YD@7S,&ZJO8&64.2564F28GY-DQOTG([B\KD,(J[ M!"U-NE!20Y46$*NH37E+`+#4E MG,M40[L/J%)DCA7$"&^/E>J&DX\!=$KSH+KSU@<@OA\L7P[2<9G(NX`^<=GD M0)E@CD]8%^^_@%R\PV#6IH%YF)*`UOT)L@/=4#!O&,+$+,.U,; M4$-7:M:4HFD010/?N%7@I*`#2)?)SXB=5B72;C:$+M2L*1N^8-M0O+@@^1S2 M0:-VX6M]/)1RE5!!EV_N)&0%+EJ(U5`LA4E^BUC5\G)67^+NKTSRFABI5R)BY(EEV&J;IZXRD7\,TRE0> M3@7E&!V;&I#&[<381,0=%_D327'^JG!A\@F@O98:OD!P%^;E6S') M%,=X):3\`E&HJS#]@E5^:326>>^[]P[E"W2@-HY'P8=+/`IG58*[OF2>ORSQ M-H!?HDX:U&#N08?ZH@L3^BY0\;:$<)NO_AWL2357.T(#2(]!RX"5C('"3STJ M95Q6@-H.ZBH)M:H()3OB2,B@O;*V98I5F+PPJ%2/(DMDKB*%]MC:RET'ES/C MAN1A/*S%$^A>RZ,U5*N^N58:2T$)?<75<9/30#>T2ZZ=5Y[T;K6D M1-#76!I"X#B^E)"\6&FW*+>IZ%F5@GXSNT9506^M`[VT!]";,:4L56=Z)31/ M0EC;;TT!.4='^=A4>_1^3=G-N=(1*B>$/K0;/1FEAC*84F4=!!W'Y&N83-$% M2<](\9C/BK@-7$/N)OU`G_?-U,`466#@P'FG4N_PH"0R M8J>6[*R,'G<.[F_/Z($L&]I%(TQ!^A#XM@7V+YP_72Z617ETIBS1P_,F0/#? M;%-=_ZJ(K;3L$;3`:`>MZ0`7.DYN#QITAK)IBI>"NM"F78"6&^U+1W;P]59Y M8[_F=O3,5M(L)_?%QZ\G)H^T+[QKD/P8.YQ[^QE^!/7AO_HAT+ M9]`?O)>AOS?A!7#''=6C!U853J?=";3_W5K*(CO2!+@_FJ*L-]%N#.^"-Q&5 M6MR#K3MQA?\'+Q"6USEH-`(/TN,.*\<8>KS@E5WDDEXF2$#PX3U=.6DC\<-9Q%Y4KC9@]%>EP@O;ZW"FO!A'%YT89 MN&<;M2M?1@8=]:(8H^]-5)8V:GW];OU=YTNW0KW>'WXYCX;^*78>+6FUHC5.S79?P9^N.FF"O M8*+A&+=NW(JT'Z'A-8<_U-L+CZ\.(I0>A`7MVPL+[$B`\\(Z]#N,U`T+ M[%8PDY6V&_9'']RP`SKL;X=5Z89U=Y@?X`KLQ),'_$K-OCUY/[D+I',U&;EN M&LV((!U:Z'=H=&3"FI1?=#2;!A/(%)ENLN5B\2-HG>T^"2MQ#10ANOT^SJ8QR2AW M&K=H$BJ("[0-.W?AU\]4P5(?DII-X,^JJFFT0K`*[>LH:M6+)K MC0+%=P$;I0*'RZ9_3:^JJ/VH#$TE$@\N1C;PCJ,_BJI\GXZ>U9J#)F+*Q*-8 MO78@]"7,O2YBI6U5Q>&N*B^Z2@-O]ZQ:`\04@.^O;*H4J8SM6E/0E'#Y*$HL M[!T`'JQ5MRE:AIB]@(62;%T8AEJ2UR29*N/PU<2@ZYB-F/4@^>#O+T?'Z,FD MYJ-"D.Y?ZPG<@N!'9B=6-7\ MCVF:V%K$H%N7R5AR+&]M@!YL;76L=`4_0\\H)N45WBG)I!:Y@A)T4].6('\5 MU(#F@>BK:_LPB212WC8"WGI(7-UQ2RIY^B*>\"VE>H-?[\AH)`*^KI;4VI\D2MP>1&C]#MZPM,894HA-QM"7WIWDFL; MBA\Q2?HS=E>;@5,..TF3@\6/*N&K;&I]H7+;0ZM!L:15P@0 M@BS?T['1@)(0+*713'B&@M]"\\+@%A;?6<:HNB4Y7I`TQW^6OPN'17;3X.@3 M8&F4+O3)Z2#X<3[P*>6RUR7'=@(;%[U[<2B7;6FX&&;Y@(B+]([D+QI"PPYQ&?:Y)4D7H]OKNU_8C%.U=M MXK[>XMI^R8J]H;W`Q1\XSH*F1.5%B@&WG(%[]5=\QJJL4T]30/&M+H6HA+V` M3A*#P>5,$W.@'D3YB4"K$Q<4E*`6@KDH!7:"&J,7:^?]$TGIJ*2+*Q(F0"%I MK(B,46XIGP`V^&PSD(PY_8"S-AGTX4D\N/R9HL(R[A"2)B9U_!BW_7`BQO@B M$@A6!,4SB2ICP004T/%?0OEHBA,^RDL4\1XF7]AV=),@Q0-FNPVAX[,D8\PQ M.[GL#_*%N8K1AZ]$3R";AM"!578":;`_S*20-:>TE>8DJ36%#I"RE$H3`'14 ME$(R%Z1(]02S;0D=W60GER;_?L0R-4;B2B.8A4\`'<'DP/"[XI19'VN@R@;8 M6G6SLC9!CK+;\%5U9%/1@@XT;I[M@!X$4@C:OS`K2[Q.5Y`?+I.\%T:UB"FK?@,II!.5(: M(\^9?RH@'MQI;\\T)$W)5YS,M>;@MC64!T9+0*IS7`.%!])D2GU9UI,IT^5" M>JS#^>M9F,O.&V(B*&=,!]G*P?@1QM_$>)E0C4-9?D-AJ/SQ[2X'\)Y/4/3]W/R?!`AS"3V MD?V!">IC35#TI^`*S*E`C:R6(A$\[A3PEQB'*\0#A'%T5]"5JVXGT+X7AW(V@3PT%\T)2N:/Q3]),G^ERJH[@^54T&X:-Z)58QS:*^C_ MI!_%_RXHPHK;]TI!2DB@HV/<2%$!T%7X#-2-T]H\U/*!MQJ#Q\LHK%LYYT-; M2NMGZ/,D(O0\GVH\2*X@`X]SX8X]9Z9IX/#.27J9907+^&0NPHEDZDFHP,ON MZ`A8%XO$M(QN*HUL'A@0W2?0!E7R$=_%>NUG$R7R7<:9D]G:$DR MS'VXJ=4&]$4?(W%P6?]N]+6M)';WD(JB-ON:OW=<%4]/WJ"$C3#,AQR0F@C0S'*_&FCAN2!O7%6,5H^2FHB M<#DA]-VZE<#5D'S8#LWGMF@&`&:KY& M.M5G962CW`55@+S(.6F!9(-4_58M%'=49.DS8IF]Q]-I2@WO[#B.R5?F)+\@ MZ1DI'O-9$=-_(T4B?=37_<>@=UN5CFAJEI-Q^);UD?V?XL/A(XXQJ[+G7@M; MGX"V`O:J>USTON0.M,=1[8"44$$'^SE2C"8@7VU$H&L58$M1X..M#8_F_8J8 M8E0VGP86+[;7\]D,37/\C#9860;0'9J29$H7]I6,\@M$H88QNY`M*".OC<82 M]730.^@ECEP!^,NF(\Q>:)?[G13R#LE&&Q18/#681G9FA+S&< M/H=_D'3S,D681*=%EM,Q3LVOPP164?,+Q[4OJ*PC-27(51?=FN@PIJ4H[G#V M197@R2<`?:M!;V0%UUM".$/(_'0HUY/7$Y1,GQ9A^D51ADM%"NUG$XM,4\0< M/+X)>XU/F72J(H5V;.D(3U?L;63C%OM]&*/L#M%ML$#4ME2^C,UM#^V@TA$3 M7\!".!X$))R2++^9_4I(E#TP)YE2MGP"Z!14>^&*\0RR?/KZ731%^G"C%702 MJ;EP!"#`LD1[,Y4TBI5*J*#S2AT82'4H(Z_1W1X-G;JE$BKHG%*%N'3/.0T\ MXS:$UN>]%DCUMBFGA$Y-54A-(&HUIH%F%8@85[[;HZ8$3T(U$J4)*&@_LJDP ME6_^J"G!,TX="K,)RH_\T[4OSGP]5E""YZ5:+<@ZH%PEJ\(>6G?P76G4[!`3 M!9.A^9Y,[>@FE*$5TQ&[S37C/;0[""9#N"+2XWLPWC M(C&V&@83(+>1Q'-D550)``,RSM55,L[5575X M"P`!!"4.```$.0$``.U=47/;N!%^STS^`T=/Z4QE17:27CQ);FPGSKGCQ*[M M=*Y/-S`)26@H4`>"MM5?7P`D18!8@)"=-$SI%X\,[+?`?@N"V"4(OOGU;IE& M-YCE)*-O1].=YZ,(TSA+")V_'7VY.A[_,HI^???TR9L\7N`EBCAB<\P_HR7. M5RC&;T<+SE?[D\GM[>T.P\F,X#2YP907#.<[<;:<[#Z?OGS^:D_J3?%2U!QG M;/D>SU"1\K>C/PN4$@%*1M'3)Z(K--^/,5]LH_;IDT@!#(X\39QNL)RU(\J<3T=HI\ M/$=HM4'.4'ZM4%6%W:K<<&8&,$N;%4KP2]L<(()C!,5#@B^BQX1QTG:IQV);S%7,T)FH9+):7ZK[L[I4`1?+'EXN3[DE0 M&?@^BPLYKQ[0Y`/EA*]/A%*V5(V,(B(X\DILFD_PC%"BNB9FS6@5[2'R`'.V%7,'\I^,*5%S:*(EU3 M5*F*2EV/OH`Y/D=BXN<+S(GH6;!G6BC83WOW\5/TS-3]EV$Z;L-;?C8[6V&F MVLW%3'64+86M"\$CN<$G8DFZQ%\H*A*B%B?2>_>#PBY\T7)AHSO*9E&C74V` MAOZH;"!ZMFEBH)X$+R;=1T94A+XQ$@NS6,4T(N8^%\,V)KBZ1/PBL`?^UO:`IB1JM$2UFF&2 M?R%"++$N%_.#G!!*MEME,+V_M.EM4&IN&2:=U;C*+W",R0VZ3G%)*5`.T_JZ M36N-C!KH0*E-;N2J,;_*+HO5*B6859,#5`&2.WUND5M!(YY%&_`PZ7U?X&.6 M+2]P*A<+8DG.-[,O7`53/&U3+,#13*"C"AY5^&&R?$)E6<;6);/-OS";NVTV M-X!ATG.!R8BSTC"M%PZ0?7#^T M'=`E!+O`"O+DN%RD3%^A=GR-$/5\Q"S"&;8BO,4:"Q1D80-D\S/ M&$JMZO2_BJSA6F30/,)P"Q;@9RFHDK^:TJ&2?LG].^,;6[TDM@BYV(HUID) M3SU,NA7O*0W-6J(DOE8R3-*]N>`MTL;^]/&N%2EVI(^C9_6O@3[V\I)])>]P M(5ZI!&&?6)%EIT]*=0/UB)G'UUT`UL"<6_%E*\\_<([MQ+[.L[,6YMH.*.WD M_\#Y!L-$G7*?`,PZ&$-"*>N!4[_)/>MTMPMABJT@<@,;.*=VXEHGUUD+LVS% MEU!R>^"$&^E5I*57==Z[A$#Z]ZRXU)N)';@?C-23L3H$*F"^K0BUE9D:.,-Z M0DHG&"B'^;6"42-=-7!VM325>3ML%\/<6M&EGL,:.+7Z3CD$;;E[CSDB]=;E M8&G8$59(&;)/+WI6*1VHA[P1O.&=($G8,U;@V1GL/SJEB^HK?,<+E(;[I@;` M+K+BU5`7197>@;K*3+\8%PQ"5@TKOVO3Z.<5=B MS!CG[FJ8]I!]L4,?[TY.C3'?*04ZX(6]=];C@*&/_6H?$&\V$YF#WUT/DV^% MNN!.HZ&/?S#U:Q#OE8"IMZ)@=W;XD7T7M\8$%"((^\**FCM],?"):)-F-ZX" MJQ1FVPJ-M:3]L(=ZFT!C>+LJ89*M*->!CV'X(8N9_G-4PX?:+F>!#DF$/ M<'W'/MGL]S=X]XO`W%L!J^O-@*'S[WP`9;B@4PKV@A7!=CRG>G0%^#X&-/>' M"L..L6+<,,<,_/[@?7,##+N\DJ!K7H:].:J_9##TZZ;C?8[NL"S4->`;IUVO M@`S=.\93=O.)#50#,V^%QM8#^$>2VU2:3V`\`C#E]JYD!^4#ORGHFQR,X0U5 MP%1;X6]K^\.PQS;`HS&T/?4PW58@#-,]\'&M[2]II72LU#; M+$Y=]$X=_%HA+LAO-'UD&,Z=N:IAMH%]Q1#;PYXSS+?0D/86FC&%=(O!/K"B M5N\[:_\W4XS\(P_&OL"S2)TPO2_/N7T[RLER)=\)+LL6ZCQ?>9+WN#ZH^P]A MTL[=,JU%I&;/>=?*A6T6JH9K%=41O_X3L(42E4T0D="D[OQH\@WL$81O:X_I MHUY9DZ+K;:T1$)SVSA`QKKYX;[ISER=EQ[9H?V/1ENW7N.W:AP_6#VRY M!L@F7P8TYCW+WM&F:@\$3G#*\[IDW*@*M=IS!KRO+P"L^CUN5&S;!^B8_9!. MZ+CZGX=T`SJQ/Z@?.G#SW[A1LVU/K//\0WJQ`:E?#Q@2]O'^(ZE@^-DNTZY_TH1\BHJ#'RQW9S0<<''D)H:*,>X!CX MTQ3;=2*CG^_3#_^'0.Y_SU2ZP!FR^G*0ZHO_>*K,@>LU7N_S,0EC]@:ZO\,I3EH M0+E2Y'75=?FI`F$8OB;\>UG5/@O-99\N]Q-8>BD@)%F7.1G-LE;Y@RUI!EW+ ME)CAY!O9)ZZ471Z9[V?C=QV8P"SBE>KWY"'3 M@(=I%G_UFZ.)E?:47T;:YW7Y/1WW#8RR-[L!'O()]VU;8?`+)]\BA_FU$7K]N#^V;>SNVZD#+SE!$CUP,];GI,N39 M8$3?'.H^HQ#P98APC]SH[B[DPB#IOKFO_C:4>L5Z7?X%[RA^N;Z954V4VCSI M-BU`MF_FB?@;LQ4C.=X\\7;;%R+<-P/_B=("'R0)3KRF^<7Z9M0E2N6Q+G=8 M3@[JGVJZ5V5N*[?$]%>DIF8E"[-@LX/W%6;9Z!`B\_J*F,L\I85BA*G_@",;LAL3RGO`)R^[JP].J,L9>DBT1H3^,_P^$ MGZ);J]-F<9\Z[#^VV'F1;`?KT05BW)M=]^R-BX1_1$]B`?_Q]V?@UMNK?K9. M7W8.G0ZY'HT5X)QCIU4!LGVR#,X/.TP+$.Z1;:?D'V2)B34'M\K[-`D?8CJ_ M+@ZS=8'H!4:I6'B)9==1=LH3RXP`V3Z9!A]<[1QK8>(]&FT'#*.SV2E&.4[4 M:I&DB>C/>YS'C*S*9IHK*4`XS+;_S93>'(/M=)A;I$=.@A\\N(T*E.^1A?50 MDB-,GRR,XF:Q(%;WZ'Z/U;_-0V?X=7*W0\(A/?))QR."+2=!#[!'-A\B^E6^ ML7E&L7WGLNOZ=*>JNW=UFSF[KM7ULNL+AMV\&[5][/YQ5C!G[_7*/G7>/-G= M'3![Q7IT!1_014'^3A"=4]%1AA+'.K1#KD\N4ET]QD+@N$CQYM[Q"=%"[E8M MF,_$<%R?3"ZCA-\R.E\+#WGRR"O5)W/TE\D_ MT"1C.69PW-`IV:>@P?@2@W,^]$KU:#HL3U!>93GA^C9=L[A'63C]4PV>H,TM MU"/NZ\23/3&W*OIT5=?;*T0,*4="J?F"Y%^A)7&(\$]A'+1H#A'NDW'^G3+P ME;0%ID<75OT,L/5A5^/YH%:G]YQ0CN>8_<#;2_W\$GAY`JC[P7V?E._+O'OZ MY+]02P$"'@,4````"`#G1A1'A$@M#X*7```*Q`@`$0`8```````!````I($` M````8V5T:"TR,#$U,#8S,"YX;6Q55`4``S+.U55U>`L``00E#@``!#D!``!0 M2P$"'@,4````"`#G1A1'/D_(%J`+``!_N0``%0`8```````!````I('-EP`` M8V5T:"TR,#$U,#8S,%]C86PN>&UL550%``,RSM55=7@+``$$)0X```0Y`0`` M4$L!`AX#%`````@`YT841PM/D=,(#0``_]$``!4`&````````0```*2!O*,` M`&-E=&@M,C`Q-3`V,S!?9&5F+GAM;%54!0`#,L[5575X"P`!!"4.```$.0$` M`%!+`0(>`Q0````(`.=&%$<[41<4>$(``,0-!``5`!@```````$```"D@1.Q M``!C971H+3(P,34P-C,P7VQA8BYX;6Q55`4``S+.U55U>`L``00E#@``!#D! M``!02P$"'@,4````"`#G1A1'S31\L[&UL550%``,RSM55=7@+``$$)0X```0Y M`0``4$L!`AX#%`````@`YT841[PFAA'-D550%``,RSM55=7@+``$$)0X```0Y`0`` 64$L%!@`````&``8`&@(``$\J`0`````` ` end XML 25 R37.htm IDEA: XBRL DOCUMENT v3.2.0.727
Restricted Cash (Details) - USD ($)
Jun. 30, 2015
Dec. 31, 2014
Restricted Cash [Abstract]    
Pledged for bank drafts $ 564,516 $ 1,772,878
Total $ 564,516 $ 1,772,878
XML 26 R52.htm IDEA: XBRL DOCUMENT v3.2.0.727
Short-Term Loan (Details) - USD ($)
Jun. 30, 2015
Dec. 31, 2014
Short-term Debt [Line Items]    
Short-term loan, Total $ 4,516,129 $ 3,868,098
Huishang Bank Bengbu Branch [Member]    
Short-term Debt [Line Items]    
Short-term loan, Total 806,452 805,854
Bank of Communications Bengbu Branch [Member]    
Short-term Debt [Line Items]    
Short-term loan, Total 806,452 805,854
The Xuehua branch of Bengbu Rural Commercial Bank [Member]    
Short-term Debt [Line Items]    
Short-term loan, Total 1,612,903 967,024
The Bengbu branch of Shanghai Pudong Bank [Member]    
Short-term Debt [Line Items]    
Short-term loan, Total $ 1,290,322 $ 1,289,366
XML 27 R47.htm IDEA: XBRL DOCUMENT v3.2.0.727
Construction in Progress (Details) - Jun. 30, 2015
USD ($)
ft²
Construction in Progress (Textual)  
Office building amount $ 2,922,903
Building area square meters | m² 1,902.41
Building area square feet | ft² 20,473
XML 28 R9.htm IDEA: XBRL DOCUMENT v3.2.0.727
Accounts Receivable
6 Months Ended
Jun. 30, 2015
Accounts Receivable [Abstract]  
ACCOUNTS RECEIVABLE

NOTE 4 - ACCOUNTS RECEIVABLE

 

Accounts receivable consisted of the following at June 30, 2015 and December 31, 2014:

 

  June 30,
2015
  December 31,
2014
 
  (Unaudited)    
Accounts receivable $2,607,880  $728,656 
Less: allowance for doubtful accounts  (45,315)  (42,580)
Total $2,562,565  $686,076 

 

The Company’s accounts receivable amounted to $2,607,880and $728,656, respectively, net of allowance for doubtful accounts amounting to $45,315 and $42,580 as of June 30, 2015 and December 31, 2014, respectively. The credit term given to customers is within 1 year, 99.52% and 97.43% of the balance were within 1 year as of June 30, 2015 and December 31, 2014 respectively. There was no change of payment term and collectability from prior year.

 

The Company's accounting method of estimating uncollectible accounts receivable, is adopted by both specific identification and the method of aging accounts. For obvious sign of uncollectible accounts of certain customers, specific identification is used to accrue allowance for doubtful accounts, while different percentage to accrue allowance is distributed to other customers with different aging.

XML 29 R43.htm IDEA: XBRL DOCUMENT v3.2.0.727
Due from Related Parties (Details Textual)
6 Months Ended
Jun. 30, 2015
USD ($)
Jun. 30, 2015
CNY (¥)
Dec. 31, 2014
USD ($)
Due from Related Parties (Textual)      
Ownership percentage 100.00% 100.00%  
Area of leased and building description Company a 1,139 square meters (12,260 square feet) office building in Guzhen County, Bengbu City. The Company built an approximately 3,000 square meter (32,000 square foot) four story addition to this office building    
Property, plant and equipment, net $ 1,384,691   $ 1,485,248
Repayments of debt $ 604,285    
Li Qimei [Member]      
Due from Related Parties (Textual)      
Ownership percentage 40.00% 40.00%  
Office Building [Member]      
Due from Related Parties (Textual)      
Property, plant and equipment, net $ 604,285 ¥ 4,000,000  
XML 30 R29.htm IDEA: XBRL DOCUMENT v3.2.0.727
Other Current Assets (Tables)
6 Months Ended
Jun. 30, 2015
Other Current Assets [Abstract]  
Schedule of other current assets
  March 31,
2015
  December 31,
2014
 
  (Unaudited)    
Other receivables $565,620  $1,387,230 
Prepaid expenses  6,876   4,537 
Total $572,496  $1,391,767 
 
XML 31 R28.htm IDEA: XBRL DOCUMENT v3.2.0.727
Inventory (Tables)
6 Months Ended
Jun. 30, 2015
Inventory [Abstract]  
Schedule of inventory
  June 30,
2015
  December 31, 2014 
  (Unaudited)    
Raw Materials $211,656  $65,497 
Finished Goods  124,967   225,360 
Goods in transit  62,939   - 
Supplies  403   403 
Total $399,965  $291,260 
 
XML 32 R56.htm IDEA: XBRL DOCUMENT v3.2.0.727
Income Taxes (Details) - USD ($)
3 Months Ended 6 Months Ended
Jun. 30, 2015
Jun. 30, 2014
Jun. 30, 2015
Jun. 30, 2014
Income Taxes [Abstract]        
Current provision: $ (262,461) $ (15,502) $ 85,557 $ 364,827
Deferred provision: 387,513 7,930 (5,325) (397,357)
Total provision for income taxes $ 125,052 $ (7,572) $ 80,232 $ (32,530)
XML 33 R44.htm IDEA: XBRL DOCUMENT v3.2.0.727
Inventory (Details) - USD ($)
Jun. 30, 2015
Dec. 31, 2014
Inventory [Abstract]    
Raw Materials $ 211,656 $ 65,497
Finished Goods 124,967 $ 225,360
Goods in transit 62,939  
Supplies 403 $ 403
Total $ 399,965 $ 291,260
XML 34 R30.htm IDEA: XBRL DOCUMENT v3.2.0.727
Property, Plant and Equipment (Tables)
6 Months Ended
Jun. 30, 2015
Property, Plant and Equipment [Abstract]  
Schedule of property, Plant and equipment
  June 30,
2015
  December 31,
2014
 
  (Unaudited)    
Machinery equipment $1,769,088  $1,767,777 
Motor Vehicles  266,974   266,776 
Electronic equipment  42,589   42,557 
Furniture and office equipment  30,713   30,690 
Leasehold Improvement  3,771   3,768 
Less Accumulated Depreciation  (728,444)  (626,320)
Total $1,384,691  $1,485,248 
 
XML 35 R31.htm IDEA: XBRL DOCUMENT v3.2.0.727
Short-Term Loan (Tables)
6 Months Ended
Jun. 30, 2015
Short Term Loan/ Notes Payable [Abstract]  
Schedule of Short-term debt
  June 30,
2015
  December 31,
2014
 
       
Huishang Bank Bengbu Branch $806,452  $805,854 
Bank of Communications Bengbu Branch  806,452   805,854 
The Xuehua branch of Bengbu Rural Commercial Bank  1,612,903   967,024 
The Bengbu branch of Shanghai Pudong Bank  1,290,322   1,289,366 
Total $4,516,129  $3,868,098 
 
XML 36 R8.htm IDEA: XBRL DOCUMENT v3.2.0.727
Restricted Cash
6 Months Ended
Jun. 30, 2015
Restricted Cash [Abstract]  
RESTRICTED CASH

NOTE 3 - RESTRICTED CASH

 

Restricted cash consists of following:

 

  June 30,
2015
  December 31,
2014
 
  (Unaudited)    
Pledged for bank drafts $564,516  $1,772,878 
Total $564,516  $1,772,878 

 

Restricted cash is pledged with banks for the purpose issuing bank drafts. Banks require the Company to deposit a pledged amount of cash as a percentage of the bank draft amount the Company applied into the bank. The percentage required is 50% to 100% for each bank draft. The Company is not able to withdraw or use the pledged cash deposit until the bank draft expires.

 

The Company applied for the bank drafts in the Bengbu branch of Shanghai Pudong Bank. The guarantee deposits were recorded under the accounting subject of other monetary funds.

XML 37 R32.htm IDEA: XBRL DOCUMENT v3.2.0.727
Notes Payable (Tables)
6 Months Ended
Jun. 30, 2015
Short Term Loan/ Notes Payable [Abstract]  
Schedule of note payable
    Origination Maturity Jun 30,  Dec 31, 
Beneficiary Endorser date date 2015  2014 
        (Unaudited)    
Anhui Jiangnan Trade Co. Ltd Bank of communications 2014/7/18 2015/1/17    $483,512 
Anhui FeiteFule&Equipment Manufacture Co. Ltd Bengbu BRC bank 2014/7/8 2015/1/8     1,289,366 
Bengbu Hongyang Trade Co. Ltd Bengbu BRC bank 2014/12/17 2015/6/17     805,854 
Hefei Yushi Trade Co. Ltd Pudong Development Bank 2015/6/30 2015/12/30 $483,871    
Total       $483,871  $2,578,732 
 
XML 38 R40.htm IDEA: XBRL DOCUMENT v3.2.0.727
Accounts Receivable (Details Textual) - USD ($)
6 Months Ended 12 Months Ended
Jun. 30, 2015
Dec. 31, 2014
Accounts Receivable (Textual)    
Accounts receivable $ 2,607,880 $ 728,656
Allowance for doubtful accounts $ 45,315 $ 42,580
Interest rate of credit term 99.52% 97.43%
Description of payment term The credit term given to customers is within 1 year, 99.52% and 97.43% of the balance were within 1 year as of June 30, 2015 and December 31, 2014 respectively. There was no change of payment term and collectability from prior year.  
XML 39 R53.htm IDEA: XBRL DOCUMENT v3.2.0.727
Short-Term Loan (Details Textual)
1 Months Ended 6 Months Ended
May. 31, 2015
USD ($)
Jan. 31, 2015
USD ($)
Jun. 30, 2015
May. 31, 2015
CNY (¥)
Jan. 31, 2015
CNY (¥)
Short Term Loan (Textual)          
Maturity date     Dec. 30, 2015    
The Xuehua branch of Bengbu Rural Commercial Bank [Member]          
Short Term Loan (Textual)          
Short-term loan $ 806,452 $ 806,452   ¥ 5,000,000 ¥ 5,000,000
Maturity date May 14, 2016 Jan. 09, 2016      
Interest on loan 36.39% 60.00%   36.39% 60.00%
XML 40 R2.htm IDEA: XBRL DOCUMENT v3.2.0.727
Condensed Consolidated Balance Sheets - USD ($)
Jun. 30, 2015
Dec. 31, 2014
Current assets    
Cash and cash equivalents $ 4,867 $ 26,870
Restricted cash 564,516 1,772,878
Accounts receivable, net 2,562,565 686,076
Advances to suppliers 5,583,231 3,161,468
Due from related parties 547,935 1,619,823
Inventory 399,965 291,260
Deferred tax assets 32,407 27,045
Other current assets 572,496 1,391,767
Total current assets 10,267,982 8,977,187
Property, plant and equipment, net 1,384,691 $ 1,485,248
Construction in progress 2,922,903  
Intangible assets, net 8,419 $ 9,522
Advances to suppliers-non current 1,470,703 1,250,067
Due from related parties-non current 427,889 1,416,309
Total assets 16,482,587 13,138,333
Current liabilities    
Short-term loans 4,516,129 3,868,098
Notes payable 483,871 2,578,732
Accounts payable 3,290,727 529,666
Advance from customers 995,802 912,367
Taxes payable 2,095,177 1,244,734
Other current liabilities 1,311,691 639,950
Total current liabilities 12,693,397 $ 9,773,547
Equity    
Common Stock ($0.001 par value; authorized - 200,000,000 shares; issued and outstanding - 190,000,000) $ 190,000  
Paid in capital   $ 1,054,235
Additional Paid in capital $ 864,235  
Retained earnings 2,317,976 $ 1,955,238
Statutory reserve 356,831 298,963
Accumulated other comprehensive income 60,148 56,350
Total stockholders' equity 3,789,190 3,364,786
Total liabilities and equity $ 16,482,587 $ 13,138,333
XML 41 R45.htm IDEA: XBRL DOCUMENT v3.2.0.727
Inventory (Details Textual) - USD ($)
None in scaling factor is -9223372036854775296
Jun. 30, 2015
Dec. 31, 2014
Inventory (Textual)    
Provision for inventory    
XML 42 R6.htm IDEA: XBRL DOCUMENT v3.2.0.727
Organization and Business Background
6 Months Ended
Jun. 30, 2015
Organization and Business Background  
ORGANIZATION AND BUSINESS BACKGROUND

NOTE 1 - ORGANIZATION AND BUSINESS BACKGROUND

 

Organization and Business

 

China Energy Technology Corp., Ltd. (the “Company”) was incorporated as Redfield Ventures Inc in Nevada on January 27, 2012. The Company’s original business plan was to engage in strategic marketing research and consultancy, marketing communications, and business alliance synergy providing clients with key solutions in achieving business objectives. Prior to the Share Exchange (as defined below), the Company’s Board of Directors (“Board”) determined to discontinue operations in this area and to seek a new business opportunity.

 

On March 31, 2015, the Company entered into a Share Exchange Agreement (the “Share Exchange Agreement”) with Fine Progress Group Limited, a British Virgin Islands company (“FPG BVI”), and its shareholders, which closed on the same date. Pursuant to the terms of the Share Exchange Agreement, FPG BVI’s 100 shares of capital stock were exchanged for an aggregate of 180,500,000 shares of the Company’s common stock, $0.001 par value per share (the “Share Exchange”), and FPG BVI became the Company’s wholly-owned subsidiary.

 

FPG BVI controls Anhui Renrenjia Solar Co., Ltd. (“Anhui Solar”), the Company’s operating company based in the People’s Republic of China (the “PRC”), through Ren Re Jia International Limited, FPG BVI’s 100% owned subsidiary organized in the Hong Kong Special Administrative Region (“RRJI (HK)”). RRJI (HK) is the 100% owner of Anhui Zhijia Cornerstone Electronics Technology Co., Ltd. (“Anhui Electronics”), the Company’s subsidiary organized in the PRC. Anhui Electronics controls Anhui Solar through contractual arrangements commonly known as “VIE” or “variable interest entity” arrangements on the mainland in the PRC.

 

Pursuant to the Share Exchange, the Company acquired the business of Anhui Solar, which is the manufacture and sale of solar powered water heater systems in the PRC. As a result, the Company ceased to be a “shell company” (as such term is defined in Rule 12b-2 under the Securities Exchange Act of 1934, as amended. The Company has changed its business focus to the business ofAnhui Solar, and will continue the existing business operations of Anhui Solar as a publicly-traded company under the name China Energy Technology Corp., Ltd.

 

The Share Exchange has been treated as a recapitalization of the Company for financial accounting purposes. FPG BVI is considered the acquirer for accounting purposes, and the historical financial statements of China Energy Technology Corp., Ltd. (formerly known as Redfield Ventures Inc.) before the Share Exchange will be replaced with the historical financial statements of FPG BVI and its consolidated entities before the Share Exchange in all future filings with the Securities and Exchange Commission.

 

Basis of Presentation

 

The accompanying condensed consolidated financial statements include the activities of China Energy Technology Corp., Ltd. and its wholly owned subsidiary, FPG BVI, and its consolidated subsidiaries. All intercompany transactions have been eliminated in these consolidated financial statements.

 

The financial statements and accompanying notes have been prepared in accordance with United States generally accepted accounting principles (“U.S. GAAP”) for interim financial information and with the instructions to Article 8 of Regulation S-X. Accordingly, they do not include all of the information and footnotes required by U.S. GAAP for complete consolidated financial statements. In the opinion of the Company's management, the financial statements include all adjustments, which include only normal recurring adjustments, necessary for the fair presentation of the Company's financial position for the periods presented.

 

Certain information in footnote disclosures normally included in the financial statements were prepared in conformity with accounting principles generally accepted in the United States of America and have been condensed or omitted pursuant to such principles and the financial results for the periods presented may not be indicative of the full year’s results. The unaudited condensed consolidated financial statements should be read in conjunction with the consolidated financial statements and footnotes thereto included in the Company’s audited financial statements in Amendment No. 3 to the Current Report on Form 8-K the Company filed with the Securities and Exchange Commission on August 6, 2015.

XML 43 R59.htm IDEA: XBRL DOCUMENT v3.2.0.727
Major Suppliers and Customers (Details) - 6 months ended Jun. 30, 2015
Customer
Supplier
Total Sales [Member]  
Major Suppliers and Customers (Textual)  
Number of customers | Customer 3
Concentration risk, Percentage 24.00%
Total Sales [Member] | Customer [Member]  
Major Suppliers and Customers (Textual)  
Concentration risk, Percentage 9.00%
Total Sales [Member] | Customer One [Member]  
Major Suppliers and Customers (Textual)  
Concentration risk, Percentage 8.00%
Total Sales [Member] | Customer Two [Member]  
Major Suppliers and Customers (Textual)  
Concentration risk, Percentage 7.00%
Total Purcahses [Member] | Supplier [Member]  
Major Suppliers and Customers (Textual)  
Number of customers 1
Concentration risk, Percentage 14.00%
Advances [Member] | Supplier [Member]  
Major Suppliers and Customers (Textual)  
Concentration risk, Percentage 59.00%
Number of suppliers 3
XML 44 R35.htm IDEA: XBRL DOCUMENT v3.2.0.727
Significant Accounting Policies (Details)
6 Months Ended
Jun. 30, 2015
Building [Member]  
Property, Plant and Equipment [Line Items]  
Estimated useful life of the assets 20 years
Machinery Equipment [Member]  
Property, Plant and Equipment [Line Items]  
Estimated useful life of the assets 10 years
Motor Vehicles [Member]  
Property, Plant and Equipment [Line Items]  
Estimated useful life of the assets 5 years
Electronic Equipment [Member]  
Property, Plant and Equipment [Line Items]  
Estimated useful life of the assets 5 years
Leasehold Improvement [Member]  
Property, Plant and Equipment [Line Items]  
Estimated useful life of the assets Less of the lease term or 5 years
XML 45 R22.htm IDEA: XBRL DOCUMENT v3.2.0.727
Major Suppliers and Customers
6 Months Ended
Jun. 30, 2015
Major Suppliers and Customers [Abstract]  
MAJOR SUPPLIERS AND CUSTOMERS

NOTE 17 - MAJOR SUPPLIERS AND CUSTOMERS

 

The Company had three customers that in the aggregate accounted for 24% of the Company’s total sales for the 6 months ended June 30, 2015, with each accounting for 9%, 8% and 7%, respectively. The Company had one supplier that in the aggregate accounted for 14% of the Company’s total purchases payable for the 6 months ended June 30, 2015.

 

The Company had three major suppliers which received 59% of the advances for 6 months ended June 30, 2015. None of the suppliers was a related party.

XML 46 R36.htm IDEA: XBRL DOCUMENT v3.2.0.727
Significant Accounting Policies (Details Textual)
6 Months Ended 12 Months Ended
Jul. 02, 2014
Jun. 30, 2015
Jun. 30, 2014
Dec. 31, 2013
Dec. 31, 2012
Significant Accounting Policies (Textual)          
Value added tax payable   17.00%      
Value added taxable services provided 15.00% 25.00%   15.00% 15.00%
Sales Tax   7.00% 5.00%    
Service Tax [Member]          
Significant Accounting Policies (Textual)          
Value added taxable services provided   17.00%      
EIT Law [Member]          
Significant Accounting Policies (Textual)          
Value added taxable services provided   15.00%      
Income tax, Expiration date   Jul. 02, 2017      
XML 47 R24.htm IDEA: XBRL DOCUMENT v3.2.0.727
Significant Accounting Policies (Tables)
6 Months Ended
Jun. 30, 2015
Significant Accounting Policies  
Schedule of estimated useful life of assets
Buildings 20 years
Machinery Equipment 10 years
Motor Vehicles 5 years
Electronic Equipment 5 years
Leasehold Improvement Less of the lease term or 5 years
 
XML 48 Show.js IDEA: XBRL DOCUMENT /** * Rivet Software Inc. * * @copyright Copyright (c) 2006-2011 Rivet Software, Inc. All rights reserved. * Version 2.4.0.3 * */ var Show = {}; Show.LastAR = null, Show.hideAR = function(){ Show.LastAR.style.display = 'none'; }; Show.showAR = function ( link, id, win ){ if( Show.LastAR ){ Show.hideAR(); } var ref = link; do { ref = ref.nextSibling; } while (ref && ref.nodeName != 'TABLE'); if (!ref || ref.nodeName != 'TABLE') { var tmp = win ? win.document.getElementById(id) : document.getElementById(id); if( tmp ){ ref = tmp.cloneNode(true); ref.id = ''; link.parentNode.appendChild(ref); } } if( ref ){ ref.style.display = 'block'; Show.LastAR = ref; } }; Show.toggleNext = function( link ){ var ref = link; do{ ref = ref.nextSibling; }while( ref.nodeName != 'DIV' ); if( ref.style && ref.style.display && ref.style.display == 'none' ){ ref.style.display = 'block'; if( link.textContent ){ link.textContent = link.textContent.replace( '+', '-' ); }else{ link.innerText = link.innerText.replace( '+', '-' ); } }else{ ref.style.display = 'none'; if( link.textContent ){ link.textContent = link.textContent.replace( '-', '+' ); }else{ link.innerText = link.innerText.replace( '-', '+' ); } } }; XML 49 R7.htm IDEA: XBRL DOCUMENT v3.2.0.727
Significant Accounting Policies
6 Months Ended
Jun. 30, 2015
Significant Accounting Policies  
SIGNIFICANT ACCOUNTING POLICIES

NOTE 2 - SIGNIFICANT ACCOUNTING POLICIES

 

This summary of significant accounting policies of the Company is presented to assist in understanding the Company’s financial statements. The financial statements and notes are representations of the Company’s management, which is responsible for their integrity and objectivity. These accounting policies conform to U.S. GAAP and have been consistently applied in the preparation of the financial statements.

 

Fair Value of Financial Instruments

 

The Company applies the provisions of accounting guidance, FASB ASC Topic 820 that requires the Company to disclose the fair value of financial instruments, both assets and liabilities recognized and not recognized on the balance sheet, for which it is practicable to estimate fair value, and defines fair value of a financial instrument as the amount at which the instrument could be exchanged in a current transaction between willing parties.

 

Fair Value Measurements

 

FASB ASC Topic 820, Fair Value Measurements and Disclosures, clarifies the definition of fair value for financial reporting, establishes a framework for measuring fair value and requires additional disclosures about the use of fair value measurements.

 

Various inputs are considered when determining the fair value of the Company’s debt. These inputs are summarized in the three broad levels listed below.

 

 Level 1 – observable market inputs that are unadjusted quoted prices for identical assets or liabilities in active markets.

 

 Level 2 – other significant observable inputs (including quoted prices for interest rates, credit risk, etc.).

 

 Level 3 – significant unobservable inputs (including the Company’s own assumptions in determining the fair value of investments).

 

The carrying value of financial assets and liabilities recorded at fair value is measured on a recurring or nonrecurring basis. Financial assets and liabilities measured on a non-recurring basis are those that are adjusted to fair value when a significant event occurs. The Company had no financial assets or liabilities carried and measured on a nonrecurring basis during the reporting periods. Financial assets and liabilities measured on a recurring basis are those that are adjusted to fair value each time a financial statement is prepared. The Company had no financial assets or liabilities carried and measured on a recurring basis during the reporting periods.

 

The availability of inputs observable in the market varies from instrument to instrument and depends on a variety of factors including the type of instrument, whether the instrument is actively traded, and other characteristics particular to the transaction. For many financial instruments, pricing inputs are readily observable in the market, the valuation methodology used is widely accepted by market participants, and the valuation does not require significant management discretion. For other financial instruments, pricing inputs are less observable in the market and may require management judgment.

  

Translation of Foreign Currencies

 

The Company’s principal country of operations is the PRC. The Company maintains their books and accounting records in PRC currency “Renminbi” (“RMB”), which has been determined as the functional currency. Transactions denominated in currencies other than RMB are translated into RMB at the exchange rates prevailing on the date of the transactions, as quoted by the Federal Reserve Board. Foreign currency exchange gains and losses resulting from these transactions are included in operations.

 

The Company’s financial statements are translated into the reporting currency, the United States Dollar (“USD”). Assets and liabilities of the entity are translated at the prevailing exchange rate at each reporting period end date. Contributed capital accounts are translated using the historical rate of exchange when capital is injected. Income and expense accounts are translated at the average rate of exchange during the reporting period. Translation adjustments resulting from the translation of these financial statements are reflected as accumulated other comprehensive income in shareholders’ equity.

 

Statement of Cash Flows

 

In accordance with Statement FASB ASC Topic 230, Statement of Cash Flows, cash flow from the Company's operations is calculated based upon the local currencies and translated to the reporting currency using an average foreign exchange rate for the reporting period. As a result, amounts related to assets and liabilities reported in the statement of cash flows will not necessarily agree with changes in the corresponding balances on the balance sheet.

 

Use of Estimates and Assumptions

 

The preparation of financial statements in conformity with US GAAP requires management to make estimates and judgments that affect the reported amounts of assets and liabilities, disclosure of contingent assets and liabilities on the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. The Company bases its estimates and judgments on historical experience and on various other assumptions and information that are believed to be reasonable under the circumstances. Estimates and assumptions of future events and their effects cannot be perceived with certainty and, accordingly, these estimates may change as new events occur, as more experience is acquired, as additional information is obtained and as our operating environment changes. Significant estimates and assumptions by management include: useful lives of long-lived assets and intangible assets, valuation of inventory, accounts receivable, notes receivable and deferred taxes. While the Company believes that the estimates and assumptions used in the preparation of the financial statements are appropriate, actual results could differ from those estimates. Estimates and assumptions are periodically reviewed and the effects of revisions are reflected in the financial statements in the period they are determined to be necessary.

 

Cash and Cash Equivalents

 

Cash and cash equivalents represent cash on hand and interest-bearing deposits held at call with banks. The Company considers all highly liquid investments with original maturities of three months or less at the time of purchase to be cash equivalents.

 

Restricted cash

 

Restricted cash represents deposits held at banks with restrictions imposed since the Company uses the restricted cash to pledge with banks for the purpose of issuing bank acceptances. The restricted cash could not be readily useable until the pledge is retired.

 

Accounts Receivable

 

Accounts receivable are recorded at the sales amount and do not bear interest. The Company extends unsecured credit to its customers in the ordinary course of business and the credit policy is decided by its senior management. An allowance for doubtful accounts is established and determined based on management’s assessment of known requirements, aging of receivables, payment and bad debt history, the customer’s current credit worthiness, changes in customer payment patterns and the economic environment.

  

Advance to Suppliers

 

The Company periodically makes advances to vendors for purchases of raw materials and fixed assets, and records these purchases as advance to suppliers.

 

Inventory

 

Inventory consists of raw materials, finished goods of manufactured products and low-value suppliers.

 

Inventory is stated at lower of cost or market and consists of materials, labor and overhead. The Company uses the weighted average method for inventory valuation. Overhead costs included in finished goods include direct labor cost and other costs directly applicable to the manufacturing process. The Company evaluates inventory for excess, slow moving, and obsolete inventory as well as inventory the volume of which is in excess of its net realizable value. This evaluation includes analysis of sales levels by product and projections of future demand. If future demand or market conditions are less favorable than the Company’s projections, a write-down of inventory may be required, and would be reflected in cost of goods sold in the period the revision is made. There was no inventory allowance provided for the years ended December 31, 2014 and 2013, respectively.

 

Property, Plant and Equipment

 

Property, plant and equipment are carried at the lower of cost or fair value. Maintenance, repairs and minor renewals are expensed as incurred; major renewals and improvements that extend the lives or increase the capacity of plant assets are capitalized.

 

When assets are retired or disposed of, the cost and accumulated depreciation are removed from the accounts, and any resulting gains or losses are included in the results of operations in the reporting period of disposition.

 

Depreciation is calculated on a straight-line basis over the estimated useful life of the assets. The depreciable lives applied are:

 

Buildings 20 years
Machinery Equipment 10 years
Motor Vehicles 5 years
Electronic Equipment 5 years
Leasehold Improvement Less of the lease term or 5 years

 

Revenue Recognition

 

The Company recognizes revenue when it is both earned and realized or realizable. The Company’s policy is to recognize revenue when title to the product, ownership and risk of loss have transferred to the customer, persuasive evidence of an arrangement exits and collection of the sales proceeds is reasonably assured, all of which generally occur upon products have been provided or installing service has been provided. The majority of the Company’s revenue relates to the sale of inventory to customers and engineering project installing, and revenue is recognized when title and the risks and rewards of ownership pass to the customer, as well as engineering projects finished completion acceptance.

 

Cost of Goods Sold

 

Cost of goods sold consists primarily of the costs of raw materials, direct labor, depreciation of plants and machinery, and overhead costs associated with the manufacturing process and installing service provided to customers.

  

Income Taxes

 

The Company adopts FASB ASC Topic 740, “Income Taxes,” which requires the 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 income taxes are recognized for the tax consequences in future years of differences between the tax bases of assets and liabilities and their financial reporting amounts at each period end based on enacted tax laws and statutory tax rates applicable to the periods in which the differences are expected to affect taxable income. Valuation allowances are established when necessary to reduce deferred tax assets to the amount expected to be realized.

 

In July 2006 the FASB issued FIN 48(ASC 740-10), “Accounting for Uncertainty in Income Taxes — An Interpretation of FASB Statement No. 109 (ASC 740)”, which requires income tax positions to meet a more-likely-than-not recognition threshold to be recognized in the financial statements. Under FIN 48(ASC 740-10), tax positions that previously failed to meet the more-likely-than-not threshold should be recognized in the first subsequent financial reporting period in which that threshold is met. Previously recognized tax positions that no longer meet the more-likely-than-not threshold should be derecognized in the first subsequent financial reporting period in which that threshold is no longer met.

  

As a result of the implementation of FIN 48 (ASC 740-10), the Company undertook a comprehensive review of its portfolio of tax positions in accordance with recognition standards established by FIN 48 (ASC 740-10). The Company recognized no material adjustments to liabilities or stockholders’ equity as a result of the implementation. The adoption of FIN 48 did not have a material impact on the Company’s financial statements.

 

The application of tax laws and regulations is subject to legal and factual interpretation, judgment and uncertainty. Tax laws and regulations themselves are subject to change as a result of changes in fiscal policy, changes in legislation, the evolution of regulations and court rulings. Therefore, the actual liability may be materially different from our estimates, which could result in the need to record additional tax liabilities or potentially reverse previously recorded tax liabilities or deferred tax asset valuation allowance.

 

Enterprise Income Tax

 

Under the Provisional Regulations of PRC Concerning Income Tax on Enterprises promulgated by the PRC (the “EIT Law”), the Company was recognized as a government-certified high technology company on July 2, 2014, and income tax is payable by enterprise at a rate of 15% of its taxable income. This qualification certificate will be effective and the applicable income tax rate maintains 15% until the certificate expires on July 2, 2017.

 

Value Added Tax

 

The Provisional Regulations of PRC Concerning Value Added Tax promulgated by the State Council came into effect on January 1, 1994. Under these regulations and the Implementing Rules of the Provisional Regulations of the PRC Concerning Value Added Tax, value added tax is imposed on goods sold in, or imported into, the PRC and on processing, repair and replacement services provided within the PRC.

 

Value added tax payable in the PRC is charged on an aggregated basis at a rate of 17% (depending on the type of goods involved) on the full price collected for the goods sold or, in the case of taxable services provided, at a rate of 17% on the charges for the taxable services provided, but excluding, in respect of both goods and services, any amount paid in respect of value added tax included in the price or charges, and less any deductible value added tax already paid by the taxpayer on purchases of goods and services in the same financial year.

 

Sales Taxes and Sales-Related Taxes

 

Pursuant to the tax law and regulations of the PRC, the Company is obligated to pay 7% and 5% of the annual VAT paid as taxes on maintaining and building cities and education additional fees, both of which belong to sales-related taxes. Sales-related taxes are recorded when sales revenue is recognized.

 

Government Grants

 

Government grants are recognized as income over the periods necessary to match them with the related costs. If the grants do not relate to any specific expenditure incurred by the Company, they are reported separately as other income. Government grants are recognized until there is reasonable assurance that both the Company will comply with the conditions attaching to the grant and the grant will be received. Government grants to the Company are primarily for its Huimin solar water heater expanding project for the year ending December 31, 2013.

 

Concentrations of Business and Credit Risks

 

All of the Company’s manufacturing is located in the PRC. There can be no assurance that the Company will be able to successfully continue to manufacture its products and failure to do so would have a material adverse effect on the Company’s financial position, results of operations and cash flows. Also, the success of the Company’s operations is subject to numerous contingencies, some of which are beyond management’s control. These contingencies include general economic conditions, prices of raw materials, competition, governmental and political conditions, and changes in regulations. Since the Company is dependent on trade in the PRC, the Company is subject to various additional political, economic and other uncertainties. Among other risks, the Company’s operations will be subject to the risks of restrictions on transfer of funds, domestic customs, changing taxation policies, foreign exchange restrictions, and political and governmental regulations.

 

The Company operates in the PRC, which may give rise to significant foreign currency risks from fluctuations and the degree of volatility of foreign exchange rates between USD and RMB. The results of operations denominated in foreign currency are translated at the average rate of exchange during the reporting periods.

 

Recent Accounting Pronouncements

 

In August 2014, the FASB has issued ASU No. 2014-15, Presentation of Financial Statements—Going Concern (Subtopic 205-40): Disclosure of Uncertainties about an Entity’s Ability to Continue as a Going Concern. ASU 2014-15 is intended to define management’s responsibility to evaluate whether there is substantial doubt about an organization’s ability to continue as a going concern and to provide related footnote disclosures. The amendments are effective for annual periods ending after December 15, 2016, and interim periods within annual periods beginning after December 15, 2016. Early application is permitted for annual or interim reporting periods for which the financial statements have not previously been issued statements. The Company does not expect the adoption to have a significant impact on its consolidated financial statements.

XML 50 R3.htm IDEA: XBRL DOCUMENT v3.2.0.727
Condensed Consolidated Balance Sheets (Parentheticals) - $ / shares
Jun. 30, 2015
Dec. 31, 2014
Balance Sheets [Abstract]    
Common stock, par value $ 0.001 $ 0.001
Common stock, shares authorized 200,000,000 200,000,000
Common stock, shares issued 190,000,000 190,000,000
Common stock, shares outstanding 190,000,000 190,000,000
XML 51 R17.htm IDEA: XBRL DOCUMENT v3.2.0.727
Due From Related Parties-Non-Current
6 Months Ended
Jun. 30, 2015
Due From Related Parties-Non-Current [Abstract]  
DUE FROM RELATED PARTIES-NON-CURRENT

NOTE 12 - DUE FROM RELATED PARTIES-NON-CURRENT

 

Due from related parties- non-current of the company consist of $427,889 from due from related party Bengbu Boyuanzhiye Co., Ltd that would not be received in one year.

 

Ms. Li had paid off all payment ahead of Roll-forward schedule ended June 30, 2015.

XML 52 R1.htm IDEA: XBRL DOCUMENT v3.2.0.727
Document and Entity Information - shares
6 Months Ended
Jun. 30, 2015
Aug. 14, 2015
Document and Entity Information [Abstract]    
Entity Registrant Name CHINA ENERGY TECHNOLOGY CORP., LTD.  
Entity Central Index Key 0001554300  
Amendment Flag false  
Current Fiscal Year End Date --12-31  
Document Type 10-Q  
Document Period End Date Jun. 30, 2015  
Document Fiscal Year Focus 2015  
Document Fiscal Period Focus Q2  
Entity Filer Category Smaller Reporting Company  
Entity Common Stock, Shares Outstanding   190,000,000
XML 53 R18.htm IDEA: XBRL DOCUMENT v3.2.0.727
Short-Term Loan
6 Months Ended
Jun. 30, 2015
Short Term Loan/ Notes Payable [Abstract]  
SHORT-TERM LOAN

NOTE 13 - SHORT-TERM LOAN

 

Short-term loans of the Company consist of the following:

 

  June 30,
2015
  December 31,
2014
 
       
Huishang Bank Bengbu Branch $806,452  $805,854 
Bank of Communications Bengbu Branch  806,452   805,854 
The Xuehua branch of Bengbu Rural Commercial Bank  1,612,903   967,024 
The Bengbu branch of Shanghai Pudong Bank  1,290,322   1,289,366 
Total $4,516,129  $3,868,098 

 

In January 2015, the Company renewed the loan agreement with the Xuehua branch of Bengbu Rural Commercial Bank for a one-year loan due January 9, 2016, in amount of RMB 5,000,000 (approximately $806,452). The interest on the loan is a fixed interest floating 60% on base annual interest of value date. In connection with the loan agreement, the Company entered into a cooperation agreement with individuals (Na Wei, Bin Wei). The loan was guaranteed by these individuals.

In May 2015, the Company renewed the loan agreement with the Huishang Bank Bengbu Branch for a one-year loan due May 14, 2016, in amount of RMB 5,000,000 (approximately $806,452). The interest on the loan is a fixed interest floating 36.39% on base annual interest of value date. In connection with the loan agreement, the Company entered into a cooperation agreement with Bengbu High-tech SMEs Credit Guarantee Co. LTD. The loan was guaranteed by the guarantee company.

XML 54 R4.htm IDEA: XBRL DOCUMENT v3.2.0.727
Statements of Operations and Comprehensive Income (Unaudited) - USD ($)
3 Months Ended 6 Months Ended
Jun. 30, 2015
Jun. 30, 2014
Jun. 30, 2015
Jun. 30, 2014
Statements of Operations [Abstract]        
REVENUE $ 4,133,875 $ 334,630 $ 4,157,215 $ 362,649
COST OF GOODS SOLD (3,111,221) (191,391) (3,139,800) (215,928)
GROSS PROFIT 1,022,654 143,239 1,017,415 146,721
OPERATING EXPENSES        
Selling expenses (27,837) (50,982) (79,717) (128,975)
Administrative expenses (53,328) (107,439) (232,545) (192,135)
Depreciation and amortization expenses (8,139) (12,759) (18,424) (25,778)
Total operating expenses (88,304) (171,180) (330,686) (346,888)
INCOME (LOSS) FROM OPERATIONS 933,350 (27,941) 686,729 (200,167)
OTHER INCOME/(EXPENSES)        
Interest income 4,950 238 14,850 431
Interest expense $ (90,397) $ (28,899) $ (174,101) $ (58,439)
Subsidy income        
Other income/(expenses), net $ (26,612) $ (6,775) $ (26,640) $ (17,331)
Total other income, net (112,059) (35,436) (185,891) (75,339)
INCOME (LOSS) BEFORE INCOME TAXES 821,291 (63,377) 500,838 (275,506)
Provision for income taxes (125,052) 7,572 (80,232) 32,530
NET INCOME (LOSS) $ 696,239 $ (55,805) $ 420,606 $ (242,976)
Foreign currency translation gain(loss)        
Comprehensive income/(loss) $ 696,239 $ (55,805) $ 420,606 $ (242,976)
Weighted average number of shares outstanding:        
Basic and diluted 190,000,000   190,000,000  
Earnings Per share $ 0.004   $ 0.002  
XML 55 R12.htm IDEA: XBRL DOCUMENT v3.2.0.727
Inventory
6 Months Ended
Jun. 30, 2015
Inventory [Abstract]  
INVENTORY

NOTE 7 - INVENTORY

 

Inventory consists of the following:

 

  June 30,
2015
  December 31, 2014 
  (Unaudited)    
Raw Materials $211,656  $65,497 
Finished Goods  124,967   225,360 
Goods in transit  62,939   - 
Supplies  403   403 
Total $399,965  $291,260 

 

For the six months ended Jun 30, 2015 and the year ended December 31,2014, the Company has not made provision for inventory in regards to slow moving or obsolete items.

XML 56 R11.htm IDEA: XBRL DOCUMENT v3.2.0.727
Due from Related Parties
6 Months Ended
Jun. 30, 2015
Related Party Transactions [Abstract]  
DUE FROM RELATED PARTIES

NOTE 6 - DUE FROM RELATED PARTIES

 

Due from related parties consists of the following:

 

  June 30,
2015
  December 31,
2014
 
  (Unaudited)    
Li Qimei  391,131   1,022,025 
Bengbu Boyuan Real Estate Co.,ltd  156,804   597,798 
Total $547,935  $1,619,823 

 

Due from related parties includes receivable from the owner and the related parties. Li Qimei is the 40% owner of the Company. Li Qimei received payments from customers on behalf of the Company, and such funds have not yet been remitted to the Company. Li Qimei has a signed funds agreement with the Company agreeing to fully repay the funds by December 31, 2016.

 

Bengbu Boyuanzhiye Co., Ltd., or BBC Ltd., is a real estate company owned by Li Qimei. Since 2012, BBC Ltd. has leased to the Company a 1,139 square meters (12,260 square feet) office building in Guzhen County, Bengbu City. The Company built an approximately 3,000 square meter (32,000 square foot) four story addition to this office building at a cost of approximately RMB 4,000,000 (US $604,285). BBC Ltd. agreed to be responsible for the cost of this construction and, as a result, has signed a loan agreement agreeing to repay the $604,285 construction cost amount to the Company by January 1, 2016.

XML 57 R23.htm IDEA: XBRL DOCUMENT v3.2.0.727
Significant Accounting Policies (Policies)
6 Months Ended
Jun. 30, 2015
Significant Accounting Policies  
Fair Value of Financial Instruments

Fair Value of Financial Instruments

 

The Company applies the provisions of accounting guidance, FASB ASC Topic 820 that requires the Company to disclose the fair value of financial instruments, both assets and liabilities recognized and not recognized on the balance sheet, for which it is practicable to estimate fair value, and defines fair value of a financial instrument as the amount at which the instrument could be exchanged in a current transaction between willing parties.

Fair Value Measurements

Fair Value Measurements

 

FASB ASC Topic 820, Fair Value Measurements and Disclosures, clarifies the definition of fair value for financial reporting, establishes a framework for measuring fair value and requires additional disclosures about the use of fair value measurements.

 

Various inputs are considered when determining the fair value of the Company’s debt. These inputs are summarized in the three broad levels listed below.

 

 Level 1 – observable market inputs that are unadjusted quoted prices for identical assets or liabilities in active markets.

 

 Level 2 – other significant observable inputs (including quoted prices for interest rates, credit risk, etc.).

 

 Level 3 – significant unobservable inputs (including the Company’s own assumptions in determining the fair value of investments).

 

The carrying value of financial assets and liabilities recorded at fair value is measured on a recurring or nonrecurring basis. Financial assets and liabilities measured on a non-recurring basis are those that are adjusted to fair value when a significant event occurs. The Company had no financial assets or liabilities carried and measured on a nonrecurring basis during the reporting periods. Financial assets and liabilities measured on a recurring basis are those that are adjusted to fair value each time a financial statement is prepared. The Company had no financial assets or liabilities carried and measured on a recurring basis during the reporting periods.

 

The availability of inputs observable in the market varies from instrument to instrument and depends on a variety of factors including the type of instrument, whether the instrument is actively traded, and other characteristics particular to the transaction. For many financial instruments, pricing inputs are readily observable in the market, the valuation methodology used is widely accepted by market participants, and the valuation does not require significant management discretion. For other financial instruments, pricing inputs are less observable in the market and may require management judgment.

Translation of Foreign Currencies

Translation of Foreign Currencies

 

The Company’s principal country of operations is the PRC. The Company maintains their books and accounting records in PRC currency “Renminbi” (“RMB”), which has been determined as the functional currency. Transactions denominated in currencies other than RMB are translated into RMB at the exchange rates prevailing on the date of the transactions, as quoted by the Federal Reserve Board. Foreign currency exchange gains and losses resulting from these transactions are included in operations.

 

The Company’s financial statements are translated into the reporting currency, the United States Dollar (“USD”). Assets and liabilities of the entity are translated at the prevailing exchange rate at each reporting period end date. Contributed capital accounts are translated using the historical rate of exchange when capital is injected. Income and expense accounts are translated at the average rate of exchange during the reporting period. Translation adjustments resulting from the translation of these financial statements are reflected as accumulated other comprehensive income in shareholders’ equity.

Statement of Cash Flows

Statement of Cash Flows

 

In accordance with Statement FASB ASC Topic 230, Statement of Cash Flows, cash flow from the Company's operations is calculated based upon the local currencies and translated to the reporting currency using an average foreign exchange rate for the reporting period. As a result, amounts related to assets and liabilities reported in the statement of cash flows will not necessarily agree with changes in the corresponding balances on the balance sheet.

Use of Estimates and Assumptions

Use of Estimates and Assumptions

 

The preparation of financial statements in conformity with US GAAP requires management to make estimates and judgments that affect the reported amounts of assets and liabilities, disclosure of contingent assets and liabilities on the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. The Company bases its estimates and judgments on historical experience and on various other assumptions and information that are believed to be reasonable under the circumstances. Estimates and assumptions of future events and their effects cannot be perceived with certainty and, accordingly, these estimates may change as new events occur, as more experience is acquired, as additional information is obtained and as our operating environment changes. Significant estimates and assumptions by management include: useful lives of long-lived assets and intangible assets, valuation of inventory, accounts receivable, notes receivable and deferred taxes. While the Company believes that the estimates and assumptions used in the preparation of the financial statements are appropriate, actual results could differ from those estimates. Estimates and assumptions are periodically reviewed and the effects of revisions are reflected in the financial statements in the period they are determined to be necessary.

Cash and Cash Equivalents

Cash and Cash Equivalents

 

Cash and cash equivalents represent cash on hand and interest-bearing deposits held at call with banks. The Company considers all highly liquid investments with original maturities of three months or less at the time of purchase to be cash equivalents.

Restricted cash

Restricted cash

 

Restricted cash represents deposits held at banks with restrictions imposed since the Company uses the restricted cash to pledge with banks for the purpose of issuing bank acceptances. The restricted cash could not be readily useable until the pledge is retired.

Accounts Receivable

Accounts Receivable

 

Accounts receivable are recorded at the sales amount and do not bear interest. The Company extends unsecured credit to its customers in the ordinary course of business and the credit policy is decided by its senior management. An allowance for doubtful accounts is established and determined based on management’s assessment of known requirements, aging of receivables, payment and bad debt history, the customer’s current credit worthiness, changes in customer payment patterns and the economic environment.

Advance to Suppliers

Advance to Suppliers

 

The Company periodically makes advances to vendors for purchases of raw materials and fixed assets, and records these purchases as advance to suppliers.

Inventory

Inventory

 

Inventory consists of raw materials, finished goods of manufactured products and low-value suppliers.

 

Inventory is stated at lower of cost or market and consists of materials, labor and overhead. The Company uses the weighted average method for inventory valuation. Overhead costs included in finished goods include direct labor cost and other costs directly applicable to the manufacturing process. The Company evaluates inventory for excess, slow moving, and obsolete inventory as well as inventory the volume of which is in excess of its net realizable value. This evaluation includes analysis of sales levels by product and projections of future demand. If future demand or market conditions are less favorable than the Company’s projections, a write-down of inventory may be required, and would be reflected in cost of goods sold in the period the revision is made. There was no inventory allowance provided for the years ended December 31, 2014 and 2013, respectively.

Property, Plant and Equipment

Property, Plant and Equipment

 

Property, plant and equipment are carried at the lower of cost or fair value. Maintenance, repairs and minor renewals are expensed as incurred; major renewals and improvements that extend the lives or increase the capacity of plant assets are capitalized.

 

When assets are retired or disposed of, the cost and accumulated depreciation are removed from the accounts, and any resulting gains or losses are included in the results of operations in the reporting period of disposition.

 

Depreciation is calculated on a straight-line basis over the estimated useful life of the assets. The depreciable lives applied are:

 

Buildings 20 years
Machinery Equipment 10 years
Motor Vehicles 5 years
Electronic Equipment 5 years
Leasehold Improvement Less of the lease term or 5 years
 
Revenue Recognition

Revenue Recognition

 

The Company recognizes revenue when it is both earned and realized or realizable. The Company’s policy is to recognize revenue when title to the product, ownership and risk of loss have transferred to the customer, persuasive evidence of an arrangement exits and collection of the sales proceeds is reasonably assured, all of which generally occur upon products have been provided or installing service has been provided. The majority of the Company’s revenue relates to the sale of inventory to customers and engineering project installing, and revenue is recognized when title and the risks and rewards of ownership pass to the customer, as well as engineering projects finished completion acceptance.

Cost of Goods Sold

Cost of Goods Sold

 

Cost of goods sold consists primarily of the costs of raw materials, direct labor, depreciation of plants and machinery, and overhead costs associated with the manufacturing process and installing service provided to customers.

Income Taxes

Income Taxes

 

The Company adopts FASB ASC Topic 740, “Income Taxes,” which requires the 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 income taxes are recognized for the tax consequences in future years of differences between the tax bases of assets and liabilities and their financial reporting amounts at each period end based on enacted tax laws and statutory tax rates applicable to the periods in which the differences are expected to affect taxable income. Valuation allowances are established when necessary to reduce deferred tax assets to the amount expected to be realized.

 

In July 2006 the FASB issued FIN 48(ASC 740-10), “Accounting for Uncertainty in Income Taxes — An Interpretation of FASB Statement No. 109 (ASC 740)”, which requires income tax positions to meet a more-likely-than-not recognition threshold to be recognized in the financial statements. Under FIN 48(ASC 740-10), tax positions that previously failed to meet the more-likely-than-not threshold should be recognized in the first subsequent financial reporting period in which that threshold is met. Previously recognized tax positions that no longer meet the more-likely-than-not threshold should be derecognized in the first subsequent financial reporting period in which that threshold is no longer met.

  

As a result of the implementation of FIN 48 (ASC 740-10), the Company undertook a comprehensive review of its portfolio of tax positions in accordance with recognition standards established by FIN 48 (ASC 740-10). The Company recognized no material adjustments to liabilities or stockholders’ equity as a result of the implementation. The adoption of FIN 48 did not have a material impact on the Company’s financial statements.

 

The application of tax laws and regulations is subject to legal and factual interpretation, judgment and uncertainty. Tax laws and regulations themselves are subject to change as a result of changes in fiscal policy, changes in legislation, the evolution of regulations and court rulings. Therefore, the actual liability may be materially different from our estimates, which could result in the need to record additional tax liabilities or potentially reverse previously recorded tax liabilities or deferred tax asset valuation allowance.

Enterprise Income Tax

Enterprise Income Tax

 

Under the Provisional Regulations of PRC Concerning Income Tax on Enterprises promulgated by the PRC (the “EIT Law”), the Company was recognized as a government-certified high technology company on July 2, 2014, and income tax is payable by enterprise at a rate of 15% of its taxable income. This qualification certificate will be effective and the applicable income tax rate maintains 15% until the certificate expires on July 2, 2017.

Value Added Tax

Value Added Tax

 

The Provisional Regulations of PRC Concerning Value Added Tax promulgated by the State Council came into effect on January 1, 1994. Under these regulations and the Implementing Rules of the Provisional Regulations of the PRC Concerning Value Added Tax, value added tax is imposed on goods sold in, or imported into, the PRC and on processing, repair and replacement services provided within the PRC.

 

Value added tax payable in the PRC is charged on an aggregated basis at a rate of 17% (depending on the type of goods involved) on the full price collected for the goods sold or, in the case of taxable services provided, at a rate of 17% on the charges for the taxable services provided, but excluding, in respect of both goods and services, any amount paid in respect of value added tax included in the price or charges, and less any deductible value added tax already paid by the taxpayer on purchases of goods and services in the same financial year.

Sales Taxes and Sales-Related Taxes

Sales Taxes and Sales-Related Taxes

 

Pursuant to the tax law and regulations of the PRC, the Company is obligated to pay 7% and 5% of the annual VAT paid as taxes on maintaining and building cities and education additional fees, both of which belong to sales-related taxes. Sales-related taxes are recorded when sales revenue is recognized.

Government Grants

Government Grants

 

Government grants are recognized as income over the periods necessary to match them with the related costs. If the grants do not relate to any specific expenditure incurred by the Company, they are reported separately as other income. Government grants are recognized until there is reasonable assurance that both the Company will comply with the conditions attaching to the grant and the grant will be received. Government grants to the Company are primarily for its Huimin solar water heater expanding project for the year ending December 31, 2013.

Concentrations of Business and Credit Risks

Concentrations of Business and Credit Risks

 

All of the Company’s manufacturing is located in the PRC. There can be no assurance that the Company will be able to successfully continue to manufacture its products and failure to do so would have a material adverse effect on the Company’s financial position, results of operations and cash flows. Also, the success of the Company’s operations is subject to numerous contingencies, some of which are beyond management’s control. These contingencies include general economic conditions, prices of raw materials, competition, governmental and political conditions, and changes in regulations. Since the Company is dependent on trade in the PRC, the Company is subject to various additional political, economic and other uncertainties. Among other risks, the Company’s operations will be subject to the risks of restrictions on transfer of funds, domestic customs, changing taxation policies, foreign exchange restrictions, and political and governmental regulations.

 

The Company operates in the PRC, which may give rise to significant foreign currency risks from fluctuations and the degree of volatility of foreign exchange rates between USD and RMB. The results of operations denominated in foreign currency are translated at the average rate of exchange during the reporting periods.

Recent Accounting Pronouncements

Recent Accounting Pronouncements

 

In August 2014, the FASB has issued ASU No. 2014-15, Presentation of Financial Statements—Going Concern (Subtopic 205-40): Disclosure of Uncertainties about an Entity’s Ability to Continue as a Going Concern. ASU 2014-15 is intended to define management’s responsibility to evaluate whether there is substantial doubt about an organization’s ability to continue as a going concern and to provide related footnote disclosures. The amendments are effective for annual periods ending after December 15, 2016, and interim periods within annual periods beginning after December 15, 2016. Early application is permitted for annual or interim reporting periods for which the financial statements have not previously been issued statements. The Company does not expect the adoption to have a significant impact on its consolidated financial statements.

XML 58 R19.htm IDEA: XBRL DOCUMENT v3.2.0.727
Notes Payable
6 Months Ended
Jun. 30, 2015
Short Term Loan/ Notes Payable [Abstract]  
NOTES PAYABLE

NOTE 14 - NOTES PAYABLE

 

Notes payable of the Company consists of the following:

 

    Origination Maturity Jun 30,  Dec 31, 
Beneficiary Endorser date date 2015  2014 
        (Unaudited)    
Anhui Jiangnan Trade Co. Ltd Bank of communications 2014/7/18 2015/1/17    $483,512 
Anhui FeiteFule&Equipment Manufacture Co. Ltd Bengbu BRC bank 2014/7/8 2015/1/8     1,289,366 
Bengbu Hongyang Trade Co. Ltd Bengbu BRC bank 2014/12/17 2015/6/17     805,854 
Hefei Yushi Trade Co. Ltd Pudong Development Bank 2015/6/30 2015/12/30 $483,871    
Total       $483,871  $2,578,732 

 

Notes payable represents all bank acceptances. The Company had notes payables of $483,871 as of June 30, 2015, represented the outstanding and used notes are guaranteed to be paid by bank and matured within a short-term period of six months. The company is required to maintain cash deposits at 100% of the balance of note payables in bank account. And the outstanding amount consisted of $483,871 will mature on December 30, 2015.

XML 59 R15.htm IDEA: XBRL DOCUMENT v3.2.0.727
Property, Plant and Equipment
6 Months Ended
Jun. 30, 2015
Property, Plant and Equipment [Abstract]  
PROPERTY, PLANT AND EQUIPMENT

NOTE 10 - PROPERTY, PLANT AND EQUIPMENT

 

Property, plant and equipment of the Company consist of the following:

 

  June 30,
2015
  December 31,
2014
 
  (Unaudited)    
Machinery equipment $1,769,088  $1,767,777 
Motor Vehicles  266,974   266,776 
Electronic equipment  42,589   42,557 
Furniture and office equipment  30,713   30,690 
Leasehold Improvement  3,771   3,768 
Less Accumulated Depreciation  (728,444)  (626,320)
Total $1,384,691  $1,485,248 

 

Depreciation expense is $101,659 and $243,988 for the six months ended June 30, 2015 and year ended December 31, 2014, respectively.

XML 60 R13.htm IDEA: XBRL DOCUMENT v3.2.0.727
Other Current Assets
6 Months Ended
Jun. 30, 2015
Other Current Assets [Abstract]  
Other Current Assets

NOTE 8 - OTHER CURRENT ASSETS

 

Other current asset consists of the following:

 

  March 31,
2015
  December 31,
2014
 
  (Unaudited)    
Other receivables $565,620  $1,387,230 
Prepaid expenses  6,876   4,537 
Total $572,496  $1,391,767 

 

Other receivables mainly include cash advance of employee, deposit and inter-company borrowing. Cash advance is necessary for salesman to expand business and establish business relationship. Inter-company borrowing includes borrowings without interest and prepaid charges paid by the Company.

XML 61 R14.htm IDEA: XBRL DOCUMENT v3.2.0.727
Construction in Progress
6 Months Ended
Jun. 30, 2015
Construction In Progress Disclosure [Abstract]  
CONSTRUCTION IN PROGRESS

NOTE 9 - CONSTRUCTION IN PROGRESS

 

The company has purchased an office building near Bengbu World Trade Center in April 2015. The gross area of the building totals 1,902.41 square meters (20,473 square feet), the company bought the office building with an amount of $2,922,903.

XML 62 R16.htm IDEA: XBRL DOCUMENT v3.2.0.727
Advances to Suppliers-Non-Current
6 Months Ended
Jun. 30, 2015
Advances to Suppliers-Non-Current [Abstract]  
ADVANCES TO SUPPLIERS-NON-CURRENT

NOTE 11 - ADVANCES TO SUPPLIERS-NON-CURRENT

 

Advances to suppliers- non-current of the company consist of $1,470,703 of advances to suppliers for equipment and properties.

XML 63 R34.htm IDEA: XBRL DOCUMENT v3.2.0.727
Organization and Business Background (Details) - $ / shares
3 Months Ended 6 Months Ended
Mar. 31, 2015
Jun. 30, 2015
Dec. 31, 2014
Organization and Business Background (Textual)      
Entity Incorporation, Date of Incorporation   Jan. 27, 2012  
Number of shares exchanged 100    
Capital stock exchanged for Company's common stock 180,500,000    
Common stock, par value $ 0.001 $ 0.001 $ 0.001
Ownership percentage   100.00%  
XML 64 R51.htm IDEA: XBRL DOCUMENT v3.2.0.727
Due From Related Parties-Non-Current (Details) - USD ($)
Jun. 30, 2015
Dec. 31, 2014
Due From Related Parties Non Current (Textual)    
Due from related parties-non current $ 427,889 $ 1,416,309
XML 65 R21.htm IDEA: XBRL DOCUMENT v3.2.0.727
Commitments and Contingencies
6 Months Ended
Jun. 30, 2015
Commitments and Contingencies [Abstract]  
COMMITMENTS AND CONTINGENCIES

NOTE 16 - COMMITMENTS AND CONTINGENCIES

 

There were no significant commitments or contracts entered into by the Company during the six months ended Jun 30, 2015 and the year ended December 31, 2014.

XML 66 R26.htm IDEA: XBRL DOCUMENT v3.2.0.727
Accounts Receivable (Tables)
6 Months Ended
Jun. 30, 2015
Accounts Receivable [Abstract]  
Schedule of accounts receivable
  June 30,
2015
  December 31,
2014
 
  (Unaudited)    
Accounts receivable $2,607,880  $728,656 
Less: allowance for doubtful accounts  (45,315)  (42,580)
Total $2,562,565  $686,076 
 
XML 67 R49.htm IDEA: XBRL DOCUMENT v3.2.0.727
Property, Plant and Equipment (Details Textual) - USD ($)
6 Months Ended
Jun. 30, 2015
Jun. 30, 2014
Property, Plant and Equipment (Textual)    
Depreciation expense $ 101,659 $ 243,988
XML 68 R41.htm IDEA: XBRL DOCUMENT v3.2.0.727
Advances to Suppliers (Details) - USD ($)
Jun. 30, 2015
Dec. 31, 2014
Advances to Suppliers (Textual)    
Advances to suppliers $ 5,583,231 $ 3,161,468
XML 69 R5.htm IDEA: XBRL DOCUMENT v3.2.0.727
Condensed Consolidated Statements of Cash Flows - USD ($)
6 Months Ended
Jun. 30, 2015
Jun. 30, 2014
Cash Flows from Operating Activities    
Net (loss) income $ 420,606 $ (242,976)
Adjustments to reconcile net loss to net cash provided by (used in) operating activities:    
Depreciation and amortization expenses 102,452 $ 112,515
Bad debt expense (15,534)  
Deferred tax benefit(expenses) (5,325) $ (397,357)
Changes in operating assets and liabilities    
Account Receivable (1,872,879) 2,458,442
Advance to suppliers (2,411,941) (643,699)
Due from related party 1,069,773 1,063,552
Inventory $ (108,154) $ (221,532)
Subsidy receivables    
Other current assets $ 835,996 $ (2,747,726)
Other non-current assets 767,383  
Notes payable (2,090,295) $ 1,296,963
Accounts Payable 2,752,137 $ (537,806)
Advance from customers $ 82,503  
Due to related party   $ (8,236)
Tax Payable $ 846,895 $ 256,410
Deferred tax liabilities    
Other current liabilities $ 669,192 $ (5,307)
Net cash provided by (used in) operating activities $ 1,042,809 383,243
Cash Flows from Investing Activities    
Purchases of property, plant and equipment   $ (56,416)
Purchase of Construction in progress $ (2,913,871)  
Purchases of intangible assets    
Net cash used in investing activities $ (2,913,871) $ (56,416)
Cash Flows from Financing Activities    
Restricted cash $ 1,205,939 $ (648,482)
Proceeds from sales of common stock    
Paid-in capital    
short-term loan $ 643,168 $ 162,120
Net cash provided/(used) by financing activities 1,849,107 (486,362)
Effect of exchange rate changes on cash and cash equivalents (48) (3,411)
Net increase/(decrease) in cash and cash equivalents (22,003) (162,946)
Cash and cash equivalents, beginning balance 26,870 178,775
Cash and cash equivalents, ending balance $ 4,867 15,829
Supplemental cash flow information    
Cash paid for income taxes   122,165
Cash paid for interest expense $ 174,101 $ 58,439
XML 70 R10.htm IDEA: XBRL DOCUMENT v3.2.0.727
Advances to Suppliers
6 Months Ended
Jun. 30, 2015
Advances to Suppliers [Abstract]  
ADVANCES TO SUPPLIERS

NOTE 5 - ADVANCES TO SUPPLIERS

 

The Company is required to pay deposits to the suppliers for the full amount of certain raw materials and equipments ordered. The amount was $5,583,231 and $3,161,468 as of June 30, 2015 and December 31, 2014, respectively.

XML 71 R58.htm IDEA: XBRL DOCUMENT v3.2.0.727
Income Taxes (Details Textual) - USD ($)
6 Months Ended 12 Months Ended
Jul. 02, 2014
Jun. 30, 2015
Dec. 31, 2013
Dec. 31, 2012
Dec. 31, 2014
Income Taxes (Textual)          
Expected income tax rate 15.00% 25.00% 15.00% 15.00%  
Deferred tax assets   $ 32,407     $ 27,045
Allowance for doubtful accounts   $ 16,374     $ 18,697
XML 72 R27.htm IDEA: XBRL DOCUMENT v3.2.0.727
Due from Related Parties (Tables)
6 Months Ended
Jun. 30, 2015
Related Party Transactions [Abstract]  
Schedule of due from related parties
  June 30,
2015
  December 31,
2014
 
  (Unaudited)    
Li Qimei  391,131   1,022,025 
Bengbu Boyuan Real Estate Co.,ltd  156,804   597,798 
Total $547,935  $1,619,823 
 
XML 73 FilingSummary.xml IDEA: XBRL DOCUMENT 3.2.0.727 html 69 186 1 false 28 0 false 9 false false R1.htm 001 - Document - Document and Entity Information Sheet http://www.redfieldventures.com/role/DocumentAndEntityInformation Document and Entity Information Cover 1 false false R2.htm 002 - Statement - Condensed Consolidated Balance Sheets Sheet http://www.redfieldventures.com/role/CondensedConsolidatedBalanceSheets Condensed Consolidated Balance Sheets Statements 2 false false R3.htm 003 - Statement - Condensed Consolidated Balance Sheets (Parentheticals) Sheet http://www.redfieldventures.com/role/CondensedConsolidatedBalanceSheetsParentheticals Condensed Consolidated Balance Sheets (Parentheticals) Statements 3 false false R4.htm 004 - Statement - Statements of Operations and Comprehensive Income (Unaudited) Sheet http://www.redfieldventures.com/role/StatementsOfOperationsAndComprehensiveIncomeUnaudited Statements of Operations and Comprehensive Income (Unaudited) Statements 4 false false R5.htm 005 - Statement - Condensed Consolidated Statements of Cash Flows Sheet http://www.redfieldventures.com/role/CondensedConsolidatedStatementsOfCashFlows Condensed Consolidated Statements of Cash Flows Statements 5 false false R6.htm 006 - Disclosure - Organization and Business Background Sheet http://www.redfieldventures.com/role/OrganizationAndBusinessBackground Organization and Business Background Notes 6 false false R7.htm 007 - Disclosure - Significant Accounting Policies Sheet http://www.redfieldventures.com/role/SignificantAccountingPolicies Significant Accounting Policies Notes 7 false false R8.htm 008 - Disclosure - Restricted Cash Sheet http://www.redfieldventures.com/role/RestrictedCash Restricted Cash Notes 8 false false R9.htm 009 - Disclosure - Accounts Receivable Sheet http://www.redfieldventures.com/role/AccountsReceivable Accounts Receivable Notes 9 false false R10.htm 010 - Disclosure - Advances to Suppliers Sheet http://www.redfieldventures.com/role/AdvancesToSuppliers Advances to Suppliers Notes 10 false false R11.htm 011 - Disclosure - Due from Related Parties Sheet http://www.redfieldventures.com/role/DueFromRelatedParties Due from Related Parties Notes 11 false false R12.htm 012 - Disclosure - Inventory Sheet http://www.redfieldventures.com/role/Inventory Inventory Notes 12 false false R13.htm 013 - Disclosure - Other Current Assets Sheet http://www.redfieldventures.com/role/OtherCurrentAssets Other Current Assets Notes 13 false false R14.htm 014 - Disclosure - Construction in Progress Sheet http://www.redfieldventures.com/role/ConstructionInProgress Construction in Progress Notes 14 false false R15.htm 015 - Disclosure - Property, Plant and Equipment Sheet http://www.redfieldventures.com/role/PropertyPlantAndEquipment Property, Plant and Equipment Notes 15 false false R16.htm 016 - Disclosure - Advances to Suppliers-Non-Current Sheet http://www.redfieldventures.com/role/AdvancesToSuppliersNonCurrent Advances to Suppliers-Non-Current Notes 16 false false R17.htm 017 - Disclosure - Due From Related Parties-Non-Current Sheet http://www.redfieldventures.com/role/DueFromRelatedPartiesNonCurrent Due From Related Parties-Non-Current Notes 17 false false R18.htm 018 - Disclosure - Short-Term Loan Sheet http://www.redfieldventures.com/role/ShortTermLoan Short-Term Loan Notes 18 false false R19.htm 019 - Disclosure - Notes Payable Notes http://www.redfieldventures.com/role/NotesPayable Notes Payable Notes 19 false false R20.htm 020 - Disclosure - Income Taxes Sheet http://www.redfieldventures.com/role/IncomeTaxes Income Taxes Notes 20 false false R21.htm 021 - Disclosure - Commitments and Contingencies Sheet http://www.redfieldventures.com/role/CommitmentsAndContingencies Commitments and Contingencies Notes 21 false false R22.htm 022 - Disclosure - Major Suppliers and Customers Sheet http://www.redfieldventures.com/role/MajorSuppliersAndCustomers Major Suppliers and Customers Notes 22 false false R23.htm 023 - Disclosure - Significant Accounting Policies (Policies) Sheet http://www.redfieldventures.com/role/SignificantAccountingPoliciesPolicies Significant Accounting Policies (Policies) Policies http://www.redfieldventures.com/role/SignificantAccountingPolicies 23 false false R24.htm 024 - Disclosure - Significant Accounting Policies (Tables) Sheet http://www.redfieldventures.com/role/SignificantAccountingPoliciesTables Significant Accounting Policies (Tables) Tables http://www.redfieldventures.com/role/SignificantAccountingPolicies 24 false false R25.htm 025 - Disclosure - Restricted Cash (Tables) Sheet http://www.redfieldventures.com/role/RestrictedCashTables Restricted Cash (Tables) Tables http://www.redfieldventures.com/role/RestrictedCash 25 false false R26.htm 026 - Disclosure - Accounts Receivable (Tables) Sheet http://www.redfieldventures.com/role/AccountsReceivableTables Accounts Receivable (Tables) Tables http://www.redfieldventures.com/role/AccountsReceivable 26 false false R27.htm 027 - Disclosure - Due from Related Parties (Tables) Sheet http://www.redfieldventures.com/role/DueFromRelatedPartiesTables Due from Related Parties (Tables) Tables http://www.redfieldventures.com/role/DueFromRelatedParties 27 false false R28.htm 028 - Disclosure - Inventory (Tables) Sheet http://www.redfieldventures.com/role/InventoryTables Inventory (Tables) Tables http://www.redfieldventures.com/role/Inventory 28 false false R29.htm 029 - Disclosure - Other Current Assets (Tables) Sheet http://www.redfieldventures.com/role/OtherCurrentAssetsTables Other Current Assets (Tables) Tables http://www.redfieldventures.com/role/OtherCurrentAssets 29 false false R30.htm 030 - Disclosure - Property, Plant and Equipment (Tables) Sheet http://www.redfieldventures.com/role/PropertyPlantandEquipmentTables Property, Plant and Equipment (Tables) Tables http://www.redfieldventures.com/role/PropertyPlantAndEquipment 30 false false R31.htm 031 - Disclosure - Short-Term Loan (Tables) Sheet http://www.redfieldventures.com/role/ShortTermLoanTables Short-Term Loan (Tables) Tables http://www.redfieldventures.com/role/ShortTermLoan 31 false false R32.htm 032 - Disclosure - Notes Payable (Tables) Notes http://www.redfieldventures.com/role/NotesPayableTables Notes Payable (Tables) Tables http://www.redfieldventures.com/role/NotesPayable 32 false false R33.htm 033 - Disclosure - Income Taxes (Tables) Sheet http://www.redfieldventures.com/role/IncomeTaxesTables Income Taxes (Tables) Tables http://www.redfieldventures.com/role/IncomeTaxes 33 false false R34.htm 034 - Disclosure - Organization and Business Background (Details) Sheet http://www.redfieldventures.com/role/OrganizationandBusinessBackgroundDetails Organization and Business Background (Details) Details http://www.redfieldventures.com/role/OrganizationAndBusinessBackground 34 false false R35.htm 035 - Disclosure - Significant Accounting Policies (Details) Sheet http://www.redfieldventures.com/role/SignificantAccountingPoliciesDetails Significant Accounting Policies (Details) Details http://www.redfieldventures.com/role/SignificantAccountingPoliciesTables 35 false false R36.htm 036 - Disclosure - Significant Accounting Policies (Details Textual) Sheet http://www.redfieldventures.com/role/SignificantAccountingPoliciesDetailsTextual Significant Accounting Policies (Details Textual) Details http://www.redfieldventures.com/role/SignificantAccountingPoliciesTables 36 false false R37.htm 037 - Disclosure - Restricted Cash (Details) Sheet http://www.redfieldventures.com/role/RestrictedCashDetails Restricted Cash (Details) Details http://www.redfieldventures.com/role/RestrictedCashTables 37 false false R38.htm 038 - Disclosure - Restricted Cash (Details Textual) Sheet http://www.redfieldventures.com/role/RestrictedCashDetailsTextual Restricted Cash (Details Textual) Details http://www.redfieldventures.com/role/RestrictedCashTables 38 false false R39.htm 039 - Disclosure - Accounts Receivable (Details) Sheet http://www.redfieldventures.com/role/AccountsReceivableDetails Accounts Receivable (Details) Details http://www.redfieldventures.com/role/AccountsReceivableTables 39 false false R40.htm 040 - Disclosure - Accounts Receivable (Details Textual) Sheet http://www.redfieldventures.com/role/AccountsReceivableDetailsTextual Accounts Receivable (Details Textual) Details http://www.redfieldventures.com/role/AccountsReceivableTables 40 false false R41.htm 041 - Disclosure - Advances to Suppliers (Details) Sheet http://www.redfieldventures.com/role/AdvancestoSuppliersDetails Advances to Suppliers (Details) Details http://www.redfieldventures.com/role/AdvancesToSuppliers 41 false false R42.htm 042 - Disclosure - Due from Related Parties (Details) Sheet http://www.redfieldventures.com/role/DueFromRelatedPartiesDetails Due from Related Parties (Details) Details http://www.redfieldventures.com/role/DueFromRelatedPartiesTables 42 false false R43.htm 043 - Disclosure - Due from Related Parties (Details Textual) Sheet http://www.redfieldventures.com/role/DueFromRelatedPartiesDetailsTextual Due from Related Parties (Details Textual) Details http://www.redfieldventures.com/role/DueFromRelatedPartiesTables 43 false false R44.htm 044 - Disclosure - Inventory (Details) Sheet http://www.redfieldventures.com/role/InventoryDetails Inventory (Details) Details http://www.redfieldventures.com/role/InventoryTables 44 false false R45.htm 045 - Disclosure - Inventory (Details Textual) Sheet http://www.redfieldventures.com/role/InventoryDetailsTextual Inventory (Details Textual) Details http://www.redfieldventures.com/role/InventoryTables 45 false false R46.htm 046 - Disclosure - Other Current Assets (Details) Sheet http://www.redfieldventures.com/role/OtherCurrentAssetsDetails Other Current Assets (Details) Details http://www.redfieldventures.com/role/OtherCurrentAssetsTables 46 false false R47.htm 047 - Disclosure - Construction in Progress (Details) Sheet http://www.redfieldventures.com/role/ConstructioninProgressDetails Construction in Progress (Details) Details http://www.redfieldventures.com/role/ConstructionInProgress 47 false false R48.htm 048 - Disclosure - Property, Plant and Equipment (Details) Sheet http://www.redfieldventures.com/role/PropertyPlantandEquipmentDetails Property, Plant and Equipment (Details) Details http://www.redfieldventures.com/role/PropertyPlantandEquipmentTables 48 false false R49.htm 049 - Disclosure - Property, Plant and Equipment (Details Textual) Sheet http://www.redfieldventures.com/role/PropertyPlantAndEquipmentDetailsTextual Property, Plant and Equipment (Details Textual) Details http://www.redfieldventures.com/role/PropertyPlantandEquipmentTables 49 false false R50.htm 050 - Disclosure - Advances to Suppliers-Non-Current (Details) Sheet http://www.redfieldventures.com/role/AdvancesToSuppliersNonCurrentDetails Advances to Suppliers-Non-Current (Details) Details http://www.redfieldventures.com/role/AdvancesToSuppliersNonCurrent 50 false false R51.htm 051 - Disclosure - Due From Related Parties-Non-Current (Details) Sheet http://www.redfieldventures.com/role/DueFromRelatedPartiesNonCurrentDetails Due From Related Parties-Non-Current (Details) Details http://www.redfieldventures.com/role/DueFromRelatedPartiesNonCurrent 51 false false R52.htm 052 - Disclosure - Short-Term Loan (Details) Sheet http://www.redfieldventures.com/role/ShortTermLoanDetails Short-Term Loan (Details) Details http://www.redfieldventures.com/role/ShortTermLoanTables 52 false false R53.htm 053 - Disclosure - Short-Term Loan (Details Textual) Sheet http://www.redfieldventures.com/role/ShortTermLoanDetailsTextual Short-Term Loan (Details Textual) Details http://www.redfieldventures.com/role/ShortTermLoanTables 53 false false R54.htm 054 - Disclosure - Notes Payable (Details) Notes http://www.redfieldventures.com/role/NotesPayableDetails Notes Payable (Details) Details http://www.redfieldventures.com/role/NotesPayableTables 54 false false R55.htm 055 - Disclosure - Notes Payable (Details Textual) Notes http://www.redfieldventures.com/role/NotesPayableDetailsTextual Notes Payable (Details Textual) Details http://www.redfieldventures.com/role/NotesPayableTables 55 false false R56.htm 056 - Disclosure - Income Taxes (Details) Sheet http://www.redfieldventures.com/role/IncomeTaxesDetails Income Taxes (Details) Details http://www.redfieldventures.com/role/IncomeTaxesTables 56 false false R57.htm 057 - Disclosure - Income Taxes (Details 1) Sheet http://www.redfieldventures.com/role/IncomeTaxesDetails1 Income Taxes (Details 1) Details http://www.redfieldventures.com/role/IncomeTaxesTables 57 false false R58.htm 058 - Disclosure - Income Taxes (Details Textual) Sheet http://www.redfieldventures.com/role/IncomeTaxesDetailsTextual Income Taxes (Details Textual) Details http://www.redfieldventures.com/role/IncomeTaxesTables 58 false false R59.htm 059 - Disclosure - Major Suppliers and Customers (Details) Sheet http://www.redfieldventures.com/role/MajorSuppliersandCustomersDetails Major Suppliers and Customers (Details) Details http://www.redfieldventures.com/role/MajorSuppliersAndCustomers 59 false false All Reports Book All Reports In ''Condensed Consolidated Balance Sheets'', column(s) 3, 4 are contained in other reports, so were removed by flow through suppression. In ''Condensed Consolidated Balance Sheets (Parentheticals)'', column(s) 3 are contained in other reports, so were removed by flow through suppression. In ''Condensed Consolidated Statements of Cash Flows'', column(s) 1, 2 are contained in other reports, so were removed by flow through suppression. ceth-20150630.xml ceth-20150630_cal.xml ceth-20150630_def.xml ceth-20150630_lab.xml ceth-20150630_pre.xml ceth-20150630.xsd true true XML 74 R38.htm IDEA: XBRL DOCUMENT v3.2.0.727
Restricted Cash (Details Textual)
Jun. 30, 2015
Maximum [Member]  
Restricted Cash (Textual)  
Restricted cash pledged for issuing bank drafts 100.00%
Minimum [Member]  
Restricted Cash (Textual)  
Restricted cash pledged for issuing bank drafts 50.00%
XML 75 R20.htm IDEA: XBRL DOCUMENT v3.2.0.727
Income Taxes
6 Months Ended
Jun. 30, 2015
Income Taxes [Abstract]  
INCOME TAXES

NOTE 15 - INCOME TAXES

 

Under the EIT Law, the standard EIT rate is 25%. The PRC subsidiaries of the Company are subject to PRC income taxes on an entity basis on income arising in or derived from the tax jurisdiction in which they operate.

Provision for income taxes consists of:

 

  For the six months ended
June 30,
  For the three months ended
June 30,
 
  2015  2014  2015  2014 
Current provision:  85,557   364,827   (262,461) $(15,502)
Deferred provision:  (5,325)  (397,357)  387,513   7,930 
Total provision for income taxes $80,232  $(32,530) $125,052  $(7,572)

 

The Company was recognized as a government-certified high technology company on June 23, 2011 and was subject to an income tax rate of 15% for calendar year 2012 and 2013. This qualification certificate will be effective and the applicable income tax rate is 15% until the certificate expires on July 2, 2017.

 

Significant components of deferred tax assets are as follows:

 

  Jun 30,
2015
  December 31,
2014
 
  (Unaudited)    
Deferred tax assets      
Allowance for doubtful accounts $16,374  $18,697 
Accrued payroll expenses  16,034   8,348 
Deferred tax assets, net $32,407  $27,045 

 

The Company has deferred tax assets of $32,407 and $27,045 as of the six months ended Jun 30, 2015 and the year ended December 31, 2014. The allowance for doubtful accounts, led to a deferred tax assets of $16,374 and $18,697 as of the six months ended Jun 30, 2015 and the year ended December 31, 2014.