0001448788-17-000012.txt : 20170317 0001448788-17-000012.hdr.sgml : 20170317 20170317133611 ACCESSION NUMBER: 0001448788-17-000012 CONFORMED SUBMISSION TYPE: 10-Q PUBLIC DOCUMENT COUNT: 102 CONFORMED PERIOD OF REPORT: 20170131 FILED AS OF DATE: 20170317 DATE AS OF CHANGE: 20170317 FILER: COMPANY DATA: COMPANY CONFORMED NAME: SUNWIN STEVIA INTERNATIONAL, INC. CENTRAL INDEX KEY: 0000806592 STANDARD INDUSTRIAL CLASSIFICATION: PHARMACEUTICAL PREPARATIONS [2834] IRS NUMBER: 562416925 FISCAL YEAR END: 0430 FILING VALUES: FORM TYPE: 10-Q SEC ACT: 1934 Act SEC FILE NUMBER: 000-53595 FILM NUMBER: 17697309 BUSINESS ADDRESS: STREET 1: 6 SHENGWANG AVENUE, CITY: QUFU, SHANDONG STATE: F4 ZIP: 273100 BUSINESS PHONE: (86) 537-4424999 MAIL ADDRESS: STREET 1: 6 SHENGWANG AVENUE, CITY: QUFU, SHANDONG STATE: F4 ZIP: 273100 FORMER COMPANY: FORMER CONFORMED NAME: SUNWIN INTERNATIONAL NEUTRACEUTICALS, INC. DATE OF NAME CHANGE: 20041007 FORMER COMPANY: FORMER CONFORMED NAME: NETWORK USA INC DATE OF NAME CHANGE: 20000731 FORMER COMPANY: FORMER CONFORMED NAME: PACIFIC RESOURCES INC DATE OF NAME CHANGE: 19870605 10-Q 1 suwn10-q.htm SUNWIN STEVIA INTERNATIONAL, INC. FORM 10-Q suwn10-q.htm

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 January 31, 2017

or

[  ]
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: 000-53595

SUNWIN STEVIA INTERNATIONAL, INC.
(Exact name of registrant as specified in charter)

NEVADA
56-2416925
(State or other jurisdiction of incorporation or organization)
(I.R.S. Employer Identification No.)
 
6 SHENGWANG AVE., QUFU, SHANDONG, CHINA
273100
(Address of principal executive offices)
(Zip Code)

(86) 537-4424999
(Registrant's telephone number, including area code)

NOT APPLICABLE
(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 been submitted electronically and posted on its corporate Web site, if any, every Interactive Date 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]

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

Indicate the number of shares outstanding of each of the issuer's classes of common equity as of the latest practicable date: As of March 15, 2017, there were 199,632,803 shares of the registrant's common stock issued and outstanding.

 
 
 
 
 
 
 



 
SUNWIN STEVIA INTERNATIONAL, INC. AND SUBSIDIARIES
FORM 10-Q
 QUARTERLY PERIOD ENDED JANUARY 31, 2017
 
INDEX
 
 
Page
PART I-FINANCIAL INFORMATION
  
 
 
Item 1.    Financial Statements
1
   
Item 2.    Management's Discussion and Analysis of Financial Condition and Results of Operations
20
   
Item 3.    Quantitative and Qualitative Disclosures About Market Risk
28
   
Item 4.    Controls and Procedures
28
   
PART II-OTHER INFORMATION
  
 
Item 1.    Legal Proceedings
29
   
Item 1A.  Risk Factors
29
   
Item 2.     Unregistered Sales of Equity Securities and Use of Proceeds
29
   
Item 3.     Defaults Upon Senior Securities
29
   
Item 4.     Mine Safety Disclosures
30
   
Item 5.     Other Information
30
   
Item 6.     Exhibits
30


 
 
 
i
 
 
 


Cautionary Note Regarding Forward-Looking Information and Factors That May Affect Future Results

This report contains forward-looking statements. The Securities and Exchange Commission encourages companies to disclose forward-looking information so that investors can better understand a company's future prospects and make informed investment decisions. This report and other written and oral statements that we make from time to time contain such forward-looking statements that set out anticipated results based on management's plans and assumptions regarding future events or performance. We have tried, wherever possible, to identify such statements by using words such as "anticipate", "estimate", "expect", "project", "intend", "plan", "believe", "will" and similar expressions in connection with any discussion of future operating or financial performance. In particular, these include statements relating to future actions, future performance or results of current and anticipated sales efforts, expenses, the outcome of contingencies, such as legal proceedings, and financial results. A list of factors that could cause our actual results of operations and financial condition to differ materially is set forth below, and these factors are discussed in greater detail under Item 1A - "Risk Factors" in our Annual Report on Form 10-K for the year ended April 30, 2016, as filed with the Securities and Exchange Commission:

 
-
  
Dependence on related party revenues;
 
-
  
Dependence upon continued market acceptance of our stevioside products, maintaining Generally Recognized as Safe status in the United States and obtaining approval in other countries in the world that currently do not permit use of steviosides in food products;
 
-
  
Competition and low barriers to entry to the market in which we sell our products;
 
-
  
Our dependence on the services of our president;
 
-
  
Our inability to control the cost of our raw materials;
 
-
  
The limitation on our ability to receive and use our cash flows effectively as a result of restrictions on currency exchange in the PRC;
 
-
  
Our operations are subject to government regulation. If we fail to comply with the applicable regulations, our ability to operate in future periods could be in jeopardy;
 
-
  
The absence of various corporate governance measures which may reduce stockholders' protections against interested director transactions, conflicts of interest and other matters;
 
-
  
The effect of changes resulting from the political and economic policies of the Chinese government on our assets and operations located in the PRC;
 
-
  
The impact of economic reform policies in the PRC;
 
-
  
The influence of the Chinese government over the manner in which our Chinese subsidiaries must conduct our business activities;
 
-
  
The impact of any natural disasters and health epidemics in China;
 
-
  
Regulations relating to offshore investment activities by Chinese residents may increase the administrative burden we face and create regulatory uncertainties that may limit or adversely affect our ability to complete a business combination with PRC companies;
 
-
  
The lack of various legal protections in certain agreements to which we are a party and which are material to our operations which are customarily contained in similar contracts prepared in the United States;
 
-
  
Our ability to enforce our rights due to policies regarding the regulation of foreign investments in China;
 
-
  
Difficulties stockholders may face who seek to enforce any judgment obtained in the United States against us, which may limit the remedies otherwise available to our stockholders;
 
-
  
Our ability to comply with the United States Foreign Corrupt Practices Act which could subject us to penalties and other adverse consequences;
 
-
  
Provisions of our articles of incorporation and bylaws may delay or prevent a take-over which may not be in the best interests of our stockholders;
 
-
  
Our dependence on our corporate management services in the preparation of our financial statements and reports we file with the SEC.
 
-
  
Adverse affects on the liquidity of our stock because it currently trades below $5.00 per share, is quoted on the OTC bulletin board, and is considered a "penny stock"; and
 
-
  
The impact on our stock price due to future sales of restricted stock held by existing shareholders.

We caution that the factors described herein and other factors could cause our actual results of operations and financial condition to differ materially from those expressed in any forward-looking statements we make and that investors should not place undue reliance on any such forward-looking statements. Further, any forward-looking statement speaks only as of the date on which such statement is made, and we undertake no obligation to update any forward-looking statement to reflect events or circumstances after the date on which such statement is made or to reflect the occurrence of anticipated or unanticipated events or circumstances. New factors emerge from time to time, and it is not possible for us to predict all of such factors. Further, we cannot assess the impact of each such factor on our results of operations or the extent to which any factor, or combination of factors, may cause actual results to differ materially from those contained in any forward-looking statements.

 
 
 
ii
 
 
 


INDEX OF CERTAIN DEFINED TERMS USED IN THIS REPORT

We are on a fiscal year ending April 30, as such the year ending April 30, 2017 is referred to as "fiscal 2017" and the year ended April 30, 2016 is referred to as "fiscal 2016".  Also, the three month period ended January 31, 2017 is our third quarter and is referred to as the "third quarter of fiscal 2017". Likewise, the three month period ended January 31, 2016 is referred to as the "third quarter of fiscal 2016".

  When used in this report, the terms:
 
 
-
  
"Sunwin", "we", "us" and the "Company" refers to Sunwin Stevia International, Inc., a Nevada corporation formerly known as Sunwin Neutraceuticals International, Inc., and our subsidiaries;
 
 
-
  
"Sunwin Tech" refers to our wholly owned subsidiary Sunwin Tech Group, Inc., a Florida corporation;
 
 
-
  
"Qufu Natural Green" refers to our wholly owned subsidiary Qufu Natural Green Engineering Co., Ltd., a Chinese limited liability company;
 
 
-
  
"Sunwin Stevia International" refers to our wholly owned subsidiary Sunwin Stevia International Corp., a Florida corporation, which was converted to Sunwin USA, LLC a Delaware limited liability company in May 2009;
 
 
-
  
"Sunwin USA" refers to Sunwin USA, LLC, a Delaware limited liability company, 100% owned subsidiary;
 
 
-
  
"Qufu Shengwang" refers to Qufu Shengwang Stevia Biology and Science Co., Ltd., a Chinese limited liability company. Qufu Natural Green owns a 100% interest in Qufu Shengwang; and 
 
 
-
  
"Qufu Shengren" refers to Qufu Shengren Pharmaceutical Co., Ltd., a Chinese limited liability company, and a wholly owned subsidiary of Qufu Natural Green.
       
  We also use the following terms when referring to certain related parties:
 
 
-
  
"Pharmaceutical Corporation" refers to Shandong Shengwang Pharmaceutical Co., Ltd., a Chinese limited liability company which is controlled by Mr. Laiwang Zhang, Chairman and a principal shareholder of our company;
 
     
"Qufu Shengwang Import and Export" refers to Qufu Shengwang Import and Export Co., Ltd., a Chinese limited liability company, controlled by Mr. Zhang; and
 
 
-
  
"Shandong Group" refers to Shandong Shengwang Group Co., Ltd., a Chinese limited liability company, controlled by Mr. Zhang.
 
 The information which appears on our website at www.sunwininternational.com is not part of this report.

 
 
 
iii
 
 
 

 
PART I - FINANCIAL INFORMATION

SUNWIN STEVIA INTERNATIONAL, INC. AND SUBSIDIARIES
  
CONDENSED CONSOLIDATED BALANCE SHEETS
  
             
   
January 31,
    
April 30,
  
   
2017
    
2016
  
   
(Unaudited)
        
ASSETS
            
CURRENT ASSETS:
            
Cash and cash equivalents
  
$
170,003
    
$
900,071
  
Accounts receivable, net of allowance for doubtful accounts of $1,185,676 and $1,202,610, respectively
    
2,762,722
      
2,099,503
  
Accounts receivable - related party
    
3,465,190
      
3,632,876
  
Inventories, net
    
7,509,136
      
4,526,580
  
Prepaid expenses and other current assets
    
2,909,881
      
2,787,371
  
Total Current Assets
    
16,816,932
      
13,946,401 
  
                 
Investment in real estate held for resale
    
-
      
311,467
  
Property and equipment, net
    
8,746,077
      
9,154,077
  
Intangible assets, net
    
189,685
      
433,565
  
Land use rights, net
    
1,872,741
      
2,032,693
  
Other long-term asset
    
1,163,908
      
2,092,778
  
     Total Assets
  
$
28,789,343
    
$
27,970,981
  
                 
LIABILITIES AND STOCKHOLDERS' EQUITY
                
CURRENT LIABILITIES:
                
Accounts payable and accrued expenses
  
$
10,638,362
    
$
6,860,826
  
Loans payable
    
3,018,843
      
2,263,387
  
Due to related parties
    
1,047,070
      
1,277,248
  
    Total Current Liabilities
    
14,704,275
      
10,401,461
  
                 
STOCKHOLDERS' EQUITY:
                
Preferred stock, $0.001 par value; 1,000,000 shares authorized; no shares issued and outstanding
    
-
      
-
  
Common stock, $0.001 par value, 200,000,000 shares authorized; 199,632,803 and 199,632,803 shares issued and outstanding as of January 31, 2017 and April 30, 2016, respectively
    
199,633
      
199,633
  
Additional paid-in capital
    
37,681,279
      
37,681,279
  
Accumulated deficit
    
(27,864,795
)
    
(25,214,532
)
Accumulated other comprehensive income
    
4,068,951
      
4,903,140
  
    Total Stockholders' Equity
    
14,085,068
      
17,569,520
  
      Total Liabilities and Stockholders' Equity
  
$
28,789,343
    
$
27,970,981
  
                 
The accompanying notes are an integral part of these unaudited condensed consolidated financial statements
  


 
 
 
- 1 -
 
 
 


SUNWIN STEVIA INTERNATIONAL, INC. AND SUBSIDIARIES
  
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE LOSS
  
(UNAUDITED)
  
                         
   
For the Three Months Ended January 31,
    
For the Nine Months Ended January 31,
  
   
2017
    
2016
    
2017
    
2016
  
                         
Revenues
   $ 4,280,956     $ 2,355,337     $ 10,653,073     $ 6,558,438  
Revenues - related party
     2,129,371       1,488,937       5,591,740       5,346,991  
Total revenues
     6,410,327       3,844,274       16,244,813       11,905,429  
Cost of revenues
     5,517,286       3,538,726       14,095,338       10,275,381  
                                 
Gross profit
     893,041       305,548       2,149,475       1,630,048  
                                 
Operating expenses:
                                
Selling expenses
     518,153       404,145       1,380,363       1,016,452  
General and administrative expenses
     904,759       937,037       2,878,408       2,241,312  
Loss on disposition of property and equipment
     36,964       406,806       40,543       429,172  
Research and development expenses
     283,815       571,574       393,143       614,465  
Total operating expenses, net
     1,743,691       2,319,562       4,692,457       4,301,401  
                                 
Loss from operations
     (850,650 )     (2,014,014 )     (2,542,982 )     (2,671,353 )
                                 
Other income (expenses):
                                
Other income (expenses)
     45,224       (92,194 )     162,874       (121,623 )
Grant income
     -       68,649       -       285,855  
Interest income
     118       24       578       780  
Interest expense - related party
     (38,207 )     (31,708 )     (96,320 )     (105,420 )
Interest expense
     (62,169 )     (30,271 )     (174,414 )     (121,728 )
                                 
Total other income (expense)
     (55,034 )     (85,500 )     (107,282 )     (62,136 )
              -                  
Loss before income taxes
     (905,684 )     (2,099,514 )     (2,650,264 )     (2,733,489 )
                                 
Provision for income taxes
     -       (70 )     -       5,306  
                                 
Net loss
   $ (905,684 )     (2,099,444 )   $ (2,650,264 )   $ (2,738,795 )
                                 
Comprehensive loss:
                                
Net loss
   $ (905,684 )     (2,099,444 )   $ (2,650,264 )   $ (2,738,795 )
                                 
Foreign currency translation adjustment
     (196,829 )     (715,800 )     (834,188 )     (1,421,895 )
                                 
Total comprehensive loss
   $ (1,102,513 )     (2,815,244 )   $ (3,484,452 )   $ (4,160,690 )
                                 
Net loss per common share:
                                
Net loss per share - basic and diluted
   $ (0.005 )   $ (0.012 )   $ (0.015 )   $ (0.016 )
Weighted average common shares outstanding - basic and diluted
     182,066,546       179,673,909       182,066,546       176,653,636  
                                 
The accompanying notes are an integral part of these condensed consolidated financial statements
  


 
 
 
- 2 -
 
 
 


SUNWIN STEVIA INTERNATIONAL, INC. AND SUBSIDIARIES
  
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(UNAUDITED)
  
   
   
For the Nine Months Ended January 31,
  
   
2017
    
2016
  
CASH FLOWS FROM OPERATING ACTIVITIES:
            
Net loss
  
$
(2,650,264
)
  
$
(2,738,795
)
Adjustments to reconcile net loss to net cash (used in) provided by operating activities:
                
  Depreciation expense
    
992,590
      
1,155,418
  
  Amortization of intangible assets
    
243,880
      
243,880
  
  Amortization of land use right
    
39,398
      
42,036
  
  Loss on disposition of property and equipment
    
40,543
      
429,172
  
  Allowance for doubtful accounts
    
55,145
      
33,105
  
  Stock issued for services
    
108,750
      
204,444
  
  Stock issued for employees' compensation
    
920,001
      
301,875
  
  Loss from sales of real estate investment held for resale
    
2,410
      
-
  
Changes in operating assets and liabilities:
                
  Accounts receivable and notes receivable
    
(877,513
)
    
(595,329
)
  Accounts receivable - related party
    
(47,363
) 
    
1,581,487
  
  Inventories
    
(3,324,235
)
    
(442,992
)
  Prepaid expenses and other current assets
    
(304,584
)
    
(1,037,140
)
  Accounts payable and accrued expenses
    
3,968,486
      
1,496,715
  
  Deferred grant income
    
-
      
(2,85,855
)
  Taxes payable
    
(144,194
)
    
(78,544
)
NET CASH (USED IN) PROVIDED BY  OPERATING ACTIVITIES
    
(976,950
)
    
309,478
  
                 
CASH FLOWS FROM INVESTING ACTIVITIES:
                
  Purchases of property and equipment
    
(750,583
)
    
(383,030
)
  Proceeds from disposal of real estate investment
    
297,513
      
-
  
NET CASH USED IN INVESTING ACTIVITIES
    
(453,070
)
    
(383,030
)
                 
CASH FLOWS FROM FINANCING ACTIVITIES:
                
  Proceeds from loans
    
909,302
      
-
  
  Advance from related parties
    
2,595,313
      
6,683,822
  
  Repayment of related party advances
    
(2,768,284
)
    
(6,607,343
)
NET CASH PROVIDED BY FINANCING ACTIVITIES
    
736,331
      
76,479
  
                 
EFFECT OF EXCHANGE RATE ON CASH
    
(36,379
)
    
(19,168
)
NET DECREASE IN CASH
    
(730,068
)
    
(16,241
)
Cash at the beginning of year
    
900,071
      
241,967
  
Cash at the end of period
  
$
170,003
    
$
225,726
  
                 
SUPPLEMENTAL DISCLOSURE OF CASH FLOWS INFORMATION:
                
  Cash paid for income taxes
  
$
1,859
    
$
1,002
  
  Cash paid for interest
  
$
96,320
    
$
203,371
  
NON-CASH INVESTING AND FINANCING ACTIVITIES:
                
  Property and equipments acquired on credit as payable
  
$
451,786
    
$
24,656
  
                 
The accompanying notes are an integral part of these unaudited condensed consolidated financial statements
  
 


 
 
 
- 3 -
 
SUNWIN STEVIA INTERNATIONAL, INC. AND SUBSIDIARIES
 NOTES TO UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
January 31, 2017


NOTE 1 - ORGANIZATION AND OPERATIONS
 
DESCRIPTION OF BUSINESS

Sunwin Stevia International, Inc. ("Sunwin Stevia International"), a Nevada corporation, and its subsidiaries are referred to in this report as "we", "us", "our", "Sunwin" or the "Company".

We sell stevioside, a natural sweetener, as well as herbs used in traditional Chinese medicines and veterinary products. Substantially all of our operations are located in the People's Republic of China (the "PRC"). We have built an integrated company with the sourcing and production capabilities designed to meet the needs of our customers.

Our operations are organized into two operating segments related to our Stevioside and Chinese Medicine product lines., and subsidiaries included in continuing operations consisted of the following:

-   Qufu Natural Green Engineering Co., Ltd. ("Qufu Natural Green"), a wholly owned subsidiary of Sunwin Stevia International;
-   Qufu Shengren Pharmaceutical Co., Ltd. ("Qufu Shengren"), a wholly owned subsidiary of Qufu Natural Green;
-   Qufu Shengwang Stevia Biology and Science Co., Ltd. ("Qufu Shengwang"), a wholly owned subsidiary of Qufu Natural Green;
-   Sunwin Tech Group, Inc. ("Sunwin Tech"), a wholly owned subsidiary of Sunwin Stevia International; and
-   Sunwin USA, LLC. ("Sunwin USA"), a wholly owned subsidiary of Sunwin Stevia International.

Stevioside Segment

In our Stevioside segment, we produce and sell a variety of purified steviol glycosides with rebaudioside A and stevioside as the principal components, an all natural, low calorie sweetener, and Only Sweet, a stevioside based table top sweetener.

Chinese Medicine Segment

In our Chinese Medicine Segment, we manufacture and sell a variety of traditional Chinese medicine formula extracts which are used in products made for use by both humans and animals.

Qufu Shengwang

In fiscal 2009, Qufu Natural Green acquired a 60% interest in Qufu Shengwang from its shareholder, Shandong Group, for $4,026,851. The purchase price represented 60% of the value of the net tangible assets of Qufu Shengwang as of April 30, 2008. Shandong Group is owned by Laiwang Zhang, our President and Chairman of the Board of Directors.  Qufu Shengwang manufactures and sells stevia -based fertilizers and feed additives.

On September 30, 2011, Qufu Natural Green purchased the 40% equity interest in Qufu Shengwang owned by our Korean partner, Korea Stevia Company, Limited, for $626,125 in cash, and as a result of this repurchase transaction we now own 100% equity interest in all of the net assets of our subsidiary Qufu Shengwang.

On July 1, 2012, Qufu Shengwang entered into a Cooperation Agreement with Hegeng (Beijing) Organic Farm Technology Co, Ltd. ("Hegeng"), a Chinese manufacturer and distributor of bio-fertilizers and pesticides, to jointly develop bio-bacterial fertilizers based on the residues from our stevia extraction. Under the Cooperation Agreement, Hegeng provides strain and formula that we apply to the stevia residues to produce bio-bacterial fertilizers in the current facility of Qufu Shengwang. The bio-bacterial fertilizers will be distributed under Qufu Shengwang's name.  No additional investment in the facility would be required. During the third quarter of fiscal 2013, we decided to suspend the agreement with Hegeng due to a lack of sales since the reaction to the products was lower than anticipated in the fertilizer market. Currently we plan to use these assets to manufacture a variety of traditional Chinese medicine formula extracts. We started production in the last quarter of fiscal 2014.

Qufu Shengren

In fiscal 2009, Qufu Natural Green acquired Qufu Shengren for $3,097,242. The purchase price was equal to the value of the assets of Qufu Shengren as determined by an independent asset appraisal in accordance with asset appraisal principles in the PRC. Prior to being acquired by us, Qufu Shengren was engaged in the production and distribution of bulk drugs and pharmaceuticals.  Subsequent to the acquisition, Qufu Shengren produces and distributes steviosides with a full range of grades from rebaudioside-A 10 to 99. 

 
- 4 -
 
SUNWIN STEVIA INTERNATIONAL, INC. AND SUBSIDIARIES
NOTES TO UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
January 31, 2017


Sunwin USA

In fiscal 2009, we entered into a distribution agreement with WILD Flavors to assist our 55% owned subsidiary, Sunwin USA, in the marketing and worldwide distribution of our stevioside-based sweetener products and issued WILD Flavors a 45% interest in Sunwin USA. 
 
On August 8, 2012, we entered into an Exchange Agreement with WILD Flavors pursuant to which we purchased its 45% membership interest in Sunwin USA for an aggregate consideration of approximately $1,625,874, which includes the issuance of 7,666,666 shares of our common stock valued at approximately $1,533,333 and a cash payment of $92,541.  The transaction closed on August 20, 2012. On August 22, 2012, we issued 7,666,666 shares of our common stock and paid $92,541 cash to WILD Flavors. The $92,541 cash payment was paid by China Direct Investment, Inc. ("CDI"), our corporate management services provider, and reimbursed by us to CDI through the issuance of our common shares as part of the terms of the consulting agreement with CDI dated May 1, 2012. The net tangible assets of Sunwin USA were reduced from $1,825,804 to $1,625,874 as a result of the application of generally accepted accounting principles ("U.S. GAAP") which requires elimination of the difference between the purchase price of the 45% membership interest in Sunwin USA and cost basis of the intangible assets recorded by Sunwin USA. Intangible assets include the product development and supply chain for OnlySweetTM.

Under the terms of the agreement, WILD Flavors assumed certain pre-closing obligations of Sunwin USA totaling approximately $694,000, including trade accounts receivable, loans, health care and monthly expenses of an employee, potential chargebacks, bank fees and broker commissions incurred prior to the closing date. The agreement also contained customary joint indemnification and general releases.  As a result of this transaction, we began consolidating the operations of Sunwin USA from the date of acquisition (August 20, 2012).

In addition to the Exchange Agreement, on August 8, 2012 we entered into the following additional agreements with WILD Flavors or its affiliate:

-           We entered into an Amendment to Operating Agreement with WILD Flavors pursuant to which we are now the sole management of Sunwin USA and certain sections of the original agreement dated April 29, 2009 were cancelled as they were no longer relevant following our purchase of the minority interest in Sunwin USA described above;

-           We entered into a Termination of Distribution Agreement with WILD Flavors and Sunwin USA pursuant to which the Distribution Agreement dated February 5, 2009 was terminated; and
 
-           We entered into a Distributorship Agreement with WILD Procurement Gmbh, a Swiss corporation ("WILD Procurement") which is an affiliate of WILD Flavors. Under the terms of this agreement, we appointed WILD Procurement as a non-exclusive world-wide distributor for the resale of our stevia products.  There are no minimum purchase quantities under the agreement, and the pricing and terms of each order will be negotiated by the parties at the time each purchase order is placed.  The agreement restricts WILD Procurement from purchasing steviosides or other forms of stevia that are included in our products from sources other than our company under certain circumstances. In addition, at such time as we desire to offer new products, we must offer WILD Procurement the non-exclusive right to distribute those products and the parties will have 60 days to reach mutually agreeable terms. The agreement contains certain representations by us as to the quality of the products we may sell WILD Procurement and the products' compliance with applicable laws and good manufacturing practices, as well as customary confidentiality and indemnification provisions.

In the event WILD Procurement should fund research on stevia used in food, beverage or dietary supplement applications, and as a result of this research it develops new intellectual property, such intellectual property shall be the sole property of WILD Procurement. In the event we should jointly fund research, any new intellectual property developed from this effort will be jointly owned and each party will have the right to use the developed intellectual property in stevia-based products.

The agreement is for an initial term of 12 months and will automatically renew for successive 12 month terms unless the agreement has been terminated by either party upon 45 days prior written notice. There are no assurances any purchase orders will be placed under the terms of the Distribution Agreement. The agreement may also be terminated by either party upon a material breach by the other party, or upon the filing of a bankruptcy petition, both subject to certain cure periods. In the event the agreement is terminated, WILD Procurement has the right to continue to distribute our products on a non-exclusive basis for 24 months upon terms and conditions to be negotiated by the parties. This agreement is still in effect as of today.

 
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SUNWIN STEVIA INTERNATIONAL, INC. AND SUBSIDIARIES
NOTES TO UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
January 31, 2017

NOTE 2 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

BASIS OF PRESENTATION

The accompanying unaudited condensed consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America ("U.S. GAAP") and pursuant to the rules and regulations of the Securities and Exchange Commission (the "SEC") for interim financial reporting. The accompanying unaudited condensed consolidated financial statements for the interim periods presented are unaudited and reflect all adjustments (consisting only of normal recurring adjustments) which are, in the opinion of management, necessary for a fair presentation of the financial position and operating results for the periods presented. Certain financial statement amounts relating to prior periods have been reclassified to conform to the current period presentation.

These unaudited condensed consolidated interim financial statements should be read in conjunction with the financial statements and footnotes for the year ended April 30, 2016 included in our Form 10-K as filed with the SEC. The results of operations and cash flows for the three and nine months ended January 31, 2017 are not necessarily indicative of the results of operations or cash flows which may be reported for future periods or the full fiscal year.

The condensed consolidated balance sheet as of April 30, 2016 contained herein has been derived from the audited consolidated financial statements as of April 30, 2016, but do not include all disclosures required by the U.S. GAAP.
 
Our unaudited condensed consolidated financial statements include the accounts of Sunwin and all our wholly-owned subsidiaries. All intercompany accounts and transactions have been eliminated in consolidation. Our subsidiaries include the following:
 
-    Qufu Natural Green;
-    Qufu Shengren;
-    Qufu Shengwang;
-    Sunwin Tech; and
-    Sunwin USA

As reflected in the accompanying unaudited condensed consolidated financial statements, during the nine months ended January 31, 2017, the Company had a net loss of approximately $2,650,000 and net cash used in operations of approximately $977,000. At January 31, 2017, we had working capital of approximately $2,113,000, including cash of $170,000. We believe the Company has the ability to further implement its business plan, raise additional capital, generate more revenues, and collect receivables from the third party and related parties to increase the working capital. However, actual results could differ from our anticipation.

USE OF ESTIMATES

The preparation of unaudited condensed consolidated financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and the disclosure of contingent assets and liabilities at the date of the unaudited condensed consolidated financial statements and the reported amounts of revenues and expenses during the reporting period. Significant estimates include the allowance for doubtful accounts, the allowance for obsolete inventory, the useful life of property and equipment and intangible assets, assumptions used in assessing impairment of long-term assets and valuation of deferred tax assets, and the value of stock-based compensation.  Actual results could differ from those estimates.

CASH AND CASH EQUIVALENTS

We consider all highly liquid investments with maturities of three months or less at the time of purchase to be cash and equivalents. As of January 31, 2017, we held $125,668 of our cash and cash equivalents with commercial banking institutions in the PRC, and $44,335 with banks in the United States. As of April 30, 2016, we held $900,071 of our cash and cash equivalents with commercial banking institution in PRC, and $0 in the United States. In China, there is no equivalent federal deposit insurance as in the United States, so the amounts held in banks in China are not insured. We have not experienced any losses in such bank accounts through January 31, 2017. As of January 31, 2017 and April 30, 2016, bank deposits by geographic area were as follows:


 
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SUNWIN STEVIA INTERNATIONAL, INC. AND SUBSIDIARIES
NOTES TO UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
January 31, 2017
 
 
January 31, 2017
  
April 30, 2016
  
   
(Unaudited)
        
China
$
125,668
  
$
900,071
  
United States
  
44,335
    
-
  
Total
$
170,003
  
$
900,071
  
 
ACCOUNTS RECEIVABLE

Accounts receivable and other receivable are reported at net realizable value. We have established an allowance for doubtful accounts based upon factors pertaining to the credit risk of specific customers, historical trends, and other information. Delinquent accounts are written off when it is determined that the amounts are uncollectible after exhaustive efforts on collection. On January 31, 2017 and April 30, 2016, the allowance for doubtful accounts was $1,185,676 and $1,202,610, respectively.

INVENTORIES

Inventories, consisting of raw materials, work in process, and finished goods related to our products, are stated at the lower of cost or market (estimated net realizable value) utilizing the weighted average method. An allowance is established when management determines that certain inventories may not be saleable. If inventory costs exceed expected market value due to obsolescence or quantities in excess of expected demand, the Company will record reserves for the difference between the cost and the market value. These reserves are recorded based on estimates. At January 31, 2017 and April 30, 2016, the Company recorded a reserve for obsolete or slow-moving inventories of $101,317 and $107,658, respectively.
 
PROPERTY AND EQUIPMENT

Property and equipment are stated at cost. Depreciation and amortization are provided using the straight line method over the estimated economic lives of the assets, which range from three to thirty years. Expenditures for major renewals and betterments that extend the useful lives of property and equipment are capitalized. Expenditures for maintenance and repairs are charged to expense as incurred. In accordance with paragraph 360-10-35-17 of the Financial Accounting Standards Board (FASB) Accounting Standards Codification ("ASC"), we examine the possibility of decreases in the value of fixed assets when events or changes in circumstances reflect the fact that their recorded value may not be recoverable.

Included in property and equipment is construction-in-progress which consisted of factory improvements and machinery pending installation and included the costs of construction, machinery and equipment, and or any interest charges arising from borrowings used to finance these assets during the period of construction or installation of the assets if applicable. No provision for depreciation is made on construction-in-progress until such time as the relevant assets are completed and ready for their intended use.

LONG-LIVED ASSETS

In accordance with ASC 360, we review and evaluate our long-lived assets, including property and equipment, intangible assets, and land use rights, for impairment or when events or changes in circumstances indicate that the related carrying amounts may not be recoverable. An impairment is considered to exist if the total estimated future cash flows on an undiscounted basis are less than the carrying amount of the assets, including goodwill, if any. An impairment loss is measured and recorded based on discounted estimated future cash flows. In estimating future cash flows, assets are grouped at the lowest level for which there is identifiable cash flows that are largely independent of future cash flows from other asset groups. Our estimates of future cash flows are based on numerous assumptions and it is possible that actual future cash flows will be significantly different than the estimates. Based on our evaluation, we have determined certain long-lived assets that are no longer useful for our operations, and we recorded a disposition loss of $36,964 and $406,806, $40,543 and $429,172 for the three and nine months ended January 31, 2017 and 2016, respectively.

FAIR VALUE OF FINANCIAL INSTRUMENTS

We adopted ASC Section 820-10-35-37 to measure the fair value of our financial instruments. ASC Section 820-10-35-37 establishes a common definition for fair value to be applied to existing generally accepted accounting principles that require the use of fair value measurements, establishes a framework for measuring fair value, and expands disclosure about such fair value measurements. The adoption of ASC Section 820-10-35-37 did not have an impact on our financial position or operating results, but did expand certain disclosures.

 
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SUNWIN STEVIA INTERNATIONAL, INC. AND SUBSIDIARIES
NOTES TO UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
January 31, 2017
 
ASC Section 820-10-35-37 defines fair value as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. Additionally, ASC Section 820-10-35-37 requires the use of valuation techniques that maximize the use of observable inputs and minimize the use of unobservable inputs. These inputs are prioritized below:

Level 1:
Observable inputs such as quoted market prices in active markets for identical assets or liabilities
Level 2:
Observable market-based inputs or unobservable inputs that are corroborated by market data
Level 3:
Unobservable inputs for which there is little or no market data, which require the use of the reporting entity's own assumptions.

The carrying amounts of our financial assets and liabilities, such as cash, accounts receivable, notes receivable, prepayments and other current assets, accounts payable, taxes payable and accrued expenses, approximate their fair values because of the short maturity of these instruments.  

TAXES PAYABLE

We are required to charge for and to collect value added taxes (VAT) on our sales on behalf of the PRC tax authority. We record VAT that we billed our customers as VAT payable. In addition, we are required to pay value added taxes on our primary purchases. We record VAT that charged by our vendors as VAT receivable. We are required to file VAT return on a monthly basis with the PRC tax authority, which we are entitled to claim the VAT that we charged by vendors as VAT credit and these credits can be applied to our VAT payable that we billed our customers.  Accordingly, these VAT payable and receivable are presented as net amounts for financial statement purposes. Taxes payable on January 31, 2017 and April 30, 2016 amounted to $98,815 and $254,759, respectively, consisted primarily of VAT taxes.

REVENUE RECOGNITION

Pursuant to the guidance of ASC Topic 605, we record revenue when persuasive evidence of an arrangement exists, product delivery has occurred, the sales price to the customer is fixed or determinable, and collectability is reasonably assured.

GRANT INCOME

Grants received from PRC government agencies are recognized as deferred grant income and recognized in the consolidated statements of operations and comprehensive loss as and when they are earned for the specific research and development projects for which these grants are received.

INCOME TAXES
 
The Company has adopted Accounting Standards Codification subtopic 740-10, Income Taxes ("ASC 740-10") which requires the recognition of deferred tax liabilities and assets for the expected future tax consequences of events that have been included in the financial statement or tax returns.  Under this method, deferred tax liabilities and assets are determined based on the difference between financial statements and tax basis of assets and liabilities using enacted tax rates in effect for the year in which the differences are expected to reverse.  Valuation allowances are recorded to reduce the deferred tax assets to an amount that it is more likely than not be realized.

We file federal and state income tax returns in the United States for our corporate operations pursuant to the U.S. Internal Revenue Code of 1986, as amended, and file separate foreign tax returns for our Chinese subsidiaries pursuant to the China's Unified Corporate Income Tax Law.
 
We apply the provisions of ASC 740-10-50, "Accounting for Uncertainty in Income Taxes", which provides clarification related to the process associated with accounting for uncertain tax positions recognized in our consolidated financial statements. Audit periods remain open for review until the statute of limitations has passed. The completion of review or the expiration of the statute of limitations for a given audit period could result in an adjustment to the Company's liability for income taxes. Any such adjustment could be material to the Company's results of operations for any given quarterly or annual period based, in part, upon the results of operations for the given period. As of January 31, 2017, the Company had no uncertain tax positions, and will continue to evaluate for uncertain positions in the future.

 
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SUNWIN STEVIA INTERNATIONAL, INC. AND SUBSIDIARIES
NOTES TO UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
January 31, 2017

BASIC AND DILUTED EARNINGS PER SHARE

Pursuant to ASC Section 260-10-45, basic income (loss) per common share is computed by dividing income (loss) available to common shareholders by the weighted average number of shares of common stock outstanding for the periods presented. Diluted income (loss) per share reflects the potential dilution that could occur if securities or other contracts to issue common stock were exercised or converted into common stock or resulted in the issuance of common stock that would then share in the income of ours, subject to anti-dilution limitations. The following table presents a reconciliation of basic and diluted net income per common share:

   
Three Months Ended
January 31,
    
Nine Months Ended
January 31,
  
Numerator:  
2017
    
2016
    
2017
    
2016
  
Net loss attributable to Sunwin Stevia International, Inc.
  
$
(905,684
) 
  
$
(2,099,444
)
  
$
(2,650,264
) 
  
$
(2,738,795
)
Numerator for basic EPS, loss applicable to common stock holders
  
$
(905,684
)
  
$
(2,099,444
)
  
$
(2,650,264
)
  
$
(2,738,795
)
Denominator:
                                
Denominator for basic earnings per share - weighted average number of common shares outstanding
    
182,066,546
      
179,673,909
      
182,066,546
      
176,653,636
  
Stock awards, options, and warrants
    
- 
      
- 
      
- 
      
- 
  
Denominator for diluted earnings per share - adjusted weighted average outstanding average number of common shares outstanding
    
182,066,546
      
179,673,909
      
182,066,546
      
176,653,636
  
Basic and diluted loss per common share:
                                
Loss per share - basic and diluted
  
$
(0.005
)
  
$
(0.012
) 
  
$
(0.015
) 
  
$
(0.016
) 
 
FOREIGN CURRENCY TRANSLATION

Transactions and balances originally denominated in U.S. dollars are presented at their original amounts. Transactions and balances in other currencies are converted into U.S. dollars in accordance with ASC Section 830-20-35 and are included in determining net income or loss.
 
The reporting currency of the Company is the U.S. dollar. The functional currency of the parent company is the U.S. dollar and the functional currency of the Company's operating subsidiaries is the Chinese Renminbi ("RMB").  In accordance with ASC 830-20-35, the consolidated financial statements were translated into United States dollars using balance sheet date rates of exchange for assets and liabilities, and average rates of exchange for the period for the income statements and cash flows. Equity accounts were stated at their historical rate. Net gains and losses resulting from foreign exchange transactions are included in the consolidated statements of operations.  Translation adjustments resulting from the process of translating the local currency financial statements into U.S. dollars are included in other comprehensive income or loss.
 
RMB is not a fully convertible currency. All foreign exchange transactions involving RMB must take place either through the People's Bank of China (the "PBOC") or other institutions authorized to buy and sell foreign exchange. The exchange rate adopted for the foreign exchange transactions are the rates of exchange quoted by the PBOC, which are determined largely by supply and demand. Translation of amounts from RMB into United States dollars ("$") was made at the following exchange rates for the respective periods:
 
As of January 31, 2017
RMB 6.88 to $1.00
As of April 30, 2016
RMB 6.47 to $1.00
   
Nine months ended January 31, 2017
RMB 6.72 to $1.00
Nine months ended January 31, 2016
RMB 6.30 to $1.00

COMPREHENSIVE LOSS
 
Comprehensive loss is comprised of net loss and all changes to the statements of stockholders' equity, except those due to investments by stockholders, changes in paid-in capital and distributions to stockholders. For the Company, comprehensive loss for the three and nine months ended January 31, 2017 and 2016 included net loss and unrealized gains (losses) from foreign currency translation adjustments. 

 
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SUNWIN STEVIA INTERNATIONAL, INC. AND SUBSIDIARIES
NOTES TO UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
January 31, 2017
 
CONCENTRATIONS OF CREDIT RISK

Substantially all of our operations are carried out in the PRC. Accordingly, our business, financial condition and results of operations may be influenced by the political, economic and legal environment in the PRC, and by the general state of the PRC's economy. Our operations in the PRC are subject to specific considerations and significant risks not typically associated with companies in North America. Our results may be adversely affected by changes in governmental policies with respect to laws and regulations, anti-inflationary measures, currency conversion and remittance abroad, and rates and methods of taxation, among other things.

Financial instruments which potentially subject us to concentrations of credit risk consist principally of cash and trade accounts receivable. We place our cash with high credit quality financial institutions in the United States and China. At January 31, 2017, we had $125,668 of cash balance held in PRC banks, which is not insured. We have not experienced any losses in such accounts through January 31, 2017.

Almost all of our sales are credit sales which are primarily to customers whose ability to pay is dependent upon the industry economics prevailing in these areas; however, we believe that the concentration of credit risk with respect to trade accounts receivable is limited due to generally short payment terms. We also perform ongoing credit evaluations of our customers to help further reduce potential credit risk.

STOCK BASED COMPENSATION

Stock-based compensation is accounted for based on the requirements of the Share-Based Payment topic of ASC 718 which requires recognition in the financial statements of the cost of employee and director services received in exchange for an award of equity instruments over the period the employee or director is required to perform the services in exchange for the award (presumptively, the vesting period). ASC 718 also requires measurement of the cost of employee and director services received in exchange for an award based on the grant-date fair value of the award.
 
Pursuant to ASC 505-50, for share-based payments to consultants and other third parties, compensation expense is determined at the "measurement date." The expense is recognized over the vesting period of the award. Until the measurement date is reached, the total amount of compensation expense remains uncertain. The Company records compensation expense based on the fair value of the award at the reporting date. The awards to consultants and other third parties are then revalued, or the total compensation is recalculated, based on the then current fair value, at each subsequent reporting date.

RESEARCH AND DEVELOPMENT

Research and development costs are expensed as incurred and are included in general and administrative expenses in the accompanying statements of operations. Research and development costs are incurred on a project specific basis. Research and development cost were $283,815 and $571,574 for the three months ended January 31, 2017 and 2016; and $393,143 and $614,465 for the nine months ended January 31, 2017 and 2016, respectively.
 
SHIPPING COSTS

Shipping costs are included in selling expenses and totaled $91,522 and $113,441 for the three months ended January 31, 2017 and 2016; and $342,913 and $209,830 for the nine months ended January 31, 2017 and 2016, respectively.

RECLASSIFICATIONS

Certain prior year amounts have been reclassified to conform to the current period presentation. These reclassifications had no impact on net earnings and financial position.

 
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SUNWIN STEVIA INTERNATIONAL, INC. AND SUBSIDIARIES
NOTES TO UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
January 31, 2017
 
RECENT ACCOUNTING PRONOUNCEMENTS

In May 2016, the FASB issued ASU 2016-12, "Revenue from Contracts with Customers (Topic 606): Narrow-Scope Improvements and Practical Expedients". The amendments, among other things: (1) clarify the objective of the collectability criterion for applying paragraph 606-10-25-7; (2) permit an entity to exclude amounts collected from customers for all sales (and other similar) taxes from the transaction price; (3) specify that the measurement date for noncash consideration is contract inception; (4) provide a practical expedient that permits an entity to reflect the aggregate effect of all modifications that occur before the beginning of the earliest period presented when identifying the satisfied and unsatisfied performance obligations, determining the transaction price, and allocating the transaction price to the satisfied and unsatisfied performance obligations; (5) clarify that a completed contract for purposes of transition is a contract for which all (or substantially all) of the revenue was recognized under legacy GAAP before the date of initial application, and (6) clarify that an entity that retrospectively applies the guidance in Topic 606 to each prior reporting period is not required to disclose the effect of the accounting change for the period of adoption. The effective date of these amendments is at the same date that Topic 606 is effective. The Company is currently in the process of evaluating the impact of the adoption on its consolidated financial statements.

In August 2016, the Financial Accounting Standards Board ("FASB") issued Accounting Standards Update ("ASU") 2016-15, Statement of Cash Flows (Topic 230): Classification of Certain Cash Receipts and Cash Payments. This ASU addresses the classification of certain specific cash flow issues including debt prepayment or extinguishment costs, settlement of certain debt instruments, contingent consideration payments made after a business combination, proceeds from the settlement of certain insurance claims and distributions received from equity method investees. This ASU is effective for fiscal years beginning after December 15, 2017, and interim periods within those fiscal years, with early adoption permitted. An entity that elects early adoption must adopt all of the amendments in the same period. The Company is currently evaluating the impact it may have on its consolidated financial statements.

A variety of proposed or otherwise potential accounting standards are currently under study by standard setting organizations and various regulatory agencies. Due to the tentative and preliminary nature of those proposed standards, we have not determined whether implementation of such proposed standards would be material to our consolidated financial statements.

NOTE 3 - INVESTMENT IN REAL ESTATE HELD FOR RESALE
 
On August 25, 2011, Qufu Natural Green entered into an agreement with QufuJinxuan Real Estate Development Co., Ltd., an unaffiliated third party, to purchase thirty apartment units in China for investment. The total area of the apartment complex units is 4,500 square meters (48,438 square feet), for a total purchase price of RMB15,120,000 (approximately $2,484,799) (the "Purchase Price"), at RMB 3,360 ($546) per square meter. The Company prepaid 80% of the Purchase Price, approximately $1,987,839, upon signing the agreement on August 25, 2011, and we classified investment in real estate held for resale as a long-term asset since we did not plan on selling the apartment units during the one year period. On February 9, 2015, the Company decided to award twenty apartment complex units, totaling 3,000 square meters (32,292 square feet), to certain management personnel and outstanding performers in our technical team for their past contribution made to the Company, which also served as an incentive to stimulate improvement in performance of other employees and attract future talents to serve the Company. These apartment units are valued at the fair market price of RMB3,448 ($561) per square meter. Ms. Dongdong Lin, our Chief Executive Officer, received an apartment valued at $84,206 which was included in her fiscal 2015 compensation. Total non-cash employees' compensation / bonus recorded for this reward amounted to RMB10,344,000 ($1,684,122) and as a result, we recognized a gain of RMB 264,000 ($42,989) from the excess fair value of these twenty apartment units transferred to these employees. The non-cash employees' compensation / bonus has been classified and included in the general and administrative expenses in the consolidated statements of operations and comprehensive loss for the fiscal year ended April 30, 2015. 
 
On May 5, 2016, Qufu Natural Green entered into an agreement with Shandong Jinglucheng Real Estate Development Co., Ltd., formerly known as QufuJinxuan Real Estate Development Co., Ltd., to sell the remaining ten units of the thirty apartment units in China to Mr. Linghe Zhu, an unaffiliated third party buyer, for a total purchase price of RMB5,024,000 (approximately $766,438). As per the Purchase Agreement, the buyer shall directly pay RMB3,024,000 (approximately $461,327) to Shandong Jinglucheng Real Estate Development Co., Ltd. for the balance that Qufu Natural Green owed to Shandong Jinglucheng Real Estate Development Co., Ltd., and pay RMB 2,000,000 (approximately $305,111) to Qufu Natural Green before May 31, 2016. The Company received the payment of RMB 2,000,000 on May 24, 2016. The Company has incurred a loss from sales of these remaining ten apartments of RMB16,000 (approximately $2,410) during the nine months ended January 31, 2017. As of January 31, 2017 and April 30, 2016, investment in real estate held for resale amounted to $0 and $311,467, respectively.
 

 
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SUNWIN STEVIA INTERNATIONAL, INC. AND SUBSIDIARIES
NOTES TO UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
January 31, 2017

NOTE 4 - INVENTORIES

At January 31, 2017 and April 30, 2016, inventories consisted of the following:
  
   
January 31, 2017
  
April 30, 2016
   
(unaudited)
    
Raw materials
  
$
4,451,307
    
$
2,287,572
  
Work in process
    
1,036,514
      
1,221,115
  
Finished goods
    
2,122,632
      
1,125,551
  
     
7,610,453
      
4,634,238
  
Less: reserve for obsolete inventory
    
(101,317
)
    
(107,658
)
   
$
7,509,136
    
$
4,526,580
  

NOTE 5 - PROPERTY AND EQUIPMENT

At January 31, 2017 and April 30, 2016, property and equipment consisted of the following:

 
Estimated Life
  
January 31, 2017
    
April 30, 2016
  
     
(unaudited)
        
Office equipment
1-10 Years
  
$
88,132
    
$
39,800
  
Auto and trucks
3-10 Years
    
480,710
      
492,620
  
Manufacturing equipment
2-20 Years
    
5,545,151
      
5,240,451
  
Buildings
5-30 Years
    
8,177,588
      
8,667,889
  
Construction in process
  
    
924,093
      
583,954
  
       
15,215,674
      
15,024,714
  
Less: accumulated depreciation
      
(6,469,597
)
    
(5,870,637
)
     
$
8,746,077
    
$
9,154,077
  

For the three months ended January 31, 2017 and 2016, depreciation expense totaled $332,714 and $435,804, of which $261,775 and $323,702 was included in cost of revenues, respectively, and of which $70,939 and $112,102 was included in general and administrative expenses, respectively. For the nine months ended January 31, 2017 and 2016, depreciation expense totaled $992,590 and $1,155,418, of which $763,806 and $817,965 was included in cost of revenues, respectively, and of which $228,784 and $337,453 was included in general and administrative expenses, respectively. Depreciation is not taken during the period of construction or equipment installation. Upon completion of the installation of manufacturing equipment or any construction in progress, construction in progress balances will be classified to their respective property and equipment category. 
 
NOTE 6 - INTANGIBLE ASSETS

On August 8, 2012 the Company entered into an Exchange Agreement with WILD Flavors pursuant to which it purchased its 45% membership interest in Sunwin USA for an aggregate consideration of approximately $1,625,874, which includes the issuance of 7,666,666 shares of our common stock valued at approximately $1,533,333 and a cash payment of $92,541. In connection with the Exchange Agreement, WILD Flavor granted, transferred and assigned to Sunwin USA all of its rights, title and interest, and the trade name Only Sweet, including any trademarks, trademark registrations and applications, service marks, service mark registrations and applications, copyrights, copyright registrations and applications, trade address, trade names (whether or not registered or by whatever name or designation), owned, applied for, or registered in the name of, the WILD Flavor (the "Only Sweet Name Rights"). Additionally, we entered into a new Distributorship Agreement with WILD Procurement which is an affiliate of WILD Flavors, as discussed in Note 1. The transaction closed on August 20, 2012. The tangible assets of Sunwin USA were reduced from $1,825,804 to $1,625,874 as a result of the application of U.S. GAAP which requires elimination of the difference between the purchase price of the 45% membership interest in Sunwin USA and cost basis of the intangible assets recorded by Sunwin USA. Intangible assets have a useful life of five years and consist of the cost of Only Sweet Name Rights and related technologies as well as the fair value of the Wild Flavors distribution Agreement. For the three and nine months ended January 31, 2017 and 2016, amortization expense amounted to $81,294 and $243,880, respectively.  
  

 
- 12 -
 
SUNWIN STEVIA INTERNATIONAL, INC. AND SUBSIDIARIES
NOTES TO UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
January 31, 2017

Intangible assets consisted of the following:

 
Estimated Life
  
January 31, 2017
    
April 30, 2016
  
     
(unaudited)
        
Only Sweet name rights and related technologies
5 Years
  
$
587,183
    
$
587,183
  
Distribution agreement and related distribution channels
5 Years
    
1,038,691
      
1,038,691
  
       
1,625,874
      
1,625,874
  
Less: accumulated amortization
      
(1,436,189
)
    
(1,192,309
)
Intangible assets, net
    
$
189,685
    
$
433,565
  
 
NOTE 7 - LAND USE RIGHTS

Land use right consisted of the following:
 
 
Estimated Life
  
January 31, 2017
    
April 30, 2016
  
     
(unaudited)
        
Land use right
45 Years
  
$
2,309,171
    
$
2,455,519
  
Less: accumulated amortization
      
(436,430
)
    
(422,826
)
     
$
1,872,741
    
$
2,032,693
  

 In conjunction with our acquisition of Qufu Shengwang, we acquired land use rights for properties located in the PRC until March 14, 2054. For the three month periods ended January 31, 2017 and 2016, amortization expense related to land use rights amounted to $12,812 and $13,628, respectively. For the nine month periods ended January 31, 2017 and 2016, amortization expense amounted to $39,398 and $42,036, respectively.
 
NOTE 8 - RELATED PARTY TRANSACTIONS

Accounts receivable - related party and revenue - related party

On January 31, 2017 and April 30, 2016, we reported $3,465,190 and $3,632,876 in accounts receivable - related party, respectively, related to sales of products to Qufu Shengwang Import and Export Corporation, a Chinese entity owned by our Chairman, Mr. Laiwang Zhang. For the three months ended January 31, 2017 and 2016, we had revenue - related party of $2,129,371 and $1,488,937, respectively. For the nine months ended January 31, 2017 and 2016, we had revenue - related party of $5,591,740 and $5,346,991, respectively, from Qufu Shengwang Import and Export Corporation.
 
Due to (from) related parties

From time to time, we receive advances from related parties and advance funds to related parties for working capital purposes. During the three and nine months ended January 31, 2017 and 2016, we have accrued on interest expense related to due to related parties amounted to $38,207 and $31,708, and $96,320 and $105,420, respectively, which were included in interest expense in the accompanying consolidated statements of operations and comprehensive loss, and in connection with the advances of $821,693 (RMB5,000,000) and $1,314,708 (RMB8,000,000) from Shangdong Shengwang Pharmaceutical., Co., Ltd. ("Pharmaceutical Corporation"), a Chinese entity owned by our Chairman, Mr. Laiwang Zhang. These advances bear interest at the rate of 9.225% per annum and we have repaid these two loans with all accrued interests on May 8, 2015 and June 11, 2015, respectively. On May 22, 2015 and June 17, 2015, we received additional advances of $788,825 (RMB4,800,000) and $1,314,708 (RMB8,000,000) from the Pharmaceutical Corporation, at a lowered interest rate of 7.65% per annum. On May 4, 2016, we have repaid one of these two loans, RMB4,800,000 with its accrued interests. On August 31, 2016, we received additional advances of $738,040 (RMB5,000,000) from the Pharmaceutical Corporation, at interest rate of 7.87% per annum. The other advances bear no interest and are payable on demand. On January 31, 2017, the balance we owed Qufu Shengwang Import Export Co., Ltd. and Shandong Shengwang Pharmaceutical Co., Ltd. of $432,218 and $614,852, respectively. On April 30, 2016, the balance we owed Qufu Shengwang Import and Export Co., Ltd. and Shandong Shengwang Pharmaceutical Co., Ltd. of $366,875 and $910,373, respectively. On January 31, 2017 and April 30, 2016, due to (from) related party activities consisted of the following: 
 

 
- 13 -
 
SUNWIN STEVIA INTERNATIONAL, INC. AND SUBSIDIARIES
NOTES TO UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
January 31, 2017
 
   
Shandong Shengwang Pharmaceutical
Co., Ltd.
    
Qufu
Shengwang
Import and Export Co., Ltd.
    
Total
  
Balance due to related parties, April 30, 2016
  
$
910,373
    
$
366,875
    
$
1,277,248
  
Working capital advances from related parties
    
2,254,362
      
340,951
      
2,595,313
  
Repayments
    
(2,462,285
)
    
(305,999
)
    
(2,768,284
)
Effect of foreign currency exchange
    
(87,598
) 
    
30,391
      
(57,207
)
Balance due to related parties, January 31, 2017
  
$
614,852
    
$
432,218
    
$
1,047,070
  
 
NOTE 9 - PREPAID EXPENSES AND OTHER CURRENT ASSETS

Prepaid expenses and other current assets on January 31, 2017 and April 30, 2016 totaled $2,909,881 and $2,787,371, respectively. As of January 31, 2017, prepaid expenses and other current assets includes $1,363,316 prepayments to suppliers for merchandise that had not been shipped to us and services that had not been provided to us, $1,226,668 prepayment for employees' stock-based compensation, $36,250 prepayment for consultant's stock-based compensation and $283,647 for business related employees' advances. As of April 30, 2016, prepaid expenses and other current assets includes $1,220,523 prepayments to suppliers for merchandise that had not been shipped to us and services that had not been provided to us, $1,371,667 prepayment for employees' stock-based compensation, and $195,181 for business related employees' advances.

On December 1, 2015, we entered into three year employment agreements with four employees. Pursuant to employment agreements, we issued a total of 23 million shares of the Company's common stock to them, valued at $3,680,000, as employees' stock-based compensations over three-year term of their employment from December 1, 2015 through November 30, 2018. We will amortize these compensations over three years from December 1, 2015 to November 30, 2018 and we recognized $306,667 and $920,001 as stock-based compensation expenses during three and nine months ended January 31, 2017, respectively. We also have recorded the remaining balance of the stock-based compensation of $2,555,554 as prepaid compensation, of which $1,226,668 included in prepaid expenses and other current assets and $1,022,220 included in the other long-term asset in the accompanying consolidated balance sheet at January 31, 2017.

On April 25, 2016, we entered into a one year consulting service agreement with Dr. Yuejian (James) Wang. Pursuant to the terms of the consulting service agreement for fiscal year 2017, we will issue a total of 1,000,000 shares of the Company's common stock to Dr. Yuejian (James) Wang as compensation for the services to be provided from May 1, 2016 through April 30, 2017. On April 27, 2016, we issued 1,000,000 shares of the Company's common stock to Dr. Yuejian (James) Wang as a prepaid payment of the consulting service fee, valued at $145,000, which included in the prepaid expenses and other current assets in the accompanying consolidated balance at April 30, 2016. We will amortize this prepaid consulting service fee through fiscal 2017 over twelve months. We have recorded $36,250 and $108,750 as stock-based compensation expense during the three and nine months ended January 31, 2017, respectively, and the balance of prepaid expense is $36,250 as of January 31, 2017.
 
During the third quarter of fiscal 2013, Qufu Shengwang paid Qufu Public Auction Center $601,604 as deposit for renewing the land use right. The deposit is required for the Center to appraise the land use right, which we originally expected to receive the refund during fiscal year 2014. We received a total refund of $459,916 as of January 31, 2017 and the remaining balance of $141,688 and $150,556 has been classified to other long-term asset at January 31, 2017 and April 30, 2016, respectively.
  
NOTE 10 - ACCOUNTS PAYABLE AND ACCRUED EXPENSES

Accounts payable and accrued expenses included the following as of January 31, 2017 and April 30, 2016:

Account
  
January 31,
2017
    
April 30,
2016
  
   
(unaudited)
        
Accounts payable
  
$
8,595,314
    
$
4,869,026
  
Advanced from customers
    
84,015
      
10,042
  
Accrued salary payable
    
54,093
      
105,131
  
Tax payable
    
98,679
      
254,615
  
Deferred revenue
    
73,141
      
71,604
  
Other payable*
    
1,733,120
      
1,550,408
  
Total accounts payable and accrued expenses
  
$
10,638,362
    
$
6,860,826
  
 

 
- 14 -
 
SUNWIN STEVIA INTERNATIONAL, INC. AND SUBSIDIARIES
NOTES TO UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
January 31, 2017
 
* On January 31, 2017, other payables consists of commission payable of $111,374, general liability, worker's compensation, and medical insurance payable of $455,277; union and education fees payable of $281,126, consulting fee of $505,418, interest payables for short-term loans of $135,092, advanced from the employees of $220,667 and other miscellaneous payables of $24,166. On April 30, 2016, other payables consists of commission payable of $67,683; general liability, worker's compensation, and medical insurance payable of $439,706; accrued R&D payable of $78,794; consulting fee payable of $248,748, union and education fees payable of $297,728, interest payables for short-term loans of $72,731, advanced from the employees of $131,282 and other miscellaneous payables of $213,736.
 
NOTE 11 -LOAN PAYABLE

Loans payable consisted of short-term loans obtained from various individual lenders that are due within one year for working capital purpose. These loans are unsecured and can be renewed with 10 days advance notice prior to maturity date. At January 31, 2017 and April 30, 2016, short-term loans consisted of the following:

   
January 31, 2017
    
April 30, 2016
  
   
(unaudited)
        
Loan from Min Wu, an employee of Qufu Shengren, due on October 5, 2016 with annual interest rate of 10% at October 6, 2015, which renewed for original RMB150,000 ($21,810) and the Company borrowed an additional RMB50,000 ($7,269) from Min Wu under the same terms on October 6, 2016 with new due date on October 5, 2017.
  
 $
29,079
    
 $
23,175
  
Loan from Weidong Cai, an employee of Qufu Shengren, due on September 21, 2016 with annual interest rate of 10% at September 22, 2015, which renewed for original RMB840,000 ($122,134) and the Company borrowed an additional RMB84,000 ($12,213) from Weidong Cai under the same terms on September 22, 2016 with new due date on September 21, 2017.
    
134,347
      
129,778
  
Loan from Jianjun Yan, non-related individual, due on October 6, 2015 with annual interest rate of 10% at October 7, 2014, which renewed on October 7, 2015 and October 7, 2016 with new due date on October 6, 2017.
    
945,083
      
1,004,232
  
Multiple loans from Jianjun Yan, non-related individual, due from October 5, 2016 through April 9, 2017, with annual interest rate of 10%, which were obtained during October 6, 2015 through April 10, 2016. RMB780,000 ($115,134) of the loan originally due on October 5, 2016 has been renewed for on the maturity date of October 6, 2016 with new due date on October 5, 2017.
    
840,397
      
892,995
  
Multiple loans from Jianjun Yan, non-related individual, due from June 19, 2017 through January 18, 2018, with annual interest rate of 10%, which were obtained during June 20, 2016 through January 19, 2017.
    
840,209
      
-
  
Loan from Junzhen Zhang, non-related individual, due on October 5, 2016, with annual interest rate of 10% at October 6, 2015, which renewed on October 6, 2016 with new due date on October 5, 2017.
    
21,810
      
23,175
  
Loan from Jian Chen, non-related individual, due on January 26, 2017, with annual interest rate of 10% at January 27, 2016, which renewed on January 25, 2017, with new due date on January 26, 2018.
    
106,140
      
112,783
  
Loan from Qing Kong, non-related individual, due on March 6, 2017, with annual interest rate of 10% at March 7, 2016.
    
58,159
      
61,799
  
Loan from Guihai Chen, non-related individual, due on March 10, 2017, with annual interest rate of 10% at March 11, 2016.
    
14,540
      
15,450
  
Loan from Weifeng Kong, non-related individual, due on November 28, 2017, with annual interest rate of 10% at November 29, 2016.
    
29,079
      
-
  
Total
  
$
3,018,843
    
$
2,263,387
  
 
For the three and nine months ended January 31, 2017 and 2016, interest expense related to short-term loans amounted to $62,169 and $30,271, and $174,414 and $121,728, respectively, which were included in interest expense in the accompanying consolidated statements of operations and comprehensive loss.
 

 
- 15 -
 
SUNWIN STEVIA INTERNATIONAL, INC. AND SUBSIDIARIES
NOTES TO UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
January 31, 2017

NOTE 12 - STOCKHOLDERS' EQUITY

Common stock

At January 31, 2017 and April 30, 2016, we are authorized to issue 200,000,000 shares of common stock. We had 199,632,803 and 199,632,803 shares issued and outstanding at January 31, 2017 and April 30, 2016, respectively.
 
On May 6, 2015, we issued a total of 1,000,000 shares of our common stock to Dr. Yuejian (James) Wang for consulting services, valued at $252,500, for one year term of service agreement during fiscal 2016. We amortized this consulting service fee through fiscal 2016 over twelve months and recorded $252,500 as stock-based compensation expense during fiscal 2016.

On August 11, 2015, we entered into an one year consulting service agreement with Dr. Yuejian (James) Wang. Pursuant to the terms of the consulting service agreement, we issued a total of 750,000 shares of the Company's common stock to Dr. Yuejian (James) Wang as compensation for the services provided or to be provided from May 1, 2015 through April 30, 2016. On August 11, 2015 and January 14, 2016, we issued 500,000 and 250,000 shares of the Company's common stock to Dr. Yuejian (James) Wang as payment of the consulting service fee, valued at $100,000 and $50,000, respectively. We amortized this consulting service fee through fiscal 2016 over twelve months and recorded $150,000 as stock-based compensation expense during fiscal 2016.

On December 1, 2015, we entered into three years employment agreements with four employees. Pursuant to employment agreements, we issued a total of 23 million shares of the Company's common stock, valued at $3,680,000, as employees' stock-based compensations over three-year term of their employment from December 1, 2015 through November 30, 2018. We will amortize these compensations over three years from December 1, 2015 to November 30, 2018 and we have recognized $306,667 and $920,001 as stock-based compensation expenses during three and nine months ended January 31, 2017, respectively. We also have recorded the remaining balance of the stock-based compensation of $2,555,554 as prepaid compensation, of which $1,226,668 included in prepaid expenses and other current assets and $1,022,220 included in the other long-term asset in the accompanying consolidated balance sheet at January 31, 2017.

On April 25, 2016, we entered into a one year consulting service agreement with Dr. Yuejian (James) Wang. Pursuant to the terms of the consulting service agreement for fiscal year 2017, we will issue a total of 1,000,000 shares of the Company's common stock to Dr. Yuejian (James) Wang as compensation for the services to be provided from May 1, 2016 through April 30, 2017. On April 27, 2016, we issued 1,000,000 shares of the Company's common stock to Dr. Yuejian (James) Wang as prepaid payment of the consulting service fee, valued at $145,000, which included in the prepaid expenses and other current assets in the accompanying consolidated balance at April 30, 2016. We will amortize this prepaid consulting service fee through fiscal 2017 over twelve months. We have recorded $36,250 and $108,750 as stock-based compensation expense during the three and nine months ended January 31, 2017, respectively, and the balance of prepaid expense is $36,250 as of January 31, 2017.
 
NOTE 13 - SEGMENT INFORMATION

The following information is presented in accordance with ASC Topic 280, "Segment Reporting", for the three and nine months ended January 31, 2017 and 2016; we operated in three reportable business segments - (1) natural sweetener (stevioside), (2) traditional Chinese medicines and (3) corporate and other. Our reportable segments are strategic business units that offer different products and are managed separately based on the fundamental differences in their operations. Condensed financial information with respect to these reportable business segments for the three and nine months ended January 31, 2017 and 2016 is as follows:

   
Three Months Ended January 31,
    
Nine Months Ended January 31,
  
   
2017
    
2016
    
2017
    
2016
  
Revenues:
                        
Chinese medicine - third party
  
$
859,933
    
$
622,516
    
$
2,240,055
    
$
1,789,482
  
Chinese medicine - related party
    
-
      
-
      
-
      
-
  
Total Chinese medicine
    
859,933
      
622,516
      
2,240,055
      
1,789,482
  
                                 
Stevioside - third party
    
3,421,023
      
1,732,821
      
8,413,018
      
4,768,956
  
Stevioside - related party
    
2,129,371
      
1,488,937
      
5,591,740
      
5,346,991
  
Total Stevioside
    
5,550,394
      
3,221,758
      
14,004,758
      
10,115,947
  
Total segment and consolidated revenues
  
$
6,410,327
    
$
3,844,274
    
$
16,244,813
    
$
11,905,429
  
 

 
- 16 -
 
SUNWIN STEVIA INTERNATIONAL, INC. AND SUBSIDIARIES
NOTES TO UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
January 31, 2017
 
   
Three Months Ended January 31,
  
Nine Months Ended January 31,
  
   
2017
    
2016
  
2017
  
2016
  
Interest (expense) income:
                    
Chinese medicine
  
$
105
    
$
33
    
$
178
    
$
168
  
Stevioside
    
(100,363
)
    
(61,988
)
    
(270,334
)
    
(226,536
)
Total segment and consolidated interest expense
  
$
(100,258
)
  
$
(61,955
)
  
$
(270,156
)
  
$
(226,368
)

Depreciation and amortization:
                                
Chinese medicine
  
$
70,011
    
$
167,067
    
$
218,060
    
$
319,654
  
Stevioside
    
356,809
      
363,659
      
1,057,808
      
1,121,680
  
Total segment and consolidated depreciation and amortization
  
$
426,820
    
$
530,726
    
$
1,275,868
    
$
1,441,334
  

Income (loss) before income taxes:
                                
Chinese medicine
  
$
(38,147
)
  
$
(347,764
) 
  
$
(188,043
)
  
$
 (356,370)
  
Stevioside
    
(508,840
) 
    
(1,431,534
)
    
(1,336,510
) 
    
(1,764,416
)
Corporate and other
    
(358,697
) 
    
(320,216
)
    
(1,125,711
) 
    
(612,703
)
Total consolidated (loss) income before income taxes
  
$
(905,684
) 
  
$
(2,099,514
)
  
$
(2,650,264
) 
  
$
(2,733,489
)
 
   
January 31, 2017
    
April 30, 2016
  
Segment tangible assets:
  
(Unaudited)
        
  Chinese medicine
  
$
1,439,498
    
$
1,614,531
  
  Stevioside
    
7,306,579
      
7,539,546
  
  Corporate and other
    
-
      
  -
  
    Total consolidated assets
  
$
8,746,077
    
$
9,154,077
  
 
NOTE 14 - COMMITMENTS AND CONTINGENCIES

On August 25, 2011, Qufu Natural Green entered into an agreement with QufuJinxuan Real Estate Development Co., Ltd., an unaffiliated third party, to purchase thirty apartment units in China for investment. The total area of the apartment complex units is 4,500 square meters (48,438 square feet), for a total purchase price of RMB15,120,000 (approximately $2,484,799) (the "Purchase Price"), at RMB 3,360 ($546) per square meter. The Company prepaid 80% of the Purchase Price, approximately $1,987,839, upon signing the agreement on August 25, 2011, and we classified investment in real estate held for resale as a long-term asset since we did not plan on selling the apartment units during the one year period. On February 9, 2015, the Company decided to award twenty apartment complex units, totaling 3,000 square meters (32,292 square feet), to certain management personnel and outstanding performers in our technical team for their past contribution made to the Company, which also served as an incentive to stimulate improvement in performance of other employees and attract future talents to serve the Company. These apartment units are valued at the fair market price of RMB3,448 ($561) per square meter. Ms. Dongdong Lin, our Chief Executive Officer, received an apartment valued at $84,206 which was included in her fiscal 2015 compensation. Total non-cash employees' compensation / bonus recorded for this reward amounted to RMB10,344,000 ($1,684,122) and as a result, we recognized a gain of RMB 264,000 ($42,989) from the excess fair value of these twenty apartment units transferred to these employees. The non-cash employees' compensation / bonus has been classified and included in the general and administrative expenses in the consolidated statements of operations and comprehensive loss for the fiscal year ended April 30, 2015. 
 
On May 5, 2016, Qufu Natural Green entered into an agreement with Shandong Jinglucheng Real Estate Development Co., Ltd., formerly known as QufuJinxuan Real Estate Development Co., Ltd., to sell the remaining ten units of the thirty apartment units in China to Mr. Linghe Zhu, an unaffiliated third party buyer, for a total purchase price of RMB5,024,000 (approximately $776,507). As per the Purchase Agreement, the buyer shall directly pay RMB3,024,000 (approximately $467,388) to Shandong Jinglucheng Real Estate Development Co., Ltd. for the balance that Qufu Natural Green owed to Shandong Jinglucheng Real Estate Development Co., Ltd., and pay RMB2,000,000 (approximately $303,149) to Qufu Natural Green before May 31, 2016. The Company received the payment of RMB2,000,000 on May 24, 2016, and we recorded loss on disposal of real estate investments of $2,410 for the nine months ended January 31, 2017. As of January 31, 2017 and April 30, 2016, investment in real estate held for resale amounted to $0 and $311,467, respectively. 

 
- 17 -
 
SUNWIN STEVIA INTERNATIONAL, INC. AND SUBSIDIARIES
NOTES TO UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
January 31, 2017
 
NOTE 15 - CONCENTRATIONS AND CREDIT RISK
 
(i)    Customer Concentrations
 
For the three months ended January 31, 2017 and 2016, customers accounting for 10% or more of the Company's revenue were as follows:
 
   
Net Sales
  
   
For the three months ended January 31, 2017
    
For the three months ended January 31, 2016
  
   
Chinese Medicine
    
Stevioside
    
Chinese Medicine
    
Stevioside
  
Qufu Shengwang Import and Export Trade Co., Ltd(1)
    
-
      
33.2
%
    
-
      
38.7
%
Total
    
-
      
33.2
%
    
-
      
38.7
%
 
For the nine months ended January 31, 2017 and 2016, customers accounting for 10% or more of the Company's revenue were as follows:
 
   
Net Sales
  
   
For the nine months ended January 31, 2017
    
For the nine months ended January 31, 2016
  
   
Chinese Medicine
    
Stevioside
    
Chinese Medicine
    
Stevioside
  
Qufu Shengwang Import and Export Trade Co., Ltd(1)
    
-
      
34.4
%
    
-
      
52.9
%
Shandong Yidatong Enterprise Service Co., Ltd
    
-
      
14.1
% 
    
-
      
-
  
Guangdong Tengjun Veterinary Medicine Co., Ltd
    
-
      
-
      
10.3
%
    
-
  
Beijing Haomiao Huifeng Pharmaceutical Co., Ltd
    
-
      
-
      
10.7
%
    
-
  
Total
    
-
      
48.5
%
    
21.0
%
    
52.9
%
 
(1)  
Qufu Shengwang Import and Export Co., Ltd is a related party, an entity owned by Mr. Laiwang Zhang.
 
(ii)    Vendor Concentrations

For the three months ended January 31, 2017 and 2016, suppliers accounting for 10% or more of the Company's purchase were as follows:

   
Net Purchases
  
   
For the three months ended January 31, 2017
    
For the three months ended January 31, 2016
  
   
Chinese Medicine
    
Stevioside
    
Chinese Medicine
      
 Stevioside
  
Dongtai Yandun Stevia Corp
    
  -
      
18.7
 %
    
-
      
-
  
Juiqian Shengwang Corp.
    
-
      
15.9
%
    
-
      
32.7
%
Zhucheng Haotian Pharmaceutical Co., Ltd
    
  -
      
13.6
% 
    
-
      
10.6
%
Total
    
-
      
48.2
%
    
-
      
10.6
%


 
- 18 -
 
SUNWIN STEVIA INTERNATIONAL, INC. AND SUBSIDIARIES
NOTES TO UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
January 31, 2017

For the nine months ended January 31, 2017 and 2016, suppliers accounting for 10% or more of the Company's purchase were as follows:

   
Net Purchases
  
   
For the nine months ended January 31, 2017
    
For the nine months ended January 31, 2016
  
   
Chinese Medicine
    
Stevioside
    
Chinese Medicine
      
 Stevioside
  
Sishui Ruijin Pharmaceutical Co., Ltd
    
-
      
-
      
22.2
% 
    
-
  
Dongtai Yandun Stevia Corp
    
-
      
13.0
%
    
-
      
14.8
%
Dongtai Jiangrongfeng Stevia Corp
    
-
      
12.0
%
    
-
      
-
  
Juiqian Shengwang Corp.
    
-
      
-
      
-
      
23.9
%
Zhucheng Haotian Pharmaceutical Co., Ltd
    
  -
      
21.3
% 
    
-
      
18.6
%
Total
    
-
      
46.3
%
    
22.2
%
    
57.3
%

(iii)    Credit Risk
 
Financial instruments which potentially subject us to concentrations of credit risk consist principally of cash and trade accounts receivable. We place our cash with high credit quality financial institutions in the United States and the PRC. At January 31, 2017, we had $125,668 of cash balance held in PRC banks, and $44,335 with banks in the United States. As a result, cash held in PRC financial institutions is not insured. We have not experienced any losses in such accounts through January 31, 2017.
 
Almost all of our sales are credit sales which are primarily to customers whose ability to pay is dependent upon the industry economics prevailing in these areas; however, we believe that the concentration of credit risk with respect to trade accounts receivable is limited due to generally short payment terms. We also perform ongoing credit evaluations of our customers to help further reduce potential credit risk.

NOTE 16 - SUBSEQUENT EVENTS
 
There have been no material subsequent events to evaluate through the date of this filing with the SEC.

 
- 19 -
 
 
 

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

The following discussion should be read in conjunction with the information contained in the preceding unaudited condensed consolidated financial statements and footnotes and our 2016 Annual Report on Form 10-K for fiscal year ended April 30, 2016, as amended.

OVERVIEW
 
We sell stevioside, a natural sweetener, as well as herbs used in traditional Chinese medicines. Substantially all of our operations are located in the PRC. We have built an integrated company with the production and distribution capabilities designed to meet the needs of our customers.
 
Our operations were organized in two operating segments related to our product lines:

 
-
  
Stevioside, and
 
-
  
Chinese Medicine.

Recent Developments

We are planning to start building a new facility with annual capacity of 500 metric tons in order to meet substantially increased demand for our high-grade stevia products. In fiscal 2016 and the three quarters of fiscal 2017, we have invested approximately $402,000 and $751,000, respectively, in this new facility. The new manufacturing facility is fully equipped with stainless steel equipment without any plastic and has a fully automated system in order to prevent any potential contamination from operators and plastic. In addition, the new manufacturing facility uses the most advanced production equipment never before used for stevia production in the industry, such as scraper with centrifuge and fluidized drying system.

Stevioside Segment

Stevioside and rebaudioside are all natural low calorie sweeteners extracted from the leaves of the stevia rebaudiana plant. Stevioside is a safe and natural alternative to sugar for people needing low sugar or low calorie diets. Stevioside can be used to replace sugar in beverages and foods, including those that require baking or cooking where synthetic chemical based sweetener replacements are not suitable.

Steviosin is a natural low calorie stevioside extract for medicinal use, containing rebaudioside A at 90% with the total steviol glycosides meeting or exceeding 95% on a dry weight basis. Steviosin is used as an alternative sweetener in the pharmaceutical production in China.

OnlySweetTM is an all natural, zero calorie, dietary supplement comprised of three natural ingredients, including stevioside.  Based on our strategy to develop new products that contain our stevia products, we are evaluating our strategy for the sale and distribution of OnlySweetTM.

In an effort to meet the international food safety standards mandated by larger consumer product companies that we expect to target as customers in the future, we have made capital investments to enhance our manufacturing facilities, equipment and documentation systems, changed certain manufacturing processes and carried out additional personnel training in order to meet these standards.  These investments allowed us to meet the HACCP System Certification, ISO 9001:2008 Certification and ISO 22000:2005 Food Safety Certification. We obtained these certifications in November 2010.

Chinese Medicine Segment

In our Chinese medicine segment, we manufacture and sell approximately 148 different extracts, which can be divided into the following three general categories:

 
-
  
single traditional Chinese medicine extracts;
 
-
  
compound traditional Chinese medicine extracts; and
 
-
  
purified extracts, including active parts and monomer compounds such as soy isoflavone.


 
- 20 -
 
 
 

 
We have evaluated alternatives as to the potential disposition of the Chinese medicine segment to further streamline our product offering and focus our business on producing and selling high-quality stevia products. The exit strategy contemplated for the Chinese medicine segment has also been influenced by our concerns regarding the profitability of this segment in the near future. The competition in Chinese medicine market has strengthened over the past few months. In addition, the Chinese government continues to issue more regulations covering the supply of Chinese herbal raw materials and has increased the regulatory manufacturing standards on this segment. These measures are expected to further increase our raw materials and production costs in the coming quarters and beyond. However, this segment is currently operating at full capacity and we do not expect significant growth potential from this segment in the near future. 

OUR PERFORMANCE
 
Our revenues totaled $6.4 million in the three months ended January 31, 2017, an increase of 66.8% from the same period in 2016, and our gross margin increased to 13.9% from 8.0% compared to the same period in 2016. Our sales revenues, excluding revenues from related party, increased by 81.8 % in the three months ended January 31, 2017 as compared to the same period in 2016. Revenues from related parties also increased by 43.0% in the three months ended January 31, 2017 compared to the same period in 2016. Our operating expenses in the three months ended January 31, 2017 decreased by 24.8% compared to the same period in 2016. Our net loss for the three months ended January 31, 2017 was approximately $906,000 as compared to $2,099,000 for the same period in 2016. 

Our revenues totaled $16.2 million during the nine months ended January 31, 2017, an increase of 36.5% as compared with the same period in 2016, while our gross margin decreased to 13.2% from 13.7%. Our total operating expenses in the nine months ended January 31, 2017 increased by approximately $391,000 or 9.1% compared to the same period in 2016, primarily due to an increase of approximately $364,000 and $678,000, or 35.8% and 30.2% in selling expense and general and administrative expense, respectively, offset a decrease of approximately $221,000 or 36.0% in research and development, and a decrease of approximately $429,000 or 100.0% in loss on disposition of property and equipment. Our net loss for the nine months ended January 31, 2017 was approximately $2,650,000, a decrease compared to $2,733,000 in the same period in 2016.

Our operating performance for the three and nine months ended January 31, 2017 was primarily driven by an increase of 72.3% and 38.4% in sales revenue from our Stevioside segment, and an increase of 38.1% and 25.2% in sales revenue from our Chinese medicine segment, compared to the same period in 2016. Total operating expenses of our Stevioside segment and Chinese medicine segment in the three and nine months ended January 31, 2017 decreased (increase) by 15.9% and (3.6)%, 70.5% and 24.1% compared to the same period in 2016, respectively.

While we have broadened our stevia product offerings to include a number of higher quality stevia grades needed in new product formulations we are developing to introduce to the U.S. and European food and beverage industry, the demand for higher grade stevia products has yet to materialize to the degree we had anticipated, and thus our sales volume in higher grade stevia products was lower than expected for fiscal 2016. Stevia has been widely accepted by the food industry and many new stevia manufacturers have entered this industry in the past few years, and recently we introduced a new product line. We are now focusing on new types of stevia products, including tablets, liquid, High A products, and others. We expect to consistently increase our sales of our new products; however we cannot quantify this increase and its effects on future periods.
 
Our Outlook

We believe that there are significant opportunities for worldwide growth in our Stevioside segment, primarily in the U.S. and EU. For fiscal 2017 and beyond, we will continue to focus on our core business of producing and selling stevioside series products.
 
Some of the recent favorable observations related to the stevia markets in fiscal 2016 include:

 
-
Chinese domestic food and beverages, particularly herbal tea manufacturers and the pharmaceutical industry, have increased the use of steviosides;
 
-
Southeast and South Asia have renewed and increased their interest in stevia, particularly high grade stevia;
 
-
The marketing strategy to differentiate ourselves as a producer of higher quality stevia grades and product formulations through these collaboration efforts will lead to sustainable growth in stevia sales volume in the future; and
 
-
A new stevia extraction line was finished in December 2015. This new line will add additional 500 metric tons to our current annual production capacity;

Meanwhile, we are also facing challenges in competitive pricing and raw materials for fiscal 2017. During fiscal 2016, the market prices of stevioside products were impacted by strong price competition among Chinese manufacturers. We expect the pressure from pricing competition to continue in fiscal 2017. We anticipate the price of stevia leaves, the raw material used to produce our stevioside series products, to increase in fiscal 2017.

 
- 21 -
 
 
 

RESULTS OF OPERATIONS

The following table summarizes our results from operations for the three month periods ended January 31, 2017 and 2016: 

For the Three Months ended January 31, 2017
     
Chinese Medicine
    
Stevioside
    
Corporate and other
      
Consolidated
  
Total revenues
  
$
859,933
      
100.0
%
  
$
5,550,394
      
100.0
%
  
$
-
    
$
6,410,327
    
100.0
%
Cost of revenues
    
737,032
      
85.7
%
    
4,780,254
      
86.1
%
    
-
      
5,517,286
    
86.1
%
Gross profit
    
122,901
      
14.3
%
    
770,140
      
13.9
%
    
-
      
893,041
    
13.9
%
Loss on disposition of property and equipment
    
-
         -
 
    
36,964
      
0.7
%
    
-
      
36,964
    
0.6
%
Research and development expenses
    
-
      
-
      
283,815 
      
5.1
% 
    
-
      
283,815
    
     4.4
 %
Other operating expenses
    
160,528
      
18.7
%
    
902,352
      
16.3
%
    
360,032
      
1,422,912
    
22.2
%
Other expense
    
(520
)
    
(0.1
)%
    
(55,849
)
    
(1.0
)%
    
1,335
      
(55,034
) 
  
(0.9
)%
Loss before income taxes
  
$
(38,147
) 
    
(4.4
)%
  
$
(508,840
)
    
(9.2
)%
  
$
(358,697
)
  
$
(905,684
)
  
(14.1
)%

For the Three Months ended January 31, 2016
     
Chinese Medicine
    
Stevioside
  
Corporate and other
      
Consolidated
  
Total revenues
  
$
622,516
      
100.0
%
  
$
3,221,758
      
100.0
%
$
-
    
$
3,844,274
      
100.0
%
Cost of revenues
    
425,283
      
68.3
%
    
3,113,443
      
96.6
%
  
-
      
3,538,726
      
92.1
%
Gross profit
    
197,233
      
31.7
%
    
108,315
      
3.4
%
  
-
      
305,548
      
8.0
%
Loss on disposition of property and equipment
    
239,673
      
38.5
%
    
167,133
      
5.2
%
  
-
      
406,806
      
10.6
%
Research and development expenses
    
-
      
-
      
571,574 
      
17.7
% 
  
-
      
571,574
      
     14.9
 %
Other operating expenses
    
304,733
      
49.0
%
    
716,233
      
22.2
%
  
320,216
      
1,341,182
      
34.9
%
Other income (expense)
    
(591
) 
    
(0.1
)%
    
(84,909
 )    
(2.6
)%
  
-
      
(85,500
)
    
(2.2
)%
Income (loss) before income taxes
  
$
(347,764
) 
    
(55.9
)%
  
$
(1,431,534
)
    
(44.4
)%
$
(320,216
)
  
$
(2,099,514
)
    
(54.6
)%
 

 
- 22 -
 
 
 

The following table summarizes our results from operations for the nine month periods ended January 31, 2017 and 2016.

For the Nine Months ended January 31, 2017
     
Chinese Medicine
    
Stevioside
    
Corporate and other
      
Consolidated
  
Total revenues
  
$
2,240,055
      
100.0
%
  
$
14,004,758
      
100.0
%
  
$
-
    
$
16,244,813
    
100.0
%
Cost of revenues
    
1,725,719
      
77.0
%
    
12,369,619
      
88.3
%
    
-
      
14,095,338
    
86.8
%
Gross profit
    
514,336
      
23.0
%
    
1,635,139
      
11.7
%
    
-
      
2,149,475
    
13.2
%
Loss on disposition of property and equipment
    
-
      
-
      
40,543
      
0.3
%
    
-
      
40,543
    
0.3
%
Research and development expenses
    
-
      
-
      
393,143
      
2.8
% 
    
-
      
  393,143
    
     2.4
 %
Other operating expenses
    
701,225
      
31.3
%
    
2,430,500
      
17.4
%
    
1,127,046
      
4,258,771
    
26.2
%
Other expense
    
(1,153
) 
    
(0.1
)%
    
(107,464
) 
    
(0.6
)%
    
1,335
      
(107,282
) 
  
(0.7
)%
Loss before income taxes
  
$
(188,043
)
    
(8.4
)%
  
$
(1,336,510
)
    
(9.5
)%
  
$
(1,125,711
)
  
$
(2,650,264
)
  
(16.3
)%


For the Nine Months ended January 31, 2016
     
Chinese Medicine
    
Stevioside
  
Corporate and other
      
Consolidated
  
Total revenues
  
$
1,789,482
      
100.0
%
  
$
10,115,947
      
100.0
%
$
-
    
$
11,905,429
      
100.0
%
Cost of revenues
    
1,221,820
      
68.3
%
    
9,053,561
      
89.5
%
  
-
      
10,275,381
      
86.3
%
Gross profit
    
567,662
      
31.7
%
    
1,062,386
      
10.5
%
  
-
      
1,630,048
      
13.7
%
Loss on disposition of property and equipment
    
239,673
      
13.4
%
    
189,499
      
1.9
%
  
-
      
429,172
      
3.6
%
Research and development expenses
    
-
      
-
      
614,465 
      
6.1
% 
  
-
      
614,465
      
5.2
 %
Other operating expenses
    
684,258
      
38.2
%
    
1,960,803
      
19.4
%
  
612,703
      
3,257,764
      
27.4
%
Other income (expenses)
    
(101
) 
    
-
      
(62,035
)
    
(0.6
)%
  
-
      
(62,136
)
    
(0.5
)%
Income (loss) before income taxes
  
$
(356,370
)
    
(19.9
)%
  
$
(1,765,416
)
    
(17.5
)%
$
(612,703
)
  
$
(2,733,489
)
    
(23.0
)%

Revenues

Total consolidated revenue in the three months ended January 31, 2017 increased by approximately 66.8% as compared to the same period in 2016.  Stevioside revenues, which accounts for 86.6% and 83.8% of our total revenues in the three months ended January 31, 2017 and 2016, respectively, increased by approximately 72.3%, while Chinese medicine revenues increased by approximately $237,000 or 38.1%.
 
Within our Stevioside segment, revenues from sales to third parties increased by 97.4% and sales to the related party increased by 43.0% in the three months ended January 31, 2017, as compared to the same period in 2016. Total revenues in the nine months ended January 31, 2017 increased by approximately 36.5% as compared to the same period in 2016.  Stevioside revenues, which accounts for 86.2% and 85.0% of our total revenues in the nine months ended January 31, 2017 and 2016, respectively, increased by approximately 38.4%, and Chinese medicine revenues increased by approximately $451,000 or 25.2%.

 
- 23 -
 
 
 


We have been trying to develop our domestic market and decrease the dependence of our sales to related parties. Since we do not have the authorization to export products from China, we outsourced all of our exporting business to a related party, Qufu Shengwang Import and Export Corporation, which has authorizations to export. In addition, newly launched products including A3-99 and enzyme treated stevia have been well accepted by the markets, especially in the U.S., where the adoption rate for stevia in food and beverage has been slower than expected. During the three months ended January 31, 2017, within our Stevioside segment, we produced 158 metric tons, an increase of 81.6% as compared to 87 metric tons during the same period in 2016 and the average unit price of our stevia products has increased by 1.7%. We generated revenue from the new launched products including A3-99 and the customized orders for restructuring by enzyme based on our Stevioside products which accounted for approximately 20.6% and 21.1% of total Stevioside segment revenues in the three months ended January 31, 2017 and 2016, respectively.

Total revenues in the nine months ended January 31, 2017 increased by approximately 36.5% as compared to the same period in 2016.  Stevioside revenues, which accounts for 86.2% and 85.0% of our total revenues in the nine months ended January 31, 2017 and 2016, respectively, increased by approximately 38.4%, and Chinese medicine revenues increased by approximately $451,000 or 25.2%. During the nine months ended January 31, 2017, within our Stevioside segment, we also increased our sales volume by approximately 129 tons, a 55.7% increase; the average unit price of our stevia products was increased by 0.8%, as compared to the same period in 2016. Stevioside revenues from sales to third parties increased by 76.4% while sales to the related party increased by 4.6% in the nine months ended January 31, 2017, as compared to the same period in 2016 primarily due an increasing demand from the domestic market and our effort to on developing sales in the domestic market.
 
We believe that the increase of sales revenue in Chinese Medicine segment is primarily due to the increase of average unit price in the three and nine months ended by January 31, 2017, as compared to the same period in 2016. We expect demand to increase in the future as we expand our client base; however, we are not able to quantify this future increase.

Cost of Revenues and Gross Margin

Cost of revenues in the three months ended January 31, 2017 increased by 55.9% as compared to the same period in 2016. Cost of revenues as a percentage of revenues decreased to 86.1% from 92.1%, comparing the same period in 2016. Gross margin from the Stevioside segment for the three months ended January 31, 2017 was 13.9%, as compared to 3.4% for the same period of fiscal 2016. The higher gross margin for Stevioside was primarily due to the lower cost of raw materials during the period, as compared with the same period in 2016. Gross margin from the Chinese Medicine segment was 14.3% in the three months ended January 31, 2017, compared to the 31.7% in the same period in 2016. The lower gross margin for Chinese Medicines was primarily due to high market competition with lower sales price and higher raw material costs. We believe that the slower market for animal Chinese medicines seen in prior periods has stabilized and improved. Since we purchase our raw materials on the spot market, we are unable to predict with any degree of certainty the costs of our raw material and their impact on gross margin in future periods. Our consolidated gross margin for the three months ended January 31, 2017 was 13.9%, as compared to 8.0% in the same period in 2016.   
 
The consolidated gross margin for the nine months ended January 31, 2017 decreased to 13.2%, compared to 13.7% for the same period in 2016. Gross margin in the Stevioside segment increased during the nine months ended January 31, 2017 to 11.7%, compared to 10.5% for the same period in 2016. The increase was primarily due to the lower raw material costs during the period compared with the same period in 2016. The Chinese medicine segment gross margin decreased to 23.0% in the nine months ended January 31, 2017, compared to 31.7% for the same period in 2016, due to similar reasons discussed above. 

Total Selling Expenses

In the three months ended January 31, 2017, we had an increase of approximately $114,000, or 28.2% in selling expenses, as compared to the same period in 2016. The increase was primarily due to the approximately $101,000 increase in marketing and promotion expenses, a $67,000 increase in advertising and a $2,000 increase in office expense, offset by a $29,000 decrease in salary and commission, a $22,000 decrease in shipping and freight fees and a $5,000 decrease in travel expense.

In the nine months ended January 31, 2017, we had an increase of approximately $364,000, or 35.8% in selling expenses, as compared to the same period in 2016. The increase was primarily due to the approximately $252,000 increase in marketing and promotion expenses, a $133,000 increase in shipping and freight, and a $32,000 increase in advertising, offset by a $14,000 decrease in salary and commission, a $14,000 decrease in sales meeting expense and a $25,000 decrease in China local sales taxes.


 
- 24 -
 
 
 

Total General and Administrative Expenses

Our general and administrative expenses for the three months ended January 31, 2017 decreased by approximately $32,000, or 3.5% from the same period in 2016. The decrease was primarily due to the decrease of approximately of $115,000 in bad debt expense, a $30,000 decrease in office expense, a $36,000 decrease in consulting and service fees, an $18,000 decrease in product testing and a $153,000 decrease in miscellaneous expense, offset by a $102,000 increase in employee stock-base compensation, a $35,000 increase in salaries and wages, a $133,000 increase in repairs and maintenance, a $11,000 increase in training fees, a $8,000 increase in marketing expense, a $19,000 increase in travel expense, and a $12,000 increase in depreciation and amortization expenses.

Total general and administrative expenses for the nine months ended January 31, 2017 increased by approximately $637,000, or 28.4% from the comparable period in 2016. The increase was primarily due to the increase of approximately $716,000 in employee stock-base compensation, a $43,000 increase in salaries and wages, a $180,000 increase in repairs and maintenance, a $38,000 increase in travel expense and a $32,000 increase in product testing and a $35,000 consulting and service fees, offset by a decrease of approximately $184,000 in headquarter expense for professional consulting fees, a $15,000 decrease in property tax and other tax expenses, a $14,000 decrease in meal and entertainment expense, a $33,000 decrease in bad debt expense, a $74,000 decrease in depreciation and amortization expenses and a $87,000 decrease in miscellaneous expenses. The general and administrative expense as a percentage of revenue was 17.7% in the nine months ended January 31, 2017 as compared to 18.8% in the same period in 2016.

Loss on Disposition of Property and Equipment

We periodically evaluate our property, plant and equipment to determine whether any negative change in regulatory and environmental policies, technical specifications or customer acceptance of our products impair the usefulness and fair market value of these assets. In connection with this evaluation in the nine months ended January 31, 2017 and 2016, we determined that some of our equipment needed to be replaced or otherwise removed from service. As a result, we disposed of these assets and recorded a loss on disposal approximately of $37,000 and $41,000, as compared to $407,000 and $429,000 in the three and nine months ended January 31, 2017 and 2016, respectively.

Research and Development Expense

For the three and nine months ended January 31, 2017, our research and development expenses amounted to approximately $284,000 and $393,000, as compared to $572,000 and $614,000 for the same period in 2016, respectively. The decrease of $288,000 and $221,000 was primarily due to the decrease in spending for third party technical consulting fees in the three and nine months ended January 31, 2017, respectively.

Other Income (Expenses)

For the three months ended January 31, 2017, other expenses, net of other income, amounted to approximately $55,000, a decrease of $30,000 as compared to the other expense, net of other income of $86,000 for the three months ended January 31, 2017. The increase was primarily attributable to a decrease in grant income of $69,000 and an increase in interest expense of 38,000 offset by an increase in other income of approximately $137,000.

For the nine months ended January 31, 2017, other expenses, net of other income, amounted to approximately $107,000, an increase of $45,000 as compared to the other expenses, net of other income of $62,000 for the nine months ended January 31, 2017. The increase was primarily attributable to an increase in interest expense in the amount of approximately $53,000 and a decrease in grant income of $286,000, offset by a decrease in interest expense - related party in the amount of approximately $9,000 and an increase in other income, net of expenses in the amount of approximately $284,000, which is primarily due to an export tax rebate.

Income tax expense

Income tax expense was approximately $0 and $0 for the three and nine months ended January 31, 2017, respectively, as compared to $70 and $5,000 in the same periods in 2016. The decrease in income tax expense was attributable to the decrease in taxable income in PRC generated by both our Stevioside and Chinese Medicine operating entities.
 
Net Loss

Net loss in the three months ended January 31, 2017 was approximately $906,000, compared to the $2,100,000 in the three months ended January 31, 2017. The decrease was primarily due to higher gross profit and the lower operating expenses with the lower other expenses.

 
- 25 -
 
 
 


Net loss in the nine months ended January 31, 2017 was approximately $2,650,000, compared to the $2,733,000 for the same period in 2016. The decrease in net loss was primarily due to the increase in revenue with third party and gross margin, offset by the higher operating expenses and net of other expenses as discussed above.
 
Foreign currency translation adjustment
 
The functional currency of our subsidiaries and variable interest entities operating in the PRC is the Chinese Yuan or Renminbi ("RMB"). The financial statements of our subsidiaries are translated to U.S. dollars using period end rates of exchange for assets and liabilities, and average rates of exchange (for the period) for revenues, costs, and expenses. Net gains and losses resulting from foreign exchange transactions are included in the consolidated statements of operations. As a result of foreign currency translations, which are a non-cash adjustment, we reported a foreign currency translation loss of $197,000 for the three months ended January 31, 2017, as compared to a foreign currency translation loss of $716,000 for the same period in 2016. We reported a foreign currency translation loss of $834,000 for the nine months ended January 31, 2017, as compared to a foreign currency translation loss of $1,422,000 for the same in 2016. This non-cash loss had the effect of decreasing our reported comprehensive loss.
 
Comprehensive loss
 
As a result of our foreign currency translation loss, we had a higher comprehensive loss for the three months ended January 31, 2017 of $1,103,000, compared to $2,815,000 for the same in 2016. We had a comprehensive loss for the nine months ended January 31, 2017 of $3,484,000, compared to $4,161,000 for the nine months ended January 31, 2016.
 

LIQUIDITY AND CAPITAL RESOURCES

Liquidity is the ability of a company to generate sufficient cash to meet its operational cash requirements.  

At January 31, 2017, we had a working capital of $2.1 million, including cash of $170,003, as compared to working capital of $3.5 million and cash of $900,071 at April 30, 2016. The approximate $730,000 decrease in our cash at January 31, 2017 from April 30, 2016 is primarily attributable to net cash used in purchase of property and equipment to improve our productivity, as we generated revenue from increasing sales during the nine months ended January 31, 2017. We believe that our existing cash and cash equivalents and internally generated funds will be sufficient to cover working capital requirements and capital expenditures for the next twelve months.  

Accounts receivable, net of allowance for doubtful accounts, including accounts receivable from related parties, increased by approximately $496,000 during the nine months ended January 31, 2017. This increase is primarily attributable to an increase in accounts receivable, net of allowance for doubtful accounts, for third party sales of $663,000, offset by a decrease in accounts receivable for related party sales of $168,000 in the nine months ended January 31, 2017. The days for sales outstanding in accounts receivable decreased to 34 days as of January 31, 2017, as compared to 103 days as of April 30, 2016. The days for sales outstanding in accounts receivable for third party sales decreased to 21 days as of January 31, 2017, as compared to 54 days as of April 30, 2016. These decreases are due to our efficiency in collection efforts.

At January 31, 2017 inventories, net of reserve for obsolescence, totaled $7.5 million, as compared to $4.5 million as of April 30, 2016. The increase is primarily due to our increase in procurements of raw materials in order to meet our anticipated higher sales volume during the nine months ended January 31, 2017, these inventories have not yet been sold due to the market demands not raising as much as we predicted, however the current inventory level will prepare us for our anticipated upcoming increase in demands.

Our accounts payable and accrued expenses were $10.6 million at January 31, 2017, an increase of approximately $3.8 million from April 30, 2016. The increase is primarily due to purchasing and the timing of payments for balances related to raw material purchases made in the ordinary course of business.

Loans payable at January 31, 2017 and April 30, 2016 totaled approximately $3,019,000 and $2,263,000, respectively. These loans payable consisted of short-term loans from multiple non-related individuals and employees of Qufu Shangren, bearing the annual interest rate of 10%. The maturity dates of these loans payable range from October 5, 2017 to January 18, 2018.  During the three and nine months ended January 31, 2017, the Company borrowed additional short-term loans of approximately $708,000 and $909,000, respectively.


 
- 26 -
 
 
 

Cash Flows Analysis
 
NET CASH FLOW (USED IN) PROVIDED BY OPERATING ACTIVITIES:
 
Net cash used in operating activities was approximately $977,000 during the nine months ended January 31, 2017, as compared to net cash provided by operating activities of $309,000 in the same period in 2016. The increase from cash used in operating activities was primarily due to depreciation and amortization expenses of approximately $1,276,000, loss on disposition of property and equipment of 41,000, loss from sales of real estate investment held for resale of 2,410, allowance for doubtful accounts of $55,000, stock issued for services of $109,000, stock issued for employees' compensation of $920,000, $3,968,000 increase in accounts payable and accrued expenses, offset by net loss of approximately $2,650,000, $3,324,000 increase in inventories, $878,000 increase in accounts receivable, $47,000 increase in accounts receivable-related party, $305,000 increase in prepaid expense and other current assets and a $144,000 decrease in taxes payables.

Net cash provided by operating activities was approximately $309,000 during the nine months ended January 31, 2016, as compared to net cash used in operating activities of $585,000 in the same period in 2015. The increase resulting from cash provided by operating activities was primarily due to $302,000 in the stock-based compensation for consulting service, $204,000 in the employees' stock-based compensation, depreciation and amortization expenses of approximately $1,441,000, loss on disposition of property and equipment of $429,000, $1,581,000 decrease in accounts receivable-related party and $1,497,000 increase in accounts payable and accrued expenses, offset by net loss of approximately $2,739,000, $595,000 increase in accounts receivable and notes receivable, $1,037,000 increase in prepaid expense and other current assets, $443,000 increase in inventories and $286,000 decrease in deferred grant income.

NET CASH FLOW USED IN INVESTING ACTIVITIES:

 Net cash used in investing activities amounted to approximately $453,000 during the nine months ended January 31, 2017 due to purchases of property and equipment of $751,000, offset by the proceeds received from disposal of real estate investments of approximately $298,000.

Net cash used in investing activities amounted to $383,000 during the nine months ended January 31, 2016 due to a $383,000 capital expenditures for property and equipment.

NET CASH FLOW PROVIDED BY FINANCING ACTIVITIES:

Net cash provided by financing activities amounted to approximately $736,000 in the nine months ended January 31, 2017, primarily due to proceeds from short-term loan of approximately $909,000 and advances received from related party as working capital, net of repayments made to related party advances. During the nine months ended January 31, 2017, we received advances from related parties totaling of approximately $2,596,000 for working capital purposes and we also made repayments to related parties of approximately $2,768,000.

Net cash provided by financing activities amounted to approximately $76,000 in the nine months ended January 31, 2016, primarily due to repayments made to related party advances, net of proceed received from related party advances. During the nine months ended January 31, 2016, from time to time, we received advances from related parties totaling approximately $6,683,822 for working capital purposes and we also made repayments to related parties of approximately $6,607,343.

CASH ALLOCATION BY COUNTRIES

The functional currency of our Chinese subsidiaries is the Chinese RMB. Substantially all of our cash is held in the form of RMB at financial institutions located in the PRC, where there is a small equivalent of federal deposit insurance as in the United States. As a result, cash accounts at financial institutions in the PRC are not insured. We have not experienced any losses in such accounts as of January 31, 2017.

In 1996, the Chinese government introduced regulations which relaxed restrictions on the conversion of the RMB; however restrictions still remain, including but not limited to restrictions on foreign invested entities. Foreign invested entities may only buy, sell or remit foreign currencies after providing valid commercial documents at only those banks authorized to conduct foreign exchanges. Furthermore, the conversion of RMB for capital account items, including direct investments and loans, is subject to PRC government approval. Chinese entities are required to establish and maintain separate foreign exchange accounts for capital account items. We cannot be certain Chinese regulatory authorities will not impose more stringent restrictions on the convertibility of the RMB, especially with respect to foreign exchange transactions. Accordingly, cash on deposit in banks in the PRC is not readily deployable by us for purposes outside of the PRC. Our cash position by geographic area is as follows:

 
- 27 -
 
 
 


 
January 31, 2017
  
April 30, 2016
  
   
(Unaudited)
        
China
$
125,668
  
$
900,071
  
United States
  
44,335
    
-
  
Total
$
170,003
  
$
900,071
  

Off Balance Sheet Arrangements

Under SEC regulations, we are required to disclose our off-balance sheet arrangements that have or are reasonably likely to have a current or future effect on our financial condition, such as changes in financial condition, revenues or expenses, results of operations, liquidity, capital expenditures or capital resources that are material to investors. An off-balance sheet arrangement means a transaction, agreement or contractual arrangement to which any entity that is not consolidated with us as a party, under which we have:

 
-
  
Any obligation under certain guarantee contracts,
 
-
  
Any retained or contingent interest in assets transferred to an unconsolidated entity or similar arrangement that serves as credit, liquidity or market risk support to that entity for such assets,
 
-
  
Any obligation under a contract that would be accounted for as a derivative instrument, except that it is both indexed to our stock and classified in stockholder's equity in our statement of financial position, and
 
-
  
Any obligation arising out of a material variable interest held by us in an unconsolidated entity that provides financing, liquidity, market risk or credit risk support to us, or engages in leasing, hedging or research and development services with us.

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

CRITICAL ACCOUNTING POLICIES
 
The preparation of financial statements in conformity with U.S. GAAP requires estimates and assumptions that affect the reported amounts of assets and liabilities, revenues and expenses, and related disclosures of contingent assets and liabilities in the consolidated financial statements and accompanying notes. The SEC has defined a company's critical accounting policies as the ones that are most important to the portrayal of the company's financial condition and results of operations, and which require the company to make its most difficult and subjective judgments, often as a result of the need to make estimates of matters that are inherently uncertain. Based on this definition, we have identified the critical accounting policies and judgments addressed below. We also have other key accounting policies, which involve the use of estimates, judgments and assumptions that are significant to understanding our results, which are described in Note 2 to our unaudited condensed consolidated financial statements. Although we believe that our estimates, assumptions and judgments are reasonable, they are based upon information presently available. Actual results may differ significantly from these estimates under different assumptions, judgments or conditions.  

ITEM 3. QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK
 
Not applicable to smaller reporting company.
 
ITEM 4. CONTROLS AND PROCEDURES.

Evaluation of Disclosure Controls and Procedures

 We maintain disclosure controls and procedures (as defined in Rule 13a-15(e) under the Securities Exchange Act of 1934 (the "Exchange Act") that are designed to ensure that information required to be disclosed by us in reports that we file under the Exchange Act is recorded, processed, summarized and reported as specified in the SEC's rules and forms and that such information required to be disclosed by us in reports that we file under the Exchange Act is accumulated and communicated to our management, including our Chief Executive Officer ("CEO"), and our Chief Financial Officer ("CFO"), to allow timely decisions regarding required disclosure.
 
Management, with the participation of our CEO and CFO, performed an evaluation of the effectiveness of our disclosure controls and procedures as of January 31, 2017.  

 
- 28 -
 
 
 


Based on this evaluation our management concluded that our disclosure controls and procedures were not effective as of January 31, 2017 such that the information relating to our company, required to be disclosed in our Securities and Exchange Commission reports (i) is recorded, processed, summarized and reported within the time periods specified in SEC rules and forms and (ii) is accumulated and communicated to our management, including our CEO, to allow timely decisions regarding required disclosure.

Management's Report on Internal Control over Financial Reporting
 
Our management is responsible for establishing and maintaining adequate internal control over financial reporting as defined in Rules 13a-15(f) and 15d-15(f) under the Securities Exchange Act. Our management is also required to assess and report on the effectiveness of our internal control over financial reporting in accordance with Section 404 of the Sarbanes-Oxley Act of 2002 ("Section 404"). As reported in our Form 10-K for the year ended April 30, 2016, management assessed the effectiveness of our internal control over financial reporting as of April 30, 2016 and, during our assessment, management identified significant deficiencies related to (i) the U.S. GAAP expertise of our internal accounting staff, (ii) our internal audit functions and (iii) a lack of segregation of duties within accounting functions. Although management believes that these deficiencies do not amount to a material weakness, our internal controls over financial reporting were not effective at April 30, 2016.

Due to our size and nature, segregation of all conflicting duties may not always be possible and may not be economically feasible. As a result, we have not been able to take steps to improve our internal controls over financial reporting during the three months ended January 31, 2017. However, to the extent possible, we will implement procedures to assure that the initiation of transactions, the custody of assets and the recording of transactions will be performed by separate individuals.

A material weakness (within the meaning of PCAOB Auditing Standard No. 5) is a deficiency, or a combination of deficiencies, in internal control over financial reporting, such that there is a reasonable possibility that a material misstatement of our annual or interim financial statements will not be prevented or detected on a timely basis. A significant deficiency is a deficiency, or a combination of deficiencies, in internal control over financial reporting that is less severe than a material weakness, yet important enough to merit attention by those responsible for oversight of the company's financial reporting.
 
In light of this significant deficiency, we performed additional analyses and procedures in order to conclude that our consolidated financial statements for the three months ended January 31, 2017 included in this quarterly report on Form 10-Q were fairly stated in accordance with the U.S. GAAP. Accordingly, management believes that despite our significant deficiency, our consolidated financial statements for the three months ended January 31, 2017 are fairly stated, in all material respects, in accordance with the U.S. GAAP.
 
Changes in Internal Control over Financial Reporting

There were no changes in our internal control over financial reporting identified in connection with the evaluation of our controls performed during the most recent quarter ended January 31, 2017 that have materially affected, or are reasonably likely to materially affect, our internal control over financial reporting.

PART II - OTHER INFORMATION

ITEM 1.  LEGAL PROCEEDINGS.

None.

ITEM 1A. RISK FACTORS.

Not applicable.

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

None.

ITEM 3.  DEFAULTS UPON SENIOR SECURITIES.

None.


 
- 29 -
 
 
 

ITEM 4.  MINE SAFETY DISCLOSURE.
 
None.
 
ITEM 5. OTHER INFORMATION.
 
None.
 
ITEM 6.  EXHIBITS
 
Exhibit No.
Description of Exhibit
 
 10.30
  
Consulting agreement dated August 11, 2015 by and between Yuejian Wang and Sunwin Stevia International, Inc.
 
31.1
  
Section 302 Certificate of the Chief Executive Officer.*
 
31.2
  
Section 302 Certificate of Chief Financial Officer.*
 
32.1
  
Section 906 Certificate of Chief Executive Officer and Chief Financial Officer.*
101.INS
  
XBRL INSTANCE DOCUMENT**
101.SCH
  
XBRL TAXONOMY EXTENSION SCHEMA**
101.CAL
  
XBRL TAXONOMY EXTENSION CALCULATION LINKBASE**
101.DEF
  
XBRL TAXONOMY EXTENSION DEFINITION LINKBASE**
101.LAB
  
XBRL TAXONOMY EXTENSION LABEL LINKBASE**
101.PRE
  
XBRL TAXONOMY EXTENSION PRESENTATION LINKBASE**
 
* - Filed herewith.
** - In accordance with Regulation S-T, the XBRL-formatted interactive data files that comprise Exhibit 101 to this Quarterly Report on Form 10-Q/A shall be deemed "furnished" and not "filed".

SIGNATURES

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

 
SUNWIN STEVIA INTERNATIONAL, INC.
   
Dated: March 17, 2017
By: /s/ Dongdong Lin
 
Dongdong Lin,
 
Chief Executive Officer
   
Dated: March 17, 2017
By: /s/ Fanjun Wu 
 
Fanjun Wu, 
 
Chief Financial Officer 


 
- 30 -
 

EX-31.1 2 exh31-1.htm SECTION 302 CERTIFICATE OF THE CHIEF EXECUTIVE OFFICER exh31-1.htm
Exhibit 31.1

Rule 13a-14(a)/15d-14(a) Certification
 
I, Dongdong Lin, certify that:

1. I have reviewed this quarterly report on Form 10-Q for the period ended January 31, 2017 of Sunwin Stevia International, Inc.

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;

4. The registrant’s other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15-d-15(f)) for the registrant and have:

a. Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

b. Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

c. Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

d. Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and

5. The registrant’s other certifying officer(s) and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):

a. All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and

b. Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.

March 17, 2017
/s/ Dongdong Lin
 
Dongdong Lin,
 
Chief Executive Officer
(Principal Executive Officer)


EX-31.2 3 exh31-2.htm SECTION 302 CERTIFICATE OF CHIEF FINANCIAL OFFICER exh31-2.htm
Exhibit 31.2

Rule 13a-14(a)/15d-14(a) Certification

I, Fanjun Wu, certify that:

1. I have reviewed this quarterly report on Form 10-Q for the period ended January 31, 2017 of Sunwin Stevia International, Inc.

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;

4. The registrant’s other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15-d-15(f)) for the registrant and have:

a. Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

b. Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

c. Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

d. Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and

5. The registrant’s other certifying officer(s) and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):

a. All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and

b. Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.

March 17, 2017
/s/ Fanjun Wu
 
Fanjun Wu,
 
Chief Financial Officer
(Principal Financial and Accounting Officer)

 
 EX-32.1 4 exh32-1.htm SECTION 906 CERTIFICATE OF CHIEF EXECUTIVE OFFICER AND CHIEF FINANCIAL OFFICER exh32-1.htm

Exhibit 32.1

Section 1350 Certification

In connection with the quarterly report of Sunwin Stevia International, Inc. (the “Company”) on Form 10-Q for the period ended January 31, 2017 as filed with the Securities and Exchange Commission (the “Report”), I, Dongdong Lin, Chief Executive Officer of the Company, and I, Fanjun Wu, Chief Financial Officer of the Company, certify, pursuant to 18 U.S.C. SS. 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, that to the best of our knowledge:

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 result of operations of the Company.

March 17, 2017
/s/ Dongdong Lin
 
Dongdong Lin,
 
Chief Executive Officer
   
March 17, 2017
/s/ Fanjun Wu
 
Fanjun Wu,
 
Chief Financial Officer

A signed original of this written statement required by Section 906, or other document authenticating, acknowledging, or otherwise adopting the signature that appears in typed form within the electronic version of this written statement 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.

 
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(&quot;Sunwin Stevia International&quot;), a Nevada corporation, and its subsidiaries are referred to in this report as &quot;we&quot;, &quot;us&quot;, &quot;our&quot;, &quot;Sunwin&quot; or the &quot;Company&quot;.</p> <p style='margin-top:0in;margin-right:0in;margin-bottom:10.0pt;margin-left:0in;line-height:115%;margin-bottom:0in;margin-bottom:.0001pt;line-height:normal;text-autospace:none'>&nbsp;</p> <p style='margin-top:0in;margin-right:0in;margin-bottom:10.0pt;margin-left:0in;line-height:115%;margin-bottom:0in;margin-bottom:.0001pt;text-indent:.5in;line-height:normal;text-autospace:none'>We sell stevioside, a natural sweetener, as well as herbs used in traditional Chinese medicines and veterinary products. Substantially all of our operations are located in the People's Republic of China (the &quot;PRC&quot;). We have built an integrated company with the sourcing and production capabilities designed to meet the needs of our customers.</p> <p style='margin-top:0in;margin-right:0in;margin-bottom:10.0pt;margin-left:0in;line-height:115%;margin-bottom:0in;margin-bottom:.0001pt;line-height:normal;text-autospace:none'>&nbsp;</p> <p style='margin-top:0in;margin-right:0in;margin-bottom:10.0pt;margin-left:0in;line-height:115%;margin-bottom:0in;margin-bottom:.0001pt;text-indent:.5in;line-height:normal;text-autospace:none'>Our operations are organized into two operating segments related to our Stevioside and Chinese Medicine product lines., and subsidiaries included in continuing operations consisted of the following:</p> <p style='margin-top:0in;margin-right:0in;margin-bottom:10.0pt;margin-left:0in;line-height:115%;margin-bottom:0in;margin-bottom:.0001pt;line-height:normal;text-autospace:none'>&nbsp;</p> <p style='margin-top:0in;margin-right:0in;margin-bottom:10.0pt;margin-left:0in;line-height:115%;margin-top:0in;margin-right:0in;margin-bottom:0in;margin-left:.5in;margin-bottom:.0001pt;line-height:normal;text-autospace:none'>-&nbsp;&nbsp;&nbsp;Qufu Natural Green Engineering Co., Ltd. (&quot;Qufu Natural Green&quot;), a wholly owned&nbsp;subsidiary of Sunwin Stevia International;</p> <p style='margin-top:0in;margin-right:0in;margin-bottom:10.0pt;margin-left:0in;line-height:115%;margin-bottom:0in;margin-bottom:.0001pt;text-indent:.5in;line-height:normal;text-autospace:none'>-&nbsp;&nbsp;&nbsp;Qufu Shengren Pharmaceutical Co.,&nbsp;Ltd. (&quot;Qufu Shengren&quot;), a wholly owned subsidiary of Qufu Natural Green;</p> <p style='margin-top:0in;margin-right:0in;margin-bottom:10.0pt;margin-left:0in;line-height:115%;margin-top:0in;margin-right:0in;margin-bottom:0in;margin-left:.5in;margin-bottom:.0001pt;line-height:normal;text-autospace:none'>-&nbsp;&nbsp;&nbsp;Qufu Shengwang Stevia Biology and Science Co., Ltd. (&quot;Qufu Shengwang&quot;), a wholly owned subsidiary of Qufu Natural Green;</p> <p style='margin-top:0in;margin-right:0in;margin-bottom:10.0pt;margin-left:0in;line-height:115%;margin-bottom:0in;margin-bottom:.0001pt;text-indent:.5in;line-height:normal;text-autospace:none'>-&nbsp;&nbsp;&nbsp;Sunwin Tech Group, Inc. (&quot;Sunwin Tech&quot;), a wholly owned subsidiary of Sunwin Stevia International; and</p> <p style='margin-top:0in;margin-right:0in;margin-bottom:10.0pt;margin-left:0in;line-height:115%;margin-bottom:0in;margin-bottom:.0001pt;text-indent:.5in;line-height:normal;text-autospace:none'>-&nbsp;&nbsp;&nbsp;Sunwin USA, LLC. (&quot;Sunwin USA&quot;), a wholly owned subsidiary of Sunwin Stevia International.</p> <p style='margin-top:0in;margin-right:0in;margin-bottom:10.0pt;margin-left:0in;line-height:115%;margin-bottom:0in;margin-bottom:.0001pt;line-height:normal;text-autospace:none'>&nbsp;</p> <p style='margin-top:0in;margin-right:0in;margin-bottom:10.0pt;margin-left:0in;line-height:115%;margin-bottom:0in;margin-bottom:.0001pt;line-height:normal;text-autospace:none'><b><i><u>Stevioside Segment</u></i></b></p> <p style='margin-top:0in;margin-right:0in;margin-bottom:10.0pt;margin-left:0in;line-height:115%;margin-bottom:0in;margin-bottom:.0001pt;line-height:normal;text-autospace:none'>&nbsp;</p> <p style='margin-top:0in;margin-right:0in;margin-bottom:10.0pt;margin-left:0in;line-height:115%;margin-bottom:0in;margin-bottom:.0001pt;text-indent:.5in;line-height:normal;text-autospace:none'>In our Stevioside segment, we produce and sell a variety of purified steviol glycosides with rebaudioside A and stevioside as the principal components, an all natural, low calorie sweetener, and Only Sweet, a stevioside based table top sweetener.</p> <p style='margin-top:0in;margin-right:0in;margin-bottom:10.0pt;margin-left:0in;line-height:115%;margin-bottom:0in;margin-bottom:.0001pt;line-height:normal;text-autospace:none'>&nbsp;</p> <p style='margin-top:0in;margin-right:0in;margin-bottom:10.0pt;margin-left:0in;line-height:115%;margin-bottom:0in;margin-bottom:.0001pt;line-height:normal;text-autospace:none'><b><i><u>Chinese Medicine Segment</u></i></b></p> <p style='margin-top:0in;margin-right:0in;margin-bottom:10.0pt;margin-left:0in;line-height:115%;margin-bottom:0in;margin-bottom:.0001pt;line-height:normal;text-autospace:none'>&nbsp;</p> <p style='margin-top:0in;margin-right:0in;margin-bottom:10.0pt;margin-left:0in;line-height:115%;margin-bottom:0in;margin-bottom:.0001pt;text-indent:.5in;line-height:normal;text-autospace:none'>In our Chinese Medicine Segment, we manufacture and sell a variety of traditional Chinese medicine formula extracts which are used in products made for use by both humans and animals.</p> <p style='margin-top:0in;margin-right:0in;margin-bottom:10.0pt;margin-left:0in;line-height:115%;margin-bottom:0in;margin-bottom:.0001pt;line-height:normal;text-autospace:none'>&nbsp;</p> <p style='margin-top:0in;margin-right:0in;margin-bottom:10.0pt;margin-left:0in;line-height:115%;margin-bottom:0in;margin-bottom:.0001pt;line-height:normal;text-autospace:none'><b><i><u>Qufu Shengwang</u></i></b></p> <p style='margin-top:0in;margin-right:0in;margin-bottom:10.0pt;margin-left:0in;line-height:115%;margin-bottom:0in;margin-bottom:.0001pt;line-height:normal;text-autospace:none'>&nbsp;</p> <p style='margin-top:0in;margin-right:0in;margin-bottom:10.0pt;margin-left:0in;line-height:115%;margin-bottom:0in;margin-bottom:.0001pt;text-indent:.5in;line-height:normal;text-autospace:none'>In fiscal 2009, Qufu Natural Green acquired a 60% interest in Qufu Shengwang from its shareholder, Shandong Group,&nbsp;for $4,026,851.&nbsp;The purchase price represented 60% of the value of the net tangible assets of Qufu Shengwang as of April 30, 2008.&nbsp;Shandong Group is owned by Laiwang Zhang, our President and Chairman of the Board of Directors.&nbsp;&nbsp;Qufu Shengwang manufactures and sells stevia -based fertilizers and feed additives.</p> <p style='margin-top:0in;margin-right:0in;margin-bottom:10.0pt;margin-left:0in;line-height:115%;margin-bottom:0in;margin-bottom:.0001pt;line-height:normal;text-autospace:none'>&nbsp;</p> <p style='margin-top:0in;margin-right:0in;margin-bottom:10.0pt;margin-left:0in;line-height:115%;margin-bottom:0in;margin-bottom:.0001pt;text-indent:.5in;line-height:normal;text-autospace:none'>On September 30, 2011, Qufu Natural Green purchased the 40% equity interest in Qufu Shengwang owned by our Korean partner, Korea Stevia Company, Limited, for $626,125 in cash, and as a result of this repurchase transaction we now own 100% equity interest in all of the net assets of our subsidiary Qufu Shengwang.</p> <p style='margin-top:0in;margin-right:0in;margin-bottom:10.0pt;margin-left:0in;line-height:115%;margin-bottom:0in;margin-bottom:.0001pt;line-height:normal;text-autospace:none'>&nbsp;</p> <p style='margin-top:0in;margin-right:0in;margin-bottom:10.0pt;margin-left:0in;line-height:115%;margin-bottom:0in;margin-bottom:.0001pt;text-indent:.5in;line-height:normal;text-autospace:none'>On July 1, 2012, Qufu Shengwang entered&nbsp;into a&nbsp;Cooperation Agreement with Hegeng (Beijing) Organic Farm Technology Co, Ltd. (&quot;Hegeng&quot;), a Chinese manufacturer and distributor of bio-fertilizers and pesticides, to jointly develop bio-bacterial fertilizers based on the residues from our stevia extraction. Under the Cooperation Agreement, Hegeng provides strain and formula that we apply to the stevia residues to produce bio-bacterial fertilizers in the current facility of Qufu Shengwang. The bio-bacterial fertilizers will be distributed under Qufu Shengwang's name.&nbsp;&nbsp;No additional investment in the facility would be required. During the third quarter of fiscal 2013, we decided to suspend the agreement with Hegeng due to a lack of sales since the reaction to the products was lower than anticipated in the fertilizer market. Currently we plan to use these assets to manufacture a variety of traditional Chinese medicine formula extracts. We started production in the last quarter of fiscal 2014.</p> <p style='margin-top:0in;margin-right:0in;margin-bottom:10.0pt;margin-left:0in;line-height:115%;margin-bottom:0in;margin-bottom:.0001pt;line-height:normal;text-autospace:none'>&nbsp;</p> <p style='margin-top:0in;margin-right:0in;margin-bottom:10.0pt;margin-left:0in;line-height:115%;margin-bottom:0in;margin-bottom:.0001pt;line-height:normal;text-autospace:none'><b><i><u>Qufu Shengren</u></i></b></p> <p style='margin-top:0in;margin-right:0in;margin-bottom:10.0pt;margin-left:0in;line-height:115%;margin-bottom:0in;margin-bottom:.0001pt;line-height:normal;text-autospace:none'>&nbsp;</p> <p style='margin-top:0in;margin-right:0in;margin-bottom:10.0pt;margin-left:0in;line-height:115%;margin-bottom:0in;margin-bottom:.0001pt;text-indent:.5in;line-height:normal;text-autospace:none'>In fiscal 2009, Qufu Natural Green acquired Qufu Shengren for $3,097,242.&nbsp;The purchase price was equal to the value of the assets of Qufu Shengren as determined by an independent asset appraisal in accordance with asset appraisal principles in the PRC.&nbsp;Prior to being acquired by us, Qufu Shengren was engaged in the production and distribution of bulk drugs and pharmaceuticals.&nbsp;&nbsp;Subsequent to the acquisition, Qufu Shengren produces and distributes steviosides with a full range of grades from rebaudioside-A 10 to 99.&nbsp;</p> <p style='margin-top:0in;margin-right:0in;margin-bottom:10.0pt;margin-left:0in;line-height:115%;margin-bottom:0in;margin-bottom:.0001pt;line-height:normal;text-autospace:none'>&nbsp;</p> <p style='margin-top:0in;margin-right:0in;margin-bottom:10.0pt;margin-left:0in;line-height:115%;margin-bottom:0in;margin-bottom:.0001pt;line-height:normal;text-autospace:none'><b><i><u>Sunwin USA</u></i></b></p> <p style='margin-top:0in;margin-right:0in;margin-bottom:10.0pt;margin-left:0in;line-height:115%;margin-bottom:0in;margin-bottom:.0001pt;line-height:normal;text-autospace:none'>&nbsp;</p> <p style='margin-top:0in;margin-right:0in;margin-bottom:10.0pt;margin-left:0in;line-height:115%;margin-bottom:0in;margin-bottom:.0001pt;text-indent:.5in;line-height:normal;text-autospace:none'>In fiscal 2009, we entered into a distribution agreement with WILD Flavors&nbsp;to assist our 55% owned&nbsp;subsidiary, Sunwin USA, in the marketing and worldwide distribution of our stevioside-based&nbsp;sweetener products and issued WILD Flavors a 45% interest in Sunwin USA.&nbsp;</p> <p style='margin-top:0in;margin-right:0in;margin-bottom:10.0pt;margin-left:0in;line-height:115%;margin-bottom:0in;margin-bottom:.0001pt;line-height:normal;text-autospace:none'>&nbsp;</p> <p style='margin-top:0in;margin-right:0in;margin-bottom:10.0pt;margin-left:0in;line-height:115%;margin-bottom:0in;margin-bottom:.0001pt;text-indent:.5in;line-height:normal;text-autospace:none'>On August 8, 2012, we entered into an Exchange Agreement with WILD Flavors pursuant to which we purchased its 45% membership interest in Sunwin USA for an aggregate consideration of approximately $1,625,874, which includes the issuance of 7,666,666 shares of our common stock valued at approximately $1,533,333 and a cash payment of $92,541.&nbsp;&nbsp;The transaction closed on August 20, 2012.&nbsp;On August 22, 2012, we issued 7,666,666 shares of our common stock and paid $92,541 cash to WILD Flavors.<b>&nbsp;</b>The $92,541 cash payment was paid by China Direct Investment, Inc. (&quot;CDI&quot;), our corporate management services provider, and reimbursed by us to CDI through the issuance of our common shares as part of the terms of the consulting agreement with CDI dated May 1, 2012. The net tangible assets of Sunwin USA were reduced from $1,825,804 to $1,625,874 as a result of the application of generally accepted accounting principles (&quot;U.S. GAAP&quot;) which requires elimination of the difference between the purchase price of the 45% membership interest in Sunwin USA and cost basis of the intangible assets recorded by Sunwin USA. Intangible assets include the product development and supply chain for OnlySweetTM.</p> <p style='margin-top:0in;margin-right:0in;margin-bottom:10.0pt;margin-left:0in;line-height:115%;margin-bottom:0in;margin-bottom:.0001pt;line-height:normal;text-autospace:none'>&nbsp;</p> <p style='margin-top:0in;margin-right:0in;margin-bottom:10.0pt;margin-left:0in;line-height:115%;margin-bottom:0in;margin-bottom:.0001pt;text-indent:.5in;line-height:normal;text-autospace:none'>Under the terms of the agreement, WILD Flavors assumed certain pre-closing obligations of Sunwin USA totaling approximately $694,000, including trade accounts receivable, loans, health care and monthly expenses of an employee, potential chargebacks, bank fees and broker commissions incurred prior to the closing date.&nbsp;The agreement also contained customary joint indemnification and general releases.&nbsp;&nbsp;As a result of this transaction, we began consolidating the operations of Sunwin USA from the date of acquisition (August 20, 2012).</p> <p style='margin-top:0in;margin-right:0in;margin-bottom:10.0pt;margin-left:0in;line-height:115%;margin-bottom:0in;margin-bottom:.0001pt;line-height:normal;text-autospace:none'>&nbsp;</p> <p style='margin-top:0in;margin-right:0in;margin-bottom:10.0pt;margin-left:0in;line-height:115%;margin-bottom:0in;margin-bottom:.0001pt;text-indent:.5in;line-height:normal;text-autospace:none'>In addition to the Exchange Agreement, on August 8, 2012 we entered into the following additional agreements with WILD Flavors or its affiliate:</p> <p style='margin-top:0in;margin-right:0in;margin-bottom:10.0pt;margin-left:0in;line-height:115%;margin-bottom:0in;margin-bottom:.0001pt;line-height:normal;text-autospace:none'>&nbsp;</p> <p style='margin-top:0in;margin-right:0in;margin-bottom:10.0pt;margin-left:0in;line-height:115%;margin-bottom:0in;margin-bottom:.0001pt;text-indent:.5in;line-height:normal;text-autospace:none'>-&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We entered into an Amendment to Operating Agreement with WILD Flavors pursuant to which we are now the sole management of Sunwin USA and certain sections of the original agreement dated April 29, 2009 were cancelled as they were no longer relevant following our purchase of the minority interest in Sunwin USA described above;</p> <p style='margin-top:0in;margin-right:0in;margin-bottom:10.0pt;margin-left:0in;line-height:115%;margin-bottom:0in;margin-bottom:.0001pt;line-height:normal;text-autospace:none'>&nbsp;</p> <p style='margin-top:0in;margin-right:0in;margin-bottom:10.0pt;margin-left:0in;line-height:115%;margin-bottom:0in;margin-bottom:.0001pt;text-indent:.5in;line-height:normal;text-autospace:none'>-&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We entered into a Termination of Distribution Agreement with WILD Flavors and Sunwin USA pursuant to which the Distribution Agreement dated February 5, 2009 was terminated; and</p> <p style='margin-top:0in;margin-right:0in;margin-bottom:10.0pt;margin-left:0in;line-height:115%;margin-bottom:0in;margin-bottom:.0001pt;text-indent:.5in;line-height:normal;text-autospace:none'>&nbsp;</p> <p style='margin-top:0in;margin-right:0in;margin-bottom:10.0pt;margin-left:0in;line-height:115%;margin-bottom:0in;margin-bottom:.0001pt;text-indent:.5in;line-height:normal;text-autospace:none'>- &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We entered into a Distributorship Agreement with WILD Procurement Gmbh, a Swiss corporation (&quot;WILD Procurement&quot;) which is an affiliate of WILD Flavors.&nbsp;Under the terms of this agreement, we appointed WILD Procurement as a non-exclusive world-wide distributor for the resale of our stevia products.&nbsp;&nbsp;There are no minimum purchase quantities under the agreement, and the pricing and terms of each order will be negotiated by the parties at the time each purchase order is placed.&nbsp;&nbsp;The agreement restricts WILD Procurement from purchasing steviosides or other forms of stevia that are included in our products from sources other than our company under certain circumstances.&nbsp;In addition, at such time as we desire to offer new products, we must offer WILD Procurement the non-exclusive right to distribute those products and the parties will have 60 days to reach mutually agreeable terms.&nbsp;The agreement contains certain representations by us as to the quality of the products we may sell WILD Procurement and the products' compliance with applicable laws and good manufacturing practices, as well as customary confidentiality and indemnification provisions.</p> <p style='margin-top:0in;margin-right:0in;margin-bottom:10.0pt;margin-left:0in;line-height:115%;margin-bottom:0in;margin-bottom:.0001pt;line-height:normal;text-autospace:none'>&nbsp;</p> <p style='margin-top:0in;margin-right:0in;margin-bottom:10.0pt;margin-left:0in;line-height:115%;margin-bottom:0in;margin-bottom:.0001pt;text-indent:.5in;line-height:normal;text-autospace:none'>In the event WILD Procurement should fund research on stevia used in food, beverage or dietary supplement applications, and as a result of this research it develops new intellectual property, such intellectual property shall be the sole property of WILD Procurement.&nbsp;In the event we should jointly fund research, any new intellectual property developed from this effort will be jointly owned and each party will have the right to use the developed intellectual property in stevia-based products.</p> <p style='margin-top:0in;margin-right:0in;margin-bottom:10.0pt;margin-left:0in;line-height:115%;margin-bottom:0in;margin-bottom:.0001pt;line-height:normal;text-autospace:none'>&nbsp;</p> <p style='margin-top:0in;margin-right:0in;margin-bottom:10.0pt;margin-left:0in;line-height:115%;margin-bottom:0in;margin-bottom:.0001pt;text-indent:.5in;line-height:normal;text-autospace:none'>The agreement is for an initial term of 12 months and will automatically renew for successive 12 month terms unless the agreement has been terminated by either party upon 45 days prior written notice.&nbsp;There are no assurances any purchase orders will be placed under the terms of the Distribution Agreement.&nbsp;The agreement may also be terminated by either party upon a material breach by the other party, or upon the filing of a bankruptcy petition, both subject to certain cure periods.&nbsp;In the event the agreement is terminated, WILD Procurement has the right to continue to distribute our products on a non-exclusive basis for 24 months upon terms and conditions to be negotiated by the parties. This agreement is still in effect as of today.</p> <!--egx--><p style='margin-top:0in;margin-right:0in;margin-bottom:10.0pt;margin-left:0in;line-height:115%;margin-bottom:0in;margin-bottom:.0001pt;line-height:normal;text-autospace:none'><b>NOTE 2 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES</b></p> <p style='margin-top:0in;margin-right:0in;margin-bottom:10.0pt;margin-left:0in;line-height:115%;margin-bottom:0in;margin-bottom:.0001pt;line-height:normal;text-autospace:none'>&nbsp;</p> <p style='margin-top:0in;margin-right:0in;margin-bottom:10.0pt;margin-left:0in;line-height:115%;margin-bottom:0in;margin-bottom:.0001pt;line-height:normal;text-autospace:none'><b><i>BASIS OF PRESENTATION</i></b></p> <p style='margin-top:0in;margin-right:0in;margin-bottom:10.0pt;margin-left:0in;line-height:115%;margin-bottom:0in;margin-bottom:.0001pt;line-height:normal;text-autospace:none'>&nbsp;</p> <p style='margin-top:0in;margin-right:0in;margin-bottom:10.0pt;margin-left:0in;line-height:115%;margin-bottom:0in;margin-bottom:.0001pt;text-indent:.5in;line-height:normal;text-autospace:none'>The accompanying unaudited condensed consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (&quot;U.S. GAAP&quot;) and pursuant to the rules and regulations of the Securities and Exchange Commission (the &quot;SEC&quot;) for interim financial reporting. The accompanying unaudited condensed consolidated financial statements for the interim periods presented are unaudited and reflect all adjustments (consisting only of normal recurring adjustments) which are, in the opinion of management, necessary for a fair presentation of the financial position and operating results for the periods presented. Certain financial statement amounts relating to prior periods have been reclassified to conform to the current period presentation.</p> <p style='margin-top:0in;margin-right:0in;margin-bottom:10.0pt;margin-left:0in;line-height:115%;margin-bottom:0in;margin-bottom:.0001pt;line-height:normal;text-autospace:none'>&nbsp;</p> <p style='margin-top:0in;margin-right:0in;margin-bottom:10.0pt;margin-left:0in;line-height:115%;margin-bottom:0in;margin-bottom:.0001pt;text-indent:.5in;line-height:normal;text-autospace:none'>These unaudited condensed consolidated interim financial statements should be read in conjunction with the financial statements and footnotes for the year ended April 30, 2016 included in our Form 10-K as filed with the SEC. The results of operations and cash flows for the three and nine months ended January 31, 2017 are not necessarily indicative of the results of operations or cash flows which may be reported for future periods or the full fiscal year.</p> <p style='margin-top:0in;margin-right:0in;margin-bottom:10.0pt;margin-left:0in;line-height:115%;margin-bottom:0in;margin-bottom:.0001pt;line-height:normal;text-autospace:none'>&nbsp;</p> <p style='margin-top:0in;margin-right:0in;margin-bottom:10.0pt;margin-left:0in;line-height:115%;margin-bottom:0in;margin-bottom:.0001pt;text-indent:.5in;line-height:normal;text-autospace:none'>The condensed consolidated balance sheet as of April 30, 2016 contained herein has been derived from the audited consolidated financial statements as of April 30, 2016, but do not include all disclosures required by the U.S. GAAP.</p> <p style='margin-top:0in;margin-right:0in;margin-bottom:10.0pt;margin-left:0in;line-height:115%;margin-bottom:0in;margin-bottom:.0001pt;text-indent:.5in;line-height:normal;text-autospace:none'>&nbsp;</p> <p style='margin-top:0in;margin-right:0in;margin-bottom:10.0pt;margin-left:0in;line-height:115%;margin-bottom:0in;margin-bottom:.0001pt;text-indent:.5in;line-height:normal;text-autospace:none'>Our unaudited condensed consolidated financial statements include the accounts of Sunwin and all our wholly-owned subsidiaries. All intercompany accounts and transactions have been eliminated in consolidation. Our subsidiaries include the following:</p> <p style='margin-top:0in;margin-right:0in;margin-bottom:10.0pt;margin-left:0in;line-height:115%;margin-bottom:0in;margin-bottom:.0001pt;text-indent:.5in;line-height:normal;text-autospace:none'>&nbsp;</p> <p style='margin-top:0in;margin-right:0in;margin-bottom:10.0pt;margin-left:0in;line-height:115%;margin-bottom:0in;margin-bottom:.0001pt;text-indent:.5in;line-height:normal;text-autospace:none'>-&nbsp;&nbsp;&nbsp; Qufu Natural Green;</p> <p style='margin-top:0in;margin-right:0in;margin-bottom:10.0pt;margin-left:0in;line-height:115%;margin-bottom:0in;margin-bottom:.0001pt;text-indent:.5in;line-height:normal;text-autospace:none'>-&nbsp;&nbsp;&nbsp; Qufu Shengren;</p> <p style='margin-top:0in;margin-right:0in;margin-bottom:10.0pt;margin-left:0in;line-height:115%;margin-bottom:0in;margin-bottom:.0001pt;text-indent:.5in;line-height:normal;text-autospace:none'>-&nbsp;&nbsp;&nbsp; Qufu Shengwang;</p> <p style='margin-top:0in;margin-right:0in;margin-bottom:10.0pt;margin-left:0in;line-height:115%;margin-bottom:0in;margin-bottom:.0001pt;text-indent:.5in;line-height:normal;text-autospace:none'>-&nbsp;&nbsp;&nbsp; Sunwin Tech; and</p> <p style='margin-top:0in;margin-right:0in;margin-bottom:10.0pt;margin-left:0in;line-height:115%;margin-bottom:0in;margin-bottom:.0001pt;text-indent:.5in;line-height:normal;text-autospace:none'>-&nbsp;&nbsp;&nbsp; Sunwin USA</p> <p style='margin-top:0in;margin-right:0in;margin-bottom:10.0pt;margin-left:0in;line-height:115%;margin-bottom:0in;margin-bottom:.0001pt;line-height:normal;text-autospace:none'>&nbsp;</p> <p style='margin-top:0in;margin-right:0in;margin-bottom:10.0pt;margin-left:0in;line-height:115%;margin-bottom:0in;margin-bottom:.0001pt;text-indent:.5in;line-height:normal;text-autospace:none'>As reflected in the accompanying unaudited condensed consolidated financial statements, during the nine months ended January 31, 2017, the Company had a net loss of approximately $2,650,000 and net cash used in operations of approximately $977,000. At January 31, 2017, we had working capital of approximately $2,113,000, including cash of $170,000. We believe the Company has the ability to further implement its business plan, raise additional capital, generate more revenues, and collect receivables from the third party and related parties to increase the working capital. However, actual results could differ from our anticipation.</p> <p style='margin-top:0in;margin-right:0in;margin-bottom:10.0pt;margin-left:0in;line-height:115%;margin-bottom:0in;margin-bottom:.0001pt;line-height:normal;text-autospace:none'>&nbsp;</p> <p style='margin-top:0in;margin-right:0in;margin-bottom:10.0pt;margin-left:0in;line-height:115%;margin-bottom:0in;margin-bottom:.0001pt;line-height:normal;text-autospace:none'><b><i>USE OF ESTIMATES</i></b></p> <p style='margin-top:0in;margin-right:0in;margin-bottom:10.0pt;margin-left:0in;line-height:115%;margin-bottom:0in;margin-bottom:.0001pt;line-height:normal;text-autospace:none'>&nbsp;</p> <p style='margin-top:0in;margin-right:0in;margin-bottom:10.0pt;margin-left:0in;line-height:115%;margin-bottom:0in;margin-bottom:.0001pt;text-indent:.5in;line-height:normal;text-autospace:none'>The preparation of unaudited condensed consolidated financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and the disclosure of contingent assets and liabilities at the date of the unaudited condensed consolidated financial statements and the reported amounts of revenues and expenses during the reporting period.&nbsp;Significant estimates include the allowance for doubtful accounts, the allowance for obsolete inventory, the useful life of property and equipment and intangible assets, assumptions used in assessing impairment of long-term assets and valuation of deferred tax assets, and the value of stock-based compensation.&nbsp;&nbsp;Actual results could differ from those estimates.</p> <p style='margin-top:0in;margin-right:0in;margin-bottom:10.0pt;margin-left:0in;line-height:115%;margin-bottom:0in;margin-bottom:.0001pt;line-height:normal;text-autospace:none'>&nbsp;</p> <p style='margin-top:0in;margin-right:0in;margin-bottom:10.0pt;margin-left:0in;line-height:115%;margin-bottom:0in;margin-bottom:.0001pt;line-height:normal;text-autospace:none'><b><i>CASH AND CASH EQUIVALENTS</i></b></p> <p style='margin-top:0in;margin-right:0in;margin-bottom:10.0pt;margin-left:0in;line-height:115%;margin-bottom:0in;margin-bottom:.0001pt;line-height:normal;text-autospace:none'>&nbsp;</p> <p style='margin-top:0in;margin-right:0in;margin-bottom:10.0pt;margin-left:0in;line-height:115%;margin-bottom:0in;margin-bottom:.0001pt;text-indent:.5in;line-height:normal;text-autospace:none'>We consider all highly liquid investments with maturities of three months or less at the time of purchase to be cash and equivalents. As of January 31, 2017, we held $125,668 of our cash and cash equivalents with commercial banking institutions in the PRC, and $44,335 with banks in the United States. As of April 30, 2016, we held $900,071 of our cash and cash equivalents with commercial banking institution in PRC, and $0 in the United States. In China, there is no equivalent federal deposit insurance as in the United States, so the amounts held in banks in China are not insured. We have not experienced any losses in such bank accounts through January 31, 2017. As of January 31, 2017 and April 30, 2016, bank deposits by geographic area were as follows:</p> <p style='margin-top:0in;margin-right:0in;margin-bottom:10.0pt;margin-left:0in;line-height:115%;margin-bottom:0in;margin-bottom:.0001pt;line-height:normal;text-autospace:none'>&nbsp;</p> <table border="0" cellspacing="0" cellpadding="0" style='margin-left:52.4pt;border-collapse:collapse'> <tr align="left"> <td width="368" valign="bottom" style='width:276.25pt;padding:0in 0in 1.5pt 0in'> <p style='margin-top:0in;margin-right:0in;margin-bottom:10.0pt;margin-left:0in;line-height:115%;margin-bottom:0in;margin-bottom:.0001pt;line-height:normal;text-autospace:none'>&nbsp; </p> </td> <td width="89" valign="bottom" style='width:67.0pt;border:none;border-bottom:solid black 1.0pt;padding:0'> <p align="center" style='margin-top:0in;margin-right:0in;margin-bottom:10.0pt;margin-left:0in;line-height:115%;margin-bottom:0in;margin-bottom:.0001pt;text-align:center;line-height:normal;text-autospace:none'>January 31,</p> <p align="center" style='margin-top:0in;margin-right:0in;margin-bottom:10.0pt;margin-left:0in;line-height:115%;margin-bottom:0in;margin-bottom:.0001pt;text-align:center;line-height:normal;text-autospace:none'>2017</p> <p align="center" style='margin-top:0in;margin-right:0in;margin-bottom:10.0pt;margin-left:0in;line-height:115%;margin-bottom:0in;margin-bottom:.0001pt;text-align:center;line-height:normal;text-autospace:none'>(Unaudited)</p> </td> <td width="89" valign="bottom" style='width:66.95pt;border:none;border-bottom:solid black 1.0pt;padding:0'> <p align="center" style='margin-top:0in;margin-right:0in;margin-bottom:10.0pt;margin-left:0in;line-height:115%;margin-bottom:0in;margin-bottom:.0001pt;text-align:center;line-height:normal;text-autospace:none'>April 30, </p> <p align="center" style='margin-top:0in;margin-right:0in;margin-bottom:10.0pt;margin-left:0in;line-height:115%;margin-bottom:0in;margin-bottom:.0001pt;text-align:center;line-height:normal;text-autospace:none'>2016</p> </td> </tr> <tr align="left"> <td width="368" valign="bottom" style='width:276.25pt;padding:0'> <p style='margin-top:0in;margin-right:0in;margin-bottom:10.0pt;margin-left:0in;line-height:115%;margin-bottom:0in;margin-bottom:.0001pt;line-height:normal;text-autospace:none'>&nbsp;</p> </td> <td width="89" valign="bottom" style='width:67.0pt;padding:0'> <p style='margin-top:0in;margin-right:0in;margin-bottom:10.0pt;margin-left:0in;line-height:115%;margin-bottom:0in;margin-bottom:.0001pt;line-height:normal;text-autospace:none'>&nbsp;</p> </td> <td width="89" valign="bottom" style='width:66.95pt;padding:0'> <p style='margin-top:0in;margin-right:0in;margin-bottom:10.0pt;margin-left:0in;line-height:115%;margin-bottom:0in;margin-bottom:.0001pt;line-height:normal;text-autospace:none'>&nbsp;</p> </td> </tr> <tr align="left"> <td width="368" valign="bottom" style='width:276.25pt;background:#CCEEFF;padding:0'> <p style='margin-top:0in;margin-right:0in;margin-bottom:10.0pt;margin-left:0in;line-height:115%;margin-bottom:0in;margin-bottom:.0001pt;line-height:normal;background:#CCEEFF;text-autospace:none'>China</p> </td> <td width="89" valign="bottom" style='width:67.0pt;background:#CCEEFF;padding:0'> <p style='margin-top:0in;margin-right:0in;margin-bottom:10.0pt;margin-left:0in;line-height:115%;margin-bottom:0in;margin-bottom:.0001pt;line-height:normal;background:#CCEEFF;text-autospace:none'>&#160;&#160; $&#160;&#160;&#160;&#160;&#160; 125,668</p> </td> <td width="89" valign="bottom" style='width:66.95pt;background:#CCEEFF;padding:0'> <p style='margin-top:0in;margin-right:0in;margin-bottom:10.0pt;margin-left:0in;line-height:115%;margin-bottom:0in;margin-bottom:.0001pt;line-height:normal;background:#CCEEFF;text-autospace:none'>&#160;&#160; $&#160;&#160;&#160;&#160;&#160; 900,071</p> </td> </tr> <tr align="left"> <td width="368" valign="bottom" style='width:276.25pt;background:white;padding:0in 0in 1.5pt 0in'> <p style='margin-top:0in;margin-right:0in;margin-bottom:10.0pt;margin-left:0in;line-height:115%;margin-bottom:0in;margin-bottom:.0001pt;line-height:normal;background:white;text-autospace:none'>United States</p> </td> <td width="89" valign="bottom" style='width:67.0pt;border:none;border-bottom:solid black 1.0pt;background:white;padding:0'> <p style='margin-top:0in;margin-right:0in;margin-bottom:10.0pt;margin-left:0in;line-height:115%;margin-bottom:0in;margin-bottom:.0001pt;line-height:normal;background:white;text-autospace:none'>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; 44,335</p> </td> <td width="89" valign="bottom" style='width:66.95pt;border:none;border-bottom:solid black 1.0pt;background:white;padding:0'> <p style='margin-top:0in;margin-right:0in;margin-bottom:10.0pt;margin-left:0in;line-height:115%;margin-bottom:0in;margin-bottom:.0001pt;line-height:normal;background:white;text-autospace:none'>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; 0</p> </td> </tr> <tr align="left"> <td width="368" valign="bottom" style='width:276.25pt;background:#CCEEFF;padding:0in 0in 3.0pt 0in'> <p style='margin-top:0in;margin-right:0in;margin-bottom:10.0pt;margin-left:0in;line-height:115%;margin-bottom:0in;margin-bottom:.0001pt;line-height:normal;background:#CCEEFF;text-autospace:none'>Total</p> </td> <td width="89" valign="bottom" style='width:67.0pt;border:none;border-bottom:double black 2.25pt;background:#CCEEFF;padding:0'> <p style='margin-top:0in;margin-right:0in;margin-bottom:10.0pt;margin-left:0in;line-height:115%;margin-bottom:0in;margin-bottom:.0001pt;line-height:normal;background:#CCEEFF;text-autospace:none'>&#160;&#160; $&#160;&#160;&#160;&#160;&#160; 170,003</p> </td> <td width="89" valign="bottom" style='width:66.95pt;border:none;border-bottom:double black 2.25pt;background:#CCEEFF;padding:0'> <p style='margin-top:0in;margin-right:0in;margin-bottom:10.0pt;margin-left:0in;line-height:115%;margin-bottom:0in;margin-bottom:.0001pt;line-height:normal;background:#CCEEFF;text-autospace:none'>&#160;&#160; $&#160;&#160;&#160;&#160;&#160; 900,071</p> </td> </tr> </table> <p style='margin-top:0in;margin-right:0in;margin-bottom:10.0pt;margin-left:0in;line-height:115%;margin-bottom:0in;margin-bottom:.0001pt;line-height:normal;text-autospace:none'>&nbsp;</p> <p style='margin-top:0in;margin-right:0in;margin-bottom:10.0pt;margin-left:0in;line-height:115%;margin-bottom:0in;margin-bottom:.0001pt;line-height:normal;text-autospace:none'>&nbsp;</p> <p style='margin-top:0in;margin-right:0in;margin-bottom:10.0pt;margin-left:0in;line-height:115%;margin-bottom:0in;margin-bottom:.0001pt;line-height:normal;text-autospace:none'><b><i>ACCOUNTS RECEIVABLE</i></b></p> <p style='margin-top:0in;margin-right:0in;margin-bottom:10.0pt;margin-left:0in;line-height:115%;margin-bottom:0in;margin-bottom:.0001pt;line-height:normal;text-autospace:none'>&nbsp;</p> <p style='margin-top:0in;margin-right:0in;margin-bottom:10.0pt;margin-left:0in;line-height:115%;margin-bottom:0in;margin-bottom:.0001pt;text-indent:.5in;line-height:normal;text-autospace:none'>Accounts receivable and other receivable are reported at net realizable value. We have established an allowance for doubtful accounts based upon factors pertaining to the credit risk of specific customers, historical trends, and other information. Delinquent accounts are written off when it is determined that the amounts are uncollectible after exhaustive efforts on collection. On January 31, 2017 and April 30, 2016, the allowance for doubtful accounts was $1,185,676 and $1,202,610, respectively.</p> <p style='margin-top:0in;margin-right:0in;margin-bottom:10.0pt;margin-left:0in;line-height:115%;margin-bottom:0in;margin-bottom:.0001pt;line-height:normal;text-autospace:none'>&nbsp;</p> <p style='margin-top:0in;margin-right:0in;margin-bottom:10.0pt;margin-left:0in;line-height:115%;margin-bottom:0in;margin-bottom:.0001pt;line-height:normal;text-autospace:none'><b><i>INVENTORIES</i></b></p> <p style='margin-top:0in;margin-right:0in;margin-bottom:10.0pt;margin-left:0in;line-height:115%;margin-bottom:0in;margin-bottom:.0001pt;line-height:normal;text-autospace:none'>&nbsp;</p> <p style='margin-top:0in;margin-right:0in;margin-bottom:10.0pt;margin-left:0in;line-height:115%;margin-bottom:0in;margin-bottom:.0001pt;text-indent:.5in;line-height:normal;text-autospace:none'>Inventories, consisting of raw materials, work in process, and finished goods related to our products, are stated at the lower of cost or market (estimated net realizable value) utilizing the weighted average method. An allowance is established when management determines that certain inventories may not be saleable. If inventory costs exceed expected market value due to obsolescence or quantities in excess of expected demand, the Company will record reserves for the difference between the cost and the market value. These reserves are recorded based on estimates. At January 31, 2017 and April 30, 2016, the Company recorded a reserve for obsolete or slow-moving inventories of $101,317 and $107,658, respectively.</p> <p style='margin-top:0in;margin-right:0in;margin-bottom:10.0pt;margin-left:0in;line-height:115%;margin-bottom:0in;margin-bottom:.0001pt;line-height:normal;text-autospace:none'>&nbsp;</p> <p style='margin-top:0in;margin-right:0in;margin-bottom:10.0pt;margin-left:0in;line-height:115%;margin-bottom:0in;margin-bottom:.0001pt;line-height:normal;text-autospace:none'><b><i>PROPERTY AND EQUIPMENT</i></b></p> <p style='margin-top:0in;margin-right:0in;margin-bottom:10.0pt;margin-left:0in;line-height:115%;margin-bottom:0in;margin-bottom:.0001pt;line-height:normal;text-autospace:none'>&nbsp;</p> <p style='margin-top:0in;margin-right:0in;margin-bottom:10.0pt;margin-left:0in;line-height:115%;margin-bottom:0in;margin-bottom:.0001pt;text-indent:.5in;line-height:normal;text-autospace:none'>Property and equipment are stated at cost. Depreciation and amortization are provided using the straight line method over the estimated economic lives of the assets, which range from three to thirty years. Expenditures for major renewals and betterments that extend the useful lives of property and equipment are capitalized. Expenditures for maintenance and repairs are charged to expense as incurred. In accordance with paragraph 360-10-35-17 of the Financial Accounting Standards Board (FASB) Accounting Standards Codification (&quot;ASC&quot;), we examine the possibility of decreases in the value of fixed assets when events or changes in circumstances reflect the fact that their recorded value may not be recoverable.</p> <p style='margin-top:0in;margin-right:0in;margin-bottom:10.0pt;margin-left:0in;line-height:115%;margin-bottom:0in;margin-bottom:.0001pt;line-height:normal;text-autospace:none'>&nbsp;</p> <p style='margin-top:0in;margin-right:0in;margin-bottom:10.0pt;margin-left:0in;line-height:115%;margin-bottom:0in;margin-bottom:.0001pt;text-indent:.5in;line-height:normal;text-autospace:none'>Included in property and equipment is construction-in-progress which consisted of factory improvements and machinery pending installation and included the costs of construction, machinery and equipment, and or any interest charges arising from borrowings used to finance these assets during the period of construction or installation of the assets if applicable. No provision for depreciation is made on construction-in-progress until such time as the relevant assets are completed and ready for their intended use.</p> <p style='margin-top:0in;margin-right:0in;margin-bottom:10.0pt;margin-left:0in;line-height:115%;margin-bottom:0in;margin-bottom:.0001pt;line-height:normal;text-autospace:none'>&nbsp;</p> <p style='margin-top:0in;margin-right:0in;margin-bottom:10.0pt;margin-left:0in;line-height:115%;margin-bottom:0in;margin-bottom:.0001pt;line-height:normal;text-autospace:none'><b><i>LONG-LIVED ASSETS</i></b></p> <p style='margin-top:0in;margin-right:0in;margin-bottom:10.0pt;margin-left:0in;line-height:115%;margin-bottom:0in;margin-bottom:.0001pt;line-height:normal;text-autospace:none'>&nbsp;</p> <p style='margin-top:0in;margin-right:0in;margin-bottom:10.0pt;margin-left:0in;line-height:115%;margin-bottom:0in;margin-bottom:.0001pt;text-indent:.5in;line-height:normal;text-autospace:none'>In accordance with ASC 360, we review and evaluate our long-lived assets, including property and equipment, intangible assets, and land use rights, for impairment or when events or changes in circumstances indicate that the related carrying amounts may not be recoverable. An impairment is considered to exist if the total estimated future cash flows on an undiscounted basis are less than the carrying amount of the assets, including goodwill, if any. An impairment loss is measured and recorded based on discounted estimated future cash flows. In estimating future cash flows, assets are grouped at the lowest level for which there is identifiable cash flows that are largely independent of future cash flows from other asset groups. Our estimates of future cash flows are based on numerous assumptions and it is possible that actual future cash flows will be significantly different than the estimates. Based on our evaluation, we have determined certain long-lived assets that are no longer useful for our operations, and we recorded a disposition loss of $36,964 and $406,806, $40,543 and $429,172 for the three and nine months ended January 31, 2017 and 2016, respectively.</p> <p style='margin-top:0in;margin-right:0in;margin-bottom:10.0pt;margin-left:0in;line-height:115%;margin-bottom:0in;margin-bottom:.0001pt;line-height:normal;text-autospace:none'>&nbsp;</p> <p style='margin-top:0in;margin-right:0in;margin-bottom:10.0pt;margin-left:0in;line-height:115%;margin-bottom:0in;margin-bottom:.0001pt;line-height:normal;text-autospace:none'><b><i>FAIR VALUE OF FINANCIAL INSTRUMENTS</i></b></p> <p style='margin-top:0in;margin-right:0in;margin-bottom:10.0pt;margin-left:0in;line-height:115%;margin-bottom:0in;margin-bottom:.0001pt;line-height:normal;text-autospace:none'>&nbsp;</p> <p style='margin-top:0in;margin-right:0in;margin-bottom:10.0pt;margin-left:0in;line-height:115%;margin-bottom:0in;margin-bottom:.0001pt;text-indent:.5in;line-height:normal;text-autospace:none'>We adopted ASC Section 820-10-35-37 to measure the fair value of our financial instruments. ASC Section 820-10-35-37 establishes a common definition for fair value to be applied to existing generally accepted accounting principles that require the use of fair value measurements, establishes a framework for measuring fair value, and expands disclosure about such fair value measurements. The adoption of ASC Section 820-10-35-37 did not have an impact on our financial position or operating results, but did expand certain disclosures.</p> <p style='margin-top:0in;margin-right:0in;margin-bottom:10.0pt;margin-left:0in;line-height:115%;margin-bottom:0in;margin-bottom:.0001pt;line-height:normal;text-autospace:none'>&nbsp;</p> <p style='margin-top:0in;margin-right:0in;margin-bottom:10.0pt;margin-left:0in;line-height:115%;margin-bottom:0in;margin-bottom:.0001pt;text-indent:.5in;line-height:normal;text-autospace:none'>ASC&nbsp;Section 820-10-35-37 defines fair value as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. Additionally, ASC Section 820-10-35-37 requires the use of valuation techniques that maximize the use of observable inputs and minimize the use of unobservable inputs. These inputs are prioritized below:</p> <p style='margin-top:0in;margin-right:0in;margin-bottom:10.0pt;margin-left:0in;line-height:115%;margin-bottom:0in;margin-bottom:.0001pt;line-height:normal;text-autospace:none'>&nbsp;</p> <table border="0" cellspacing="0" cellpadding="0" style='border-collapse:collapse'> <tr align="left"> <td width="44" valign="top" style='width:33.05pt;padding:0'> <p style='margin-top:0in;margin-right:0in;margin-bottom:10.0pt;margin-left:0in;line-height:115%;margin-bottom:0in;margin-bottom:.0001pt;line-height:normal;text-autospace:none'>Level&nbsp;1:</p> </td> <td width="654" valign="top" style='width:490.25pt;padding:0'> <p style='margin-top:0in;margin-right:0in;margin-bottom:10.0pt;margin-left:0in;line-height:115%;margin-bottom:0in;margin-bottom:.0001pt;line-height:normal;text-autospace:none'>Observable inputs such as quoted market prices in active markets for identical assets or liabilities</p> </td> </tr> <tr align="left"> <td width="44" valign="top" style='width:33.05pt;padding:0'> <p style='margin-top:0in;margin-right:0in;margin-bottom:10.0pt;margin-left:0in;line-height:115%;margin-bottom:0in;margin-bottom:.0001pt;line-height:normal;text-autospace:none'>Level&nbsp;2:</p> </td> <td width="654" valign="top" style='width:490.25pt;padding:0'> <p style='margin-top:0in;margin-right:0in;margin-bottom:10.0pt;margin-left:0in;line-height:115%;margin-bottom:0in;margin-bottom:.0001pt;line-height:normal;text-autospace:none'>Observable market-based inputs or unobservable inputs that are corroborated by market data</p> </td> </tr> <tr align="left"> <td width="44" valign="top" style='width:33.05pt;padding:0'> <p style='margin-top:0in;margin-right:0in;margin-bottom:10.0pt;margin-left:0in;line-height:115%;margin-bottom:0in;margin-bottom:.0001pt;line-height:normal;text-autospace:none'>Level&nbsp;3:</p> </td> <td width="654" valign="top" style='width:490.25pt;padding:0'> <p style='margin-top:0in;margin-right:0in;margin-bottom:10.0pt;margin-left:0in;line-height:115%;margin-bottom:0in;margin-bottom:.0001pt;line-height:normal;text-autospace:none'>Unobservable inputs for which there is little or no market data, which require the use of the reporting entity's own assumptions.</p> </td> </tr> </table> <p style='margin-top:0in;margin-right:0in;margin-bottom:10.0pt;margin-left:0in;line-height:115%;margin-bottom:0in;margin-bottom:.0001pt;line-height:normal;text-autospace:none'>&nbsp;</p> <p style='margin-top:0in;margin-right:0in;margin-bottom:10.0pt;margin-left:0in;line-height:115%;margin-bottom:0in;margin-bottom:.0001pt;text-indent:.5in;line-height:normal;text-autospace:none'>The carrying amounts of our financial assets and liabilities, such as cash, accounts receivable, notes receivable, prepayments and other current assets, accounts payable, taxes payable and accrued expenses, approximate their fair values because of the short maturity of these instruments.&nbsp;&nbsp;</p> <p style='margin-top:0in;margin-right:0in;margin-bottom:10.0pt;margin-left:0in;line-height:115%;margin-bottom:0in;margin-bottom:.0001pt;line-height:normal;text-autospace:none'>&nbsp;</p> <p style='margin-top:0in;margin-right:0in;margin-bottom:10.0pt;margin-left:0in;line-height:115%;margin-bottom:0in;margin-bottom:.0001pt;line-height:normal;text-autospace:none'><b><i>TAXES PAYABLE</i></b></p> <p style='margin-top:0in;margin-right:0in;margin-bottom:10.0pt;margin-left:0in;line-height:115%;margin-bottom:0in;margin-bottom:.0001pt;line-height:normal;text-autospace:none'>&nbsp;</p> <p style='margin-top:0in;margin-right:0in;margin-bottom:10.0pt;margin-left:0in;line-height:115%;margin-bottom:0in;margin-bottom:.0001pt;text-indent:.5in;line-height:normal;text-autospace:none'>We are required to charge for and to collect value added taxes (VAT) on our sales on behalf of the PRC tax authority. We&nbsp;record VAT that we billed our&nbsp;customers&nbsp;as&nbsp;VAT payable. In addition, we are required to pay value added taxes on our primary purchases. We record VAT that charged by our vendors as VAT receivable. We are required to file VAT return on a monthly basis with the PRC tax authority, which we are entitled to claim the VAT that we charged by vendors as VAT credit and these credits can be applied to our VAT payable that we billed our customers.&nbsp;&nbsp;Accordingly, these VAT payable and receivable are&nbsp;presented as net amounts&nbsp;for financial statement purposes. Taxes payable on January 31, 2017 and April 30, 2016 amounted to $98,815 and $254,759, respectively, consisted primarily of VAT taxes.</p> <p style='margin-top:0in;margin-right:0in;margin-bottom:10.0pt;margin-left:0in;line-height:115%;margin-bottom:0in;margin-bottom:.0001pt;line-height:normal;text-autospace:none'>&nbsp;</p> <p style='margin-top:0in;margin-right:0in;margin-bottom:10.0pt;margin-left:0in;line-height:115%;margin-bottom:0in;margin-bottom:.0001pt;line-height:normal;text-autospace:none'><b><i>REVENUE RECOGNITION</i></b></p> <p style='margin-top:0in;margin-right:0in;margin-bottom:10.0pt;margin-left:0in;line-height:115%;margin-bottom:0in;margin-bottom:.0001pt;line-height:normal;text-autospace:none'>&nbsp;</p> <p style='margin-top:0in;margin-right:0in;margin-bottom:10.0pt;margin-left:0in;line-height:115%;margin-bottom:0in;margin-bottom:.0001pt;text-indent:.5in;line-height:normal;text-autospace:none'>Pursuant to the guidance of ASC Topic 605, we record revenue when persuasive evidence of an arrangement exists, product delivery has occurred, the sales price to the customer is fixed or determinable, and collectability is reasonably assured.</p> <p style='margin-top:0in;margin-right:0in;margin-bottom:10.0pt;margin-left:0in;line-height:115%;margin-bottom:0in;margin-bottom:.0001pt;line-height:normal;text-autospace:none'>&nbsp;</p> <p style='margin-top:0in;margin-right:0in;margin-bottom:10.0pt;margin-left:0in;line-height:115%;margin-bottom:0in;margin-bottom:.0001pt;line-height:normal;text-autospace:none'><b><i>GRANT INCOME</i></b></p> <p style='margin-top:0in;margin-right:0in;margin-bottom:10.0pt;margin-left:0in;line-height:115%;margin-bottom:0in;margin-bottom:.0001pt;line-height:normal;text-autospace:none'>&nbsp;</p> <p style='margin-top:0in;margin-right:0in;margin-bottom:10.0pt;margin-left:0in;line-height:115%;margin-bottom:0in;margin-bottom:.0001pt;text-indent:.5in;line-height:normal;text-autospace:none'>Grants received from PRC government agencies are recognized as deferred grant income and recognized in the consolidated statements of operations and comprehensive loss as and when they are earned for the specific research and development projects for which these grants are received.</p> <p style='margin-top:0in;margin-right:0in;margin-bottom:10.0pt;margin-left:0in;line-height:115%;margin-bottom:0in;margin-bottom:.0001pt;line-height:normal;text-autospace:none'>&nbsp;</p> <p style='margin-top:0in;margin-right:0in;margin-bottom:10.0pt;margin-left:0in;line-height:115%;margin-bottom:0in;margin-bottom:.0001pt;line-height:normal;text-autospace:none'><b><i>INCOME TAXES</i></b></p> <p style='margin-top:0in;margin-right:0in;margin-bottom:10.0pt;margin-left:0in;line-height:115%;margin-bottom:0in;margin-bottom:.0001pt;line-height:normal;text-autospace:none'>&nbsp;</p> <p style='margin-top:0in;margin-right:0in;margin-bottom:10.0pt;margin-left:0in;line-height:115%;margin-bottom:0in;margin-bottom:.0001pt;text-align:justify;text-justify:inter-ideograph;text-indent:.5in;line-height:normal;text-autospace:none'>The Company has adopted Accounting Standards Codification subtopic 740-10, <i>Income Taxes</i> (&quot;ASC 740-10&quot;) which requires the recognition of deferred tax liabilities and assets for the expected future tax consequences of events that have been included in the financial statement or tax returns.&nbsp;&nbsp;Under this method, deferred tax liabilities and assets are determined based on the difference between financial statements and tax basis of assets and liabilities using enacted tax rates in effect for the year in which the differences are expected to reverse.&nbsp;&nbsp;Valuation allowances are recorded to reduce the deferred tax assets to an amount that&nbsp;it is&nbsp;more likely than not be realized.</p> <p style='margin-top:0in;margin-right:0in;margin-bottom:10.0pt;margin-left:0in;line-height:115%;margin-bottom:0in;margin-bottom:.0001pt;line-height:normal;text-autospace:none'>&nbsp;</p> <p style='margin-top:0in;margin-right:0in;margin-bottom:10.0pt;margin-left:0in;line-height:115%;margin-bottom:0in;margin-bottom:.0001pt;text-indent:.5in;line-height:normal;text-autospace:none'>We file federal and state income tax returns in the United States for our corporate operations pursuant to the U.S. Internal Revenue Code of 1986, as amended, and file separate foreign tax returns for our Chinese subsidiaries pursuant to the China's Unified Corporate Income Tax Law.</p> <p style='margin-top:0in;margin-right:0in;margin-bottom:10.0pt;margin-left:0in;line-height:115%;margin-bottom:0in;margin-bottom:.0001pt;text-indent:.5in;line-height:normal;text-autospace:none'>&nbsp;</p> <p style='margin-top:0in;margin-right:0in;margin-bottom:10.0pt;margin-left:0in;line-height:115%;margin-bottom:0in;margin-bottom:.0001pt;text-indent:.5in;line-height:normal;text-autospace:none'>We apply the provisions of ASC 740-10-50, &quot;Accounting for Uncertainty in Income Taxes&quot;, which provides clarification related to the process associated with accounting for uncertain tax positions recognized in our consolidated financial statements. Audit periods remain open for review until the statute of limitations has passed. The completion of review or the expiration of the statute of limitations for a given audit period could result in an adjustment to the Company's liability for income taxes. Any such adjustment could be material to the Company's results of operations for any given quarterly or annual period based, in part, upon the results of operations for the given period. As of January 31, 2017, the Company had no uncertain tax positions, and will continue to evaluate for uncertain positions in the future.</p> <p style='margin-top:0in;margin-right:0in;margin-bottom:10.0pt;margin-left:0in;line-height:115%;margin-bottom:0in;margin-bottom:.0001pt;line-height:normal;text-autospace:none'>&nbsp;</p> <p style='margin-top:0in;margin-right:0in;margin-bottom:10.0pt;margin-left:0in;line-height:115%;margin-bottom:0in;margin-bottom:.0001pt;line-height:normal;text-autospace:none'><b><i>BASIC AND DILUTED EARNINGS PER SHARE</i></b></p> <p style='margin-top:0in;margin-right:0in;margin-bottom:10.0pt;margin-left:0in;line-height:115%;margin-bottom:0in;margin-bottom:.0001pt;line-height:normal;text-autospace:none'>&nbsp;</p> <p style='margin-top:0in;margin-right:0in;margin-bottom:10.0pt;margin-left:0in;line-height:115%;margin-bottom:0in;margin-bottom:.0001pt;text-indent:.5in;line-height:normal;text-autospace:none'>Pursuant to ASC Section 260-10-45, basic income (loss) per common share is computed by dividing income (loss) available to common shareholders by the weighted average number of shares of common stock outstanding for the periods presented. Diluted income (loss) per share reflects the potential dilution that could occur if securities or other contracts to issue common stock were exercised or converted into common stock or resulted in the issuance&nbsp;of common stock that would then share in the income of ours, subject to anti-dilution limitations. The following table presents a reconciliation of basic and diluted net income per common share:</p> <p style='margin-top:0in;margin-right:0in;margin-bottom:10.0pt;margin-left:0in;line-height:115%;margin-bottom:0in;margin-bottom:.0001pt;line-height:normal;text-autospace:none'>&nbsp;</p> <table border="0" cellspacing="0" cellpadding="0" style='border-collapse:collapse'> <tr align="left"> <td width="279" valign="bottom" style='width:209.3pt;padding:0in 0in 1.5pt 0in'> <p style='margin-top:0in;margin-right:0in;margin-bottom:10.0pt;margin-left:0in;line-height:115%;margin-bottom:0in;margin-bottom:.0001pt;line-height:normal;text-autospace:none'>&nbsp; </p> </td> <td width="195" colspan="2" valign="bottom" style='width:146.6pt;border:none;border-bottom:solid black 1.0pt;padding:0in 0in 1.5pt 0in'> <p align="center" style='margin-top:0in;margin-right:0in;margin-bottom:10.0pt;margin-left:0in;line-height:115%;margin-bottom:0in;margin-bottom:.0001pt;text-align:center;line-height:normal;text-autospace:none'>Three Months Ended</p> <p align="center" style='margin-top:0in;margin-right:0in;margin-bottom:10.0pt;margin-left:0in;line-height:115%;margin-bottom:0in;margin-bottom:.0001pt;text-align:center;line-height:normal;text-autospace:none'>January 31,</p> </td> <td width="195" colspan="2" valign="bottom" style='width:146.6pt;border:none;border-bottom:solid black 1.0pt;padding:0'> <p align="center" style='margin-top:0in;margin-right:0in;margin-bottom:10.0pt;margin-left:0in;line-height:115%;margin-bottom:0in;margin-bottom:.0001pt;text-align:center;line-height:normal;text-autospace:none'>Nine Months Ended</p> <p align="center" style='margin-top:0in;margin-right:0in;margin-bottom:10.0pt;margin-left:0in;line-height:115%;margin-bottom:0in;margin-bottom:.0001pt;text-align:center;line-height:normal;text-autospace:none'>January 31,</p> </td> </tr> <tr align="left"> <td width="279" valign="bottom" style='width:209.3pt;padding:0in 0in 1.5pt 0in'> <p style='margin-top:0in;margin-right:0in;margin-bottom:10.0pt;margin-left:0in;line-height:115%;margin-bottom:0in;margin-bottom:.0001pt;line-height:normal;text-autospace:none'><b>Numerator:</b></p> </td> <td width="99" valign="bottom" style='width:74.2pt;border:none;border-bottom:solid black 1.0pt;padding:0in 0in 1.5pt 0in'> <p align="center" style='margin-top:0in;margin-right:0in;margin-bottom:10.0pt;margin-left:0in;line-height:115%;margin-bottom:0in;margin-bottom:.0001pt;text-align:center;line-height:normal;text-autospace:none'>2017 </p> </td> <td width="97" valign="bottom" style='width:72.4pt;border:none;border-bottom:solid black 1.0pt;padding:0in 0in 1.5pt 0in'> <p align="center" style='margin-top:0in;margin-right:0in;margin-bottom:10.0pt;margin-left:0in;line-height:115%;margin-bottom:0in;margin-bottom:.0001pt;text-align:center;line-height:normal;text-autospace:none'>2016</p> </td> <td width="101" valign="bottom" style='width:76.1pt;border:none;border-bottom:solid black 1.0pt;padding:0in 0in 1.5pt 0in'> <p align="center" style='margin-top:0in;margin-right:0in;margin-bottom:10.0pt;margin-left:0in;line-height:115%;margin-bottom:0in;margin-bottom:.0001pt;text-align:center;line-height:normal;text-autospace:none'>2017&nbsp; </p> </td> <td width="94" valign="bottom" style='width:70.5pt;border:none;border-bottom:solid black 1.0pt;padding:0'> <p align="center" style='margin-top:0in;margin-right:0in;margin-bottom:10.0pt;margin-left:0in;line-height:115%;margin-bottom:0in;margin-bottom:.0001pt;text-align:center;line-height:normal;text-autospace:none'>2016</p> </td> </tr> <tr align="left"> <td width="279" valign="bottom" style='width:209.3pt;background:#CCEEFF;padding:0'> <p style='margin-top:0in;margin-right:0in;margin-bottom:10.0pt;margin-left:0in;line-height:115%;margin-bottom:0in;margin-bottom:.0001pt;line-height:normal;background:#CCEEFF;text-autospace:none'>Net loss attributable to Sunwin Stevia International, Inc.</p> </td> <td width="99" valign="bottom" style='width:74.2pt;background:#CCEEFF;padding:0'> <p style='margin-top:0in;margin-right:0in;margin-bottom:10.0pt;margin-left:0in;line-height:115%;margin-bottom:0in;margin-bottom:.0001pt;line-height:normal;background:#CCEEFF;text-autospace:none'>&#160; $&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; (905,684)</p> </td> <td width="97" valign="bottom" style='width:72.4pt;background:#CCEEFF;padding:0'> <p style='margin-top:0in;margin-right:0in;margin-bottom:10.0pt;margin-left:0in;line-height:115%;margin-bottom:0in;margin-bottom:.0001pt;line-height:normal;background:#CCEEFF;text-autospace:none'>&#160; $&#160;&#160;&#160;&#160; (2,099,444)</p> </td> <td width="101" valign="bottom" style='width:76.1pt;background:#CCEEFF;padding:0'> <p style='margin-top:0in;margin-right:0in;margin-bottom:10.0pt;margin-left:0in;line-height:115%;margin-bottom:0in;margin-bottom:.0001pt;line-height:normal;background:#CCEEFF;text-autospace:none'>&#160;&#160; $&#160;&#160;&#160;&#160; (2,650,264)</p> </td> <td width="94" valign="bottom" style='width:70.5pt;background:#CCEEFF;padding:0'> <p style='margin-top:0in;margin-right:0in;margin-bottom:10.0pt;margin-left:0in;line-height:115%;margin-bottom:0in;margin-bottom:.0001pt;line-height:normal;background:#CCEEFF;text-autospace:none'> $&#160;&#160;&#160;&#160;&#160; (2,738,795)</p> </td> </tr> <tr align="left"> <td width="279" valign="bottom" style='width:209.3pt;background:white;padding:0'> <p style='margin-top:0in;margin-right:0in;margin-bottom:10.0pt;margin-left:0in;line-height:115%;margin-bottom:0in;margin-bottom:.0001pt;line-height:normal;background:white;text-autospace:none'>Numerator for basic EPS, loss applicable to common stock holders</p> </td> <td width="99" valign="bottom" style='width:74.2pt;background:white;padding:0'> <p style='margin-top:0in;margin-right:0in;margin-bottom:10.0pt;margin-left:0in;line-height:115%;margin-bottom:0in;margin-bottom:.0001pt;line-height:normal;background:white;text-autospace:none'>&#160; $&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; (905,684)</p> </td> <td width="97" valign="bottom" style='width:72.4pt;background:white;padding:0'> <p style='margin-top:0in;margin-right:0in;margin-bottom:10.0pt;margin-left:0in;line-height:115%;margin-bottom:0in;margin-bottom:.0001pt;line-height:normal;background:white;text-autospace:none'>&#160; $&#160;&#160;&#160;&#160; (2,099,444)</p> </td> <td width="101" valign="bottom" style='width:76.1pt;background:white;padding:0'> <p style='margin-top:0in;margin-right:0in;margin-bottom:10.0pt;margin-left:0in;line-height:115%;margin-bottom:0in;margin-bottom:.0001pt;line-height:normal;background:white;text-autospace:none'>&#160;&#160; $&#160;&#160;&#160;&#160; (2,650,264)</p> </td> <td width="94" valign="bottom" style='width:70.5pt;background:white;padding:0'> <p style='margin-top:0in;margin-right:0in;margin-bottom:10.0pt;margin-left:0in;line-height:115%;margin-bottom:0in;margin-bottom:.0001pt;line-height:normal;background:white;text-autospace:none'> $&#160;&#160;&#160;&#160;&#160; (2,738,795)</p> </td> </tr> <tr align="left"> <td width="279" valign="bottom" style='width:209.3pt;background:#CCEEFF;padding:0'> <p style='margin-top:0in;margin-right:0in;margin-bottom:10.0pt;margin-left:0in;line-height:115%;margin-bottom:0in;margin-bottom:.0001pt;line-height:normal;background:#CCEEFF;text-autospace:none'><b>Denominator:</b></p> </td> <td width="99" valign="bottom" style='width:74.2pt;background:#CCEEFF;padding:0'> <p style='margin-top:0in;margin-right:0in;margin-bottom:10.0pt;margin-left:0in;line-height:115%;margin-bottom:0in;margin-bottom:.0001pt;line-height:normal;background:#CCEEFF;text-autospace:none'>&nbsp;</p> </td> <td width="97" valign="bottom" style='width:72.4pt;background:#CCEEFF;padding:0'> <p style='margin-top:0in;margin-right:0in;margin-bottom:10.0pt;margin-left:0in;line-height:115%;margin-bottom:0in;margin-bottom:.0001pt;line-height:normal;background:#CCEEFF;text-autospace:none'>&nbsp;</p> </td> <td width="101" valign="bottom" style='width:76.1pt;background:#CCEEFF;padding:0'> <p style='margin-top:0in;margin-right:0in;margin-bottom:10.0pt;margin-left:0in;line-height:115%;margin-bottom:0in;margin-bottom:.0001pt;line-height:normal;background:#CCEEFF;text-autospace:none'>&nbsp;</p> </td> <td width="94" valign="bottom" style='width:70.5pt;background:#CCEEFF;padding:0'> <p style='margin-top:0in;margin-right:0in;margin-bottom:10.0pt;margin-left:0in;line-height:115%;margin-bottom:0in;margin-bottom:.0001pt;line-height:normal;background:#CCEEFF;text-autospace:none'>&nbsp;</p> </td> </tr> <tr align="left"> <td width="279" valign="bottom" style='width:209.3pt;background:white;padding:0'> <p style='margin-top:0in;margin-right:0in;margin-bottom:10.0pt;margin-left:0in;line-height:115%;margin-bottom:0in;margin-bottom:.0001pt;line-height:normal;background:white;text-autospace:none'>Denominator for basic earnings per share - weighted average number of common shares outstanding</p> </td> <td width="99" valign="bottom" style='width:74.2pt;background:white;padding:0'> <p style='margin-top:0in;margin-right:0in;margin-bottom:10.0pt;margin-left:0in;line-height:115%;margin-bottom:0in;margin-bottom:.0001pt;line-height:normal;background:white;text-autospace:none'>&#160;&#160;&#160;&#160;&#160;&#160; 182,066,546&nbsp;</p> </td> <td width="97" valign="bottom" style='width:72.4pt;background:white;padding:0'> <p style='margin-top:0in;margin-right:0in;margin-bottom:10.0pt;margin-left:0in;line-height:115%;margin-bottom:0in;margin-bottom:.0001pt;line-height:normal;background:white;text-autospace:none'>&#160;&#160;&#160;&#160;&#160; 179,673,909&nbsp;</p> </td> <td width="101" valign="bottom" style='width:76.1pt;background:white;padding:0'> <p style='margin-top:0in;margin-right:0in;margin-bottom:10.0pt;margin-left:0in;line-height:115%;margin-bottom:0in;margin-bottom:.0001pt;line-height:normal;background:white;text-autospace:none'>&#160;&#160;&#160;&#160;&#160;&#160; 182,066,546&nbsp;</p> </td> <td width="94" valign="bottom" style='width:70.5pt;background:white;padding:0'> <p style='margin-top:0in;margin-right:0in;margin-bottom:10.0pt;margin-left:0in;line-height:115%;margin-bottom:0in;margin-bottom:.0001pt;line-height:normal;background:white;text-autospace:none'>&#160;&#160;&#160;&#160;&#160; 176,653,636&nbsp;</p> </td> </tr> <tr align="left"> <td width="279" valign="bottom" style='width:209.3pt;background:#CCEEFF;padding:0in 0in 1.5pt 0in'> <p style='margin-top:0in;margin-right:0in;margin-bottom:10.0pt;margin-left:0in;line-height:115%;margin-bottom:0in;margin-bottom:.0001pt;line-height:normal;background:#CCEEFF;text-autospace:none'>Stock awards, options, and warrants</p> </td> <td width="99" valign="bottom" style='width:74.2pt;border:none;border-bottom:solid black 1.0pt;background:#CCEEFF;padding:0in 0in 1.5pt 0in'> <p style='margin-top:0in;margin-right:0in;margin-bottom:10.0pt;margin-left:0in;line-height:115%;margin-bottom:0in;margin-bottom:.0001pt;line-height:normal;background:#CCEEFF;text-autospace:none'>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; 0&nbsp;</p> </td> <td width="97" valign="bottom" style='width:72.4pt;border:none;border-bottom:solid black 1.0pt;background:#CCEEFF;padding:0in 0in 1.5pt 0in'> <p style='margin-top:0in;margin-right:0in;margin-bottom:10.0pt;margin-left:0in;line-height:115%;margin-bottom:0in;margin-bottom:.0001pt;line-height:normal;background:#CCEEFF;text-autospace:none'>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; 0&nbsp;</p> </td> <td width="101" valign="bottom" style='width:76.1pt;border:none;border-bottom:solid black 1.0pt;background:#CCEEFF;padding:0in 0in 1.5pt 0in'> <p style='margin-top:0in;margin-right:0in;margin-bottom:10.0pt;margin-left:0in;line-height:115%;margin-bottom:0in;margin-bottom:.0001pt;line-height:normal;background:#CCEEFF;text-autospace:none'>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; 0&nbsp;</p> </td> <td width="94" valign="bottom" style='width:70.5pt;border:none;border-bottom:solid black 1.0pt;background:#CCEEFF;padding:0'> <p style='margin-top:0in;margin-right:0in;margin-bottom:10.0pt;margin-left:0in;line-height:115%;margin-bottom:0in;margin-bottom:.0001pt;line-height:normal;background:#CCEEFF;text-autospace:none'>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; 0&nbsp;</p> </td> </tr> <tr align="left"> <td width="279" valign="bottom" style='width:209.3pt;background:white;padding:0in 0in 3.0pt 0in'> <p style='margin-top:0in;margin-right:0in;margin-bottom:10.0pt;margin-left:0in;line-height:115%;margin-bottom:0in;margin-bottom:.0001pt;line-height:normal;background:white;text-autospace:none'>Denominator for diluted earnings per share - adjusted weighted average outstanding average number of common shares outstanding</p> </td> <td width="99" valign="bottom" style='width:74.2pt;border:none;border-bottom:double black 2.25pt;background:white;padding:0in 0in 3.0pt 0in'> <p style='margin-top:0in;margin-right:0in;margin-bottom:10.0pt;margin-left:0in;line-height:115%;margin-bottom:0in;margin-bottom:.0001pt;line-height:normal;background:white;text-autospace:none'>&#160;&#160;&#160;&#160;&#160;&#160; 182,066,546&nbsp;</p> </td> <td width="97" valign="bottom" style='width:72.4pt;border:none;border-bottom:double black 2.25pt;background:white;padding:0in 0in 3.0pt 0in'> <p style='margin-top:0in;margin-right:0in;margin-bottom:10.0pt;margin-left:0in;line-height:115%;margin-bottom:0in;margin-bottom:.0001pt;line-height:normal;background:white;text-autospace:none'>&#160;&#160;&#160;&#160;&#160; 179,673,909&nbsp;</p> </td> <td width="101" valign="bottom" style='width:76.1pt;border:none;border-bottom:double black 2.25pt;background:white;padding:0in 0in 3.0pt 0in'> <p style='margin-top:0in;margin-right:0in;margin-bottom:10.0pt;margin-left:0in;line-height:115%;margin-bottom:0in;margin-bottom:.0001pt;line-height:normal;background:white;text-autospace:none'>&#160;&#160;&#160;&#160;&#160;&#160; 182,066,546&nbsp;</p> </td> <td width="94" valign="bottom" style='width:70.5pt;border:none;border-bottom:double black 2.25pt;background:white;padding:0'> <p style='margin-top:0in;margin-right:0in;margin-bottom:10.0pt;margin-left:0in;line-height:115%;margin-bottom:0in;margin-bottom:.0001pt;line-height:normal;background:white;text-autospace:none'>&#160;&#160;&#160;&#160;&#160; 176,653,636&nbsp;</p> </td> </tr> <tr align="left"> <td width="279" valign="bottom" style='width:209.3pt;background:#CCEEFF;padding:0'> <p style='margin-top:0in;margin-right:0in;margin-bottom:10.0pt;margin-left:0in;line-height:115%;margin-bottom:0in;margin-bottom:.0001pt;line-height:normal;background:#CCEEFF;text-autospace:none'><b>Basic and diluted loss per common share:</b></p> </td> <td width="99" valign="bottom" style='width:74.2pt;background:#CCEEFF;padding:0'> <p style='margin-top:0in;margin-right:0in;margin-bottom:10.0pt;margin-left:0in;line-height:115%;margin-bottom:0in;margin-bottom:.0001pt;line-height:normal;background:#CCEEFF;text-autospace:none'>&nbsp;</p> </td> <td width="97" valign="bottom" style='width:72.4pt;background:#CCEEFF;padding:0'> <p style='margin-top:0in;margin-right:0in;margin-bottom:10.0pt;margin-left:0in;line-height:115%;margin-bottom:0in;margin-bottom:.0001pt;line-height:normal;background:#CCEEFF;text-autospace:none'>&nbsp;</p> </td> <td width="101" valign="bottom" style='width:76.1pt;background:#CCEEFF;padding:0'> <p style='margin-top:0in;margin-right:0in;margin-bottom:10.0pt;margin-left:0in;line-height:115%;margin-bottom:0in;margin-bottom:.0001pt;line-height:normal;background:#CCEEFF;text-autospace:none'>&nbsp;</p> </td> <td width="94" valign="bottom" style='width:70.5pt;background:#CCEEFF;padding:0'> <p style='margin-top:0in;margin-right:0in;margin-bottom:10.0pt;margin-left:0in;line-height:115%;margin-bottom:0in;margin-bottom:.0001pt;line-height:normal;background:#CCEEFF;text-autospace:none'>&nbsp;</p> </td> </tr> <tr align="left"> <td width="279" valign="bottom" style='width:209.3pt;background:white;padding:0'> <p style='margin-top:0in;margin-right:0in;margin-bottom:10.0pt;margin-left:0in;line-height:115%;margin-bottom:0in;margin-bottom:.0001pt;line-height:normal;background:white;text-autospace:none'>Loss per share - basic and diluted</p> </td> <td width="99" valign="bottom" style='width:74.2pt;background:white;padding:0'> <p style='margin-top:0in;margin-right:0in;margin-bottom:10.0pt;margin-left:0in;line-height:115%;margin-bottom:0in;margin-bottom:.0001pt;line-height:normal;background:white;text-autospace:none'>&#160; $&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; (0.005)</p> </td> <td width="97" valign="bottom" style='width:72.4pt;background:white;padding:0'> <p style='margin-top:0in;margin-right:0in;margin-bottom:10.0pt;margin-left:0in;line-height:115%;margin-bottom:0in;margin-bottom:.0001pt;line-height:normal;background:white;text-autospace:none'>&#160; $&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; (0.012)</p> </td> <td width="101" valign="bottom" style='width:76.1pt;background:white;padding:0'> <p style='margin-top:0in;margin-right:0in;margin-bottom:10.0pt;margin-left:0in;line-height:115%;margin-bottom:0in;margin-bottom:.0001pt;line-height:normal;background:white;text-autospace:none'>&#160;&#160; $&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; (0.015)</p> </td> <td width="94" valign="bottom" style='width:70.5pt;background:white;padding:0'> <p style='margin-top:0in;margin-right:0in;margin-bottom:10.0pt;margin-left:0in;line-height:115%;margin-bottom:0in;margin-bottom:.0001pt;line-height:normal;background:white;text-autospace:none'> $&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; (0.016)</p> </td> </tr> </table> <p style='margin-top:0in;margin-right:0in;margin-bottom:10.0pt;margin-left:0in;line-height:115%;margin-bottom:0in;margin-bottom:.0001pt;line-height:normal;text-autospace:none'>&nbsp;</p> <p style='margin-top:0in;margin-right:0in;margin-bottom:10.0pt;margin-left:0in;line-height:115%;margin-bottom:0in;margin-bottom:.0001pt;line-height:normal;text-autospace:none'><b><i>FOREIGN CURRENCY TRANSLATION</i></b></p> <p style='margin-top:0in;margin-right:0in;margin-bottom:10.0pt;margin-left:0in;line-height:115%;margin-bottom:0in;margin-bottom:.0001pt;line-height:normal;text-autospace:none'>&nbsp;</p> <p style='margin-top:0in;margin-right:0in;margin-bottom:10.0pt;margin-left:0in;line-height:115%;margin-bottom:0in;margin-bottom:.0001pt;text-indent:.5in;line-height:normal;text-autospace:none'>Transactions and balances originally denominated in U.S. dollars are presented at their original amounts. Transactions and balances in other currencies are converted into U.S. dollars in accordance with ASC Section 830-20-35 and are included in determining net income or loss.</p> <p style='margin-top:0in;margin-right:0in;margin-bottom:10.0pt;margin-left:0in;line-height:115%;margin-bottom:0in;margin-bottom:.0001pt;line-height:normal;text-autospace:none'>&nbsp;</p> <p style='margin-top:0in;margin-right:0in;margin-bottom:10.0pt;margin-left:0in;line-height:115%;margin-bottom:0in;margin-bottom:.0001pt;text-align:justify;text-justify:inter-ideograph;text-indent:.5in;line-height:normal;text-autospace:none'>The reporting currency of the Company is the U.S. dollar. The functional currency of the parent company is the U.S. dollar and the functional currency of the Company's operating subsidiaries is the Chinese Renminbi (&quot;RMB&quot;).&nbsp;&nbsp;In accordance with ASC 830-20-35, the consolidated financial statements were translated into United States dollars using balance sheet date rates of exchange for assets and liabilities, and average rates of exchange for the period for the income statements and cash flows.&nbsp;Equity accounts were stated at their historical rate. Net gains and losses resulting from foreign exchange transactions are included in the consolidated statements of operations.&nbsp;&nbsp;Translation adjustments resulting from the process of translating the local currency financial statements into U.S. dollars are included in other comprehensive income or loss.</p> <p style='margin-top:0in;margin-right:0in;margin-bottom:10.0pt;margin-left:0in;line-height:115%;margin-bottom:0in;margin-bottom:.0001pt;text-align:justify;text-justify:inter-ideograph;text-indent:.5in;line-height:normal;text-autospace:none'>&nbsp;</p> <p style='margin-top:0in;margin-right:0in;margin-bottom:10.0pt;margin-left:0in;line-height:115%;margin-bottom:0in;margin-bottom:.0001pt;text-align:justify;text-justify:inter-ideograph;text-indent:.5in;line-height:normal;text-autospace:none'>RMB is not a fully convertible currency.&nbsp;All foreign exchange transactions involving RMB must take place either through the People's Bank of China (the &quot;PBOC&quot;) or other institutions authorized to buy and sell foreign exchange.&nbsp;The exchange rate adopted for the foreign exchange transactions are the rates of exchange quoted by the PBOC, which are determined largely by supply and demand.&nbsp;Translation of amounts from RMB into United States dollars (&quot;$&quot;) was made at the following exchange rates for the respective periods:</p> <p style='margin-top:0in;margin-right:0in;margin-bottom:10.0pt;margin-left:0in;line-height:115%;margin-bottom:0in;margin-bottom:.0001pt;text-align:justify;text-justify:inter-ideograph;line-height:normal;text-autospace:none'>&nbsp;</p> <table border="0" cellspacing="0" cellpadding="0" style='margin-left:52.35pt;border-collapse:collapse'> <tr align="left"> <td width="281" valign="top" style='width:210.45pt;padding:0'> <p style='margin-top:0in;margin-right:0in;margin-bottom:10.0pt;margin-left:0in;line-height:115%;margin-bottom:0in;margin-bottom:.0001pt;text-align:justify;text-justify:inter-ideograph;line-height:normal;text-autospace:none'>As of January 31, 2017</p> </td> <td width="277" valign="top" style='width:208.1pt;padding:0'> <p style='margin-top:0in;margin-right:0in;margin-bottom:10.0pt;margin-left:0in;line-height:115%;margin-bottom:0in;margin-bottom:.0001pt;line-height:normal;text-autospace:none'>RMB 6.88 to $1.00</p> </td> </tr> <tr align="left"> <td width="281" valign="top" style='width:210.45pt;padding:0'> <p style='margin-top:0in;margin-right:0in;margin-bottom:10.0pt;margin-left:0in;line-height:115%;margin-bottom:0in;margin-bottom:.0001pt;text-align:justify;text-justify:inter-ideograph;line-height:normal;text-autospace:none'>As of April 30, 2016</p> </td> <td width="277" valign="top" style='width:208.1pt;padding:0'> <p style='margin-top:0in;margin-right:0in;margin-bottom:10.0pt;margin-left:0in;line-height:115%;margin-bottom:0in;margin-bottom:.0001pt;line-height:normal;text-autospace:none'>RMB 6.47 to $1.00</p> </td> </tr> <tr align="left"> <td width="281" valign="top" style='width:210.45pt;padding:0'> <p style='margin-top:0in;margin-right:0in;margin-bottom:10.0pt;margin-left:0in;line-height:115%;margin-bottom:0in;margin-bottom:.0001pt;line-height:normal;text-autospace:none'>&nbsp; </p> </td> <td width="277" valign="top" style='width:208.1pt;padding:0'> <p style='margin-top:0in;margin-right:0in;margin-bottom:10.0pt;margin-left:0in;line-height:115%;margin-bottom:0in;margin-bottom:.0001pt;line-height:normal;text-autospace:none'>&nbsp; </p> </td> </tr> <tr align="left"> <td width="281" valign="top" style='width:210.45pt;padding:0'> <p style='margin-top:0in;margin-right:0in;margin-bottom:10.0pt;margin-left:0in;line-height:115%;margin-bottom:0in;margin-bottom:.0001pt;text-align:justify;text-justify:inter-ideograph;line-height:normal;text-autospace:none'>Nine months ended January 31, 2017</p> </td> <td width="277" valign="top" style='width:208.1pt;padding:0'> <p style='margin-top:0in;margin-right:0in;margin-bottom:10.0pt;margin-left:0in;line-height:115%;margin-bottom:0in;margin-bottom:.0001pt;line-height:normal;text-autospace:none'>RMB 6.72 to $1.00</p> </td> </tr> <tr align="left"> <td width="281" valign="top" style='width:210.45pt;padding:0'> <p style='margin-top:0in;margin-right:0in;margin-bottom:10.0pt;margin-left:0in;line-height:115%;margin-bottom:0in;margin-bottom:.0001pt;text-align:justify;text-justify:inter-ideograph;line-height:normal;text-autospace:none'>Nine months ended January 31, 2016</p> </td> <td width="277" valign="top" style='width:208.1pt;padding:0'> <p style='margin-top:0in;margin-right:0in;margin-bottom:10.0pt;margin-left:0in;line-height:115%;margin-bottom:0in;margin-bottom:.0001pt;line-height:normal;text-autospace:none'>RMB 6.30 to $1.00</p> </td> </tr> </table> <p style='margin-top:0in;margin-right:0in;margin-bottom:10.0pt;margin-left:0in;line-height:115%;margin-bottom:0in;margin-bottom:.0001pt;line-height:normal;text-autospace:none'>&nbsp;</p> <p style='margin-top:0in;margin-right:0in;margin-bottom:10.0pt;margin-left:0in;line-height:115%;margin-bottom:0in;margin-bottom:.0001pt;text-align:justify;text-justify:inter-ideograph;line-height:normal;text-autospace:none'><b><i>COMPREHENSIVE LOSS</i></b></p> <p style='margin-top:0in;margin-right:0in;margin-bottom:10.0pt;margin-left:0in;line-height:115%;margin-bottom:0in;margin-bottom:.0001pt;text-align:justify;text-justify:inter-ideograph;line-height:normal;text-autospace:none'>&nbsp;</p> <p style='margin-top:0in;margin-right:0in;margin-bottom:10.0pt;margin-left:0in;line-height:115%;margin-bottom:0in;margin-bottom:.0001pt;text-align:justify;text-justify:inter-ideograph;text-indent:45.0pt;line-height:normal;text-autospace:none'>Comprehensive&nbsp;loss is comprised of net loss and all changes to the statements of stockholders' equity, except those due to investments by stockholders, changes in paid-in capital and distributions to stockholders. For the Company, comprehensive&nbsp;loss for the three and nine months ended January 31, 2017 and 2016 included net loss&nbsp;and unrealized gains (losses) from foreign currency translation adjustments.&nbsp;</p> <p style='margin-top:0in;margin-right:0in;margin-bottom:10.0pt;margin-left:0in;line-height:115%;margin-bottom:0in;margin-bottom:.0001pt;line-height:normal;text-autospace:none'>&nbsp;</p> <p style='margin-top:0in;margin-right:0in;margin-bottom:10.0pt;margin-left:0in;line-height:115%;margin-bottom:0in;margin-bottom:.0001pt;line-height:normal;text-autospace:none'><b><i>CONCENTRATIONS OF CREDIT RISK</i></b></p> <p style='margin-top:0in;margin-right:0in;margin-bottom:10.0pt;margin-left:0in;line-height:115%;margin-bottom:0in;margin-bottom:.0001pt;line-height:normal;text-autospace:none'>&nbsp;</p> <p style='margin-top:0in;margin-right:0in;margin-bottom:10.0pt;margin-left:0in;line-height:115%;margin-bottom:0in;margin-bottom:.0001pt;text-indent:.5in;line-height:normal;text-autospace:none'>Substantially all of our operations are carried out in the PRC. Accordingly, our business, financial condition and results of operations may be influenced by the political, economic and legal environment in the PRC, and by the general state of the PRC's economy. Our operations in the PRC are subject to specific considerations and significant risks not typically associated with companies in North America. Our results may be adversely affected by changes in governmental policies with respect to laws and regulations, anti-inflationary measures, currency conversion and remittance abroad, and rates and methods of taxation, among other things.</p> <p style='margin-top:0in;margin-right:0in;margin-bottom:10.0pt;margin-left:0in;line-height:115%;margin-bottom:0in;margin-bottom:.0001pt;line-height:normal;text-autospace:none'>&nbsp;</p> <p style='margin-top:0in;margin-right:0in;margin-bottom:10.0pt;margin-left:0in;line-height:115%;margin-bottom:0in;margin-bottom:.0001pt;text-indent:.5in;line-height:normal;text-autospace:none'>Financial instruments which potentially subject us to concentrations of credit risk consist principally of cash and trade accounts receivable. We place our cash with high credit quality financial institutions in the United States and China. At January 31, 2017, we had $125,668 of cash balance held in PRC banks, which is not insured. We have not experienced any losses in such accounts through January 31, 2017.</p> <p style='margin-top:0in;margin-right:0in;margin-bottom:10.0pt;margin-left:0in;line-height:115%;margin-bottom:0in;margin-bottom:.0001pt;line-height:normal;text-autospace:none'>&nbsp;</p> <p style='margin-top:0in;margin-right:0in;margin-bottom:10.0pt;margin-left:0in;line-height:115%;margin-bottom:0in;margin-bottom:.0001pt;text-indent:.5in;line-height:normal;text-autospace:none'>Almost all of our sales are credit sales which are primarily to customers whose ability to pay is dependent upon the industry economics prevailing in these areas; however, we believe that the concentration of credit risk with respect to trade accounts receivable is limited due to generally short payment terms. We also perform ongoing credit evaluations of our customers to help further reduce potential credit risk.</p> <p style='margin-top:0in;margin-right:0in;margin-bottom:10.0pt;margin-left:0in;line-height:115%;margin-bottom:0in;margin-bottom:.0001pt;line-height:normal;text-autospace:none'>&nbsp;</p> <p style='margin-top:0in;margin-right:0in;margin-bottom:10.0pt;margin-left:0in;line-height:115%;margin-bottom:0in;margin-bottom:.0001pt;line-height:normal;text-autospace:none'><b><i>STOCK BASED COMPENSATION</i></b></p> <p style='margin-top:0in;margin-right:0in;margin-bottom:10.0pt;margin-left:0in;line-height:115%;margin-bottom:0in;margin-bottom:.0001pt;line-height:normal;text-autospace:none'>&nbsp;</p> <p style='margin-top:0in;margin-right:0in;margin-bottom:10.0pt;margin-left:0in;line-height:115%;margin-bottom:0in;margin-bottom:.0001pt;text-indent:.5in;line-height:normal;text-autospace:none'>Stock-based compensation is accounted for based on the requirements of the Share-Based Payment topic of ASC 718 which requires recognition in the financial statements of the cost of employee and director services received in exchange for an award of equity instruments over the period the employee or director is required to perform the services in exchange for the award (presumptively, the vesting period). ASC 718 also requires measurement of the cost of employee and director services received in exchange for an award based on the grant-date fair value of the award.</p> <p style='margin-top:0in;margin-right:0in;margin-bottom:10.0pt;margin-left:0in;line-height:115%;margin-bottom:0in;margin-bottom:.0001pt;text-indent:.5in;line-height:normal;text-autospace:none'>&nbsp;</p> <p style='margin-top:0in;margin-right:0in;margin-bottom:10.0pt;margin-left:0in;line-height:115%;margin-bottom:0in;margin-bottom:.0001pt;text-indent:.5in;line-height:normal;text-autospace:none'>Pursuant to ASC 505-50, for share-based payments to consultants and other third parties, compensation expense is determined at the &quot;measurement date.&quot; The expense is recognized over the vesting period of the award. Until the measurement date is reached, the total amount of compensation expense remains uncertain. The Company records compensation expense based on the fair value of the award at the reporting date. The awards to consultants and other third parties are then revalued, or the total compensation is recalculated, based on the then current fair value, at each subsequent reporting date.</p> <p style='margin-top:0in;margin-right:0in;margin-bottom:10.0pt;margin-left:0in;line-height:115%;margin-bottom:0in;margin-bottom:.0001pt;line-height:normal;text-autospace:none'>&nbsp;</p> <p style='margin-top:0in;margin-right:0in;margin-bottom:10.0pt;margin-left:0in;line-height:115%;margin-bottom:0in;margin-bottom:.0001pt;line-height:normal;text-autospace:none'><b><i>RESEARCH AND DEVELOPMENT</i></b></p> <p style='margin-top:0in;margin-right:0in;margin-bottom:10.0pt;margin-left:0in;line-height:115%;margin-bottom:0in;margin-bottom:.0001pt;line-height:normal;text-autospace:none'>&nbsp;</p> <p style='margin-top:0in;margin-right:0in;margin-bottom:10.0pt;margin-left:0in;line-height:115%;margin-bottom:0in;margin-bottom:.0001pt;text-indent:.5in;line-height:normal;text-autospace:none'>Research and development costs are expensed as incurred and are included in general and administrative expenses in the accompanying statements of operations. Research and development costs are incurred on a project specific basis. Research and development cost were $283,815 and $571,574 for the three months ended January 31, 2017 and 2016; and&nbsp;$393,143 and $614,465 for the nine months ended January 31, 2017 and 2016, respectively.</p> <p style='margin-top:0in;margin-right:0in;margin-bottom:10.0pt;margin-left:0in;line-height:115%;margin-bottom:0in;margin-bottom:.0001pt;line-height:normal;text-autospace:none'>&nbsp;</p> <p style='margin-top:0in;margin-right:0in;margin-bottom:10.0pt;margin-left:0in;line-height:115%;margin-bottom:0in;margin-bottom:.0001pt;line-height:normal;text-autospace:none'><b><i>SHIPPING COSTS</i></b></p> <p style='margin-top:0in;margin-right:0in;margin-bottom:10.0pt;margin-left:0in;line-height:115%;margin-bottom:0in;margin-bottom:.0001pt;line-height:normal;text-autospace:none'>&nbsp;</p> <p style='margin-top:0in;margin-right:0in;margin-bottom:10.0pt;margin-left:0in;line-height:115%;margin-bottom:0in;margin-bottom:.0001pt;text-indent:.5in;line-height:normal;text-autospace:none'>Shipping costs are included in selling expenses and totaled $91,522 and $113,441 for the three months ended January 31, 2017 and 2016; and&nbsp;$342,913 and $209,830 for the nine months ended January 31, 2017 and 2016, respectively.</p> <p style='margin-top:0in;margin-right:0in;margin-bottom:10.0pt;margin-left:0in;line-height:115%;margin-bottom:0in;margin-bottom:.0001pt;line-height:normal;text-autospace:none'>&nbsp;</p> <p style='margin-top:0in;margin-right:0in;margin-bottom:10.0pt;margin-left:0in;line-height:115%;margin-bottom:0in;margin-bottom:.0001pt;line-height:normal;text-autospace:none'><b><i>RECLASSIFICATIONS</i></b></p> <p style='margin-top:0in;margin-right:0in;margin-bottom:10.0pt;margin-left:0in;line-height:115%;margin-bottom:0in;margin-bottom:.0001pt;line-height:normal;text-autospace:none'>&nbsp;</p> <p style='margin-top:0in;margin-right:0in;margin-bottom:10.0pt;margin-left:0in;line-height:115%;margin-bottom:0in;margin-bottom:.0001pt;text-indent:.5in;line-height:normal;text-autospace:none'>Certain prior year amounts have been reclassified to conform to the current period presentation. These reclassifications had no impact on net earnings and financial position.</p> <p style='margin-top:0in;margin-right:0in;margin-bottom:10.0pt;margin-left:0in;line-height:115%;margin-bottom:0in;margin-bottom:.0001pt;line-height:normal;text-autospace:none'>&nbsp;</p> <p style='margin-top:0in;margin-right:0in;margin-bottom:10.0pt;margin-left:0in;line-height:115%;margin-bottom:0in;margin-bottom:.0001pt;line-height:normal;text-autospace:none'><b><i>RECENT ACCOUNTING PRONOUNCEMENTS</i></b></p> <p style='margin-top:0in;margin-right:0in;margin-bottom:10.0pt;margin-left:0in;line-height:115%;margin-bottom:0in;margin-bottom:.0001pt;line-height:normal;text-autospace:none'>&nbsp;</p> <p style='margin-top:0in;margin-right:0in;margin-bottom:10.0pt;margin-left:0in;line-height:115%;margin-bottom:0in;margin-bottom:.0001pt;text-indent:.5in;line-height:normal;text-autospace:none'>In May 2016, the FASB issued ASU 2016-12, &quot;<i>Revenue from Contracts with Customers (Topic 606): Narrow-Scope Improvements and Practical Expedients</i>&quot;. The amendments, among other things: (1) clarify the objective of the collectability criterion for applying paragraph 606-10-25-7; (2) permit an entity to exclude amounts collected from customers for all sales (and other similar) taxes from the transaction price; (3) specify that the measurement date for noncash consideration is contract inception; (4) provide a practical expedient that permits an entity to reflect the aggregate effect of all modifications that occur before the beginning of the earliest period presented when identifying the satisfied and unsatisfied performance obligations, determining the transaction price, and allocating the transaction price to the satisfied and unsatisfied performance obligations; (5) clarify that a completed contract for purposes of transition is a contract for which all (or substantially all) of the revenue was recognized under legacy GAAP before the date of initial application, and (6) clarify that an entity that retrospectively applies the guidance in Topic 606 to each prior reporting period is not required to disclose the effect of the accounting change for the period of adoption. The effective date of these amendments&nbsp;is at the same date that Topic 606 is effective. The Company is currently in the process of evaluating the impact of the adoption on its consolidated financial statements.</p> <p style='margin-top:0in;margin-right:0in;margin-bottom:10.0pt;margin-left:0in;line-height:115%;margin-bottom:0in;margin-bottom:.0001pt;line-height:normal;text-autospace:none'>&nbsp;</p> <p style='margin-top:0in;margin-right:0in;margin-bottom:10.0pt;margin-left:0in;line-height:115%;margin-bottom:0in;margin-bottom:.0001pt;text-indent:.5in;line-height:normal;text-autospace:none'>In August 2016, the Financial Accounting Standards Board (&quot;FASB&quot;) issued Accounting Standards Update (&quot;ASU&quot;) 2016-15, Statement of Cash Flows (Topic 230): Classification of Certain Cash Receipts and Cash Payments. This ASU addresses the classification of certain specific cash flow issues including debt prepayment or extinguishment costs, settlement of certain debt instruments, contingent consideration payments made after a business combination, proceeds from the settlement of certain insurance claims and distributions received from equity method investees. This ASU is effective for fiscal years beginning after December 15, 2017, and interim periods within those fiscal years, with early adoption permitted. An entity that elects early adoption must adopt all of the amendments in the same period. The Company is currently evaluating the impact it may have on its consolidated financial statements.</p> <p style='margin-top:0in;margin-right:0in;margin-bottom:10.0pt;margin-left:0in;line-height:115%;margin-bottom:0in;margin-bottom:.0001pt;line-height:normal;text-autospace:none'>&nbsp;</p> <p style='margin-top:0in;margin-right:0in;margin-bottom:10.0pt;margin-left:0in;line-height:115%;margin-bottom:0in;margin-bottom:.0001pt;text-indent:.5in;line-height:normal;text-autospace:none'>A variety of proposed or otherwise potential accounting standards are currently under study by standard setting organizations and various regulatory agencies.&nbsp;Due to the tentative and preliminary nature of those proposed standards, we have not determined whether implementation of such proposed standards would be material to our consolidated financial statements.</p> <!--egx--><p style='margin-top:0in;margin-right:0in;margin-bottom:10.0pt;margin-left:0in;line-height:115%;margin-bottom:0in;margin-bottom:.0001pt;line-height:normal;text-autospace:none'><b>NOTE 3 - INVESTMENT IN REAL ESTATE HELD FOR RESALE</b></p> <p style='margin-top:0in;margin-right:0in;margin-bottom:10.0pt;margin-left:0in;line-height:115%;margin-bottom:0in;margin-bottom:.0001pt;line-height:normal;text-autospace:none'>&nbsp;</p> <p style='margin-top:0in;margin-right:0in;margin-bottom:10.0pt;margin-left:0in;line-height:115%;margin-bottom:0in;margin-bottom:.0001pt;text-indent:.5in;line-height:normal;text-autospace:none'>On August 25, 2011, Qufu Natural Green entered into an agreement with QufuJinxuan Real Estate Development Co., Ltd., an unaffiliated third party, to purchase thirty apartment units in China for investment. The total area of the apartment complex units is 4,500 square meters (48,438 square feet), for a total purchase price of RMB15,120,000 (approximately $2,484,799) (the &quot;Purchase Price&quot;), at RMB 3,360 ($546) per square meter. The Company prepaid 80% of the Purchase Price, approximately $1,987,839, upon signing the agreement on August 25, 2011, and we classified investment in real estate held for resale as a long-term asset since we did not plan on selling the apartment units during the one year period. On February 9, 2015, the Company decided to award twenty apartment complex units, totaling 3,000 square meters (32,292 square feet), to certain management personnel and outstanding performers in our technical team for their past contribution made to the Company, which also served as an incentive to stimulate improvement in performance of other employees and attract future talents to serve the Company. These apartment units are valued at the fair market price of RMB3,448 ($561) per square meter. Ms. Dongdong Lin, our Chief Executive Officer, received an apartment valued at $84,206 which was included in her fiscal 2015 compensation. Total non-cash employees' compensation / bonus recorded for this reward amounted to RMB10,344,000 ($1,684,122) and as a result, we recognized a gain of RMB 264,000 ($42,989) from the excess fair value of these twenty apartment units transferred to these employees. The non-cash employees' compensation / bonus has been classified and included in the general and administrative expenses in the consolidated statements of operations and comprehensive loss for the fiscal year ended April 30, 2015.&nbsp;</p> <p style='margin-top:0in;margin-right:0in;margin-bottom:10.0pt;margin-left:0in;line-height:115%;margin-bottom:0in;margin-bottom:.0001pt;text-indent:.5in;line-height:normal;text-autospace:none'>&nbsp;</p> <p style='margin-top:0in;margin-right:0in;margin-bottom:10.0pt;margin-left:0in;line-height:115%;margin-bottom:0in;margin-bottom:.0001pt;text-indent:.5in;line-height:normal;text-autospace:none'>On May 5, 2016, Qufu Natural Green entered into an agreement with Shandong Jinglucheng Real Estate Development Co., Ltd., formerly known as QufuJinxuan Real Estate Development Co., Ltd., to sell the remaining ten units of the thirty apartment units in China to Mr. Linghe Zhu, an unaffiliated third party buyer, for a total purchase price of RMB5,024,000 (approximately $766,438). As per the Purchase Agreement, the buyer shall directly pay RMB3,024,000 (approximately $461,327) to Shandong Jinglucheng Real Estate Development Co., Ltd. for the balance that Qufu Natural Green owed to Shandong Jinglucheng Real Estate Development Co., Ltd., and pay RMB 2,000,000 (approximately $305,111) to Qufu Natural Green before May 31, 2016. The Company received the payment of RMB 2,000,000 on May 24, 2016. The Company has incurred a loss from sales of these remaining ten apartments of RMB16,000 (approximately $2,410) during the nine months ended January 31, 2017. As of January 31, 2017 and April 30, 2016, investment in real estate held for resale amounted to $0 and $311,467, respectively.</p> <!--egx--><p style='margin-top:0in;margin-right:0in;margin-bottom:10.0pt;margin-left:0in;line-height:115%;margin-bottom:0in;margin-bottom:.0001pt;line-height:normal;text-autospace:none'><b>NOTE 4 - INVENTORIES</b></p> <p style='margin-top:0in;margin-right:0in;margin-bottom:10.0pt;margin-left:0in;line-height:115%;margin-bottom:0in;margin-bottom:.0001pt;line-height:normal;text-autospace:none'>&nbsp;</p> <p style='margin-top:0in;margin-right:0in;margin-bottom:10.0pt;margin-left:0in;line-height:115%;margin-bottom:0in;margin-bottom:.0001pt;text-indent:.5in;line-height:normal;text-autospace:none'>At January 31, 2017 and April 30, 2016, inventories consisted of the following:</p> <p style='margin-top:0in;margin-right:0in;margin-bottom:10.0pt;margin-left:0in;line-height:115%;margin-bottom:0in;margin-bottom:.0001pt;text-indent:.5in;line-height:normal;text-autospace:none'>&nbsp;</p> <p style='margin-top:0in;margin-right:0in;margin-bottom:10.0pt;margin-left:0in;line-height:115%;margin-bottom:0in;margin-bottom:.0001pt;line-height:normal;text-autospace:none'>&nbsp;&nbsp;</p> <table border="0" cellspacing="0" cellpadding="0" style='margin-left:52.35pt;border-collapse:collapse'> <tr align="left"> <td width="357" valign="bottom" style='width:267.9pt;padding:0in 0in 1.5pt 0in'> <p style='margin-top:0in;margin-right:0in;margin-bottom:10.0pt;margin-left:0in;line-height:115%;margin-bottom:0in;margin-bottom:.0001pt;line-height:normal;text-autospace:none'>&nbsp; </p> </td> <td width="95" valign="bottom" style='width:71.25pt;border:none;border-bottom:solid black 1.0pt;padding:0'> <p align="center" style='margin-top:0in;margin-right:0in;margin-bottom:10.0pt;margin-left:0in;line-height:115%;margin-bottom:0in;margin-bottom:.0001pt;text-align:center;line-height:normal;text-autospace:none'>January 31, </p> <p align="center" style='margin-top:0in;margin-right:0in;margin-bottom:10.0pt;margin-left:0in;line-height:115%;margin-bottom:0in;margin-bottom:.0001pt;text-align:center;line-height:normal;text-autospace:none'>2017</p> <p align="center" style='margin-top:0in;margin-right:0in;margin-bottom:10.0pt;margin-left:0in;line-height:115%;margin-bottom:0in;margin-bottom:.0001pt;text-align:center;line-height:normal;text-autospace:none'>&#160;(unaudited)</p> </td> <td width="95" valign="bottom" style='width:71.2pt;border:none;border-bottom:solid black 1.0pt;padding:0'> <p align="center" style='margin-top:0in;margin-right:0in;margin-bottom:10.0pt;margin-left:0in;line-height:115%;margin-bottom:0in;margin-bottom:.0001pt;text-align:center;line-height:normal;text-autospace:none'>April 30, </p> <p align="center" style='margin-top:0in;margin-right:0in;margin-bottom:10.0pt;margin-left:0in;line-height:115%;margin-bottom:0in;margin-bottom:.0001pt;text-align:center;line-height:normal;text-autospace:none'>2016</p> </td> </tr> <tr align="left"> <td width="357" valign="bottom" style='width:267.9pt;background:#CCEEFF;padding:0'> <p style='margin-top:0in;margin-right:0in;margin-bottom:10.0pt;margin-left:0in;line-height:115%;margin-bottom:0in;margin-bottom:.0001pt;line-height:normal;background:#CCEEFF;text-autospace:none'>Raw materials</p> </td> <td width="95" valign="top" style='width:71.25pt;background:#CCEEFF;padding:0'> <p style='margin-top:0in;margin-right:0in;margin-bottom:10.0pt;margin-left:0in;line-height:115%;margin-bottom:0in;margin-bottom:.0001pt;line-height:normal;background:#CCEEFF;text-autospace:none'>&#160;&#160; $&#160;&#160;&#160; 4,451,307&nbsp;</p> </td> <td width="95" valign="top" style='width:71.2pt;background:#CCEEFF;padding:0'> <p style='margin-top:0in;margin-right:0in;margin-bottom:10.0pt;margin-left:0in;line-height:115%;margin-bottom:0in;margin-bottom:.0001pt;line-height:normal;background:#CCEEFF;text-autospace:none'>&#160;&#160; $&#160;&#160;&#160; 2,287,572&nbsp;</p> </td> </tr> <tr align="left"> <td width="357" valign="bottom" style='width:267.9pt;background:white;padding:0'> <p style='margin-top:0in;margin-right:0in;margin-bottom:10.0pt;margin-left:0in;line-height:115%;margin-bottom:0in;margin-bottom:.0001pt;line-height:normal;background:white;text-autospace:none'>Work in process</p> </td> <td width="95" valign="top" style='width:71.25pt;background:white;padding:0'> <p style='margin-top:0in;margin-right:0in;margin-bottom:10.0pt;margin-left:0in;line-height:115%;margin-bottom:0in;margin-bottom:.0001pt;line-height:normal;background:white;text-autospace:none'>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; 1,036,514&nbsp;</p> </td> <td width="95" valign="top" style='width:71.2pt;background:white;padding:0'> <p style='margin-top:0in;margin-right:0in;margin-bottom:10.0pt;margin-left:0in;line-height:115%;margin-bottom:0in;margin-bottom:.0001pt;line-height:normal;background:white;text-autospace:none'>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; 1,221,115&nbsp;</p> </td> </tr> <tr align="left"> <td width="357" valign="bottom" style='width:267.9pt;background:#CCEEFF;padding:0in 0in 1.5pt 0in'> <p style='margin-top:0in;margin-right:0in;margin-bottom:10.0pt;margin-left:0in;line-height:115%;margin-bottom:0in;margin-bottom:.0001pt;line-height:normal;background:#CCEEFF;text-autospace:none'>Finished goods</p> </td> <td width="95" valign="top" style='width:71.25pt;border:none;border-bottom:solid black 1.0pt;background:#CCEEFF;padding:0in 0in 1.5pt 0in'> <p style='margin-top:0in;margin-right:0in;margin-bottom:10.0pt;margin-left:0in;line-height:115%;margin-bottom:0in;margin-bottom:.0001pt;line-height:normal;background:#CCEEFF;text-autospace:none'>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; 2,122,632&nbsp;</p> </td> <td width="95" valign="top" style='width:71.2pt;border:none;border-bottom:solid black 1.0pt;background:#CCEEFF;padding:0'> <p style='margin-top:0in;margin-right:0in;margin-bottom:10.0pt;margin-left:0in;line-height:115%;margin-bottom:0in;margin-bottom:.0001pt;line-height:normal;background:#CCEEFF;text-autospace:none'>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; 1,125,551&nbsp;</p> </td> </tr> <tr align="left"> <td width="357" valign="bottom" style='width:267.9pt;background:white;padding:0'> <p style='margin-top:0in;margin-right:0in;margin-bottom:10.0pt;margin-left:0in;line-height:115%;margin-bottom:0in;margin-bottom:.0001pt;line-height:normal;background:white;text-autospace:none'>&nbsp;Inventories, gross</p> </td> <td width="95" valign="top" style='width:71.25pt;background:white;padding:0'> <p style='margin-top:0in;margin-right:0in;margin-bottom:10.0pt;margin-left:0in;line-height:115%;margin-bottom:0in;margin-bottom:.0001pt;line-height:normal;background:white;text-autospace:none'>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; 7,610,453&nbsp;</p> </td> <td width="95" valign="top" style='width:71.2pt;background:white;padding:0'> <p style='margin-top:0in;margin-right:0in;margin-bottom:10.0pt;margin-left:0in;line-height:115%;margin-bottom:0in;margin-bottom:.0001pt;line-height:normal;background:white;text-autospace:none'>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; 4,634,238&nbsp;</p> </td> </tr> <tr align="left"> <td width="357" valign="bottom" style='width:267.9pt;background:#CCEEFF;padding:0in 0in 1.5pt 0in'> <p style='margin-top:0in;margin-right:0in;margin-bottom:10.0pt;margin-left:0in;line-height:115%;margin-bottom:0in;margin-bottom:.0001pt;line-height:normal;background:#CCEEFF;text-autospace:none'>Less: reserve for obsolete inventory</p> </td> <td width="95" valign="top" style='width:71.25pt;border:none;border-bottom:solid black 1.0pt;background:#CCEEFF;padding:0in 0in 1.5pt 0in'> <p style='margin-top:0in;margin-right:0in;margin-bottom:10.0pt;margin-left:0in;line-height:115%;margin-bottom:0in;margin-bottom:.0001pt;line-height:normal;background:#CCEEFF;text-autospace:none'>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; (101,317)</p> </td> <td width="95" valign="top" style='width:71.2pt;border:none;border-bottom:solid black 1.0pt;background:#CCEEFF;padding:0'> <p style='margin-top:0in;margin-right:0in;margin-bottom:10.0pt;margin-left:0in;line-height:115%;margin-bottom:0in;margin-bottom:.0001pt;line-height:normal;background:#CCEEFF;text-autospace:none'>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; (107,658)</p> </td> </tr> <tr align="left"> <td width="357" valign="bottom" style='width:267.9pt;background:white;padding:0in 0in 3.0pt 0in'> <p style='margin-top:0in;margin-right:0in;margin-bottom:10.0pt;margin-left:0in;line-height:115%;margin-bottom:0in;margin-bottom:.0001pt;line-height:normal;background:white;text-autospace:none'>Inventories, net</p> </td> <td width="95" valign="top" style='width:71.25pt;border:none;border-bottom:double black 2.25pt;background:white;padding:0in 0in 3.0pt 0in'> <p style='margin-top:0in;margin-right:0in;margin-bottom:10.0pt;margin-left:0in;line-height:115%;margin-bottom:0in;margin-bottom:.0001pt;line-height:normal;background:white;text-autospace:none'>&#160;&#160; $&#160;&#160;&#160; 7,509,136&nbsp;</p> </td> <td width="95" valign="top" style='width:71.2pt;border:none;border-bottom:double black 2.25pt;background:white;padding:0'> <p style='margin-top:0in;margin-right:0in;margin-bottom:10.0pt;margin-left:0in;line-height:115%;margin-bottom:0in;margin-bottom:.0001pt;line-height:normal;background:white;text-autospace:none'>&#160;&#160; $&#160;&#160;&#160; 4,526,580&nbsp;</p> </td> </tr> </table> <!--egx--><p style='margin-top:0in;margin-right:0in;margin-bottom:10.0pt;margin-left:0in;line-height:115%;margin-bottom:0in;margin-bottom:.0001pt;line-height:normal;text-autospace:none'><b>NOTE 5 - PROPERTY AND EQUIPMENT</b></p> <p style='margin-top:0in;margin-right:0in;margin-bottom:10.0pt;margin-left:0in;line-height:115%;margin-bottom:0in;margin-bottom:.0001pt;line-height:normal;text-autospace:none'>&nbsp;</p> <p style='margin-top:0in;margin-right:0in;margin-bottom:10.0pt;margin-left:0in;line-height:115%;margin-bottom:0in;margin-bottom:.0001pt;text-indent:.5in;line-height:normal;text-autospace:none'>At January 31, 2017 and April 30, 2016, property and equipment consisted of the following:</p> <p style='margin-top:0in;margin-right:0in;margin-bottom:10.0pt;margin-left:0in;line-height:115%;margin-bottom:0in;margin-bottom:.0001pt;text-indent:.5in;line-height:normal;text-autospace:none'>&nbsp;</p> <div align="center"> <table border="0" cellspacing="0" cellpadding="0" style='border-collapse:collapse'> <tr align="left"> <td width="405" valign="bottom" style='width:303.5pt;padding:0in 0in 1.5pt 0in'> <p style='margin-top:0in;margin-right:0in;margin-bottom:10.0pt;margin-left:0in;line-height:115%;margin-bottom:0in;margin-bottom:.0001pt;line-height:normal;text-autospace:none'>&nbsp; (Estimated Life)</p> </td> <td width="91" valign="bottom" style='width:68.15pt;border:none;border-bottom:solid black 1.0pt;padding:0in 0in 1.5pt 0in'> <p align="center" style='margin-top:0in;margin-right:0in;margin-bottom:10.0pt;margin-left:0in;line-height:115%;margin-bottom:0in;margin-bottom:.0001pt;text-align:center;line-height:normal;text-autospace:none'>January 31, </p> <p align="center" style='margin-top:0in;margin-right:0in;margin-bottom:10.0pt;margin-left:0in;line-height:115%;margin-bottom:0in;margin-bottom:.0001pt;text-align:center;line-height:normal;text-autospace:none'>2017</p> <p align="center" style='margin-top:0in;margin-right:0in;margin-bottom:10.0pt;margin-left:0in;line-height:115%;margin-bottom:0in;margin-bottom:.0001pt;text-align:center;line-height:normal;text-autospace:none'>(unaudited)</p> </td> <td width="91" valign="bottom" style='width:68.05pt;border:none;border-bottom:solid black 1.0pt;padding:0'> <p align="center" style='margin-top:0in;margin-right:0in;margin-bottom:10.0pt;margin-left:0in;line-height:115%;margin-bottom:0in;margin-bottom:.0001pt;text-align:center;line-height:normal;text-autospace:none'>April 30, </p> <p align="center" style='margin-top:0in;margin-right:0in;margin-bottom:10.0pt;margin-left:0in;line-height:115%;margin-bottom:0in;margin-bottom:.0001pt;text-align:center;line-height:normal;text-autospace:none'>2016</p> </td> </tr> <tr align="left"> <td width="405" valign="bottom" style='width:303.5pt;background:#CCEEFF;padding:0'> <p style='margin-top:0in;margin-right:0in;margin-bottom:10.0pt;margin-left:0in;line-height:115%;margin-bottom:0in;margin-bottom:.0001pt;line-height:normal;background:#CCEEFF;text-autospace:none'>Office equipment (1-10 Years)</p> </td> <td width="91" valign="bottom" style='width:68.15pt;background:#CCEEFF;padding:0'> <p style='margin-top:0in;margin-right:0in;margin-bottom:10.0pt;margin-left:0in;line-height:115%;margin-bottom:0in;margin-bottom:.0001pt;line-height:normal;background:#CCEEFF;text-autospace:none'>&#160; $&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; 88,132&nbsp;</p> </td> <td width="91" valign="bottom" style='width:68.05pt;background:#CCEEFF;padding:0'> <p style='margin-top:0in;margin-right:0in;margin-bottom:10.0pt;margin-left:0in;line-height:115%;margin-bottom:0in;margin-bottom:.0001pt;line-height:normal;background:#CCEEFF;text-autospace:none'>&#160; $&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; 39,800&nbsp;</p> </td> </tr> <tr align="left"> <td width="405" valign="bottom" style='width:303.5pt;background:white;padding:0'> <p style='margin-top:0in;margin-right:0in;margin-bottom:10.0pt;margin-left:0in;line-height:115%;margin-bottom:0in;margin-bottom:.0001pt;line-height:normal;background:white;text-autospace:none'>Auto and trucks (3-10 Years)</p> </td> <td width="91" valign="bottom" style='width:68.15pt;background:white;padding:0'> <p style='margin-top:0in;margin-right:0in;margin-bottom:10.0pt;margin-left:0in;line-height:115%;margin-bottom:0in;margin-bottom:.0001pt;line-height:normal;background:white;text-autospace:none'>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; 480,710&nbsp;</p> </td> <td width="91" valign="bottom" style='width:68.05pt;background:white;padding:0'> <p style='margin-top:0in;margin-right:0in;margin-bottom:10.0pt;margin-left:0in;line-height:115%;margin-bottom:0in;margin-bottom:.0001pt;line-height:normal;background:white;text-autospace:none'>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; 492,620&nbsp;</p> </td> </tr> <tr align="left"> <td width="405" valign="bottom" style='width:303.5pt;background:#CCEEFF;padding:0'> <p style='margin-top:0in;margin-right:0in;margin-bottom:10.0pt;margin-left:0in;line-height:115%;margin-bottom:0in;margin-bottom:.0001pt;line-height:normal;background:#CCEEFF;text-autospace:none'>Manufacturing equipment (2-20 Years)</p> </td> <td width="91" valign="bottom" style='width:68.15pt;background:#CCEEFF;padding:0'> <p style='margin-top:0in;margin-right:0in;margin-bottom:10.0pt;margin-left:0in;line-height:115%;margin-bottom:0in;margin-bottom:.0001pt;line-height:normal;background:#CCEEFF;text-autospace:none'>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; 5,545,151&nbsp;</p> </td> <td width="91" valign="bottom" style='width:68.05pt;background:#CCEEFF;padding:0'> <p style='margin-top:0in;margin-right:0in;margin-bottom:10.0pt;margin-left:0in;line-height:115%;margin-bottom:0in;margin-bottom:.0001pt;line-height:normal;background:#CCEEFF;text-autospace:none'>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; 5,240,451&nbsp;</p> </td> </tr> <tr align="left"> <td width="405" valign="bottom" style='width:303.5pt;background:white;padding:0'> <p style='margin-top:0in;margin-right:0in;margin-bottom:10.0pt;margin-left:0in;line-height:115%;margin-bottom:0in;margin-bottom:.0001pt;line-height:normal;background:white;text-autospace:none'>Buildings (5-30 Years)</p> </td> <td width="91" valign="bottom" style='width:68.15pt;background:white;padding:0'> <p style='margin-top:0in;margin-right:0in;margin-bottom:10.0pt;margin-left:0in;line-height:115%;margin-bottom:0in;margin-bottom:.0001pt;line-height:normal;background:white;text-autospace:none'>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; 8,177,588&nbsp;</p> </td> <td width="91" valign="bottom" style='width:68.05pt;background:white;padding:0'> <p style='margin-top:0in;margin-right:0in;margin-bottom:10.0pt;margin-left:0in;line-height:115%;margin-bottom:0in;margin-bottom:.0001pt;line-height:normal;background:white;text-autospace:none'>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; 8,667,889&nbsp;</p> </td> </tr> <tr align="left"> <td width="405" valign="bottom" style='width:303.5pt;background:#CCEEFF;padding:0in 0in 1.5pt 0in'> <p style='margin-top:0in;margin-right:0in;margin-bottom:10.0pt;margin-left:0in;line-height:115%;margin-bottom:0in;margin-bottom:.0001pt;line-height:normal;background:#CCEEFF;text-autospace:none'>Construction in process</p> </td> <td width="91" valign="bottom" style='width:68.15pt;border:none;border-bottom:solid black 1.0pt;background:#CCEEFF;padding:0in 0in 1.5pt 0in'> <p style='margin-top:0in;margin-right:0in;margin-bottom:10.0pt;margin-left:0in;line-height:115%;margin-bottom:0in;margin-bottom:.0001pt;line-height:normal;background:#CCEEFF;text-autospace:none'>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; 924,093&nbsp;</p> </td> <td width="91" valign="bottom" style='width:68.05pt;border:none;border-bottom:solid black 1.0pt;background:#CCEEFF;padding:0'> <p style='margin-top:0in;margin-right:0in;margin-bottom:10.0pt;margin-left:0in;line-height:115%;margin-bottom:0in;margin-bottom:.0001pt;line-height:normal;background:#CCEEFF;text-autospace:none'>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; 583,954&nbsp;</p> </td> </tr> <tr align="left"> <td width="405" valign="bottom" style='width:303.5pt;background:white;padding:0'> <p style='margin-top:0in;margin-right:0in;margin-bottom:10.0pt;margin-left:0in;line-height:115%;margin-bottom:0in;margin-bottom:.0001pt;line-height:normal;background:white;text-autospace:none'>&nbsp;Gross Property and Equipment</p> </td> <td width="91" valign="bottom" style='width:68.15pt;background:white;padding:0'> <p style='margin-top:0in;margin-right:0in;margin-bottom:10.0pt;margin-left:0in;line-height:115%;margin-bottom:0in;margin-bottom:.0001pt;line-height:normal;background:white;text-autospace:none'>&#160;&#160;&#160;&#160;&#160;&#160; 15,215,674&nbsp;</p> </td> <td width="91" valign="bottom" style='width:68.05pt;background:white;padding:0'> <p style='margin-top:0in;margin-right:0in;margin-bottom:10.0pt;margin-left:0in;line-height:115%;margin-bottom:0in;margin-bottom:.0001pt;line-height:normal;background:white;text-autospace:none'>&#160;&#160;&#160;&#160;&#160;&#160; 15,024,714&nbsp;</p> </td> </tr> <tr align="left"> <td width="405" valign="bottom" style='width:303.5pt;background:#CCEEFF;padding:0in 0in 1.5pt 0in'> <p style='margin-top:0in;margin-right:0in;margin-bottom:10.0pt;margin-left:0in;line-height:115%;margin-bottom:0in;margin-bottom:.0001pt;line-height:normal;background:#CCEEFF;text-autospace:none'>Less: accumulated depreciation</p> </td> <td width="91" valign="bottom" style='width:68.15pt;border:none;border-bottom:solid black 1.0pt;background:#CCEEFF;padding:0in 0in 1.5pt 0in'> <p style='margin-top:0in;margin-right:0in;margin-bottom:10.0pt;margin-left:0in;line-height:115%;margin-bottom:0in;margin-bottom:.0001pt;line-height:normal;background:#CCEEFF;text-autospace:none'>&#160;&#160;&#160;&#160;&#160;&#160; (6,469,597)</p> </td> <td width="91" valign="bottom" style='width:68.05pt;border:none;border-bottom:solid black 1.0pt;background:#CCEEFF;padding:0'> <p style='margin-top:0in;margin-right:0in;margin-bottom:10.0pt;margin-left:0in;line-height:115%;margin-bottom:0in;margin-bottom:.0001pt;line-height:normal;background:#CCEEFF;text-autospace:none'>&#160;&#160;&#160;&#160;&#160;&#160; (5,870,637)</p> </td> </tr> <tr align="left"> <td width="405" valign="bottom" style='width:303.5pt;background:white;padding:0in 0in 3.0pt 0in'> <p style='margin-top:0in;margin-right:0in;margin-bottom:10.0pt;margin-left:0in;line-height:115%;margin-bottom:0in;margin-bottom:.0001pt;line-height:normal;background:white;text-autospace:none'>&nbsp;Property and equipment, net</p> </td> <td width="91" valign="bottom" style='width:68.15pt;border:none;border-bottom:double black 2.25pt;background:white;padding:0in 0in 3.0pt 0in'> <p style='margin-top:0in;margin-right:0in;margin-bottom:10.0pt;margin-left:0in;line-height:115%;margin-bottom:0in;margin-bottom:.0001pt;line-height:normal;background:white;text-autospace:none'>&#160; $&#160;&#160;&#160;&#160; 8,746,077&nbsp;</p> </td> <td width="91" valign="bottom" style='width:68.05pt;border:none;border-bottom:double black 2.25pt;background:white;padding:0'> <p style='margin-top:0in;margin-right:0in;margin-bottom:10.0pt;margin-left:0in;line-height:115%;margin-bottom:0in;margin-bottom:.0001pt;line-height:normal;background:white;text-autospace:none'>&#160; $&#160;&#160;&#160;&#160; 9,154,077&nbsp;</p> </td> </tr> </table> </div> <p style='margin-top:0in;margin-right:0in;margin-bottom:10.0pt;margin-left:0in;line-height:115%;margin-bottom:0in;margin-bottom:.0001pt;text-indent:.5in;line-height:normal;text-autospace:none'>For the three months ended January 31, 2017 and 2016, depreciation expense&nbsp;totaled $332,714 and $435,804, of which $261,775 and $323,702 was included in cost of revenues, respectively, and of which $70,939 and $112,102 were included in general and administrative expenses, respectively. For the nine months ended January 31, 2017 and 2016, depreciation expense&nbsp;totaled $992,590 and $1,155,418, of which $763,806 and $817,965 was included in cost of revenues, respectively, and of which $228,784 and $337,453 were included in general and administrative expenses, respectively. Depreciation is not taken during the period of construction or equipment installation. Upon completion of the installation of manufacturing equipment or any construction in progress, construction in progress balances will be classified to their respective property and equipment category.&nbsp;</p> <!--egx--><p style='margin-top:0in;margin-right:0in;margin-bottom:10.0pt;margin-left:0in;line-height:115%;margin-bottom:0in;margin-bottom:.0001pt;line-height:normal;text-autospace:none'><b>NOTE 6&nbsp;- INTANGIBLE ASSETS</b></p> <p style='margin-top:0in;margin-right:0in;margin-bottom:10.0pt;margin-left:0in;line-height:115%;margin-bottom:0in;margin-bottom:.0001pt;line-height:normal;text-autospace:none'>&nbsp;</p> <p style='margin-top:0in;margin-right:0in;margin-bottom:10.0pt;margin-left:0in;line-height:115%;margin-bottom:0in;margin-bottom:.0001pt;text-indent:.5in;line-height:normal;text-autospace:none'>On August 8, 2012 the Company entered into an Exchange Agreement with WILD Flavors pursuant to which it purchased its 45% membership interest in Sunwin USA for an aggregate consideration of approximately $1,625,874, which includes the issuance of 7,666,666 shares of our common stock valued at approximately $1,533,333 and a cash payment of $92,541.&nbsp;In connection with the Exchange Agreement, WILD Flavor granted, transferred and assigned to Sunwin USA all of its rights, title and interest, and the trade name Only Sweet, including any trademarks, trademark registrations and applications, service marks, service mark registrations and applications, copyrights, copyright registrations and applications, trade address, trade names (whether or not registered or by whatever name or designation), owned, applied for, or registered in the name of, the WILD Flavor (the &quot;Only Sweet Name Rights&quot;). Additionally, we entered into a new Distributorship Agreement with WILD Procurement which is an affiliate of WILD Flavors, as discussed in Note 1. The transaction closed on August 20, 2012.&nbsp;The tangible assets of Sunwin USA were reduced from $1,825,804 to $1,625,874 as a result of the application of U.S. GAAP which requires elimination of the difference between the purchase price of the 45% membership interest in Sunwin USA and cost basis of the intangible assets recorded by Sunwin USA. Intangible assets have a useful life of five years and consist of the cost of Only Sweet Name Rights and related technologies as well as the fair value of the Wild Flavors distribution Agreement. For&nbsp;the three and nine months ended January 31, 2017 and 2016, amortization expense amounted to $81,294 and $243,880, respectively.&nbsp;&nbsp;</p> <p style='margin-top:0in;margin-right:0in;margin-bottom:10.0pt;margin-left:0in;line-height:115%;margin-bottom:0in;margin-bottom:.0001pt;line-height:normal;text-autospace:none'>&nbsp;</p> <p style='margin-top:0in;margin-right:0in;margin-bottom:10.0pt;margin-left:0in;line-height:115%;margin-bottom:0in;margin-bottom:.0001pt;text-indent:.5in;line-height:normal;text-autospace:none'>Intangible assets consisted of the following:</p> <p style='margin-top:0in;margin-right:0in;margin-bottom:10.0pt;margin-left:0in;line-height:115%;margin-bottom:0in;margin-bottom:.0001pt;text-indent:.5in;line-height:normal;text-autospace:none'>&nbsp;</p> <div align="center"> <table border="0" cellspacing="0" cellpadding="0" style='border-collapse:collapse'> <tr align="left"> <td width="405" valign="bottom" style='width:303.5pt;padding:0in 0in 1.5pt 0in'> <p style='margin-top:0in;margin-right:0in;margin-bottom:10.0pt;margin-left:0in;line-height:115%;margin-bottom:0in;margin-bottom:.0001pt;line-height:normal;text-autospace:none'>&nbsp; (Estimated Life)</p> </td> <td width="91" valign="bottom" style='width:68.15pt;border:none;border-bottom:solid black 1.0pt;padding:0in 0in 1.5pt 0in'> <p align="center" style='margin-top:0in;margin-right:0in;margin-bottom:10.0pt;margin-left:0in;line-height:115%;margin-bottom:0in;margin-bottom:.0001pt;text-align:center;line-height:normal;text-autospace:none'>January 31, 2017</p> <p align="center" style='margin-top:0in;margin-right:0in;margin-bottom:10.0pt;margin-left:0in;line-height:115%;margin-bottom:0in;margin-bottom:.0001pt;text-align:center;line-height:normal;text-autospace:none'>(unaudited)</p> </td> <td width="91" valign="bottom" style='width:68.05pt;border:none;border-bottom:solid black 1.0pt;padding:0'> <p align="center" style='margin-top:0in;margin-right:0in;margin-bottom:10.0pt;margin-left:0in;line-height:115%;margin-bottom:0in;margin-bottom:.0001pt;text-align:center;line-height:normal;text-autospace:none'>April 30, </p> <p align="center" style='margin-top:0in;margin-right:0in;margin-bottom:10.0pt;margin-left:0in;line-height:115%;margin-bottom:0in;margin-bottom:.0001pt;text-align:center;line-height:normal;text-autospace:none'>2016</p> </td> </tr> <tr align="left"> <td width="405" valign="bottom" style='width:303.5pt;background:#CCEEFF;padding:0'> <p style='margin-top:0in;margin-right:0in;margin-bottom:10.0pt;margin-left:0in;line-height:115%;margin-bottom:0in;margin-bottom:.0001pt;line-height:normal;background:#CCEEFF;text-autospace:none'>Only Sweet name rights and related technologies (5 Years)</p> </td> <td width="91" valign="bottom" style='width:68.15pt;background:#CCEEFF;padding:0'> <p style='margin-top:0in;margin-right:0in;margin-bottom:10.0pt;margin-left:0in;line-height:115%;margin-bottom:0in;margin-bottom:.0001pt;line-height:normal;background:#CCEEFF;text-autospace:none'>$</p> <p align="right" style='margin-top:0in;margin-right:0in;margin-bottom:10.0pt;margin-left:0in;line-height:115%;margin-bottom:0in;margin-bottom:.0001pt;text-align:right;line-height:normal;background:#CCEEFF;text-autospace:none'>587,183</p> </td> <td width="91" valign="bottom" style='width:68.05pt;background:#CCEEFF;padding:0'> <p style='margin-top:0in;margin-right:0in;margin-bottom:10.0pt;margin-left:0in;line-height:115%;margin-bottom:0in;margin-bottom:.0001pt;line-height:normal;background:#CCEEFF;text-autospace:none'>$</p> <p align="right" style='margin-top:0in;margin-right:0in;margin-bottom:10.0pt;margin-left:0in;line-height:115%;margin-bottom:0in;margin-bottom:.0001pt;text-align:right;line-height:normal;background:#CCEEFF;text-autospace:none'>587,183</p> </td> </tr> <tr align="left"> <td width="405" valign="bottom" style='width:303.5pt;background:white;padding:0in 0in 1.5pt 0in'> <p style='margin-top:0in;margin-right:0in;margin-bottom:10.0pt;margin-left:0in;line-height:115%;margin-bottom:0in;margin-bottom:.0001pt;line-height:normal;background:white;text-autospace:none'>Distribution agreement and related distribution channels (5 Years)</p> </td> <td width="91" valign="bottom" style='width:68.15pt;border:none;border-bottom:solid black 1.0pt;background:white;padding:0in 0in 1.5pt 0in'> <p style='margin-top:0in;margin-right:0in;margin-bottom:10.0pt;margin-left:0in;line-height:115%;margin-bottom:0in;margin-bottom:.0001pt;line-height:normal;background:white;text-autospace:none'>&nbsp; </p> <p align="right" style='margin-top:0in;margin-right:0in;margin-bottom:10.0pt;margin-left:0in;line-height:115%;margin-bottom:0in;margin-bottom:.0001pt;text-align:right;line-height:normal;background:white;text-autospace:none'>1,038,691</p> </td> <td width="91" valign="bottom" style='width:68.05pt;border:none;border-bottom:solid black 1.0pt;background:white;padding:0'> <p style='margin-top:0in;margin-right:0in;margin-bottom:10.0pt;margin-left:0in;line-height:115%;margin-bottom:0in;margin-bottom:.0001pt;line-height:normal;background:white;text-autospace:none'>&nbsp; </p> <p align="right" style='margin-top:0in;margin-right:0in;margin-bottom:10.0pt;margin-left:0in;line-height:115%;margin-bottom:0in;margin-bottom:.0001pt;text-align:right;line-height:normal;background:white;text-autospace:none'>1,038,691</p> </td> </tr> <tr align="left"> <td width="405" valign="bottom" style='width:303.5pt;background:#CCEEFF;padding:0'> <p style='margin-top:0in;margin-right:0in;margin-bottom:10.0pt;margin-left:0in;line-height:115%;margin-bottom:0in;margin-bottom:.0001pt;line-height:normal;background:#CCEEFF;text-autospace:none'>&nbsp;Intangible assets, gross</p> </td> <td width="91" valign="bottom" style='width:68.15pt;background:#CCEEFF;padding:0'> <p style='margin-top:0in;margin-right:0in;margin-bottom:10.0pt;margin-left:0in;line-height:115%;margin-bottom:0in;margin-bottom:.0001pt;line-height:normal;background:#CCEEFF;text-autospace:none'>&nbsp; </p> <p align="right" style='margin-top:0in;margin-right:0in;margin-bottom:10.0pt;margin-left:0in;line-height:115%;margin-bottom:0in;margin-bottom:.0001pt;text-align:right;line-height:normal;background:#CCEEFF;text-autospace:none'>1,625,874</p> </td> <td width="91" valign="bottom" style='width:68.05pt;background:#CCEEFF;padding:0'> <p style='margin-top:0in;margin-right:0in;margin-bottom:10.0pt;margin-left:0in;line-height:115%;margin-bottom:0in;margin-bottom:.0001pt;line-height:normal;background:#CCEEFF;text-autospace:none'>&nbsp; </p> <p align="right" style='margin-top:0in;margin-right:0in;margin-bottom:10.0pt;margin-left:0in;line-height:115%;margin-bottom:0in;margin-bottom:.0001pt;text-align:right;line-height:normal;background:#CCEEFF;text-autospace:none'>1,625,874</p> </td> </tr> <tr align="left"> <td width="405" valign="bottom" style='width:303.5pt;background:white;padding:0in 0in 1.5pt 0in'> <p style='margin-top:0in;margin-right:0in;margin-bottom:10.0pt;margin-left:0in;line-height:115%;margin-bottom:0in;margin-bottom:.0001pt;line-height:normal;background:white;text-autospace:none'>Less: accumulated amortization</p> </td> <td width="91" valign="bottom" style='width:68.15pt;border:none;border-bottom:solid black 1.0pt;background:white;padding:0in 0in 1.5pt 0in'> <p style='margin-top:0in;margin-right:0in;margin-bottom:10.0pt;margin-left:0in;line-height:115%;margin-bottom:0in;margin-bottom:.0001pt;line-height:normal;background:white;text-autospace:none'>&nbsp; </p> <p align="right" style='margin-top:0in;margin-right:0in;margin-bottom:10.0pt;margin-left:0in;line-height:115%;margin-bottom:0in;margin-bottom:.0001pt;text-align:right;line-height:normal;background:white;text-autospace:none'>(1,436,189)</p> </td> <td width="91" valign="bottom" style='width:68.05pt;border:none;border-bottom:solid black 1.0pt;background:white;padding:0'> <p style='margin-top:0in;margin-right:0in;margin-bottom:10.0pt;margin-left:0in;line-height:115%;margin-bottom:0in;margin-bottom:.0001pt;line-height:normal;background:white;text-autospace:none'>&nbsp; </p> <p align="right" style='margin-top:0in;margin-right:0in;margin-bottom:10.0pt;margin-left:0in;line-height:115%;margin-bottom:0in;margin-bottom:.0001pt;text-align:right;line-height:normal;background:white;text-autospace:none'>(1,192,309)</p> </td> </tr> <tr align="left"> <td width="405" valign="bottom" style='width:303.5pt;background:#CCEEFF;padding:0in 0in 3.0pt 0in'> <p style='margin-top:0in;margin-right:0in;margin-bottom:10.0pt;margin-left:0in;line-height:115%;margin-bottom:0in;margin-bottom:.0001pt;line-height:normal;background:#CCEEFF;text-autospace:none'>Intangible assets, net</p> </td> <td width="91" valign="bottom" style='width:68.15pt;border:none;border-bottom:double black 2.25pt;background:#CCEEFF;padding:0in 0in 3.0pt 0in'> <p style='margin-top:0in;margin-right:0in;margin-bottom:10.0pt;margin-left:0in;line-height:115%;margin-bottom:0in;margin-bottom:.0001pt;line-height:normal;background:#CCEEFF;text-autospace:none'>$</p> <p align="right" style='margin-top:0in;margin-right:0in;margin-bottom:10.0pt;margin-left:0in;line-height:115%;margin-bottom:0in;margin-bottom:.0001pt;text-align:right;line-height:normal;background:#CCEEFF;text-autospace:none'>189,685</p> </td> <td width="91" valign="bottom" style='width:68.05pt;border:none;border-bottom:double black 2.25pt;background:#CCEEFF;padding:0'> <p align="right" style='margin-top:0in;margin-right:0in;margin-bottom:10.0pt;margin-left:0in;line-height:115%;margin-bottom:0in;margin-bottom:.0001pt;text-align:right;line-height:normal;background:#CCEEFF;text-autospace:none'>$</p> <p align="right" style='margin-top:0in;margin-right:0in;margin-bottom:10.0pt;margin-left:0in;line-height:115%;margin-bottom:0in;margin-bottom:.0001pt;text-align:right;line-height:normal;background:#CCEEFF;text-autospace:none'>433,565</p> </td> </tr> </table> </div> <!--egx--><p style='margin-top:0in;margin-right:0in;margin-bottom:10.0pt;margin-left:0in;line-height:115%;margin-bottom:0in;margin-bottom:.0001pt;line-height:normal;text-autospace:none'><b>NOTE 7 - LAND USE RIGHTS</b></p> <p style='margin-top:0in;margin-right:0in;margin-bottom:10.0pt;margin-left:0in;line-height:115%;margin-bottom:0in;margin-bottom:.0001pt;line-height:normal;text-autospace:none'>&nbsp;</p> <p style='margin-top:0in;margin-right:0in;margin-bottom:10.0pt;margin-left:0in;line-height:115%;margin-bottom:0in;margin-bottom:.0001pt;text-indent:.5in;line-height:normal;text-autospace:none'>Land use right consisted of the following:</p> <p style='margin-top:0in;margin-right:0in;margin-bottom:10.0pt;margin-left:0in;line-height:115%;margin-bottom:0in;margin-bottom:.0001pt;text-indent:.5in;line-height:normal;text-autospace:none'>&nbsp;</p> <p style='margin-top:0in;margin-right:0in;margin-bottom:10.0pt;margin-left:0in;line-height:115%;margin-bottom:0in;margin-bottom:.0001pt;line-height:normal;text-autospace:none'>&nbsp;</p> <div align="center"> <table border="0" cellspacing="0" cellpadding="0" style='border-collapse:collapse'> <tr align="left"> <td width="405" valign="bottom" style='width:303.5pt;padding:0in 0in 1.5pt 0in'> <p style='margin-top:0in;margin-right:0in;margin-bottom:10.0pt;margin-left:0in;line-height:115%;margin-bottom:0in;margin-bottom:.0001pt;line-height:normal;text-autospace:none'>&nbsp; (Estimated Life)</p> </td> <td width="91" valign="bottom" style='width:68.15pt;border:none;border-bottom:solid black 1.0pt;padding:0in 0in 1.5pt 0in'> <p align="center" style='margin-top:0in;margin-right:0in;margin-bottom:10.0pt;margin-left:0in;line-height:115%;margin-bottom:0in;margin-bottom:.0001pt;text-align:center;line-height:normal;text-autospace:none'>January 31, </p> <p align="center" style='margin-top:0in;margin-right:0in;margin-bottom:10.0pt;margin-left:0in;line-height:115%;margin-bottom:0in;margin-bottom:.0001pt;text-align:center;line-height:normal;text-autospace:none'>2017</p> <p align="center" style='margin-top:0in;margin-right:0in;margin-bottom:10.0pt;margin-left:0in;line-height:115%;margin-bottom:0in;margin-bottom:.0001pt;text-align:center;line-height:normal;text-autospace:none'>(unaudited)</p> </td> <td width="91" valign="bottom" style='width:68.05pt;border:none;border-bottom:solid black 1.0pt;padding:0'> <p align="center" style='margin-top:0in;margin-right:0in;margin-bottom:10.0pt;margin-left:0in;line-height:115%;margin-bottom:0in;margin-bottom:.0001pt;text-align:center;line-height:normal;text-autospace:none'>April 30, </p> <p align="center" style='margin-top:0in;margin-right:0in;margin-bottom:10.0pt;margin-left:0in;line-height:115%;margin-bottom:0in;margin-bottom:.0001pt;text-align:center;line-height:normal;text-autospace:none'>2016</p> </td> </tr> <tr align="left"> <td width="405" valign="bottom" style='width:303.5pt;background:#CCEEFF;padding:0'> <p style='margin-top:0in;margin-right:0in;margin-bottom:10.0pt;margin-left:0in;line-height:115%;margin-bottom:0in;margin-bottom:.0001pt;line-height:normal;background:#CCEEFF;text-autospace:none'>Land use right (45&nbsp;Years)</p> </td> <td width="91" valign="bottom" style='width:68.15pt;background:#CCEEFF;padding:0'> <p style='margin-top:0in;margin-right:0in;margin-bottom:10.0pt;margin-left:0in;line-height:115%;margin-bottom:0in;margin-bottom:.0001pt;line-height:normal;background:#CCEEFF;text-autospace:none'>&#160;&#160; $&#160;&#160; 2,309,171&nbsp;</p> </td> <td width="91" valign="bottom" style='width:68.05pt;background:#CCEEFF;padding:0'> <p style='margin-top:0in;margin-right:0in;margin-bottom:10.0pt;margin-left:0in;line-height:115%;margin-bottom:0in;margin-bottom:.0001pt;line-height:normal;background:#CCEEFF;text-autospace:none'>&#160;&#160; $&#160;&#160; 2,455,519&nbsp;</p> </td> </tr> <tr align="left"> <td width="405" valign="bottom" style='width:303.5pt;background:white;padding:0in 0in 1.5pt 0in'> <p style='margin-top:0in;margin-right:0in;margin-bottom:10.0pt;margin-left:0in;line-height:115%;margin-bottom:0in;margin-bottom:.0001pt;line-height:normal;background:white;text-autospace:none'>Less: accumulated amortization </p> </td> <td width="91" valign="bottom" style='width:68.15pt;border:none;border-bottom:solid black 1.0pt;background:white;padding:0in 0in 1.5pt 0in'> <p style='margin-top:0in;margin-right:0in;margin-bottom:10.0pt;margin-left:0in;line-height:115%;margin-bottom:0in;margin-bottom:.0001pt;line-height:normal;background:white;text-autospace:none'>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; (436,430)</p> </td> <td width="91" valign="bottom" style='width:68.05pt;border:none;border-bottom:solid black 1.0pt;background:white;padding:0'> <p style='margin-top:0in;margin-right:0in;margin-bottom:10.0pt;margin-left:0in;line-height:115%;margin-bottom:0in;margin-bottom:.0001pt;line-height:normal;background:white;text-autospace:none'>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; (422,826)</p> </td> </tr> <tr align="left"> <td width="405" valign="bottom" style='width:303.5pt;background:#CCEEFF;padding:0in 0in 3.0pt 0in'> <p style='margin-top:0in;margin-right:0in;margin-bottom:10.0pt;margin-left:0in;line-height:115%;margin-bottom:0in;margin-bottom:.0001pt;line-height:normal;background:#CCEEFF;text-autospace:none'>&nbsp;Land use right, net</p> </td> <td width="91" valign="bottom" style='width:68.15pt;border:none;border-bottom:double black 2.25pt;background:#CCEEFF;padding:0in 0in 3.0pt 0in'> <p style='margin-top:0in;margin-right:0in;margin-bottom:10.0pt;margin-left:0in;line-height:115%;margin-bottom:0in;margin-bottom:.0001pt;line-height:normal;background:#CCEEFF;text-autospace:none'>&#160;&#160; $&#160;&#160; 1,872,741&nbsp;</p> </td> <td width="91" valign="bottom" style='width:68.05pt;border:none;border-bottom:double black 2.25pt;background:#CCEEFF;padding:0'> <p style='margin-top:0in;margin-right:0in;margin-bottom:10.0pt;margin-left:0in;line-height:115%;margin-bottom:0in;margin-bottom:.0001pt;line-height:normal;background:#CCEEFF;text-autospace:none'>&#160;&#160; $&#160;&#160; 2,032,693&nbsp;</p> </td> </tr> </table> </div> <p style='margin-top:0in;margin-right:0in;margin-bottom:10.0pt;margin-left:0in;line-height:115%;margin-bottom:0in;margin-bottom:.0001pt;line-height:normal;text-autospace:none'>&nbsp;</p> <p style='margin-top:0in;margin-right:0in;margin-bottom:10.0pt;margin-left:0in;line-height:115%;margin-bottom:0in;margin-bottom:.0001pt;text-indent:.5in;line-height:normal;text-autospace:none'>&nbsp;In conjunction with our acquisition of Qufu Shengwang, we acquired land use rights for properties located in the PRC until March 14,&nbsp;2054.&nbsp;For the three month periods ended January 31, 2017 and 2016, amortization expense related to land use rights amounted to $12,812 and $13,628, respectively. For the nine month periods ended January 31, 2017 and 2016, amortization expense amounted to $39,398 and $42,036, respectively.</p> <!--egx--><p style='margin-top:0in;margin-right:0in;margin-bottom:10.0pt;margin-left:0in;line-height:115%;margin-bottom:0in;margin-bottom:.0001pt;line-height:normal;text-autospace:none'><b>NOTE 8 - RELATED PARTY TRANSACTIONS</b></p> <p style='margin-top:0in;margin-right:0in;margin-bottom:10.0pt;margin-left:0in;line-height:115%;margin-bottom:0in;margin-bottom:.0001pt;line-height:normal;text-autospace:none'>&nbsp;</p> <p style='margin-top:0in;margin-right:0in;margin-bottom:10.0pt;margin-left:0in;line-height:115%;margin-bottom:0in;margin-bottom:.0001pt;line-height:normal;text-autospace:none'><b><i>Accounts receivable - related party and revenue - related party</i></b></p> <p style='margin-top:0in;margin-right:0in;margin-bottom:10.0pt;margin-left:0in;line-height:115%;margin-bottom:0in;margin-bottom:.0001pt;line-height:normal;text-autospace:none'>&nbsp;</p> <p style='margin-top:0in;margin-right:0in;margin-bottom:10.0pt;margin-left:0in;line-height:115%;margin-bottom:0in;margin-bottom:.0001pt;text-indent:.5in;line-height:normal;text-autospace:none'>On January 31, 2017 and April 30, 2016, we reported $3,465,190 and $3,632,876 in accounts receivable - related party, respectively, related to sales of products to Qufu Shengwang Import and Export Corporation, a Chinese entity owned by our Chairman, Mr. Laiwang Zhang. For the three months ended January 31, 2017 and 2016, we had revenue - related party of $2,129,371 and $1,488,937, respectively. For the nine months ended January 31, 2017 and 2016, we had revenue - related party of $5,591,740 and $5,346,991, respectively, from Qufu Shengwang Import and Export Corporation.</p> <p style='margin-top:0in;margin-right:0in;margin-bottom:10.0pt;margin-left:0in;line-height:115%;margin-bottom:0in;margin-bottom:.0001pt;text-indent:.5in;line-height:normal;text-autospace:none'>&nbsp;</p> <p style='margin-top:0in;margin-right:0in;margin-bottom:10.0pt;margin-left:0in;line-height:115%;margin-bottom:0in;margin-bottom:.0001pt;text-align:justify;text-justify:inter-ideograph;line-height:normal;text-autospace:none'><b><i>Due to (from) related parties</i></b></p> <p style='margin-top:0in;margin-right:0in;margin-bottom:10.0pt;margin-left:0in;line-height:115%;margin-bottom:0in;margin-bottom:.0001pt;line-height:normal;text-autospace:none'>&nbsp;</p> <p style='margin-top:0in;margin-right:0in;margin-bottom:10.0pt;margin-left:0in;line-height:115%;margin-bottom:0in;margin-bottom:.0001pt;text-indent:.5in;line-height:normal;text-autospace:none'>From time to time, we receive advances from related parties and advance funds to related parties for working capital purposes. During the three and nine months ended January 31, 2017 and 2016, we have accrued on interest expense related to due to related parties amounted to $38,207 and $31,708, and $96,320 and $105,420, respectively, which were included in interest expense in the accompanying consolidated statements of operations and comprehensive loss, and in connection with the advances of $821,693 (RMB5,000,000) and $1,314,708 (RMB8,000,000) from Shangdong Shengwang Pharmaceutical., Co., Ltd. (&quot;Pharmaceutical Corporation&quot;), a Chinese entity owned by our Chairman, Mr. Laiwang Zhang. These advances bear interest at the rate of 9.225% per annum and we have repaid these two loans with all accrued interests on May 8, 2015 and June 11, 2015, respectively. On May 22, 2015 and June 17, 2015, we received additional advances of $788,825 (RMB4,800,000) and $1,314,708 (RMB8,000,000) from the Pharmaceutical Corporation, at a lowered interest rate of 7.65% per annum. On May 4, 2016, we have repaid one of these two loans, RMB4,800,000 with its accrued interests. On August 31, 2016, we received additional advances of $738,040 (RMB5,000,000) from the Pharmaceutical Corporation, at interest rate of 7.87% per annum. The other advances bear no interest and are payable on demand.&nbsp;On January 31, 2017, the balance we owed Qufu Shengwang Import Export Co., Ltd. and Shandong Shengwang Pharmaceutical Co., Ltd. of $432,218 and $614,852, respectively. On April 30, 2016, the balance we owed Qufu Shengwang Import and Export Co., Ltd. and Shandong Shengwang Pharmaceutical Co., Ltd. of $366,875 and $910,373, respectively. On January 31, 2017 and April 30, 2016, due to (from) related party activities consisted of the following:&nbsp;</p> <p style='margin-top:0in;margin-right:0in;margin-bottom:10.0pt;margin-left:0in;line-height:115%;margin-bottom:0in;margin-bottom:.0001pt;line-height:normal;text-autospace:none'>&nbsp;</p> <p style='margin-top:0in;margin-right:0in;margin-bottom:10.0pt;margin-left:0in;line-height:115%;margin-bottom:0in;margin-bottom:.0001pt;line-height:normal;text-autospace:none'>&nbsp;</p> <div align="center"> <table border="0" cellspacing="0" cellpadding="0" style='margin-left:.05pt;border-collapse:collapse'> <tr align="left"> <td width="384" valign="bottom" style='width:287.8pt;padding:0in 0in 1.5pt 0in'> <p align="right" style='margin-top:0in;margin-right:0in;margin-bottom:10.0pt;margin-left:0in;line-height:115%;margin-bottom:0in;margin-bottom:.0001pt;text-align:right;line-height:normal;text-autospace:none'>&nbsp; </p> </td> <td width="91" valign="bottom" style='width:68.05pt;border:none;border-bottom:solid black 1.0pt;padding:0in 0in 1.5pt 0in'> <p align="center" style='margin-top:0in;margin-right:0in;margin-bottom:10.0pt;margin-left:0in;line-height:115%;margin-bottom:0in;margin-bottom:.0001pt;text-align:center;line-height:normal;text-autospace:none'>Shandong Shengwang Pharmaceutical</p> <p align="center" style='margin-top:0in;margin-right:0in;margin-bottom:10.0pt;margin-left:0in;line-height:115%;margin-bottom:0in;margin-bottom:.0001pt;text-align:center;line-height:normal;text-autospace:none'>Co., Ltd.</p> </td> <td width="91" valign="bottom" style='width:68.05pt;border:none;border-bottom:solid black 1.0pt;padding:0in 0in 1.5pt 0in'> <p align="center" style='margin-top:0in;margin-right:0in;margin-bottom:10.0pt;margin-left:0in;line-height:115%;margin-bottom:0in;margin-bottom:.0001pt;text-align:center;line-height:normal;text-autospace:none'>Qufu</p> <p align="center" style='margin-top:0in;margin-right:0in;margin-bottom:10.0pt;margin-left:0in;line-height:115%;margin-bottom:0in;margin-bottom:.0001pt;text-align:center;line-height:normal;text-autospace:none'>Shengwang</p> <p align="center" style='margin-top:0in;margin-right:0in;margin-bottom:10.0pt;margin-left:0in;line-height:115%;margin-bottom:0in;margin-bottom:.0001pt;text-align:center;line-height:normal;text-autospace:none'>Import and Export Co., Ltd.</p> </td> <td width="91" valign="bottom" style='width:68.05pt;border:none;border-bottom:solid black 1.0pt;padding:0'> <p align="center" style='margin-top:0in;margin-right:0in;margin-bottom:10.0pt;margin-left:0in;line-height:115%;margin-bottom:0in;margin-bottom:.0001pt;text-align:center;line-height:normal;text-autospace:none'>Total</p> </td> </tr> <tr align="left"> <td width="384" valign="bottom" style='width:287.8pt;background:#CCEEFF;padding:0'> <p style='margin-top:0in;margin-right:0in;margin-bottom:10.0pt;margin-left:0in;line-height:115%;margin-bottom:0in;margin-bottom:.0001pt;line-height:normal;background:#CCEEFF;text-autospace:none'>Balance due to related parties, April 30, 2016</p> </td> <td width="91" valign="bottom" style='width:68.05pt;background:#CCEEFF;padding:0'> <p style='margin-top:0in;margin-right:0in;margin-bottom:10.0pt;margin-left:0in;line-height:115%;margin-bottom:0in;margin-bottom:.0001pt;line-height:normal;background:#CCEEFF;text-autospace:none'>&#160; $&#160;&#160;&#160;&#160;&#160;&#160;&#160; 910,373&nbsp;</p> </td> <td width="91" valign="bottom" style='width:68.05pt;background:#CCEEFF;padding:0'> <p style='margin-top:0in;margin-right:0in;margin-bottom:10.0pt;margin-left:0in;line-height:115%;margin-bottom:0in;margin-bottom:.0001pt;line-height:normal;background:#CCEEFF;text-autospace:none'>&#160;&#160; $&#160;&#160;&#160;&#160;&#160; 366,875&nbsp;</p> </td> <td width="91" valign="bottom" style='width:68.05pt;background:#CCEEFF;padding:0'> <p style='margin-top:0in;margin-right:0in;margin-bottom:10.0pt;margin-left:0in;line-height:115%;margin-bottom:0in;margin-bottom:.0001pt;line-height:normal;background:#CCEEFF;text-autospace:none'>&#160; $&#160;&#160;&#160;&#160; 1,277,248&nbsp;</p> </td> </tr> <tr align="left"> <td width="384" valign="bottom" style='width:287.8pt;background:white;padding:0'> <p style='margin-top:0in;margin-right:0in;margin-bottom:10.0pt;margin-left:0in;line-height:115%;margin-bottom:0in;margin-bottom:.0001pt;line-height:normal;background:white;text-autospace:none'>Working capital advances from related parties</p> </td> <td width="91" valign="bottom" style='width:68.05pt;background:white;padding:0'> <p style='margin-top:0in;margin-right:0in;margin-bottom:10.0pt;margin-left:0in;line-height:115%;margin-bottom:0in;margin-bottom:.0001pt;line-height:normal;background:white;text-autospace:none'>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; 2,254,362&nbsp;</p> </td> <td width="91" valign="bottom" style='width:68.05pt;background:white;padding:0'> <p style='margin-top:0in;margin-right:0in;margin-bottom:10.0pt;margin-left:0in;line-height:115%;margin-bottom:0in;margin-bottom:.0001pt;line-height:normal;background:white;text-autospace:none'>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; 340,951&nbsp;</p> </td> <td width="91" valign="bottom" style='width:68.05pt;background:white;padding:0'> <p style='margin-top:0in;margin-right:0in;margin-bottom:10.0pt;margin-left:0in;line-height:115%;margin-bottom:0in;margin-bottom:.0001pt;line-height:normal;background:white;text-autospace:none'>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; 2,595,313&nbsp;</p> </td> </tr> <tr align="left"> <td width="384" valign="bottom" style='width:287.8pt;background:#CCEEFF;padding:0'> <p style='margin-top:0in;margin-right:0in;margin-bottom:10.0pt;margin-left:0in;line-height:115%;margin-bottom:0in;margin-bottom:.0001pt;line-height:normal;background:#CCEEFF;text-autospace:none'>Repayments</p> </td> <td width="91" valign="bottom" style='width:68.05pt;background:#CCEEFF;padding:0'> <p style='margin-top:0in;margin-right:0in;margin-bottom:10.0pt;margin-left:0in;line-height:115%;margin-bottom:0in;margin-bottom:.0001pt;line-height:normal;background:#CCEEFF;text-autospace:none'>&#160;&#160;&#160;&#160;&#160;&#160; (2,462,285)</p> </td> <td width="91" valign="bottom" style='width:68.05pt;background:#CCEEFF;padding:0'> <p style='margin-top:0in;margin-right:0in;margin-bottom:10.0pt;margin-left:0in;line-height:115%;margin-bottom:0in;margin-bottom:.0001pt;line-height:normal;background:#CCEEFF;text-autospace:none'>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; (305,999)</p> </td> <td width="91" valign="bottom" style='width:68.05pt;background:#CCEEFF;padding:0'> <p style='margin-top:0in;margin-right:0in;margin-bottom:10.0pt;margin-left:0in;line-height:115%;margin-bottom:0in;margin-bottom:.0001pt;line-height:normal;background:#CCEEFF;text-autospace:none'>&#160;&#160;&#160;&#160;&#160;&#160; (2,768,284)</p> </td> </tr> <tr align="left"> <td width="384" valign="bottom" style='width:287.8pt;background:white;padding:0in 0in 1.5pt 0in'> <p style='margin-top:0in;margin-right:0in;margin-bottom:10.0pt;margin-left:0in;line-height:115%;margin-bottom:0in;margin-bottom:.0001pt;line-height:normal;background:white;text-autospace:none'>Effect of foreign currency exchange</p> </td> <td width="91" valign="bottom" style='width:68.05pt;border:none;border-bottom:solid black 1.0pt;background:white;padding:0in 0in 1.5pt 0in'> <p style='margin-top:0in;margin-right:0in;margin-bottom:10.0pt;margin-left:0in;line-height:115%;margin-bottom:0in;margin-bottom:.0001pt;line-height:normal;background:white;text-autospace:none'>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; (87,598)</p> </td> <td width="91" valign="bottom" style='width:68.05pt;border:none;border-bottom:solid black 1.0pt;background:white;padding:0in 0in 1.5pt 0in'> <p style='margin-top:0in;margin-right:0in;margin-bottom:10.0pt;margin-left:0in;line-height:115%;margin-bottom:0in;margin-bottom:.0001pt;line-height:normal;background:white;text-autospace:none'>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; 30,391&nbsp;</p> </td> <td width="91" valign="bottom" style='width:68.05pt;border:none;border-bottom:solid black 1.0pt;background:white;padding:0'> <p style='margin-top:0in;margin-right:0in;margin-bottom:10.0pt;margin-left:0in;line-height:115%;margin-bottom:0in;margin-bottom:.0001pt;line-height:normal;background:white;text-autospace:none'>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; (57,207)</p> </td> </tr> <tr align="left"> <td width="384" valign="bottom" style='width:287.8pt;background:#CCEEFF;padding:0in 0in 3.0pt 0in'> <p style='margin-top:0in;margin-right:0in;margin-bottom:10.0pt;margin-left:0in;line-height:115%;margin-bottom:0in;margin-bottom:.0001pt;line-height:normal;background:#CCEEFF;text-autospace:none'>Balance due to related parties, January 31, 2017</p> </td> <td width="91" valign="bottom" style='width:68.05pt;border:none;border-bottom:double black 2.25pt;background:#CCEEFF;padding:0in 0in 3.0pt 0in'> <p style='margin-top:0in;margin-right:0in;margin-bottom:10.0pt;margin-left:0in;line-height:115%;margin-bottom:0in;margin-bottom:.0001pt;line-height:normal;background:#CCEEFF;text-autospace:none'>&#160; $&#160;&#160;&#160;&#160;&#160;&#160;&#160; 614,852&nbsp;</p> </td> <td width="91" valign="bottom" style='width:68.05pt;border:none;border-bottom:double black 2.25pt;background:#CCEEFF;padding:0in 0in 3.0pt 0in'> <p style='margin-top:0in;margin-right:0in;margin-bottom:10.0pt;margin-left:0in;line-height:115%;margin-bottom:0in;margin-bottom:.0001pt;line-height:normal;background:#CCEEFF;text-autospace:none'>&#160;&#160; $&#160;&#160;&#160;&#160;&#160; 432,218&nbsp;</p> </td> <td width="91" valign="bottom" style='width:68.05pt;border:none;border-bottom:double black 2.25pt;background:#CCEEFF;padding:0'> <p style='margin-top:0in;margin-right:0in;margin-bottom:10.0pt;margin-left:0in;line-height:115%;margin-bottom:0in;margin-bottom:.0001pt;line-height:normal;background:#CCEEFF;text-autospace:none'>&#160; $&#160;&#160;&#160;&#160; 1,047,070&nbsp;</p> </td> </tr> </table> </div> <!--egx--><p style='margin-top:0in;margin-right:0in;margin-bottom:10.0pt;margin-left:0in;line-height:115%;margin-bottom:0in;margin-bottom:.0001pt;line-height:normal;text-autospace:none'><b>NOTE 9 - PREPAID EXPENSES AND OTHER CURRENT ASSETS</b></p> <p style='margin-top:0in;margin-right:0in;margin-bottom:10.0pt;margin-left:0in;line-height:115%;margin-bottom:0in;margin-bottom:.0001pt;line-height:normal;text-autospace:none'>&nbsp;</p> <p style='margin-top:0in;margin-right:0in;margin-bottom:10.0pt;margin-left:0in;line-height:115%;margin-bottom:0in;margin-bottom:.0001pt;text-indent:.5in;line-height:normal;text-autospace:none'>Prepaid expenses and other current assets on January 31, 2017 and April 30, 2016 totaled $2,909,881 and $2,787,371, respectively. As of January 31, 2017, prepaid expenses and other current assets includes $1,363,316 prepayments to suppliers for merchandise that had not been shipped to us and services that had not been provided to us, $1,226,668 prepayment for employees' stock-based compensation, $36,250 prepayment for consultant's stock-based compensation and $283,647 for business related employees' advances. As of April 30, 2016, prepaid expenses and other current assets includes $1,220,523 prepayments to suppliers for merchandise that had not been shipped to us and services that had not been provided to us, $1,371,667 prepayment for employees' stock-based compensation, and $195,181 for business related employees' advances.</p> <p style='margin-top:0in;margin-right:0in;margin-bottom:10.0pt;margin-left:0in;line-height:115%;margin-bottom:0in;margin-bottom:.0001pt;line-height:normal;text-autospace:none'>&nbsp;</p> <p style='margin-top:0in;margin-right:0in;margin-bottom:10.0pt;margin-left:0in;line-height:115%;margin-bottom:0in;margin-bottom:.0001pt;text-indent:.5in;line-height:normal;text-autospace:none'>On December 1, 2015, we entered into three year employment agreements with four employees. Pursuant to employment agreements, we issued a total of 23 million shares of the Company's common stock to them, valued at $3,680,000, as employees' stock-based compensations over three-year term of their employment from December 1, 2015 through November 30, 2018. We will amortize these compensations over three years from December 1, 2015 to November 30, 2018 and we recognized $306,667 and $920,001 as stock-based compensation expenses during three and nine months ended January 31, 2017, respectively. We also have recorded the remaining balance of the stock-based compensation of $2,555,554 as prepaid compensation, of which $1,226,668 included in prepaid expenses and other current assets and $1,022,220 included in the other long-term asset in the accompanying consolidated balance sheet at January 31, 2017.</p> <p style='margin-top:0in;margin-right:0in;margin-bottom:10.0pt;margin-left:0in;line-height:115%;margin-bottom:0in;margin-bottom:.0001pt;line-height:normal;text-autospace:none'>&nbsp;</p> <p style='margin-top:0in;margin-right:0in;margin-bottom:10.0pt;margin-left:0in;line-height:115%;margin-bottom:0in;margin-bottom:.0001pt;text-indent:.5in;line-height:normal;text-autospace:none'>On April 25, 2016, we entered into a one year consulting service agreement with Dr. Yuejian (James) Wang. Pursuant to the terms of the consulting service agreement for fiscal year 2017, we will issue a total of 1,000,000 shares of the&nbsp;Company's common stock to Dr. Yuejian (James) Wang as compensation for the services to be provided from May 1, 2016 through April 30, 2017. On April 27, 2016, we issued 1,000,000 shares of the Company's common stock to Dr. Yuejian (James) Wang as a prepaid payment of the consulting service fee, valued at $145,000, which included in the prepaid expenses and other current assets in the accompanying consolidated balance at April 30, 2016. We will amortize this prepaid consulting service fee through fiscal 2017 over twelve months. We have recorded $36,250 and $108,750 as stock-based compensation expense during the three and nine months ended January 31, 2017, respectively, and the balance of prepaid expense is $36,250 as of January 31, 2017.</p> <p style='margin-top:0in;margin-right:0in;margin-bottom:10.0pt;margin-left:0in;line-height:115%;margin-bottom:0in;margin-bottom:.0001pt;text-indent:.5in;line-height:normal;text-autospace:none'>&nbsp;</p> <p style='margin-top:0in;margin-right:0in;margin-bottom:10.0pt;margin-left:0in;line-height:115%;margin-bottom:0in;margin-bottom:.0001pt;text-indent:.5in;line-height:normal;text-autospace:none'>During the third quarter of fiscal 2013, Qufu Shengwang paid Qufu Public Auction Center $601,604 as deposit for renewing the land use right. The deposit is required for the Center to appraise the land use right, which we originally expected to receive the refund during fiscal year 2014. We received a total refund of $459,916 as of January 31, 2017&nbsp;and the remaining balance of $141,688 and $150,556 has been classified to other long-term asset at January 31, 2017 and April 30, 2016, respectively.</p> <!--egx--><p style='margin-top:0in;margin-right:0in;margin-bottom:10.0pt;margin-left:0in;line-height:115%;margin-bottom:0in;margin-bottom:.0001pt;text-align:justify;text-justify:inter-ideograph;line-height:normal;text-autospace:none'><b>NOTE 10 - ACCOUNTS PAYABLE AND ACCRUED EXPENSES</b></p> <p style='margin-top:0in;margin-right:0in;margin-bottom:10.0pt;margin-left:0in;line-height:115%;margin-bottom:0in;margin-bottom:.0001pt;line-height:normal;text-autospace:none'>&nbsp;</p> <p style='margin-top:0in;margin-right:0in;margin-bottom:10.0pt;margin-left:0in;line-height:115%;margin-bottom:0in;margin-bottom:.0001pt;text-align:justify;text-justify:inter-ideograph;text-indent:.5in;line-height:normal;text-autospace:none'>Accounts payable and accrued expenses included the following as of January 31, 2017 and April 30, 2016:</p> <p style='margin-top:0in;margin-right:0in;margin-bottom:10.0pt;margin-left:0in;line-height:115%;margin-bottom:0in;margin-bottom:.0001pt;line-height:normal;text-autospace:none'>&nbsp;</p> <table border="0" cellspacing="0" cellpadding="0" style='margin-left:52.45pt;border-collapse:collapse'> <tr align="left"> <td width="357" valign="bottom" style='width:267.9pt;border:none;border-bottom:solid black 1.0pt;padding:0'> <p style='margin-top:0in;margin-right:0in;margin-bottom:10.0pt;margin-left:0in;line-height:115%;margin-bottom:0in;margin-bottom:.0001pt;text-align:justify;text-justify:inter-ideograph;line-height:normal;text-autospace:none'>Account</p> </td> <td width="89" valign="bottom" style='width:66.95pt;border:none;border-bottom:solid black 1.0pt;padding:0in 0in 1.5pt 0in'> <p align="center" style='margin-top:0in;margin-right:0in;margin-bottom:10.0pt;margin-left:0in;line-height:115%;margin-bottom:0in;margin-bottom:.0001pt;text-align:center;line-height:normal;text-autospace:none'>January 31,</p> <p align="center" style='margin-top:0in;margin-right:0in;margin-bottom:10.0pt;margin-left:0in;line-height:115%;margin-bottom:0in;margin-bottom:.0001pt;text-align:center;line-height:normal;text-autospace:none'>2017</p> <p align="center" style='margin-top:0in;margin-right:0in;margin-bottom:10.0pt;margin-left:0in;line-height:115%;margin-bottom:0in;margin-bottom:.0001pt;text-align:center;line-height:normal;text-autospace:none'>(unaudited)</p> </td> <td width="89" valign="bottom" style='width:66.95pt;border:none;border-bottom:solid black 1.0pt;padding:0'> <p align="center" style='margin-top:0in;margin-right:0in;margin-bottom:10.0pt;margin-left:0in;line-height:115%;margin-bottom:0in;margin-bottom:.0001pt;text-align:center;line-height:normal;text-autospace:none'>April 30,</p> <p align="center" style='margin-top:0in;margin-right:0in;margin-bottom:10.0pt;margin-left:0in;line-height:115%;margin-bottom:0in;margin-bottom:.0001pt;text-align:center;line-height:normal;text-autospace:none'>2016</p> </td> </tr> <tr align="left"> <td width="357" valign="bottom" style='width:267.9pt;background:#CCEEFF;padding:0'> <p style='margin-top:0in;margin-right:0in;margin-bottom:10.0pt;margin-left:0in;line-height:115%;margin-bottom:0in;margin-bottom:.0001pt;text-align:justify;text-justify:inter-ideograph;line-height:normal;background:#CCEEFF;text-autospace:none'>Accounts payable</p> </td> <td width="89" valign="bottom" style='width:66.95pt;background:#CCEEFF;padding:0'> <p style='margin-top:0in;margin-right:0in;margin-bottom:10.0pt;margin-left:0in;line-height:115%;margin-bottom:0in;margin-bottom:.0001pt;line-height:normal;background:#CCEEFF;text-autospace:none'>&#160;&#160; $&#160;&#160;&#160; 8,595,314</p> </td> <td width="89" valign="bottom" style='width:66.95pt;background:#CCEEFF;padding:0'> <p style='margin-top:0in;margin-right:0in;margin-bottom:10.0pt;margin-left:0in;line-height:115%;margin-bottom:0in;margin-bottom:.0001pt;line-height:normal;background:#CCEEFF;text-autospace:none'>&#160;&#160; $&#160;&#160; 4,869,026</p> </td> </tr> <tr align="left"> <td width="357" valign="bottom" style='width:267.9pt;background:white;padding:0'> <p style='margin-top:0in;margin-right:0in;margin-bottom:10.0pt;margin-left:0in;line-height:115%;margin-bottom:0in;margin-bottom:.0001pt;text-align:justify;text-justify:inter-ideograph;line-height:normal;background:white;text-autospace:none'>Advanced from customers</p> </td> <td width="89" valign="bottom" style='width:66.95pt;background:white;padding:0'> <p style='margin-top:0in;margin-right:0in;margin-bottom:10.0pt;margin-left:0in;line-height:115%;margin-bottom:0in;margin-bottom:.0001pt;line-height:normal;background:white;text-autospace:none'>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; 84,015</p> </td> <td width="89" valign="bottom" style='width:66.95pt;background:white;padding:0'> <p style='margin-top:0in;margin-right:0in;margin-bottom:10.0pt;margin-left:0in;line-height:115%;margin-bottom:0in;margin-bottom:.0001pt;line-height:normal;background:white;text-autospace:none'>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; 10,042</p> </td> </tr> <tr align="left"> <td width="357" valign="bottom" style='width:267.9pt;background:#CCEEFF;padding:0'> <p style='margin-top:0in;margin-right:0in;margin-bottom:10.0pt;margin-left:0in;line-height:115%;margin-bottom:0in;margin-bottom:.0001pt;text-align:justify;text-justify:inter-ideograph;line-height:normal;background:#CCEEFF;text-autospace:none'>Accrued salary payable</p> </td> <td width="89" valign="bottom" style='width:66.95pt;background:#CCEEFF;padding:0'> <p style='margin-top:0in;margin-right:0in;margin-bottom:10.0pt;margin-left:0in;line-height:115%;margin-bottom:0in;margin-bottom:.0001pt;line-height:normal;background:#CCEEFF;text-autospace:none'>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; 54,093</p> </td> <td width="89" valign="bottom" style='width:66.95pt;background:#CCEEFF;padding:0'> <p style='margin-top:0in;margin-right:0in;margin-bottom:10.0pt;margin-left:0in;line-height:115%;margin-bottom:0in;margin-bottom:.0001pt;line-height:normal;background:#CCEEFF;text-autospace:none'>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; 105,131</p> </td> </tr> <tr align="left"> <td width="357" valign="bottom" style='width:267.9pt;background:white;padding:0'> <p style='margin-top:0in;margin-right:0in;margin-bottom:10.0pt;margin-left:0in;line-height:115%;margin-bottom:0in;margin-bottom:.0001pt;text-align:justify;text-justify:inter-ideograph;line-height:normal;background:white;text-autospace:none'>Tax payable</p> </td> <td width="89" valign="bottom" style='width:66.95pt;background:white;padding:0'> <p style='margin-top:0in;margin-right:0in;margin-bottom:10.0pt;margin-left:0in;line-height:115%;margin-bottom:0in;margin-bottom:.0001pt;line-height:normal;background:white;text-autospace:none'>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; 98,679</p> </td> <td width="89" valign="bottom" style='width:66.95pt;background:white;padding:0'> <p style='margin-top:0in;margin-right:0in;margin-bottom:10.0pt;margin-left:0in;line-height:115%;margin-bottom:0in;margin-bottom:.0001pt;line-height:normal;background:white;text-autospace:none'>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; 254,615</p> </td> </tr> <tr align="left"> <td width="357" valign="bottom" style='width:267.9pt;background:#CCEEFF;padding:0'> <p style='margin-top:0in;margin-right:0in;margin-bottom:10.0pt;margin-left:0in;line-height:115%;margin-bottom:0in;margin-bottom:.0001pt;text-align:justify;text-justify:inter-ideograph;line-height:normal;background:#CCEEFF;text-autospace:none'>Deferred revenue</p> </td> <td width="89" valign="bottom" style='width:66.95pt;background:#CCEEFF;padding:0'> <p style='margin-top:0in;margin-right:0in;margin-bottom:10.0pt;margin-left:0in;line-height:115%;margin-bottom:0in;margin-bottom:.0001pt;line-height:normal;background:#CCEEFF;text-autospace:none'>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; 73,141</p> </td> <td width="89" valign="bottom" style='width:66.95pt;background:#CCEEFF;padding:0'> <p style='margin-top:0in;margin-right:0in;margin-bottom:10.0pt;margin-left:0in;line-height:115%;margin-bottom:0in;margin-bottom:.0001pt;line-height:normal;background:#CCEEFF;text-autospace:none'>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; 71,604</p> </td> </tr> <tr align="left"> <td width="357" valign="bottom" style='width:267.9pt;background:white;padding:0in 0in 1.5pt 0in'> <p style='margin-top:0in;margin-right:0in;margin-bottom:10.0pt;margin-left:0in;line-height:115%;margin-bottom:0in;margin-bottom:.0001pt;text-align:justify;text-justify:inter-ideograph;line-height:normal;background:white;text-autospace:none'>Other payable*</p> </td> <td width="89" valign="bottom" style='width:66.95pt;border:none;border-bottom:solid black 1.0pt;background:white;padding:0in 0in 1.5pt 0in'> <p style='margin-top:0in;margin-right:0in;margin-bottom:10.0pt;margin-left:0in;line-height:115%;margin-bottom:0in;margin-bottom:.0001pt;line-height:normal;background:white;text-autospace:none'>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; 1,733,120</p> </td> <td width="89" valign="bottom" style='width:66.95pt;border:none;border-bottom:solid black 1.0pt;background:white;padding:0'> <p style='margin-top:0in;margin-right:0in;margin-bottom:10.0pt;margin-left:0in;line-height:115%;margin-bottom:0in;margin-bottom:.0001pt;line-height:normal;background:white;text-autospace:none'>&#160;&#160;&#160;&#160;&#160;&#160;&#160; 1,550,408</p> </td> </tr> <tr align="left"> <td width="357" valign="bottom" style='width:267.9pt;background:#CCEEFF;padding:0in 0in 3.0pt 0in'> <p style='margin-top:0in;margin-right:0in;margin-bottom:10.0pt;margin-left:0in;line-height:115%;margin-bottom:0in;margin-bottom:.0001pt;text-align:justify;text-justify:inter-ideograph;line-height:normal;background:#CCEEFF;text-autospace:none'>Total accounts payable and accrued expenses</p> </td> <td width="89" valign="bottom" style='width:66.95pt;border:none;border-bottom:double black 2.25pt;background:#CCEEFF;padding:0in 0in 3.0pt 0in'> <p style='margin-top:0in;margin-right:0in;margin-bottom:10.0pt;margin-left:0in;line-height:115%;margin-bottom:0in;margin-bottom:.0001pt;line-height:normal;background:#CCEEFF;text-autospace:none'>&#160;&#160; $ 10,638,362</p> </td> <td width="89" valign="bottom" style='width:66.95pt;border:none;border-bottom:double black 2.25pt;background:#CCEEFF;padding:0'> <p style='margin-top:0in;margin-right:0in;margin-bottom:10.0pt;margin-left:0in;line-height:115%;margin-bottom:0in;margin-bottom:.0001pt;line-height:normal;background:#CCEEFF;text-autospace:none'>&#160;&#160; $&#160;&#160; 6,860,826</p> </td> </tr> </table> <p style='margin-top:0in;margin-right:0in;margin-bottom:10.0pt;margin-left:0in;line-height:115%;margin-bottom:0in;margin-bottom:.0001pt;line-height:normal;text-autospace:none'>&nbsp;</p> <p style='margin-top:0in;margin-right:0in;margin-bottom:10.0pt;margin-left:0in;line-height:115%;margin-bottom:0in;margin-bottom:.0001pt;line-height:normal;text-autospace:none'>&nbsp;</p> <p style='margin-top:0in;margin-right:0in;margin-bottom:10.0pt;margin-left:0in;line-height:115%;margin-bottom:0in;margin-bottom:.0001pt;text-indent:.5in;line-height:normal;text-autospace:none'>* On January 31, 2017, other payables consists of commission payable of $111,374, general liability, worker's compensation, and medical insurance payable of $455,277; union and education fees payable of $281,126, consulting fee of $505,418, interest payables for short-term loans of $135,092, advanced from the employees of $220,667 and other miscellaneous payables of $24,166. On April 30, 2016,&nbsp;other payables consists of commission&nbsp;payable of $67,683; general liability, worker's compensation, and medical&nbsp;insurance&nbsp;payable of $439,706; accrued R&amp;D payable of $78,794; consulting fee payable of $248,748, union and education fees payable of $297,728, interest payables for short-term loans of $72,731, advanced from the employees of $131,282&nbsp;and other miscellaneous&nbsp;payables of $213,736.</p> <!--egx--><p style='margin-top:0in;margin-right:0in;margin-bottom:10.0pt;margin-left:0in;line-height:115%;margin-bottom:0in;margin-bottom:.0001pt;line-height:normal;text-autospace:none'><b>NOTE 11 -LOAN PAYABLE</b></p> <p style='margin-top:0in;margin-right:0in;margin-bottom:10.0pt;margin-left:0in;line-height:115%;margin-bottom:0in;margin-bottom:.0001pt;line-height:normal;text-autospace:none'>&nbsp;</p> <p style='margin-top:0in;margin-right:0in;margin-bottom:10.0pt;margin-left:0in;line-height:115%;margin-bottom:0in;margin-bottom:.0001pt;text-indent:.5in;line-height:normal;text-autospace:none'>Loans payable consisted of short-term loans obtained from&nbsp;various individual lenders that are due within one year for working capital purpose. These loans are unsecured and can be renewed with 10 days advance notice prior to maturity date. At January 31, 2017 and April 30, 2016, short-term loans consisted of the following:</p> <p style='margin-top:0in;margin-right:0in;margin-bottom:10.0pt;margin-left:0in;line-height:115%;margin-bottom:0in;margin-bottom:.0001pt;line-height:normal;text-autospace:none'>&nbsp;</p> <table border="0" cellspacing="0" cellpadding="0" style='margin-left:.1pt;border-collapse:collapse'> <tr align="left"> <td width="488" valign="bottom" style='width:366.3pt;padding:0in 0in 1.5pt 0in'> <p style='margin-top:0in;margin-right:0in;margin-bottom:10.0pt;margin-left:0in;line-height:115%;margin-bottom:0in;margin-bottom:.0001pt;line-height:normal;text-autospace:none'>&nbsp; </p> </td> <td width="91" valign="bottom" style='width:68.0pt;border:none;border-bottom:solid black 1.0pt;padding:0in 0in 1.5pt 0in'> <p align="center" style='margin-top:0in;margin-right:0in;margin-bottom:10.0pt;margin-left:0in;line-height:115%;margin-bottom:0in;margin-bottom:.0001pt;text-align:center;line-height:normal;text-autospace:none'>January 31, </p> <p align="center" style='margin-top:0in;margin-right:0in;margin-bottom:10.0pt;margin-left:0in;line-height:115%;margin-bottom:0in;margin-bottom:.0001pt;text-align:center;line-height:normal;text-autospace:none'>2017</p> <p align="center" style='margin-top:0in;margin-right:0in;margin-bottom:10.0pt;margin-left:0in;line-height:115%;margin-bottom:0in;margin-bottom:.0001pt;text-align:center;line-height:normal;text-autospace:none'>(unaudited)</p> </td> <td width="91" valign="bottom" style='width:68.0pt;border:none;border-bottom:solid black 1.0pt;padding:0'> <p align="center" style='margin-top:0in;margin-right:0in;margin-bottom:10.0pt;margin-left:0in;line-height:115%;margin-bottom:0in;margin-bottom:.0001pt;text-align:center;line-height:normal;text-autospace:none'>April 30,</p> <p align="center" style='margin-top:0in;margin-right:0in;margin-bottom:10.0pt;margin-left:0in;line-height:115%;margin-bottom:0in;margin-bottom:.0001pt;text-align:center;line-height:normal;text-autospace:none'>2016</p> </td> </tr> <tr align="left"> <td width="488" valign="bottom" style='width:366.3pt;background:#CCEEFF;padding:0'> <p style='margin-top:0in;margin-right:0in;margin-bottom:10.0pt;margin-left:0in;line-height:115%;margin-bottom:0in;margin-bottom:.0001pt;line-height:normal;background:#CCEEFF;text-autospace:none'>Loan from Min Wu, an employee of Qufu Shengren, due on October 5, 2016 with annual interest rate of 10% at October 6, 2015, which renewed for original RMB150,000 ($21,810) and the Company borrowed an additional RMB50,000 ($7,269) from Min Wu under the same terms on October 6, 2016 with new due date on October 5, 2017.</p> </td> <td width="91" valign="bottom" style='width:68.0pt;background:#CCEEFF;padding:0'> <p style='margin-top:0in;margin-right:0in;margin-bottom:10.0pt;margin-left:0in;line-height:115%;margin-bottom:0in;margin-bottom:.0001pt;line-height:normal;background:#CCEEFF;text-autospace:none'>&#160;&#160; $&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; 29,079</p> </td> <td width="91" valign="bottom" style='width:68.0pt;background:#CCEEFF;padding:0'> <p style='margin-top:0in;margin-right:0in;margin-bottom:10.0pt;margin-left:0in;line-height:115%;margin-bottom:0in;margin-bottom:.0001pt;line-height:normal;background:#CCEEFF;text-autospace:none'>&#160;&#160; $&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; 23,175</p> </td> </tr> <tr align="left"> <td width="488" valign="bottom" style='width:366.3pt;background:white;padding:0'> <p style='margin-top:0in;margin-right:0in;margin-bottom:10.0pt;margin-left:0in;line-height:115%;margin-bottom:0in;margin-bottom:.0001pt;line-height:normal;background:white;text-autospace:none'>Loan from Weidong Cai, an employee of Qufu Shengren, due on September 21, 2016 with annual interest rate of 10% at September 22, 2015, which renewed for original RMB840,000 ($122,134) and the Company borrowed an additional RMB84,000 ($12,213) from Weidong Cai under the same terms on September 22, 2016 with new due date on September 21, 2017.</p> </td> <td width="91" valign="bottom" style='width:68.0pt;background:white;padding:0'> <p style='margin-top:0in;margin-right:0in;margin-bottom:10.0pt;margin-left:0in;line-height:115%;margin-bottom:0in;margin-bottom:.0001pt;line-height:normal;background:white;text-autospace:none'>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; 134,347</p> </td> <td width="91" valign="bottom" style='width:68.0pt;background:white;padding:0'> <p style='margin-top:0in;margin-right:0in;margin-bottom:10.0pt;margin-left:0in;line-height:115%;margin-bottom:0in;margin-bottom:.0001pt;line-height:normal;background:white;text-autospace:none'>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; 129,778</p> </td> </tr> <tr align="left"> <td width="488" valign="bottom" style='width:366.3pt;background:#CCEEFF;padding:0'> <p style='margin-top:0in;margin-right:0in;margin-bottom:10.0pt;margin-left:0in;line-height:115%;margin-bottom:0in;margin-bottom:.0001pt;line-height:normal;background:#CCEEFF;text-autospace:none'>Loan from Jianjun Yan, non-related individual, due on October 6, 2015 with annual interest rate of 10% at October 7, 2014, which renewed on October 7, 2015 and October 7, 2016 with new due date on October 6, 2017.</p> </td> <td width="91" valign="bottom" style='width:68.0pt;background:#CCEEFF;padding:0'> <p style='margin-top:0in;margin-right:0in;margin-bottom:10.0pt;margin-left:0in;line-height:115%;margin-bottom:0in;margin-bottom:.0001pt;line-height:normal;background:#CCEEFF;text-autospace:none'>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; 945,083</p> </td> <td width="91" valign="bottom" style='width:68.0pt;background:#CCEEFF;padding:0'> <p style='margin-top:0in;margin-right:0in;margin-bottom:10.0pt;margin-left:0in;line-height:115%;margin-bottom:0in;margin-bottom:.0001pt;line-height:normal;background:#CCEEFF;text-autospace:none'>&#160;&#160; &#160;&#160;&#160;&#160;&#160; 1,004,232</p> </td> </tr> <tr align="left"> <td width="488" valign="bottom" style='width:366.3pt;background:white;padding:0'> <p style='margin-top:0in;margin-right:0in;margin-bottom:10.0pt;margin-left:0in;line-height:115%;margin-bottom:0in;margin-bottom:.0001pt;line-height:normal;background:white;text-autospace:none'>Multiple loans from Jianjun Yan, non-related individual, due from October 5, 2016 through April 9, 2017, with annual interest rate of 10%, which were obtained during October 6, 2015 through April 10, 2016. RMB780,000 ($115,134) of the loan originally due on October 5, 2016 has been renewed for on the maturity date of October 6, 2016 with new due date on October 5, 2017.</p> </td> <td width="91" valign="bottom" style='width:68.0pt;background:white;padding:0'> <p style='margin-top:0in;margin-right:0in;margin-bottom:10.0pt;margin-left:0in;line-height:115%;margin-bottom:0in;margin-bottom:.0001pt;line-height:normal;background:white;text-autospace:none'>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; 840,397</p> </td> <td width="91" valign="bottom" style='width:68.0pt;background:white;padding:0'> <p style='margin-top:0in;margin-right:0in;margin-bottom:10.0pt;margin-left:0in;line-height:115%;margin-bottom:0in;margin-bottom:.0001pt;line-height:normal;background:white;text-autospace:none'>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; 892,995</p> </td> </tr> <tr align="left"> <td width="488" valign="bottom" style='width:366.3pt;background:#CCEEFF;padding:0'> <p style='margin-top:0in;margin-right:0in;margin-bottom:10.0pt;margin-left:0in;line-height:115%;margin-bottom:0in;margin-bottom:.0001pt;line-height:normal;background:#CCEEFF;text-autospace:none'>Multiple loans from Jianjun Yan, non-related individual, due from June 19, 2017 through January 18, 2018, with annual interest rate of 10%, which were obtained during June 20, 2016 through January 19, 2017.</p> </td> <td width="91" valign="bottom" style='width:68.0pt;background:#CCEEFF;padding:0'> <p style='margin-top:0in;margin-right:0in;margin-bottom:10.0pt;margin-left:0in;line-height:115%;margin-bottom:0in;margin-bottom:.0001pt;line-height:normal;background:#CCEEFF;text-autospace:none'>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; 840,209</p> </td> <td width="91" valign="bottom" style='width:68.0pt;background:#CCEEFF;padding:0'> <p style='margin-top:0in;margin-right:0in;margin-bottom:10.0pt;margin-left:0in;line-height:115%;margin-bottom:0in;margin-bottom:.0001pt;line-height:normal;background:#CCEEFF;text-autospace:none'>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; 0</p> </td> </tr> <tr align="left"> <td width="488" valign="bottom" style='width:366.3pt;background:white;padding:0'> <p style='margin-top:0in;margin-right:0in;margin-bottom:10.0pt;margin-left:0in;line-height:115%;margin-bottom:0in;margin-bottom:.0001pt;line-height:normal;background:white;text-autospace:none'>Loan from Junzhen Zhang, non-related individual, due&nbsp;on October 5, 2016, with annual interest rate of 10% at October 6, 2015, which renewed on October 6, 2016 with new due date on October 5, 2017.</p> </td> <td width="91" valign="bottom" style='width:68.0pt;background:white;padding:0'> <p style='margin-top:0in;margin-right:0in;margin-bottom:10.0pt;margin-left:0in;line-height:115%;margin-bottom:0in;margin-bottom:.0001pt;line-height:normal;background:white;text-autospace:none'>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; 21,810</p> </td> <td width="91" valign="bottom" style='width:68.0pt;background:white;padding:0'> <p style='margin-top:0in;margin-right:0in;margin-bottom:10.0pt;margin-left:0in;line-height:115%;margin-bottom:0in;margin-bottom:.0001pt;line-height:normal;background:white;text-autospace:none'>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; 23,175</p> </td> </tr> <tr align="left"> <td width="488" valign="bottom" style='width:366.3pt;background:#CCEEFF;padding:0'> <p style='margin-top:0in;margin-right:0in;margin-bottom:10.0pt;margin-left:0in;line-height:115%;margin-bottom:0in;margin-bottom:.0001pt;line-height:normal;background:#CCEEFF;text-autospace:none'>Loan from Jian Chen, non-related individual, due&nbsp;on January 26, 2017, with annual interest rate of 10% at January 27, 2016, which renewed on January 25, 2017, with new due January 26, 2018.</p> </td> <td width="91" valign="bottom" style='width:68.0pt;background:#CCEEFF;padding:0'> <p style='margin-top:0in;margin-right:0in;margin-bottom:10.0pt;margin-left:0in;line-height:115%;margin-bottom:0in;margin-bottom:.0001pt;line-height:normal;background:#CCEEFF;text-autospace:none'>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; 106,140</p> </td> <td width="91" valign="bottom" style='width:68.0pt;background:#CCEEFF;padding:0'> <p style='margin-top:0in;margin-right:0in;margin-bottom:10.0pt;margin-left:0in;line-height:115%;margin-bottom:0in;margin-bottom:.0001pt;line-height:normal;background:#CCEEFF;text-autospace:none'>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; 112,783</p> </td> </tr> <tr align="left"> <td width="488" valign="bottom" style='width:366.3pt;background:white;padding:0'> <p style='margin-top:0in;margin-right:0in;margin-bottom:10.0pt;margin-left:0in;line-height:115%;margin-bottom:0in;margin-bottom:.0001pt;line-height:normal;background:white;text-autospace:none'>Loan from Qing Kong, non-related individual, due&nbsp;on March 6, 2017, with annual interest rate of 10% at&nbsp;March 7, 2016.</p> </td> <td width="91" valign="bottom" style='width:68.0pt;background:white;padding:0'> <p style='margin-top:0in;margin-right:0in;margin-bottom:10.0pt;margin-left:0in;line-height:115%;margin-bottom:0in;margin-bottom:.0001pt;line-height:normal;background:white;text-autospace:none'>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; 58,159</p> </td> <td width="91" valign="bottom" style='width:68.0pt;background:white;padding:0'> <p style='margin-top:0in;margin-right:0in;margin-bottom:10.0pt;margin-left:0in;line-height:115%;margin-bottom:0in;margin-bottom:.0001pt;line-height:normal;background:white;text-autospace:none'>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; 61,799</p> </td> </tr> <tr align="left"> <td width="488" valign="bottom" style='width:366.3pt;background:#CCEEFF;padding:0'> <p style='margin-top:0in;margin-right:0in;margin-bottom:10.0pt;margin-left:0in;line-height:115%;margin-bottom:0in;margin-bottom:.0001pt;line-height:normal;background:#CCEEFF;text-autospace:none'>Loan from Guihai Chen, non-related individual, due&nbsp;on March 10, 2017, with annual interest rate of 10% at March 11, 2016.</p> </td> <td width="91" valign="bottom" style='width:68.0pt;background:#CCEEFF;padding:0'> <p style='margin-top:0in;margin-right:0in;margin-bottom:10.0pt;margin-left:0in;line-height:115%;margin-bottom:0in;margin-bottom:.0001pt;line-height:normal;background:#CCEEFF;text-autospace:none'>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; 14,540</p> </td> <td width="91" valign="bottom" style='width:68.0pt;background:#CCEEFF;padding:0'> <p style='margin-top:0in;margin-right:0in;margin-bottom:10.0pt;margin-left:0in;line-height:115%;margin-bottom:0in;margin-bottom:.0001pt;line-height:normal;background:#CCEEFF;text-autospace:none'>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; 15,450</p> </td> </tr> <tr align="left"> <td width="488" valign="bottom" style='width:366.3pt;background:white;padding:0in 0in 1.5pt 0in'> <p style='margin-top:0in;margin-right:0in;margin-bottom:10.0pt;margin-left:0in;line-height:115%;margin-bottom:0in;margin-bottom:.0001pt;line-height:normal;background:white;text-autospace:none'>Loan from Weifeng Kong, non-related individual, due&nbsp;on November 28, 2017, with annual interest rate of 10% at November 29, 2016.</p> </td> <td width="91" valign="bottom" style='width:68.0pt;border:none;border-bottom:solid black 1.0pt;background:white;padding:0in 0in 1.5pt 0in'> <p style='margin-top:0in;margin-right:0in;margin-bottom:10.0pt;margin-left:0in;line-height:115%;margin-bottom:0in;margin-bottom:.0001pt;line-height:normal;background:white;text-autospace:none'>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; 29,079</p> </td> <td width="91" valign="bottom" style='width:68.0pt;border:none;border-bottom:solid black 1.0pt;background:white;padding:0'> <p style='margin-top:0in;margin-right:0in;margin-bottom:10.0pt;margin-left:0in;line-height:115%;margin-bottom:0in;margin-bottom:.0001pt;line-height:normal;background:white;text-autospace:none'>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; 0</p> </td> </tr> <tr align="left"> <td width="488" valign="bottom" style='width:366.3pt;background:#CCEEFF;padding:0in 0in 3.0pt 0in'> <p style='margin-top:0in;margin-right:0in;margin-bottom:10.0pt;margin-left:0in;line-height:115%;margin-bottom:0in;margin-bottom:.0001pt;line-height:normal;background:#CCEEFF;text-autospace:none'>Total</p> </td> <td width="91" valign="bottom" style='width:68.0pt;border:none;border-bottom:double black 2.25pt;background:#CCEEFF;padding:0in 0in 3.0pt 0in'> <p style='margin-top:0in;margin-right:0in;margin-bottom:10.0pt;margin-left:0in;line-height:115%;margin-bottom:0in;margin-bottom:.0001pt;line-height:normal;background:#CCEEFF;text-autospace:none'>&#160;&#160; $&#160;&#160; 3,018,843</p> </td> <td width="91" valign="bottom" style='width:68.0pt;border:none;border-bottom:double black 2.25pt;background:#CCEEFF;padding:0'> <p style='margin-top:0in;margin-right:0in;margin-bottom:10.0pt;margin-left:0in;line-height:115%;margin-bottom:0in;margin-bottom:.0001pt;line-height:normal;background:#CCEEFF;text-autospace:none'>&#160;&#160; $&#160;&#160; 2,263,387</p> </td> </tr> </table> <p style='margin-top:0in;margin-right:0in;margin-bottom:10.0pt;margin-left:0in;line-height:115%;margin-bottom:0in;margin-bottom:.0001pt;line-height:normal;text-autospace:none'>&nbsp;</p> <p style='margin-top:0in;margin-right:0in;margin-bottom:10.0pt;margin-left:0in;line-height:115%;margin-bottom:0in;margin-bottom:.0001pt;text-indent:.5in;line-height:normal;text-autospace:none'>For the three and nine months ended January 31, 2017 and 2016, interest expense related to short-term loans amounted to $62,169&nbsp;and $30,271, and $174,414 and $121,728, respectively, which were included in interest expense in the accompanying consolidated statements of operations and comprehensive loss.</p> <!--egx--><p style='margin-top:0in;margin-right:0in;margin-bottom:10.0pt;margin-left:0in;line-height:115%;margin-bottom:0in;margin-bottom:.0001pt;line-height:normal;text-autospace:none'><b>NOTE 12 - STOCKHOLDERS' EQUITY</b></p> <p style='margin-top:0in;margin-right:0in;margin-bottom:10.0pt;margin-left:0in;line-height:115%;margin-bottom:0in;margin-bottom:.0001pt;line-height:normal;text-autospace:none'>&nbsp;</p> <p style='margin-top:0in;margin-right:0in;margin-bottom:10.0pt;margin-left:0in;line-height:115%;margin-bottom:0in;margin-bottom:.0001pt;line-height:normal;text-autospace:none'><b><u>Common stock</u></b></p> <p style='margin-top:0in;margin-right:0in;margin-bottom:10.0pt;margin-left:0in;line-height:115%;margin-bottom:0in;margin-bottom:.0001pt;line-height:normal;text-autospace:none'>&nbsp;</p> <p style='margin-top:0in;margin-right:0in;margin-bottom:10.0pt;margin-left:0in;line-height:115%;margin-bottom:0in;margin-bottom:.0001pt;text-indent:.5in;line-height:normal;text-autospace:none'>At January 31, 2017 and April 30, 2016, we are authorized to issue 200,000,000 shares of common stock. We had 199,632,803 and 199,632,803 shares issued and outstanding at January 31, 2017 and April 30, 2016, respectively.</p> <p style='margin-top:0in;margin-right:0in;margin-bottom:10.0pt;margin-left:0in;line-height:115%;margin-bottom:0in;margin-bottom:.0001pt;line-height:normal;text-autospace:none'>&nbsp;</p> <p style='margin-top:0in;margin-right:0in;margin-bottom:10.0pt;margin-left:0in;line-height:115%;margin-bottom:0in;margin-bottom:.0001pt;text-indent:.5in;line-height:normal;text-autospace:none'>On May 6, 2015, we issued a total of 1,000,000 shares of our common stock to Dr. Yuejian (James) Wang for consulting services, valued at $252,500, for one year term of service agreement during fiscal 2016. We amortized this consulting service fee through fiscal 2016 over twelve months and recorded $252,500 as stock-based compensation expense during fiscal 2016.</p> <p style='margin-top:0in;margin-right:0in;margin-bottom:10.0pt;margin-left:0in;line-height:115%;margin-bottom:0in;margin-bottom:.0001pt;line-height:normal;text-autospace:none'>&nbsp;</p> <p style='margin-top:0in;margin-right:0in;margin-bottom:10.0pt;margin-left:0in;line-height:115%;margin-bottom:0in;margin-bottom:.0001pt;text-indent:.5in;line-height:normal;text-autospace:none'>On August 11, 2015, we entered into an one year consulting service agreement with Dr. Yuejian (James) Wang. Pursuant to the terms of the consulting service agreement, we issued a total of 750,000 shares of the&nbsp;Company's common stock to Dr. Yuejian (James) Wang as compensation for the services provided or to be provided from May 1, 2015 through April 30, 2016. On August 11, 2015 and January 14, 2016, we issued 500,000 and 250,000 shares of the Company's common stock to Dr. Yuejian (James) Wang as payment of the consulting service fee, valued at $100,000 and $50,000, respectively. We amortized this consulting service fee through fiscal 2016 over twelve months and recorded $150,000 as stock-based compensation expense during fiscal 2016.</p> <p style='margin-top:0in;margin-right:0in;margin-bottom:10.0pt;margin-left:0in;line-height:115%;margin-bottom:0in;margin-bottom:.0001pt;line-height:normal;text-autospace:none'>&nbsp;</p> <p style='margin-top:0in;margin-right:0in;margin-bottom:10.0pt;margin-left:0in;line-height:115%;margin-bottom:0in;margin-bottom:.0001pt;text-indent:.5in;line-height:normal;text-autospace:none'>On December 1, 2015, we entered into three years employment agreements with four employees. Pursuant to employment agreements, we issued a total of 23 million shares of the Company's common stock, valued at $3,680,000, as employees' stock-based compensations over three-year term of their employment from December 1, 2015 through November 30, 2018. We will amortize these compensations over three years from December 1, 2015 to November 30, 2018 and we have recognized $306,667 and $920,001 as stock-based compensation expenses during three and nine months ended January 31, 2017, respectively. We also have recorded the remaining balance of the stock-based compensation of $2,555,554 as prepaid compensation, of which $1,226,668 included in prepaid expenses and other current assets and $1,022,220 included in the other long-term asset in the accompanying consolidated balance sheet at January 31, 2017.</p> <p style='margin-top:0in;margin-right:0in;margin-bottom:10.0pt;margin-left:0in;line-height:115%;margin-bottom:0in;margin-bottom:.0001pt;line-height:normal;text-autospace:none'>&nbsp;</p> <p style='margin-top:0in;margin-right:0in;margin-bottom:10.0pt;margin-left:0in;line-height:115%;margin-bottom:0in;margin-bottom:.0001pt;text-indent:.5in;line-height:normal;text-autospace:none'>On April 25, 2016, we entered into a one year consulting service agreement with Dr. Yuejian (James) Wang. Pursuant to the terms of the consulting service agreement for fiscal year 2017, we will issue a total of 1,000,000 shares of the&nbsp;Company's common stock to Dr. Yuejian (James) Wang as compensation for the services to be provided from May 1, 2016 through April 30, 2017. On April 27, 2016, we issued 1,000,000 shares of the Company's common stock to Dr. Yuejian (James) Wang as prepaid payment of the consulting service fee, valued at $145,000, which included in the prepaid expenses and other current assets in the accompanying consolidated balance at April 30, 2016. We will amortize this prepaid consulting service fee through fiscal 2017 over twelve months. We have recorded $36,250 and $108,750 as stock-based compensation expense during the three and nine months ended January 31, 2017, respectively, and the balance of prepaid expense is $36,250 as of January 31, 2017.</p> <!--egx--><p style='margin-top:0in;margin-right:0in;margin-bottom:10.0pt;margin-left:0in;line-height:115%;margin-bottom:0in;margin-bottom:.0001pt;line-height:normal;text-autospace:none'><b>NOTE 13 - SEGMENT INFORMATION</b></p> <p style='margin-top:0in;margin-right:0in;margin-bottom:10.0pt;margin-left:0in;line-height:115%;margin-bottom:0in;margin-bottom:.0001pt;line-height:normal;text-autospace:none'>&nbsp;</p> <p style='margin-top:0in;margin-right:0in;margin-bottom:10.0pt;margin-left:0in;line-height:115%;margin-bottom:0in;margin-bottom:.0001pt;text-indent:.5in;line-height:normal;text-autospace:none'>The following information is presented in accordance with ASC Topic 280, &quot;Segment Reporting&quot;, for the three and nine months ended January 31, 2017 and 2016; we operated in three reportable business segments - (1) natural sweetener (stevioside),&nbsp;(2) traditional Chinese medicines and (3) corporate and other. Our reportable segments are strategic business units that offer different products and are managed separately based on the fundamental differences in their operations. Condensed financial information with respect to these reportable business segments for the three and nine months ended January 31, 2017 and 2016 is as follows:</p> <p style='margin-top:0in;margin-right:0in;margin-bottom:10.0pt;margin-left:0in;line-height:115%;margin-bottom:0in;margin-bottom:.0001pt;line-height:normal;text-autospace:none'>&nbsp;</p> <table border="0" cellspacing="0" cellpadding="0" style='border-collapse:collapse'> <tr align="left"> <td width="276" valign="bottom" style='width:207.0pt;padding:0in 0in 1.5pt 0in'> <p style='margin-top:0in;margin-right:0in;margin-bottom:10.0pt;margin-left:0in;line-height:115%;margin-bottom:0in;margin-bottom:.0001pt;line-height:normal;text-autospace:none'>&nbsp; </p> </td> <td width="198" colspan="2" valign="bottom" style='width:148.5pt;border:none;border-bottom:solid black 1.0pt;padding:0in 0in 1.5pt 0in'> <p align="center" style='margin-top:0in;margin-right:0in;margin-bottom:10.0pt;margin-left:0in;line-height:115%;margin-bottom:0in;margin-bottom:.0001pt;text-align:center;line-height:normal;text-autospace:none'>Three Months Ended January 31,</p> </td> <td width="198" colspan="2" valign="bottom" style='width:148.5pt;border:none;border-bottom:solid black 1.0pt;padding:0'> <p align="center" style='margin-top:0in;margin-right:0in;margin-bottom:10.0pt;margin-left:0in;line-height:115%;margin-bottom:0in;margin-bottom:.0001pt;text-align:center;line-height:normal;text-autospace:none'>Nine Months Ended January 31,</p> </td> </tr> <tr align="left"> <td width="276" valign="bottom" style='width:207.0pt;padding:0in 0in 1.5pt 0in'> <p style='margin-top:0in;margin-right:0in;margin-bottom:10.0pt;margin-left:0in;line-height:115%;margin-bottom:0in;margin-bottom:.0001pt;line-height:normal;text-autospace:none'>&nbsp; </p> </td> <td width="102" valign="bottom" style='width:76.5pt;border:none;border-bottom:solid black 1.0pt;padding:0in 0in 1.5pt 0in'> <p align="center" style='margin-top:0in;margin-right:0in;margin-bottom:10.0pt;margin-left:0in;line-height:115%;margin-bottom:0in;margin-bottom:.0001pt;text-align:center;line-height:normal;text-autospace:none'>2017</p> </td> <td width="96" valign="bottom" style='width:1.0in;border:none;border-bottom:solid black 1.0pt;padding:0in 0in 1.5pt 0in'> <p align="center" style='margin-top:0in;margin-right:0in;margin-bottom:10.0pt;margin-left:0in;line-height:115%;margin-bottom:0in;margin-bottom:.0001pt;text-align:center;line-height:normal;text-autospace:none'>2016</p> </td> <td width="102" valign="bottom" style='width:76.5pt;border:none;border-bottom:solid black 1.0pt;padding:0in 0in 1.5pt 0in'> <p align="center" style='margin-top:0in;margin-right:0in;margin-bottom:10.0pt;margin-left:0in;line-height:115%;margin-bottom:0in;margin-bottom:.0001pt;text-align:center;line-height:normal;text-autospace:none'>2017</p> </td> <td width="96" valign="bottom" style='width:1.0in;border:none;border-bottom:solid black 1.0pt;padding:0'> <p align="center" style='margin-top:0in;margin-right:0in;margin-bottom:10.0pt;margin-left:0in;line-height:115%;margin-bottom:0in;margin-bottom:.0001pt;text-align:center;line-height:normal;text-autospace:none'>2016</p> </td> </tr> <tr align="left"> <td width="276" valign="bottom" style='width:207.0pt;padding:0'> <p style='margin-top:0in;margin-right:0in;margin-bottom:10.0pt;margin-left:0in;line-height:115%;margin-bottom:0in;margin-bottom:.0001pt;line-height:normal;text-autospace:none'>Revenues:</p> </td> <td width="102" valign="bottom" style='width:76.5pt;padding:0'> <p style='margin-top:0in;margin-right:0in;margin-bottom:10.0pt;margin-left:0in;line-height:115%;margin-bottom:0in;margin-bottom:.0001pt;line-height:normal;text-autospace:none'>&nbsp;</p> </td> <td width="96" valign="bottom" style='width:1.0in;padding:0'> <p style='margin-top:0in;margin-right:0in;margin-bottom:10.0pt;margin-left:0in;line-height:115%;margin-bottom:0in;margin-bottom:.0001pt;line-height:normal;text-autospace:none'>&nbsp;</p> </td> <td width="102" valign="bottom" style='width:76.5pt;padding:0'> <p style='margin-top:0in;margin-right:0in;margin-bottom:10.0pt;margin-left:0in;line-height:115%;margin-bottom:0in;margin-bottom:.0001pt;line-height:normal;text-autospace:none'>&nbsp;</p> </td> <td width="96" valign="bottom" style='width:1.0in;padding:0'> <p style='margin-top:0in;margin-right:0in;margin-bottom:10.0pt;margin-left:0in;line-height:115%;margin-bottom:0in;margin-bottom:.0001pt;line-height:normal;text-autospace:none'>&nbsp;</p> </td> </tr> <tr align="left"> <td width="276" valign="bottom" style='width:207.0pt;background:#CCEEFF;padding:0'> <p style='margin-top:0in;margin-right:0in;margin-bottom:10.0pt;margin-left:0in;line-height:115%;margin-bottom:0in;margin-bottom:.0001pt;line-height:normal;background:#CCEEFF;text-autospace:none'>Chinese medicine - third party</p> </td> <td width="102" valign="bottom" style='width:76.5pt;background:#CCEEFF;padding:0'> <p style='margin-top:0in;margin-right:0in;margin-bottom:10.0pt;margin-left:0in;line-height:115%;margin-bottom:0in;margin-bottom:.0001pt;line-height:normal;background:#CCEEFF;text-autospace:none'>&#160;&#160; $&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; 859,933</p> </td> <td width="96" valign="bottom" style='width:1.0in;background:#CCEEFF;padding:0'> <p style='margin-top:0in;margin-right:0in;margin-bottom:10.0pt;margin-left:0in;line-height:115%;margin-bottom:0in;margin-bottom:.0001pt;line-height:normal;background:#CCEEFF;text-autospace:none'>&#160;&#160; $&#160;&#160;&#160;&#160;&#160;&#160; 622,516</p> </td> <td width="102" valign="bottom" style='width:76.5pt;background:#CCEEFF;padding:0'> <p style='margin-top:0in;margin-right:0in;margin-bottom:10.0pt;margin-left:0in;line-height:115%;margin-bottom:0in;margin-bottom:.0001pt;line-height:normal;background:#CCEEFF;text-autospace:none'>&#160;&#160; $&#160;&#160;&#160;&#160;&#160;&#160;&#160; 2,240,055</p> </td> <td width="96" valign="bottom" style='width:1.0in;background:#CCEEFF;padding:0'> <p style='margin-top:0in;margin-right:0in;margin-bottom:10.0pt;margin-left:0in;line-height:115%;margin-bottom:0in;margin-bottom:.0001pt;line-height:normal;background:#CCEEFF;text-autospace:none'>&#160;&#160; $&#160;&#160;&#160; 1,789,482</p> </td> </tr> <tr align="left"> <td width="276" valign="bottom" style='width:207.0pt;background:white;padding:0in 0in 1.5pt 0in'> <p style='margin-top:0in;margin-right:0in;margin-bottom:10.0pt;margin-left:0in;line-height:115%;margin-bottom:0in;margin-bottom:.0001pt;line-height:normal;background:white;text-autospace:none'>Chinese medicine - related party</p> </td> <td width="102" valign="bottom" style='width:76.5pt;border:none;border-bottom:solid black 1.0pt;background:white;padding:0in 0in 1.5pt 0in'> <p style='margin-top:0in;margin-right:0in;margin-bottom:10.0pt;margin-left:0in;line-height:115%;margin-bottom:0in;margin-bottom:.0001pt;line-height:normal;background:white;text-autospace:none'>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; 0</p> </td> <td width="96" valign="bottom" style='width:1.0in;border:none;border-bottom:solid black 1.0pt;background:white;padding:0in 0in 1.5pt 0in'> <p style='margin-top:0in;margin-right:0in;margin-bottom:10.0pt;margin-left:0in;line-height:115%;margin-bottom:0in;margin-bottom:.0001pt;line-height:normal;background:white;text-autospace:none'>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; 0</p> </td> <td width="102" valign="bottom" style='width:76.5pt;border:none;border-bottom:solid black 1.0pt;background:white;padding:0in 0in 1.5pt 0in'> <p style='margin-top:0in;margin-right:0in;margin-bottom:10.0pt;margin-left:0in;line-height:115%;margin-bottom:0in;margin-bottom:.0001pt;line-height:normal;background:white;text-autospace:none'>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; 0</p> </td> <td width="96" valign="bottom" style='width:1.0in;border:none;border-bottom:solid black 1.0pt;background:white;padding:0'> <p style='margin-top:0in;margin-right:0in;margin-bottom:10.0pt;margin-left:0in;line-height:115%;margin-bottom:0in;margin-bottom:.0001pt;line-height:normal;background:white;text-autospace:none'>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; 0</p> </td> </tr> <tr align="left"> <td width="276" valign="bottom" style='width:207.0pt;background:#CCEEFF;padding:0in 0in 1.5pt 0in'> <p style='margin-top:0in;margin-right:0in;margin-bottom:10.0pt;margin-left:0in;line-height:115%;margin-bottom:0in;margin-bottom:.0001pt;line-height:normal;background:#CCEEFF;text-autospace:none'>Total Chinese medicine</p> </td> <td width="102" valign="bottom" style='width:76.5pt;border:none;border-bottom:solid black 1.0pt;background:#CCEEFF;padding:0in 0in 1.5pt 0in'> <p style='margin-top:0in;margin-right:0in;margin-bottom:10.0pt;margin-left:0in;line-height:115%;margin-bottom:0in;margin-bottom:.0001pt;line-height:normal;background:#CCEEFF;text-autospace:none'>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; 859,933</p> </td> <td width="96" valign="bottom" style='width:1.0in;border:none;border-bottom:solid black 1.0pt;background:#CCEEFF;padding:0in 0in 1.5pt 0in'> <p style='margin-top:0in;margin-right:0in;margin-bottom:10.0pt;margin-left:0in;line-height:115%;margin-bottom:0in;margin-bottom:.0001pt;line-height:normal;background:#CCEEFF;text-autospace:none'>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; 622,516</p> </td> <td width="102" valign="bottom" style='width:76.5pt;border:none;border-bottom:solid black 1.0pt;background:#CCEEFF;padding:0in 0in 1.5pt 0in'> <p style='margin-top:0in;margin-right:0in;margin-bottom:10.0pt;margin-left:0in;line-height:115%;margin-bottom:0in;margin-bottom:.0001pt;line-height:normal;background:#CCEEFF;text-autospace:none'>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; 2,240,055</p> </td> <td width="96" valign="bottom" style='width:1.0in;border:none;border-bottom:solid black 1.0pt;background:#CCEEFF;padding:0'> <p style='margin-top:0in;margin-right:0in;margin-bottom:10.0pt;margin-left:0in;line-height:115%;margin-bottom:0in;margin-bottom:.0001pt;line-height:normal;background:#CCEEFF;text-autospace:none'>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; 1,789,482</p> </td> </tr> <tr align="left"> <td width="276" valign="bottom" style='width:207.0pt;background:white;padding:0'> <p style='margin-top:0in;margin-right:0in;margin-bottom:10.0pt;margin-left:0in;line-height:115%;margin-bottom:0in;margin-bottom:.0001pt;line-height:normal;background:white;text-autospace:none'>&nbsp;</p> </td> <td width="102" valign="bottom" style='width:76.5pt;background:white;padding:0'> <p style='margin-top:0in;margin-right:0in;margin-bottom:10.0pt;margin-left:0in;line-height:115%;margin-bottom:0in;margin-bottom:.0001pt;line-height:normal;background:white;text-autospace:none'>&nbsp;</p> </td> <td width="96" valign="bottom" style='width:1.0in;background:white;padding:0'> <p style='margin-top:0in;margin-right:0in;margin-bottom:10.0pt;margin-left:0in;line-height:115%;margin-bottom:0in;margin-bottom:.0001pt;line-height:normal;background:white;text-autospace:none'>&nbsp;</p> </td> <td width="102" valign="bottom" style='width:76.5pt;background:white;padding:0'> <p style='margin-top:0in;margin-right:0in;margin-bottom:10.0pt;margin-left:0in;line-height:115%;margin-bottom:0in;margin-bottom:.0001pt;line-height:normal;background:white;text-autospace:none'>&nbsp;</p> </td> <td width="96" valign="bottom" style='width:1.0in;background:white;padding:0'> <p style='margin-top:0in;margin-right:0in;margin-bottom:10.0pt;margin-left:0in;line-height:115%;margin-bottom:0in;margin-bottom:.0001pt;line-height:normal;background:white;text-autospace:none'>&nbsp;</p> </td> </tr> <tr align="left"> <td width="276" valign="bottom" style='width:207.0pt;background:#CCEEFF;padding:0'> <p style='margin-top:0in;margin-right:0in;margin-bottom:10.0pt;margin-left:0in;line-height:115%;margin-bottom:0in;margin-bottom:.0001pt;line-height:normal;background:#CCEEFF;text-autospace:none'>Stevioside - third party</p> </td> <td width="102" valign="bottom" style='width:76.5pt;background:#CCEEFF;padding:0'> <p style='margin-top:0in;margin-right:0in;margin-bottom:10.0pt;margin-left:0in;line-height:115%;margin-bottom:0in;margin-bottom:.0001pt;line-height:normal;background:#CCEEFF;text-autospace:none'>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; 3,421,023</p> </td> <td width="96" valign="bottom" style='width:1.0in;background:#CCEEFF;padding:0'> <p style='margin-top:0in;margin-right:0in;margin-bottom:10.0pt;margin-left:0in;line-height:115%;margin-bottom:0in;margin-bottom:.0001pt;line-height:normal;background:#CCEEFF;text-autospace:none'>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; 1,732,821</p> </td> <td width="102" valign="bottom" style='width:76.5pt;background:#CCEEFF;padding:0'> <p style='margin-top:0in;margin-right:0in;margin-bottom:10.0pt;margin-left:0in;line-height:115%;margin-bottom:0in;margin-bottom:.0001pt;line-height:normal;background:#CCEEFF;text-autospace:none'>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; 8,413,018</p> </td> <td width="96" valign="bottom" style='width:1.0in;background:#CCEEFF;padding:0'> <p style='margin-top:0in;margin-right:0in;margin-bottom:10.0pt;margin-left:0in;line-height:115%;margin-bottom:0in;margin-bottom:.0001pt;line-height:normal;background:#CCEEFF;text-autospace:none'>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; 4,768,956</p> </td> </tr> <tr align="left"> <td width="276" valign="bottom" style='width:207.0pt;background:white;padding:0in 0in 1.5pt 0in'> <p style='margin-top:0in;margin-right:0in;margin-bottom:10.0pt;margin-left:0in;line-height:115%;margin-bottom:0in;margin-bottom:.0001pt;line-height:normal;background:white;text-autospace:none'>Stevioside - related party</p> </td> <td width="102" valign="bottom" style='width:76.5pt;border:none;border-bottom:solid black 1.0pt;background:white;padding:0in 0in 1.5pt 0in'> <p style='margin-top:0in;margin-right:0in;margin-bottom:10.0pt;margin-left:0in;line-height:115%;margin-bottom:0in;margin-bottom:.0001pt;line-height:normal;background:white;text-autospace:none'>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; 2,129,371</p> </td> <td width="96" valign="bottom" style='width:1.0in;border:none;border-bottom:solid black 1.0pt;background:white;padding:0in 0in 1.5pt 0in'> <p style='margin-top:0in;margin-right:0in;margin-bottom:10.0pt;margin-left:0in;line-height:115%;margin-bottom:0in;margin-bottom:.0001pt;line-height:normal;background:white;text-autospace:none'>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; 1,488,937</p> </td> <td width="102" valign="bottom" style='width:76.5pt;border:none;border-bottom:solid black 1.0pt;background:white;padding:0in 0in 1.5pt 0in'> <p style='margin-top:0in;margin-right:0in;margin-bottom:10.0pt;margin-left:0in;line-height:115%;margin-bottom:0in;margin-bottom:.0001pt;line-height:normal;background:white;text-autospace:none'>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; 5,591,740</p> </td> <td width="96" valign="bottom" style='width:1.0in;border:none;border-bottom:solid black 1.0pt;background:white;padding:0'> <p style='margin-top:0in;margin-right:0in;margin-bottom:10.0pt;margin-left:0in;line-height:115%;margin-bottom:0in;margin-bottom:.0001pt;line-height:normal;background:white;text-autospace:none'>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; 5,346,991</p> </td> </tr> <tr align="left"> <td width="276" valign="bottom" style='width:207.0pt;background:#CCEEFF;padding:0in 0in 1.5pt 0in'> <p style='margin-top:0in;margin-right:0in;margin-bottom:10.0pt;margin-left:0in;line-height:115%;margin-bottom:0in;margin-bottom:.0001pt;line-height:normal;background:#CCEEFF;text-autospace:none'>Total Stevioside</p> </td> <td width="102" valign="bottom" style='width:76.5pt;border:none;border-bottom:solid black 1.0pt;background:#CCEEFF;padding:0in 0in 1.5pt 0in'> <p style='margin-top:0in;margin-right:0in;margin-bottom:10.0pt;margin-left:0in;line-height:115%;margin-bottom:0in;margin-bottom:.0001pt;line-height:normal;background:#CCEEFF;text-autospace:none'>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; 5,550,394</p> </td> <td width="96" valign="bottom" style='width:1.0in;border:none;border-bottom:solid black 1.0pt;background:#CCEEFF;padding:0in 0in 1.5pt 0in'> <p style='margin-top:0in;margin-right:0in;margin-bottom:10.0pt;margin-left:0in;line-height:115%;margin-bottom:0in;margin-bottom:.0001pt;line-height:normal;background:#CCEEFF;text-autospace:none'>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; 3,221,758</p> </td> <td width="102" valign="bottom" style='width:76.5pt;border:none;border-bottom:solid black 1.0pt;background:#CCEEFF;padding:0in 0in 1.5pt 0in'> <p style='margin-top:0in;margin-right:0in;margin-bottom:10.0pt;margin-left:0in;line-height:115%;margin-bottom:0in;margin-bottom:.0001pt;line-height:normal;background:#CCEEFF;text-autospace:none'>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; 14,004,758</p> </td> <td width="96" valign="bottom" style='width:1.0in;border:none;border-bottom:solid black 1.0pt;background:#CCEEFF;padding:0'> <p style='margin-top:0in;margin-right:0in;margin-bottom:10.0pt;margin-left:0in;line-height:115%;margin-bottom:0in;margin-bottom:.0001pt;line-height:normal;background:#CCEEFF;text-autospace:none'>&#160;&#160;&#160;&#160;&#160;&#160; 10,115,947</p> </td> </tr> <tr align="left"> <td width="276" valign="bottom" style='width:207.0pt;background:white;padding:0in 0in 3.0pt 0in'> <p style='margin-top:0in;margin-right:0in;margin-bottom:10.0pt;margin-left:0in;line-height:115%;margin-bottom:0in;margin-bottom:.0001pt;line-height:normal;background:white;text-autospace:none'>Total segment and consolidated revenues</p> </td> <td width="102" valign="bottom" style='width:76.5pt;border:none;border-bottom:double black 2.25pt;background:white;padding:0in 0in 3.0pt 0in'> <p style='margin-top:0in;margin-right:0in;margin-bottom:10.0pt;margin-left:0in;line-height:115%;margin-bottom:0in;margin-bottom:.0001pt;line-height:normal;background:white;text-autospace:none'><b>&#160;&#160; $&#160;&#160;&#160;&#160;&#160;&#160;&#160; 6,410,327</b></p> </td> <td width="96" valign="bottom" style='width:1.0in;border:none;border-bottom:double black 2.25pt;background:white;padding:0in 0in 3.0pt 0in'> <p style='margin-top:0in;margin-right:0in;margin-bottom:10.0pt;margin-left:0in;line-height:115%;margin-bottom:0in;margin-bottom:.0001pt;line-height:normal;background:white;text-autospace:none'><b>&#160;&#160; $&#160;&#160; 3,844,274</b></p> </td> <td width="102" valign="bottom" style='width:76.5pt;border:none;border-bottom:double black 2.25pt;background:white;padding:0in 0in 3.0pt 0in'> <p style='margin-top:0in;margin-right:0in;margin-bottom:10.0pt;margin-left:0in;line-height:115%;margin-bottom:0in;margin-bottom:.0001pt;line-height:normal;background:white;text-autospace:none'><b>&#160;&#160; $&#160;&#160;&#160;&#160;&#160; 16,244,813</b></p> </td> <td width="96" valign="bottom" style='width:1.0in;border:none;border-bottom:double black 2.25pt;background:white;padding:0'> <p style='margin-top:0in;margin-right:0in;margin-bottom:10.0pt;margin-left:0in;line-height:115%;margin-bottom:0in;margin-bottom:.0001pt;line-height:normal;background:white;text-autospace:none'><b>&#160;&#160; $&#160; 11,905,429</b></p> </td> </tr> <tr align="left"> <td width="276" valign="bottom" style='width:207.0pt;padding:0'> <p style='margin-top:0in;margin-right:0in;margin-bottom:10.0pt;margin-left:0in;line-height:115%;margin-bottom:0in;margin-bottom:.0001pt;line-height:normal;text-autospace:none'>&nbsp;Interest (expense) income:</p> </td> <td width="102" valign="bottom" style='width:76.5pt;padding:0'> <p style='margin-top:0in;margin-right:0in;margin-bottom:10.0pt;margin-left:0in;line-height:115%;margin-bottom:0in;margin-bottom:.0001pt;line-height:normal;text-autospace:none'>&nbsp;</p> </td> <td width="96" valign="bottom" style='width:1.0in;padding:0'> <p style='margin-top:0in;margin-right:0in;margin-bottom:10.0pt;margin-left:0in;line-height:115%;margin-bottom:0in;margin-bottom:.0001pt;line-height:normal;text-autospace:none'>&nbsp;</p> </td> <td width="102" valign="bottom" style='width:76.5pt;padding:0'> <p style='margin-top:0in;margin-right:0in;margin-bottom:10.0pt;margin-left:0in;line-height:115%;margin-bottom:0in;margin-bottom:.0001pt;line-height:normal;text-autospace:none'>&nbsp;</p> </td> <td width="96" valign="bottom" style='width:72.15pt;padding:0'> <p style='margin-top:0in;margin-right:0in;margin-bottom:10.0pt;margin-left:0in;line-height:115%;margin-bottom:0in;margin-bottom:.0001pt;line-height:normal;text-autospace:none'>&nbsp;</p> </td> </tr> <tr align="left"> <td width="276" valign="bottom" style='width:207.0pt;background:#CCEEFF;padding:0'> <p style='margin-top:0in;margin-right:0in;margin-bottom:10.0pt;margin-left:0in;line-height:115%;margin-bottom:0in;margin-bottom:.0001pt;line-height:normal;background:#CCEEFF;text-autospace:none'>Chinese medicine</p> </td> <td width="102" valign="bottom" style='width:76.5pt;background:#CCEEFF;padding:0'> <p style='margin-top:0in;margin-right:0in;margin-bottom:10.0pt;margin-left:0in;line-height:115%;margin-bottom:0in;margin-bottom:.0001pt;line-height:normal;background:#CCEEFF;text-autospace:none'>&#160;&#160; $&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; 105&nbsp;</p> </td> <td width="96" valign="bottom" style='width:1.0in;background:#CCEEFF;padding:0'> <p style='margin-top:0in;margin-right:0in;margin-bottom:10.0pt;margin-left:0in;line-height:115%;margin-bottom:0in;margin-bottom:.0001pt;line-height:normal;background:#CCEEFF;text-autospace:none'>&#160; $&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; 33&nbsp;</p> </td> <td width="102" valign="bottom" style='width:76.5pt;background:#CCEEFF;padding:0'> <p style='margin-top:0in;margin-right:0in;margin-bottom:10.0pt;margin-left:0in;line-height:115%;margin-bottom:0in;margin-bottom:.0001pt;line-height:normal;background:#CCEEFF;text-autospace:none'>&#160;&#160; $&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; 178&nbsp;</p> </td> <td width="96" valign="bottom" style='width:72.15pt;background:#CCEEFF;padding:0'> <p style='margin-top:0in;margin-right:0in;margin-bottom:10.0pt;margin-left:0in;line-height:115%;margin-bottom:0in;margin-bottom:.0001pt;line-height:normal;background:#CCEEFF;text-autospace:none'>&#160; $&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; 168&nbsp;</p> </td> </tr> <tr align="left"> <td width="276" valign="bottom" style='width:207.0pt;background:white;padding:0in 0in 1.5pt 0in'> <p style='margin-top:0in;margin-right:0in;margin-bottom:10.0pt;margin-left:0in;line-height:115%;margin-bottom:0in;margin-bottom:.0001pt;line-height:normal;background:white;text-autospace:none'>Stevioside</p> </td> <td width="102" valign="bottom" style='width:76.5pt;border:none;border-bottom:solid black 1.0pt;background:white;padding:0in 0in 1.5pt 0in'> <p style='margin-top:0in;margin-right:0in;margin-bottom:10.0pt;margin-left:0in;line-height:115%;margin-bottom:0in;margin-bottom:.0001pt;line-height:normal;background:white;text-autospace:none'>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; (100,363)</p> </td> <td width="96" valign="bottom" style='width:1.0in;border:none;border-bottom:solid black 1.0pt;background:white;padding:0in 0in 1.5pt 0in'> <p style='margin-top:0in;margin-right:0in;margin-bottom:10.0pt;margin-left:0in;line-height:115%;margin-bottom:0in;margin-bottom:.0001pt;line-height:normal;background:white;text-autospace:none'>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; (61,988)</p> </td> <td width="102" valign="bottom" style='width:76.5pt;border:none;border-bottom:solid black 1.0pt;background:white;padding:0in 0in 1.5pt 0in'> <p style='margin-top:0in;margin-right:0in;margin-bottom:10.0pt;margin-left:0in;line-height:115%;margin-bottom:0in;margin-bottom:.0001pt;line-height:normal;background:white;text-autospace:none'>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; (270,334)</p> </td> <td width="96" valign="bottom" style='width:72.15pt;border:none;border-bottom:solid black 1.0pt;background:white;padding:0'> <p style='margin-top:0in;margin-right:0in;margin-bottom:10.0pt;margin-left:0in;line-height:115%;margin-bottom:0in;margin-bottom:.0001pt;line-height:normal;background:white;text-autospace:none'>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; (226,536)</p> </td> </tr> <tr align="left"> <td width="276" valign="bottom" style='width:207.0pt;background:#CCEEFF;padding:0in 0in 3.0pt 0in'> <p style='margin-top:0in;margin-right:0in;margin-bottom:10.0pt;margin-left:0in;line-height:115%;margin-bottom:0in;margin-bottom:.0001pt;line-height:normal;background:#CCEEFF;text-autospace:none'>Total segment and consolidated interest expense</p> </td> <td width="102" valign="bottom" style='width:76.5pt;border:none;border-bottom:double black 2.25pt;background:#CCEEFF;padding:0in 0in 3.0pt 0in'> <p style='margin-top:0in;margin-right:0in;margin-bottom:10.0pt;margin-left:0in;line-height:115%;margin-bottom:0in;margin-bottom:.0001pt;line-height:normal;background:#CCEEFF;text-autospace:none'><b>&#160;&#160; $&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; (100,258)</b></p> </td> <td width="96" valign="bottom" style='width:1.0in;border:none;border-bottom:double black 2.25pt;background:#CCEEFF;padding:0in 0in 3.0pt 0in'> <p style='margin-top:0in;margin-right:0in;margin-bottom:10.0pt;margin-left:0in;line-height:115%;margin-bottom:0in;margin-bottom:.0001pt;line-height:normal;background:#CCEEFF;text-autospace:none'><b>&#160; $&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; (61,955)</b></p> </td> <td width="102" valign="bottom" style='width:76.5pt;border:none;border-bottom:double black 2.25pt;background:#CCEEFF;padding:0in 0in 3.0pt 0in'> <p style='margin-top:0in;margin-right:0in;margin-bottom:10.0pt;margin-left:0in;line-height:115%;margin-bottom:0in;margin-bottom:.0001pt;line-height:normal;background:#CCEEFF;text-autospace:none'><b>&#160;&#160; $&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; (270,156)</b></p> </td> <td width="96" valign="bottom" style='width:72.15pt;border:none;border-bottom:double black 2.25pt;background:#CCEEFF;padding:0'> <p style='margin-top:0in;margin-right:0in;margin-bottom:10.0pt;margin-left:0in;line-height:115%;margin-bottom:0in;margin-bottom:.0001pt;line-height:normal;background:#CCEEFF;text-autospace:none'><b>&#160; $&#160;&#160;&#160;&#160;&#160;&#160; (226,368)</b></p> </td> </tr> <tr align="left"> <td width="276" valign="bottom" style='width:207.0pt;background:#CCEEFF;padding:0'> <p style='margin-top:0in;margin-right:0in;margin-bottom:10.0pt;margin-left:0in;line-height:115%;margin-bottom:0in;margin-bottom:.0001pt;line-height:normal;background:#CCEEFF;text-autospace:none'>Depreciation and amortization:</p> </td> <td width="102" valign="bottom" style='width:76.5pt;background:#CCEEFF;padding:0'> <p style='margin-top:0in;margin-right:0in;margin-bottom:10.0pt;margin-left:0in;line-height:115%;margin-bottom:0in;margin-bottom:.0001pt;line-height:normal;background:#CCEEFF;text-autospace:none'>&nbsp;</p> </td> <td width="96" valign="bottom" style='width:1.0in;background:#CCEEFF;padding:0'> <p style='margin-top:0in;margin-right:0in;margin-bottom:10.0pt;margin-left:0in;line-height:115%;margin-bottom:0in;margin-bottom:.0001pt;line-height:normal;background:#CCEEFF;text-autospace:none'>&nbsp;</p> </td> <td width="102" valign="bottom" style='width:76.5pt;background:#CCEEFF;padding:0'> <p style='margin-top:0in;margin-right:0in;margin-bottom:10.0pt;margin-left:0in;line-height:115%;margin-bottom:0in;margin-bottom:.0001pt;line-height:normal;background:#CCEEFF;text-autospace:none'>&nbsp;</p> </td> <td width="96" valign="bottom" style='width:72.15pt;background:#CCEEFF;padding:0'> <p style='margin-top:0in;margin-right:0in;margin-bottom:10.0pt;margin-left:0in;line-height:115%;margin-bottom:0in;margin-bottom:.0001pt;line-height:normal;background:#CCEEFF;text-autospace:none'>&nbsp;</p> </td> </tr> <tr align="left"> <td width="276" valign="bottom" style='width:207.0pt;background:white;padding:0'> <p style='margin-top:0in;margin-right:0in;margin-bottom:10.0pt;margin-left:0in;line-height:115%;margin-bottom:0in;margin-bottom:.0001pt;line-height:normal;background:white;text-autospace:none'>Chinese medicine</p> </td> <td width="102" valign="bottom" style='width:76.5pt;background:white;padding:0'> <p style='margin-top:0in;margin-right:0in;margin-bottom:10.0pt;margin-left:0in;line-height:115%;margin-bottom:0in;margin-bottom:.0001pt;line-height:normal;background:white;text-autospace:none'>&#160;&#160; $&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; 70,011&nbsp;</p> </td> <td width="96" valign="bottom" style='width:1.0in;background:white;padding:0'> <p style='margin-top:0in;margin-right:0in;margin-bottom:10.0pt;margin-left:0in;line-height:115%;margin-bottom:0in;margin-bottom:.0001pt;line-height:normal;background:white;text-autospace:none'>&#160; $&#160;&#160;&#160;&#160;&#160;&#160;&#160; 167,067&nbsp;</p> </td> <td width="102" valign="bottom" style='width:76.5pt;background:white;padding:0'> <p style='margin-top:0in;margin-right:0in;margin-bottom:10.0pt;margin-left:0in;line-height:115%;margin-bottom:0in;margin-bottom:.0001pt;line-height:normal;background:white;text-autospace:none'>&#160;&#160; $&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; 218,060&nbsp;</p> </td> <td width="96" valign="bottom" style='width:72.15pt;background:white;padding:0'> <p style='margin-top:0in;margin-right:0in;margin-bottom:10.0pt;margin-left:0in;line-height:115%;margin-bottom:0in;margin-bottom:.0001pt;line-height:normal;background:white;text-autospace:none'>&#160; $&#160;&#160;&#160;&#160;&#160;&#160;&#160; 319,654&nbsp;</p> </td> </tr> <tr align="left"> <td width="276" valign="bottom" style='width:207.0pt;background:#CCEEFF;padding:0in 0in 1.5pt 0in'> <p style='margin-top:0in;margin-right:0in;margin-bottom:10.0pt;margin-left:0in;line-height:115%;margin-bottom:0in;margin-bottom:.0001pt;line-height:normal;background:#CCEEFF;text-autospace:none'>Stevioside</p> </td> <td width="102" valign="bottom" style='width:76.5pt;border:none;border-bottom:solid black 1.0pt;background:#CCEEFF;padding:0in 0in 1.5pt 0in'> <p style='margin-top:0in;margin-right:0in;margin-bottom:10.0pt;margin-left:0in;line-height:115%;margin-bottom:0in;margin-bottom:.0001pt;line-height:normal;background:#CCEEFF;text-autospace:none'>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; 356,809&nbsp;</p> </td> <td width="96" valign="bottom" style='width:1.0in;border:none;border-bottom:solid black 1.0pt;background:#CCEEFF;padding:0in 0in 1.5pt 0in'> <p style='margin-top:0in;margin-right:0in;margin-bottom:10.0pt;margin-left:0in;line-height:115%;margin-bottom:0in;margin-bottom:.0001pt;line-height:normal;background:#CCEEFF;text-autospace:none'>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; 363,659&nbsp;</p> </td> <td width="102" valign="bottom" style='width:76.5pt;border:none;border-bottom:solid black 1.0pt;background:#CCEEFF;padding:0in 0in 1.5pt 0in'> <p style='margin-top:0in;margin-right:0in;margin-bottom:10.0pt;margin-left:0in;line-height:115%;margin-bottom:0in;margin-bottom:.0001pt;line-height:normal;background:#CCEEFF;text-autospace:none'>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; 1,057,808&nbsp;</p> </td> <td width="96" valign="bottom" style='width:72.15pt;border:none;border-bottom:solid black 1.0pt;background:#CCEEFF;padding:0'> <p style='margin-top:0in;margin-right:0in;margin-bottom:10.0pt;margin-left:0in;line-height:115%;margin-bottom:0in;margin-bottom:.0001pt;line-height:normal;background:#CCEEFF;text-autospace:none'>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; 1,121,680&nbsp;</p> </td> </tr> <tr align="left"> <td width="276" valign="bottom" style='width:207.0pt;background:white;padding:0in 0in 3.0pt 0in'> <p style='margin-top:0in;margin-right:0in;margin-bottom:10.0pt;margin-left:0in;line-height:115%;margin-bottom:0in;margin-bottom:.0001pt;line-height:normal;background:white;text-autospace:none'>Total segment and consolidated depreciation and amortization</p> </td> <td width="102" valign="bottom" style='width:76.5pt;border:none;border-bottom:double black 2.25pt;background:white;padding:0in 0in 3.0pt 0in'> <p style='margin-top:0in;margin-right:0in;margin-bottom:10.0pt;margin-left:0in;line-height:115%;margin-bottom:0in;margin-bottom:.0001pt;line-height:normal;background:white;text-autospace:none'>&#160;&#160; $&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; 426,820&nbsp;</p> </td> <td width="96" valign="bottom" style='width:1.0in;border:none;border-bottom:double black 2.25pt;background:white;padding:0in 0in 3.0pt 0in'> <p style='margin-top:0in;margin-right:0in;margin-bottom:10.0pt;margin-left:0in;line-height:115%;margin-bottom:0in;margin-bottom:.0001pt;line-height:normal;background:white;text-autospace:none'>&#160; $&#160;&#160;&#160;&#160;&#160;&#160;&#160; 530,726&nbsp;</p> </td> <td width="102" valign="bottom" style='width:76.5pt;border:none;border-bottom:double black 2.25pt;background:white;padding:0in 0in 3.0pt 0in'> <p style='margin-top:0in;margin-right:0in;margin-bottom:10.0pt;margin-left:0in;line-height:115%;margin-bottom:0in;margin-bottom:.0001pt;line-height:normal;background:white;text-autospace:none'>&#160;&#160; $&#160;&#160;&#160;&#160;&#160;&#160;&#160; 1,275,868&nbsp;</p> </td> <td width="96" valign="bottom" style='width:72.15pt;border:none;border-bottom:double black 2.25pt;background:white;padding:0'> <p style='margin-top:0in;margin-right:0in;margin-bottom:10.0pt;margin-left:0in;line-height:115%;margin-bottom:0in;margin-bottom:.0001pt;line-height:normal;background:white;text-autospace:none'>&#160; $&#160;&#160;&#160;&#160; 1,441,334&nbsp;</p> </td> </tr> <tr align="left"> <td width="276" valign="bottom" style='width:207.0pt;background:#CCEEFF;padding:0'> <p style='margin-top:0in;margin-right:0in;margin-bottom:10.0pt;margin-left:0in;line-height:115%;margin-bottom:0in;margin-bottom:.0001pt;line-height:normal;background:#CCEEFF;text-autospace:none'>Income (loss) before income taxes:</p> </td> <td width="102" valign="bottom" style='width:76.5pt;background:#CCEEFF;padding:0'> <p style='margin-top:0in;margin-right:0in;margin-bottom:10.0pt;margin-left:0in;line-height:115%;margin-bottom:0in;margin-bottom:.0001pt;line-height:normal;background:#CCEEFF;text-autospace:none'>&nbsp;</p> </td> <td width="96" valign="bottom" style='width:1.0in;background:#CCEEFF;padding:0'> <p style='margin-top:0in;margin-right:0in;margin-bottom:10.0pt;margin-left:0in;line-height:115%;margin-bottom:0in;margin-bottom:.0001pt;line-height:normal;background:#CCEEFF;text-autospace:none'>&nbsp;</p> </td> <td width="102" valign="bottom" style='width:76.5pt;background:#CCEEFF;padding:0'> <p style='margin-top:0in;margin-right:0in;margin-bottom:10.0pt;margin-left:0in;line-height:115%;margin-bottom:0in;margin-bottom:.0001pt;line-height:normal;background:#CCEEFF;text-autospace:none'>&nbsp;</p> </td> <td width="96" valign="bottom" style='width:72.15pt;background:#CCEEFF;padding:0'> <p style='margin-top:0in;margin-right:0in;margin-bottom:10.0pt;margin-left:0in;line-height:115%;margin-bottom:0in;margin-bottom:.0001pt;line-height:normal;background:#CCEEFF;text-autospace:none'>&nbsp;</p> </td> </tr> <tr align="left"> <td width="276" valign="bottom" style='width:207.0pt;background:white;padding:0'> <p style='margin-top:0in;margin-right:0in;margin-bottom:10.0pt;margin-left:0in;line-height:115%;margin-bottom:0in;margin-bottom:.0001pt;line-height:normal;background:white;text-autospace:none'>Chinese medicine</p> </td> <td width="102" valign="bottom" style='width:76.5pt;background:white;padding:0'> <p style='margin-top:0in;margin-right:0in;margin-bottom:10.0pt;margin-left:0in;line-height:115%;margin-bottom:0in;margin-bottom:.0001pt;line-height:normal;background:white;text-autospace:none'>&#160;&#160; $&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; (38,147)</p> </td> <td width="96" valign="bottom" style='width:1.0in;background:white;padding:0'> <p style='margin-top:0in;margin-right:0in;margin-bottom:10.0pt;margin-left:0in;line-height:115%;margin-bottom:0in;margin-bottom:.0001pt;line-height:normal;background:white;text-autospace:none'>&#160; $&#160;&#160;&#160;&#160;&#160;&#160; (347,764)</p> </td> <td width="102" valign="bottom" style='width:76.5pt;background:white;padding:0'> <p style='margin-top:0in;margin-right:0in;margin-bottom:10.0pt;margin-left:0in;line-height:115%;margin-bottom:0in;margin-bottom:.0001pt;line-height:normal;background:white;text-autospace:none'>&#160;&#160; $&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; (188,043)</p> </td> <td width="96" valign="bottom" style='width:72.15pt;background:white;padding:0'> <p style='margin-top:0in;margin-right:0in;margin-bottom:10.0pt;margin-left:0in;line-height:115%;margin-bottom:0in;margin-bottom:.0001pt;line-height:normal;background:white;text-autospace:none'>&#160; $&#160;&#160;&#160;&#160;&#160;&#160; (356,370)</p> </td> </tr> <tr align="left"> <td width="276" valign="bottom" style='width:207.0pt;background:#CCEEFF;padding:0'> <p style='margin-top:0in;margin-right:0in;margin-bottom:10.0pt;margin-left:0in;line-height:115%;margin-bottom:0in;margin-bottom:.0001pt;line-height:normal;background:#CCEEFF;text-autospace:none'>Stevioside</p> </td> <td width="102" valign="bottom" style='width:76.5pt;background:#CCEEFF;padding:0'> <p style='margin-top:0in;margin-right:0in;margin-bottom:10.0pt;margin-left:0in;line-height:115%;margin-bottom:0in;margin-bottom:.0001pt;line-height:normal;background:#CCEEFF;text-autospace:none'>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; (508,840)</p> </td> <td width="96" valign="bottom" style='width:1.0in;background:#CCEEFF;padding:0'> <p style='margin-top:0in;margin-right:0in;margin-bottom:10.0pt;margin-left:0in;line-height:115%;margin-bottom:0in;margin-bottom:.0001pt;line-height:normal;background:#CCEEFF;text-autospace:none'>&#160;&#160;&#160;&#160;&#160;&#160; (1,431,534)</p> </td> <td width="102" valign="bottom" style='width:76.5pt;background:#CCEEFF;padding:0'> <p style='margin-top:0in;margin-right:0in;margin-bottom:10.0pt;margin-left:0in;line-height:115%;margin-bottom:0in;margin-bottom:.0001pt;line-height:normal;background:#CCEEFF;text-autospace:none'>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; (1,336,510)</p> </td> <td width="96" valign="bottom" style='width:72.15pt;background:#CCEEFF;padding:0'> <p style='margin-top:0in;margin-right:0in;margin-bottom:10.0pt;margin-left:0in;line-height:115%;margin-bottom:0in;margin-bottom:.0001pt;line-height:normal;background:#CCEEFF;text-autospace:none'>&#160;&#160;&#160;&#160;&#160;&#160; (1,764,416)</p> </td> </tr> <tr align="left"> <td width="276" valign="bottom" style='width:207.0pt;background:white;padding:0in 0in 1.5pt 0in'> <p style='margin-top:0in;margin-right:0in;margin-bottom:10.0pt;margin-left:0in;line-height:115%;margin-bottom:0in;margin-bottom:.0001pt;line-height:normal;background:white;text-autospace:none'>Corporate and other</p> </td> <td width="102" valign="bottom" style='width:76.5pt;border:none;border-bottom:solid black 1.0pt;background:white;padding:0in 0in 1.5pt 0in'> <p style='margin-top:0in;margin-right:0in;margin-bottom:10.0pt;margin-left:0in;line-height:115%;margin-bottom:0in;margin-bottom:.0001pt;line-height:normal;background:white;text-autospace:none'>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; (358,697)</p> </td> <td width="96" valign="bottom" style='width:1.0in;border:none;border-bottom:solid black 1.0pt;background:white;padding:0in 0in 1.5pt 0in'> <p style='margin-top:0in;margin-right:0in;margin-bottom:10.0pt;margin-left:0in;line-height:115%;margin-bottom:0in;margin-bottom:.0001pt;line-height:normal;background:white;text-autospace:none'>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; (320,216)</p> </td> <td width="102" valign="bottom" style='width:76.5pt;border:none;border-bottom:solid black 1.0pt;background:white;padding:0in 0in 1.5pt 0in'> <p style='margin-top:0in;margin-right:0in;margin-bottom:10.0pt;margin-left:0in;line-height:115%;margin-bottom:0in;margin-bottom:.0001pt;line-height:normal;background:white;text-autospace:none'>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; (1,125,711)</p> </td> <td width="96" valign="bottom" style='width:72.15pt;border:none;border-bottom:solid black 1.0pt;background:white;padding:0'> <p style='margin-top:0in;margin-right:0in;margin-bottom:10.0pt;margin-left:0in;line-height:115%;margin-bottom:0in;margin-bottom:.0001pt;line-height:normal;background:white;text-autospace:none'>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; (612,703)</p> </td> </tr> <tr align="left"> <td width="276" valign="bottom" style='width:207.0pt;background:#CCEEFF;padding:0in 0in 3.0pt 0in'> <p style='margin-top:0in;margin-right:0in;margin-bottom:10.0pt;margin-left:0in;line-height:115%;margin-bottom:0in;margin-bottom:.0001pt;line-height:normal;background:#CCEEFF;text-autospace:none'>Total consolidated (loss) income before income taxes</p> </td> <td width="102" valign="bottom" style='width:76.5pt;border:none;border-bottom:double black 2.25pt;background:#CCEEFF;padding:0in 0in 3.0pt 0in'> <p style='margin-top:0in;margin-right:0in;margin-bottom:10.0pt;margin-left:0in;line-height:115%;margin-bottom:0in;margin-bottom:.0001pt;line-height:normal;background:#CCEEFF;text-autospace:none'><b>&#160;&#160; $&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; (905,684)</b></p> </td> <td width="96" valign="bottom" style='width:1.0in;border:none;border-bottom:double black 2.25pt;background:#CCEEFF;padding:0in 0in 3.0pt 0in'> <p style='margin-top:0in;margin-right:0in;margin-bottom:10.0pt;margin-left:0in;line-height:115%;margin-bottom:0in;margin-bottom:.0001pt;line-height:normal;background:#CCEEFF;text-autospace:none'><b>&#160; $&#160;&#160; (2,099,514)</b></p> </td> <td width="102" valign="bottom" style='width:76.5pt;border:none;border-bottom:double black 2.25pt;background:#CCEEFF;padding:0in 0in 3.0pt 0in'> <p style='margin-top:0in;margin-right:0in;margin-bottom:10.0pt;margin-left:0in;line-height:115%;margin-bottom:0in;margin-bottom:.0001pt;line-height:normal;background:#CCEEFF;text-autospace:none'><b>&#160;&#160; $&#160;&#160;&#160;&#160;&#160;&#160; (2,650,264)</b></p> </td> <td width="96" valign="bottom" style='width:72.15pt;border:none;border-bottom:double black 2.25pt;background:#CCEEFF;padding:0'> <p style='margin-top:0in;margin-right:0in;margin-bottom:10.0pt;margin-left:0in;line-height:115%;margin-bottom:0in;margin-bottom:.0001pt;line-height:normal;background:#CCEEFF;text-autospace:none'><b>&#160; $&#160;&#160; (2,733,489)</b></p> </td> </tr> </table> <p style='margin-top:0in;margin-right:0in;margin-bottom:10.0pt;margin-left:0in;line-height:115%;margin-bottom:0in;margin-bottom:.0001pt;line-height:normal;text-autospace:none'>&nbsp;</p> <p style='margin-top:0in;margin-right:0in;margin-bottom:10.0pt;margin-left:0in;line-height:115%;margin-bottom:0in;margin-bottom:.0001pt;line-height:normal;text-autospace:none'>&nbsp;</p> <table border="0" cellspacing="0" cellpadding="0" style='margin-left:52.4pt;border-collapse:collapse'> <tr align="left"> <td width="357" valign="bottom" style='width:267.9pt;padding:0in 0in 1.5pt 0in'> <p style='margin-top:0in;margin-right:0in;margin-bottom:10.0pt;margin-left:0in;line-height:115%;margin-bottom:0in;margin-bottom:.0001pt;line-height:normal;text-autospace:none'>&nbsp; </p> </td> <td width="89" valign="bottom" style='width:67.0pt;border:none;border-bottom:solid black 1.0pt;padding:0in 0in 1.5pt 0in'> <p align="center" style='margin-top:0in;margin-right:0in;margin-bottom:10.0pt;margin-left:0in;line-height:115%;margin-bottom:0in;margin-bottom:.0001pt;text-align:center;line-height:normal;text-autospace:none'>January 31, 2017</p> <p align="center" style='margin-top:0in;margin-right:0in;margin-bottom:10.0pt;margin-left:0in;line-height:115%;margin-bottom:0in;margin-bottom:.0001pt;text-align:center;line-height:normal;text-autospace:none'>(Unaudited)</p> </td> <td width="89" valign="bottom" style='width:66.95pt;border:none;border-bottom:solid black 1.0pt;padding:0'> <p align="center" style='margin-top:0in;margin-right:0in;margin-bottom:10.0pt;margin-left:0in;line-height:115%;margin-bottom:0in;margin-bottom:.0001pt;text-align:center;line-height:normal;text-autospace:none'>April 30, 2016</p> </td> </tr> <tr align="left"> <td width="357" valign="bottom" style='width:267.9pt;padding:0'> <p style='margin-top:0in;margin-right:0in;margin-bottom:10.0pt;margin-left:0in;line-height:115%;margin-bottom:0in;margin-bottom:.0001pt;line-height:normal;text-autospace:none'>Segment tangible assets:</p> </td> <td width="89" valign="bottom" style='width:67.0pt;padding:0'> <p align="center" style='margin-top:0in;margin-right:0in;margin-bottom:10.0pt;margin-left:0in;line-height:115%;margin-bottom:0in;margin-bottom:.0001pt;text-align:center;line-height:normal;text-autospace:none'>&nbsp;</p> </td> <td width="89" valign="bottom" style='width:66.95pt;padding:0'> <p style='margin-top:0in;margin-right:0in;margin-bottom:10.0pt;margin-left:0in;line-height:115%;margin-bottom:0in;margin-bottom:.0001pt;line-height:normal;text-autospace:none'>&nbsp;</p> </td> </tr> <tr align="left"> <td width="357" valign="bottom" style='width:267.9pt;background:#CCEEFF;padding:0'> <p style='margin-top:0in;margin-right:0in;margin-bottom:10.0pt;margin-left:0in;line-height:115%;margin-bottom:0in;margin-bottom:.0001pt;text-indent:27.0pt;line-height:normal;background:#CCEEFF;text-autospace:none'>&nbsp;&nbsp;Chinese medicine</p> </td> <td width="89" valign="bottom" style='width:67.0pt;background:#CCEEFF;padding:0'> <p style='margin-top:0in;margin-right:0in;margin-bottom:10.0pt;margin-left:0in;line-height:115%;margin-bottom:0in;margin-bottom:.0001pt;line-height:normal;background:#CCEEFF;text-autospace:none'>&#160;&#160; $&#160;&#160; 1,439,498</p> </td> <td width="89" valign="bottom" style='width:66.95pt;background:#CCEEFF;padding:0'> <p style='margin-top:0in;margin-right:0in;margin-bottom:10.0pt;margin-left:0in;line-height:115%;margin-bottom:0in;margin-bottom:.0001pt;line-height:normal;background:#CCEEFF;text-autospace:none'>&#160;&#160; $&#160;&#160; 1,614,531</p> </td> </tr> <tr align="left"> <td width="357" valign="bottom" style='width:267.9pt;background:white;padding:0'> <p style='margin-top:0in;margin-right:0in;margin-bottom:10.0pt;margin-left:0in;line-height:115%;margin-bottom:0in;margin-bottom:.0001pt;text-indent:27.0pt;line-height:normal;background:white;text-autospace:none'>&nbsp;&nbsp;Stevioside</p> </td> <td width="89" valign="bottom" style='width:67.0pt;background:white;padding:0'> <p style='margin-top:0in;margin-right:0in;margin-bottom:10.0pt;margin-left:0in;line-height:115%;margin-bottom:0in;margin-bottom:.0001pt;line-height:normal;background:white;text-autospace:none'>&#160;&#160;&#160;&#160;&#160;&#160;&#160; 7,306,579</p> </td> <td width="89" valign="bottom" style='width:66.95pt;background:white;padding:0'> <p style='margin-top:0in;margin-right:0in;margin-bottom:10.0pt;margin-left:0in;line-height:115%;margin-bottom:0in;margin-bottom:.0001pt;line-height:normal;background:white;text-autospace:none'>&#160;&#160;&#160;&#160;&#160;&#160;&#160; 7,539,546</p> </td> </tr> <tr align="left"> <td width="357" valign="bottom" style='width:267.9pt;background:#CCEEFF;padding:0in 0in 1.5pt 0in'> <p style='margin-top:0in;margin-right:0in;margin-bottom:10.0pt;margin-left:0in;line-height:115%;margin-bottom:0in;margin-bottom:.0001pt;text-indent:27.0pt;line-height:normal;background:#CCEEFF;text-autospace:none'>&nbsp;&nbsp;Corporate and other</p> </td> <td width="89" valign="bottom" style='width:67.0pt;border:none;border-bottom:solid black 1.0pt;background:#CCEEFF;padding:0in 0in 1.5pt 0in'> <p style='margin-top:0in;margin-right:0in;margin-bottom:10.0pt;margin-left:0in;line-height:115%;margin-bottom:0in;margin-bottom:.0001pt;line-height:normal;background:#CCEEFF;text-autospace:none'>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; 0</p> </td> <td width="89" valign="bottom" style='width:66.95pt;border:none;border-bottom:solid black 1.0pt;background:#CCEEFF;padding:0'> <p style='margin-top:0in;margin-right:0in;margin-bottom:10.0pt;margin-left:0in;line-height:115%;margin-bottom:0in;margin-bottom:.0001pt;line-height:normal;background:#CCEEFF;text-autospace:none'>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; 0</p> </td> </tr> <tr align="left"> <td width="357" valign="bottom" style='width:267.9pt;background:white;padding:0in 0in 3.0pt 0in'> <p style='margin-top:0in;margin-right:0in;margin-bottom:10.0pt;margin-left:0in;line-height:115%;margin-bottom:0in;margin-bottom:.0001pt;line-height:normal;background:white;text-autospace:none'>&nbsp;&nbsp;&nbsp;&nbsp;Total consolidated assets</p> </td> <td width="89" valign="bottom" style='width:67.0pt;border:none;border-bottom:double black 2.25pt;background:white;padding:0in 0in 3.0pt 0in'> <p style='margin-top:0in;margin-right:0in;margin-bottom:10.0pt;margin-left:0in;line-height:115%;margin-bottom:0in;margin-bottom:.0001pt;line-height:normal;background:white;text-autospace:none'><b>&#160;&#160; $&#160;&#160; 8,746,077</b></p> </td> <td width="89" valign="bottom" style='width:66.95pt;border:none;border-bottom:double black 2.25pt;background:white;padding:0'> <p style='margin-top:0in;margin-right:0in;margin-bottom:10.0pt;margin-left:0in;line-height:115%;margin-bottom:0in;margin-bottom:.0001pt;line-height:normal;background:white;text-autospace:none'><b>&#160;&#160; $&#160;&#160; 9,154,077</b></p> </td> </tr> </table> <!--egx--><p style='margin-top:0in;margin-right:0in;margin-bottom:10.0pt;margin-left:0in;line-height:115%;margin-bottom:0in;margin-bottom:.0001pt;line-height:normal;text-autospace:none'><b>NOTE 14 - COMMITMENTS AND CONTINGENCIES</b></p> <p style='margin-top:0in;margin-right:0in;margin-bottom:10.0pt;margin-left:0in;line-height:115%;margin-bottom:0in;margin-bottom:.0001pt;line-height:normal;text-autospace:none'>&nbsp;</p> <p style='margin-top:0in;margin-right:0in;margin-bottom:10.0pt;margin-left:0in;line-height:115%;margin-bottom:0in;margin-bottom:.0001pt;text-indent:.5in;line-height:normal;text-autospace:none'>On August 25, 2011, Qufu Natural Green entered into an agreement with QufuJinxuan Real Estate Development Co., Ltd., an unaffiliated third party, to purchase thirty apartment units in China for investment. The total area of the apartment complex units is 4,500 square meters (48,438 square feet), for a total purchase price of RMB15,120,000 (approximately $2,484,799) (the &quot;Purchase Price&quot;), at RMB 3,360 ($546) per square meter. The Company prepaid 80% of the Purchase Price, approximately $1,987,839, upon signing the agreement on August 25, 2011, and we classified investment in real estate held for resale as a long-term asset since we did not plan on selling the apartment units during the one year period. On February 9, 2015, the Company decided to award twenty apartment complex units, totaling 3,000 square meters (32,292 square feet), to certain management personnel and outstanding performers in our technical team for their past contribution made to the Company, which also served as an incentive to stimulate improvement in performance of other employees and attract future talents to serve the Company. These apartment units are valued at the fair market price of RMB3,448 ($561) per square meter. Ms. Dongdong Lin, our Chief Executive Officer, received an apartment valued at $84,206 which was included in her fiscal 2015 compensation. Total non-cash employees' compensation / bonus recorded for this reward amounted to RMB10,344,000 ($1,684,122) and as a result, we recognized a gain of RMB 264,000 ($42,989) from the excess fair value of these twenty apartment units transferred to these employees. The non-cash employees' compensation / bonus has been classified and included in the general and administrative expenses in the consolidated statements of operations and comprehensive loss for the fiscal year ended April 30, 2015.&nbsp;</p> <p style='margin-top:0in;margin-right:0in;margin-bottom:10.0pt;margin-left:0in;line-height:115%;margin-bottom:0in;margin-bottom:.0001pt;line-height:normal;text-autospace:none'>&nbsp;</p> <p style='margin-top:0in;margin-right:0in;margin-bottom:10.0pt;margin-left:0in;line-height:115%;margin-bottom:0in;margin-bottom:.0001pt;text-indent:.5in;line-height:normal;text-autospace:none'>On May 5, 2016, Qufu Natural Green entered into an agreement with Shandong Jinglucheng Real Estate Development Co., Ltd., formerly known as QufuJinxuan Real Estate Development Co., Ltd., to sell the remaining ten units of the thirty apartment units in China to Mr. Linghe Zhu, an unaffiliated third party buyer, for a total purchase price of RMB5,024,000 (approximately $776,507). As per the Purchase Agreement, the buyer shall directly pay RMB3,024,000 (approximately $467,388) to Shandong Jinglucheng Real Estate Development Co., Ltd. for the balance that Qufu Natural Green owed to Shandong Jinglucheng Real Estate Development Co., Ltd., and pay RMB2,000,000 (approximately $303,149) to Qufu Natural Green before May 31, 2016. The Company received the payment of RMB2,000,000 on May 24, 2016, and we recorded loss on disposal of real estate investments of $2,410 for the nine months ended January 31, 2017. As of January 31, 2017 and April 30, 2016, investment in real estate held for resale amounted to $0 and $311,467, respectively.&nbsp;</p> <!--egx--><p style='margin-top:0in;margin-right:0in;margin-bottom:10.0pt;margin-left:0in;line-height:115%;margin-bottom:0in;margin-bottom:.0001pt;text-align:justify;text-justify:inter-ideograph;line-height:normal;text-autospace:none'><b>NOTE 15&nbsp;- CONCENTRATIONS AND CREDIT RISK</b></p> <p style='margin-top:0in;margin-right:0in;margin-bottom:10.0pt;margin-left:0in;line-height:115%;margin-bottom:0in;margin-bottom:.0001pt;line-height:normal;text-autospace:none'>&nbsp;</p> <p style='margin-top:0in;margin-right:0in;margin-bottom:10.0pt;margin-left:0in;line-height:115%;margin-bottom:0in;margin-bottom:.0001pt;line-height:normal;text-autospace:none'><b><i>(i)&nbsp;&nbsp;&nbsp; Customer Concentrations</i></b></p> <p style='margin-top:0in;margin-right:0in;margin-bottom:10.0pt;margin-left:0in;line-height:115%;margin-bottom:0in;margin-bottom:.0001pt;line-height:normal;text-autospace:none'>&nbsp;</p> <p style='margin-top:0in;margin-right:0in;margin-bottom:10.0pt;margin-left:0in;line-height:115%;margin-bottom:0in;margin-bottom:.0001pt;text-indent:.5in;line-height:normal;text-autospace:none'>For the three months ended January 31, 2017 and 2016, customers accounting for 10% or more of the Company's revenue were as follows:</p> <p style='margin-top:0in;margin-right:0in;margin-bottom:10.0pt;margin-left:0in;line-height:115%;margin-bottom:0in;margin-bottom:.0001pt;text-indent:.5in;line-height:normal;text-autospace:none'>&nbsp;</p> <p style='margin-top:0in;margin-right:0in;margin-bottom:10.0pt;margin-left:0in;line-height:115%;margin-bottom:0in;margin-bottom:.0001pt;line-height:normal;text-autospace:none'>&nbsp;</p> <table border="0" cellspacing="0" cellpadding="0" style='border-collapse:collapse'> <tr align="left"> <td width="279" valign="bottom" style='width:209.3pt;padding:0in 0in 1.5pt 0in'> <p style='margin-top:0in;margin-right:0in;margin-bottom:10.0pt;margin-left:0in;line-height:115%;margin-bottom:0in;margin-bottom:.0001pt;line-height:normal;text-autospace:none'>&nbsp; </p> </td> <td width="405" colspan="4" valign="bottom" style='width:303.7pt;border:none;border-bottom:solid black 1.0pt;padding:0'> <p align="center" style='margin-top:0in;margin-right:0in;margin-bottom:10.0pt;margin-left:0in;line-height:115%;margin-bottom:0in;margin-bottom:.0001pt;text-align:center;line-height:normal;text-autospace:none'>Net Sales</p> </td> </tr> <tr align="left"> <td width="279" valign="bottom" style='width:209.3pt;padding:0in 0in 1.5pt 0in'> <p style='margin-top:0in;margin-right:0in;margin-bottom:10.0pt;margin-left:0in;line-height:115%;margin-bottom:0in;margin-bottom:.0001pt;line-height:normal;text-autospace:none'>&nbsp; </p> </td> <td width="209" colspan="2" valign="bottom" style='width:157.1pt;border:none;border-bottom:solid black 1.0pt;padding:0in 0in 1.5pt 0in'> <p align="center" style='margin-top:0in;margin-right:0in;margin-bottom:10.0pt;margin-left:0in;line-height:115%;margin-bottom:0in;margin-bottom:.0001pt;text-align:center;line-height:normal;text-autospace:none'>For the three months ended January 31, 2017 </p> </td> <td width="195" colspan="2" valign="bottom" style='width:146.6pt;border:none;border-bottom:solid black 1.0pt;padding:0'> <p align="center" style='margin-top:0in;margin-right:0in;margin-bottom:10.0pt;margin-left:0in;line-height:115%;margin-bottom:0in;margin-bottom:.0001pt;text-align:center;line-height:normal;text-autospace:none'>For the three months ended January 31, 2016</p> </td> </tr> <tr align="left"> <td width="279" valign="bottom" style='width:209.3pt;padding:0'> <p style='margin-top:0in;margin-right:0in;margin-bottom:10.0pt;margin-left:0in;line-height:115%;margin-bottom:0in;margin-bottom:.0001pt;line-height:normal;text-autospace:none'>&nbsp; </p> </td> <td width="105" valign="bottom" style='width:78.55pt;padding:0'> <p align="center" style='margin-top:0in;margin-right:0in;margin-bottom:10.0pt;margin-left:0in;line-height:115%;margin-bottom:0in;margin-bottom:.0001pt;text-align:center;line-height:normal;text-autospace:none'>Chinese Medicine</p> </td> <td width="105" valign="bottom" style='width:78.55pt;padding:0'> <p align="center" style='margin-top:0in;margin-right:0in;margin-bottom:10.0pt;margin-left:0in;line-height:115%;margin-bottom:0in;margin-bottom:.0001pt;text-align:center;line-height:normal;text-autospace:none'>Stevioside</p> </td> <td width="105" valign="bottom" style='width:78.55pt;padding:0'> <p align="center" style='margin-top:0in;margin-right:0in;margin-bottom:10.0pt;margin-left:0in;line-height:115%;margin-bottom:0in;margin-bottom:.0001pt;text-align:center;line-height:normal;text-autospace:none'>Chinese Medicine</p> </td> <td width="91" valign="bottom" style='width:68.05pt;padding:0'> <p align="center" style='margin-top:0in;margin-right:0in;margin-bottom:10.0pt;margin-left:0in;line-height:115%;margin-bottom:0in;margin-bottom:.0001pt;text-align:center;line-height:normal;text-autospace:none'>Stevioside</p> </td> </tr> <tr align="left"> <td width="279" valign="bottom" style='width:209.3pt;background:#CCEEFF;padding:0in 0in 1.5pt 0in'> <p style='margin-top:0in;margin-right:0in;margin-bottom:10.0pt;margin-left:0in;line-height:115%;margin-bottom:0in;margin-bottom:.0001pt;line-height:normal;background:#CCEEFF;text-autospace:none'>Qufu Shengwang Import and Export Trade Co., Ltd(1)</p> </td> <td width="105" valign="bottom" style='width:78.55pt;border:none;border-bottom:solid black 1.0pt;background:#CCEEFF;padding:0in 0in 1.5pt 0in'> <p style='margin-top:0in;margin-right:0in;margin-bottom:10.0pt;margin-left:0in;line-height:115%;margin-bottom:0in;margin-bottom:.0001pt;line-height:normal;background:#CCEEFF;text-autospace:none'>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; -</p> </td> <td width="105" valign="bottom" style='width:78.55pt;border:none;border-bottom:solid black 1.0pt;background:#CCEEFF;padding:0in 0in 1.5pt 0in'> <p style='margin-top:0in;margin-right:0in;margin-bottom:10.0pt;margin-left:0in;line-height:115%;margin-bottom:0in;margin-bottom:.0001pt;line-height:normal;background:#CCEEFF;text-autospace:none'>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; 33.2%</p> </td> <td width="105" valign="bottom" style='width:78.55pt;border:none;border-bottom:solid black 1.0pt;background:#CCEEFF;padding:0in 0in 1.5pt 0in'> <p style='margin-top:0in;margin-right:0in;margin-bottom:10.0pt;margin-left:0in;line-height:115%;margin-bottom:0in;margin-bottom:.0001pt;line-height:normal;background:#CCEEFF;text-autospace:none'>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; -</p> </td> <td width="91" valign="bottom" style='width:68.05pt;border:none;border-bottom:solid black 1.0pt;background:#CCEEFF;padding:0'> <p style='margin-top:0in;margin-right:0in;margin-bottom:10.0pt;margin-left:0in;line-height:115%;margin-bottom:0in;margin-bottom:.0001pt;line-height:normal;background:#CCEEFF;text-autospace:none'>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; 38.7%</p> </td> </tr> <tr align="left"> <td width="279" valign="bottom" style='width:209.3pt;background:white;padding:0in 0in 3.0pt 0in'> <p style='margin-top:0in;margin-right:0in;margin-bottom:10.0pt;margin-left:0in;line-height:115%;margin-bottom:0in;margin-bottom:.0001pt;line-height:normal;background:white;text-autospace:none'>Total</p> </td> <td width="105" valign="bottom" style='width:78.55pt;border:none;border-bottom:double black 2.25pt;background:white;padding:0in 0in 3.0pt 0in'> <p style='margin-top:0in;margin-right:0in;margin-bottom:10.0pt;margin-left:0in;line-height:115%;margin-bottom:0in;margin-bottom:.0001pt;line-height:normal;background:white;text-autospace:none'>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; -</p> </td> <td width="105" valign="bottom" style='width:78.55pt;border:none;border-bottom:double black 2.25pt;background:white;padding:0in 0in 3.0pt 0in'> <p style='margin-top:0in;margin-right:0in;margin-bottom:10.0pt;margin-left:0in;line-height:115%;margin-bottom:0in;margin-bottom:.0001pt;line-height:normal;background:white;text-autospace:none'>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; 33.2%</p> </td> <td width="105" valign="bottom" style='width:78.55pt;border:none;border-bottom:double black 2.25pt;background:white;padding:0in 0in 3.0pt 0in'> <p style='margin-top:0in;margin-right:0in;margin-bottom:10.0pt;margin-left:0in;line-height:115%;margin-bottom:0in;margin-bottom:.0001pt;line-height:normal;background:white;text-autospace:none'>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; -</p> </td> <td width="91" valign="bottom" style='width:68.05pt;border:none;border-bottom:double black 2.25pt;background:white;padding:0'> <p style='margin-top:0in;margin-right:0in;margin-bottom:10.0pt;margin-left:0in;line-height:115%;margin-bottom:0in;margin-bottom:.0001pt;line-height:normal;background:white;text-autospace:none'>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; 38.7%</p> </td> </tr> </table> <p style='margin-top:0in;margin-right:0in;margin-bottom:10.0pt;margin-left:0in;line-height:115%;margin-bottom:0in;margin-bottom:.0001pt;line-height:normal;text-autospace:none'>&nbsp;</p> <p style='margin-top:0in;margin-right:0in;margin-bottom:10.0pt;margin-left:0in;line-height:115%;margin-bottom:0in;margin-bottom:.0001pt;line-height:normal;text-autospace:none'>&nbsp;</p> <p style='margin-top:0in;margin-right:0in;margin-bottom:10.0pt;margin-left:0in;line-height:115%;margin-bottom:0in;margin-bottom:.0001pt;text-indent:.5in;line-height:normal;text-autospace:none'>For the nine months ended January 31, 2017 and 2016, customers accounting for 10% or more of the Company's revenue were as follows:</p> <p style='margin-top:0in;margin-right:0in;margin-bottom:10.0pt;margin-left:0in;line-height:115%;margin-bottom:0in;margin-bottom:.0001pt;line-height:normal;text-autospace:none'>&nbsp;</p> <table border="0" cellspacing="0" cellpadding="0" style='border-collapse:collapse'> <tr align="left"> <td width="279" valign="bottom" style='width:209.3pt;padding:0in 0in 1.5pt 0in'> <p style='margin-top:0in;margin-right:0in;margin-bottom:10.0pt;margin-left:0in;line-height:115%;margin-bottom:0in;margin-bottom:.0001pt;line-height:normal;text-autospace:none'>&nbsp; </p> </td> <td width="405" colspan="4" valign="bottom" style='width:303.7pt;border:none;border-bottom:solid black 1.0pt;padding:0'> <p align="center" style='margin-top:0in;margin-right:0in;margin-bottom:10.0pt;margin-left:0in;line-height:115%;margin-bottom:0in;margin-bottom:.0001pt;text-align:center;line-height:normal;text-autospace:none'>Net Sales</p> </td> </tr> <tr align="left"> <td width="279" valign="bottom" style='width:209.3pt;padding:0in 0in 1.5pt 0in'> <p style='margin-top:0in;margin-right:0in;margin-bottom:10.0pt;margin-left:0in;line-height:115%;margin-bottom:0in;margin-bottom:.0001pt;line-height:normal;text-autospace:none'>&nbsp; </p> </td> <td width="209" colspan="2" valign="bottom" style='width:157.1pt;border:none;border-bottom:solid black 1.0pt;padding:0in 0in 1.5pt 0in'> <p align="center" style='margin-top:0in;margin-right:0in;margin-bottom:10.0pt;margin-left:0in;line-height:115%;margin-bottom:0in;margin-bottom:.0001pt;text-align:center;line-height:normal;text-autospace:none'>For the nine months ended January 31, 2017</p> </td> <td width="195" colspan="2" valign="bottom" style='width:146.6pt;border:none;border-bottom:solid black 1.0pt;padding:0'> <p align="center" style='margin-top:0in;margin-right:0in;margin-bottom:10.0pt;margin-left:0in;line-height:115%;margin-bottom:0in;margin-bottom:.0001pt;text-align:center;line-height:normal;text-autospace:none'>For the nine months ended January 31, 2016</p> </td> </tr> <tr align="left"> <td width="279" valign="bottom" style='width:209.3pt;padding:0in 0in 1.5pt 0in'> <p style='margin-top:0in;margin-right:0in;margin-bottom:10.0pt;margin-left:0in;line-height:115%;margin-bottom:0in;margin-bottom:.0001pt;line-height:normal;text-autospace:none'>&nbsp; </p> </td> <td width="105" valign="bottom" style='width:78.55pt;border:none;border-bottom:solid black 1.0pt;padding:0in 0in 1.5pt 0in'> <p align="center" style='margin-top:0in;margin-right:0in;margin-bottom:10.0pt;margin-left:0in;line-height:115%;margin-bottom:0in;margin-bottom:.0001pt;text-align:center;line-height:normal;text-autospace:none'>Chinese Medicine</p> </td> <td width="105" valign="bottom" style='width:78.55pt;border:none;border-bottom:solid black 1.0pt;padding:0in 0in 1.5pt 0in'> <p align="center" style='margin-top:0in;margin-right:0in;margin-bottom:10.0pt;margin-left:0in;line-height:115%;margin-bottom:0in;margin-bottom:.0001pt;text-align:center;line-height:normal;text-autospace:none'>Stevioside</p> </td> <td width="105" valign="bottom" style='width:78.55pt;border:none;border-bottom:solid black 1.0pt;padding:0in 0in 1.5pt 0in'> <p align="center" style='margin-top:0in;margin-right:0in;margin-bottom:10.0pt;margin-left:0in;line-height:115%;margin-bottom:0in;margin-bottom:.0001pt;text-align:center;line-height:normal;text-autospace:none'>Chinese Medicine</p> </td> <td width="91" valign="bottom" style='width:68.05pt;border:none;border-bottom:solid black 1.0pt;padding:0'> <p align="center" style='margin-top:0in;margin-right:0in;margin-bottom:10.0pt;margin-left:0in;line-height:115%;margin-bottom:0in;margin-bottom:.0001pt;text-align:center;line-height:normal;text-autospace:none'>Stevioside</p> </td> </tr> <tr align="left"> <td width="279" valign="bottom" style='width:209.3pt;background:#CCEEFF;padding:0'> <p style='margin-top:0in;margin-right:0in;margin-bottom:10.0pt;margin-left:0in;line-height:115%;margin-bottom:0in;margin-bottom:.0001pt;line-height:normal;background:#CCEEFF;text-autospace:none'>Qufu Shengwang Import and Export Trade Co., Ltd(1)</p> </td> <td width="105" valign="bottom" style='width:78.55pt;background:#CCEEFF;padding:0'> <p style='margin-top:0in;margin-right:0in;margin-bottom:10.0pt;margin-left:0in;line-height:115%;margin-bottom:0in;margin-bottom:.0001pt;line-height:normal;background:#CCEEFF;text-autospace:none'>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; -</p> </td> <td width="105" valign="bottom" style='width:78.55pt;background:#CCEEFF;padding:0'> <p style='margin-top:0in;margin-right:0in;margin-bottom:10.0pt;margin-left:0in;line-height:115%;margin-bottom:0in;margin-bottom:.0001pt;line-height:normal;background:#CCEEFF;text-autospace:none'>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; 34.4%</p> </td> <td width="105" valign="bottom" style='width:78.55pt;background:#CCEEFF;padding:0'> <p style='margin-top:0in;margin-right:0in;margin-bottom:10.0pt;margin-left:0in;line-height:115%;margin-bottom:0in;margin-bottom:.0001pt;line-height:normal;background:#CCEEFF;text-autospace:none'>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; -&nbsp;&nbsp;</p> </td> <td width="91" valign="bottom" style='width:68.05pt;background:#CCEEFF;padding:0'> <p style='margin-top:0in;margin-right:0in;margin-bottom:10.0pt;margin-left:0in;line-height:115%;margin-bottom:0in;margin-bottom:.0001pt;line-height:normal;background:#CCEEFF;text-autospace:none'>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; 52.9%</p> </td> </tr> <tr align="left"> <td width="279" valign="bottom" style='width:209.3pt;background:white;padding:0'> <p style='margin-top:0in;margin-right:0in;margin-bottom:10.0pt;margin-left:0in;line-height:115%;margin-bottom:0in;margin-bottom:.0001pt;line-height:normal;background:white;text-autospace:none'>Shandong Yidatong Enterprise Service Co., Ltd</p> </td> <td width="105" valign="bottom" style='width:78.55pt;background:white;padding:0'> <p style='margin-top:0in;margin-right:0in;margin-bottom:10.0pt;margin-left:0in;line-height:115%;margin-bottom:0in;margin-bottom:.0001pt;line-height:normal;background:white;text-autospace:none'>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; -</p> </td> <td width="105" valign="bottom" style='width:78.55pt;background:white;padding:0'> <p style='margin-top:0in;margin-right:0in;margin-bottom:10.0pt;margin-left:0in;line-height:115%;margin-bottom:0in;margin-bottom:.0001pt;line-height:normal;background:white;text-autospace:none'>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; 14.1%</p> </td> <td width="105" valign="bottom" style='width:78.55pt;background:white;padding:0'> <p style='margin-top:0in;margin-right:0in;margin-bottom:10.0pt;margin-left:0in;line-height:115%;margin-bottom:0in;margin-bottom:.0001pt;line-height:normal;background:white;text-autospace:none'>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; -&nbsp;&nbsp;</p> </td> <td width="91" valign="bottom" style='width:68.05pt;background:white;padding:0'> <p style='margin-top:0in;margin-right:0in;margin-bottom:10.0pt;margin-left:0in;line-height:115%;margin-bottom:0in;margin-bottom:.0001pt;line-height:normal;background:white;text-autospace:none'>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; -&nbsp;&nbsp;</p> </td> </tr> <tr align="left"> <td width="279" valign="bottom" style='width:209.3pt;background:#CCEEFF;padding:0'> <p style='margin-top:0in;margin-right:0in;margin-bottom:10.0pt;margin-left:0in;line-height:115%;margin-bottom:0in;margin-bottom:.0001pt;line-height:normal;background:#CCEEFF;text-autospace:none'>Guangdong Tengjun Veterinary Medicine Co., Ltd</p> </td> <td width="105" valign="bottom" style='width:78.55pt;background:#CCEEFF;padding:0'> <p style='margin-top:0in;margin-right:0in;margin-bottom:10.0pt;margin-left:0in;line-height:115%;margin-bottom:0in;margin-bottom:.0001pt;line-height:normal;background:#CCEEFF;text-autospace:none'>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; -</p> </td> <td width="105" valign="bottom" style='width:78.55pt;background:#CCEEFF;padding:0'> <p style='margin-top:0in;margin-right:0in;margin-bottom:10.0pt;margin-left:0in;line-height:115%;margin-bottom:0in;margin-bottom:.0001pt;line-height:normal;background:#CCEEFF;text-autospace:none'>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; -&nbsp;&nbsp;</p> </td> <td width="105" valign="bottom" style='width:78.55pt;background:#CCEEFF;padding:0'> <p style='margin-top:0in;margin-right:0in;margin-bottom:10.0pt;margin-left:0in;line-height:115%;margin-bottom:0in;margin-bottom:.0001pt;line-height:normal;background:#CCEEFF;text-autospace:none'>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; 10.3%</p> </td> <td width="91" valign="bottom" style='width:68.05pt;background:#CCEEFF;padding:0'> <p style='margin-top:0in;margin-right:0in;margin-bottom:10.0pt;margin-left:0in;line-height:115%;margin-bottom:0in;margin-bottom:.0001pt;line-height:normal;background:#CCEEFF;text-autospace:none'>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; -&nbsp;&nbsp;</p> </td> </tr> <tr align="left"> <td width="279" valign="bottom" style='width:209.3pt;background:white;padding:0in 0in 1.5pt 0in'> <p style='margin-top:0in;margin-right:0in;margin-bottom:10.0pt;margin-left:0in;line-height:115%;margin-bottom:0in;margin-bottom:.0001pt;line-height:normal;background:white;text-autospace:none'>Beijing Haomiao Huifeng Pharmaceutical Co., Ltd</p> </td> <td width="105" valign="bottom" style='width:78.55pt;border:none;border-bottom:solid black 1.0pt;background:white;padding:0in 0in 1.5pt 0in'> <p style='margin-top:0in;margin-right:0in;margin-bottom:10.0pt;margin-left:0in;line-height:115%;margin-bottom:0in;margin-bottom:.0001pt;line-height:normal;background:white;text-autospace:none'>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; -</p> </td> <td width="105" valign="bottom" style='width:78.55pt;border:none;border-bottom:solid black 1.0pt;background:white;padding:0in 0in 1.5pt 0in'> <p style='margin-top:0in;margin-right:0in;margin-bottom:10.0pt;margin-left:0in;line-height:115%;margin-bottom:0in;margin-bottom:.0001pt;line-height:normal;background:white;text-autospace:none'>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; -&nbsp;&nbsp;</p> </td> <td width="105" valign="bottom" style='width:78.55pt;border:none;border-bottom:solid black 1.0pt;background:white;padding:0in 0in 1.5pt 0in'> <p style='margin-top:0in;margin-right:0in;margin-bottom:10.0pt;margin-left:0in;line-height:115%;margin-bottom:0in;margin-bottom:.0001pt;line-height:normal;background:white;text-autospace:none'>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; 10.7%</p> </td> <td width="91" valign="bottom" style='width:68.05pt;border:none;border-bottom:solid black 1.0pt;background:white;padding:0'> <p style='margin-top:0in;margin-right:0in;margin-bottom:10.0pt;margin-left:0in;line-height:115%;margin-bottom:0in;margin-bottom:.0001pt;line-height:normal;background:white;text-autospace:none'>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; -&nbsp;&nbsp;</p> </td> </tr> <tr align="left"> <td width="279" valign="bottom" style='width:209.3pt;background:#CCEEFF;padding:0in 0in 3.0pt 0in'> <p style='margin-top:0in;margin-right:0in;margin-bottom:10.0pt;margin-left:0in;line-height:115%;margin-bottom:0in;margin-bottom:.0001pt;line-height:normal;background:#CCEEFF;text-autospace:none'>Total</p> </td> <td width="105" valign="bottom" style='width:78.55pt;border:none;border-bottom:double black 2.25pt;background:#CCEEFF;padding:0in 0in 3.0pt 0in'> <p style='margin-top:0in;margin-right:0in;margin-bottom:10.0pt;margin-left:0in;line-height:115%;margin-bottom:0in;margin-bottom:.0001pt;line-height:normal;background:#CCEEFF;text-autospace:none'>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; -</p> </td> <td width="105" valign="bottom" style='width:78.55pt;border:none;border-bottom:double black 2.25pt;background:#CCEEFF;padding:0in 0in 3.0pt 0in'> <p style='margin-top:0in;margin-right:0in;margin-bottom:10.0pt;margin-left:0in;line-height:115%;margin-bottom:0in;margin-bottom:.0001pt;line-height:normal;background:#CCEEFF;text-autospace:none'>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; 48.5%</p> </td> <td width="105" valign="bottom" style='width:78.55pt;border:none;border-bottom:double black 2.25pt;background:#CCEEFF;padding:0in 0in 3.0pt 0in'> <p style='margin-top:0in;margin-right:0in;margin-bottom:10.0pt;margin-left:0in;line-height:115%;margin-bottom:0in;margin-bottom:.0001pt;line-height:normal;background:#CCEEFF;text-autospace:none'>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; 21.0%</p> </td> <td width="91" valign="bottom" style='width:68.05pt;border:none;border-bottom:double black 2.25pt;background:#CCEEFF;padding:0'> <p style='margin-top:0in;margin-right:0in;margin-bottom:10.0pt;margin-left:0in;line-height:115%;margin-bottom:0in;margin-bottom:.0001pt;line-height:normal;background:#CCEEFF;text-autospace:none'>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; 52.9%</p> </td> </tr> </table> <p style='margin-top:0in;margin-right:0in;margin-bottom:10.0pt;margin-left:0in;line-height:115%;margin-bottom:0in;margin-bottom:.0001pt;line-height:normal;text-autospace:none'>&nbsp;</p> <p style='margin-top:0in;margin-right:0in;margin-bottom:10.0pt;margin-left:0in;line-height:115%;margin-bottom:0in;margin-bottom:.0001pt;line-height:normal;text-autospace:none'>&nbsp;</p> <p style='margin-top:0in;margin-right:0in;margin-bottom:10.0pt;margin-left:0in;line-height:115%;margin-top:0in;margin-right:0in;margin-bottom:0in;margin-left:.5in;margin-bottom:.0001pt;text-indent:-.5in;line-height:normal;text-autospace:none'>(1)&nbsp;&nbsp;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; Qufu Shengwang Import and Export Co., Ltd is a related party, an entity owned by Mr. Laiwang Zhang.</p> <p style='margin-top:0in;margin-right:0in;margin-bottom:10.0pt;margin-left:0in;line-height:115%;margin-bottom:0in;margin-bottom:.0001pt;line-height:normal;text-autospace:none'>&nbsp;</p> <p style='margin-top:0in;margin-right:0in;margin-bottom:10.0pt;margin-left:0in;line-height:115%;margin-bottom:0in;margin-bottom:.0001pt;line-height:normal;text-autospace:none'><b><i>(ii)&nbsp;&nbsp;&nbsp; Vendor Concentrations</i></b></p> <p style='margin-top:0in;margin-right:0in;margin-bottom:10.0pt;margin-left:0in;line-height:115%;margin-bottom:0in;margin-bottom:.0001pt;line-height:normal;text-autospace:none'>&nbsp;</p> <p style='margin-top:0in;margin-right:0in;margin-bottom:10.0pt;margin-left:0in;line-height:115%;margin-bottom:0in;margin-bottom:.0001pt;text-indent:.5in;line-height:normal;text-autospace:none'>For the three months ended January 31, 2017 and 2016, suppliers accounting for 10% or more of the Company's purchase were as follows:</p> <p style='margin-top:0in;margin-right:0in;margin-bottom:10.0pt;margin-left:0in;line-height:115%;margin-bottom:0in;margin-bottom:.0001pt;line-height:normal;text-autospace:none'>&nbsp;</p> <table border="0" cellspacing="0" cellpadding="0" style='border-collapse:collapse'> <tr align="left"> <td width="279" valign="bottom" style='width:209.3pt;padding:0in 0in 1.5pt 0in'> <p style='margin-top:0in;margin-right:0in;margin-bottom:10.0pt;margin-left:0in;line-height:115%;margin-bottom:0in;margin-bottom:.0001pt;line-height:normal;text-autospace:none'>&nbsp; </p> </td> <td width="405" colspan="4" valign="bottom" style='width:303.7pt;border:none;border-bottom:solid black 1.0pt;padding:0'> <p align="center" style='margin-top:0in;margin-right:0in;margin-bottom:10.0pt;margin-left:0in;line-height:115%;margin-bottom:0in;margin-bottom:.0001pt;text-align:center;line-height:normal;text-autospace:none'>Net Purchases</p> </td> </tr> <tr align="left"> <td width="279" valign="bottom" style='width:209.3pt;padding:0in 0in 1.5pt 0in'> <p style='margin-top:0in;margin-right:0in;margin-bottom:10.0pt;margin-left:0in;line-height:115%;margin-bottom:0in;margin-bottom:.0001pt;line-height:normal;text-autospace:none'>&nbsp; </p> </td> <td width="209" colspan="2" valign="bottom" style='width:157.1pt;border:none;border-bottom:solid black 1.0pt;padding:0in 0in 1.5pt 0in'> <p align="center" style='margin-top:0in;margin-right:0in;margin-bottom:10.0pt;margin-left:0in;line-height:115%;margin-bottom:0in;margin-bottom:.0001pt;text-align:center;line-height:normal;text-autospace:none'>For the three months ended January 31, 2017&nbsp; </p> </td> <td width="195" colspan="2" valign="bottom" style='width:146.6pt;border:none;border-bottom:solid black 1.0pt;padding:0'> <p align="center" style='margin-top:0in;margin-right:0in;margin-bottom:10.0pt;margin-left:0in;line-height:115%;margin-bottom:0in;margin-bottom:.0001pt;text-align:center;line-height:normal;text-autospace:none'>For the three months ended January 31, 2016</p> </td> </tr> <tr align="left"> <td width="279" valign="bottom" style='width:209.3pt;padding:0in 0in 1.5pt 0in'> <p style='margin-top:0in;margin-right:0in;margin-bottom:10.0pt;margin-left:0in;line-height:115%;margin-bottom:0in;margin-bottom:.0001pt;line-height:normal;text-autospace:none'>&nbsp; </p> </td> <td width="105" valign="bottom" style='width:78.55pt;border:none;border-bottom:solid black 1.0pt;padding:0in 0in 1.5pt 0in'> <p align="center" style='margin-top:0in;margin-right:0in;margin-bottom:10.0pt;margin-left:0in;line-height:115%;margin-bottom:0in;margin-bottom:.0001pt;text-align:center;line-height:normal;text-autospace:none'>Chinese Medicine</p> </td> <td width="105" valign="bottom" style='width:78.55pt;border:none;border-bottom:solid black 1.0pt;padding:0in 0in 1.5pt 0in'> <p align="center" style='margin-top:0in;margin-right:0in;margin-bottom:10.0pt;margin-left:0in;line-height:115%;margin-bottom:0in;margin-bottom:.0001pt;text-align:center;line-height:normal;text-autospace:none'>Stevioside</p> </td> <td width="105" valign="bottom" style='width:78.55pt;border:none;border-bottom:solid black 1.0pt;padding:0in 0in 1.5pt 0in'> <p align="center" style='margin-top:0in;margin-right:0in;margin-bottom:10.0pt;margin-left:0in;line-height:115%;margin-bottom:0in;margin-bottom:.0001pt;text-align:center;line-height:normal;text-autospace:none'>Chinese Medicine</p> </td> <td width="91" valign="bottom" style='width:68.05pt;border:none;border-bottom:solid black 1.0pt;padding:0'> <p align="center" style='margin-top:0in;margin-right:0in;margin-bottom:10.0pt;margin-left:0in;line-height:115%;margin-bottom:0in;margin-bottom:.0001pt;text-align:center;line-height:normal;text-autospace:none'>Stevioside</p> </td> </tr> <tr align="left"> <td width="279" valign="bottom" style='width:209.3pt;background:#CCEEFF;padding:0'> <p style='margin-top:0in;margin-right:0in;margin-bottom:10.0pt;margin-left:0in;line-height:115%;margin-bottom:0in;margin-bottom:.0001pt;line-height:normal;background:#CCEEFF;text-autospace:none'>Dongtai Yandun Stevia Corp</p> </td> <td width="105" valign="bottom" style='width:78.55pt;background:#CCEEFF;padding:0'> <p style='margin-top:0in;margin-right:0in;margin-bottom:10.0pt;margin-left:0in;line-height:115%;margin-bottom:0in;margin-bottom:.0001pt;line-height:normal;background:#CCEEFF;text-autospace:none'>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; -</p> </td> <td width="105" valign="bottom" style='width:78.55pt;background:#CCEEFF;padding:0'> <p style='margin-top:0in;margin-right:0in;margin-bottom:10.0pt;margin-left:0in;line-height:115%;margin-bottom:0in;margin-bottom:.0001pt;line-height:normal;background:#CCEEFF;text-autospace:none'>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; 18.7%</p> </td> <td width="105" valign="bottom" style='width:78.55pt;background:#CCEEFF;padding:0'> <p style='margin-top:0in;margin-right:0in;margin-bottom:10.0pt;margin-left:0in;line-height:115%;margin-bottom:0in;margin-bottom:.0001pt;line-height:normal;background:#CCEEFF;text-autospace:none'>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; -</p> </td> <td width="91" valign="bottom" style='width:68.05pt;background:#CCEEFF;padding:0'> <p style='margin-top:0in;margin-right:0in;margin-bottom:10.0pt;margin-left:0in;line-height:115%;margin-bottom:0in;margin-bottom:.0001pt;line-height:normal;background:#CCEEFF;text-autospace:none'>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; -&nbsp;&nbsp;</p> </td> </tr> <tr align="left"> <td width="279" valign="bottom" style='width:209.3pt;background:white;padding:0'> <p style='margin-top:0in;margin-right:0in;margin-bottom:10.0pt;margin-left:0in;line-height:115%;margin-bottom:0in;margin-bottom:.0001pt;line-height:normal;background:white;text-autospace:none'>Juiqian Shengwang Corp.</p> </td> <td width="105" valign="bottom" style='width:78.55pt;background:white;padding:0'> <p style='margin-top:0in;margin-right:0in;margin-bottom:10.0pt;margin-left:0in;line-height:115%;margin-bottom:0in;margin-bottom:.0001pt;line-height:normal;background:white;text-autospace:none'>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; -</p> </td> <td width="105" valign="bottom" style='width:78.55pt;background:white;padding:0'> <p style='margin-top:0in;margin-right:0in;margin-bottom:10.0pt;margin-left:0in;line-height:115%;margin-bottom:0in;margin-bottom:.0001pt;line-height:normal;background:white;text-autospace:none'>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; 15.9%</p> </td> <td width="105" valign="bottom" style='width:78.55pt;background:white;padding:0'> <p style='margin-top:0in;margin-right:0in;margin-bottom:10.0pt;margin-left:0in;line-height:115%;margin-bottom:0in;margin-bottom:.0001pt;line-height:normal;background:white;text-autospace:none'>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; -</p> </td> <td width="91" valign="bottom" style='width:68.05pt;background:white;padding:0'> <p style='margin-top:0in;margin-right:0in;margin-bottom:10.0pt;margin-left:0in;line-height:115%;margin-bottom:0in;margin-bottom:.0001pt;line-height:normal;background:white;text-autospace:none'>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; 32.7%</p> </td> </tr> <tr align="left"> <td width="279" valign="bottom" style='width:209.3pt;background:#CCEEFF;padding:0in 0in 1.5pt 0in'> <p style='margin-top:0in;margin-right:0in;margin-bottom:10.0pt;margin-left:0in;line-height:115%;margin-bottom:0in;margin-bottom:.0001pt;line-height:normal;background:#CCEEFF;text-autospace:none'>Zhucheng Haotian Pharmaceutical Co., Ltd</p> </td> <td width="105" valign="bottom" style='width:78.55pt;border:none;border-bottom:solid black 1.0pt;background:#CCEEFF;padding:0in 0in 1.5pt 0in'> <p style='margin-top:0in;margin-right:0in;margin-bottom:10.0pt;margin-left:0in;line-height:115%;margin-bottom:0in;margin-bottom:.0001pt;line-height:normal;background:#CCEEFF;text-autospace:none'>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; -</p> </td> <td width="105" valign="bottom" style='width:78.55pt;border:none;border-bottom:solid black 1.0pt;background:#CCEEFF;padding:0in 0in 1.5pt 0in'> <p style='margin-top:0in;margin-right:0in;margin-bottom:10.0pt;margin-left:0in;line-height:115%;margin-bottom:0in;margin-bottom:.0001pt;line-height:normal;background:#CCEEFF;text-autospace:none'>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; 13.6%</p> </td> <td width="105" valign="bottom" style='width:78.55pt;border:none;border-bottom:solid black 1.0pt;background:#CCEEFF;padding:0in 0in 1.5pt 0in'> <p style='margin-top:0in;margin-right:0in;margin-bottom:10.0pt;margin-left:0in;line-height:115%;margin-bottom:0in;margin-bottom:.0001pt;line-height:normal;background:#CCEEFF;text-autospace:none'>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; -</p> </td> <td width="91" valign="bottom" style='width:68.05pt;border:none;border-bottom:solid black 1.0pt;background:#CCEEFF;padding:0'> <p style='margin-top:0in;margin-right:0in;margin-bottom:10.0pt;margin-left:0in;line-height:115%;margin-bottom:0in;margin-bottom:.0001pt;line-height:normal;background:#CCEEFF;text-autospace:none'>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; 10.6%</p> </td> </tr> <tr align="left"> <td width="279" valign="bottom" style='width:209.3pt;background:white;padding:0in 0in 3.0pt 0in'> <p style='margin-top:0in;margin-right:0in;margin-bottom:10.0pt;margin-left:0in;line-height:115%;margin-bottom:0in;margin-bottom:.0001pt;line-height:normal;background:white;text-autospace:none'>Total</p> </td> <td width="105" valign="bottom" style='width:78.55pt;border:none;border-bottom:double black 2.25pt;background:white;padding:0in 0in 3.0pt 0in'> <p style='margin-top:0in;margin-right:0in;margin-bottom:10.0pt;margin-left:0in;line-height:115%;margin-bottom:0in;margin-bottom:.0001pt;line-height:normal;background:white;text-autospace:none'>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; -</p> </td> <td width="105" valign="bottom" style='width:78.55pt;border:none;border-bottom:double black 2.25pt;background:white;padding:0in 0in 3.0pt 0in'> <p style='margin-top:0in;margin-right:0in;margin-bottom:10.0pt;margin-left:0in;line-height:115%;margin-bottom:0in;margin-bottom:.0001pt;line-height:normal;background:white;text-autospace:none'>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; 48.2%</p> </td> <td width="105" valign="bottom" style='width:78.55pt;border:none;border-bottom:double black 2.25pt;background:white;padding:0in 0in 3.0pt 0in'> <p style='margin-top:0in;margin-right:0in;margin-bottom:10.0pt;margin-left:0in;line-height:115%;margin-bottom:0in;margin-bottom:.0001pt;line-height:normal;background:white;text-autospace:none'>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; -</p> </td> <td width="91" valign="bottom" style='width:68.05pt;border:none;border-bottom:double black 2.25pt;background:white;padding:0'> <p style='margin-top:0in;margin-right:0in;margin-bottom:10.0pt;margin-left:0in;line-height:115%;margin-bottom:0in;margin-bottom:.0001pt;line-height:normal;background:white;text-autospace:none'>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; 10.6%</p> </td> </tr> </table> <p style='margin-top:0in;margin-right:0in;margin-bottom:10.0pt;margin-left:0in;line-height:115%;margin-bottom:0in;margin-bottom:.0001pt;line-height:normal;text-autospace:none'>&nbsp;</p> <p style='margin-top:0in;margin-right:0in;margin-bottom:10.0pt;margin-left:0in;line-height:115%;margin-bottom:0in;margin-bottom:.0001pt;text-indent:.5in;line-height:normal;text-autospace:none'>For the nine months ended January 31, 2017 and 2016, suppliers accounting for 10% or more of the Company's purchase were as follows:</p> <p style='margin-top:0in;margin-right:0in;margin-bottom:10.0pt;margin-left:0in;line-height:115%;margin-bottom:0in;margin-bottom:.0001pt;line-height:normal;text-autospace:none'>&nbsp;</p> <table border="0" cellspacing="0" cellpadding="0" style='border-collapse:collapse'> <tr align="left"> <td width="279" valign="bottom" style='width:209.3pt;padding:0in 0in 1.5pt 0in'> <p style='margin-top:0in;margin-right:0in;margin-bottom:10.0pt;margin-left:0in;line-height:115%;margin-bottom:0in;margin-bottom:.0001pt;line-height:normal;text-autospace:none'>&nbsp; </p> </td> <td width="405" colspan="4" valign="bottom" style='width:303.7pt;border:none;border-bottom:solid black 1.0pt;padding:0'> <p align="center" style='margin-top:0in;margin-right:0in;margin-bottom:10.0pt;margin-left:0in;line-height:115%;margin-bottom:0in;margin-bottom:.0001pt;text-align:center;line-height:normal;text-autospace:none'>Net Purchases</p> </td> </tr> <tr align="left"> <td width="279" valign="bottom" style='width:209.3pt;padding:0in 0in 1.5pt 0in'> <p style='margin-top:0in;margin-right:0in;margin-bottom:10.0pt;margin-left:0in;line-height:115%;margin-bottom:0in;margin-bottom:.0001pt;line-height:normal;text-autospace:none'>&nbsp; </p> </td> <td width="209" colspan="2" valign="bottom" style='width:157.1pt;border:none;border-bottom:solid black 1.0pt;padding:0in 0in 1.5pt 0in'> <p align="center" style='margin-top:0in;margin-right:0in;margin-bottom:10.0pt;margin-left:0in;line-height:115%;margin-bottom:0in;margin-bottom:.0001pt;text-align:center;line-height:normal;text-autospace:none'>For the nine months ended January 31, 2017 </p> </td> <td width="195" colspan="2" valign="bottom" style='width:146.6pt;border:none;border-bottom:solid black 1.0pt;padding:0'> <p align="center" style='margin-top:0in;margin-right:0in;margin-bottom:10.0pt;margin-left:0in;line-height:115%;margin-bottom:0in;margin-bottom:.0001pt;text-align:center;line-height:normal;text-autospace:none'>For the nine months ended January 31, 2016</p> </td> </tr> <tr align="left"> <td width="279" valign="bottom" style='width:209.3pt;padding:0in 0in 1.5pt 0in'> <p style='margin-top:0in;margin-right:0in;margin-bottom:10.0pt;margin-left:0in;line-height:115%;margin-bottom:0in;margin-bottom:.0001pt;line-height:normal;text-autospace:none'>&nbsp; </p> </td> <td width="105" valign="bottom" style='width:78.55pt;border:none;border-bottom:solid black 1.0pt;padding:0in 0in 1.5pt 0in'> <p align="center" style='margin-top:0in;margin-right:0in;margin-bottom:10.0pt;margin-left:0in;line-height:115%;margin-bottom:0in;margin-bottom:.0001pt;text-align:center;line-height:normal;text-autospace:none'>Chinese Medicine</p> </td> <td width="105" valign="bottom" style='width:78.55pt;border:none;border-bottom:solid black 1.0pt;padding:0in 0in 1.5pt 0in'> <p align="center" style='margin-top:0in;margin-right:0in;margin-bottom:10.0pt;margin-left:0in;line-height:115%;margin-bottom:0in;margin-bottom:.0001pt;text-align:center;line-height:normal;text-autospace:none'>Stevioside</p> </td> <td width="105" valign="bottom" style='width:78.55pt;border:none;border-bottom:solid black 1.0pt;padding:0in 0in 1.5pt 0in'> <p align="center" style='margin-top:0in;margin-right:0in;margin-bottom:10.0pt;margin-left:0in;line-height:115%;margin-bottom:0in;margin-bottom:.0001pt;text-align:center;line-height:normal;text-autospace:none'>Chinese Medicine</p> </td> <td width="91" valign="bottom" style='width:68.05pt;border:none;border-bottom:solid black 1.0pt;padding:0'> <p align="center" style='margin-top:0in;margin-right:0in;margin-bottom:10.0pt;margin-left:0in;line-height:115%;margin-bottom:0in;margin-bottom:.0001pt;text-align:center;line-height:normal;text-autospace:none'>Stevioside</p> </td> </tr> <tr align="left"> <td width="279" valign="bottom" style='width:209.3pt;background:#CCEEFF;padding:0'> <p style='margin-top:0in;margin-right:0in;margin-bottom:10.0pt;margin-left:0in;line-height:115%;margin-bottom:0in;margin-bottom:.0001pt;line-height:normal;background:#CCEEFF;text-autospace:none'>Sishui Ruijin Pharmaceutical Co., Ltd</p> </td> <td width="105" valign="bottom" style='width:78.55pt;background:#CCEEFF;padding:0'> <p style='margin-top:0in;margin-right:0in;margin-bottom:10.0pt;margin-left:0in;line-height:115%;margin-bottom:0in;margin-bottom:.0001pt;line-height:normal;background:#CCEEFF;text-autospace:none'>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; -</p> </td> <td width="105" valign="bottom" style='width:78.55pt;background:#CCEEFF;padding:0'> <p style='margin-top:0in;margin-right:0in;margin-bottom:10.0pt;margin-left:0in;line-height:115%;margin-bottom:0in;margin-bottom:.0001pt;line-height:normal;background:#CCEEFF;text-autospace:none'>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; -&nbsp;&nbsp;</p> </td> <td width="105" valign="bottom" style='width:78.55pt;background:#CCEEFF;padding:0'> <p style='margin-top:0in;margin-right:0in;margin-bottom:10.0pt;margin-left:0in;line-height:115%;margin-bottom:0in;margin-bottom:.0001pt;line-height:normal;background:#CCEEFF;text-autospace:none'>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; 22.2%</p> </td> <td width="91" valign="bottom" style='width:68.05pt;background:#CCEEFF;padding:0'> <p style='margin-top:0in;margin-right:0in;margin-bottom:10.0pt;margin-left:0in;line-height:115%;margin-bottom:0in;margin-bottom:.0001pt;line-height:normal;background:#CCEEFF;text-autospace:none'>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; -&nbsp;&nbsp;</p> </td> </tr> <tr align="left"> <td width="279" valign="bottom" style='width:209.3pt;background:white;padding:0'> <p style='margin-top:0in;margin-right:0in;margin-bottom:10.0pt;margin-left:0in;line-height:115%;margin-bottom:0in;margin-bottom:.0001pt;line-height:normal;background:white;text-autospace:none'>Dongtai Yandun Stevia Corp</p> </td> <td width="105" valign="bottom" style='width:78.55pt;background:white;padding:0'> <p style='margin-top:0in;margin-right:0in;margin-bottom:10.0pt;margin-left:0in;line-height:115%;margin-bottom:0in;margin-bottom:.0001pt;line-height:normal;background:white;text-autospace:none'>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; -</p> </td> <td width="105" valign="bottom" style='width:78.55pt;background:white;padding:0'> <p style='margin-top:0in;margin-right:0in;margin-bottom:10.0pt;margin-left:0in;line-height:115%;margin-bottom:0in;margin-bottom:.0001pt;line-height:normal;background:white;text-autospace:none'>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; 13.0%</p> </td> <td width="105" valign="bottom" style='width:78.55pt;background:white;padding:0'> <p style='margin-top:0in;margin-right:0in;margin-bottom:10.0pt;margin-left:0in;line-height:115%;margin-bottom:0in;margin-bottom:.0001pt;line-height:normal;background:white;text-autospace:none'>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; -&nbsp;&nbsp;</p> </td> <td width="91" valign="bottom" style='width:68.05pt;background:white;padding:0'> <p style='margin-top:0in;margin-right:0in;margin-bottom:10.0pt;margin-left:0in;line-height:115%;margin-bottom:0in;margin-bottom:.0001pt;line-height:normal;background:white;text-autospace:none'>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; 14.8%</p> </td> </tr> <tr align="left"> <td width="279" valign="bottom" style='width:209.3pt;background:#CCEEFF;padding:0'> <p style='margin-top:0in;margin-right:0in;margin-bottom:10.0pt;margin-left:0in;line-height:115%;margin-bottom:0in;margin-bottom:.0001pt;line-height:normal;background:#CCEEFF;text-autospace:none'>Dongtai Jiangrongfeng Stevia Corp</p> </td> <td width="105" valign="bottom" style='width:78.55pt;background:#CCEEFF;padding:0'> <p style='margin-top:0in;margin-right:0in;margin-bottom:10.0pt;margin-left:0in;line-height:115%;margin-bottom:0in;margin-bottom:.0001pt;line-height:normal;background:#CCEEFF;text-autospace:none'>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; -</p> </td> <td width="105" valign="bottom" style='width:78.55pt;background:#CCEEFF;padding:0'> <p style='margin-top:0in;margin-right:0in;margin-bottom:10.0pt;margin-left:0in;line-height:115%;margin-bottom:0in;margin-bottom:.0001pt;line-height:normal;background:#CCEEFF;text-autospace:none'>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; 12.0%</p> </td> <td width="105" valign="bottom" style='width:78.55pt;background:#CCEEFF;padding:0'> <p style='margin-top:0in;margin-right:0in;margin-bottom:10.0pt;margin-left:0in;line-height:115%;margin-bottom:0in;margin-bottom:.0001pt;line-height:normal;background:#CCEEFF;text-autospace:none'>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; -&nbsp;&nbsp;</p> </td> <td width="91" valign="bottom" style='width:68.05pt;background:#CCEEFF;padding:0'> <p style='margin-top:0in;margin-right:0in;margin-bottom:10.0pt;margin-left:0in;line-height:115%;margin-bottom:0in;margin-bottom:.0001pt;line-height:normal;background:#CCEEFF;text-autospace:none'>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; -&nbsp;&nbsp;</p> </td> </tr> <tr align="left"> <td width="279" valign="bottom" style='width:209.3pt;background:white;padding:0'> <p style='margin-top:0in;margin-right:0in;margin-bottom:10.0pt;margin-left:0in;line-height:115%;margin-bottom:0in;margin-bottom:.0001pt;line-height:normal;background:white;text-autospace:none'>Juiqian Shengwang Corp.</p> </td> <td width="105" valign="bottom" style='width:78.55pt;background:white;padding:0'> <p style='margin-top:0in;margin-right:0in;margin-bottom:10.0pt;margin-left:0in;line-height:115%;margin-bottom:0in;margin-bottom:.0001pt;line-height:normal;background:white;text-autospace:none'>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; -</p> </td> <td width="105" valign="bottom" style='width:78.55pt;background:white;padding:0'> <p style='margin-top:0in;margin-right:0in;margin-bottom:10.0pt;margin-left:0in;line-height:115%;margin-bottom:0in;margin-bottom:.0001pt;line-height:normal;background:white;text-autospace:none'>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; -&nbsp;&nbsp;</p> </td> <td width="105" valign="bottom" style='width:78.55pt;background:white;padding:0'> <p style='margin-top:0in;margin-right:0in;margin-bottom:10.0pt;margin-left:0in;line-height:115%;margin-bottom:0in;margin-bottom:.0001pt;line-height:normal;background:white;text-autospace:none'>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; -&nbsp;&nbsp;</p> </td> <td width="91" valign="bottom" style='width:68.05pt;background:white;padding:0'> <p style='margin-top:0in;margin-right:0in;margin-bottom:10.0pt;margin-left:0in;line-height:115%;margin-bottom:0in;margin-bottom:.0001pt;line-height:normal;background:white;text-autospace:none'>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; 23.9%</p> </td> </tr> <tr align="left"> <td width="279" valign="bottom" style='width:209.3pt;background:#CCEEFF;padding:0in 0in 1.5pt 0in'> <p style='margin-top:0in;margin-right:0in;margin-bottom:10.0pt;margin-left:0in;line-height:115%;margin-bottom:0in;margin-bottom:.0001pt;line-height:normal;background:#CCEEFF;text-autospace:none'>Zhucheng Haotian Pharmaceutical Co., Ltd</p> </td> <td width="105" valign="bottom" style='width:78.55pt;border:none;border-bottom:solid black 1.0pt;background:#CCEEFF;padding:0in 0in 1.5pt 0in'> <p style='margin-top:0in;margin-right:0in;margin-bottom:10.0pt;margin-left:0in;line-height:115%;margin-bottom:0in;margin-bottom:.0001pt;line-height:normal;background:#CCEEFF;text-autospace:none'>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; -</p> </td> <td width="105" valign="bottom" style='width:78.55pt;border:none;border-bottom:solid black 1.0pt;background:#CCEEFF;padding:0in 0in 1.5pt 0in'> <p style='margin-top:0in;margin-right:0in;margin-bottom:10.0pt;margin-left:0in;line-height:115%;margin-bottom:0in;margin-bottom:.0001pt;line-height:normal;background:#CCEEFF;text-autospace:none'>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; 21.3%</p> </td> <td width="105" valign="bottom" style='width:78.55pt;border:none;border-bottom:solid black 1.0pt;background:#CCEEFF;padding:0in 0in 1.5pt 0in'> <p style='margin-top:0in;margin-right:0in;margin-bottom:10.0pt;margin-left:0in;line-height:115%;margin-bottom:0in;margin-bottom:.0001pt;line-height:normal;background:#CCEEFF;text-autospace:none'>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; -&nbsp;&nbsp;</p> </td> <td width="91" valign="bottom" style='width:68.05pt;border:none;border-bottom:solid black 1.0pt;background:#CCEEFF;padding:0'> <p style='margin-top:0in;margin-right:0in;margin-bottom:10.0pt;margin-left:0in;line-height:115%;margin-bottom:0in;margin-bottom:.0001pt;line-height:normal;background:#CCEEFF;text-autospace:none'>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; 18.6%</p> </td> </tr> <tr align="left"> <td width="279" valign="bottom" style='width:209.3pt;background:white;padding:0in 0in 3.0pt 0in'> <p style='margin-top:0in;margin-right:0in;margin-bottom:10.0pt;margin-left:0in;line-height:115%;margin-bottom:0in;margin-bottom:.0001pt;line-height:normal;background:white;text-autospace:none'>Total</p> </td> <td width="105" valign="bottom" style='width:78.55pt;border:none;border-bottom:double black 2.25pt;background:white;padding:0in 0in 3.0pt 0in'> <p style='margin-top:0in;margin-right:0in;margin-bottom:10.0pt;margin-left:0in;line-height:115%;margin-bottom:0in;margin-bottom:.0001pt;line-height:normal;background:white;text-autospace:none'>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; -</p> </td> <td width="105" valign="bottom" style='width:78.55pt;border:none;border-bottom:double black 2.25pt;background:white;padding:0in 0in 3.0pt 0in'> <p style='margin-top:0in;margin-right:0in;margin-bottom:10.0pt;margin-left:0in;line-height:115%;margin-bottom:0in;margin-bottom:.0001pt;line-height:normal;background:white;text-autospace:none'>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; 46.3%</p> </td> <td width="105" valign="bottom" style='width:78.55pt;border:none;border-bottom:double black 2.25pt;background:white;padding:0in 0in 3.0pt 0in'> <p style='margin-top:0in;margin-right:0in;margin-bottom:10.0pt;margin-left:0in;line-height:115%;margin-bottom:0in;margin-bottom:.0001pt;line-height:normal;background:white;text-autospace:none'>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; 22.2%</p> </td> <td width="91" valign="bottom" style='width:68.05pt;border:none;border-bottom:double black 2.25pt;background:white;padding:0'> <p style='margin-top:0in;margin-right:0in;margin-bottom:10.0pt;margin-left:0in;line-height:115%;margin-bottom:0in;margin-bottom:.0001pt;line-height:normal;background:white;text-autospace:none'>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; 57.3%</p> </td> </tr> </table> <p style='margin-top:0in;margin-right:0in;margin-bottom:10.0pt;margin-left:0in;line-height:115%;margin-bottom:0in;margin-bottom:.0001pt;line-height:normal;text-autospace:none'>&nbsp;</p> <p style='margin-top:0in;margin-right:0in;margin-bottom:10.0pt;margin-left:0in;line-height:115%;margin-bottom:0in;margin-bottom:.0001pt;line-height:normal;text-autospace:none'><b><i>(iii)&nbsp;&nbsp;&nbsp; Credit Risk</i></b></p> <p style='margin-top:0in;margin-right:0in;margin-bottom:10.0pt;margin-left:0in;line-height:115%;margin-bottom:0in;margin-bottom:.0001pt;line-height:normal;text-autospace:none'>&nbsp;</p> <p style='margin-top:0in;margin-right:0in;margin-bottom:10.0pt;margin-left:0in;line-height:115%;margin-bottom:0in;margin-bottom:.0001pt;text-indent:.5in;line-height:normal;text-autospace:none'>Financial instruments which potentially subject us to concentrations of credit risk consist principally of cash and trade accounts receivable. We place our cash with high credit quality financial institutions in the United States and the PRC. At January 31, 2017, we had $125,668 of cash balance held in PRC banks, and $44,335 with banks in the United States. As a result, cash held in PRC financial institutions is not insured. We have not experienced any losses in such accounts through January 31, 2017.</p> <p style='margin-top:0in;margin-right:0in;margin-bottom:10.0pt;margin-left:0in;line-height:115%;margin-bottom:0in;margin-bottom:.0001pt;line-height:normal;text-autospace:none'>&nbsp;</p> <p style='margin-top:0in;margin-right:0in;margin-bottom:10.0pt;margin-left:0in;line-height:115%;margin-bottom:0in;margin-bottom:.0001pt;text-indent:.5in;line-height:normal;text-autospace:none'>Almost all of our sales are credit sales which are primarily to customers whose ability to pay is dependent upon the industry economics prevailing in these areas; however, we believe that the concentration of credit risk with respect to trade accounts receivable is limited due to generally short payment terms. We also perform ongoing credit evaluations of our customers to help further reduce potential credit risk.</p> <!--egx--><p style='margin-top:0in;margin-right:0in;margin-bottom:10.0pt;margin-left:0in;line-height:115%;margin-bottom:0in;margin-bottom:.0001pt;line-height:normal;text-autospace:none'><b>NOTE 16 - SUBSEQUENT EVENTS</b></p> <p style='margin-top:0in;margin-right:0in;margin-bottom:10.0pt;margin-left:0in;line-height:115%;margin-bottom:0in;margin-bottom:.0001pt;line-height:normal;text-autospace:none'>&nbsp;</p> <p style='margin-top:0in;margin-right:0in;margin-bottom:10.0pt;margin-left:0in;line-height:115%;margin-bottom:0in;margin-bottom:.0001pt;text-indent:.5in;line-height:normal;text-autospace:none'>There have been no material subsequent events to evaluate through the date of this filing with the SEC.</p> <!--egx--><p style='margin-top:0in;margin-right:0in;margin-bottom:10.0pt;margin-left:0in;line-height:115%;margin-bottom:0in;margin-bottom:.0001pt;line-height:normal;text-autospace:none'><b><i>USE OF ESTIMATES</i></b></p> <p style='margin-top:0in;margin-right:0in;margin-bottom:10.0pt;margin-left:0in;line-height:115%;margin-bottom:0in;margin-bottom:.0001pt;line-height:normal;text-autospace:none'>&nbsp;</p> <p style='margin-top:0in;margin-right:0in;margin-bottom:10.0pt;margin-left:0in;line-height:115%;margin-bottom:0in;margin-bottom:.0001pt;text-indent:.5in;line-height:normal;text-autospace:none'>The preparation of unaudited condensed consolidated financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and the disclosure of contingent assets and liabilities at the date of the unaudited condensed consolidated financial statements and the reported amounts of revenues and expenses during the reporting period.&nbsp;Significant estimates include the allowance for doubtful accounts, the allowance for obsolete inventory, the useful life of property and equipment and intangible assets, assumptions used in assessing impairment of long-term assets and valuation of deferred tax assets, and the value of stock-based compensation.&nbsp;&nbsp;Actual results could differ from those estimates.</p> <!--egx--><p style='margin-top:0in;margin-right:0in;margin-bottom:10.0pt;margin-left:0in;line-height:115%;margin-bottom:0in;margin-bottom:.0001pt;line-height:normal;text-autospace:none'><b><i>CASH AND CASH EQUIVALENTS</i></b></p> <p style='margin-top:0in;margin-right:0in;margin-bottom:10.0pt;margin-left:0in;line-height:115%;margin-bottom:0in;margin-bottom:.0001pt;line-height:normal;text-autospace:none'>&nbsp;</p> <p style='margin-top:0in;margin-right:0in;margin-bottom:10.0pt;margin-left:0in;line-height:115%;margin-bottom:0in;margin-bottom:.0001pt;text-indent:.5in;line-height:normal;text-autospace:none'>We consider all highly liquid investments with maturities of three months or less at the time of purchase to be cash and equivalents. As of January 31, 2017, we held $125,668 of our cash and cash equivalents with commercial banking institutions in the PRC, and $44,335 with banks in the United States. As of April 30, 2016, we held $900,071 of our cash and cash equivalents with commercial banking institution in PRC, and $0 in the United States. In China, there is no equivalent federal deposit insurance as in the United States, so the amounts held in banks in China are not insured. We have not experienced any losses in such bank accounts through January 31, 2017. As of January 31, 2017 and April 30, 2016, bank deposits by geographic area were as follows:</p> <p style='margin-top:0in;margin-right:0in;margin-bottom:10.0pt;margin-left:0in;line-height:115%;margin-bottom:0in;margin-bottom:.0001pt;line-height:normal;text-autospace:none'>&nbsp;</p> <table border="0" cellspacing="0" cellpadding="0" style='margin-left:52.4pt;border-collapse:collapse'> <tr align="left"> <td width="368" valign="bottom" style='width:276.25pt;padding:0in 0in 1.5pt 0in'> <p style='margin-top:0in;margin-right:0in;margin-bottom:10.0pt;margin-left:0in;line-height:115%;margin-bottom:0in;margin-bottom:.0001pt;line-height:normal;text-autospace:none'>&nbsp; </p> </td> <td width="89" valign="bottom" style='width:67.0pt;border:none;border-bottom:solid black 1.0pt;padding:0'> <p align="center" style='margin-top:0in;margin-right:0in;margin-bottom:10.0pt;margin-left:0in;line-height:115%;margin-bottom:0in;margin-bottom:.0001pt;text-align:center;line-height:normal;text-autospace:none'>January 31,</p> <p align="center" style='margin-top:0in;margin-right:0in;margin-bottom:10.0pt;margin-left:0in;line-height:115%;margin-bottom:0in;margin-bottom:.0001pt;text-align:center;line-height:normal;text-autospace:none'>2017</p> <p align="center" style='margin-top:0in;margin-right:0in;margin-bottom:10.0pt;margin-left:0in;line-height:115%;margin-bottom:0in;margin-bottom:.0001pt;text-align:center;line-height:normal;text-autospace:none'>(Unaudited)</p> </td> <td width="89" valign="bottom" style='width:66.95pt;border:none;border-bottom:solid black 1.0pt;padding:0'> <p align="center" style='margin-top:0in;margin-right:0in;margin-bottom:10.0pt;margin-left:0in;line-height:115%;margin-bottom:0in;margin-bottom:.0001pt;text-align:center;line-height:normal;text-autospace:none'>April 30, </p> <p align="center" style='margin-top:0in;margin-right:0in;margin-bottom:10.0pt;margin-left:0in;line-height:115%;margin-bottom:0in;margin-bottom:.0001pt;text-align:center;line-height:normal;text-autospace:none'>2016</p> </td> </tr> <tr align="left"> <td width="368" valign="bottom" style='width:276.25pt;padding:0'> <p style='margin-top:0in;margin-right:0in;margin-bottom:10.0pt;margin-left:0in;line-height:115%;margin-bottom:0in;margin-bottom:.0001pt;line-height:normal;text-autospace:none'>&nbsp;</p> </td> <td width="89" valign="bottom" style='width:67.0pt;padding:0'> <p style='margin-top:0in;margin-right:0in;margin-bottom:10.0pt;margin-left:0in;line-height:115%;margin-bottom:0in;margin-bottom:.0001pt;line-height:normal;text-autospace:none'>&nbsp;</p> </td> <td width="89" valign="bottom" style='width:66.95pt;padding:0'> <p style='margin-top:0in;margin-right:0in;margin-bottom:10.0pt;margin-left:0in;line-height:115%;margin-bottom:0in;margin-bottom:.0001pt;line-height:normal;text-autospace:none'>&nbsp;</p> </td> </tr> <tr align="left"> <td width="368" valign="bottom" style='width:276.25pt;background:#CCEEFF;padding:0'> <p style='margin-top:0in;margin-right:0in;margin-bottom:10.0pt;margin-left:0in;line-height:115%;margin-bottom:0in;margin-bottom:.0001pt;line-height:normal;background:#CCEEFF;text-autospace:none'>China</p> </td> <td width="89" valign="bottom" style='width:67.0pt;background:#CCEEFF;padding:0'> <p style='margin-top:0in;margin-right:0in;margin-bottom:10.0pt;margin-left:0in;line-height:115%;margin-bottom:0in;margin-bottom:.0001pt;line-height:normal;background:#CCEEFF;text-autospace:none'>&#160;&#160; $&#160;&#160;&#160;&#160;&#160; 125,668</p> </td> <td width="89" valign="bottom" style='width:66.95pt;background:#CCEEFF;padding:0'> <p style='margin-top:0in;margin-right:0in;margin-bottom:10.0pt;margin-left:0in;line-height:115%;margin-bottom:0in;margin-bottom:.0001pt;line-height:normal;background:#CCEEFF;text-autospace:none'>&#160;&#160; $&#160;&#160;&#160;&#160;&#160; 900,071</p> </td> </tr> <tr align="left"> <td width="368" valign="bottom" style='width:276.25pt;background:white;padding:0in 0in 1.5pt 0in'> <p style='margin-top:0in;margin-right:0in;margin-bottom:10.0pt;margin-left:0in;line-height:115%;margin-bottom:0in;margin-bottom:.0001pt;line-height:normal;background:white;text-autospace:none'>United States</p> </td> <td width="89" valign="bottom" style='width:67.0pt;border:none;border-bottom:solid black 1.0pt;background:white;padding:0'> <p style='margin-top:0in;margin-right:0in;margin-bottom:10.0pt;margin-left:0in;line-height:115%;margin-bottom:0in;margin-bottom:.0001pt;line-height:normal;background:white;text-autospace:none'>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; 44,335</p> </td> <td width="89" valign="bottom" style='width:66.95pt;border:none;border-bottom:solid black 1.0pt;background:white;padding:0'> <p style='margin-top:0in;margin-right:0in;margin-bottom:10.0pt;margin-left:0in;line-height:115%;margin-bottom:0in;margin-bottom:.0001pt;line-height:normal;background:white;text-autospace:none'>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; 0</p> </td> </tr> <tr align="left"> <td width="368" valign="bottom" style='width:276.25pt;background:#CCEEFF;padding:0in 0in 3.0pt 0in'> <p style='margin-top:0in;margin-right:0in;margin-bottom:10.0pt;margin-left:0in;line-height:115%;margin-bottom:0in;margin-bottom:.0001pt;line-height:normal;background:#CCEEFF;text-autospace:none'>Total</p> </td> <td width="89" valign="bottom" style='width:67.0pt;border:none;border-bottom:double black 2.25pt;background:#CCEEFF;padding:0'> <p style='margin-top:0in;margin-right:0in;margin-bottom:10.0pt;margin-left:0in;line-height:115%;margin-bottom:0in;margin-bottom:.0001pt;line-height:normal;background:#CCEEFF;text-autospace:none'>&#160;&#160; $&#160;&#160;&#160;&#160;&#160; 170,003</p> </td> <td width="89" valign="bottom" style='width:66.95pt;border:none;border-bottom:double black 2.25pt;background:#CCEEFF;padding:0'> <p style='margin-top:0in;margin-right:0in;margin-bottom:10.0pt;margin-left:0in;line-height:115%;margin-bottom:0in;margin-bottom:.0001pt;line-height:normal;background:#CCEEFF;text-autospace:none'>&#160;&#160; $&#160;&#160;&#160;&#160;&#160; 900,071</p> </td> </tr> </table> <p style='margin-top:0in;margin-right:0in;margin-bottom:10.0pt;margin-left:0in;line-height:115%;margin-bottom:0in;margin-bottom:.0001pt;line-height:normal;text-autospace:none'>&nbsp;</p> <!--egx--><p style='margin-top:0in;margin-right:0in;margin-bottom:10.0pt;margin-left:0in;line-height:115%;margin-bottom:0in;margin-bottom:.0001pt;line-height:normal;text-autospace:none'><b><i>ACCOUNTS RECEIVABLE</i></b></p> <p style='margin-top:0in;margin-right:0in;margin-bottom:10.0pt;margin-left:0in;line-height:115%;margin-bottom:0in;margin-bottom:.0001pt;line-height:normal;text-autospace:none'>&nbsp;</p> <p style='margin-top:0in;margin-right:0in;margin-bottom:10.0pt;margin-left:0in;line-height:115%;margin-bottom:0in;margin-bottom:.0001pt;text-indent:.5in;line-height:normal;text-autospace:none'>Accounts receivable and other receivable are reported at net realizable value. We have established an allowance for doubtful accounts based upon factors pertaining to the credit risk of specific customers, historical trends, and other information. Delinquent accounts are written off when it is determined that the amounts are uncollectible after exhaustive efforts on collection. On January 31, 2017 and April 30, 2016, the allowance for doubtful accounts was $1,185,676 and $1,202,610, respectively.</p> <!--egx--><p style='margin-top:0in;margin-right:0in;margin-bottom:10.0pt;margin-left:0in;line-height:115%;margin-bottom:0in;margin-bottom:.0001pt;line-height:normal;text-autospace:none'><b><i>INVENTORIES</i></b></p> <p style='margin-top:0in;margin-right:0in;margin-bottom:10.0pt;margin-left:0in;line-height:115%;margin-bottom:0in;margin-bottom:.0001pt;line-height:normal;text-autospace:none'>&nbsp;</p> <p style='margin-top:0in;margin-right:0in;margin-bottom:10.0pt;margin-left:0in;line-height:115%;margin-bottom:0in;margin-bottom:.0001pt;text-indent:.5in;line-height:normal;text-autospace:none'>Inventories, consisting of raw materials, work in process, and finished goods related to our products, are stated at the lower of cost or market (estimated net realizable value) utilizing the weighted average method. An allowance is established when management determines that certain inventories may not be saleable. If inventory costs exceed expected market value due to obsolescence or quantities in excess of expected demand, the Company will record reserves for the difference between the cost and the market value. These reserves are recorded based on estimates. At January 31, 2017 and April 30, 2016, the Company recorded a reserve for obsolete or slow-moving inventories of $101,317 and $107,658, respectively.</p> <!--egx--><p style='margin-top:0in;margin-right:0in;margin-bottom:10.0pt;margin-left:0in;line-height:115%;margin-bottom:0in;margin-bottom:.0001pt;line-height:normal;text-autospace:none'><b><i>PROPERTY AND EQUIPMENT</i></b></p> <p style='margin-top:0in;margin-right:0in;margin-bottom:10.0pt;margin-left:0in;line-height:115%;margin-bottom:0in;margin-bottom:.0001pt;line-height:normal;text-autospace:none'>&nbsp;</p> <p style='margin-top:0in;margin-right:0in;margin-bottom:10.0pt;margin-left:0in;line-height:115%;margin-bottom:0in;margin-bottom:.0001pt;text-indent:.5in;line-height:normal;text-autospace:none'>Property and equipment are stated at cost. Depreciation and amortization are provided using the straight line method over the estimated economic lives of the assets, which range from three to thirty years. Expenditures for major renewals and betterments that extend the useful lives of property and equipment are capitalized. Expenditures for maintenance and repairs are charged to expense as incurred. In accordance with paragraph 360-10-35-17 of the Financial Accounting Standards Board (FASB) Accounting Standards Codification (&quot;ASC&quot;), we examine the possibility of decreases in the value of fixed assets when events or changes in circumstances reflect the fact that their recorded value may not be recoverable.</p> <p style='margin-top:0in;margin-right:0in;margin-bottom:10.0pt;margin-left:0in;line-height:115%;margin-bottom:0in;margin-bottom:.0001pt;line-height:normal;text-autospace:none'>&nbsp;</p> <p style='margin-top:0in;margin-right:0in;margin-bottom:10.0pt;margin-left:0in;line-height:115%;margin-bottom:0in;margin-bottom:.0001pt;text-indent:.5in;line-height:normal;text-autospace:none'>Included in property and equipment is construction-in-progress which consisted of factory improvements and machinery pending installation and included the costs of construction, machinery and equipment, and or any interest charges arising from borrowings used to finance these assets during the period of construction or installation of the assets if applicable. No provision for depreciation is made on construction-in-progress until such time as the relevant assets are completed and ready for their intended use.</p> <!--egx--><p style='margin-top:0in;margin-right:0in;margin-bottom:10.0pt;margin-left:0in;line-height:115%;margin-bottom:0in;margin-bottom:.0001pt;line-height:normal;text-autospace:none'><b><i>LONG-LIVED ASSETS</i></b></p> <p style='margin-top:0in;margin-right:0in;margin-bottom:10.0pt;margin-left:0in;line-height:115%;margin-bottom:0in;margin-bottom:.0001pt;line-height:normal;text-autospace:none'>&nbsp;</p> <p style='margin-top:0in;margin-right:0in;margin-bottom:10.0pt;margin-left:0in;line-height:115%;margin-bottom:0in;margin-bottom:.0001pt;text-indent:.5in;line-height:normal;text-autospace:none'>In accordance with ASC 360, we review and evaluate our long-lived assets, including property and equipment, intangible assets, and land use rights, for impairment or when events or changes in circumstances indicate that the related carrying amounts may not be recoverable. An impairment is considered to exist if the total estimated future cash flows on an undiscounted basis are less than the carrying amount of the assets, including goodwill, if any. An impairment loss is measured and recorded based on discounted estimated future cash flows. In estimating future cash flows, assets are grouped at the lowest level for which there is identifiable cash flows that are largely independent of future cash flows from other asset groups. Our estimates of future cash flows are based on numerous assumptions and it is possible that actual future cash flows will be significantly different than the estimates. Based on our evaluation, we have determined certain long-lived assets that are no longer useful for our operations, and we recorded a disposition loss of $36,964 and $406,806, $40,543 and $429,172 for the three and nine months ended January 31, 2017 and 2016, respectively.</p> <!--egx--><p style='margin-top:0in;margin-right:0in;margin-bottom:10.0pt;margin-left:0in;line-height:115%;margin-bottom:0in;margin-bottom:.0001pt;line-height:normal;text-autospace:none'><b><i>FAIR VALUE OF FINANCIAL INSTRUMENTS</i></b></p> <p style='margin-top:0in;margin-right:0in;margin-bottom:10.0pt;margin-left:0in;line-height:115%;margin-bottom:0in;margin-bottom:.0001pt;line-height:normal;text-autospace:none'>&nbsp;</p> <p style='margin-top:0in;margin-right:0in;margin-bottom:10.0pt;margin-left:0in;line-height:115%;margin-bottom:0in;margin-bottom:.0001pt;text-indent:.5in;line-height:normal;text-autospace:none'>We adopted ASC Section 820-10-35-37 to measure the fair value of our financial instruments. ASC Section 820-10-35-37 establishes a common definition for fair value to be applied to existing generally accepted accounting principles that require the use of fair value measurements, establishes a framework for measuring fair value, and expands disclosure about such fair value measurements. The adoption of ASC Section 820-10-35-37 did not have an impact on our financial position or operating results, but did expand certain disclosures.</p> <p style='margin-top:0in;margin-right:0in;margin-bottom:10.0pt;margin-left:0in;line-height:115%;margin-bottom:0in;margin-bottom:.0001pt;line-height:normal;text-autospace:none'>&nbsp;</p> <p style='margin-top:0in;margin-right:0in;margin-bottom:10.0pt;margin-left:0in;line-height:115%;margin-bottom:0in;margin-bottom:.0001pt;text-indent:.5in;line-height:normal;text-autospace:none'>ASC&nbsp;Section 820-10-35-37 defines fair value as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. Additionally, ASC Section 820-10-35-37 requires the use of valuation techniques that maximize the use of observable inputs and minimize the use of unobservable inputs. These inputs are prioritized below:</p> <p style='margin-top:0in;margin-right:0in;margin-bottom:10.0pt;margin-left:0in;line-height:115%;margin-bottom:0in;margin-bottom:.0001pt;line-height:normal;text-autospace:none'>&nbsp;</p> <table border="0" cellspacing="0" cellpadding="0" style='border-collapse:collapse'> <tr align="left"> <td width="44" valign="top" style='width:33.05pt;padding:0'> <p style='margin-top:0in;margin-right:0in;margin-bottom:10.0pt;margin-left:0in;line-height:115%;margin-bottom:0in;margin-bottom:.0001pt;line-height:normal;text-autospace:none'>Level&nbsp;1:</p> </td> <td width="654" valign="top" style='width:490.25pt;padding:0'> <p style='margin-top:0in;margin-right:0in;margin-bottom:10.0pt;margin-left:0in;line-height:115%;margin-bottom:0in;margin-bottom:.0001pt;line-height:normal;text-autospace:none'>Observable inputs such as quoted market prices in active markets for identical assets or liabilities</p> </td> </tr> <tr align="left"> <td width="44" valign="top" style='width:33.05pt;padding:0'> <p style='margin-top:0in;margin-right:0in;margin-bottom:10.0pt;margin-left:0in;line-height:115%;margin-bottom:0in;margin-bottom:.0001pt;line-height:normal;text-autospace:none'>Level&nbsp;2:</p> </td> <td width="654" valign="top" style='width:490.25pt;padding:0'> <p style='margin-top:0in;margin-right:0in;margin-bottom:10.0pt;margin-left:0in;line-height:115%;margin-bottom:0in;margin-bottom:.0001pt;line-height:normal;text-autospace:none'>Observable market-based inputs or unobservable inputs that are corroborated by market data</p> </td> </tr> <tr align="left"> <td width="44" valign="top" style='width:33.05pt;padding:0'> <p style='margin-top:0in;margin-right:0in;margin-bottom:10.0pt;margin-left:0in;line-height:115%;margin-bottom:0in;margin-bottom:.0001pt;line-height:normal;text-autospace:none'>Level&nbsp;3:</p> </td> <td width="654" valign="top" style='width:490.25pt;padding:0'> <p style='margin-top:0in;margin-right:0in;margin-bottom:10.0pt;margin-left:0in;line-height:115%;margin-bottom:0in;margin-bottom:.0001pt;line-height:normal;text-autospace:none'>Unobservable inputs for which there is little or no market data, which require the use of the reporting entity's own assumptions.</p> </td> </tr> </table> <p style='margin-top:0in;margin-right:0in;margin-bottom:10.0pt;margin-left:0in;line-height:115%;margin-bottom:0in;margin-bottom:.0001pt;line-height:normal;text-autospace:none'>&nbsp;</p> <p style='margin-top:0in;margin-right:0in;margin-bottom:10.0pt;margin-left:0in;line-height:115%;margin-bottom:0in;margin-bottom:.0001pt;text-indent:.5in;line-height:normal;text-autospace:none'>The carrying amounts of our financial assets and liabilities, such as cash, accounts receivable, notes receivable, prepayments and other current assets, accounts payable, taxes payable and accrued expenses, approximate their fair values because of the short maturity of these instruments.&nbsp;&nbsp;</p> <!--egx--><p style='margin-top:0in;margin-right:0in;margin-bottom:10.0pt;margin-left:0in;line-height:115%;margin-bottom:0in;margin-bottom:.0001pt;line-height:normal;text-autospace:none'><b><i>TAXES PAYABLE</i></b></p> <p style='margin-top:0in;margin-right:0in;margin-bottom:10.0pt;margin-left:0in;line-height:115%;margin-bottom:0in;margin-bottom:.0001pt;line-height:normal;text-autospace:none'>&nbsp;</p> <p style='margin-top:0in;margin-right:0in;margin-bottom:10.0pt;margin-left:0in;line-height:115%;margin-bottom:0in;margin-bottom:.0001pt;text-indent:.5in;line-height:normal;text-autospace:none'>We are required to charge for and to collect value added taxes (VAT) on our sales on behalf of the PRC tax authority. We&nbsp;record VAT that we billed our&nbsp;customers&nbsp;as&nbsp;VAT payable. In addition, we are required to pay value added taxes on our primary purchases. We record VAT that charged by our vendors as VAT receivable. We are required to file VAT return on a monthly basis with the PRC tax authority, which we are entitled to claim the VAT that we charged by vendors as VAT credit and these credits can be applied to our VAT payable that we billed our customers.&nbsp;&nbsp;Accordingly, these VAT payable and receivable are&nbsp;presented as net amounts&nbsp;for financial statement purposes. Taxes payable on January 31, 2017 and April 30, 2016 amounted to $98,815 and $254,759, respectively, consisted primarily of VAT taxes.</p> <!--egx--><p style='margin-top:0in;margin-right:0in;margin-bottom:10.0pt;margin-left:0in;line-height:115%;margin-bottom:0in;margin-bottom:.0001pt;line-height:normal;text-autospace:none'><b><i>REVENUE RECOGNITION</i></b></p> <p style='margin-top:0in;margin-right:0in;margin-bottom:10.0pt;margin-left:0in;line-height:115%;margin-bottom:0in;margin-bottom:.0001pt;line-height:normal;text-autospace:none'>&nbsp;</p> <p style='margin-top:0in;margin-right:0in;margin-bottom:10.0pt;margin-left:0in;line-height:115%;margin-bottom:0in;margin-bottom:.0001pt;text-indent:.5in;line-height:normal;text-autospace:none'>Pursuant to the guidance of ASC Topic 605, we record revenue when persuasive evidence of an arrangement exists, product delivery has occurred, the sales price to the customer is fixed or determinable, and collectability is reasonably assured.</p> <!--egx--><p style='margin-top:0in;margin-right:0in;margin-bottom:10.0pt;margin-left:0in;line-height:115%;margin-bottom:0in;margin-bottom:.0001pt;line-height:normal;text-autospace:none'><b><i>GRANT INCOME</i></b></p> <p style='margin-top:0in;margin-right:0in;margin-bottom:10.0pt;margin-left:0in;line-height:115%;margin-bottom:0in;margin-bottom:.0001pt;line-height:normal;text-autospace:none'>&nbsp;</p> <p style='margin-top:0in;margin-right:0in;margin-bottom:10.0pt;margin-left:0in;line-height:115%;margin-bottom:0in;margin-bottom:.0001pt;text-indent:.5in;line-height:normal;text-autospace:none'>Grants received from PRC government agencies are recognized as deferred grant income and recognized in the consolidated statements of operations and comprehensive loss as and when they are earned for the specific research and development projects for which these grants are received.</p> <!--egx--><p style='margin-top:0in;margin-right:0in;margin-bottom:10.0pt;margin-left:0in;line-height:115%;margin-bottom:0in;margin-bottom:.0001pt;line-height:normal;text-autospace:none'><b><i>INCOME TAXES</i></b></p> <p style='margin-top:0in;margin-right:0in;margin-bottom:10.0pt;margin-left:0in;line-height:115%;margin-bottom:0in;margin-bottom:.0001pt;line-height:normal;text-autospace:none'>&nbsp;</p> <p style='margin-top:0in;margin-right:0in;margin-bottom:10.0pt;margin-left:0in;line-height:115%;margin-bottom:0in;margin-bottom:.0001pt;text-align:justify;text-justify:inter-ideograph;text-indent:.5in;line-height:normal;text-autospace:none'>The Company has adopted Accounting Standards Codification subtopic 740-10, <i>Income Taxes</i> (&quot;ASC 740-10&quot;) which requires the recognition of deferred tax liabilities and assets for the expected future tax consequences of events that have been included in the financial statement or tax returns.&nbsp;&nbsp;Under this method, deferred tax liabilities and assets are determined based on the difference between financial statements and tax basis of assets and liabilities using enacted tax rates in effect for the year in which the differences are expected to reverse.&nbsp;&nbsp;Valuation allowances are recorded to reduce the deferred tax assets to an amount that&nbsp;it is&nbsp;more likely than not be realized.</p> <p style='margin-top:0in;margin-right:0in;margin-bottom:10.0pt;margin-left:0in;line-height:115%;margin-bottom:0in;margin-bottom:.0001pt;line-height:normal;text-autospace:none'>&nbsp;</p> <p style='margin-top:0in;margin-right:0in;margin-bottom:10.0pt;margin-left:0in;line-height:115%;margin-bottom:0in;margin-bottom:.0001pt;text-indent:.5in;line-height:normal;text-autospace:none'>We file federal and state income tax returns in the United States for our corporate operations pursuant to the U.S. Internal Revenue Code of 1986, as amended, and file separate foreign tax returns for our Chinese subsidiaries pursuant to the China's Unified Corporate Income Tax Law.</p> <p style='margin-top:0in;margin-right:0in;margin-bottom:10.0pt;margin-left:0in;line-height:115%;margin-bottom:0in;margin-bottom:.0001pt;text-indent:.5in;line-height:normal;text-autospace:none'>&nbsp;</p> <p style='margin-top:0in;margin-right:0in;margin-bottom:10.0pt;margin-left:0in;line-height:115%;margin-bottom:0in;margin-bottom:.0001pt;text-indent:.5in;line-height:normal;text-autospace:none'>We apply the provisions of ASC 740-10-50, &quot;Accounting for Uncertainty in Income Taxes&quot;, which provides clarification related to the process associated with accounting for uncertain tax positions recognized in our consolidated financial statements. Audit periods remain open for review until the statute of limitations has passed. The completion of review or the expiration of the statute of limitations for a given audit period could result in an adjustment to the Company's liability for income taxes. Any such adjustment could be material to the Company's results of operations for any given quarterly or annual period based, in part, upon the results of operations for the given period. As of January 31, 2017, the Company had no uncertain tax positions, and will continue to evaluate for uncertain positions in the future.</p> <!--egx--><p style='margin-top:0in;margin-right:0in;margin-bottom:10.0pt;margin-left:0in;line-height:115%;margin-bottom:0in;margin-bottom:.0001pt;line-height:normal;text-autospace:none'><b><i>BASIC AND DILUTED EARNINGS PER SHARE</i></b></p> <p style='margin-top:0in;margin-right:0in;margin-bottom:10.0pt;margin-left:0in;line-height:115%;margin-bottom:0in;margin-bottom:.0001pt;line-height:normal;text-autospace:none'>&nbsp;</p> <p style='margin-top:0in;margin-right:0in;margin-bottom:10.0pt;margin-left:0in;line-height:115%;margin-bottom:0in;margin-bottom:.0001pt;text-indent:.5in;line-height:normal;text-autospace:none'>Pursuant to ASC Section 260-10-45, basic income (loss) per common share is computed by dividing income (loss) available to common shareholders by the weighted average number of shares of common stock outstanding for the periods presented. Diluted income (loss) per share reflects the potential dilution that could occur if securities or other contracts to issue common stock were exercised or converted into common stock or resulted in the issuance&nbsp;of common stock that would then share in the income of ours, subject to anti-dilution limitations. The following table presents a reconciliation of basic and diluted net income per common share:</p> <p style='margin-top:0in;margin-right:0in;margin-bottom:10.0pt;margin-left:0in;line-height:115%;margin-bottom:0in;margin-bottom:.0001pt;line-height:normal;text-autospace:none'>&nbsp;</p> <table border="0" cellspacing="0" cellpadding="0" style='border-collapse:collapse'> <tr align="left"> <td width="279" valign="bottom" style='width:209.3pt;padding:0in 0in 1.5pt 0in'> <p style='margin-top:0in;margin-right:0in;margin-bottom:10.0pt;margin-left:0in;line-height:115%;margin-bottom:0in;margin-bottom:.0001pt;line-height:normal;text-autospace:none'>&nbsp; </p> </td> <td width="195" colspan="2" valign="bottom" style='width:146.6pt;border:none;border-bottom:solid black 1.0pt;padding:0in 0in 1.5pt 0in'> <p align="center" style='margin-top:0in;margin-right:0in;margin-bottom:10.0pt;margin-left:0in;line-height:115%;margin-bottom:0in;margin-bottom:.0001pt;text-align:center;line-height:normal;text-autospace:none'>Three Months Ended</p> <p align="center" style='margin-top:0in;margin-right:0in;margin-bottom:10.0pt;margin-left:0in;line-height:115%;margin-bottom:0in;margin-bottom:.0001pt;text-align:center;line-height:normal;text-autospace:none'>January 31,</p> </td> <td width="195" colspan="2" valign="bottom" style='width:146.6pt;border:none;border-bottom:solid black 1.0pt;padding:0'> <p align="center" style='margin-top:0in;margin-right:0in;margin-bottom:10.0pt;margin-left:0in;line-height:115%;margin-bottom:0in;margin-bottom:.0001pt;text-align:center;line-height:normal;text-autospace:none'>Nine Months Ended</p> <p align="center" style='margin-top:0in;margin-right:0in;margin-bottom:10.0pt;margin-left:0in;line-height:115%;margin-bottom:0in;margin-bottom:.0001pt;text-align:center;line-height:normal;text-autospace:none'>January 31,</p> </td> </tr> <tr align="left"> <td width="279" valign="bottom" style='width:209.3pt;padding:0in 0in 1.5pt 0in'> <p style='margin-top:0in;margin-right:0in;margin-bottom:10.0pt;margin-left:0in;line-height:115%;margin-bottom:0in;margin-bottom:.0001pt;line-height:normal;text-autospace:none'><b>Numerator:</b></p> </td> <td width="99" valign="bottom" style='width:74.2pt;border:none;border-bottom:solid black 1.0pt;padding:0in 0in 1.5pt 0in'> <p align="center" style='margin-top:0in;margin-right:0in;margin-bottom:10.0pt;margin-left:0in;line-height:115%;margin-bottom:0in;margin-bottom:.0001pt;text-align:center;line-height:normal;text-autospace:none'>2017 </p> </td> <td width="97" valign="bottom" style='width:72.4pt;border:none;border-bottom:solid black 1.0pt;padding:0in 0in 1.5pt 0in'> <p align="center" style='margin-top:0in;margin-right:0in;margin-bottom:10.0pt;margin-left:0in;line-height:115%;margin-bottom:0in;margin-bottom:.0001pt;text-align:center;line-height:normal;text-autospace:none'>2016</p> </td> <td width="101" valign="bottom" style='width:76.1pt;border:none;border-bottom:solid black 1.0pt;padding:0in 0in 1.5pt 0in'> <p align="center" style='margin-top:0in;margin-right:0in;margin-bottom:10.0pt;margin-left:0in;line-height:115%;margin-bottom:0in;margin-bottom:.0001pt;text-align:center;line-height:normal;text-autospace:none'>2017&nbsp; </p> </td> <td width="94" valign="bottom" style='width:70.5pt;border:none;border-bottom:solid black 1.0pt;padding:0'> <p align="center" style='margin-top:0in;margin-right:0in;margin-bottom:10.0pt;margin-left:0in;line-height:115%;margin-bottom:0in;margin-bottom:.0001pt;text-align:center;line-height:normal;text-autospace:none'>2016</p> </td> </tr> <tr align="left"> <td width="279" valign="bottom" style='width:209.3pt;background:#CCEEFF;padding:0'> <p style='margin-top:0in;margin-right:0in;margin-bottom:10.0pt;margin-left:0in;line-height:115%;margin-bottom:0in;margin-bottom:.0001pt;line-height:normal;background:#CCEEFF;text-autospace:none'>Net loss attributable to Sunwin Stevia International, Inc.</p> </td> <td width="99" valign="bottom" style='width:74.2pt;background:#CCEEFF;padding:0'> <p style='margin-top:0in;margin-right:0in;margin-bottom:10.0pt;margin-left:0in;line-height:115%;margin-bottom:0in;margin-bottom:.0001pt;line-height:normal;background:#CCEEFF;text-autospace:none'>&#160; $&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; (905,684)</p> </td> <td width="97" valign="bottom" style='width:72.4pt;background:#CCEEFF;padding:0'> <p style='margin-top:0in;margin-right:0in;margin-bottom:10.0pt;margin-left:0in;line-height:115%;margin-bottom:0in;margin-bottom:.0001pt;line-height:normal;background:#CCEEFF;text-autospace:none'>&#160; $&#160;&#160;&#160;&#160; (2,099,444)</p> </td> <td width="101" valign="bottom" style='width:76.1pt;background:#CCEEFF;padding:0'> <p style='margin-top:0in;margin-right:0in;margin-bottom:10.0pt;margin-left:0in;line-height:115%;margin-bottom:0in;margin-bottom:.0001pt;line-height:normal;background:#CCEEFF;text-autospace:none'>&#160;&#160; $&#160;&#160;&#160;&#160; (2,650,264)</p> </td> <td width="94" valign="bottom" style='width:70.5pt;background:#CCEEFF;padding:0'> <p style='margin-top:0in;margin-right:0in;margin-bottom:10.0pt;margin-left:0in;line-height:115%;margin-bottom:0in;margin-bottom:.0001pt;line-height:normal;background:#CCEEFF;text-autospace:none'> $&#160;&#160;&#160;&#160;&#160; (2,738,795)</p> </td> </tr> <tr align="left"> <td width="279" valign="bottom" style='width:209.3pt;background:white;padding:0'> <p style='margin-top:0in;margin-right:0in;margin-bottom:10.0pt;margin-left:0in;line-height:115%;margin-bottom:0in;margin-bottom:.0001pt;line-height:normal;background:white;text-autospace:none'>Numerator for basic EPS, loss applicable to common stock holders</p> </td> <td width="99" valign="bottom" style='width:74.2pt;background:white;padding:0'> <p style='margin-top:0in;margin-right:0in;margin-bottom:10.0pt;margin-left:0in;line-height:115%;margin-bottom:0in;margin-bottom:.0001pt;line-height:normal;background:white;text-autospace:none'>&#160; $&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; (905,684)</p> </td> <td width="97" valign="bottom" style='width:72.4pt;background:white;padding:0'> <p style='margin-top:0in;margin-right:0in;margin-bottom:10.0pt;margin-left:0in;line-height:115%;margin-bottom:0in;margin-bottom:.0001pt;line-height:normal;background:white;text-autospace:none'>&#160; $&#160;&#160;&#160;&#160; (2,099,444)</p> </td> <td width="101" valign="bottom" style='width:76.1pt;background:white;padding:0'> <p style='margin-top:0in;margin-right:0in;margin-bottom:10.0pt;margin-left:0in;line-height:115%;margin-bottom:0in;margin-bottom:.0001pt;line-height:normal;background:white;text-autospace:none'>&#160;&#160; $&#160;&#160;&#160;&#160; (2,650,264)</p> </td> <td width="94" valign="bottom" style='width:70.5pt;background:white;padding:0'> <p style='margin-top:0in;margin-right:0in;margin-bottom:10.0pt;margin-left:0in;line-height:115%;margin-bottom:0in;margin-bottom:.0001pt;line-height:normal;background:white;text-autospace:none'> $&#160;&#160;&#160;&#160;&#160; (2,738,795)</p> </td> </tr> <tr align="left"> <td width="279" valign="bottom" style='width:209.3pt;background:#CCEEFF;padding:0'> <p style='margin-top:0in;margin-right:0in;margin-bottom:10.0pt;margin-left:0in;line-height:115%;margin-bottom:0in;margin-bottom:.0001pt;line-height:normal;background:#CCEEFF;text-autospace:none'><b>Denominator:</b></p> </td> <td width="99" valign="bottom" style='width:74.2pt;background:#CCEEFF;padding:0'> <p style='margin-top:0in;margin-right:0in;margin-bottom:10.0pt;margin-left:0in;line-height:115%;margin-bottom:0in;margin-bottom:.0001pt;line-height:normal;background:#CCEEFF;text-autospace:none'>&nbsp;</p> </td> <td width="97" valign="bottom" style='width:72.4pt;background:#CCEEFF;padding:0'> <p style='margin-top:0in;margin-right:0in;margin-bottom:10.0pt;margin-left:0in;line-height:115%;margin-bottom:0in;margin-bottom:.0001pt;line-height:normal;background:#CCEEFF;text-autospace:none'>&nbsp;</p> </td> <td width="101" valign="bottom" style='width:76.1pt;background:#CCEEFF;padding:0'> <p style='margin-top:0in;margin-right:0in;margin-bottom:10.0pt;margin-left:0in;line-height:115%;margin-bottom:0in;margin-bottom:.0001pt;line-height:normal;background:#CCEEFF;text-autospace:none'>&nbsp;</p> </td> <td width="94" valign="bottom" style='width:70.5pt;background:#CCEEFF;padding:0'> <p style='margin-top:0in;margin-right:0in;margin-bottom:10.0pt;margin-left:0in;line-height:115%;margin-bottom:0in;margin-bottom:.0001pt;line-height:normal;background:#CCEEFF;text-autospace:none'>&nbsp;</p> </td> </tr> <tr align="left"> <td width="279" valign="bottom" style='width:209.3pt;background:white;padding:0'> <p style='margin-top:0in;margin-right:0in;margin-bottom:10.0pt;margin-left:0in;line-height:115%;margin-bottom:0in;margin-bottom:.0001pt;line-height:normal;background:white;text-autospace:none'>Denominator for basic earnings per share - weighted average number of common shares outstanding</p> </td> <td width="99" valign="bottom" style='width:74.2pt;background:white;padding:0'> <p style='margin-top:0in;margin-right:0in;margin-bottom:10.0pt;margin-left:0in;line-height:115%;margin-bottom:0in;margin-bottom:.0001pt;line-height:normal;background:white;text-autospace:none'>&#160;&#160;&#160;&#160;&#160;&#160; 182,066,546&nbsp;</p> </td> <td width="97" valign="bottom" style='width:72.4pt;background:white;padding:0'> <p style='margin-top:0in;margin-right:0in;margin-bottom:10.0pt;margin-left:0in;line-height:115%;margin-bottom:0in;margin-bottom:.0001pt;line-height:normal;background:white;text-autospace:none'>&#160;&#160;&#160;&#160;&#160; 179,673,909&nbsp;</p> </td> <td width="101" valign="bottom" style='width:76.1pt;background:white;padding:0'> <p style='margin-top:0in;margin-right:0in;margin-bottom:10.0pt;margin-left:0in;line-height:115%;margin-bottom:0in;margin-bottom:.0001pt;line-height:normal;background:white;text-autospace:none'>&#160;&#160;&#160;&#160;&#160;&#160; 182,066,546&nbsp;</p> </td> <td width="94" valign="bottom" style='width:70.5pt;background:white;padding:0'> <p style='margin-top:0in;margin-right:0in;margin-bottom:10.0pt;margin-left:0in;line-height:115%;margin-bottom:0in;margin-bottom:.0001pt;line-height:normal;background:white;text-autospace:none'>&#160;&#160;&#160;&#160;&#160; 176,653,636&nbsp;</p> </td> </tr> <tr align="left"> <td width="279" valign="bottom" style='width:209.3pt;background:#CCEEFF;padding:0in 0in 1.5pt 0in'> <p style='margin-top:0in;margin-right:0in;margin-bottom:10.0pt;margin-left:0in;line-height:115%;margin-bottom:0in;margin-bottom:.0001pt;line-height:normal;background:#CCEEFF;text-autospace:none'>Stock awards, options, and warrants</p> </td> <td width="99" valign="bottom" style='width:74.2pt;border:none;border-bottom:solid black 1.0pt;background:#CCEEFF;padding:0in 0in 1.5pt 0in'> <p style='margin-top:0in;margin-right:0in;margin-bottom:10.0pt;margin-left:0in;line-height:115%;margin-bottom:0in;margin-bottom:.0001pt;line-height:normal;background:#CCEEFF;text-autospace:none'>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; 0&nbsp;</p> </td> <td width="97" valign="bottom" style='width:72.4pt;border:none;border-bottom:solid black 1.0pt;background:#CCEEFF;padding:0in 0in 1.5pt 0in'> <p style='margin-top:0in;margin-right:0in;margin-bottom:10.0pt;margin-left:0in;line-height:115%;margin-bottom:0in;margin-bottom:.0001pt;line-height:normal;background:#CCEEFF;text-autospace:none'>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; 0&nbsp;</p> </td> <td width="101" valign="bottom" style='width:76.1pt;border:none;border-bottom:solid black 1.0pt;background:#CCEEFF;padding:0in 0in 1.5pt 0in'> <p style='margin-top:0in;margin-right:0in;margin-bottom:10.0pt;margin-left:0in;line-height:115%;margin-bottom:0in;margin-bottom:.0001pt;line-height:normal;background:#CCEEFF;text-autospace:none'>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; 0&nbsp;</p> </td> <td width="94" valign="bottom" style='width:70.5pt;border:none;border-bottom:solid black 1.0pt;background:#CCEEFF;padding:0'> <p style='margin-top:0in;margin-right:0in;margin-bottom:10.0pt;margin-left:0in;line-height:115%;margin-bottom:0in;margin-bottom:.0001pt;line-height:normal;background:#CCEEFF;text-autospace:none'>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; 0&nbsp;</p> </td> </tr> <tr align="left"> <td width="279" valign="bottom" style='width:209.3pt;background:white;padding:0in 0in 3.0pt 0in'> <p style='margin-top:0in;margin-right:0in;margin-bottom:10.0pt;margin-left:0in;line-height:115%;margin-bottom:0in;margin-bottom:.0001pt;line-height:normal;background:white;text-autospace:none'>Denominator for diluted earnings per share - adjusted weighted average outstanding average number of common shares outstanding</p> </td> <td width="99" valign="bottom" style='width:74.2pt;border:none;border-bottom:double black 2.25pt;background:white;padding:0in 0in 3.0pt 0in'> <p style='margin-top:0in;margin-right:0in;margin-bottom:10.0pt;margin-left:0in;line-height:115%;margin-bottom:0in;margin-bottom:.0001pt;line-height:normal;background:white;text-autospace:none'>&#160;&#160;&#160;&#160;&#160;&#160; 182,066,546&nbsp;</p> </td> <td width="97" valign="bottom" style='width:72.4pt;border:none;border-bottom:double black 2.25pt;background:white;padding:0in 0in 3.0pt 0in'> <p style='margin-top:0in;margin-right:0in;margin-bottom:10.0pt;margin-left:0in;line-height:115%;margin-bottom:0in;margin-bottom:.0001pt;line-height:normal;background:white;text-autospace:none'>&#160;&#160;&#160;&#160;&#160; 179,673,909&nbsp;</p> </td> <td width="101" valign="bottom" style='width:76.1pt;border:none;border-bottom:double black 2.25pt;background:white;padding:0in 0in 3.0pt 0in'> <p style='margin-top:0in;margin-right:0in;margin-bottom:10.0pt;margin-left:0in;line-height:115%;margin-bottom:0in;margin-bottom:.0001pt;line-height:normal;background:white;text-autospace:none'>&#160;&#160;&#160;&#160;&#160;&#160; 182,066,546&nbsp;</p> </td> <td width="94" valign="bottom" style='width:70.5pt;border:none;border-bottom:double black 2.25pt;background:white;padding:0'> <p style='margin-top:0in;margin-right:0in;margin-bottom:10.0pt;margin-left:0in;line-height:115%;margin-bottom:0in;margin-bottom:.0001pt;line-height:normal;background:white;text-autospace:none'>&#160;&#160;&#160;&#160;&#160; 176,653,636&nbsp;</p> </td> </tr> <tr align="left"> <td width="279" valign="bottom" style='width:209.3pt;background:#CCEEFF;padding:0'> <p style='margin-top:0in;margin-right:0in;margin-bottom:10.0pt;margin-left:0in;line-height:115%;margin-bottom:0in;margin-bottom:.0001pt;line-height:normal;background:#CCEEFF;text-autospace:none'><b>Basic and diluted loss per common share:</b></p> </td> <td width="99" valign="bottom" style='width:74.2pt;background:#CCEEFF;padding:0'> <p style='margin-top:0in;margin-right:0in;margin-bottom:10.0pt;margin-left:0in;line-height:115%;margin-bottom:0in;margin-bottom:.0001pt;line-height:normal;background:#CCEEFF;text-autospace:none'>&nbsp;</p> </td> <td width="97" valign="bottom" style='width:72.4pt;background:#CCEEFF;padding:0'> <p style='margin-top:0in;margin-right:0in;margin-bottom:10.0pt;margin-left:0in;line-height:115%;margin-bottom:0in;margin-bottom:.0001pt;line-height:normal;background:#CCEEFF;text-autospace:none'>&nbsp;</p> </td> <td width="101" valign="bottom" style='width:76.1pt;background:#CCEEFF;padding:0'> <p style='margin-top:0in;margin-right:0in;margin-bottom:10.0pt;margin-left:0in;line-height:115%;margin-bottom:0in;margin-bottom:.0001pt;line-height:normal;background:#CCEEFF;text-autospace:none'>&nbsp;</p> </td> <td width="94" valign="bottom" style='width:70.5pt;background:#CCEEFF;padding:0'> <p style='margin-top:0in;margin-right:0in;margin-bottom:10.0pt;margin-left:0in;line-height:115%;margin-bottom:0in;margin-bottom:.0001pt;line-height:normal;background:#CCEEFF;text-autospace:none'>&nbsp;</p> </td> </tr> <tr align="left"> <td width="279" valign="bottom" style='width:209.3pt;background:white;padding:0'> <p style='margin-top:0in;margin-right:0in;margin-bottom:10.0pt;margin-left:0in;line-height:115%;margin-bottom:0in;margin-bottom:.0001pt;line-height:normal;background:white;text-autospace:none'>Loss per share - basic and diluted</p> </td> <td width="99" valign="bottom" style='width:74.2pt;background:white;padding:0'> <p style='margin-top:0in;margin-right:0in;margin-bottom:10.0pt;margin-left:0in;line-height:115%;margin-bottom:0in;margin-bottom:.0001pt;line-height:normal;background:white;text-autospace:none'>&#160; $&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; (0.005)</p> </td> <td width="97" valign="bottom" style='width:72.4pt;background:white;padding:0'> <p style='margin-top:0in;margin-right:0in;margin-bottom:10.0pt;margin-left:0in;line-height:115%;margin-bottom:0in;margin-bottom:.0001pt;line-height:normal;background:white;text-autospace:none'>&#160; $&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; (0.012)</p> </td> <td width="101" valign="bottom" style='width:76.1pt;background:white;padding:0'> <p style='margin-top:0in;margin-right:0in;margin-bottom:10.0pt;margin-left:0in;line-height:115%;margin-bottom:0in;margin-bottom:.0001pt;line-height:normal;background:white;text-autospace:none'>&#160;&#160; $&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; (0.015)</p> </td> <td width="94" valign="bottom" style='width:70.5pt;background:white;padding:0'> <p style='margin-top:0in;margin-right:0in;margin-bottom:10.0pt;margin-left:0in;line-height:115%;margin-bottom:0in;margin-bottom:.0001pt;line-height:normal;background:white;text-autospace:none'> $&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; (0.016)</p> </td> </tr> </table> <!--egx--><p style='margin-top:0in;margin-right:0in;margin-bottom:10.0pt;margin-left:0in;line-height:115%;margin-bottom:0in;margin-bottom:.0001pt;line-height:normal;text-autospace:none'><b><i>FOREIGN CURRENCY TRANSLATION</i></b></p> <p style='margin-top:0in;margin-right:0in;margin-bottom:10.0pt;margin-left:0in;line-height:115%;margin-bottom:0in;margin-bottom:.0001pt;line-height:normal;text-autospace:none'>&nbsp;</p> <p style='margin-top:0in;margin-right:0in;margin-bottom:10.0pt;margin-left:0in;line-height:115%;margin-bottom:0in;margin-bottom:.0001pt;text-indent:.5in;line-height:normal;text-autospace:none'>Transactions and balances originally denominated in U.S. dollars are presented at their original amounts. Transactions and balances in other currencies are converted into U.S. dollars in accordance with ASC Section 830-20-35 and are included in determining net income or loss.</p> <p style='margin-top:0in;margin-right:0in;margin-bottom:10.0pt;margin-left:0in;line-height:115%;margin-bottom:0in;margin-bottom:.0001pt;line-height:normal;text-autospace:none'>&nbsp;</p> <p style='margin-top:0in;margin-right:0in;margin-bottom:10.0pt;margin-left:0in;line-height:115%;margin-bottom:0in;margin-bottom:.0001pt;text-align:justify;text-justify:inter-ideograph;text-indent:.5in;line-height:normal;text-autospace:none'>The reporting currency of the Company is the U.S. dollar. The functional currency of the parent company is the U.S. dollar and the functional currency of the Company's operating subsidiaries is the Chinese Renminbi (&quot;RMB&quot;).&nbsp;&nbsp;In accordance with ASC 830-20-35, the consolidated financial statements were translated into United States dollars using balance sheet date rates of exchange for assets and liabilities, and average rates of exchange for the period for the income statements and cash flows.&nbsp;Equity accounts were stated at their historical rate. Net gains and losses resulting from foreign exchange transactions are included in the consolidated statements of operations.&nbsp;&nbsp;Translation adjustments resulting from the process of translating the local currency financial statements into U.S. dollars are included in other comprehensive income or loss.</p> <p style='margin-top:0in;margin-right:0in;margin-bottom:10.0pt;margin-left:0in;line-height:115%;margin-bottom:0in;margin-bottom:.0001pt;text-align:justify;text-justify:inter-ideograph;text-indent:.5in;line-height:normal;text-autospace:none'>&nbsp;</p> <p style='margin-top:0in;margin-right:0in;margin-bottom:10.0pt;margin-left:0in;line-height:115%;margin-bottom:0in;margin-bottom:.0001pt;text-align:justify;text-justify:inter-ideograph;text-indent:.5in;line-height:normal;text-autospace:none'>RMB is not a fully convertible currency.&nbsp;All foreign exchange transactions involving RMB must take place either through the People's Bank of China (the &quot;PBOC&quot;) or other institutions authorized to buy and sell foreign exchange.&nbsp;The exchange rate adopted for the foreign exchange transactions are the rates of exchange quoted by the PBOC, which are determined largely by supply and demand.&nbsp;Translation of amounts from RMB into United States dollars (&quot;$&quot;) was made at the following exchange rates for the respective periods:</p> <p style='margin-top:0in;margin-right:0in;margin-bottom:10.0pt;margin-left:0in;line-height:115%;margin-bottom:0in;margin-bottom:.0001pt;text-align:justify;text-justify:inter-ideograph;line-height:normal;text-autospace:none'>&nbsp;</p> <table border="0" cellspacing="0" cellpadding="0" style='margin-left:52.35pt;border-collapse:collapse'> <tr align="left"> <td width="281" valign="top" style='width:210.45pt;padding:0'> <p style='margin-top:0in;margin-right:0in;margin-bottom:10.0pt;margin-left:0in;line-height:115%;margin-bottom:0in;margin-bottom:.0001pt;text-align:justify;text-justify:inter-ideograph;line-height:normal;text-autospace:none'>As of January 31, 2017</p> </td> <td width="277" valign="top" style='width:208.1pt;padding:0'> <p style='margin-top:0in;margin-right:0in;margin-bottom:10.0pt;margin-left:0in;line-height:115%;margin-bottom:0in;margin-bottom:.0001pt;line-height:normal;text-autospace:none'>RMB 6.88 to $1.00</p> </td> </tr> <tr align="left"> <td width="281" valign="top" style='width:210.45pt;padding:0'> <p style='margin-top:0in;margin-right:0in;margin-bottom:10.0pt;margin-left:0in;line-height:115%;margin-bottom:0in;margin-bottom:.0001pt;text-align:justify;text-justify:inter-ideograph;line-height:normal;text-autospace:none'>As of April 30, 2016</p> </td> <td width="277" valign="top" style='width:208.1pt;padding:0'> <p style='margin-top:0in;margin-right:0in;margin-bottom:10.0pt;margin-left:0in;line-height:115%;margin-bottom:0in;margin-bottom:.0001pt;line-height:normal;text-autospace:none'>RMB 6.47 to $1.00</p> </td> </tr> <tr align="left"> <td width="281" valign="top" style='width:210.45pt;padding:0'> <p style='margin-top:0in;margin-right:0in;margin-bottom:10.0pt;margin-left:0in;line-height:115%;margin-bottom:0in;margin-bottom:.0001pt;line-height:normal;text-autospace:none'>&nbsp; </p> </td> <td width="277" valign="top" style='width:208.1pt;padding:0'> <p style='margin-top:0in;margin-right:0in;margin-bottom:10.0pt;margin-left:0in;line-height:115%;margin-bottom:0in;margin-bottom:.0001pt;line-height:normal;text-autospace:none'>&nbsp; </p> </td> </tr> <tr align="left"> <td width="281" valign="top" style='width:210.45pt;padding:0'> <p style='margin-top:0in;margin-right:0in;margin-bottom:10.0pt;margin-left:0in;line-height:115%;margin-bottom:0in;margin-bottom:.0001pt;text-align:justify;text-justify:inter-ideograph;line-height:normal;text-autospace:none'>Nine months ended January 31, 2017</p> </td> <td width="277" valign="top" style='width:208.1pt;padding:0'> <p style='margin-top:0in;margin-right:0in;margin-bottom:10.0pt;margin-left:0in;line-height:115%;margin-bottom:0in;margin-bottom:.0001pt;line-height:normal;text-autospace:none'>RMB 6.72 to $1.00</p> </td> </tr> <tr align="left"> <td width="281" valign="top" style='width:210.45pt;padding:0'> <p style='margin-top:0in;margin-right:0in;margin-bottom:10.0pt;margin-left:0in;line-height:115%;margin-bottom:0in;margin-bottom:.0001pt;text-align:justify;text-justify:inter-ideograph;line-height:normal;text-autospace:none'>Nine months ended January 31, 2016</p> </td> <td width="277" valign="top" style='width:208.1pt;padding:0'> <p style='margin-top:0in;margin-right:0in;margin-bottom:10.0pt;margin-left:0in;line-height:115%;margin-bottom:0in;margin-bottom:.0001pt;line-height:normal;text-autospace:none'>RMB 6.30 to $1.00</p> </td> </tr> </table> <!--egx--><p style='margin-top:0in;margin-right:0in;margin-bottom:10.0pt;margin-left:0in;line-height:115%;margin-bottom:0in;margin-bottom:.0001pt;text-align:justify;text-justify:inter-ideograph;line-height:normal;text-autospace:none'><b><i>COMPREHENSIVE LOSS</i></b></p> <p style='margin-top:0in;margin-right:0in;margin-bottom:10.0pt;margin-left:0in;line-height:115%;margin-bottom:0in;margin-bottom:.0001pt;text-align:justify;text-justify:inter-ideograph;line-height:normal;text-autospace:none'>&nbsp;</p> <p style='margin-top:0in;margin-right:0in;margin-bottom:10.0pt;margin-left:0in;line-height:115%;margin-bottom:0in;margin-bottom:.0001pt;text-align:justify;text-justify:inter-ideograph;text-indent:45.0pt;line-height:normal;text-autospace:none'>Comprehensive&nbsp;loss is comprised of net loss and all changes to the statements of stockholders' equity, except those due to investments by stockholders, changes in paid-in capital and distributions to stockholders. For the Company, comprehensive&nbsp;loss for the three and nine months ended January 31, 2017 and 2016 included net loss&nbsp;and unrealized gains (losses) from foreign currency translation adjustments.&nbsp;</p> <!--egx--><p style='margin-top:0in;margin-right:0in;margin-bottom:10.0pt;margin-left:0in;line-height:115%;margin-bottom:0in;margin-bottom:.0001pt;line-height:normal;text-autospace:none'><b><i>CONCENTRATIONS OF CREDIT RISK</i></b></p> <p style='margin-top:0in;margin-right:0in;margin-bottom:10.0pt;margin-left:0in;line-height:115%;margin-bottom:0in;margin-bottom:.0001pt;line-height:normal;text-autospace:none'>&nbsp;</p> <p style='margin-top:0in;margin-right:0in;margin-bottom:10.0pt;margin-left:0in;line-height:115%;margin-bottom:0in;margin-bottom:.0001pt;text-indent:.5in;line-height:normal;text-autospace:none'>Substantially all of our operations are carried out in the PRC. Accordingly, our business, financial condition and results of operations may be influenced by the political, economic and legal environment in the PRC, and by the general state of the PRC's economy. Our operations in the PRC are subject to specific considerations and significant risks not typically associated with companies in North America. Our results may be adversely affected by changes in governmental policies with respect to laws and regulations, anti-inflationary measures, currency conversion and remittance abroad, and rates and methods of taxation, among other things.</p> <p style='margin-top:0in;margin-right:0in;margin-bottom:10.0pt;margin-left:0in;line-height:115%;margin-bottom:0in;margin-bottom:.0001pt;line-height:normal;text-autospace:none'>&nbsp;</p> <p style='margin-top:0in;margin-right:0in;margin-bottom:10.0pt;margin-left:0in;line-height:115%;margin-bottom:0in;margin-bottom:.0001pt;text-indent:.5in;line-height:normal;text-autospace:none'>Financial instruments which potentially subject us to concentrations of credit risk consist principally of cash and trade accounts receivable. We place our cash with high credit quality financial institutions in the United States and China. At January 31, 2017, we had $125,668 of cash balance held in PRC banks, which is not insured. We have not experienced any losses in such accounts through January 31, 2017.</p> <p style='margin-top:0in;margin-right:0in;margin-bottom:10.0pt;margin-left:0in;line-height:115%;margin-bottom:0in;margin-bottom:.0001pt;line-height:normal;text-autospace:none'>&nbsp;</p> <p style='margin-top:0in;margin-right:0in;margin-bottom:10.0pt;margin-left:0in;line-height:115%;margin-bottom:0in;margin-bottom:.0001pt;text-indent:.5in;line-height:normal;text-autospace:none'>Almost all of our sales are credit sales which are primarily to customers whose ability to pay is dependent upon the industry economics prevailing in these areas; however, we believe that the concentration of credit risk with respect to trade accounts receivable is limited due to generally short payment terms. We also perform ongoing credit evaluations of our customers to help further reduce potential credit risk.</p> <!--egx--><p style='margin-top:0in;margin-right:0in;margin-bottom:10.0pt;margin-left:0in;line-height:115%;margin-bottom:0in;margin-bottom:.0001pt;line-height:normal;text-autospace:none'><b><i>STOCK BASED COMPENSATION</i></b></p> <p style='margin-top:0in;margin-right:0in;margin-bottom:10.0pt;margin-left:0in;line-height:115%;margin-bottom:0in;margin-bottom:.0001pt;line-height:normal;text-autospace:none'>&nbsp;</p> <p style='margin-top:0in;margin-right:0in;margin-bottom:10.0pt;margin-left:0in;line-height:115%;margin-bottom:0in;margin-bottom:.0001pt;text-indent:.5in;line-height:normal;text-autospace:none'>Stock-based compensation is accounted for based on the requirements of the Share-Based Payment topic of ASC 718 which requires recognition in the financial statements of the cost of employee and director services received in exchange for an award of equity instruments over the period the employee or director is required to perform the services in exchange for the award (presumptively, the vesting period). ASC 718 also requires measurement of the cost of employee and director services received in exchange for an award based on the grant-date fair value of the award.</p> <p style='margin-top:0in;margin-right:0in;margin-bottom:10.0pt;margin-left:0in;line-height:115%;margin-bottom:0in;margin-bottom:.0001pt;text-indent:.5in;line-height:normal;text-autospace:none'>&nbsp;</p> <p style='margin-top:0in;margin-right:0in;margin-bottom:10.0pt;margin-left:0in;line-height:115%;margin-bottom:0in;margin-bottom:.0001pt;text-indent:.5in;line-height:normal;text-autospace:none'>Pursuant to ASC 505-50, for share-based payments to consultants and other third parties, compensation expense is determined at the &quot;measurement date.&quot; The expense is recognized over the vesting period of the award. Until the measurement date is reached, the total amount of compensation expense remains uncertain. The Company records compensation expense based on the fair value of the award at the reporting date. The awards to consultants and other third parties are then revalued, or the total compensation is recalculated, based on the then current fair value, at each subsequent reporting date.</p> <!--egx--><p style='margin-top:0in;margin-right:0in;margin-bottom:10.0pt;margin-left:0in;line-height:115%;margin-bottom:0in;margin-bottom:.0001pt;line-height:normal;text-autospace:none'><b><i>RESEARCH AND DEVELOPMENT</i></b></p> <p style='margin-top:0in;margin-right:0in;margin-bottom:10.0pt;margin-left:0in;line-height:115%;margin-bottom:0in;margin-bottom:.0001pt;line-height:normal;text-autospace:none'>&nbsp;</p> <p style='margin-top:0in;margin-right:0in;margin-bottom:10.0pt;margin-left:0in;line-height:115%;margin-bottom:0in;margin-bottom:.0001pt;text-indent:.5in;line-height:normal;text-autospace:none'>Research and development costs are expensed as incurred and are included in general and administrative expenses in the accompanying statements of operations. Research and development costs are incurred on a project specific basis. Research and development cost were $283,815 and $571,574 for the three months ended January 31, 2017 and 2016; and&nbsp;$393,143 and $614,465 for the nine months ended January 31, 2017 and 2016, respectively.</p> <!--egx--><p style='margin-top:0in;margin-right:0in;margin-bottom:10.0pt;margin-left:0in;line-height:115%;margin-bottom:0in;margin-bottom:.0001pt;line-height:normal;text-autospace:none'><b><i>SHIPPING COSTS</i></b></p> <p style='margin-top:0in;margin-right:0in;margin-bottom:10.0pt;margin-left:0in;line-height:115%;margin-bottom:0in;margin-bottom:.0001pt;line-height:normal;text-autospace:none'>&nbsp;</p> <p style='margin-top:0in;margin-right:0in;margin-bottom:10.0pt;margin-left:0in;line-height:115%;margin-bottom:0in;margin-bottom:.0001pt;text-indent:.5in;line-height:normal;text-autospace:none'>Shipping costs are included in selling expenses and totaled $91,522 and $113,441 for the three months ended January 31, 2017 and 2016; and&nbsp;$342,913 and $209,830 for the nine months ended January 31, 2017 and 2016, respectively.</p> <!--egx--><p style='margin-top:0in;margin-right:0in;margin-bottom:10.0pt;margin-left:0in;line-height:115%;margin-bottom:0in;margin-bottom:.0001pt;line-height:normal;text-autospace:none'><b><i>RECLASSIFICATIONS</i></b></p> <p style='margin-top:0in;margin-right:0in;margin-bottom:10.0pt;margin-left:0in;line-height:115%;margin-bottom:0in;margin-bottom:.0001pt;line-height:normal;text-autospace:none'>&nbsp;</p> <p style='margin-top:0in;margin-right:0in;margin-bottom:10.0pt;margin-left:0in;line-height:115%;margin-bottom:0in;margin-bottom:.0001pt;text-indent:.5in;line-height:normal;text-autospace:none'>Certain prior year amounts have been reclassified to conform to the current period presentation. These reclassifications had no impact on net earnings and financial position.</p> <!--egx--><p style='margin-top:0in;margin-right:0in;margin-bottom:10.0pt;margin-left:0in;line-height:115%;margin-bottom:0in;margin-bottom:.0001pt;line-height:normal;text-autospace:none'><b><i>RECENT ACCOUNTING PRONOUNCEMENTS</i></b></p> <p style='margin-top:0in;margin-right:0in;margin-bottom:10.0pt;margin-left:0in;line-height:115%;margin-bottom:0in;margin-bottom:.0001pt;line-height:normal;text-autospace:none'>&nbsp;</p> <p style='margin-top:0in;margin-right:0in;margin-bottom:10.0pt;margin-left:0in;line-height:115%;margin-bottom:0in;margin-bottom:.0001pt;text-indent:.5in;line-height:normal;text-autospace:none'>In May 2016, the FASB issued ASU 2016-12, &quot;<i>Revenue from Contracts with Customers (Topic 606): Narrow-Scope Improvements and Practical Expedients</i>&quot;. The amendments, among other things: (1) clarify the objective of the collectability criterion for applying paragraph 606-10-25-7; (2) permit an entity to exclude amounts collected from customers for all sales (and other similar) taxes from the transaction price; (3) specify that the measurement date for noncash consideration is contract inception; (4) provide a practical expedient that permits an entity to reflect the aggregate effect of all modifications that occur before the beginning of the earliest period presented when identifying the satisfied and unsatisfied performance obligations, determining the transaction price, and allocating the transaction price to the satisfied and unsatisfied performance obligations; (5) clarify that a completed contract for purposes of transition is a contract for which all (or substantially all) of the revenue was recognized under legacy GAAP before the date of initial application, and (6) clarify that an entity that retrospectively applies the guidance in Topic 606 to each prior reporting period is not required to disclose the effect of the accounting change for the period of adoption. The effective date of these amendments&nbsp;is at the same date that Topic 606 is effective. The Company is currently in the process of evaluating the impact of the adoption on its consolidated financial statements.</p> <p style='margin-top:0in;margin-right:0in;margin-bottom:10.0pt;margin-left:0in;line-height:115%;margin-bottom:0in;margin-bottom:.0001pt;line-height:normal;text-autospace:none'>&nbsp;</p> <p style='margin-top:0in;margin-right:0in;margin-bottom:10.0pt;margin-left:0in;line-height:115%;margin-bottom:0in;margin-bottom:.0001pt;text-indent:.5in;line-height:normal;text-autospace:none'>In August 2016, the Financial Accounting Standards Board (&quot;FASB&quot;) issued Accounting Standards Update (&quot;ASU&quot;) 2016-15, Statement of Cash Flows (Topic 230): Classification of Certain Cash Receipts and Cash Payments. This ASU addresses the classification of certain specific cash flow issues including debt prepayment or extinguishment costs, settlement of certain debt instruments, contingent consideration payments made after a business combination, proceeds from the settlement of certain insurance claims and distributions received from equity method investees. This ASU is effective for fiscal years beginning after December 15, 2017, and interim periods within those fiscal years, with early adoption permitted. An entity that elects early adoption must adopt all of the amendments in the same period. The Company is currently evaluating the impact it may have on its consolidated financial statements.</p> <p style='margin-top:0in;margin-right:0in;margin-bottom:10.0pt;margin-left:0in;line-height:115%;margin-bottom:0in;margin-bottom:.0001pt;line-height:normal;text-autospace:none'>&nbsp;</p> <p style='margin-top:0in;margin-right:0in;margin-bottom:10.0pt;margin-left:0in;line-height:115%;margin-bottom:0in;margin-bottom:.0001pt;text-indent:.5in;line-height:normal;text-autospace:none'>A variety of proposed or otherwise potential accounting standards are currently under study by standard setting organizations and various regulatory agencies.&nbsp;Due to the tentative and preliminary nature of those proposed standards, we have not determined whether implementation of such proposed standards would be material to our consolidated financial statements.</p> <!--egx--><table border="0" cellspacing="0" cellpadding="0" style='margin-left:52.4pt;border-collapse:collapse'> <tr align="left"> <td width="368" valign="bottom" style='width:276.25pt;padding:0in 0in 1.5pt 0in'> <p style='margin-top:0in;margin-right:0in;margin-bottom:10.0pt;margin-left:0in;line-height:115%;margin-bottom:0in;margin-bottom:.0001pt;line-height:normal;text-autospace:none'>&nbsp; </p> </td> <td width="89" valign="bottom" style='width:67.0pt;border:none;border-bottom:solid black 1.0pt;padding:0'> <p align="center" style='margin-top:0in;margin-right:0in;margin-bottom:10.0pt;margin-left:0in;line-height:115%;margin-bottom:0in;margin-bottom:.0001pt;text-align:center;line-height:normal;text-autospace:none'>January 31,</p> <p align="center" style='margin-top:0in;margin-right:0in;margin-bottom:10.0pt;margin-left:0in;line-height:115%;margin-bottom:0in;margin-bottom:.0001pt;text-align:center;line-height:normal;text-autospace:none'>2017</p> <p align="center" style='margin-top:0in;margin-right:0in;margin-bottom:10.0pt;margin-left:0in;line-height:115%;margin-bottom:0in;margin-bottom:.0001pt;text-align:center;line-height:normal;text-autospace:none'>(Unaudited)</p> </td> <td width="89" valign="bottom" style='width:66.95pt;border:none;border-bottom:solid black 1.0pt;padding:0'> <p align="center" style='margin-top:0in;margin-right:0in;margin-bottom:10.0pt;margin-left:0in;line-height:115%;margin-bottom:0in;margin-bottom:.0001pt;text-align:center;line-height:normal;text-autospace:none'>April 30, </p> <p align="center" style='margin-top:0in;margin-right:0in;margin-bottom:10.0pt;margin-left:0in;line-height:115%;margin-bottom:0in;margin-bottom:.0001pt;text-align:center;line-height:normal;text-autospace:none'>2016</p> </td> </tr> <tr align="left"> <td width="368" valign="bottom" style='width:276.25pt;padding:0'> <p style='margin-top:0in;margin-right:0in;margin-bottom:10.0pt;margin-left:0in;line-height:115%;margin-bottom:0in;margin-bottom:.0001pt;line-height:normal;text-autospace:none'>&nbsp;</p> </td> <td width="89" valign="bottom" style='width:67.0pt;padding:0'> <p style='margin-top:0in;margin-right:0in;margin-bottom:10.0pt;margin-left:0in;line-height:115%;margin-bottom:0in;margin-bottom:.0001pt;line-height:normal;text-autospace:none'>&nbsp;</p> </td> <td width="89" valign="bottom" style='width:66.95pt;padding:0'> <p style='margin-top:0in;margin-right:0in;margin-bottom:10.0pt;margin-left:0in;line-height:115%;margin-bottom:0in;margin-bottom:.0001pt;line-height:normal;text-autospace:none'>&nbsp;</p> </td> </tr> <tr align="left"> <td width="368" valign="bottom" style='width:276.25pt;background:#CCEEFF;padding:0'> <p style='margin-top:0in;margin-right:0in;margin-bottom:10.0pt;margin-left:0in;line-height:115%;margin-bottom:0in;margin-bottom:.0001pt;line-height:normal;background:#CCEEFF;text-autospace:none'>China</p> </td> <td width="89" valign="bottom" style='width:67.0pt;background:#CCEEFF;padding:0'> <p style='margin-top:0in;margin-right:0in;margin-bottom:10.0pt;margin-left:0in;line-height:115%;margin-bottom:0in;margin-bottom:.0001pt;line-height:normal;background:#CCEEFF;text-autospace:none'>&#160;&#160; $&#160;&#160;&#160;&#160;&#160; 125,668</p> </td> <td width="89" valign="bottom" style='width:66.95pt;background:#CCEEFF;padding:0'> <p style='margin-top:0in;margin-right:0in;margin-bottom:10.0pt;margin-left:0in;line-height:115%;margin-bottom:0in;margin-bottom:.0001pt;line-height:normal;background:#CCEEFF;text-autospace:none'>&#160;&#160; $&#160;&#160;&#160;&#160;&#160; 900,071</p> </td> </tr> <tr align="left"> <td width="368" valign="bottom" style='width:276.25pt;background:white;padding:0in 0in 1.5pt 0in'> <p style='margin-top:0in;margin-right:0in;margin-bottom:10.0pt;margin-left:0in;line-height:115%;margin-bottom:0in;margin-bottom:.0001pt;line-height:normal;background:white;text-autospace:none'>United States</p> </td> <td width="89" valign="bottom" style='width:67.0pt;border:none;border-bottom:solid black 1.0pt;background:white;padding:0'> <p style='margin-top:0in;margin-right:0in;margin-bottom:10.0pt;margin-left:0in;line-height:115%;margin-bottom:0in;margin-bottom:.0001pt;line-height:normal;background:white;text-autospace:none'>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; 44,335</p> </td> <td width="89" valign="bottom" style='width:66.95pt;border:none;border-bottom:solid black 1.0pt;background:white;padding:0'> <p style='margin-top:0in;margin-right:0in;margin-bottom:10.0pt;margin-left:0in;line-height:115%;margin-bottom:0in;margin-bottom:.0001pt;line-height:normal;background:white;text-autospace:none'>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; 0</p> </td> </tr> <tr align="left"> <td width="368" valign="bottom" style='width:276.25pt;background:#CCEEFF;padding:0in 0in 3.0pt 0in'> <p style='margin-top:0in;margin-right:0in;margin-bottom:10.0pt;margin-left:0in;line-height:115%;margin-bottom:0in;margin-bottom:.0001pt;line-height:normal;background:#CCEEFF;text-autospace:none'>Total</p> </td> <td width="89" valign="bottom" style='width:67.0pt;border:none;border-bottom:double black 2.25pt;background:#CCEEFF;padding:0'> <p style='margin-top:0in;margin-right:0in;margin-bottom:10.0pt;margin-left:0in;line-height:115%;margin-bottom:0in;margin-bottom:.0001pt;line-height:normal;background:#CCEEFF;text-autospace:none'>&#160;&#160; $&#160;&#160;&#160;&#160;&#160; 170,003</p> </td> <td width="89" valign="bottom" style='width:66.95pt;border:none;border-bottom:double black 2.25pt;background:#CCEEFF;padding:0'> <p style='margin-top:0in;margin-right:0in;margin-bottom:10.0pt;margin-left:0in;line-height:115%;margin-bottom:0in;margin-bottom:.0001pt;line-height:normal;background:#CCEEFF;text-autospace:none'>&#160;&#160; $&#160;&#160;&#160;&#160;&#160; 900,071</p> </td> </tr> </table> <!--egx--><table border="0" cellspacing="0" cellpadding="0" style='border-collapse:collapse'> <tr align="left"> <td width="279" valign="bottom" style='width:209.3pt;padding:0in 0in 1.5pt 0in'> <p style='margin-top:0in;margin-right:0in;margin-bottom:10.0pt;margin-left:0in;line-height:115%;margin-bottom:0in;margin-bottom:.0001pt;line-height:normal;text-autospace:none'>&nbsp; </p> </td> <td width="195" colspan="2" valign="bottom" style='width:146.6pt;border:none;border-bottom:solid black 1.0pt;padding:0in 0in 1.5pt 0in'> <p align="center" style='margin-top:0in;margin-right:0in;margin-bottom:10.0pt;margin-left:0in;line-height:115%;margin-bottom:0in;margin-bottom:.0001pt;text-align:center;line-height:normal;text-autospace:none'>Three Months Ended</p> <p align="center" style='margin-top:0in;margin-right:0in;margin-bottom:10.0pt;margin-left:0in;line-height:115%;margin-bottom:0in;margin-bottom:.0001pt;text-align:center;line-height:normal;text-autospace:none'>January 31,</p> </td> <td width="195" colspan="2" valign="bottom" style='width:146.6pt;border:none;border-bottom:solid black 1.0pt;padding:0'> <p align="center" style='margin-top:0in;margin-right:0in;margin-bottom:10.0pt;margin-left:0in;line-height:115%;margin-bottom:0in;margin-bottom:.0001pt;text-align:center;line-height:normal;text-autospace:none'>Nine Months Ended</p> <p align="center" style='margin-top:0in;margin-right:0in;margin-bottom:10.0pt;margin-left:0in;line-height:115%;margin-bottom:0in;margin-bottom:.0001pt;text-align:center;line-height:normal;text-autospace:none'>January 31,</p> </td> </tr> <tr align="left"> <td width="279" valign="bottom" style='width:209.3pt;padding:0in 0in 1.5pt 0in'> <p style='margin-top:0in;margin-right:0in;margin-bottom:10.0pt;margin-left:0in;line-height:115%;margin-bottom:0in;margin-bottom:.0001pt;line-height:normal;text-autospace:none'><b>Numerator:</b></p> </td> <td width="99" valign="bottom" style='width:74.2pt;border:none;border-bottom:solid black 1.0pt;padding:0in 0in 1.5pt 0in'> <p align="center" style='margin-top:0in;margin-right:0in;margin-bottom:10.0pt;margin-left:0in;line-height:115%;margin-bottom:0in;margin-bottom:.0001pt;text-align:center;line-height:normal;text-autospace:none'>2017 </p> </td> <td width="97" valign="bottom" style='width:72.4pt;border:none;border-bottom:solid black 1.0pt;padding:0in 0in 1.5pt 0in'> <p align="center" style='margin-top:0in;margin-right:0in;margin-bottom:10.0pt;margin-left:0in;line-height:115%;margin-bottom:0in;margin-bottom:.0001pt;text-align:center;line-height:normal;text-autospace:none'>2016</p> </td> <td width="101" valign="bottom" style='width:76.1pt;border:none;border-bottom:solid black 1.0pt;padding:0in 0in 1.5pt 0in'> <p align="center" style='margin-top:0in;margin-right:0in;margin-bottom:10.0pt;margin-left:0in;line-height:115%;margin-bottom:0in;margin-bottom:.0001pt;text-align:center;line-height:normal;text-autospace:none'>2017&nbsp; </p> </td> <td width="94" valign="bottom" style='width:70.5pt;border:none;border-bottom:solid black 1.0pt;padding:0'> <p align="center" style='margin-top:0in;margin-right:0in;margin-bottom:10.0pt;margin-left:0in;line-height:115%;margin-bottom:0in;margin-bottom:.0001pt;text-align:center;line-height:normal;text-autospace:none'>2016</p> </td> </tr> <tr align="left"> <td width="279" valign="bottom" style='width:209.3pt;background:#CCEEFF;padding:0'> <p style='margin-top:0in;margin-right:0in;margin-bottom:10.0pt;margin-left:0in;line-height:115%;margin-bottom:0in;margin-bottom:.0001pt;line-height:normal;background:#CCEEFF;text-autospace:none'>Net loss attributable to Sunwin Stevia International, Inc.</p> </td> <td width="99" valign="bottom" style='width:74.2pt;background:#CCEEFF;padding:0'> <p style='margin-top:0in;margin-right:0in;margin-bottom:10.0pt;margin-left:0in;line-height:115%;margin-bottom:0in;margin-bottom:.0001pt;line-height:normal;background:#CCEEFF;text-autospace:none'>&#160; $&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; (905,684)</p> </td> <td width="97" valign="bottom" style='width:72.4pt;background:#CCEEFF;padding:0'> <p style='margin-top:0in;margin-right:0in;margin-bottom:10.0pt;margin-left:0in;line-height:115%;margin-bottom:0in;margin-bottom:.0001pt;line-height:normal;background:#CCEEFF;text-autospace:none'>&#160; $&#160;&#160;&#160;&#160; (2,099,444)</p> </td> <td width="101" valign="bottom" style='width:76.1pt;background:#CCEEFF;padding:0'> <p style='margin-top:0in;margin-right:0in;margin-bottom:10.0pt;margin-left:0in;line-height:115%;margin-bottom:0in;margin-bottom:.0001pt;line-height:normal;background:#CCEEFF;text-autospace:none'>&#160;&#160; $&#160;&#160;&#160;&#160; (2,650,264)</p> </td> <td width="94" valign="bottom" style='width:70.5pt;background:#CCEEFF;padding:0'> <p style='margin-top:0in;margin-right:0in;margin-bottom:10.0pt;margin-left:0in;line-height:115%;margin-bottom:0in;margin-bottom:.0001pt;line-height:normal;background:#CCEEFF;text-autospace:none'> $&#160;&#160;&#160;&#160;&#160; (2,738,795)</p> </td> </tr> <tr align="left"> <td width="279" valign="bottom" style='width:209.3pt;background:white;padding:0'> <p style='margin-top:0in;margin-right:0in;margin-bottom:10.0pt;margin-left:0in;line-height:115%;margin-bottom:0in;margin-bottom:.0001pt;line-height:normal;background:white;text-autospace:none'>Numerator for basic EPS, loss applicable to common stock holders</p> </td> <td width="99" valign="bottom" style='width:74.2pt;background:white;padding:0'> <p style='margin-top:0in;margin-right:0in;margin-bottom:10.0pt;margin-left:0in;line-height:115%;margin-bottom:0in;margin-bottom:.0001pt;line-height:normal;background:white;text-autospace:none'>&#160; $&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; (905,684)</p> </td> <td width="97" valign="bottom" style='width:72.4pt;background:white;padding:0'> <p style='margin-top:0in;margin-right:0in;margin-bottom:10.0pt;margin-left:0in;line-height:115%;margin-bottom:0in;margin-bottom:.0001pt;line-height:normal;background:white;text-autospace:none'>&#160; $&#160;&#160;&#160;&#160; (2,099,444)</p> </td> <td width="101" valign="bottom" style='width:76.1pt;background:white;padding:0'> <p style='margin-top:0in;margin-right:0in;margin-bottom:10.0pt;margin-left:0in;line-height:115%;margin-bottom:0in;margin-bottom:.0001pt;line-height:normal;background:white;text-autospace:none'>&#160;&#160; $&#160;&#160;&#160;&#160; (2,650,264)</p> </td> <td width="94" valign="bottom" style='width:70.5pt;background:white;padding:0'> <p style='margin-top:0in;margin-right:0in;margin-bottom:10.0pt;margin-left:0in;line-height:115%;margin-bottom:0in;margin-bottom:.0001pt;line-height:normal;background:white;text-autospace:none'> $&#160;&#160;&#160;&#160;&#160; (2,738,795)</p> </td> </tr> <tr align="left"> <td width="279" valign="bottom" style='width:209.3pt;background:#CCEEFF;padding:0'> <p style='margin-top:0in;margin-right:0in;margin-bottom:10.0pt;margin-left:0in;line-height:115%;margin-bottom:0in;margin-bottom:.0001pt;line-height:normal;background:#CCEEFF;text-autospace:none'><b>Denominator:</b></p> </td> <td width="99" valign="bottom" style='width:74.2pt;background:#CCEEFF;padding:0'> <p style='margin-top:0in;margin-right:0in;margin-bottom:10.0pt;margin-left:0in;line-height:115%;margin-bottom:0in;margin-bottom:.0001pt;line-height:normal;background:#CCEEFF;text-autospace:none'>&nbsp;</p> </td> <td width="97" valign="bottom" style='width:72.4pt;background:#CCEEFF;padding:0'> <p style='margin-top:0in;margin-right:0in;margin-bottom:10.0pt;margin-left:0in;line-height:115%;margin-bottom:0in;margin-bottom:.0001pt;line-height:normal;background:#CCEEFF;text-autospace:none'>&nbsp;</p> </td> <td width="101" valign="bottom" style='width:76.1pt;background:#CCEEFF;padding:0'> <p style='margin-top:0in;margin-right:0in;margin-bottom:10.0pt;margin-left:0in;line-height:115%;margin-bottom:0in;margin-bottom:.0001pt;line-height:normal;background:#CCEEFF;text-autospace:none'>&nbsp;</p> </td> <td width="94" valign="bottom" style='width:70.5pt;background:#CCEEFF;padding:0'> <p style='margin-top:0in;margin-right:0in;margin-bottom:10.0pt;margin-left:0in;line-height:115%;margin-bottom:0in;margin-bottom:.0001pt;line-height:normal;background:#CCEEFF;text-autospace:none'>&nbsp;</p> </td> </tr> <tr align="left"> <td width="279" valign="bottom" style='width:209.3pt;background:white;padding:0'> <p style='margin-top:0in;margin-right:0in;margin-bottom:10.0pt;margin-left:0in;line-height:115%;margin-bottom:0in;margin-bottom:.0001pt;line-height:normal;background:white;text-autospace:none'>Denominator for basic earnings per share - weighted average number of common shares outstanding</p> </td> <td width="99" valign="bottom" style='width:74.2pt;background:white;padding:0'> <p style='margin-top:0in;margin-right:0in;margin-bottom:10.0pt;margin-left:0in;line-height:115%;margin-bottom:0in;margin-bottom:.0001pt;line-height:normal;background:white;text-autospace:none'>&#160;&#160;&#160;&#160;&#160;&#160; 182,066,546&nbsp;</p> </td> <td width="97" valign="bottom" style='width:72.4pt;background:white;padding:0'> <p style='margin-top:0in;margin-right:0in;margin-bottom:10.0pt;margin-left:0in;line-height:115%;margin-bottom:0in;margin-bottom:.0001pt;line-height:normal;background:white;text-autospace:none'>&#160;&#160;&#160;&#160;&#160; 179,673,909&nbsp;</p> </td> <td width="101" valign="bottom" style='width:76.1pt;background:white;padding:0'> <p style='margin-top:0in;margin-right:0in;margin-bottom:10.0pt;margin-left:0in;line-height:115%;margin-bottom:0in;margin-bottom:.0001pt;line-height:normal;background:white;text-autospace:none'>&#160;&#160;&#160;&#160;&#160;&#160; 182,066,546&nbsp;</p> </td> <td width="94" valign="bottom" style='width:70.5pt;background:white;padding:0'> <p style='margin-top:0in;margin-right:0in;margin-bottom:10.0pt;margin-left:0in;line-height:115%;margin-bottom:0in;margin-bottom:.0001pt;line-height:normal;background:white;text-autospace:none'>&#160;&#160;&#160;&#160;&#160; 176,653,636&nbsp;</p> </td> </tr> <tr align="left"> <td width="279" valign="bottom" style='width:209.3pt;background:#CCEEFF;padding:0in 0in 1.5pt 0in'> <p style='margin-top:0in;margin-right:0in;margin-bottom:10.0pt;margin-left:0in;line-height:115%;margin-bottom:0in;margin-bottom:.0001pt;line-height:normal;background:#CCEEFF;text-autospace:none'>Stock awards, options, and warrants</p> </td> <td width="99" valign="bottom" style='width:74.2pt;border:none;border-bottom:solid black 1.0pt;background:#CCEEFF;padding:0in 0in 1.5pt 0in'> <p style='margin-top:0in;margin-right:0in;margin-bottom:10.0pt;margin-left:0in;line-height:115%;margin-bottom:0in;margin-bottom:.0001pt;line-height:normal;background:#CCEEFF;text-autospace:none'>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; 0&nbsp;</p> </td> <td width="97" valign="bottom" style='width:72.4pt;border:none;border-bottom:solid black 1.0pt;background:#CCEEFF;padding:0in 0in 1.5pt 0in'> <p style='margin-top:0in;margin-right:0in;margin-bottom:10.0pt;margin-left:0in;line-height:115%;margin-bottom:0in;margin-bottom:.0001pt;line-height:normal;background:#CCEEFF;text-autospace:none'>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; 0&nbsp;</p> </td> <td width="101" valign="bottom" style='width:76.1pt;border:none;border-bottom:solid black 1.0pt;background:#CCEEFF;padding:0in 0in 1.5pt 0in'> <p style='margin-top:0in;margin-right:0in;margin-bottom:10.0pt;margin-left:0in;line-height:115%;margin-bottom:0in;margin-bottom:.0001pt;line-height:normal;background:#CCEEFF;text-autospace:none'>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; 0&nbsp;</p> </td> <td width="94" valign="bottom" style='width:70.5pt;border:none;border-bottom:solid black 1.0pt;background:#CCEEFF;padding:0'> <p style='margin-top:0in;margin-right:0in;margin-bottom:10.0pt;margin-left:0in;line-height:115%;margin-bottom:0in;margin-bottom:.0001pt;line-height:normal;background:#CCEEFF;text-autospace:none'>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; 0&nbsp;</p> </td> </tr> <tr align="left"> <td width="279" valign="bottom" style='width:209.3pt;background:white;padding:0in 0in 3.0pt 0in'> <p style='margin-top:0in;margin-right:0in;margin-bottom:10.0pt;margin-left:0in;line-height:115%;margin-bottom:0in;margin-bottom:.0001pt;line-height:normal;background:white;text-autospace:none'>Denominator for diluted earnings per share - adjusted weighted average outstanding average number of common shares outstanding</p> </td> <td width="99" valign="bottom" style='width:74.2pt;border:none;border-bottom:double black 2.25pt;background:white;padding:0in 0in 3.0pt 0in'> <p style='margin-top:0in;margin-right:0in;margin-bottom:10.0pt;margin-left:0in;line-height:115%;margin-bottom:0in;margin-bottom:.0001pt;line-height:normal;background:white;text-autospace:none'>&#160;&#160;&#160;&#160;&#160;&#160; 182,066,546&nbsp;</p> </td> <td width="97" valign="bottom" style='width:72.4pt;border:none;border-bottom:double black 2.25pt;background:white;padding:0in 0in 3.0pt 0in'> <p style='margin-top:0in;margin-right:0in;margin-bottom:10.0pt;margin-left:0in;line-height:115%;margin-bottom:0in;margin-bottom:.0001pt;line-height:normal;background:white;text-autospace:none'>&#160;&#160;&#160;&#160;&#160; 179,673,909&nbsp;</p> </td> <td width="101" valign="bottom" style='width:76.1pt;border:none;border-bottom:double black 2.25pt;background:white;padding:0in 0in 3.0pt 0in'> <p style='margin-top:0in;margin-right:0in;margin-bottom:10.0pt;margin-left:0in;line-height:115%;margin-bottom:0in;margin-bottom:.0001pt;line-height:normal;background:white;text-autospace:none'>&#160;&#160;&#160;&#160;&#160;&#160; 182,066,546&nbsp;</p> </td> <td width="94" valign="bottom" style='width:70.5pt;border:none;border-bottom:double black 2.25pt;background:white;padding:0'> <p style='margin-top:0in;margin-right:0in;margin-bottom:10.0pt;margin-left:0in;line-height:115%;margin-bottom:0in;margin-bottom:.0001pt;line-height:normal;background:white;text-autospace:none'>&#160;&#160;&#160;&#160;&#160; 176,653,636&nbsp;</p> </td> </tr> <tr align="left"> <td width="279" valign="bottom" style='width:209.3pt;background:#CCEEFF;padding:0'> <p style='margin-top:0in;margin-right:0in;margin-bottom:10.0pt;margin-left:0in;line-height:115%;margin-bottom:0in;margin-bottom:.0001pt;line-height:normal;background:#CCEEFF;text-autospace:none'><b>Basic and diluted loss per common share:</b></p> </td> <td width="99" valign="bottom" style='width:74.2pt;background:#CCEEFF;padding:0'> <p style='margin-top:0in;margin-right:0in;margin-bottom:10.0pt;margin-left:0in;line-height:115%;margin-bottom:0in;margin-bottom:.0001pt;line-height:normal;background:#CCEEFF;text-autospace:none'>&nbsp;</p> </td> <td width="97" valign="bottom" style='width:72.4pt;background:#CCEEFF;padding:0'> <p style='margin-top:0in;margin-right:0in;margin-bottom:10.0pt;margin-left:0in;line-height:115%;margin-bottom:0in;margin-bottom:.0001pt;line-height:normal;background:#CCEEFF;text-autospace:none'>&nbsp;</p> </td> <td width="101" valign="bottom" style='width:76.1pt;background:#CCEEFF;padding:0'> <p style='margin-top:0in;margin-right:0in;margin-bottom:10.0pt;margin-left:0in;line-height:115%;margin-bottom:0in;margin-bottom:.0001pt;line-height:normal;background:#CCEEFF;text-autospace:none'>&nbsp;</p> </td> <td width="94" valign="bottom" style='width:70.5pt;background:#CCEEFF;padding:0'> <p style='margin-top:0in;margin-right:0in;margin-bottom:10.0pt;margin-left:0in;line-height:115%;margin-bottom:0in;margin-bottom:.0001pt;line-height:normal;background:#CCEEFF;text-autospace:none'>&nbsp;</p> </td> </tr> <tr align="left"> <td width="279" valign="bottom" style='width:209.3pt;background:white;padding:0'> <p style='margin-top:0in;margin-right:0in;margin-bottom:10.0pt;margin-left:0in;line-height:115%;margin-bottom:0in;margin-bottom:.0001pt;line-height:normal;background:white;text-autospace:none'>Loss per share - basic and diluted</p> </td> <td width="99" valign="bottom" style='width:74.2pt;background:white;padding:0'> <p style='margin-top:0in;margin-right:0in;margin-bottom:10.0pt;margin-left:0in;line-height:115%;margin-bottom:0in;margin-bottom:.0001pt;line-height:normal;background:white;text-autospace:none'>&#160; $&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; (0.005)</p> </td> <td width="97" valign="bottom" style='width:72.4pt;background:white;padding:0'> <p style='margin-top:0in;margin-right:0in;margin-bottom:10.0pt;margin-left:0in;line-height:115%;margin-bottom:0in;margin-bottom:.0001pt;line-height:normal;background:white;text-autospace:none'>&#160; $&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; (0.012)</p> </td> <td width="101" valign="bottom" style='width:76.1pt;background:white;padding:0'> <p style='margin-top:0in;margin-right:0in;margin-bottom:10.0pt;margin-left:0in;line-height:115%;margin-bottom:0in;margin-bottom:.0001pt;line-height:normal;background:white;text-autospace:none'>&#160;&#160; $&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; (0.015)</p> </td> <td width="94" valign="bottom" style='width:70.5pt;background:white;padding:0'> <p style='margin-top:0in;margin-right:0in;margin-bottom:10.0pt;margin-left:0in;line-height:115%;margin-bottom:0in;margin-bottom:.0001pt;line-height:normal;background:white;text-autospace:none'> $&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; (0.016)</p> </td> </tr> </table> <!--egx-->&nbsp; <table border="0" cellspacing="0" cellpadding="0" style='margin-left:52.35pt;border-collapse:collapse'> <tr align="left"> <td width="281" valign="top" style='width:210.45pt;padding:0'> <p style='margin-top:0in;margin-right:0in;margin-bottom:10.0pt;margin-left:0in;line-height:115%;margin-bottom:0in;margin-bottom:.0001pt;text-align:justify;text-justify:inter-ideograph;line-height:normal;text-autospace:none'>As of January 31, 2017</p> </td> <td width="277" valign="top" style='width:208.1pt;padding:0'> <p style='margin-top:0in;margin-right:0in;margin-bottom:10.0pt;margin-left:0in;line-height:115%;margin-bottom:0in;margin-bottom:.0001pt;line-height:normal;text-autospace:none'>RMB 6.88 to $1.00</p> </td> </tr> <tr align="left"> <td width="281" valign="top" style='width:210.45pt;padding:0'> <p style='margin-top:0in;margin-right:0in;margin-bottom:10.0pt;margin-left:0in;line-height:115%;margin-bottom:0in;margin-bottom:.0001pt;text-align:justify;text-justify:inter-ideograph;line-height:normal;text-autospace:none'>As of April 30, 2016</p> </td> <td width="277" valign="top" style='width:208.1pt;padding:0'> <p style='margin-top:0in;margin-right:0in;margin-bottom:10.0pt;margin-left:0in;line-height:115%;margin-bottom:0in;margin-bottom:.0001pt;line-height:normal;text-autospace:none'>RMB 6.47 to $1.00</p> </td> </tr> <tr align="left"> <td width="281" valign="top" style='width:210.45pt;padding:0'> <p style='margin-top:0in;margin-right:0in;margin-bottom:10.0pt;margin-left:0in;line-height:115%;margin-bottom:0in;margin-bottom:.0001pt;line-height:normal;text-autospace:none'>&nbsp; </p> </td> <td width="277" valign="top" style='width:208.1pt;padding:0'> <p style='margin-top:0in;margin-right:0in;margin-bottom:10.0pt;margin-left:0in;line-height:115%;margin-bottom:0in;margin-bottom:.0001pt;line-height:normal;text-autospace:none'>&nbsp; </p> </td> </tr> <tr align="left"> <td width="281" valign="top" style='width:210.45pt;padding:0'> <p style='margin-top:0in;margin-right:0in;margin-bottom:10.0pt;margin-left:0in;line-height:115%;margin-bottom:0in;margin-bottom:.0001pt;text-align:justify;text-justify:inter-ideograph;line-height:normal;text-autospace:none'>Nine months ended January 31, 2017</p> </td> <td width="277" valign="top" style='width:208.1pt;padding:0'> <p style='margin-top:0in;margin-right:0in;margin-bottom:10.0pt;margin-left:0in;line-height:115%;margin-bottom:0in;margin-bottom:.0001pt;line-height:normal;text-autospace:none'>RMB 6.72 to $1.00</p> </td> </tr> <tr align="left"> <td width="281" valign="top" style='width:210.45pt;padding:0'> <p style='margin-top:0in;margin-right:0in;margin-bottom:10.0pt;margin-left:0in;line-height:115%;margin-bottom:0in;margin-bottom:.0001pt;text-align:justify;text-justify:inter-ideograph;line-height:normal;text-autospace:none'>Nine months ended January 31, 2016</p> </td> <td width="277" valign="top" style='width:208.1pt;padding:0'> <p style='margin-top:0in;margin-right:0in;margin-bottom:10.0pt;margin-left:0in;line-height:115%;margin-bottom:0in;margin-bottom:.0001pt;line-height:normal;text-autospace:none'>RMB 6.30 to $1.00</p> </td> </tr> </table> <!--egx-->&nbsp;&nbsp; <table border="0" cellspacing="0" cellpadding="0" style='margin-left:52.35pt;border-collapse:collapse'> <tr align="left"> <td width="357" valign="bottom" style='width:267.9pt;padding:0in 0in 1.5pt 0in'> <p style='margin-top:0in;margin-right:0in;margin-bottom:10.0pt;margin-left:0in;line-height:115%;margin-bottom:0in;margin-bottom:.0001pt;line-height:normal;text-autospace:none'>&nbsp; </p> </td> <td width="95" valign="bottom" style='width:71.25pt;border:none;border-bottom:solid black 1.0pt;padding:0'> <p align="center" style='margin-top:0in;margin-right:0in;margin-bottom:10.0pt;margin-left:0in;line-height:115%;margin-bottom:0in;margin-bottom:.0001pt;text-align:center;line-height:normal;text-autospace:none'>January 31, </p> <p align="center" style='margin-top:0in;margin-right:0in;margin-bottom:10.0pt;margin-left:0in;line-height:115%;margin-bottom:0in;margin-bottom:.0001pt;text-align:center;line-height:normal;text-autospace:none'>2017</p> <p align="center" style='margin-top:0in;margin-right:0in;margin-bottom:10.0pt;margin-left:0in;line-height:115%;margin-bottom:0in;margin-bottom:.0001pt;text-align:center;line-height:normal;text-autospace:none'>&#160;(unaudited)</p> </td> <td width="95" valign="bottom" style='width:71.2pt;border:none;border-bottom:solid black 1.0pt;padding:0'> <p align="center" style='margin-top:0in;margin-right:0in;margin-bottom:10.0pt;margin-left:0in;line-height:115%;margin-bottom:0in;margin-bottom:.0001pt;text-align:center;line-height:normal;text-autospace:none'>April 30, </p> <p align="center" style='margin-top:0in;margin-right:0in;margin-bottom:10.0pt;margin-left:0in;line-height:115%;margin-bottom:0in;margin-bottom:.0001pt;text-align:center;line-height:normal;text-autospace:none'>2016</p> </td> </tr> <tr align="left"> <td width="357" valign="bottom" style='width:267.9pt;background:#CCEEFF;padding:0'> <p style='margin-top:0in;margin-right:0in;margin-bottom:10.0pt;margin-left:0in;line-height:115%;margin-bottom:0in;margin-bottom:.0001pt;line-height:normal;background:#CCEEFF;text-autospace:none'>Raw materials</p> </td> <td width="95" valign="top" style='width:71.25pt;background:#CCEEFF;padding:0'> <p style='margin-top:0in;margin-right:0in;margin-bottom:10.0pt;margin-left:0in;line-height:115%;margin-bottom:0in;margin-bottom:.0001pt;line-height:normal;background:#CCEEFF;text-autospace:none'>&#160;&#160; $&#160;&#160;&#160; 4,451,307&nbsp;</p> </td> <td width="95" valign="top" style='width:71.2pt;background:#CCEEFF;padding:0'> <p style='margin-top:0in;margin-right:0in;margin-bottom:10.0pt;margin-left:0in;line-height:115%;margin-bottom:0in;margin-bottom:.0001pt;line-height:normal;background:#CCEEFF;text-autospace:none'>&#160;&#160; $&#160;&#160;&#160; 2,287,572&nbsp;</p> </td> </tr> <tr align="left"> <td width="357" valign="bottom" style='width:267.9pt;background:white;padding:0'> <p style='margin-top:0in;margin-right:0in;margin-bottom:10.0pt;margin-left:0in;line-height:115%;margin-bottom:0in;margin-bottom:.0001pt;line-height:normal;background:white;text-autospace:none'>Work in process</p> </td> <td width="95" valign="top" style='width:71.25pt;background:white;padding:0'> <p style='margin-top:0in;margin-right:0in;margin-bottom:10.0pt;margin-left:0in;line-height:115%;margin-bottom:0in;margin-bottom:.0001pt;line-height:normal;background:white;text-autospace:none'>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; 1,036,514&nbsp;</p> </td> <td width="95" valign="top" style='width:71.2pt;background:white;padding:0'> <p style='margin-top:0in;margin-right:0in;margin-bottom:10.0pt;margin-left:0in;line-height:115%;margin-bottom:0in;margin-bottom:.0001pt;line-height:normal;background:white;text-autospace:none'>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; 1,221,115&nbsp;</p> </td> </tr> <tr align="left"> <td width="357" valign="bottom" style='width:267.9pt;background:#CCEEFF;padding:0in 0in 1.5pt 0in'> <p style='margin-top:0in;margin-right:0in;margin-bottom:10.0pt;margin-left:0in;line-height:115%;margin-bottom:0in;margin-bottom:.0001pt;line-height:normal;background:#CCEEFF;text-autospace:none'>Finished goods</p> </td> <td width="95" valign="top" style='width:71.25pt;border:none;border-bottom:solid black 1.0pt;background:#CCEEFF;padding:0in 0in 1.5pt 0in'> <p style='margin-top:0in;margin-right:0in;margin-bottom:10.0pt;margin-left:0in;line-height:115%;margin-bottom:0in;margin-bottom:.0001pt;line-height:normal;background:#CCEEFF;text-autospace:none'>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; 2,122,632&nbsp;</p> </td> <td width="95" valign="top" style='width:71.2pt;border:none;border-bottom:solid black 1.0pt;background:#CCEEFF;padding:0'> <p style='margin-top:0in;margin-right:0in;margin-bottom:10.0pt;margin-left:0in;line-height:115%;margin-bottom:0in;margin-bottom:.0001pt;line-height:normal;background:#CCEEFF;text-autospace:none'>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; 1,125,551&nbsp;</p> </td> </tr> <tr align="left"> <td width="357" valign="bottom" style='width:267.9pt;background:white;padding:0'> <p style='margin-top:0in;margin-right:0in;margin-bottom:10.0pt;margin-left:0in;line-height:115%;margin-bottom:0in;margin-bottom:.0001pt;line-height:normal;background:white;text-autospace:none'>&nbsp;Inventories, gross</p> </td> <td width="95" valign="top" style='width:71.25pt;background:white;padding:0'> <p style='margin-top:0in;margin-right:0in;margin-bottom:10.0pt;margin-left:0in;line-height:115%;margin-bottom:0in;margin-bottom:.0001pt;line-height:normal;background:white;text-autospace:none'>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; 7,610,453&nbsp;</p> </td> <td width="95" valign="top" style='width:71.2pt;background:white;padding:0'> <p style='margin-top:0in;margin-right:0in;margin-bottom:10.0pt;margin-left:0in;line-height:115%;margin-bottom:0in;margin-bottom:.0001pt;line-height:normal;background:white;text-autospace:none'>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; 4,634,238&nbsp;</p> </td> </tr> <tr align="left"> <td width="357" valign="bottom" style='width:267.9pt;background:#CCEEFF;padding:0in 0in 1.5pt 0in'> <p style='margin-top:0in;margin-right:0in;margin-bottom:10.0pt;margin-left:0in;line-height:115%;margin-bottom:0in;margin-bottom:.0001pt;line-height:normal;background:#CCEEFF;text-autospace:none'>Less: reserve for obsolete inventory</p> </td> <td width="95" valign="top" style='width:71.25pt;border:none;border-bottom:solid black 1.0pt;background:#CCEEFF;padding:0in 0in 1.5pt 0in'> <p style='margin-top:0in;margin-right:0in;margin-bottom:10.0pt;margin-left:0in;line-height:115%;margin-bottom:0in;margin-bottom:.0001pt;line-height:normal;background:#CCEEFF;text-autospace:none'>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; (101,317)</p> </td> <td width="95" valign="top" style='width:71.2pt;border:none;border-bottom:solid black 1.0pt;background:#CCEEFF;padding:0'> <p style='margin-top:0in;margin-right:0in;margin-bottom:10.0pt;margin-left:0in;line-height:115%;margin-bottom:0in;margin-bottom:.0001pt;line-height:normal;background:#CCEEFF;text-autospace:none'>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; (107,658)</p> </td> </tr> <tr align="left"> <td width="357" valign="bottom" style='width:267.9pt;background:white;padding:0in 0in 3.0pt 0in'> <p style='margin-top:0in;margin-right:0in;margin-bottom:10.0pt;margin-left:0in;line-height:115%;margin-bottom:0in;margin-bottom:.0001pt;line-height:normal;background:white;text-autospace:none'>Inventories, net</p> </td> <td width="95" valign="top" style='width:71.25pt;border:none;border-bottom:double black 2.25pt;background:white;padding:0in 0in 3.0pt 0in'> <p style='margin-top:0in;margin-right:0in;margin-bottom:10.0pt;margin-left:0in;line-height:115%;margin-bottom:0in;margin-bottom:.0001pt;line-height:normal;background:white;text-autospace:none'>&#160;&#160; $&#160;&#160;&#160; 7,509,136&nbsp;</p> </td> <td width="95" valign="top" style='width:71.2pt;border:none;border-bottom:double black 2.25pt;background:white;padding:0'> <p style='margin-top:0in;margin-right:0in;margin-bottom:10.0pt;margin-left:0in;line-height:115%;margin-bottom:0in;margin-bottom:.0001pt;line-height:normal;background:white;text-autospace:none'>&#160;&#160; $&#160;&#160;&#160; 4,526,580&nbsp;</p> </td> </tr> </table> <!--egx--><div align="center"> <table border="0" cellspacing="0" cellpadding="0" style='border-collapse:collapse'> <tr align="left"> <td width="405" valign="bottom" style='width:303.5pt;padding:0in 0in 1.5pt 0in'> <p style='margin-top:0in;margin-right:0in;margin-bottom:10.0pt;margin-left:0in;line-height:115%;margin-bottom:0in;margin-bottom:.0001pt;line-height:normal;text-autospace:none'>&nbsp; (Estimated Life)</p> </td> <td width="91" valign="bottom" style='width:68.15pt;border:none;border-bottom:solid black 1.0pt;padding:0in 0in 1.5pt 0in'> <p align="center" style='margin-top:0in;margin-right:0in;margin-bottom:10.0pt;margin-left:0in;line-height:115%;margin-bottom:0in;margin-bottom:.0001pt;text-align:center;line-height:normal;text-autospace:none'>January 31, </p> <p align="center" style='margin-top:0in;margin-right:0in;margin-bottom:10.0pt;margin-left:0in;line-height:115%;margin-bottom:0in;margin-bottom:.0001pt;text-align:center;line-height:normal;text-autospace:none'>2017</p> <p align="center" style='margin-top:0in;margin-right:0in;margin-bottom:10.0pt;margin-left:0in;line-height:115%;margin-bottom:0in;margin-bottom:.0001pt;text-align:center;line-height:normal;text-autospace:none'>(unaudited)</p> </td> <td width="91" valign="bottom" style='width:68.05pt;border:none;border-bottom:solid black 1.0pt;padding:0'> <p align="center" style='margin-top:0in;margin-right:0in;margin-bottom:10.0pt;margin-left:0in;line-height:115%;margin-bottom:0in;margin-bottom:.0001pt;text-align:center;line-height:normal;text-autospace:none'>April 30, </p> <p align="center" style='margin-top:0in;margin-right:0in;margin-bottom:10.0pt;margin-left:0in;line-height:115%;margin-bottom:0in;margin-bottom:.0001pt;text-align:center;line-height:normal;text-autospace:none'>2016</p> </td> </tr> <tr align="left"> <td width="405" valign="bottom" style='width:303.5pt;background:#CCEEFF;padding:0'> <p style='margin-top:0in;margin-right:0in;margin-bottom:10.0pt;margin-left:0in;line-height:115%;margin-bottom:0in;margin-bottom:.0001pt;line-height:normal;background:#CCEEFF;text-autospace:none'>Office equipment (1-10 Years)</p> </td> <td width="91" valign="bottom" style='width:68.15pt;background:#CCEEFF;padding:0'> <p style='margin-top:0in;margin-right:0in;margin-bottom:10.0pt;margin-left:0in;line-height:115%;margin-bottom:0in;margin-bottom:.0001pt;line-height:normal;background:#CCEEFF;text-autospace:none'>&#160; $&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; 88,132&nbsp;</p> </td> <td width="91" valign="bottom" style='width:68.05pt;background:#CCEEFF;padding:0'> <p style='margin-top:0in;margin-right:0in;margin-bottom:10.0pt;margin-left:0in;line-height:115%;margin-bottom:0in;margin-bottom:.0001pt;line-height:normal;background:#CCEEFF;text-autospace:none'>&#160; $&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; 39,800&nbsp;</p> </td> </tr> <tr align="left"> <td width="405" valign="bottom" style='width:303.5pt;background:white;padding:0'> <p style='margin-top:0in;margin-right:0in;margin-bottom:10.0pt;margin-left:0in;line-height:115%;margin-bottom:0in;margin-bottom:.0001pt;line-height:normal;background:white;text-autospace:none'>Auto and trucks (3-10 Years)</p> </td> <td width="91" valign="bottom" style='width:68.15pt;background:white;padding:0'> <p style='margin-top:0in;margin-right:0in;margin-bottom:10.0pt;margin-left:0in;line-height:115%;margin-bottom:0in;margin-bottom:.0001pt;line-height:normal;background:white;text-autospace:none'>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; 480,710&nbsp;</p> </td> <td width="91" valign="bottom" style='width:68.05pt;background:white;padding:0'> <p style='margin-top:0in;margin-right:0in;margin-bottom:10.0pt;margin-left:0in;line-height:115%;margin-bottom:0in;margin-bottom:.0001pt;line-height:normal;background:white;text-autospace:none'>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; 492,620&nbsp;</p> </td> </tr> <tr align="left"> <td width="405" valign="bottom" style='width:303.5pt;background:#CCEEFF;padding:0'> <p style='margin-top:0in;margin-right:0in;margin-bottom:10.0pt;margin-left:0in;line-height:115%;margin-bottom:0in;margin-bottom:.0001pt;line-height:normal;background:#CCEEFF;text-autospace:none'>Manufacturing equipment (2-20 Years)</p> </td> <td width="91" valign="bottom" style='width:68.15pt;background:#CCEEFF;padding:0'> <p style='margin-top:0in;margin-right:0in;margin-bottom:10.0pt;margin-left:0in;line-height:115%;margin-bottom:0in;margin-bottom:.0001pt;line-height:normal;background:#CCEEFF;text-autospace:none'>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; 5,545,151&nbsp;</p> </td> <td width="91" valign="bottom" style='width:68.05pt;background:#CCEEFF;padding:0'> <p style='margin-top:0in;margin-right:0in;margin-bottom:10.0pt;margin-left:0in;line-height:115%;margin-bottom:0in;margin-bottom:.0001pt;line-height:normal;background:#CCEEFF;text-autospace:none'>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; 5,240,451&nbsp;</p> </td> </tr> <tr align="left"> <td width="405" valign="bottom" style='width:303.5pt;background:white;padding:0'> <p style='margin-top:0in;margin-right:0in;margin-bottom:10.0pt;margin-left:0in;line-height:115%;margin-bottom:0in;margin-bottom:.0001pt;line-height:normal;background:white;text-autospace:none'>Buildings (5-30 Years)</p> </td> <td width="91" valign="bottom" style='width:68.15pt;background:white;padding:0'> <p style='margin-top:0in;margin-right:0in;margin-bottom:10.0pt;margin-left:0in;line-height:115%;margin-bottom:0in;margin-bottom:.0001pt;line-height:normal;background:white;text-autospace:none'>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; 8,177,588&nbsp;</p> </td> <td width="91" valign="bottom" style='width:68.05pt;background:white;padding:0'> <p style='margin-top:0in;margin-right:0in;margin-bottom:10.0pt;margin-left:0in;line-height:115%;margin-bottom:0in;margin-bottom:.0001pt;line-height:normal;background:white;text-autospace:none'>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; 8,667,889&nbsp;</p> </td> </tr> <tr align="left"> <td width="405" valign="bottom" style='width:303.5pt;background:#CCEEFF;padding:0in 0in 1.5pt 0in'> <p style='margin-top:0in;margin-right:0in;margin-bottom:10.0pt;margin-left:0in;line-height:115%;margin-bottom:0in;margin-bottom:.0001pt;line-height:normal;background:#CCEEFF;text-autospace:none'>Construction in process</p> </td> <td width="91" valign="bottom" style='width:68.15pt;border:none;border-bottom:solid black 1.0pt;background:#CCEEFF;padding:0in 0in 1.5pt 0in'> <p style='margin-top:0in;margin-right:0in;margin-bottom:10.0pt;margin-left:0in;line-height:115%;margin-bottom:0in;margin-bottom:.0001pt;line-height:normal;background:#CCEEFF;text-autospace:none'>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; 924,093&nbsp;</p> </td> <td width="91" valign="bottom" style='width:68.05pt;border:none;border-bottom:solid black 1.0pt;background:#CCEEFF;padding:0'> <p style='margin-top:0in;margin-right:0in;margin-bottom:10.0pt;margin-left:0in;line-height:115%;margin-bottom:0in;margin-bottom:.0001pt;line-height:normal;background:#CCEEFF;text-autospace:none'>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; 583,954&nbsp;</p> </td> </tr> <tr align="left"> <td width="405" valign="bottom" style='width:303.5pt;background:white;padding:0'> <p style='margin-top:0in;margin-right:0in;margin-bottom:10.0pt;margin-left:0in;line-height:115%;margin-bottom:0in;margin-bottom:.0001pt;line-height:normal;background:white;text-autospace:none'>&nbsp;Gross Property and Equipment</p> </td> <td width="91" valign="bottom" style='width:68.15pt;background:white;padding:0'> <p style='margin-top:0in;margin-right:0in;margin-bottom:10.0pt;margin-left:0in;line-height:115%;margin-bottom:0in;margin-bottom:.0001pt;line-height:normal;background:white;text-autospace:none'>&#160;&#160;&#160;&#160;&#160;&#160; 15,215,674&nbsp;</p> </td> <td width="91" valign="bottom" style='width:68.05pt;background:white;padding:0'> <p style='margin-top:0in;margin-right:0in;margin-bottom:10.0pt;margin-left:0in;line-height:115%;margin-bottom:0in;margin-bottom:.0001pt;line-height:normal;background:white;text-autospace:none'>&#160;&#160;&#160;&#160;&#160;&#160; 15,024,714&nbsp;</p> </td> </tr> <tr align="left"> <td width="405" valign="bottom" style='width:303.5pt;background:#CCEEFF;padding:0in 0in 1.5pt 0in'> <p style='margin-top:0in;margin-right:0in;margin-bottom:10.0pt;margin-left:0in;line-height:115%;margin-bottom:0in;margin-bottom:.0001pt;line-height:normal;background:#CCEEFF;text-autospace:none'>Less: accumulated depreciation</p> </td> <td width="91" valign="bottom" style='width:68.15pt;border:none;border-bottom:solid black 1.0pt;background:#CCEEFF;padding:0in 0in 1.5pt 0in'> <p style='margin-top:0in;margin-right:0in;margin-bottom:10.0pt;margin-left:0in;line-height:115%;margin-bottom:0in;margin-bottom:.0001pt;line-height:normal;background:#CCEEFF;text-autospace:none'>&#160;&#160;&#160;&#160;&#160;&#160; (6,469,597)</p> </td> <td width="91" valign="bottom" style='width:68.05pt;border:none;border-bottom:solid black 1.0pt;background:#CCEEFF;padding:0'> <p style='margin-top:0in;margin-right:0in;margin-bottom:10.0pt;margin-left:0in;line-height:115%;margin-bottom:0in;margin-bottom:.0001pt;line-height:normal;background:#CCEEFF;text-autospace:none'>&#160;&#160;&#160;&#160;&#160;&#160; (5,870,637)</p> </td> </tr> <tr align="left"> <td width="405" valign="bottom" style='width:303.5pt;background:white;padding:0in 0in 3.0pt 0in'> <p style='margin-top:0in;margin-right:0in;margin-bottom:10.0pt;margin-left:0in;line-height:115%;margin-bottom:0in;margin-bottom:.0001pt;line-height:normal;background:white;text-autospace:none'>&nbsp;Property and equipment, net</p> </td> <td width="91" valign="bottom" style='width:68.15pt;border:none;border-bottom:double black 2.25pt;background:white;padding:0in 0in 3.0pt 0in'> <p style='margin-top:0in;margin-right:0in;margin-bottom:10.0pt;margin-left:0in;line-height:115%;margin-bottom:0in;margin-bottom:.0001pt;line-height:normal;background:white;text-autospace:none'>&#160; $&#160;&#160;&#160;&#160; 8,746,077&nbsp;</p> </td> <td width="91" valign="bottom" style='width:68.05pt;border:none;border-bottom:double black 2.25pt;background:white;padding:0'> <p style='margin-top:0in;margin-right:0in;margin-bottom:10.0pt;margin-left:0in;line-height:115%;margin-bottom:0in;margin-bottom:.0001pt;line-height:normal;background:white;text-autospace:none'>&#160; $&#160;&#160;&#160;&#160; 9,154,077&nbsp;</p> </td> </tr> </table> </div> <!--egx--><div align="center"> <table border="0" cellspacing="0" cellpadding="0" style='border-collapse:collapse'> <tr align="left"> <td width="405" valign="bottom" style='width:303.5pt;padding:0in 0in 1.5pt 0in'> <p style='margin-top:0in;margin-right:0in;margin-bottom:10.0pt;margin-left:0in;line-height:115%;margin-bottom:0in;margin-bottom:.0001pt;line-height:normal;text-autospace:none'>&nbsp; (Estimated Life)</p> </td> <td width="91" valign="bottom" style='width:68.15pt;border:none;border-bottom:solid black 1.0pt;padding:0in 0in 1.5pt 0in'> <p align="center" style='margin-top:0in;margin-right:0in;margin-bottom:10.0pt;margin-left:0in;line-height:115%;margin-bottom:0in;margin-bottom:.0001pt;text-align:center;line-height:normal;text-autospace:none'>January 31, 2017</p> <p align="center" style='margin-top:0in;margin-right:0in;margin-bottom:10.0pt;margin-left:0in;line-height:115%;margin-bottom:0in;margin-bottom:.0001pt;text-align:center;line-height:normal;text-autospace:none'>(unaudited)</p> </td> <td width="91" valign="bottom" style='width:68.05pt;border:none;border-bottom:solid black 1.0pt;padding:0'> <p align="center" style='margin-top:0in;margin-right:0in;margin-bottom:10.0pt;margin-left:0in;line-height:115%;margin-bottom:0in;margin-bottom:.0001pt;text-align:center;line-height:normal;text-autospace:none'>April 30, </p> <p align="center" style='margin-top:0in;margin-right:0in;margin-bottom:10.0pt;margin-left:0in;line-height:115%;margin-bottom:0in;margin-bottom:.0001pt;text-align:center;line-height:normal;text-autospace:none'>2016</p> </td> </tr> <tr align="left"> <td width="405" valign="bottom" style='width:303.5pt;background:#CCEEFF;padding:0'> <p style='margin-top:0in;margin-right:0in;margin-bottom:10.0pt;margin-left:0in;line-height:115%;margin-bottom:0in;margin-bottom:.0001pt;line-height:normal;background:#CCEEFF;text-autospace:none'>Only Sweet name rights and related technologies (5 Years)</p> </td> <td width="91" valign="bottom" style='width:68.15pt;background:#CCEEFF;padding:0'> <p style='margin-top:0in;margin-right:0in;margin-bottom:10.0pt;margin-left:0in;line-height:115%;margin-bottom:0in;margin-bottom:.0001pt;line-height:normal;background:#CCEEFF;text-autospace:none'>$</p> <p align="right" style='margin-top:0in;margin-right:0in;margin-bottom:10.0pt;margin-left:0in;line-height:115%;margin-bottom:0in;margin-bottom:.0001pt;text-align:right;line-height:normal;background:#CCEEFF;text-autospace:none'>587,183</p> </td> <td width="91" valign="bottom" style='width:68.05pt;background:#CCEEFF;padding:0'> <p style='margin-top:0in;margin-right:0in;margin-bottom:10.0pt;margin-left:0in;line-height:115%;margin-bottom:0in;margin-bottom:.0001pt;line-height:normal;background:#CCEEFF;text-autospace:none'>$</p> <p align="right" style='margin-top:0in;margin-right:0in;margin-bottom:10.0pt;margin-left:0in;line-height:115%;margin-bottom:0in;margin-bottom:.0001pt;text-align:right;line-height:normal;background:#CCEEFF;text-autospace:none'>587,183</p> </td> </tr> <tr align="left"> <td width="405" valign="bottom" style='width:303.5pt;background:white;padding:0in 0in 1.5pt 0in'> <p style='margin-top:0in;margin-right:0in;margin-bottom:10.0pt;margin-left:0in;line-height:115%;margin-bottom:0in;margin-bottom:.0001pt;line-height:normal;background:white;text-autospace:none'>Distribution agreement and related distribution channels (5 Years)</p> </td> <td width="91" valign="bottom" style='width:68.15pt;border:none;border-bottom:solid black 1.0pt;background:white;padding:0in 0in 1.5pt 0in'> <p style='margin-top:0in;margin-right:0in;margin-bottom:10.0pt;margin-left:0in;line-height:115%;margin-bottom:0in;margin-bottom:.0001pt;line-height:normal;background:white;text-autospace:none'>&nbsp; </p> <p align="right" style='margin-top:0in;margin-right:0in;margin-bottom:10.0pt;margin-left:0in;line-height:115%;margin-bottom:0in;margin-bottom:.0001pt;text-align:right;line-height:normal;background:white;text-autospace:none'>1,038,691</p> </td> <td width="91" valign="bottom" style='width:68.05pt;border:none;border-bottom:solid black 1.0pt;background:white;padding:0'> <p style='margin-top:0in;margin-right:0in;margin-bottom:10.0pt;margin-left:0in;line-height:115%;margin-bottom:0in;margin-bottom:.0001pt;line-height:normal;background:white;text-autospace:none'>&nbsp; </p> <p align="right" style='margin-top:0in;margin-right:0in;margin-bottom:10.0pt;margin-left:0in;line-height:115%;margin-bottom:0in;margin-bottom:.0001pt;text-align:right;line-height:normal;background:white;text-autospace:none'>1,038,691</p> </td> </tr> <tr align="left"> <td width="405" valign="bottom" style='width:303.5pt;background:#CCEEFF;padding:0'> <p style='margin-top:0in;margin-right:0in;margin-bottom:10.0pt;margin-left:0in;line-height:115%;margin-bottom:0in;margin-bottom:.0001pt;line-height:normal;background:#CCEEFF;text-autospace:none'>&nbsp;Intangible assets, gross</p> </td> <td width="91" valign="bottom" style='width:68.15pt;background:#CCEEFF;padding:0'> <p style='margin-top:0in;margin-right:0in;margin-bottom:10.0pt;margin-left:0in;line-height:115%;margin-bottom:0in;margin-bottom:.0001pt;line-height:normal;background:#CCEEFF;text-autospace:none'>&nbsp; </p> <p align="right" style='margin-top:0in;margin-right:0in;margin-bottom:10.0pt;margin-left:0in;line-height:115%;margin-bottom:0in;margin-bottom:.0001pt;text-align:right;line-height:normal;background:#CCEEFF;text-autospace:none'>1,625,874</p> </td> <td width="91" valign="bottom" style='width:68.05pt;background:#CCEEFF;padding:0'> <p style='margin-top:0in;margin-right:0in;margin-bottom:10.0pt;margin-left:0in;line-height:115%;margin-bottom:0in;margin-bottom:.0001pt;line-height:normal;background:#CCEEFF;text-autospace:none'>&nbsp; </p> <p align="right" style='margin-top:0in;margin-right:0in;margin-bottom:10.0pt;margin-left:0in;line-height:115%;margin-bottom:0in;margin-bottom:.0001pt;text-align:right;line-height:normal;background:#CCEEFF;text-autospace:none'>1,625,874</p> </td> </tr> <tr align="left"> <td width="405" valign="bottom" style='width:303.5pt;background:white;padding:0in 0in 1.5pt 0in'> <p style='margin-top:0in;margin-right:0in;margin-bottom:10.0pt;margin-left:0in;line-height:115%;margin-bottom:0in;margin-bottom:.0001pt;line-height:normal;background:white;text-autospace:none'>Less: accumulated amortization</p> </td> <td width="91" valign="bottom" style='width:68.15pt;border:none;border-bottom:solid black 1.0pt;background:white;padding:0in 0in 1.5pt 0in'> <p style='margin-top:0in;margin-right:0in;margin-bottom:10.0pt;margin-left:0in;line-height:115%;margin-bottom:0in;margin-bottom:.0001pt;line-height:normal;background:white;text-autospace:none'>&nbsp; </p> <p align="right" style='margin-top:0in;margin-right:0in;margin-bottom:10.0pt;margin-left:0in;line-height:115%;margin-bottom:0in;margin-bottom:.0001pt;text-align:right;line-height:normal;background:white;text-autospace:none'>(1,436,189)</p> </td> <td width="91" valign="bottom" style='width:68.05pt;border:none;border-bottom:solid black 1.0pt;background:white;padding:0'> <p style='margin-top:0in;margin-right:0in;margin-bottom:10.0pt;margin-left:0in;line-height:115%;margin-bottom:0in;margin-bottom:.0001pt;line-height:normal;background:white;text-autospace:none'>&nbsp; </p> <p align="right" style='margin-top:0in;margin-right:0in;margin-bottom:10.0pt;margin-left:0in;line-height:115%;margin-bottom:0in;margin-bottom:.0001pt;text-align:right;line-height:normal;background:white;text-autospace:none'>(1,192,309)</p> </td> </tr> <tr align="left"> <td width="405" valign="bottom" style='width:303.5pt;background:#CCEEFF;padding:0in 0in 3.0pt 0in'> <p style='margin-top:0in;margin-right:0in;margin-bottom:10.0pt;margin-left:0in;line-height:115%;margin-bottom:0in;margin-bottom:.0001pt;line-height:normal;background:#CCEEFF;text-autospace:none'>Intangible assets, net</p> </td> <td width="91" valign="bottom" style='width:68.15pt;border:none;border-bottom:double black 2.25pt;background:#CCEEFF;padding:0in 0in 3.0pt 0in'> <p style='margin-top:0in;margin-right:0in;margin-bottom:10.0pt;margin-left:0in;line-height:115%;margin-bottom:0in;margin-bottom:.0001pt;line-height:normal;background:#CCEEFF;text-autospace:none'>$</p> <p align="right" style='margin-top:0in;margin-right:0in;margin-bottom:10.0pt;margin-left:0in;line-height:115%;margin-bottom:0in;margin-bottom:.0001pt;text-align:right;line-height:normal;background:#CCEEFF;text-autospace:none'>189,685</p> </td> <td width="91" valign="bottom" style='width:68.05pt;border:none;border-bottom:double black 2.25pt;background:#CCEEFF;padding:0'> <p align="right" style='margin-top:0in;margin-right:0in;margin-bottom:10.0pt;margin-left:0in;line-height:115%;margin-bottom:0in;margin-bottom:.0001pt;text-align:right;line-height:normal;background:#CCEEFF;text-autospace:none'>$</p> <p align="right" style='margin-top:0in;margin-right:0in;margin-bottom:10.0pt;margin-left:0in;line-height:115%;margin-bottom:0in;margin-bottom:.0001pt;text-align:right;line-height:normal;background:#CCEEFF;text-autospace:none'>433,565</p> </td> </tr> </table> </div> <!--egx--> <div align="center"> <table border="0" cellspacing="0" cellpadding="0" style='border-collapse:collapse'> <tr align="left"> <td width="405" valign="bottom" style='width:303.5pt;padding:0in 0in 1.5pt 0in'> <p style='margin-top:0in;margin-right:0in;margin-bottom:10.0pt;margin-left:0in;line-height:115%;margin-bottom:0in;margin-bottom:.0001pt;line-height:normal;text-autospace:none'>&nbsp; (Estimated Life)</p> </td> <td width="91" valign="bottom" style='width:68.15pt;border:none;border-bottom:solid black 1.0pt;padding:0in 0in 1.5pt 0in'> <p align="center" style='margin-top:0in;margin-right:0in;margin-bottom:10.0pt;margin-left:0in;line-height:115%;margin-bottom:0in;margin-bottom:.0001pt;text-align:center;line-height:normal;text-autospace:none'>January 31, </p> <p align="center" style='margin-top:0in;margin-right:0in;margin-bottom:10.0pt;margin-left:0in;line-height:115%;margin-bottom:0in;margin-bottom:.0001pt;text-align:center;line-height:normal;text-autospace:none'>2017</p> <p align="center" style='margin-top:0in;margin-right:0in;margin-bottom:10.0pt;margin-left:0in;line-height:115%;margin-bottom:0in;margin-bottom:.0001pt;text-align:center;line-height:normal;text-autospace:none'>(unaudited)</p> </td> <td width="91" valign="bottom" style='width:68.05pt;border:none;border-bottom:solid black 1.0pt;padding:0'> <p align="center" style='margin-top:0in;margin-right:0in;margin-bottom:10.0pt;margin-left:0in;line-height:115%;margin-bottom:0in;margin-bottom:.0001pt;text-align:center;line-height:normal;text-autospace:none'>April 30, </p> <p align="center" style='margin-top:0in;margin-right:0in;margin-bottom:10.0pt;margin-left:0in;line-height:115%;margin-bottom:0in;margin-bottom:.0001pt;text-align:center;line-height:normal;text-autospace:none'>2016</p> </td> </tr> <tr align="left"> <td width="405" valign="bottom" style='width:303.5pt;background:#CCEEFF;padding:0'> <p style='margin-top:0in;margin-right:0in;margin-bottom:10.0pt;margin-left:0in;line-height:115%;margin-bottom:0in;margin-bottom:.0001pt;line-height:normal;background:#CCEEFF;text-autospace:none'>Land use right (45&nbsp;Years)</p> </td> <td width="91" valign="bottom" style='width:68.15pt;background:#CCEEFF;padding:0'> <p style='margin-top:0in;margin-right:0in;margin-bottom:10.0pt;margin-left:0in;line-height:115%;margin-bottom:0in;margin-bottom:.0001pt;line-height:normal;background:#CCEEFF;text-autospace:none'>&#160;&#160; $&#160;&#160; 2,309,171&nbsp;</p> </td> <td width="91" valign="bottom" style='width:68.05pt;background:#CCEEFF;padding:0'> <p style='margin-top:0in;margin-right:0in;margin-bottom:10.0pt;margin-left:0in;line-height:115%;margin-bottom:0in;margin-bottom:.0001pt;line-height:normal;background:#CCEEFF;text-autospace:none'>&#160;&#160; $&#160;&#160; 2,455,519&nbsp;</p> </td> </tr> <tr align="left"> <td width="405" valign="bottom" style='width:303.5pt;background:white;padding:0in 0in 1.5pt 0in'> <p style='margin-top:0in;margin-right:0in;margin-bottom:10.0pt;margin-left:0in;line-height:115%;margin-bottom:0in;margin-bottom:.0001pt;line-height:normal;background:white;text-autospace:none'>Less: accumulated amortization </p> </td> <td width="91" valign="bottom" style='width:68.15pt;border:none;border-bottom:solid black 1.0pt;background:white;padding:0in 0in 1.5pt 0in'> <p style='margin-top:0in;margin-right:0in;margin-bottom:10.0pt;margin-left:0in;line-height:115%;margin-bottom:0in;margin-bottom:.0001pt;line-height:normal;background:white;text-autospace:none'>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; (436,430)</p> </td> <td width="91" valign="bottom" style='width:68.05pt;border:none;border-bottom:solid black 1.0pt;background:white;padding:0'> <p style='margin-top:0in;margin-right:0in;margin-bottom:10.0pt;margin-left:0in;line-height:115%;margin-bottom:0in;margin-bottom:.0001pt;line-height:normal;background:white;text-autospace:none'>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; (422,826)</p> </td> </tr> <tr align="left"> <td width="405" valign="bottom" style='width:303.5pt;background:#CCEEFF;padding:0in 0in 3.0pt 0in'> <p style='margin-top:0in;margin-right:0in;margin-bottom:10.0pt;margin-left:0in;line-height:115%;margin-bottom:0in;margin-bottom:.0001pt;line-height:normal;background:#CCEEFF;text-autospace:none'>&nbsp;Land use right, net</p> </td> <td width="91" valign="bottom" style='width:68.15pt;border:none;border-bottom:double black 2.25pt;background:#CCEEFF;padding:0in 0in 3.0pt 0in'> <p style='margin-top:0in;margin-right:0in;margin-bottom:10.0pt;margin-left:0in;line-height:115%;margin-bottom:0in;margin-bottom:.0001pt;line-height:normal;background:#CCEEFF;text-autospace:none'>&#160;&#160; $&#160;&#160; 1,872,741&nbsp;</p> </td> <td width="91" valign="bottom" style='width:68.05pt;border:none;border-bottom:double black 2.25pt;background:#CCEEFF;padding:0'> <p style='margin-top:0in;margin-right:0in;margin-bottom:10.0pt;margin-left:0in;line-height:115%;margin-bottom:0in;margin-bottom:.0001pt;line-height:normal;background:#CCEEFF;text-autospace:none'>&#160;&#160; $&#160;&#160; 2,032,693&nbsp;</p> </td> </tr> </table> </div> <!--egx-->&nbsp; <div align="center"> <table border="0" cellspacing="0" cellpadding="0" style='margin-left:.05pt;border-collapse:collapse'> <tr align="left"> <td width="384" valign="bottom" style='width:287.8pt;padding:0in 0in 1.5pt 0in'> <p align="right" style='margin-top:0in;margin-right:0in;margin-bottom:10.0pt;margin-left:0in;line-height:115%;margin-bottom:0in;margin-bottom:.0001pt;text-align:right;line-height:normal;text-autospace:none'>&nbsp; </p> </td> <td width="91" valign="bottom" style='width:68.05pt;border:none;border-bottom:solid black 1.0pt;padding:0in 0in 1.5pt 0in'> <p align="center" style='margin-top:0in;margin-right:0in;margin-bottom:10.0pt;margin-left:0in;line-height:115%;margin-bottom:0in;margin-bottom:.0001pt;text-align:center;line-height:normal;text-autospace:none'>Shandong Shengwang Pharmaceutical</p> <p align="center" style='margin-top:0in;margin-right:0in;margin-bottom:10.0pt;margin-left:0in;line-height:115%;margin-bottom:0in;margin-bottom:.0001pt;text-align:center;line-height:normal;text-autospace:none'>Co., Ltd.</p> </td> <td width="91" valign="bottom" style='width:68.05pt;border:none;border-bottom:solid black 1.0pt;padding:0in 0in 1.5pt 0in'> <p align="center" style='margin-top:0in;margin-right:0in;margin-bottom:10.0pt;margin-left:0in;line-height:115%;margin-bottom:0in;margin-bottom:.0001pt;text-align:center;line-height:normal;text-autospace:none'>Qufu</p> <p align="center" style='margin-top:0in;margin-right:0in;margin-bottom:10.0pt;margin-left:0in;line-height:115%;margin-bottom:0in;margin-bottom:.0001pt;text-align:center;line-height:normal;text-autospace:none'>Shengwang</p> <p align="center" style='margin-top:0in;margin-right:0in;margin-bottom:10.0pt;margin-left:0in;line-height:115%;margin-bottom:0in;margin-bottom:.0001pt;text-align:center;line-height:normal;text-autospace:none'>Import and Export Co., Ltd.</p> </td> <td width="91" valign="bottom" style='width:68.05pt;border:none;border-bottom:solid black 1.0pt;padding:0'> <p align="center" style='margin-top:0in;margin-right:0in;margin-bottom:10.0pt;margin-left:0in;line-height:115%;margin-bottom:0in;margin-bottom:.0001pt;text-align:center;line-height:normal;text-autospace:none'>Total</p> </td> </tr> <tr align="left"> <td width="384" valign="bottom" style='width:287.8pt;background:#CCEEFF;padding:0'> <p style='margin-top:0in;margin-right:0in;margin-bottom:10.0pt;margin-left:0in;line-height:115%;margin-bottom:0in;margin-bottom:.0001pt;line-height:normal;background:#CCEEFF;text-autospace:none'>Balance due to related parties, April 30, 2016</p> </td> <td width="91" valign="bottom" style='width:68.05pt;background:#CCEEFF;padding:0'> <p style='margin-top:0in;margin-right:0in;margin-bottom:10.0pt;margin-left:0in;line-height:115%;margin-bottom:0in;margin-bottom:.0001pt;line-height:normal;background:#CCEEFF;text-autospace:none'>&#160; $&#160;&#160;&#160;&#160;&#160;&#160;&#160; 910,373&nbsp;</p> </td> <td width="91" valign="bottom" style='width:68.05pt;background:#CCEEFF;padding:0'> <p style='margin-top:0in;margin-right:0in;margin-bottom:10.0pt;margin-left:0in;line-height:115%;margin-bottom:0in;margin-bottom:.0001pt;line-height:normal;background:#CCEEFF;text-autospace:none'>&#160;&#160; $&#160;&#160;&#160;&#160;&#160; 366,875&nbsp;</p> </td> <td width="91" valign="bottom" style='width:68.05pt;background:#CCEEFF;padding:0'> <p style='margin-top:0in;margin-right:0in;margin-bottom:10.0pt;margin-left:0in;line-height:115%;margin-bottom:0in;margin-bottom:.0001pt;line-height:normal;background:#CCEEFF;text-autospace:none'>&#160; $&#160;&#160;&#160;&#160; 1,277,248&nbsp;</p> </td> </tr> <tr align="left"> <td width="384" valign="bottom" style='width:287.8pt;background:white;padding:0'> <p style='margin-top:0in;margin-right:0in;margin-bottom:10.0pt;margin-left:0in;line-height:115%;margin-bottom:0in;margin-bottom:.0001pt;line-height:normal;background:white;text-autospace:none'>Working capital advances from related parties</p> </td> <td width="91" valign="bottom" style='width:68.05pt;background:white;padding:0'> <p style='margin-top:0in;margin-right:0in;margin-bottom:10.0pt;margin-left:0in;line-height:115%;margin-bottom:0in;margin-bottom:.0001pt;line-height:normal;background:white;text-autospace:none'>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; 2,254,362&nbsp;</p> </td> <td width="91" valign="bottom" style='width:68.05pt;background:white;padding:0'> <p style='margin-top:0in;margin-right:0in;margin-bottom:10.0pt;margin-left:0in;line-height:115%;margin-bottom:0in;margin-bottom:.0001pt;line-height:normal;background:white;text-autospace:none'>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; 340,951&nbsp;</p> </td> <td width="91" valign="bottom" style='width:68.05pt;background:white;padding:0'> <p style='margin-top:0in;margin-right:0in;margin-bottom:10.0pt;margin-left:0in;line-height:115%;margin-bottom:0in;margin-bottom:.0001pt;line-height:normal;background:white;text-autospace:none'>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; 2,595,313&nbsp;</p> </td> </tr> <tr align="left"> <td width="384" valign="bottom" style='width:287.8pt;background:#CCEEFF;padding:0'> <p style='margin-top:0in;margin-right:0in;margin-bottom:10.0pt;margin-left:0in;line-height:115%;margin-bottom:0in;margin-bottom:.0001pt;line-height:normal;background:#CCEEFF;text-autospace:none'>Repayments</p> </td> <td width="91" valign="bottom" style='width:68.05pt;background:#CCEEFF;padding:0'> <p style='margin-top:0in;margin-right:0in;margin-bottom:10.0pt;margin-left:0in;line-height:115%;margin-bottom:0in;margin-bottom:.0001pt;line-height:normal;background:#CCEEFF;text-autospace:none'>&#160;&#160;&#160;&#160;&#160;&#160; (2,462,285)</p> </td> <td width="91" valign="bottom" style='width:68.05pt;background:#CCEEFF;padding:0'> <p style='margin-top:0in;margin-right:0in;margin-bottom:10.0pt;margin-left:0in;line-height:115%;margin-bottom:0in;margin-bottom:.0001pt;line-height:normal;background:#CCEEFF;text-autospace:none'>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; (305,999)</p> </td> <td width="91" valign="bottom" style='width:68.05pt;background:#CCEEFF;padding:0'> <p style='margin-top:0in;margin-right:0in;margin-bottom:10.0pt;margin-left:0in;line-height:115%;margin-bottom:0in;margin-bottom:.0001pt;line-height:normal;background:#CCEEFF;text-autospace:none'>&#160;&#160;&#160;&#160;&#160;&#160; (2,768,284)</p> </td> </tr> <tr align="left"> <td width="384" valign="bottom" style='width:287.8pt;background:white;padding:0in 0in 1.5pt 0in'> <p style='margin-top:0in;margin-right:0in;margin-bottom:10.0pt;margin-left:0in;line-height:115%;margin-bottom:0in;margin-bottom:.0001pt;line-height:normal;background:white;text-autospace:none'>Effect of foreign currency exchange</p> </td> <td width="91" valign="bottom" style='width:68.05pt;border:none;border-bottom:solid black 1.0pt;background:white;padding:0in 0in 1.5pt 0in'> <p style='margin-top:0in;margin-right:0in;margin-bottom:10.0pt;margin-left:0in;line-height:115%;margin-bottom:0in;margin-bottom:.0001pt;line-height:normal;background:white;text-autospace:none'>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; (87,598)</p> </td> <td width="91" valign="bottom" style='width:68.05pt;border:none;border-bottom:solid black 1.0pt;background:white;padding:0in 0in 1.5pt 0in'> <p style='margin-top:0in;margin-right:0in;margin-bottom:10.0pt;margin-left:0in;line-height:115%;margin-bottom:0in;margin-bottom:.0001pt;line-height:normal;background:white;text-autospace:none'>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; 30,391&nbsp;</p> </td> <td width="91" valign="bottom" style='width:68.05pt;border:none;border-bottom:solid black 1.0pt;background:white;padding:0'> <p style='margin-top:0in;margin-right:0in;margin-bottom:10.0pt;margin-left:0in;line-height:115%;margin-bottom:0in;margin-bottom:.0001pt;line-height:normal;background:white;text-autospace:none'>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; (57,207)</p> </td> </tr> <tr align="left"> <td width="384" valign="bottom" style='width:287.8pt;background:#CCEEFF;padding:0in 0in 3.0pt 0in'> <p style='margin-top:0in;margin-right:0in;margin-bottom:10.0pt;margin-left:0in;line-height:115%;margin-bottom:0in;margin-bottom:.0001pt;line-height:normal;background:#CCEEFF;text-autospace:none'>Balance due to related parties, January 31, 2017</p> </td> <td width="91" valign="bottom" style='width:68.05pt;border:none;border-bottom:double black 2.25pt;background:#CCEEFF;padding:0in 0in 3.0pt 0in'> <p style='margin-top:0in;margin-right:0in;margin-bottom:10.0pt;margin-left:0in;line-height:115%;margin-bottom:0in;margin-bottom:.0001pt;line-height:normal;background:#CCEEFF;text-autospace:none'>&#160; $&#160;&#160;&#160;&#160;&#160;&#160;&#160; 614,852&nbsp;</p> </td> <td width="91" valign="bottom" style='width:68.05pt;border:none;border-bottom:double black 2.25pt;background:#CCEEFF;padding:0in 0in 3.0pt 0in'> <p style='margin-top:0in;margin-right:0in;margin-bottom:10.0pt;margin-left:0in;line-height:115%;margin-bottom:0in;margin-bottom:.0001pt;line-height:normal;background:#CCEEFF;text-autospace:none'>&#160;&#160; $&#160;&#160;&#160;&#160;&#160; 432,218&nbsp;</p> </td> <td width="91" valign="bottom" style='width:68.05pt;border:none;border-bottom:double black 2.25pt;background:#CCEEFF;padding:0'> <p style='margin-top:0in;margin-right:0in;margin-bottom:10.0pt;margin-left:0in;line-height:115%;margin-bottom:0in;margin-bottom:.0001pt;line-height:normal;background:#CCEEFF;text-autospace:none'>&#160; $&#160;&#160;&#160;&#160; 1,047,070&nbsp;</p> </td> </tr> </table> </div> <!--egx--><table border="0" cellspacing="0" cellpadding="0" style='margin-left:52.45pt;border-collapse:collapse'> <tr align="left"> <td width="357" valign="bottom" style='width:267.9pt;border:none;border-bottom:solid black 1.0pt;padding:0'> <p style='margin-top:0in;margin-right:0in;margin-bottom:10.0pt;margin-left:0in;line-height:115%;margin-bottom:0in;margin-bottom:.0001pt;text-align:justify;text-justify:inter-ideograph;line-height:normal;text-autospace:none'>Account</p> </td> <td width="89" valign="bottom" style='width:66.95pt;border:none;border-bottom:solid black 1.0pt;padding:0in 0in 1.5pt 0in'> <p align="center" style='margin-top:0in;margin-right:0in;margin-bottom:10.0pt;margin-left:0in;line-height:115%;margin-bottom:0in;margin-bottom:.0001pt;text-align:center;line-height:normal;text-autospace:none'>January 31,</p> <p align="center" style='margin-top:0in;margin-right:0in;margin-bottom:10.0pt;margin-left:0in;line-height:115%;margin-bottom:0in;margin-bottom:.0001pt;text-align:center;line-height:normal;text-autospace:none'>2017</p> <p align="center" style='margin-top:0in;margin-right:0in;margin-bottom:10.0pt;margin-left:0in;line-height:115%;margin-bottom:0in;margin-bottom:.0001pt;text-align:center;line-height:normal;text-autospace:none'>(unaudited)</p> </td> <td width="89" valign="bottom" style='width:66.95pt;border:none;border-bottom:solid black 1.0pt;padding:0'> <p align="center" style='margin-top:0in;margin-right:0in;margin-bottom:10.0pt;margin-left:0in;line-height:115%;margin-bottom:0in;margin-bottom:.0001pt;text-align:center;line-height:normal;text-autospace:none'>April 30,</p> <p align="center" style='margin-top:0in;margin-right:0in;margin-bottom:10.0pt;margin-left:0in;line-height:115%;margin-bottom:0in;margin-bottom:.0001pt;text-align:center;line-height:normal;text-autospace:none'>2016</p> </td> </tr> <tr align="left"> <td width="357" valign="bottom" style='width:267.9pt;background:#CCEEFF;padding:0'> <p style='margin-top:0in;margin-right:0in;margin-bottom:10.0pt;margin-left:0in;line-height:115%;margin-bottom:0in;margin-bottom:.0001pt;text-align:justify;text-justify:inter-ideograph;line-height:normal;background:#CCEEFF;text-autospace:none'>Accounts payable</p> </td> <td width="89" valign="bottom" style='width:66.95pt;background:#CCEEFF;padding:0'> <p style='margin-top:0in;margin-right:0in;margin-bottom:10.0pt;margin-left:0in;line-height:115%;margin-bottom:0in;margin-bottom:.0001pt;line-height:normal;background:#CCEEFF;text-autospace:none'>&#160;&#160; $&#160;&#160;&#160; 8,595,314</p> </td> <td width="89" valign="bottom" style='width:66.95pt;background:#CCEEFF;padding:0'> <p style='margin-top:0in;margin-right:0in;margin-bottom:10.0pt;margin-left:0in;line-height:115%;margin-bottom:0in;margin-bottom:.0001pt;line-height:normal;background:#CCEEFF;text-autospace:none'>&#160;&#160; $&#160;&#160; 4,869,026</p> </td> </tr> <tr align="left"> <td width="357" valign="bottom" style='width:267.9pt;background:white;padding:0'> <p style='margin-top:0in;margin-right:0in;margin-bottom:10.0pt;margin-left:0in;line-height:115%;margin-bottom:0in;margin-bottom:.0001pt;text-align:justify;text-justify:inter-ideograph;line-height:normal;background:white;text-autospace:none'>Advanced from customers</p> </td> <td width="89" valign="bottom" style='width:66.95pt;background:white;padding:0'> <p style='margin-top:0in;margin-right:0in;margin-bottom:10.0pt;margin-left:0in;line-height:115%;margin-bottom:0in;margin-bottom:.0001pt;line-height:normal;background:white;text-autospace:none'>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; 84,015</p> </td> <td width="89" valign="bottom" style='width:66.95pt;background:white;padding:0'> <p style='margin-top:0in;margin-right:0in;margin-bottom:10.0pt;margin-left:0in;line-height:115%;margin-bottom:0in;margin-bottom:.0001pt;line-height:normal;background:white;text-autospace:none'>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; 10,042</p> </td> </tr> <tr align="left"> <td width="357" valign="bottom" style='width:267.9pt;background:#CCEEFF;padding:0'> <p style='margin-top:0in;margin-right:0in;margin-bottom:10.0pt;margin-left:0in;line-height:115%;margin-bottom:0in;margin-bottom:.0001pt;text-align:justify;text-justify:inter-ideograph;line-height:normal;background:#CCEEFF;text-autospace:none'>Accrued salary payable</p> </td> <td width="89" valign="bottom" style='width:66.95pt;background:#CCEEFF;padding:0'> <p style='margin-top:0in;margin-right:0in;margin-bottom:10.0pt;margin-left:0in;line-height:115%;margin-bottom:0in;margin-bottom:.0001pt;line-height:normal;background:#CCEEFF;text-autospace:none'>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; 54,093</p> </td> <td width="89" valign="bottom" style='width:66.95pt;background:#CCEEFF;padding:0'> <p style='margin-top:0in;margin-right:0in;margin-bottom:10.0pt;margin-left:0in;line-height:115%;margin-bottom:0in;margin-bottom:.0001pt;line-height:normal;background:#CCEEFF;text-autospace:none'>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; 105,131</p> </td> </tr> <tr align="left"> <td width="357" valign="bottom" style='width:267.9pt;background:white;padding:0'> <p style='margin-top:0in;margin-right:0in;margin-bottom:10.0pt;margin-left:0in;line-height:115%;margin-bottom:0in;margin-bottom:.0001pt;text-align:justify;text-justify:inter-ideograph;line-height:normal;background:white;text-autospace:none'>Tax payable</p> </td> <td width="89" valign="bottom" style='width:66.95pt;background:white;padding:0'> <p style='margin-top:0in;margin-right:0in;margin-bottom:10.0pt;margin-left:0in;line-height:115%;margin-bottom:0in;margin-bottom:.0001pt;line-height:normal;background:white;text-autospace:none'>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; 98,679</p> </td> <td width="89" valign="bottom" style='width:66.95pt;background:white;padding:0'> <p style='margin-top:0in;margin-right:0in;margin-bottom:10.0pt;margin-left:0in;line-height:115%;margin-bottom:0in;margin-bottom:.0001pt;line-height:normal;background:white;text-autospace:none'>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; 254,615</p> </td> </tr> <tr align="left"> <td width="357" valign="bottom" style='width:267.9pt;background:#CCEEFF;padding:0'> <p style='margin-top:0in;margin-right:0in;margin-bottom:10.0pt;margin-left:0in;line-height:115%;margin-bottom:0in;margin-bottom:.0001pt;text-align:justify;text-justify:inter-ideograph;line-height:normal;background:#CCEEFF;text-autospace:none'>Deferred revenue</p> </td> <td width="89" valign="bottom" style='width:66.95pt;background:#CCEEFF;padding:0'> <p style='margin-top:0in;margin-right:0in;margin-bottom:10.0pt;margin-left:0in;line-height:115%;margin-bottom:0in;margin-bottom:.0001pt;line-height:normal;background:#CCEEFF;text-autospace:none'>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; 73,141</p> </td> <td width="89" valign="bottom" style='width:66.95pt;background:#CCEEFF;padding:0'> <p style='margin-top:0in;margin-right:0in;margin-bottom:10.0pt;margin-left:0in;line-height:115%;margin-bottom:0in;margin-bottom:.0001pt;line-height:normal;background:#CCEEFF;text-autospace:none'>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; 71,604</p> </td> </tr> <tr align="left"> <td width="357" valign="bottom" style='width:267.9pt;background:white;padding:0in 0in 1.5pt 0in'> <p style='margin-top:0in;margin-right:0in;margin-bottom:10.0pt;margin-left:0in;line-height:115%;margin-bottom:0in;margin-bottom:.0001pt;text-align:justify;text-justify:inter-ideograph;line-height:normal;background:white;text-autospace:none'>Other payable*</p> </td> <td width="89" valign="bottom" style='width:66.95pt;border:none;border-bottom:solid black 1.0pt;background:white;padding:0in 0in 1.5pt 0in'> <p style='margin-top:0in;margin-right:0in;margin-bottom:10.0pt;margin-left:0in;line-height:115%;margin-bottom:0in;margin-bottom:.0001pt;line-height:normal;background:white;text-autospace:none'>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; 1,733,120</p> </td> <td width="89" valign="bottom" style='width:66.95pt;border:none;border-bottom:solid black 1.0pt;background:white;padding:0'> <p style='margin-top:0in;margin-right:0in;margin-bottom:10.0pt;margin-left:0in;line-height:115%;margin-bottom:0in;margin-bottom:.0001pt;line-height:normal;background:white;text-autospace:none'>&#160;&#160;&#160;&#160;&#160;&#160;&#160; 1,550,408</p> </td> </tr> <tr align="left"> <td width="357" valign="bottom" style='width:267.9pt;background:#CCEEFF;padding:0in 0in 3.0pt 0in'> <p style='margin-top:0in;margin-right:0in;margin-bottom:10.0pt;margin-left:0in;line-height:115%;margin-bottom:0in;margin-bottom:.0001pt;text-align:justify;text-justify:inter-ideograph;line-height:normal;background:#CCEEFF;text-autospace:none'>Total accounts payable and accrued expenses</p> </td> <td width="89" valign="bottom" style='width:66.95pt;border:none;border-bottom:double black 2.25pt;background:#CCEEFF;padding:0in 0in 3.0pt 0in'> <p style='margin-top:0in;margin-right:0in;margin-bottom:10.0pt;margin-left:0in;line-height:115%;margin-bottom:0in;margin-bottom:.0001pt;line-height:normal;background:#CCEEFF;text-autospace:none'>&#160;&#160; $ 10,638,362</p> </td> <td width="89" valign="bottom" style='width:66.95pt;border:none;border-bottom:double black 2.25pt;background:#CCEEFF;padding:0'> <p style='margin-top:0in;margin-right:0in;margin-bottom:10.0pt;margin-left:0in;line-height:115%;margin-bottom:0in;margin-bottom:.0001pt;line-height:normal;background:#CCEEFF;text-autospace:none'>&#160;&#160; $&#160;&#160; 6,860,826</p> </td> </tr> </table> <p style='margin-top:0in;margin-right:0in;margin-bottom:10.0pt;margin-left:0in;line-height:115%;margin-bottom:0in;margin-bottom:.0001pt;line-height:normal;text-autospace:none'>&nbsp;</p> <!--egx--><table border="0" cellspacing="0" cellpadding="0" style='margin-left:.1pt;border-collapse:collapse'> <tr align="left"> <td width="488" valign="bottom" style='width:366.3pt;padding:0in 0in 1.5pt 0in'> <p style='margin-top:0in;margin-right:0in;margin-bottom:10.0pt;margin-left:0in;line-height:115%;margin-bottom:0in;margin-bottom:.0001pt;line-height:normal;text-autospace:none'>&nbsp; </p> </td> <td width="91" valign="bottom" style='width:68.0pt;border:none;border-bottom:solid black 1.0pt;padding:0in 0in 1.5pt 0in'> <p align="center" style='margin-top:0in;margin-right:0in;margin-bottom:10.0pt;margin-left:0in;line-height:115%;margin-bottom:0in;margin-bottom:.0001pt;text-align:center;line-height:normal;text-autospace:none'>January 31, </p> <p align="center" style='margin-top:0in;margin-right:0in;margin-bottom:10.0pt;margin-left:0in;line-height:115%;margin-bottom:0in;margin-bottom:.0001pt;text-align:center;line-height:normal;text-autospace:none'>2017</p> <p align="center" style='margin-top:0in;margin-right:0in;margin-bottom:10.0pt;margin-left:0in;line-height:115%;margin-bottom:0in;margin-bottom:.0001pt;text-align:center;line-height:normal;text-autospace:none'>(unaudited)</p> </td> <td width="91" valign="bottom" style='width:68.0pt;border:none;border-bottom:solid black 1.0pt;padding:0'> <p align="center" style='margin-top:0in;margin-right:0in;margin-bottom:10.0pt;margin-left:0in;line-height:115%;margin-bottom:0in;margin-bottom:.0001pt;text-align:center;line-height:normal;text-autospace:none'>April 30,</p> <p align="center" style='margin-top:0in;margin-right:0in;margin-bottom:10.0pt;margin-left:0in;line-height:115%;margin-bottom:0in;margin-bottom:.0001pt;text-align:center;line-height:normal;text-autospace:none'>2016</p> </td> </tr> <tr align="left"> <td width="488" valign="bottom" style='width:366.3pt;background:#CCEEFF;padding:0'> <p style='margin-top:0in;margin-right:0in;margin-bottom:10.0pt;margin-left:0in;line-height:115%;margin-bottom:0in;margin-bottom:.0001pt;line-height:normal;background:#CCEEFF;text-autospace:none'>Loan from Min Wu, an employee of Qufu Shengren, due on October 5, 2016 with annual interest rate of 10% at October 6, 2015, which renewed for original RMB150,000 ($21,810) and the Company borrowed an additional RMB50,000 ($7,269) from Min Wu under the same terms on October 6, 2016 with new due date on October 5, 2017.</p> </td> <td width="91" valign="bottom" style='width:68.0pt;background:#CCEEFF;padding:0'> <p style='margin-top:0in;margin-right:0in;margin-bottom:10.0pt;margin-left:0in;line-height:115%;margin-bottom:0in;margin-bottom:.0001pt;line-height:normal;background:#CCEEFF;text-autospace:none'>&#160;&#160; $&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; 29,079</p> </td> <td width="91" valign="bottom" style='width:68.0pt;background:#CCEEFF;padding:0'> <p style='margin-top:0in;margin-right:0in;margin-bottom:10.0pt;margin-left:0in;line-height:115%;margin-bottom:0in;margin-bottom:.0001pt;line-height:normal;background:#CCEEFF;text-autospace:none'>&#160;&#160; $&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; 23,175</p> </td> </tr> <tr align="left"> <td width="488" valign="bottom" style='width:366.3pt;background:white;padding:0'> <p style='margin-top:0in;margin-right:0in;margin-bottom:10.0pt;margin-left:0in;line-height:115%;margin-bottom:0in;margin-bottom:.0001pt;line-height:normal;background:white;text-autospace:none'>Loan from Weidong Cai, an employee of Qufu Shengren, due on September 21, 2016 with annual interest rate of 10% at September 22, 2015, which renewed for original RMB840,000 ($122,134) and the Company borrowed an additional RMB84,000 ($12,213) from Weidong Cai under the same terms on September 22, 2016 with new due date on September 21, 2017.</p> </td> <td width="91" valign="bottom" style='width:68.0pt;background:white;padding:0'> <p style='margin-top:0in;margin-right:0in;margin-bottom:10.0pt;margin-left:0in;line-height:115%;margin-bottom:0in;margin-bottom:.0001pt;line-height:normal;background:white;text-autospace:none'>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; 134,347</p> </td> <td width="91" valign="bottom" style='width:68.0pt;background:white;padding:0'> <p style='margin-top:0in;margin-right:0in;margin-bottom:10.0pt;margin-left:0in;line-height:115%;margin-bottom:0in;margin-bottom:.0001pt;line-height:normal;background:white;text-autospace:none'>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; 129,778</p> </td> </tr> <tr align="left"> <td width="488" valign="bottom" style='width:366.3pt;background:#CCEEFF;padding:0'> <p style='margin-top:0in;margin-right:0in;margin-bottom:10.0pt;margin-left:0in;line-height:115%;margin-bottom:0in;margin-bottom:.0001pt;line-height:normal;background:#CCEEFF;text-autospace:none'>Loan from Jianjun Yan, non-related individual, due on October 6, 2015 with annual interest rate of 10% at October 7, 2014, which renewed on October 7, 2015 and October 7, 2016 with new due date on October 6, 2017.</p> </td> <td width="91" valign="bottom" style='width:68.0pt;background:#CCEEFF;padding:0'> <p style='margin-top:0in;margin-right:0in;margin-bottom:10.0pt;margin-left:0in;line-height:115%;margin-bottom:0in;margin-bottom:.0001pt;line-height:normal;background:#CCEEFF;text-autospace:none'>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; 945,083</p> </td> <td width="91" valign="bottom" style='width:68.0pt;background:#CCEEFF;padding:0'> <p style='margin-top:0in;margin-right:0in;margin-bottom:10.0pt;margin-left:0in;line-height:115%;margin-bottom:0in;margin-bottom:.0001pt;line-height:normal;background:#CCEEFF;text-autospace:none'>&#160;&#160; &#160;&#160;&#160;&#160;&#160; 1,004,232</p> </td> </tr> <tr align="left"> <td width="488" valign="bottom" style='width:366.3pt;background:white;padding:0'> <p style='margin-top:0in;margin-right:0in;margin-bottom:10.0pt;margin-left:0in;line-height:115%;margin-bottom:0in;margin-bottom:.0001pt;line-height:normal;background:white;text-autospace:none'>Multiple loans from Jianjun Yan, non-related individual, due from October 5, 2016 through April 9, 2017, with annual interest rate of 10%, which were obtained during October 6, 2015 through April 10, 2016. RMB780,000 ($115,134) of the loan originally due on October 5, 2016 has been renewed for on the maturity date of October 6, 2016 with new due date on October 5, 2017.</p> </td> <td width="91" valign="bottom" style='width:68.0pt;background:white;padding:0'> <p style='margin-top:0in;margin-right:0in;margin-bottom:10.0pt;margin-left:0in;line-height:115%;margin-bottom:0in;margin-bottom:.0001pt;line-height:normal;background:white;text-autospace:none'>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; 840,397</p> </td> <td width="91" valign="bottom" style='width:68.0pt;background:white;padding:0'> <p style='margin-top:0in;margin-right:0in;margin-bottom:10.0pt;margin-left:0in;line-height:115%;margin-bottom:0in;margin-bottom:.0001pt;line-height:normal;background:white;text-autospace:none'>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; 892,995</p> </td> </tr> <tr align="left"> <td width="488" valign="bottom" style='width:366.3pt;background:#CCEEFF;padding:0'> <p style='margin-top:0in;margin-right:0in;margin-bottom:10.0pt;margin-left:0in;line-height:115%;margin-bottom:0in;margin-bottom:.0001pt;line-height:normal;background:#CCEEFF;text-autospace:none'>Multiple loans from Jianjun Yan, non-related individual, due from June 19, 2017 through January 18, 2018, with annual interest rate of 10%, which were obtained during June 20, 2016 through January 19, 2017.</p> </td> <td width="91" valign="bottom" style='width:68.0pt;background:#CCEEFF;padding:0'> <p style='margin-top:0in;margin-right:0in;margin-bottom:10.0pt;margin-left:0in;line-height:115%;margin-bottom:0in;margin-bottom:.0001pt;line-height:normal;background:#CCEEFF;text-autospace:none'>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; 840,209</p> </td> <td width="91" valign="bottom" style='width:68.0pt;background:#CCEEFF;padding:0'> <p style='margin-top:0in;margin-right:0in;margin-bottom:10.0pt;margin-left:0in;line-height:115%;margin-bottom:0in;margin-bottom:.0001pt;line-height:normal;background:#CCEEFF;text-autospace:none'>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; 0</p> </td> </tr> <tr align="left"> <td width="488" valign="bottom" style='width:366.3pt;background:white;padding:0'> <p style='margin-top:0in;margin-right:0in;margin-bottom:10.0pt;margin-left:0in;line-height:115%;margin-bottom:0in;margin-bottom:.0001pt;line-height:normal;background:white;text-autospace:none'>Loan from Junzhen Zhang, non-related individual, due&nbsp;on October 5, 2016, with annual interest rate of 10% at October 6, 2015, which renewed on October 6, 2016 with new due date on October 5, 2017.</p> </td> <td width="91" valign="bottom" style='width:68.0pt;background:white;padding:0'> <p style='margin-top:0in;margin-right:0in;margin-bottom:10.0pt;margin-left:0in;line-height:115%;margin-bottom:0in;margin-bottom:.0001pt;line-height:normal;background:white;text-autospace:none'>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; 21,810</p> </td> <td width="91" valign="bottom" style='width:68.0pt;background:white;padding:0'> <p style='margin-top:0in;margin-right:0in;margin-bottom:10.0pt;margin-left:0in;line-height:115%;margin-bottom:0in;margin-bottom:.0001pt;line-height:normal;background:white;text-autospace:none'>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; 23,175</p> </td> </tr> <tr align="left"> <td width="488" valign="bottom" style='width:366.3pt;background:#CCEEFF;padding:0'> <p style='margin-top:0in;margin-right:0in;margin-bottom:10.0pt;margin-left:0in;line-height:115%;margin-bottom:0in;margin-bottom:.0001pt;line-height:normal;background:#CCEEFF;text-autospace:none'>Loan from Jian Chen, non-related individual, due&nbsp;on January 26, 2017, with annual interest rate of 10% at January 27, 2016, which renewed on January 25, 2017, with new due January 26, 2018.</p> </td> <td width="91" valign="bottom" style='width:68.0pt;background:#CCEEFF;padding:0'> <p style='margin-top:0in;margin-right:0in;margin-bottom:10.0pt;margin-left:0in;line-height:115%;margin-bottom:0in;margin-bottom:.0001pt;line-height:normal;background:#CCEEFF;text-autospace:none'>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; 106,140</p> </td> <td width="91" valign="bottom" style='width:68.0pt;background:#CCEEFF;padding:0'> <p style='margin-top:0in;margin-right:0in;margin-bottom:10.0pt;margin-left:0in;line-height:115%;margin-bottom:0in;margin-bottom:.0001pt;line-height:normal;background:#CCEEFF;text-autospace:none'>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; 112,783</p> </td> </tr> <tr align="left"> <td width="488" valign="bottom" style='width:366.3pt;background:white;padding:0'> <p style='margin-top:0in;margin-right:0in;margin-bottom:10.0pt;margin-left:0in;line-height:115%;margin-bottom:0in;margin-bottom:.0001pt;line-height:normal;background:white;text-autospace:none'>Loan from Qing Kong, non-related individual, due&nbsp;on March 6, 2017, with annual interest rate of 10% at&nbsp;March 7, 2016.</p> </td> <td width="91" valign="bottom" style='width:68.0pt;background:white;padding:0'> <p style='margin-top:0in;margin-right:0in;margin-bottom:10.0pt;margin-left:0in;line-height:115%;margin-bottom:0in;margin-bottom:.0001pt;line-height:normal;background:white;text-autospace:none'>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; 58,159</p> </td> <td width="91" valign="bottom" style='width:68.0pt;background:white;padding:0'> <p style='margin-top:0in;margin-right:0in;margin-bottom:10.0pt;margin-left:0in;line-height:115%;margin-bottom:0in;margin-bottom:.0001pt;line-height:normal;background:white;text-autospace:none'>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; 61,799</p> </td> </tr> <tr align="left"> <td width="488" valign="bottom" style='width:366.3pt;background:#CCEEFF;padding:0'> <p style='margin-top:0in;margin-right:0in;margin-bottom:10.0pt;margin-left:0in;line-height:115%;margin-bottom:0in;margin-bottom:.0001pt;line-height:normal;background:#CCEEFF;text-autospace:none'>Loan from Guihai Chen, non-related individual, due&nbsp;on March 10, 2017, with annual interest rate of 10% at March 11, 2016.</p> </td> <td width="91" valign="bottom" style='width:68.0pt;background:#CCEEFF;padding:0'> <p style='margin-top:0in;margin-right:0in;margin-bottom:10.0pt;margin-left:0in;line-height:115%;margin-bottom:0in;margin-bottom:.0001pt;line-height:normal;background:#CCEEFF;text-autospace:none'>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; 14,540</p> </td> <td width="91" valign="bottom" style='width:68.0pt;background:#CCEEFF;padding:0'> <p style='margin-top:0in;margin-right:0in;margin-bottom:10.0pt;margin-left:0in;line-height:115%;margin-bottom:0in;margin-bottom:.0001pt;line-height:normal;background:#CCEEFF;text-autospace:none'>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; 15,450</p> </td> </tr> <tr align="left"> <td width="488" valign="bottom" style='width:366.3pt;background:white;padding:0in 0in 1.5pt 0in'> <p style='margin-top:0in;margin-right:0in;margin-bottom:10.0pt;margin-left:0in;line-height:115%;margin-bottom:0in;margin-bottom:.0001pt;line-height:normal;background:white;text-autospace:none'>Loan from Weifeng Kong, non-related individual, due&nbsp;on November 28, 2017, with annual interest rate of 10% at November 29, 2016.</p> </td> <td width="91" valign="bottom" style='width:68.0pt;border:none;border-bottom:solid black 1.0pt;background:white;padding:0in 0in 1.5pt 0in'> <p style='margin-top:0in;margin-right:0in;margin-bottom:10.0pt;margin-left:0in;line-height:115%;margin-bottom:0in;margin-bottom:.0001pt;line-height:normal;background:white;text-autospace:none'>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; 29,079</p> </td> <td width="91" valign="bottom" style='width:68.0pt;border:none;border-bottom:solid black 1.0pt;background:white;padding:0'> <p style='margin-top:0in;margin-right:0in;margin-bottom:10.0pt;margin-left:0in;line-height:115%;margin-bottom:0in;margin-bottom:.0001pt;line-height:normal;background:white;text-autospace:none'>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; 0</p> </td> </tr> <tr align="left"> <td width="488" valign="bottom" style='width:366.3pt;background:#CCEEFF;padding:0in 0in 3.0pt 0in'> <p style='margin-top:0in;margin-right:0in;margin-bottom:10.0pt;margin-left:0in;line-height:115%;margin-bottom:0in;margin-bottom:.0001pt;line-height:normal;background:#CCEEFF;text-autospace:none'>Total</p> </td> <td width="91" valign="bottom" style='width:68.0pt;border:none;border-bottom:double black 2.25pt;background:#CCEEFF;padding:0in 0in 3.0pt 0in'> <p style='margin-top:0in;margin-right:0in;margin-bottom:10.0pt;margin-left:0in;line-height:115%;margin-bottom:0in;margin-bottom:.0001pt;line-height:normal;background:#CCEEFF;text-autospace:none'>&#160;&#160; $&#160;&#160; 3,018,843</p> </td> <td width="91" valign="bottom" style='width:68.0pt;border:none;border-bottom:double black 2.25pt;background:#CCEEFF;padding:0'> <p style='margin-top:0in;margin-right:0in;margin-bottom:10.0pt;margin-left:0in;line-height:115%;margin-bottom:0in;margin-bottom:.0001pt;line-height:normal;background:#CCEEFF;text-autospace:none'>&#160;&#160; $&#160;&#160; 2,263,387</p> </td> </tr> </table> <!--egx--><table border="0" cellspacing="0" cellpadding="0" style='border-collapse:collapse'> <tr align="left"> <td width="276" valign="bottom" style='width:207.0pt;padding:0in 0in 1.5pt 0in'> <p style='margin-top:0in;margin-right:0in;margin-bottom:10.0pt;margin-left:0in;line-height:115%;margin-bottom:0in;margin-bottom:.0001pt;line-height:normal;text-autospace:none'>&nbsp; </p> </td> <td width="198" colspan="2" valign="bottom" style='width:148.5pt;border:none;border-bottom:solid black 1.0pt;padding:0in 0in 1.5pt 0in'> <p align="center" style='margin-top:0in;margin-right:0in;margin-bottom:10.0pt;margin-left:0in;line-height:115%;margin-bottom:0in;margin-bottom:.0001pt;text-align:center;line-height:normal;text-autospace:none'>Three Months Ended January 31,</p> </td> <td width="198" colspan="2" valign="bottom" style='width:148.5pt;border:none;border-bottom:solid black 1.0pt;padding:0'> <p align="center" style='margin-top:0in;margin-right:0in;margin-bottom:10.0pt;margin-left:0in;line-height:115%;margin-bottom:0in;margin-bottom:.0001pt;text-align:center;line-height:normal;text-autospace:none'>Nine Months Ended January 31,</p> </td> </tr> <tr align="left"> <td width="276" valign="bottom" style='width:207.0pt;padding:0in 0in 1.5pt 0in'> <p style='margin-top:0in;margin-right:0in;margin-bottom:10.0pt;margin-left:0in;line-height:115%;margin-bottom:0in;margin-bottom:.0001pt;line-height:normal;text-autospace:none'>&nbsp; </p> </td> <td width="102" valign="bottom" style='width:76.5pt;border:none;border-bottom:solid black 1.0pt;padding:0in 0in 1.5pt 0in'> <p align="center" style='margin-top:0in;margin-right:0in;margin-bottom:10.0pt;margin-left:0in;line-height:115%;margin-bottom:0in;margin-bottom:.0001pt;text-align:center;line-height:normal;text-autospace:none'>2017</p> </td> <td width="96" valign="bottom" style='width:1.0in;border:none;border-bottom:solid black 1.0pt;padding:0in 0in 1.5pt 0in'> <p align="center" style='margin-top:0in;margin-right:0in;margin-bottom:10.0pt;margin-left:0in;line-height:115%;margin-bottom:0in;margin-bottom:.0001pt;text-align:center;line-height:normal;text-autospace:none'>2016</p> </td> <td width="102" valign="bottom" style='width:76.5pt;border:none;border-bottom:solid black 1.0pt;padding:0in 0in 1.5pt 0in'> <p align="center" style='margin-top:0in;margin-right:0in;margin-bottom:10.0pt;margin-left:0in;line-height:115%;margin-bottom:0in;margin-bottom:.0001pt;text-align:center;line-height:normal;text-autospace:none'>2017</p> </td> <td width="96" valign="bottom" style='width:1.0in;border:none;border-bottom:solid black 1.0pt;padding:0'> <p align="center" style='margin-top:0in;margin-right:0in;margin-bottom:10.0pt;margin-left:0in;line-height:115%;margin-bottom:0in;margin-bottom:.0001pt;text-align:center;line-height:normal;text-autospace:none'>2016</p> </td> </tr> <tr align="left"> <td width="276" valign="bottom" style='width:207.0pt;padding:0'> <p style='margin-top:0in;margin-right:0in;margin-bottom:10.0pt;margin-left:0in;line-height:115%;margin-bottom:0in;margin-bottom:.0001pt;line-height:normal;text-autospace:none'>Revenues:</p> </td> <td width="102" valign="bottom" style='width:76.5pt;padding:0'> <p style='margin-top:0in;margin-right:0in;margin-bottom:10.0pt;margin-left:0in;line-height:115%;margin-bottom:0in;margin-bottom:.0001pt;line-height:normal;text-autospace:none'>&nbsp;</p> </td> <td width="96" valign="bottom" style='width:1.0in;padding:0'> <p style='margin-top:0in;margin-right:0in;margin-bottom:10.0pt;margin-left:0in;line-height:115%;margin-bottom:0in;margin-bottom:.0001pt;line-height:normal;text-autospace:none'>&nbsp;</p> </td> <td width="102" valign="bottom" style='width:76.5pt;padding:0'> <p style='margin-top:0in;margin-right:0in;margin-bottom:10.0pt;margin-left:0in;line-height:115%;margin-bottom:0in;margin-bottom:.0001pt;line-height:normal;text-autospace:none'>&nbsp;</p> </td> <td width="96" valign="bottom" style='width:1.0in;padding:0'> <p style='margin-top:0in;margin-right:0in;margin-bottom:10.0pt;margin-left:0in;line-height:115%;margin-bottom:0in;margin-bottom:.0001pt;line-height:normal;text-autospace:none'>&nbsp;</p> </td> </tr> <tr align="left"> <td width="276" valign="bottom" style='width:207.0pt;background:#CCEEFF;padding:0'> <p style='margin-top:0in;margin-right:0in;margin-bottom:10.0pt;margin-left:0in;line-height:115%;margin-bottom:0in;margin-bottom:.0001pt;line-height:normal;background:#CCEEFF;text-autospace:none'>Chinese medicine - third party</p> </td> <td width="102" valign="bottom" style='width:76.5pt;background:#CCEEFF;padding:0'> <p style='margin-top:0in;margin-right:0in;margin-bottom:10.0pt;margin-left:0in;line-height:115%;margin-bottom:0in;margin-bottom:.0001pt;line-height:normal;background:#CCEEFF;text-autospace:none'>&#160;&#160; $&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; 859,933</p> </td> <td width="96" valign="bottom" style='width:1.0in;background:#CCEEFF;padding:0'> <p style='margin-top:0in;margin-right:0in;margin-bottom:10.0pt;margin-left:0in;line-height:115%;margin-bottom:0in;margin-bottom:.0001pt;line-height:normal;background:#CCEEFF;text-autospace:none'>&#160;&#160; $&#160;&#160;&#160;&#160;&#160;&#160; 622,516</p> </td> <td width="102" valign="bottom" style='width:76.5pt;background:#CCEEFF;padding:0'> <p style='margin-top:0in;margin-right:0in;margin-bottom:10.0pt;margin-left:0in;line-height:115%;margin-bottom:0in;margin-bottom:.0001pt;line-height:normal;background:#CCEEFF;text-autospace:none'>&#160;&#160; $&#160;&#160;&#160;&#160;&#160;&#160;&#160; 2,240,055</p> </td> <td width="96" valign="bottom" style='width:1.0in;background:#CCEEFF;padding:0'> <p style='margin-top:0in;margin-right:0in;margin-bottom:10.0pt;margin-left:0in;line-height:115%;margin-bottom:0in;margin-bottom:.0001pt;line-height:normal;background:#CCEEFF;text-autospace:none'>&#160;&#160; $&#160;&#160;&#160; 1,789,482</p> </td> </tr> <tr align="left"> <td width="276" valign="bottom" style='width:207.0pt;background:white;padding:0in 0in 1.5pt 0in'> <p style='margin-top:0in;margin-right:0in;margin-bottom:10.0pt;margin-left:0in;line-height:115%;margin-bottom:0in;margin-bottom:.0001pt;line-height:normal;background:white;text-autospace:none'>Chinese medicine - related party</p> </td> <td width="102" valign="bottom" style='width:76.5pt;border:none;border-bottom:solid black 1.0pt;background:white;padding:0in 0in 1.5pt 0in'> <p style='margin-top:0in;margin-right:0in;margin-bottom:10.0pt;margin-left:0in;line-height:115%;margin-bottom:0in;margin-bottom:.0001pt;line-height:normal;background:white;text-autospace:none'>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; 0</p> </td> <td width="96" valign="bottom" style='width:1.0in;border:none;border-bottom:solid black 1.0pt;background:white;padding:0in 0in 1.5pt 0in'> <p style='margin-top:0in;margin-right:0in;margin-bottom:10.0pt;margin-left:0in;line-height:115%;margin-bottom:0in;margin-bottom:.0001pt;line-height:normal;background:white;text-autospace:none'>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; 0</p> </td> <td width="102" valign="bottom" style='width:76.5pt;border:none;border-bottom:solid black 1.0pt;background:white;padding:0in 0in 1.5pt 0in'> <p style='margin-top:0in;margin-right:0in;margin-bottom:10.0pt;margin-left:0in;line-height:115%;margin-bottom:0in;margin-bottom:.0001pt;line-height:normal;background:white;text-autospace:none'>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; 0</p> </td> <td width="96" valign="bottom" style='width:1.0in;border:none;border-bottom:solid black 1.0pt;background:white;padding:0'> <p style='margin-top:0in;margin-right:0in;margin-bottom:10.0pt;margin-left:0in;line-height:115%;margin-bottom:0in;margin-bottom:.0001pt;line-height:normal;background:white;text-autospace:none'>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; 0</p> </td> </tr> <tr align="left"> <td width="276" valign="bottom" style='width:207.0pt;background:#CCEEFF;padding:0in 0in 1.5pt 0in'> <p style='margin-top:0in;margin-right:0in;margin-bottom:10.0pt;margin-left:0in;line-height:115%;margin-bottom:0in;margin-bottom:.0001pt;line-height:normal;background:#CCEEFF;text-autospace:none'>Total Chinese medicine</p> </td> <td width="102" valign="bottom" style='width:76.5pt;border:none;border-bottom:solid black 1.0pt;background:#CCEEFF;padding:0in 0in 1.5pt 0in'> <p style='margin-top:0in;margin-right:0in;margin-bottom:10.0pt;margin-left:0in;line-height:115%;margin-bottom:0in;margin-bottom:.0001pt;line-height:normal;background:#CCEEFF;text-autospace:none'>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; 859,933</p> </td> <td width="96" valign="bottom" style='width:1.0in;border:none;border-bottom:solid black 1.0pt;background:#CCEEFF;padding:0in 0in 1.5pt 0in'> <p style='margin-top:0in;margin-right:0in;margin-bottom:10.0pt;margin-left:0in;line-height:115%;margin-bottom:0in;margin-bottom:.0001pt;line-height:normal;background:#CCEEFF;text-autospace:none'>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; 622,516</p> </td> <td width="102" valign="bottom" style='width:76.5pt;border:none;border-bottom:solid black 1.0pt;background:#CCEEFF;padding:0in 0in 1.5pt 0in'> <p style='margin-top:0in;margin-right:0in;margin-bottom:10.0pt;margin-left:0in;line-height:115%;margin-bottom:0in;margin-bottom:.0001pt;line-height:normal;background:#CCEEFF;text-autospace:none'>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; 2,240,055</p> </td> <td width="96" valign="bottom" style='width:1.0in;border:none;border-bottom:solid black 1.0pt;background:#CCEEFF;padding:0'> <p style='margin-top:0in;margin-right:0in;margin-bottom:10.0pt;margin-left:0in;line-height:115%;margin-bottom:0in;margin-bottom:.0001pt;line-height:normal;background:#CCEEFF;text-autospace:none'>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; 1,789,482</p> </td> </tr> <tr align="left"> <td width="276" valign="bottom" style='width:207.0pt;background:white;padding:0'> <p style='margin-top:0in;margin-right:0in;margin-bottom:10.0pt;margin-left:0in;line-height:115%;margin-bottom:0in;margin-bottom:.0001pt;line-height:normal;background:white;text-autospace:none'>&nbsp;</p> </td> <td width="102" valign="bottom" style='width:76.5pt;background:white;padding:0'> <p style='margin-top:0in;margin-right:0in;margin-bottom:10.0pt;margin-left:0in;line-height:115%;margin-bottom:0in;margin-bottom:.0001pt;line-height:normal;background:white;text-autospace:none'>&nbsp;</p> </td> <td width="96" valign="bottom" style='width:1.0in;background:white;padding:0'> <p style='margin-top:0in;margin-right:0in;margin-bottom:10.0pt;margin-left:0in;line-height:115%;margin-bottom:0in;margin-bottom:.0001pt;line-height:normal;background:white;text-autospace:none'>&nbsp;</p> </td> <td width="102" valign="bottom" style='width:76.5pt;background:white;padding:0'> <p style='margin-top:0in;margin-right:0in;margin-bottom:10.0pt;margin-left:0in;line-height:115%;margin-bottom:0in;margin-bottom:.0001pt;line-height:normal;background:white;text-autospace:none'>&nbsp;</p> </td> <td width="96" valign="bottom" style='width:1.0in;background:white;padding:0'> <p style='margin-top:0in;margin-right:0in;margin-bottom:10.0pt;margin-left:0in;line-height:115%;margin-bottom:0in;margin-bottom:.0001pt;line-height:normal;background:white;text-autospace:none'>&nbsp;</p> </td> </tr> <tr align="left"> <td width="276" valign="bottom" style='width:207.0pt;background:#CCEEFF;padding:0'> <p style='margin-top:0in;margin-right:0in;margin-bottom:10.0pt;margin-left:0in;line-height:115%;margin-bottom:0in;margin-bottom:.0001pt;line-height:normal;background:#CCEEFF;text-autospace:none'>Stevioside - third party</p> </td> <td width="102" valign="bottom" style='width:76.5pt;background:#CCEEFF;padding:0'> <p style='margin-top:0in;margin-right:0in;margin-bottom:10.0pt;margin-left:0in;line-height:115%;margin-bottom:0in;margin-bottom:.0001pt;line-height:normal;background:#CCEEFF;text-autospace:none'>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; 3,421,023</p> </td> <td width="96" valign="bottom" style='width:1.0in;background:#CCEEFF;padding:0'> <p style='margin-top:0in;margin-right:0in;margin-bottom:10.0pt;margin-left:0in;line-height:115%;margin-bottom:0in;margin-bottom:.0001pt;line-height:normal;background:#CCEEFF;text-autospace:none'>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; 1,732,821</p> </td> <td width="102" valign="bottom" style='width:76.5pt;background:#CCEEFF;padding:0'> <p style='margin-top:0in;margin-right:0in;margin-bottom:10.0pt;margin-left:0in;line-height:115%;margin-bottom:0in;margin-bottom:.0001pt;line-height:normal;background:#CCEEFF;text-autospace:none'>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; 8,413,018</p> </td> <td width="96" valign="bottom" style='width:1.0in;background:#CCEEFF;padding:0'> <p style='margin-top:0in;margin-right:0in;margin-bottom:10.0pt;margin-left:0in;line-height:115%;margin-bottom:0in;margin-bottom:.0001pt;line-height:normal;background:#CCEEFF;text-autospace:none'>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; 4,768,956</p> </td> </tr> <tr align="left"> <td width="276" valign="bottom" style='width:207.0pt;background:white;padding:0in 0in 1.5pt 0in'> <p style='margin-top:0in;margin-right:0in;margin-bottom:10.0pt;margin-left:0in;line-height:115%;margin-bottom:0in;margin-bottom:.0001pt;line-height:normal;background:white;text-autospace:none'>Stevioside - related party</p> </td> <td width="102" valign="bottom" style='width:76.5pt;border:none;border-bottom:solid black 1.0pt;background:white;padding:0in 0in 1.5pt 0in'> <p style='margin-top:0in;margin-right:0in;margin-bottom:10.0pt;margin-left:0in;line-height:115%;margin-bottom:0in;margin-bottom:.0001pt;line-height:normal;background:white;text-autospace:none'>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; 2,129,371</p> </td> <td width="96" valign="bottom" style='width:1.0in;border:none;border-bottom:solid black 1.0pt;background:white;padding:0in 0in 1.5pt 0in'> <p style='margin-top:0in;margin-right:0in;margin-bottom:10.0pt;margin-left:0in;line-height:115%;margin-bottom:0in;margin-bottom:.0001pt;line-height:normal;background:white;text-autospace:none'>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; 1,488,937</p> </td> <td width="102" valign="bottom" style='width:76.5pt;border:none;border-bottom:solid black 1.0pt;background:white;padding:0in 0in 1.5pt 0in'> <p style='margin-top:0in;margin-right:0in;margin-bottom:10.0pt;margin-left:0in;line-height:115%;margin-bottom:0in;margin-bottom:.0001pt;line-height:normal;background:white;text-autospace:none'>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; 5,591,740</p> </td> <td width="96" valign="bottom" style='width:1.0in;border:none;border-bottom:solid black 1.0pt;background:white;padding:0'> <p style='margin-top:0in;margin-right:0in;margin-bottom:10.0pt;margin-left:0in;line-height:115%;margin-bottom:0in;margin-bottom:.0001pt;line-height:normal;background:white;text-autospace:none'>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; 5,346,991</p> </td> </tr> <tr align="left"> <td width="276" valign="bottom" style='width:207.0pt;background:#CCEEFF;padding:0in 0in 1.5pt 0in'> <p style='margin-top:0in;margin-right:0in;margin-bottom:10.0pt;margin-left:0in;line-height:115%;margin-bottom:0in;margin-bottom:.0001pt;line-height:normal;background:#CCEEFF;text-autospace:none'>Total Stevioside</p> </td> <td width="102" valign="bottom" style='width:76.5pt;border:none;border-bottom:solid black 1.0pt;background:#CCEEFF;padding:0in 0in 1.5pt 0in'> <p style='margin-top:0in;margin-right:0in;margin-bottom:10.0pt;margin-left:0in;line-height:115%;margin-bottom:0in;margin-bottom:.0001pt;line-height:normal;background:#CCEEFF;text-autospace:none'>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; 5,550,394</p> </td> <td width="96" valign="bottom" style='width:1.0in;border:none;border-bottom:solid black 1.0pt;background:#CCEEFF;padding:0in 0in 1.5pt 0in'> <p style='margin-top:0in;margin-right:0in;margin-bottom:10.0pt;margin-left:0in;line-height:115%;margin-bottom:0in;margin-bottom:.0001pt;line-height:normal;background:#CCEEFF;text-autospace:none'>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; 3,221,758</p> </td> <td width="102" valign="bottom" style='width:76.5pt;border:none;border-bottom:solid black 1.0pt;background:#CCEEFF;padding:0in 0in 1.5pt 0in'> <p style='margin-top:0in;margin-right:0in;margin-bottom:10.0pt;margin-left:0in;line-height:115%;margin-bottom:0in;margin-bottom:.0001pt;line-height:normal;background:#CCEEFF;text-autospace:none'>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; 14,004,758</p> </td> <td width="96" valign="bottom" style='width:1.0in;border:none;border-bottom:solid black 1.0pt;background:#CCEEFF;padding:0'> <p style='margin-top:0in;margin-right:0in;margin-bottom:10.0pt;margin-left:0in;line-height:115%;margin-bottom:0in;margin-bottom:.0001pt;line-height:normal;background:#CCEEFF;text-autospace:none'>&#160;&#160;&#160;&#160;&#160;&#160; 10,115,947</p> </td> </tr> <tr align="left"> <td width="276" valign="bottom" style='width:207.0pt;background:white;padding:0in 0in 3.0pt 0in'> <p style='margin-top:0in;margin-right:0in;margin-bottom:10.0pt;margin-left:0in;line-height:115%;margin-bottom:0in;margin-bottom:.0001pt;line-height:normal;background:white;text-autospace:none'>Total segment and consolidated revenues</p> </td> <td width="102" valign="bottom" style='width:76.5pt;border:none;border-bottom:double black 2.25pt;background:white;padding:0in 0in 3.0pt 0in'> <p style='margin-top:0in;margin-right:0in;margin-bottom:10.0pt;margin-left:0in;line-height:115%;margin-bottom:0in;margin-bottom:.0001pt;line-height:normal;background:white;text-autospace:none'><b>&#160;&#160; $&#160;&#160;&#160;&#160;&#160;&#160;&#160; 6,410,327</b></p> </td> <td width="96" valign="bottom" style='width:1.0in;border:none;border-bottom:double black 2.25pt;background:white;padding:0in 0in 3.0pt 0in'> <p style='margin-top:0in;margin-right:0in;margin-bottom:10.0pt;margin-left:0in;line-height:115%;margin-bottom:0in;margin-bottom:.0001pt;line-height:normal;background:white;text-autospace:none'><b>&#160;&#160; $&#160;&#160; 3,844,274</b></p> </td> <td width="102" valign="bottom" style='width:76.5pt;border:none;border-bottom:double black 2.25pt;background:white;padding:0in 0in 3.0pt 0in'> <p style='margin-top:0in;margin-right:0in;margin-bottom:10.0pt;margin-left:0in;line-height:115%;margin-bottom:0in;margin-bottom:.0001pt;line-height:normal;background:white;text-autospace:none'><b>&#160;&#160; $&#160;&#160;&#160;&#160;&#160; 16,244,813</b></p> </td> <td width="96" valign="bottom" style='width:1.0in;border:none;border-bottom:double black 2.25pt;background:white;padding:0'> <p style='margin-top:0in;margin-right:0in;margin-bottom:10.0pt;margin-left:0in;line-height:115%;margin-bottom:0in;margin-bottom:.0001pt;line-height:normal;background:white;text-autospace:none'><b>&#160;&#160; $&#160; 11,905,429</b></p> </td> </tr> <tr align="left"> <td width="276" valign="bottom" style='width:207.0pt;padding:0'> <p style='margin-top:0in;margin-right:0in;margin-bottom:10.0pt;margin-left:0in;line-height:115%;margin-bottom:0in;margin-bottom:.0001pt;line-height:normal;text-autospace:none'>&nbsp;Interest (expense) income:</p> </td> <td width="102" valign="bottom" style='width:76.5pt;padding:0'> <p style='margin-top:0in;margin-right:0in;margin-bottom:10.0pt;margin-left:0in;line-height:115%;margin-bottom:0in;margin-bottom:.0001pt;line-height:normal;text-autospace:none'>&nbsp;</p> </td> <td width="96" valign="bottom" style='width:1.0in;padding:0'> <p style='margin-top:0in;margin-right:0in;margin-bottom:10.0pt;margin-left:0in;line-height:115%;margin-bottom:0in;margin-bottom:.0001pt;line-height:normal;text-autospace:none'>&nbsp;</p> </td> <td width="102" valign="bottom" style='width:76.5pt;padding:0'> <p style='margin-top:0in;margin-right:0in;margin-bottom:10.0pt;margin-left:0in;line-height:115%;margin-bottom:0in;margin-bottom:.0001pt;line-height:normal;text-autospace:none'>&nbsp;</p> </td> <td width="96" valign="bottom" style='width:72.15pt;padding:0'> <p style='margin-top:0in;margin-right:0in;margin-bottom:10.0pt;margin-left:0in;line-height:115%;margin-bottom:0in;margin-bottom:.0001pt;line-height:normal;text-autospace:none'>&nbsp;</p> </td> </tr> <tr align="left"> <td width="276" valign="bottom" style='width:207.0pt;background:#CCEEFF;padding:0'> <p style='margin-top:0in;margin-right:0in;margin-bottom:10.0pt;margin-left:0in;line-height:115%;margin-bottom:0in;margin-bottom:.0001pt;line-height:normal;background:#CCEEFF;text-autospace:none'>Chinese medicine</p> </td> <td width="102" valign="bottom" style='width:76.5pt;background:#CCEEFF;padding:0'> <p style='margin-top:0in;margin-right:0in;margin-bottom:10.0pt;margin-left:0in;line-height:115%;margin-bottom:0in;margin-bottom:.0001pt;line-height:normal;background:#CCEEFF;text-autospace:none'>&#160;&#160; $&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; 105&nbsp;</p> </td> <td width="96" valign="bottom" style='width:1.0in;background:#CCEEFF;padding:0'> <p style='margin-top:0in;margin-right:0in;margin-bottom:10.0pt;margin-left:0in;line-height:115%;margin-bottom:0in;margin-bottom:.0001pt;line-height:normal;background:#CCEEFF;text-autospace:none'>&#160; $&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; 33&nbsp;</p> </td> <td width="102" valign="bottom" style='width:76.5pt;background:#CCEEFF;padding:0'> <p style='margin-top:0in;margin-right:0in;margin-bottom:10.0pt;margin-left:0in;line-height:115%;margin-bottom:0in;margin-bottom:.0001pt;line-height:normal;background:#CCEEFF;text-autospace:none'>&#160;&#160; $&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; 178&nbsp;</p> </td> <td width="96" valign="bottom" style='width:72.15pt;background:#CCEEFF;padding:0'> <p style='margin-top:0in;margin-right:0in;margin-bottom:10.0pt;margin-left:0in;line-height:115%;margin-bottom:0in;margin-bottom:.0001pt;line-height:normal;background:#CCEEFF;text-autospace:none'>&#160; $&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; 168&nbsp;</p> </td> </tr> <tr align="left"> <td width="276" valign="bottom" style='width:207.0pt;background:white;padding:0in 0in 1.5pt 0in'> <p style='margin-top:0in;margin-right:0in;margin-bottom:10.0pt;margin-left:0in;line-height:115%;margin-bottom:0in;margin-bottom:.0001pt;line-height:normal;background:white;text-autospace:none'>Stevioside</p> </td> <td width="102" valign="bottom" style='width:76.5pt;border:none;border-bottom:solid black 1.0pt;background:white;padding:0in 0in 1.5pt 0in'> <p style='margin-top:0in;margin-right:0in;margin-bottom:10.0pt;margin-left:0in;line-height:115%;margin-bottom:0in;margin-bottom:.0001pt;line-height:normal;background:white;text-autospace:none'>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; (100,363)</p> </td> <td width="96" valign="bottom" style='width:1.0in;border:none;border-bottom:solid black 1.0pt;background:white;padding:0in 0in 1.5pt 0in'> <p style='margin-top:0in;margin-right:0in;margin-bottom:10.0pt;margin-left:0in;line-height:115%;margin-bottom:0in;margin-bottom:.0001pt;line-height:normal;background:white;text-autospace:none'>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; (61,988)</p> </td> <td width="102" valign="bottom" style='width:76.5pt;border:none;border-bottom:solid black 1.0pt;background:white;padding:0in 0in 1.5pt 0in'> <p style='margin-top:0in;margin-right:0in;margin-bottom:10.0pt;margin-left:0in;line-height:115%;margin-bottom:0in;margin-bottom:.0001pt;line-height:normal;background:white;text-autospace:none'>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; (270,334)</p> </td> <td width="96" valign="bottom" style='width:72.15pt;border:none;border-bottom:solid black 1.0pt;background:white;padding:0'> <p style='margin-top:0in;margin-right:0in;margin-bottom:10.0pt;margin-left:0in;line-height:115%;margin-bottom:0in;margin-bottom:.0001pt;line-height:normal;background:white;text-autospace:none'>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; (226,536)</p> </td> </tr> <tr align="left"> <td width="276" valign="bottom" style='width:207.0pt;background:#CCEEFF;padding:0in 0in 3.0pt 0in'> <p style='margin-top:0in;margin-right:0in;margin-bottom:10.0pt;margin-left:0in;line-height:115%;margin-bottom:0in;margin-bottom:.0001pt;line-height:normal;background:#CCEEFF;text-autospace:none'>Total segment and consolidated interest expense</p> </td> <td width="102" valign="bottom" style='width:76.5pt;border:none;border-bottom:double black 2.25pt;background:#CCEEFF;padding:0in 0in 3.0pt 0in'> <p style='margin-top:0in;margin-right:0in;margin-bottom:10.0pt;margin-left:0in;line-height:115%;margin-bottom:0in;margin-bottom:.0001pt;line-height:normal;background:#CCEEFF;text-autospace:none'><b>&#160;&#160; $&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; (100,258)</b></p> </td> <td width="96" valign="bottom" style='width:1.0in;border:none;border-bottom:double black 2.25pt;background:#CCEEFF;padding:0in 0in 3.0pt 0in'> <p style='margin-top:0in;margin-right:0in;margin-bottom:10.0pt;margin-left:0in;line-height:115%;margin-bottom:0in;margin-bottom:.0001pt;line-height:normal;background:#CCEEFF;text-autospace:none'><b>&#160; $&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; (61,955)</b></p> </td> <td width="102" valign="bottom" style='width:76.5pt;border:none;border-bottom:double black 2.25pt;background:#CCEEFF;padding:0in 0in 3.0pt 0in'> <p style='margin-top:0in;margin-right:0in;margin-bottom:10.0pt;margin-left:0in;line-height:115%;margin-bottom:0in;margin-bottom:.0001pt;line-height:normal;background:#CCEEFF;text-autospace:none'><b>&#160;&#160; $&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; (270,156)</b></p> </td> <td width="96" valign="bottom" style='width:72.15pt;border:none;border-bottom:double black 2.25pt;background:#CCEEFF;padding:0'> <p style='margin-top:0in;margin-right:0in;margin-bottom:10.0pt;margin-left:0in;line-height:115%;margin-bottom:0in;margin-bottom:.0001pt;line-height:normal;background:#CCEEFF;text-autospace:none'><b>&#160; $&#160;&#160;&#160;&#160;&#160;&#160; (226,368)</b></p> </td> </tr> <tr align="left"> <td width="276" valign="bottom" style='width:207.0pt;background:#CCEEFF;padding:0'> <p style='margin-top:0in;margin-right:0in;margin-bottom:10.0pt;margin-left:0in;line-height:115%;margin-bottom:0in;margin-bottom:.0001pt;line-height:normal;background:#CCEEFF;text-autospace:none'>Depreciation and amortization:</p> </td> <td width="102" valign="bottom" style='width:76.5pt;background:#CCEEFF;padding:0'> <p style='margin-top:0in;margin-right:0in;margin-bottom:10.0pt;margin-left:0in;line-height:115%;margin-bottom:0in;margin-bottom:.0001pt;line-height:normal;background:#CCEEFF;text-autospace:none'>&nbsp;</p> </td> <td width="96" valign="bottom" style='width:1.0in;background:#CCEEFF;padding:0'> <p style='margin-top:0in;margin-right:0in;margin-bottom:10.0pt;margin-left:0in;line-height:115%;margin-bottom:0in;margin-bottom:.0001pt;line-height:normal;background:#CCEEFF;text-autospace:none'>&nbsp;</p> </td> <td width="102" valign="bottom" style='width:76.5pt;background:#CCEEFF;padding:0'> <p style='margin-top:0in;margin-right:0in;margin-bottom:10.0pt;margin-left:0in;line-height:115%;margin-bottom:0in;margin-bottom:.0001pt;line-height:normal;background:#CCEEFF;text-autospace:none'>&nbsp;</p> </td> <td width="96" valign="bottom" style='width:72.15pt;background:#CCEEFF;padding:0'> <p style='margin-top:0in;margin-right:0in;margin-bottom:10.0pt;margin-left:0in;line-height:115%;margin-bottom:0in;margin-bottom:.0001pt;line-height:normal;background:#CCEEFF;text-autospace:none'>&nbsp;</p> </td> </tr> <tr align="left"> <td width="276" valign="bottom" style='width:207.0pt;background:white;padding:0'> <p style='margin-top:0in;margin-right:0in;margin-bottom:10.0pt;margin-left:0in;line-height:115%;margin-bottom:0in;margin-bottom:.0001pt;line-height:normal;background:white;text-autospace:none'>Chinese medicine</p> </td> <td width="102" valign="bottom" style='width:76.5pt;background:white;padding:0'> <p style='margin-top:0in;margin-right:0in;margin-bottom:10.0pt;margin-left:0in;line-height:115%;margin-bottom:0in;margin-bottom:.0001pt;line-height:normal;background:white;text-autospace:none'>&#160;&#160; $&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; 70,011&nbsp;</p> </td> <td width="96" valign="bottom" style='width:1.0in;background:white;padding:0'> <p style='margin-top:0in;margin-right:0in;margin-bottom:10.0pt;margin-left:0in;line-height:115%;margin-bottom:0in;margin-bottom:.0001pt;line-height:normal;background:white;text-autospace:none'>&#160; $&#160;&#160;&#160;&#160;&#160;&#160;&#160; 167,067&nbsp;</p> </td> <td width="102" valign="bottom" style='width:76.5pt;background:white;padding:0'> <p style='margin-top:0in;margin-right:0in;margin-bottom:10.0pt;margin-left:0in;line-height:115%;margin-bottom:0in;margin-bottom:.0001pt;line-height:normal;background:white;text-autospace:none'>&#160;&#160; $&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; 218,060&nbsp;</p> </td> <td width="96" valign="bottom" style='width:72.15pt;background:white;padding:0'> <p style='margin-top:0in;margin-right:0in;margin-bottom:10.0pt;margin-left:0in;line-height:115%;margin-bottom:0in;margin-bottom:.0001pt;line-height:normal;background:white;text-autospace:none'>&#160; $&#160;&#160;&#160;&#160;&#160;&#160;&#160; 319,654&nbsp;</p> </td> </tr> <tr align="left"> <td width="276" valign="bottom" style='width:207.0pt;background:#CCEEFF;padding:0in 0in 1.5pt 0in'> <p style='margin-top:0in;margin-right:0in;margin-bottom:10.0pt;margin-left:0in;line-height:115%;margin-bottom:0in;margin-bottom:.0001pt;line-height:normal;background:#CCEEFF;text-autospace:none'>Stevioside</p> </td> <td width="102" valign="bottom" style='width:76.5pt;border:none;border-bottom:solid black 1.0pt;background:#CCEEFF;padding:0in 0in 1.5pt 0in'> <p style='margin-top:0in;margin-right:0in;margin-bottom:10.0pt;margin-left:0in;line-height:115%;margin-bottom:0in;margin-bottom:.0001pt;line-height:normal;background:#CCEEFF;text-autospace:none'>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; 356,809&nbsp;</p> </td> <td width="96" valign="bottom" style='width:1.0in;border:none;border-bottom:solid black 1.0pt;background:#CCEEFF;padding:0in 0in 1.5pt 0in'> <p style='margin-top:0in;margin-right:0in;margin-bottom:10.0pt;margin-left:0in;line-height:115%;margin-bottom:0in;margin-bottom:.0001pt;line-height:normal;background:#CCEEFF;text-autospace:none'>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; 363,659&nbsp;</p> </td> <td width="102" valign="bottom" style='width:76.5pt;border:none;border-bottom:solid black 1.0pt;background:#CCEEFF;padding:0in 0in 1.5pt 0in'> <p style='margin-top:0in;margin-right:0in;margin-bottom:10.0pt;margin-left:0in;line-height:115%;margin-bottom:0in;margin-bottom:.0001pt;line-height:normal;background:#CCEEFF;text-autospace:none'>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; 1,057,808&nbsp;</p> </td> <td width="96" valign="bottom" style='width:72.15pt;border:none;border-bottom:solid black 1.0pt;background:#CCEEFF;padding:0'> <p style='margin-top:0in;margin-right:0in;margin-bottom:10.0pt;margin-left:0in;line-height:115%;margin-bottom:0in;margin-bottom:.0001pt;line-height:normal;background:#CCEEFF;text-autospace:none'>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; 1,121,680&nbsp;</p> </td> </tr> <tr align="left"> <td width="276" valign="bottom" style='width:207.0pt;background:white;padding:0in 0in 3.0pt 0in'> <p style='margin-top:0in;margin-right:0in;margin-bottom:10.0pt;margin-left:0in;line-height:115%;margin-bottom:0in;margin-bottom:.0001pt;line-height:normal;background:white;text-autospace:none'>Total segment and consolidated depreciation and amortization</p> </td> <td width="102" valign="bottom" style='width:76.5pt;border:none;border-bottom:double black 2.25pt;background:white;padding:0in 0in 3.0pt 0in'> <p style='margin-top:0in;margin-right:0in;margin-bottom:10.0pt;margin-left:0in;line-height:115%;margin-bottom:0in;margin-bottom:.0001pt;line-height:normal;background:white;text-autospace:none'>&#160;&#160; $&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; 426,820&nbsp;</p> </td> <td width="96" valign="bottom" style='width:1.0in;border:none;border-bottom:double black 2.25pt;background:white;padding:0in 0in 3.0pt 0in'> <p style='margin-top:0in;margin-right:0in;margin-bottom:10.0pt;margin-left:0in;line-height:115%;margin-bottom:0in;margin-bottom:.0001pt;line-height:normal;background:white;text-autospace:none'>&#160; $&#160;&#160;&#160;&#160;&#160;&#160;&#160; 530,726&nbsp;</p> </td> <td width="102" valign="bottom" style='width:76.5pt;border:none;border-bottom:double black 2.25pt;background:white;padding:0in 0in 3.0pt 0in'> <p style='margin-top:0in;margin-right:0in;margin-bottom:10.0pt;margin-left:0in;line-height:115%;margin-bottom:0in;margin-bottom:.0001pt;line-height:normal;background:white;text-autospace:none'>&#160;&#160; $&#160;&#160;&#160;&#160;&#160;&#160;&#160; 1,275,868&nbsp;</p> </td> <td width="96" valign="bottom" style='width:72.15pt;border:none;border-bottom:double black 2.25pt;background:white;padding:0'> <p style='margin-top:0in;margin-right:0in;margin-bottom:10.0pt;margin-left:0in;line-height:115%;margin-bottom:0in;margin-bottom:.0001pt;line-height:normal;background:white;text-autospace:none'>&#160; $&#160;&#160;&#160;&#160; 1,441,334&nbsp;</p> </td> </tr> <tr align="left"> <td width="276" valign="bottom" style='width:207.0pt;background:#CCEEFF;padding:0'> <p style='margin-top:0in;margin-right:0in;margin-bottom:10.0pt;margin-left:0in;line-height:115%;margin-bottom:0in;margin-bottom:.0001pt;line-height:normal;background:#CCEEFF;text-autospace:none'>Income (loss) before income taxes:</p> </td> <td width="102" valign="bottom" style='width:76.5pt;background:#CCEEFF;padding:0'> <p style='margin-top:0in;margin-right:0in;margin-bottom:10.0pt;margin-left:0in;line-height:115%;margin-bottom:0in;margin-bottom:.0001pt;line-height:normal;background:#CCEEFF;text-autospace:none'>&nbsp;</p> </td> <td width="96" valign="bottom" style='width:1.0in;background:#CCEEFF;padding:0'> <p style='margin-top:0in;margin-right:0in;margin-bottom:10.0pt;margin-left:0in;line-height:115%;margin-bottom:0in;margin-bottom:.0001pt;line-height:normal;background:#CCEEFF;text-autospace:none'>&nbsp;</p> </td> <td width="102" valign="bottom" style='width:76.5pt;background:#CCEEFF;padding:0'> <p style='margin-top:0in;margin-right:0in;margin-bottom:10.0pt;margin-left:0in;line-height:115%;margin-bottom:0in;margin-bottom:.0001pt;line-height:normal;background:#CCEEFF;text-autospace:none'>&nbsp;</p> </td> <td width="96" valign="bottom" style='width:72.15pt;background:#CCEEFF;padding:0'> <p style='margin-top:0in;margin-right:0in;margin-bottom:10.0pt;margin-left:0in;line-height:115%;margin-bottom:0in;margin-bottom:.0001pt;line-height:normal;background:#CCEEFF;text-autospace:none'>&nbsp;</p> </td> </tr> <tr align="left"> <td width="276" valign="bottom" style='width:207.0pt;background:white;padding:0'> <p style='margin-top:0in;margin-right:0in;margin-bottom:10.0pt;margin-left:0in;line-height:115%;margin-bottom:0in;margin-bottom:.0001pt;line-height:normal;background:white;text-autospace:none'>Chinese medicine</p> </td> <td width="102" valign="bottom" style='width:76.5pt;background:white;padding:0'> <p style='margin-top:0in;margin-right:0in;margin-bottom:10.0pt;margin-left:0in;line-height:115%;margin-bottom:0in;margin-bottom:.0001pt;line-height:normal;background:white;text-autospace:none'>&#160;&#160; $&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; (38,147)</p> </td> <td width="96" valign="bottom" style='width:1.0in;background:white;padding:0'> <p style='margin-top:0in;margin-right:0in;margin-bottom:10.0pt;margin-left:0in;line-height:115%;margin-bottom:0in;margin-bottom:.0001pt;line-height:normal;background:white;text-autospace:none'>&#160; $&#160;&#160;&#160;&#160;&#160;&#160; (347,764)</p> </td> <td width="102" valign="bottom" style='width:76.5pt;background:white;padding:0'> <p style='margin-top:0in;margin-right:0in;margin-bottom:10.0pt;margin-left:0in;line-height:115%;margin-bottom:0in;margin-bottom:.0001pt;line-height:normal;background:white;text-autospace:none'>&#160;&#160; $&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; (188,043)</p> </td> <td width="96" valign="bottom" style='width:72.15pt;background:white;padding:0'> <p style='margin-top:0in;margin-right:0in;margin-bottom:10.0pt;margin-left:0in;line-height:115%;margin-bottom:0in;margin-bottom:.0001pt;line-height:normal;background:white;text-autospace:none'>&#160; $&#160;&#160;&#160;&#160;&#160;&#160; (356,370)</p> </td> </tr> <tr align="left"> <td width="276" valign="bottom" style='width:207.0pt;background:#CCEEFF;padding:0'> <p style='margin-top:0in;margin-right:0in;margin-bottom:10.0pt;margin-left:0in;line-height:115%;margin-bottom:0in;margin-bottom:.0001pt;line-height:normal;background:#CCEEFF;text-autospace:none'>Stevioside</p> </td> <td width="102" valign="bottom" style='width:76.5pt;background:#CCEEFF;padding:0'> <p style='margin-top:0in;margin-right:0in;margin-bottom:10.0pt;margin-left:0in;line-height:115%;margin-bottom:0in;margin-bottom:.0001pt;line-height:normal;background:#CCEEFF;text-autospace:none'>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; (508,840)</p> </td> <td width="96" valign="bottom" style='width:1.0in;background:#CCEEFF;padding:0'> <p style='margin-top:0in;margin-right:0in;margin-bottom:10.0pt;margin-left:0in;line-height:115%;margin-bottom:0in;margin-bottom:.0001pt;line-height:normal;background:#CCEEFF;text-autospace:none'>&#160;&#160;&#160;&#160;&#160;&#160; (1,431,534)</p> </td> <td width="102" valign="bottom" style='width:76.5pt;background:#CCEEFF;padding:0'> <p style='margin-top:0in;margin-right:0in;margin-bottom:10.0pt;margin-left:0in;line-height:115%;margin-bottom:0in;margin-bottom:.0001pt;line-height:normal;background:#CCEEFF;text-autospace:none'>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; (1,336,510)</p> </td> <td width="96" valign="bottom" style='width:72.15pt;background:#CCEEFF;padding:0'> <p style='margin-top:0in;margin-right:0in;margin-bottom:10.0pt;margin-left:0in;line-height:115%;margin-bottom:0in;margin-bottom:.0001pt;line-height:normal;background:#CCEEFF;text-autospace:none'>&#160;&#160;&#160;&#160;&#160;&#160; (1,764,416)</p> </td> </tr> <tr align="left"> <td width="276" valign="bottom" style='width:207.0pt;background:white;padding:0in 0in 1.5pt 0in'> <p style='margin-top:0in;margin-right:0in;margin-bottom:10.0pt;margin-left:0in;line-height:115%;margin-bottom:0in;margin-bottom:.0001pt;line-height:normal;background:white;text-autospace:none'>Corporate and other</p> </td> <td width="102" valign="bottom" style='width:76.5pt;border:none;border-bottom:solid black 1.0pt;background:white;padding:0in 0in 1.5pt 0in'> <p style='margin-top:0in;margin-right:0in;margin-bottom:10.0pt;margin-left:0in;line-height:115%;margin-bottom:0in;margin-bottom:.0001pt;line-height:normal;background:white;text-autospace:none'>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; (358,697)</p> </td> <td width="96" valign="bottom" style='width:1.0in;border:none;border-bottom:solid black 1.0pt;background:white;padding:0in 0in 1.5pt 0in'> <p style='margin-top:0in;margin-right:0in;margin-bottom:10.0pt;margin-left:0in;line-height:115%;margin-bottom:0in;margin-bottom:.0001pt;line-height:normal;background:white;text-autospace:none'>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; (320,216)</p> </td> <td width="102" valign="bottom" style='width:76.5pt;border:none;border-bottom:solid black 1.0pt;background:white;padding:0in 0in 1.5pt 0in'> <p style='margin-top:0in;margin-right:0in;margin-bottom:10.0pt;margin-left:0in;line-height:115%;margin-bottom:0in;margin-bottom:.0001pt;line-height:normal;background:white;text-autospace:none'>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; (1,125,711)</p> </td> <td width="96" valign="bottom" style='width:72.15pt;border:none;border-bottom:solid black 1.0pt;background:white;padding:0'> <p style='margin-top:0in;margin-right:0in;margin-bottom:10.0pt;margin-left:0in;line-height:115%;margin-bottom:0in;margin-bottom:.0001pt;line-height:normal;background:white;text-autospace:none'>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; (612,703)</p> </td> </tr> <tr align="left"> <td width="276" valign="bottom" style='width:207.0pt;background:#CCEEFF;padding:0in 0in 3.0pt 0in'> <p style='margin-top:0in;margin-right:0in;margin-bottom:10.0pt;margin-left:0in;line-height:115%;margin-bottom:0in;margin-bottom:.0001pt;line-height:normal;background:#CCEEFF;text-autospace:none'>Total consolidated (loss) income before income taxes</p> </td> <td width="102" valign="bottom" style='width:76.5pt;border:none;border-bottom:double black 2.25pt;background:#CCEEFF;padding:0in 0in 3.0pt 0in'> <p style='margin-top:0in;margin-right:0in;margin-bottom:10.0pt;margin-left:0in;line-height:115%;margin-bottom:0in;margin-bottom:.0001pt;line-height:normal;background:#CCEEFF;text-autospace:none'><b>&#160;&#160; $&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; (905,684)</b></p> </td> <td width="96" valign="bottom" style='width:1.0in;border:none;border-bottom:double black 2.25pt;background:#CCEEFF;padding:0in 0in 3.0pt 0in'> <p style='margin-top:0in;margin-right:0in;margin-bottom:10.0pt;margin-left:0in;line-height:115%;margin-bottom:0in;margin-bottom:.0001pt;line-height:normal;background:#CCEEFF;text-autospace:none'><b>&#160; $&#160;&#160; (2,099,514)</b></p> </td> <td width="102" valign="bottom" style='width:76.5pt;border:none;border-bottom:double black 2.25pt;background:#CCEEFF;padding:0in 0in 3.0pt 0in'> <p style='margin-top:0in;margin-right:0in;margin-bottom:10.0pt;margin-left:0in;line-height:115%;margin-bottom:0in;margin-bottom:.0001pt;line-height:normal;background:#CCEEFF;text-autospace:none'><b>&#160;&#160; $&#160;&#160;&#160;&#160;&#160;&#160; (2,650,264)</b></p> </td> <td width="96" valign="bottom" style='width:72.15pt;border:none;border-bottom:double black 2.25pt;background:#CCEEFF;padding:0'> <p style='margin-top:0in;margin-right:0in;margin-bottom:10.0pt;margin-left:0in;line-height:115%;margin-bottom:0in;margin-bottom:.0001pt;line-height:normal;background:#CCEEFF;text-autospace:none'><b>&#160; $&#160;&#160; (2,733,489)</b></p> </td> </tr> </table> <p style='margin-top:0in;margin-right:0in;margin-bottom:10.0pt;margin-left:0in;line-height:115%;margin-bottom:0in;margin-bottom:.0001pt;line-height:normal;text-autospace:none'>&nbsp;</p> <!--egx--><table border="0" cellspacing="0" cellpadding="0" style='margin-left:52.4pt;border-collapse:collapse'> <tr align="left"> <td width="357" valign="bottom" style='width:267.9pt;padding:0in 0in 1.5pt 0in'> <p style='margin-top:0in;margin-right:0in;margin-bottom:10.0pt;margin-left:0in;line-height:115%;margin-bottom:0in;margin-bottom:.0001pt;line-height:normal;text-autospace:none'>&nbsp; </p> </td> <td width="89" valign="bottom" style='width:67.0pt;border:none;border-bottom:solid black 1.0pt;padding:0in 0in 1.5pt 0in'> <p align="center" style='margin-top:0in;margin-right:0in;margin-bottom:10.0pt;margin-left:0in;line-height:115%;margin-bottom:0in;margin-bottom:.0001pt;text-align:center;line-height:normal;text-autospace:none'>January 31, 2017</p> <p align="center" style='margin-top:0in;margin-right:0in;margin-bottom:10.0pt;margin-left:0in;line-height:115%;margin-bottom:0in;margin-bottom:.0001pt;text-align:center;line-height:normal;text-autospace:none'>(Unaudited)</p> </td> <td width="89" valign="bottom" style='width:66.95pt;border:none;border-bottom:solid black 1.0pt;padding:0'> <p align="center" style='margin-top:0in;margin-right:0in;margin-bottom:10.0pt;margin-left:0in;line-height:115%;margin-bottom:0in;margin-bottom:.0001pt;text-align:center;line-height:normal;text-autospace:none'>April 30, 2016</p> </td> </tr> <tr align="left"> <td width="357" valign="bottom" style='width:267.9pt;padding:0'> <p style='margin-top:0in;margin-right:0in;margin-bottom:10.0pt;margin-left:0in;line-height:115%;margin-bottom:0in;margin-bottom:.0001pt;line-height:normal;text-autospace:none'>Segment tangible assets:</p> </td> <td width="89" valign="bottom" style='width:67.0pt;padding:0'> <p align="center" style='margin-top:0in;margin-right:0in;margin-bottom:10.0pt;margin-left:0in;line-height:115%;margin-bottom:0in;margin-bottom:.0001pt;text-align:center;line-height:normal;text-autospace:none'>&nbsp;</p> </td> <td width="89" valign="bottom" style='width:66.95pt;padding:0'> <p style='margin-top:0in;margin-right:0in;margin-bottom:10.0pt;margin-left:0in;line-height:115%;margin-bottom:0in;margin-bottom:.0001pt;line-height:normal;text-autospace:none'>&nbsp;</p> </td> </tr> <tr align="left"> <td width="357" valign="bottom" style='width:267.9pt;background:#CCEEFF;padding:0'> <p style='margin-top:0in;margin-right:0in;margin-bottom:10.0pt;margin-left:0in;line-height:115%;margin-bottom:0in;margin-bottom:.0001pt;text-indent:27.0pt;line-height:normal;background:#CCEEFF;text-autospace:none'>&nbsp;&nbsp;Chinese medicine</p> </td> <td width="89" valign="bottom" style='width:67.0pt;background:#CCEEFF;padding:0'> <p style='margin-top:0in;margin-right:0in;margin-bottom:10.0pt;margin-left:0in;line-height:115%;margin-bottom:0in;margin-bottom:.0001pt;line-height:normal;background:#CCEEFF;text-autospace:none'>&#160;&#160; $&#160;&#160; 1,439,498</p> </td> <td width="89" valign="bottom" style='width:66.95pt;background:#CCEEFF;padding:0'> <p style='margin-top:0in;margin-right:0in;margin-bottom:10.0pt;margin-left:0in;line-height:115%;margin-bottom:0in;margin-bottom:.0001pt;line-height:normal;background:#CCEEFF;text-autospace:none'>&#160;&#160; $&#160;&#160; 1,614,531</p> </td> </tr> <tr align="left"> <td width="357" valign="bottom" style='width:267.9pt;background:white;padding:0'> <p style='margin-top:0in;margin-right:0in;margin-bottom:10.0pt;margin-left:0in;line-height:115%;margin-bottom:0in;margin-bottom:.0001pt;text-indent:27.0pt;line-height:normal;background:white;text-autospace:none'>&nbsp;&nbsp;Stevioside</p> </td> <td width="89" valign="bottom" style='width:67.0pt;background:white;padding:0'> <p style='margin-top:0in;margin-right:0in;margin-bottom:10.0pt;margin-left:0in;line-height:115%;margin-bottom:0in;margin-bottom:.0001pt;line-height:normal;background:white;text-autospace:none'>&#160;&#160;&#160;&#160;&#160;&#160;&#160; 7,306,579</p> </td> <td width="89" valign="bottom" style='width:66.95pt;background:white;padding:0'> <p style='margin-top:0in;margin-right:0in;margin-bottom:10.0pt;margin-left:0in;line-height:115%;margin-bottom:0in;margin-bottom:.0001pt;line-height:normal;background:white;text-autospace:none'>&#160;&#160;&#160;&#160;&#160;&#160;&#160; 7,539,546</p> </td> </tr> <tr align="left"> <td width="357" valign="bottom" style='width:267.9pt;background:#CCEEFF;padding:0in 0in 1.5pt 0in'> <p style='margin-top:0in;margin-right:0in;margin-bottom:10.0pt;margin-left:0in;line-height:115%;margin-bottom:0in;margin-bottom:.0001pt;text-indent:27.0pt;line-height:normal;background:#CCEEFF;text-autospace:none'>&nbsp;&nbsp;Corporate and other</p> </td> <td width="89" valign="bottom" style='width:67.0pt;border:none;border-bottom:solid black 1.0pt;background:#CCEEFF;padding:0in 0in 1.5pt 0in'> <p style='margin-top:0in;margin-right:0in;margin-bottom:10.0pt;margin-left:0in;line-height:115%;margin-bottom:0in;margin-bottom:.0001pt;line-height:normal;background:#CCEEFF;text-autospace:none'>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; 0</p> </td> <td width="89" valign="bottom" style='width:66.95pt;border:none;border-bottom:solid black 1.0pt;background:#CCEEFF;padding:0'> <p style='margin-top:0in;margin-right:0in;margin-bottom:10.0pt;margin-left:0in;line-height:115%;margin-bottom:0in;margin-bottom:.0001pt;line-height:normal;background:#CCEEFF;text-autospace:none'>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; 0</p> </td> </tr> <tr align="left"> <td width="357" valign="bottom" style='width:267.9pt;background:white;padding:0in 0in 3.0pt 0in'> <p style='margin-top:0in;margin-right:0in;margin-bottom:10.0pt;margin-left:0in;line-height:115%;margin-bottom:0in;margin-bottom:.0001pt;line-height:normal;background:white;text-autospace:none'>&nbsp;&nbsp;&nbsp;&nbsp;Total consolidated assets</p> </td> <td width="89" valign="bottom" style='width:67.0pt;border:none;border-bottom:double black 2.25pt;background:white;padding:0in 0in 3.0pt 0in'> <p style='margin-top:0in;margin-right:0in;margin-bottom:10.0pt;margin-left:0in;line-height:115%;margin-bottom:0in;margin-bottom:.0001pt;line-height:normal;background:white;text-autospace:none'><b>&#160;&#160; $&#160;&#160; 8,746,077</b></p> </td> <td width="89" valign="bottom" style='width:66.95pt;border:none;border-bottom:double black 2.25pt;background:white;padding:0'> <p style='margin-top:0in;margin-right:0in;margin-bottom:10.0pt;margin-left:0in;line-height:115%;margin-bottom:0in;margin-bottom:.0001pt;line-height:normal;background:white;text-autospace:none'><b>&#160;&#160; $&#160;&#160; 9,154,077</b></p> </td> </tr> </table> <!--egx--> <table border="0" cellspacing="0" cellpadding="0" style='border-collapse:collapse'> <tr align="left"> <td width="279" valign="bottom" style='width:209.3pt;padding:0in 0in 1.5pt 0in'> <p style='margin-top:0in;margin-right:0in;margin-bottom:10.0pt;margin-left:0in;line-height:115%;margin-bottom:0in;margin-bottom:.0001pt;line-height:normal;text-autospace:none'>&nbsp; </p> </td> <td width="405" colspan="4" valign="bottom" style='width:303.7pt;border:none;border-bottom:solid black 1.0pt;padding:0'> <p align="center" style='margin-top:0in;margin-right:0in;margin-bottom:10.0pt;margin-left:0in;line-height:115%;margin-bottom:0in;margin-bottom:.0001pt;text-align:center;line-height:normal;text-autospace:none'>Net Sales</p> </td> </tr> <tr align="left"> <td width="279" valign="bottom" style='width:209.3pt;padding:0in 0in 1.5pt 0in'> <p style='margin-top:0in;margin-right:0in;margin-bottom:10.0pt;margin-left:0in;line-height:115%;margin-bottom:0in;margin-bottom:.0001pt;line-height:normal;text-autospace:none'>&nbsp; </p> </td> <td width="209" colspan="2" valign="bottom" style='width:157.1pt;border:none;border-bottom:solid black 1.0pt;padding:0in 0in 1.5pt 0in'> <p align="center" style='margin-top:0in;margin-right:0in;margin-bottom:10.0pt;margin-left:0in;line-height:115%;margin-bottom:0in;margin-bottom:.0001pt;text-align:center;line-height:normal;text-autospace:none'>For the three months ended January 31, 2017 </p> </td> <td width="195" colspan="2" valign="bottom" style='width:146.6pt;border:none;border-bottom:solid black 1.0pt;padding:0'> <p align="center" style='margin-top:0in;margin-right:0in;margin-bottom:10.0pt;margin-left:0in;line-height:115%;margin-bottom:0in;margin-bottom:.0001pt;text-align:center;line-height:normal;text-autospace:none'>For the three months ended January 31, 2016</p> </td> </tr> <tr align="left"> <td width="279" valign="bottom" style='width:209.3pt;padding:0'> <p style='margin-top:0in;margin-right:0in;margin-bottom:10.0pt;margin-left:0in;line-height:115%;margin-bottom:0in;margin-bottom:.0001pt;line-height:normal;text-autospace:none'>&nbsp; </p> </td> <td width="105" valign="bottom" style='width:78.55pt;padding:0'> <p align="center" style='margin-top:0in;margin-right:0in;margin-bottom:10.0pt;margin-left:0in;line-height:115%;margin-bottom:0in;margin-bottom:.0001pt;text-align:center;line-height:normal;text-autospace:none'>Chinese Medicine</p> </td> <td width="105" valign="bottom" style='width:78.55pt;padding:0'> <p align="center" style='margin-top:0in;margin-right:0in;margin-bottom:10.0pt;margin-left:0in;line-height:115%;margin-bottom:0in;margin-bottom:.0001pt;text-align:center;line-height:normal;text-autospace:none'>Stevioside</p> </td> <td width="105" valign="bottom" style='width:78.55pt;padding:0'> <p align="center" style='margin-top:0in;margin-right:0in;margin-bottom:10.0pt;margin-left:0in;line-height:115%;margin-bottom:0in;margin-bottom:.0001pt;text-align:center;line-height:normal;text-autospace:none'>Chinese Medicine</p> </td> <td width="91" valign="bottom" style='width:68.05pt;padding:0'> <p align="center" style='margin-top:0in;margin-right:0in;margin-bottom:10.0pt;margin-left:0in;line-height:115%;margin-bottom:0in;margin-bottom:.0001pt;text-align:center;line-height:normal;text-autospace:none'>Stevioside</p> </td> </tr> <tr align="left"> <td width="279" valign="bottom" style='width:209.3pt;background:#CCEEFF;padding:0in 0in 1.5pt 0in'> <p style='margin-top:0in;margin-right:0in;margin-bottom:10.0pt;margin-left:0in;line-height:115%;margin-bottom:0in;margin-bottom:.0001pt;line-height:normal;background:#CCEEFF;text-autospace:none'>Qufu Shengwang Import and Export Trade Co., Ltd(1)</p> </td> <td width="105" valign="bottom" style='width:78.55pt;border:none;border-bottom:solid black 1.0pt;background:#CCEEFF;padding:0in 0in 1.5pt 0in'> <p style='margin-top:0in;margin-right:0in;margin-bottom:10.0pt;margin-left:0in;line-height:115%;margin-bottom:0in;margin-bottom:.0001pt;line-height:normal;background:#CCEEFF;text-autospace:none'>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; -</p> </td> <td width="105" valign="bottom" style='width:78.55pt;border:none;border-bottom:solid black 1.0pt;background:#CCEEFF;padding:0in 0in 1.5pt 0in'> <p style='margin-top:0in;margin-right:0in;margin-bottom:10.0pt;margin-left:0in;line-height:115%;margin-bottom:0in;margin-bottom:.0001pt;line-height:normal;background:#CCEEFF;text-autospace:none'>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; 33.2%</p> </td> <td width="105" valign="bottom" style='width:78.55pt;border:none;border-bottom:solid black 1.0pt;background:#CCEEFF;padding:0in 0in 1.5pt 0in'> <p style='margin-top:0in;margin-right:0in;margin-bottom:10.0pt;margin-left:0in;line-height:115%;margin-bottom:0in;margin-bottom:.0001pt;line-height:normal;background:#CCEEFF;text-autospace:none'>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; -</p> </td> <td width="91" valign="bottom" style='width:68.05pt;border:none;border-bottom:solid black 1.0pt;background:#CCEEFF;padding:0'> <p style='margin-top:0in;margin-right:0in;margin-bottom:10.0pt;margin-left:0in;line-height:115%;margin-bottom:0in;margin-bottom:.0001pt;line-height:normal;background:#CCEEFF;text-autospace:none'>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; 38.7%</p> </td> </tr> <tr align="left"> <td width="279" valign="bottom" style='width:209.3pt;background:white;padding:0in 0in 3.0pt 0in'> <p style='margin-top:0in;margin-right:0in;margin-bottom:10.0pt;margin-left:0in;line-height:115%;margin-bottom:0in;margin-bottom:.0001pt;line-height:normal;background:white;text-autospace:none'>Total</p> </td> <td width="105" valign="bottom" style='width:78.55pt;border:none;border-bottom:double black 2.25pt;background:white;padding:0in 0in 3.0pt 0in'> <p style='margin-top:0in;margin-right:0in;margin-bottom:10.0pt;margin-left:0in;line-height:115%;margin-bottom:0in;margin-bottom:.0001pt;line-height:normal;background:white;text-autospace:none'>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; -</p> </td> <td width="105" valign="bottom" style='width:78.55pt;border:none;border-bottom:double black 2.25pt;background:white;padding:0in 0in 3.0pt 0in'> <p style='margin-top:0in;margin-right:0in;margin-bottom:10.0pt;margin-left:0in;line-height:115%;margin-bottom:0in;margin-bottom:.0001pt;line-height:normal;background:white;text-autospace:none'>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; 33.2%</p> </td> <td width="105" valign="bottom" style='width:78.55pt;border:none;border-bottom:double black 2.25pt;background:white;padding:0in 0in 3.0pt 0in'> <p style='margin-top:0in;margin-right:0in;margin-bottom:10.0pt;margin-left:0in;line-height:115%;margin-bottom:0in;margin-bottom:.0001pt;line-height:normal;background:white;text-autospace:none'>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; -</p> </td> <td width="91" valign="bottom" style='width:68.05pt;border:none;border-bottom:double black 2.25pt;background:white;padding:0'> <p style='margin-top:0in;margin-right:0in;margin-bottom:10.0pt;margin-left:0in;line-height:115%;margin-bottom:0in;margin-bottom:.0001pt;line-height:normal;background:white;text-autospace:none'>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; 38.7%</p> </td> </tr> </table> <p style='margin-top:0in;margin-right:0in;margin-bottom:10.0pt;margin-left:0in;line-height:115%;margin-bottom:0in;margin-bottom:.0001pt;line-height:normal;text-autospace:none'>&nbsp;</p> <!--egx--><table border="0" cellspacing="0" cellpadding="0" style='border-collapse:collapse'> <tr align="left"> <td width="279" valign="bottom" style='width:209.3pt;padding:0in 0in 1.5pt 0in'> <p style='margin-top:0in;margin-right:0in;margin-bottom:10.0pt;margin-left:0in;line-height:115%;margin-bottom:0in;margin-bottom:.0001pt;line-height:normal;text-autospace:none'>&nbsp; </p> </td> <td width="405" colspan="4" valign="bottom" style='width:303.7pt;border:none;border-bottom:solid black 1.0pt;padding:0'> <p align="center" style='margin-top:0in;margin-right:0in;margin-bottom:10.0pt;margin-left:0in;line-height:115%;margin-bottom:0in;margin-bottom:.0001pt;text-align:center;line-height:normal;text-autospace:none'>Net Sales</p> </td> </tr> <tr align="left"> <td width="279" valign="bottom" style='width:209.3pt;padding:0in 0in 1.5pt 0in'> <p style='margin-top:0in;margin-right:0in;margin-bottom:10.0pt;margin-left:0in;line-height:115%;margin-bottom:0in;margin-bottom:.0001pt;line-height:normal;text-autospace:none'>&nbsp; </p> </td> <td width="209" colspan="2" valign="bottom" style='width:157.1pt;border:none;border-bottom:solid black 1.0pt;padding:0in 0in 1.5pt 0in'> <p align="center" style='margin-top:0in;margin-right:0in;margin-bottom:10.0pt;margin-left:0in;line-height:115%;margin-bottom:0in;margin-bottom:.0001pt;text-align:center;line-height:normal;text-autospace:none'>For the nine months ended January 31, 2017</p> </td> <td width="195" colspan="2" valign="bottom" style='width:146.6pt;border:none;border-bottom:solid black 1.0pt;padding:0'> <p align="center" style='margin-top:0in;margin-right:0in;margin-bottom:10.0pt;margin-left:0in;line-height:115%;margin-bottom:0in;margin-bottom:.0001pt;text-align:center;line-height:normal;text-autospace:none'>For the nine months ended January 31, 2016</p> </td> </tr> <tr align="left"> <td width="279" valign="bottom" style='width:209.3pt;padding:0in 0in 1.5pt 0in'> <p style='margin-top:0in;margin-right:0in;margin-bottom:10.0pt;margin-left:0in;line-height:115%;margin-bottom:0in;margin-bottom:.0001pt;line-height:normal;text-autospace:none'>&nbsp; </p> </td> <td width="105" valign="bottom" style='width:78.55pt;border:none;border-bottom:solid black 1.0pt;padding:0in 0in 1.5pt 0in'> <p align="center" style='margin-top:0in;margin-right:0in;margin-bottom:10.0pt;margin-left:0in;line-height:115%;margin-bottom:0in;margin-bottom:.0001pt;text-align:center;line-height:normal;text-autospace:none'>Chinese Medicine</p> </td> <td width="105" valign="bottom" style='width:78.55pt;border:none;border-bottom:solid black 1.0pt;padding:0in 0in 1.5pt 0in'> <p align="center" style='margin-top:0in;margin-right:0in;margin-bottom:10.0pt;margin-left:0in;line-height:115%;margin-bottom:0in;margin-bottom:.0001pt;text-align:center;line-height:normal;text-autospace:none'>Stevioside</p> </td> <td width="105" valign="bottom" style='width:78.55pt;border:none;border-bottom:solid black 1.0pt;padding:0in 0in 1.5pt 0in'> <p align="center" style='margin-top:0in;margin-right:0in;margin-bottom:10.0pt;margin-left:0in;line-height:115%;margin-bottom:0in;margin-bottom:.0001pt;text-align:center;line-height:normal;text-autospace:none'>Chinese Medicine</p> </td> <td width="91" valign="bottom" style='width:68.05pt;border:none;border-bottom:solid black 1.0pt;padding:0'> <p align="center" style='margin-top:0in;margin-right:0in;margin-bottom:10.0pt;margin-left:0in;line-height:115%;margin-bottom:0in;margin-bottom:.0001pt;text-align:center;line-height:normal;text-autospace:none'>Stevioside</p> </td> </tr> <tr align="left"> <td width="279" valign="bottom" style='width:209.3pt;background:#CCEEFF;padding:0'> <p style='margin-top:0in;margin-right:0in;margin-bottom:10.0pt;margin-left:0in;line-height:115%;margin-bottom:0in;margin-bottom:.0001pt;line-height:normal;background:#CCEEFF;text-autospace:none'>Qufu Shengwang Import and Export Trade Co., Ltd(1)</p> </td> <td width="105" valign="bottom" style='width:78.55pt;background:#CCEEFF;padding:0'> <p style='margin-top:0in;margin-right:0in;margin-bottom:10.0pt;margin-left:0in;line-height:115%;margin-bottom:0in;margin-bottom:.0001pt;line-height:normal;background:#CCEEFF;text-autospace:none'>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; -</p> </td> <td width="105" valign="bottom" style='width:78.55pt;background:#CCEEFF;padding:0'> <p style='margin-top:0in;margin-right:0in;margin-bottom:10.0pt;margin-left:0in;line-height:115%;margin-bottom:0in;margin-bottom:.0001pt;line-height:normal;background:#CCEEFF;text-autospace:none'>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; 34.4%</p> </td> <td width="105" valign="bottom" style='width:78.55pt;background:#CCEEFF;padding:0'> <p style='margin-top:0in;margin-right:0in;margin-bottom:10.0pt;margin-left:0in;line-height:115%;margin-bottom:0in;margin-bottom:.0001pt;line-height:normal;background:#CCEEFF;text-autospace:none'>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; -&nbsp;&nbsp;</p> </td> <td width="91" valign="bottom" style='width:68.05pt;background:#CCEEFF;padding:0'> <p style='margin-top:0in;margin-right:0in;margin-bottom:10.0pt;margin-left:0in;line-height:115%;margin-bottom:0in;margin-bottom:.0001pt;line-height:normal;background:#CCEEFF;text-autospace:none'>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; 52.9%</p> </td> </tr> <tr align="left"> <td width="279" valign="bottom" style='width:209.3pt;background:white;padding:0'> <p style='margin-top:0in;margin-right:0in;margin-bottom:10.0pt;margin-left:0in;line-height:115%;margin-bottom:0in;margin-bottom:.0001pt;line-height:normal;background:white;text-autospace:none'>Shandong Yidatong Enterprise Service Co., Ltd</p> </td> <td width="105" valign="bottom" style='width:78.55pt;background:white;padding:0'> <p style='margin-top:0in;margin-right:0in;margin-bottom:10.0pt;margin-left:0in;line-height:115%;margin-bottom:0in;margin-bottom:.0001pt;line-height:normal;background:white;text-autospace:none'>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; -</p> </td> <td width="105" valign="bottom" style='width:78.55pt;background:white;padding:0'> <p style='margin-top:0in;margin-right:0in;margin-bottom:10.0pt;margin-left:0in;line-height:115%;margin-bottom:0in;margin-bottom:.0001pt;line-height:normal;background:white;text-autospace:none'>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; 14.1%</p> </td> <td width="105" valign="bottom" style='width:78.55pt;background:white;padding:0'> <p style='margin-top:0in;margin-right:0in;margin-bottom:10.0pt;margin-left:0in;line-height:115%;margin-bottom:0in;margin-bottom:.0001pt;line-height:normal;background:white;text-autospace:none'>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; -&nbsp;&nbsp;</p> </td> <td width="91" valign="bottom" style='width:68.05pt;background:white;padding:0'> <p style='margin-top:0in;margin-right:0in;margin-bottom:10.0pt;margin-left:0in;line-height:115%;margin-bottom:0in;margin-bottom:.0001pt;line-height:normal;background:white;text-autospace:none'>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; -&nbsp;&nbsp;</p> </td> </tr> <tr align="left"> <td width="279" valign="bottom" style='width:209.3pt;background:#CCEEFF;padding:0'> <p style='margin-top:0in;margin-right:0in;margin-bottom:10.0pt;margin-left:0in;line-height:115%;margin-bottom:0in;margin-bottom:.0001pt;line-height:normal;background:#CCEEFF;text-autospace:none'>Guangdong Tengjun Veterinary Medicine Co., Ltd</p> </td> <td width="105" valign="bottom" style='width:78.55pt;background:#CCEEFF;padding:0'> <p style='margin-top:0in;margin-right:0in;margin-bottom:10.0pt;margin-left:0in;line-height:115%;margin-bottom:0in;margin-bottom:.0001pt;line-height:normal;background:#CCEEFF;text-autospace:none'>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; -</p> </td> <td width="105" valign="bottom" style='width:78.55pt;background:#CCEEFF;padding:0'> <p style='margin-top:0in;margin-right:0in;margin-bottom:10.0pt;margin-left:0in;line-height:115%;margin-bottom:0in;margin-bottom:.0001pt;line-height:normal;background:#CCEEFF;text-autospace:none'>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; -&nbsp;&nbsp;</p> </td> <td width="105" valign="bottom" style='width:78.55pt;background:#CCEEFF;padding:0'> <p style='margin-top:0in;margin-right:0in;margin-bottom:10.0pt;margin-left:0in;line-height:115%;margin-bottom:0in;margin-bottom:.0001pt;line-height:normal;background:#CCEEFF;text-autospace:none'>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; 10.3%</p> </td> <td width="91" valign="bottom" style='width:68.05pt;background:#CCEEFF;padding:0'> <p style='margin-top:0in;margin-right:0in;margin-bottom:10.0pt;margin-left:0in;line-height:115%;margin-bottom:0in;margin-bottom:.0001pt;line-height:normal;background:#CCEEFF;text-autospace:none'>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; -&nbsp;&nbsp;</p> </td> </tr> <tr align="left"> <td width="279" valign="bottom" style='width:209.3pt;background:white;padding:0in 0in 1.5pt 0in'> <p style='margin-top:0in;margin-right:0in;margin-bottom:10.0pt;margin-left:0in;line-height:115%;margin-bottom:0in;margin-bottom:.0001pt;line-height:normal;background:white;text-autospace:none'>Beijing Haomiao Huifeng Pharmaceutical Co., Ltd</p> </td> <td width="105" valign="bottom" style='width:78.55pt;border:none;border-bottom:solid black 1.0pt;background:white;padding:0in 0in 1.5pt 0in'> <p style='margin-top:0in;margin-right:0in;margin-bottom:10.0pt;margin-left:0in;line-height:115%;margin-bottom:0in;margin-bottom:.0001pt;line-height:normal;background:white;text-autospace:none'>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; -</p> </td> <td width="105" valign="bottom" style='width:78.55pt;border:none;border-bottom:solid black 1.0pt;background:white;padding:0in 0in 1.5pt 0in'> <p style='margin-top:0in;margin-right:0in;margin-bottom:10.0pt;margin-left:0in;line-height:115%;margin-bottom:0in;margin-bottom:.0001pt;line-height:normal;background:white;text-autospace:none'>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; -&nbsp;&nbsp;</p> </td> <td width="105" valign="bottom" style='width:78.55pt;border:none;border-bottom:solid black 1.0pt;background:white;padding:0in 0in 1.5pt 0in'> <p style='margin-top:0in;margin-right:0in;margin-bottom:10.0pt;margin-left:0in;line-height:115%;margin-bottom:0in;margin-bottom:.0001pt;line-height:normal;background:white;text-autospace:none'>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; 10.7%</p> </td> <td width="91" valign="bottom" style='width:68.05pt;border:none;border-bottom:solid black 1.0pt;background:white;padding:0'> <p style='margin-top:0in;margin-right:0in;margin-bottom:10.0pt;margin-left:0in;line-height:115%;margin-bottom:0in;margin-bottom:.0001pt;line-height:normal;background:white;text-autospace:none'>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; -&nbsp;&nbsp;</p> </td> </tr> <tr align="left"> <td width="279" valign="bottom" style='width:209.3pt;background:#CCEEFF;padding:0in 0in 3.0pt 0in'> <p style='margin-top:0in;margin-right:0in;margin-bottom:10.0pt;margin-left:0in;line-height:115%;margin-bottom:0in;margin-bottom:.0001pt;line-height:normal;background:#CCEEFF;text-autospace:none'>Total</p> </td> <td width="105" valign="bottom" style='width:78.55pt;border:none;border-bottom:double black 2.25pt;background:#CCEEFF;padding:0in 0in 3.0pt 0in'> <p style='margin-top:0in;margin-right:0in;margin-bottom:10.0pt;margin-left:0in;line-height:115%;margin-bottom:0in;margin-bottom:.0001pt;line-height:normal;background:#CCEEFF;text-autospace:none'>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; -</p> </td> <td width="105" valign="bottom" style='width:78.55pt;border:none;border-bottom:double black 2.25pt;background:#CCEEFF;padding:0in 0in 3.0pt 0in'> <p style='margin-top:0in;margin-right:0in;margin-bottom:10.0pt;margin-left:0in;line-height:115%;margin-bottom:0in;margin-bottom:.0001pt;line-height:normal;background:#CCEEFF;text-autospace:none'>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; 48.5%</p> </td> <td width="105" valign="bottom" style='width:78.55pt;border:none;border-bottom:double black 2.25pt;background:#CCEEFF;padding:0in 0in 3.0pt 0in'> <p style='margin-top:0in;margin-right:0in;margin-bottom:10.0pt;margin-left:0in;line-height:115%;margin-bottom:0in;margin-bottom:.0001pt;line-height:normal;background:#CCEEFF;text-autospace:none'>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; 21.0%</p> </td> <td width="91" valign="bottom" style='width:68.05pt;border:none;border-bottom:double black 2.25pt;background:#CCEEFF;padding:0'> <p style='margin-top:0in;margin-right:0in;margin-bottom:10.0pt;margin-left:0in;line-height:115%;margin-bottom:0in;margin-bottom:.0001pt;line-height:normal;background:#CCEEFF;text-autospace:none'>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; 52.9%</p> </td> </tr> </table> <p style='margin-top:0in;margin-right:0in;margin-bottom:10.0pt;margin-left:0in;line-height:115%;margin-bottom:0in;margin-bottom:.0001pt;line-height:normal;text-autospace:none'>&nbsp;</p> <!--egx--><table border="0" cellspacing="0" cellpadding="0" style='border-collapse:collapse'> <tr align="left"> <td width="279" valign="bottom" style='width:209.3pt;padding:0in 0in 1.5pt 0in'> <p style='margin-top:0in;margin-right:0in;margin-bottom:10.0pt;margin-left:0in;line-height:115%;margin-bottom:0in;margin-bottom:.0001pt;line-height:normal;text-autospace:none'>&nbsp; </p> </td> <td width="405" colspan="4" valign="bottom" style='width:303.7pt;border:none;border-bottom:solid black 1.0pt;padding:0'> <p align="center" style='margin-top:0in;margin-right:0in;margin-bottom:10.0pt;margin-left:0in;line-height:115%;margin-bottom:0in;margin-bottom:.0001pt;text-align:center;line-height:normal;text-autospace:none'>Net Purchases</p> </td> </tr> <tr align="left"> <td width="279" valign="bottom" style='width:209.3pt;padding:0in 0in 1.5pt 0in'> <p style='margin-top:0in;margin-right:0in;margin-bottom:10.0pt;margin-left:0in;line-height:115%;margin-bottom:0in;margin-bottom:.0001pt;line-height:normal;text-autospace:none'>&nbsp; </p> </td> <td width="209" colspan="2" valign="bottom" style='width:157.1pt;border:none;border-bottom:solid black 1.0pt;padding:0in 0in 1.5pt 0in'> <p align="center" style='margin-top:0in;margin-right:0in;margin-bottom:10.0pt;margin-left:0in;line-height:115%;margin-bottom:0in;margin-bottom:.0001pt;text-align:center;line-height:normal;text-autospace:none'>For the three months ended January 31, 2017&nbsp; </p> </td> <td width="195" colspan="2" valign="bottom" style='width:146.6pt;border:none;border-bottom:solid black 1.0pt;padding:0'> <p align="center" style='margin-top:0in;margin-right:0in;margin-bottom:10.0pt;margin-left:0in;line-height:115%;margin-bottom:0in;margin-bottom:.0001pt;text-align:center;line-height:normal;text-autospace:none'>For the three months ended January 31, 2016</p> </td> </tr> <tr align="left"> <td width="279" valign="bottom" style='width:209.3pt;padding:0in 0in 1.5pt 0in'> <p style='margin-top:0in;margin-right:0in;margin-bottom:10.0pt;margin-left:0in;line-height:115%;margin-bottom:0in;margin-bottom:.0001pt;line-height:normal;text-autospace:none'>&nbsp; </p> </td> <td width="105" valign="bottom" style='width:78.55pt;border:none;border-bottom:solid black 1.0pt;padding:0in 0in 1.5pt 0in'> <p align="center" style='margin-top:0in;margin-right:0in;margin-bottom:10.0pt;margin-left:0in;line-height:115%;margin-bottom:0in;margin-bottom:.0001pt;text-align:center;line-height:normal;text-autospace:none'>Chinese Medicine</p> </td> <td width="105" valign="bottom" style='width:78.55pt;border:none;border-bottom:solid black 1.0pt;padding:0in 0in 1.5pt 0in'> <p align="center" style='margin-top:0in;margin-right:0in;margin-bottom:10.0pt;margin-left:0in;line-height:115%;margin-bottom:0in;margin-bottom:.0001pt;text-align:center;line-height:normal;text-autospace:none'>Stevioside</p> </td> <td width="105" valign="bottom" style='width:78.55pt;border:none;border-bottom:solid black 1.0pt;padding:0in 0in 1.5pt 0in'> <p align="center" style='margin-top:0in;margin-right:0in;margin-bottom:10.0pt;margin-left:0in;line-height:115%;margin-bottom:0in;margin-bottom:.0001pt;text-align:center;line-height:normal;text-autospace:none'>Chinese Medicine</p> </td> <td width="91" valign="bottom" style='width:68.05pt;border:none;border-bottom:solid black 1.0pt;padding:0'> <p align="center" style='margin-top:0in;margin-right:0in;margin-bottom:10.0pt;margin-left:0in;line-height:115%;margin-bottom:0in;margin-bottom:.0001pt;text-align:center;line-height:normal;text-autospace:none'>Stevioside</p> </td> </tr> <tr align="left"> <td width="279" valign="bottom" style='width:209.3pt;background:#CCEEFF;padding:0'> <p style='margin-top:0in;margin-right:0in;margin-bottom:10.0pt;margin-left:0in;line-height:115%;margin-bottom:0in;margin-bottom:.0001pt;line-height:normal;background:#CCEEFF;text-autospace:none'>Dongtai Yandun Stevia Corp</p> </td> <td width="105" valign="bottom" style='width:78.55pt;background:#CCEEFF;padding:0'> <p style='margin-top:0in;margin-right:0in;margin-bottom:10.0pt;margin-left:0in;line-height:115%;margin-bottom:0in;margin-bottom:.0001pt;line-height:normal;background:#CCEEFF;text-autospace:none'>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; -</p> </td> <td width="105" valign="bottom" style='width:78.55pt;background:#CCEEFF;padding:0'> <p style='margin-top:0in;margin-right:0in;margin-bottom:10.0pt;margin-left:0in;line-height:115%;margin-bottom:0in;margin-bottom:.0001pt;line-height:normal;background:#CCEEFF;text-autospace:none'>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; 18.7%</p> </td> <td width="105" valign="bottom" style='width:78.55pt;background:#CCEEFF;padding:0'> <p style='margin-top:0in;margin-right:0in;margin-bottom:10.0pt;margin-left:0in;line-height:115%;margin-bottom:0in;margin-bottom:.0001pt;line-height:normal;background:#CCEEFF;text-autospace:none'>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; -</p> </td> <td width="91" valign="bottom" style='width:68.05pt;background:#CCEEFF;padding:0'> <p style='margin-top:0in;margin-right:0in;margin-bottom:10.0pt;margin-left:0in;line-height:115%;margin-bottom:0in;margin-bottom:.0001pt;line-height:normal;background:#CCEEFF;text-autospace:none'>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; -&nbsp;&nbsp;</p> </td> </tr> <tr align="left"> <td width="279" valign="bottom" style='width:209.3pt;background:white;padding:0'> <p style='margin-top:0in;margin-right:0in;margin-bottom:10.0pt;margin-left:0in;line-height:115%;margin-bottom:0in;margin-bottom:.0001pt;line-height:normal;background:white;text-autospace:none'>Juiqian Shengwang Corp.</p> </td> <td width="105" valign="bottom" style='width:78.55pt;background:white;padding:0'> <p style='margin-top:0in;margin-right:0in;margin-bottom:10.0pt;margin-left:0in;line-height:115%;margin-bottom:0in;margin-bottom:.0001pt;line-height:normal;background:white;text-autospace:none'>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; -</p> </td> <td width="105" valign="bottom" style='width:78.55pt;background:white;padding:0'> <p style='margin-top:0in;margin-right:0in;margin-bottom:10.0pt;margin-left:0in;line-height:115%;margin-bottom:0in;margin-bottom:.0001pt;line-height:normal;background:white;text-autospace:none'>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; 15.9%</p> </td> <td width="105" valign="bottom" style='width:78.55pt;background:white;padding:0'> <p style='margin-top:0in;margin-right:0in;margin-bottom:10.0pt;margin-left:0in;line-height:115%;margin-bottom:0in;margin-bottom:.0001pt;line-height:normal;background:white;text-autospace:none'>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; -</p> </td> <td width="91" valign="bottom" style='width:68.05pt;background:white;padding:0'> <p style='margin-top:0in;margin-right:0in;margin-bottom:10.0pt;margin-left:0in;line-height:115%;margin-bottom:0in;margin-bottom:.0001pt;line-height:normal;background:white;text-autospace:none'>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; 32.7%</p> </td> </tr> <tr align="left"> <td width="279" valign="bottom" style='width:209.3pt;background:#CCEEFF;padding:0in 0in 1.5pt 0in'> <p style='margin-top:0in;margin-right:0in;margin-bottom:10.0pt;margin-left:0in;line-height:115%;margin-bottom:0in;margin-bottom:.0001pt;line-height:normal;background:#CCEEFF;text-autospace:none'>Zhucheng Haotian Pharmaceutical Co., Ltd</p> </td> <td width="105" valign="bottom" style='width:78.55pt;border:none;border-bottom:solid black 1.0pt;background:#CCEEFF;padding:0in 0in 1.5pt 0in'> <p style='margin-top:0in;margin-right:0in;margin-bottom:10.0pt;margin-left:0in;line-height:115%;margin-bottom:0in;margin-bottom:.0001pt;line-height:normal;background:#CCEEFF;text-autospace:none'>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; -</p> </td> <td width="105" valign="bottom" style='width:78.55pt;border:none;border-bottom:solid black 1.0pt;background:#CCEEFF;padding:0in 0in 1.5pt 0in'> <p style='margin-top:0in;margin-right:0in;margin-bottom:10.0pt;margin-left:0in;line-height:115%;margin-bottom:0in;margin-bottom:.0001pt;line-height:normal;background:#CCEEFF;text-autospace:none'>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; 13.6%</p> </td> <td width="105" valign="bottom" style='width:78.55pt;border:none;border-bottom:solid black 1.0pt;background:#CCEEFF;padding:0in 0in 1.5pt 0in'> <p style='margin-top:0in;margin-right:0in;margin-bottom:10.0pt;margin-left:0in;line-height:115%;margin-bottom:0in;margin-bottom:.0001pt;line-height:normal;background:#CCEEFF;text-autospace:none'>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; -</p> </td> <td width="91" valign="bottom" style='width:68.05pt;border:none;border-bottom:solid black 1.0pt;background:#CCEEFF;padding:0'> <p style='margin-top:0in;margin-right:0in;margin-bottom:10.0pt;margin-left:0in;line-height:115%;margin-bottom:0in;margin-bottom:.0001pt;line-height:normal;background:#CCEEFF;text-autospace:none'>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; 10.6%</p> </td> </tr> <tr align="left"> <td width="279" valign="bottom" style='width:209.3pt;background:white;padding:0in 0in 3.0pt 0in'> <p style='margin-top:0in;margin-right:0in;margin-bottom:10.0pt;margin-left:0in;line-height:115%;margin-bottom:0in;margin-bottom:.0001pt;line-height:normal;background:white;text-autospace:none'>Total</p> </td> <td width="105" valign="bottom" style='width:78.55pt;border:none;border-bottom:double black 2.25pt;background:white;padding:0in 0in 3.0pt 0in'> <p style='margin-top:0in;margin-right:0in;margin-bottom:10.0pt;margin-left:0in;line-height:115%;margin-bottom:0in;margin-bottom:.0001pt;line-height:normal;background:white;text-autospace:none'>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; -</p> </td> <td width="105" valign="bottom" style='width:78.55pt;border:none;border-bottom:double black 2.25pt;background:white;padding:0in 0in 3.0pt 0in'> <p style='margin-top:0in;margin-right:0in;margin-bottom:10.0pt;margin-left:0in;line-height:115%;margin-bottom:0in;margin-bottom:.0001pt;line-height:normal;background:white;text-autospace:none'>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; 48.2%</p> </td> <td width="105" valign="bottom" style='width:78.55pt;border:none;border-bottom:double black 2.25pt;background:white;padding:0in 0in 3.0pt 0in'> <p style='margin-top:0in;margin-right:0in;margin-bottom:10.0pt;margin-left:0in;line-height:115%;margin-bottom:0in;margin-bottom:.0001pt;line-height:normal;background:white;text-autospace:none'>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; -</p> </td> <td width="91" valign="bottom" style='width:68.05pt;border:none;border-bottom:double black 2.25pt;background:white;padding:0'> <p style='margin-top:0in;margin-right:0in;margin-bottom:10.0pt;margin-left:0in;line-height:115%;margin-bottom:0in;margin-bottom:.0001pt;line-height:normal;background:white;text-autospace:none'>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; 10.6%</p> </td> </tr> </table> <!--egx--><table border="0" cellspacing="0" cellpadding="0" style='border-collapse:collapse'> <tr align="left"> <td width="279" valign="bottom" style='width:209.3pt;padding:0in 0in 1.5pt 0in'> <p style='margin-top:0in;margin-right:0in;margin-bottom:10.0pt;margin-left:0in;line-height:115%;margin-bottom:0in;margin-bottom:.0001pt;line-height:normal;text-autospace:none'>&nbsp; </p> </td> <td width="405" colspan="4" valign="bottom" style='width:303.7pt;border:none;border-bottom:solid black 1.0pt;padding:0'> <p align="center" style='margin-top:0in;margin-right:0in;margin-bottom:10.0pt;margin-left:0in;line-height:115%;margin-bottom:0in;margin-bottom:.0001pt;text-align:center;line-height:normal;text-autospace:none'>Net Purchases</p> </td> </tr> <tr align="left"> <td width="279" valign="bottom" style='width:209.3pt;padding:0in 0in 1.5pt 0in'> <p style='margin-top:0in;margin-right:0in;margin-bottom:10.0pt;margin-left:0in;line-height:115%;margin-bottom:0in;margin-bottom:.0001pt;line-height:normal;text-autospace:none'>&nbsp; </p> </td> <td width="209" colspan="2" valign="bottom" style='width:157.1pt;border:none;border-bottom:solid black 1.0pt;padding:0in 0in 1.5pt 0in'> <p align="center" style='margin-top:0in;margin-right:0in;margin-bottom:10.0pt;margin-left:0in;line-height:115%;margin-bottom:0in;margin-bottom:.0001pt;text-align:center;line-height:normal;text-autospace:none'>For the nine months ended January 31, 2017 </p> </td> <td width="195" colspan="2" valign="bottom" style='width:146.6pt;border:none;border-bottom:solid black 1.0pt;padding:0'> <p align="center" style='margin-top:0in;margin-right:0in;margin-bottom:10.0pt;margin-left:0in;line-height:115%;margin-bottom:0in;margin-bottom:.0001pt;text-align:center;line-height:normal;text-autospace:none'>For the nine months ended January 31, 2016</p> </td> </tr> <tr align="left"> <td width="279" valign="bottom" style='width:209.3pt;padding:0in 0in 1.5pt 0in'> <p style='margin-top:0in;margin-right:0in;margin-bottom:10.0pt;margin-left:0in;line-height:115%;margin-bottom:0in;margin-bottom:.0001pt;line-height:normal;text-autospace:none'>&nbsp; </p> </td> <td width="105" valign="bottom" style='width:78.55pt;border:none;border-bottom:solid black 1.0pt;padding:0in 0in 1.5pt 0in'> <p align="center" style='margin-top:0in;margin-right:0in;margin-bottom:10.0pt;margin-left:0in;line-height:115%;margin-bottom:0in;margin-bottom:.0001pt;text-align:center;line-height:normal;text-autospace:none'>Chinese Medicine</p> </td> <td width="105" valign="bottom" style='width:78.55pt;border:none;border-bottom:solid black 1.0pt;padding:0in 0in 1.5pt 0in'> <p align="center" style='margin-top:0in;margin-right:0in;margin-bottom:10.0pt;margin-left:0in;line-height:115%;margin-bottom:0in;margin-bottom:.0001pt;text-align:center;line-height:normal;text-autospace:none'>Stevioside</p> </td> <td width="105" valign="bottom" style='width:78.55pt;border:none;border-bottom:solid black 1.0pt;padding:0in 0in 1.5pt 0in'> <p align="center" style='margin-top:0in;margin-right:0in;margin-bottom:10.0pt;margin-left:0in;line-height:115%;margin-bottom:0in;margin-bottom:.0001pt;text-align:center;line-height:normal;text-autospace:none'>Chinese Medicine</p> </td> <td width="91" valign="bottom" style='width:68.05pt;border:none;border-bottom:solid black 1.0pt;padding:0'> <p align="center" style='margin-top:0in;margin-right:0in;margin-bottom:10.0pt;margin-left:0in;line-height:115%;margin-bottom:0in;margin-bottom:.0001pt;text-align:center;line-height:normal;text-autospace:none'>Stevioside</p> </td> </tr> <tr align="left"> <td width="279" valign="bottom" style='width:209.3pt;background:#CCEEFF;padding:0'> <p style='margin-top:0in;margin-right:0in;margin-bottom:10.0pt;margin-left:0in;line-height:115%;margin-bottom:0in;margin-bottom:.0001pt;line-height:normal;background:#CCEEFF;text-autospace:none'>Sishui Ruijin Pharmaceutical Co., Ltd</p> </td> <td width="105" valign="bottom" style='width:78.55pt;background:#CCEEFF;padding:0'> <p style='margin-top:0in;margin-right:0in;margin-bottom:10.0pt;margin-left:0in;line-height:115%;margin-bottom:0in;margin-bottom:.0001pt;line-height:normal;background:#CCEEFF;text-autospace:none'>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; -</p> </td> <td width="105" valign="bottom" style='width:78.55pt;background:#CCEEFF;padding:0'> <p style='margin-top:0in;margin-right:0in;margin-bottom:10.0pt;margin-left:0in;line-height:115%;margin-bottom:0in;margin-bottom:.0001pt;line-height:normal;background:#CCEEFF;text-autospace:none'>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; -&nbsp;&nbsp;</p> </td> <td width="105" valign="bottom" style='width:78.55pt;background:#CCEEFF;padding:0'> <p style='margin-top:0in;margin-right:0in;margin-bottom:10.0pt;margin-left:0in;line-height:115%;margin-bottom:0in;margin-bottom:.0001pt;line-height:normal;background:#CCEEFF;text-autospace:none'>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; 22.2%</p> </td> <td width="91" valign="bottom" style='width:68.05pt;background:#CCEEFF;padding:0'> <p style='margin-top:0in;margin-right:0in;margin-bottom:10.0pt;margin-left:0in;line-height:115%;margin-bottom:0in;margin-bottom:.0001pt;line-height:normal;background:#CCEEFF;text-autospace:none'>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; -&nbsp;&nbsp;</p> </td> </tr> <tr align="left"> <td width="279" valign="bottom" style='width:209.3pt;background:white;padding:0'> <p style='margin-top:0in;margin-right:0in;margin-bottom:10.0pt;margin-left:0in;line-height:115%;margin-bottom:0in;margin-bottom:.0001pt;line-height:normal;background:white;text-autospace:none'>Dongtai Yandun Stevia Corp</p> </td> <td width="105" valign="bottom" style='width:78.55pt;background:white;padding:0'> <p style='margin-top:0in;margin-right:0in;margin-bottom:10.0pt;margin-left:0in;line-height:115%;margin-bottom:0in;margin-bottom:.0001pt;line-height:normal;background:white;text-autospace:none'>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; -</p> </td> <td width="105" valign="bottom" style='width:78.55pt;background:white;padding:0'> <p style='margin-top:0in;margin-right:0in;margin-bottom:10.0pt;margin-left:0in;line-height:115%;margin-bottom:0in;margin-bottom:.0001pt;line-height:normal;background:white;text-autospace:none'>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; 13.0%</p> </td> <td width="105" valign="bottom" style='width:78.55pt;background:white;padding:0'> <p style='margin-top:0in;margin-right:0in;margin-bottom:10.0pt;margin-left:0in;line-height:115%;margin-bottom:0in;margin-bottom:.0001pt;line-height:normal;background:white;text-autospace:none'>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; -&nbsp;&nbsp;</p> </td> <td width="91" valign="bottom" style='width:68.05pt;background:white;padding:0'> <p style='margin-top:0in;margin-right:0in;margin-bottom:10.0pt;margin-left:0in;line-height:115%;margin-bottom:0in;margin-bottom:.0001pt;line-height:normal;background:white;text-autospace:none'>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; 14.8%</p> </td> </tr> <tr align="left"> <td width="279" valign="bottom" style='width:209.3pt;background:#CCEEFF;padding:0'> <p style='margin-top:0in;margin-right:0in;margin-bottom:10.0pt;margin-left:0in;line-height:115%;margin-bottom:0in;margin-bottom:.0001pt;line-height:normal;background:#CCEEFF;text-autospace:none'>Dongtai Jiangrongfeng Stevia Corp</p> </td> <td width="105" valign="bottom" style='width:78.55pt;background:#CCEEFF;padding:0'> <p style='margin-top:0in;margin-right:0in;margin-bottom:10.0pt;margin-left:0in;line-height:115%;margin-bottom:0in;margin-bottom:.0001pt;line-height:normal;background:#CCEEFF;text-autospace:none'>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; -</p> </td> <td width="105" valign="bottom" style='width:78.55pt;background:#CCEEFF;padding:0'> <p style='margin-top:0in;margin-right:0in;margin-bottom:10.0pt;margin-left:0in;line-height:115%;margin-bottom:0in;margin-bottom:.0001pt;line-height:normal;background:#CCEEFF;text-autospace:none'>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; 12.0%</p> </td> <td width="105" valign="bottom" style='width:78.55pt;background:#CCEEFF;padding:0'> <p style='margin-top:0in;margin-right:0in;margin-bottom:10.0pt;margin-left:0in;line-height:115%;margin-bottom:0in;margin-bottom:.0001pt;line-height:normal;background:#CCEEFF;text-autospace:none'>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; -&nbsp;&nbsp;</p> </td> <td width="91" valign="bottom" style='width:68.05pt;background:#CCEEFF;padding:0'> <p style='margin-top:0in;margin-right:0in;margin-bottom:10.0pt;margin-left:0in;line-height:115%;margin-bottom:0in;margin-bottom:.0001pt;line-height:normal;background:#CCEEFF;text-autospace:none'>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; -&nbsp;&nbsp;</p> </td> </tr> <tr align="left"> <td width="279" valign="bottom" style='width:209.3pt;background:white;padding:0'> <p style='margin-top:0in;margin-right:0in;margin-bottom:10.0pt;margin-left:0in;line-height:115%;margin-bottom:0in;margin-bottom:.0001pt;line-height:normal;background:white;text-autospace:none'>Juiqian Shengwang Corp.</p> </td> <td width="105" valign="bottom" style='width:78.55pt;background:white;padding:0'> <p style='margin-top:0in;margin-right:0in;margin-bottom:10.0pt;margin-left:0in;line-height:115%;margin-bottom:0in;margin-bottom:.0001pt;line-height:normal;background:white;text-autospace:none'>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; -</p> </td> <td width="105" valign="bottom" style='width:78.55pt;background:white;padding:0'> <p style='margin-top:0in;margin-right:0in;margin-bottom:10.0pt;margin-left:0in;line-height:115%;margin-bottom:0in;margin-bottom:.0001pt;line-height:normal;background:white;text-autospace:none'>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; -&nbsp;&nbsp;</p> </td> <td width="105" valign="bottom" style='width:78.55pt;background:white;padding:0'> <p style='margin-top:0in;margin-right:0in;margin-bottom:10.0pt;margin-left:0in;line-height:115%;margin-bottom:0in;margin-bottom:.0001pt;line-height:normal;background:white;text-autospace:none'>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; -&nbsp;&nbsp;</p> </td> <td width="91" valign="bottom" style='width:68.05pt;background:white;padding:0'> <p style='margin-top:0in;margin-right:0in;margin-bottom:10.0pt;margin-left:0in;line-height:115%;margin-bottom:0in;margin-bottom:.0001pt;line-height:normal;background:white;text-autospace:none'>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; 23.9%</p> </td> </tr> <tr align="left"> <td width="279" valign="bottom" style='width:209.3pt;background:#CCEEFF;padding:0in 0in 1.5pt 0in'> <p style='margin-top:0in;margin-right:0in;margin-bottom:10.0pt;margin-left:0in;line-height:115%;margin-bottom:0in;margin-bottom:.0001pt;line-height:normal;background:#CCEEFF;text-autospace:none'>Zhucheng Haotian Pharmaceutical Co., Ltd</p> </td> <td width="105" valign="bottom" style='width:78.55pt;border:none;border-bottom:solid black 1.0pt;background:#CCEEFF;padding:0in 0in 1.5pt 0in'> <p style='margin-top:0in;margin-right:0in;margin-bottom:10.0pt;margin-left:0in;line-height:115%;margin-bottom:0in;margin-bottom:.0001pt;line-height:normal;background:#CCEEFF;text-autospace:none'>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; -</p> </td> <td width="105" valign="bottom" style='width:78.55pt;border:none;border-bottom:solid black 1.0pt;background:#CCEEFF;padding:0in 0in 1.5pt 0in'> <p style='margin-top:0in;margin-right:0in;margin-bottom:10.0pt;margin-left:0in;line-height:115%;margin-bottom:0in;margin-bottom:.0001pt;line-height:normal;background:#CCEEFF;text-autospace:none'>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; 21.3%</p> </td> <td width="105" valign="bottom" style='width:78.55pt;border:none;border-bottom:solid black 1.0pt;background:#CCEEFF;padding:0in 0in 1.5pt 0in'> <p style='margin-top:0in;margin-right:0in;margin-bottom:10.0pt;margin-left:0in;line-height:115%;margin-bottom:0in;margin-bottom:.0001pt;line-height:normal;background:#CCEEFF;text-autospace:none'>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; -&nbsp;&nbsp;</p> </td> <td width="91" valign="bottom" style='width:68.05pt;border:none;border-bottom:solid black 1.0pt;background:#CCEEFF;padding:0'> <p style='margin-top:0in;margin-right:0in;margin-bottom:10.0pt;margin-left:0in;line-height:115%;margin-bottom:0in;margin-bottom:.0001pt;line-height:normal;background:#CCEEFF;text-autospace:none'>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; 18.6%</p> </td> </tr> <tr align="left"> <td width="279" valign="bottom" style='width:209.3pt;background:white;padding:0in 0in 3.0pt 0in'> <p style='margin-top:0in;margin-right:0in;margin-bottom:10.0pt;margin-left:0in;line-height:115%;margin-bottom:0in;margin-bottom:.0001pt;line-height:normal;background:white;text-autospace:none'>Total</p> </td> <td width="105" valign="bottom" style='width:78.55pt;border:none;border-bottom:double black 2.25pt;background:white;padding:0in 0in 3.0pt 0in'> <p style='margin-top:0in;margin-right:0in;margin-bottom:10.0pt;margin-left:0in;line-height:115%;margin-bottom:0in;margin-bottom:.0001pt;line-height:normal;background:white;text-autospace:none'>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; -</p> </td> <td width="105" valign="bottom" style='width:78.55pt;border:none;border-bottom:double black 2.25pt;background:white;padding:0in 0in 3.0pt 0in'> <p style='margin-top:0in;margin-right:0in;margin-bottom:10.0pt;margin-left:0in;line-height:115%;margin-bottom:0in;margin-bottom:.0001pt;line-height:normal;background:white;text-autospace:none'>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; 46.3%</p> </td> <td width="105" valign="bottom" style='width:78.55pt;border:none;border-bottom:double black 2.25pt;background:white;padding:0in 0in 3.0pt 0in'> <p style='margin-top:0in;margin-right:0in;margin-bottom:10.0pt;margin-left:0in;line-height:115%;margin-bottom:0in;margin-bottom:.0001pt;line-height:normal;background:white;text-autospace:none'>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; 22.2%</p> </td> <td width="91" valign="bottom" style='width:68.05pt;border:none;border-bottom:double black 2.25pt;background:white;padding:0'> <p style='margin-top:0in;margin-right:0in;margin-bottom:10.0pt;margin-left:0in;line-height:115%;margin-bottom:0in;margin-bottom:.0001pt;line-height:normal;background:white;text-autospace:none'>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; 57.3%</p> </td> </tr> </table> 900071 0 170003 900071 1185676 1202610 101317 107658 36964 406806 40543 429172 98815 254759 -905684 -2099444 -2650264 -2738795 -905684 -2099444 -2650264 -2738795 182066546 179673909 182066546 176653636 182066546 179673909 182066546 176653636 -0.005 -0.012 -0.015 -0.016 6.88 6.47 6.72 6.30 283815 571574 393143 614465 91522 113441 342913 209830 0 311467 4451307 2287572 1036514 1221115 2122632 1125551 7610453 4634238 -101317 -107658 7509136 4526580 88132 39800 480710 492620 5545151 5240451 8177588 8667889 924093 583954 15215674 15024714 -6469597 -5870637 8746077 9154077 332714 435804 261775 323702 70939 112102 992590 1155418 763806 817965 228784 337453 7666666 1533333 92541 587183 587183 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Depreciation and amortization - Total segment and consolidated depreciation and amortization Represents the monetary amount of Depreciation and amortization - Total segment and consolidated depreciation and amortization, during the indicated time period. Interest expense related to short-term loans Represents the monetary amount of Interest expense related to short-term loans, during the indicated time period. Commission payable Represents the monetary amount of Commission payable, as of the indicated date. Effect of foreign currency exchange - Qufu Represents the monetary amount of Effect of foreign currency exchange - Qufu, as of the indicated date. Value of Shares issued for Acquisition Represents the monetary amount of Value of Shares issued for Acquisition, as of the indicated date. Inventory, Finished Goods, Gross Inventory, Work in Process, Gross Income Taxes Long-lived Assets Property and Equipment Note 13 - Segment Information NET CASH PROVIDED BY (USED IN) INVESTING ACTIVITIES CASH FLOWS FROM OPERATING ACTIVITIES: Interest income STOCKHOLDERS' EQUITY: Loan payable Land use rights, net Entity Public Float Interest income - Stevioside Represents the monetary amount of Interest income - Stevioside, during the indicated time period. Shares, Outstanding Multiple loans from Jianjun Yan July 2016 Represents the monetary amount of Multiple loans from Jianjun Yan July 2016, as of the indicated date. Deferred Revenue Business related employees' advances Represents the monetary amount of Business related employees' advances, as of the indicated date. Repayments from related parties - Shandong Represents the monetary amount of Repayments from related parties - Shandong, as of the indicated date. Accumulated amortization of Intangible Assets Represents the monetary amount of Accumulated amortization of Intangible Assets, as of the indicated date. Payment of purchase price for apartment units held for sale Represents the monetary amount of Payment of purchase price for apartment units held for sale, as of the indicated date. Net loss attributable to Sunwin Stevia International, Inc. Represents the monetary amount of Net loss attributable to Sunwin Stevia International, Inc., during the indicated time period. Allowance for Doubtful Accounts Receivable {1} Allowance for Doubtful Accounts Receivable Represents the monetary amount of Allowance for Doubtful Accounts Receivable, as of the indicated date. NET CHANGE IN CASH Accounts payable and accrued expenses {1} Accounts payable and accrued expenses Total other income Other income (expenses) Document Fiscal Period Focus Depreciation and amortization - Stevioside Represents the monetary amount of Depreciation and amortization - Stevioside, during the indicated time period. Net revenues - Chinese Medicines Represents the monetary amount of Net revenues - Chinese Medicines, during the indicated time period. Accrued R&D payable Represents the monetary amount of Accrued R&D payable, as of the indicated date. Accounts receivable - related party Qufu Shengwang Represents the monetary amount of Accounts receivable - related party Qufu Shengwang, as of the indicated date. Cash paid for acquisition Represents the monetary amount of Cash paid for acquisition, as of the indicated date. Auto and Trucks Represents the monetary amount of Auto and Trucks, as of the indicated date. Vendor Concentrations table three month Represents the textual narrative disclosure of Vendor Concentrations table three month, during the indicated time period. Schedule of Accounts Payable and Accrued Liabilities Schedule of Inventory, Current Reclassifications Represents the textual narrative disclosure of Reclassifications, during the indicated time period. Basic and Diluted Earnings Per Share Cash Cash Cash Loss from sales of real estate investment held for resale Total Assets Total Assets Entity Voluntary Filers Segment assets-Stevioside Represents the monetary amount of Segment assets-Stevioside, as of the indicated date. Loan from Qing Kong Represents the monetary amount of Loan from Qing Kong, as of the indicated date. Revenue - related party Qufu Shengwang Represents the monetary amount of Revenue - related party Qufu Shengwang, during the indicated time period. Office Equipment Represents the monetary amount of Office Equipment, as of the indicated date. Research and Development Expense {1} Research and Development Expense VAT payable Represents the monetary amount of VAT payable, as of the indicated date. Details Schedule of Finite-Lived Intangible Assets Research and Development Concentrations of Credit Risk Note 12 - Stockholders' Equity Note 10 - Accounts Payable and Accrued Expenses SUPPLEMENTAL DISCLOSURE OF CASH FLOWS INFORMATION: EFFECT OF EXCHANGE RATE ON CASH Purchases of property and equipment Stock issued for employee compensation Depreciation expense Loss before income taxes Grant income Loss from operations Loss from operations Preferred stock, $0.001 par value; 1,000,000 shares authorized; no shares issued and outstanding CURRENT LIABILITIES: Cash and cash equivalents Income (loss) before income taxes - Total segment and consolidated depreciation and amortization Represents the monetary amount of Income (loss) before income taxes - Total segment and consolidated depreciation and amortization, during the indicated time period. Net revenues - Chinese medicine - Total Represents the monetary amount of Net revenues - Chinese medicine - Total, during the indicated time period. Accumulated Depreciation, Depletion and Amortization, Property, Plant, and Equipment Shipping, Handling and Transportation Costs Average exchange rates Represents the Average exchange rates, during the indicated time period. Cash and cash equivalents held in USA Represents the monetary amount of Cash and cash equivalents held in USA, as of the indicated date. Loan Payable Table Represents the textual narrative disclosure of Loan Payable Table, during the indicated time period. Property and equipment table Represents the textual narrative disclosure of Property and equipment table, during the indicated time period. Foreign Currency Translation Inventories {1} Inventories Note 15 - Concentrations and Credit Risk Cash paid for interest Allowance for doubtful accounts Amortization of intangible assets Weighted average common shares outstanding - basic and diluted Net loss per common share: Cost of revenues Property and equipment, net Interest income - Total segment and consolidated interest expense Represents the monetary amount of Interest income - Total segment and consolidated interest expense, during the indicated time period. Total Loan Payable Represents the monetary amount of Total Loan Payable, as of the indicated date. Consulting fee payable Represents the monetary amount of Consulting fee payable, as of the indicated date. Effect of foreign currency exchange - Shangdong Represents the monetary amount of Effect of foreign currency exchange - Shangdong, as of the indicated date. Due to Pharmaceutical Corporation Represents the monetary amount of Due to Pharmaceutical Corporation, as of the indicated date. Foreign Currency Exchange Rate, Translation Customer Concentrations table three month Represents the textual narrative disclosure of Customer Concentrations table three month, during the indicated time period. Note 14 - Commitments and Contingencies Note 6 - Intangible Assets Cash paid for income taxes Repayment of related party advances Comprehensive loss Accounts payable and accrued expenses Entity Registrant Name Net revenues - Stevioside - related party Represents the monetary amount of Net revenues - Stevioside - related party, during the indicated time period. Multiple loans from Jianjun Yan Represents the monetary amount of Multiple loans from Jianjun Yan, as of the indicated date. Finite-Lived Intangible Assets, Gross Reserve for obsolete or slow-moving inventories Represents the monetary amount of Reserve for obsolete or slow-moving inventories, as of the indicated date. Schedule of Cash and Cash Equivalents Taxes Payable {1} Taxes Payable Represents the textual narrative disclosure of Taxes Payable, during the indicated time period. Note 9 - Prepaid Expenses and Other Current Assets Note 2 - Summary of Significant Accounting Policies Note 1 - Organization and Operations Property and equipments acquired on credit as payable Represents the monetary amount of Property and equipments acquired on credit as payable, during the indicated time period. Prepaid expenses and other current assets {1} Prepaid expenses and other current assets Total Comprehensive loss Total operating expenses, net Total revenues Total revenues Income Statement Total Stockholders' Equity Total Stockholders' Equity Accumulated deficit Investment in real estate held for resale Inventories, net ASSETS Current Fiscal Year End Date Advanced from the employees Represents the monetary amount of Advanced from the employees, as of the indicated date. Union and education fees payable Represents the monetary amount of Union and education fees payable, as of the indicated date. Due to Qufu Shengwang Represents the monetary amount of Due to Qufu Shengwang, as of the indicated date. Only Sweet name rights and related technologies Represents the monetary amount of Only Sweet name rights and related technologies, as of the indicated date. Customer Concentrations table nine month Represents the textual narrative disclosure of Customer Concentrations table nine month, during the indicated time period. Segment Revenue Table Represents the textual narrative disclosure of Segment Revenue Table, during the indicated time period. Revenue Recognition Accounts Receivable Taxes payable Foreign currency translation adjustment Research and development expenses Additional paid-in capital LIABILITIES AND STOCKHOLDERS' EQUITY Total Current Assets Total Current Assets Prepaid expenses and other current assets Entity Current Reporting Status Segment assets- Chinese Medicines Represents the monetary amount of Segment assets- Chinese Medicines, as of the indicated date. Net revenues - Total segment and consolidated revenues Represents the monetary amount of Net revenues - Total segment and consolidated revenues, during the indicated time period. Shares, Issued Loan from Jian Chen Represents the monetary amount of Loan from Jian Chen, as of the indicated date. Prepayment for consultants' stock-based compensation Represents the monetary amount of Prepayment for consultants' stock-based compensation, as of the indicated date. LandUseRight Represents the monetary amount of LandUseRight, as of the indicated date. Cost of revenues {1} Cost of revenues Represents the monetary amount of Cost of revenues, during the indicated time period. DispositionLossOfLongLivedAssets Represents the monetary amount of DispositionLossOfLongLivedAssets, during the indicated time period. Recent Accounting Pronouncements Stock Based Compensation Note 16 - Subsequent Events Note 8 - Related Party Transactions Note 4 - Inventories NON-CASH INVESTING AND FINANCING ACTIVITIES Loss on disposition of property and equipment {1} Loss on disposition of property and equipment Other income (expenses): Revenues - related party CURRENT ASSETS: Statement of Financial Position Loss before taxes and noncontrolling interest - Corporate and other Represents the monetary amount of Loss before taxes and noncontrolling interest - Corporate and other, during the indicated time period. Net revenues - Chinese medicine - related party Represents the monetary amount of Net revenues - Chinese medicine - related party, during the indicated time period. Loan from Min Wu at 10% Represents the monetary amount of Loan from Min Wu at 10%, as of the indicated date. Distribution agreement and related distribution channels Represents the monetary amount of Distribution agreement and related distribution channels, as of the indicated date. Property, Plant and Equipment, Gross Weighted Average Number of Shares Issued, Basic Cash and cash equivalents held in PRC Represents the monetary amount of Cash and cash equivalents held in PRC, as of the indicated date. Comprehensive Loss Cash and Cash Equivalents Use of Estimates Note 3 - Investment in Real Estate Held For Resale Proceeds from loans Segment assets-Total consolidated assets Represents the monetary amount of Segment assets-Total consolidated assets, as of the indicated date. Loan from Weifeng Kong Represents the monetary amount of Loan from Weifeng Kong, as of the indicated date. Accrued salary payable Represents the monetary amount of Accrued salary payable, as of the indicated date. Repayments from related parties Represents the monetary amount of Repayments from related parties, as of the indicated date. Accumulated amortization of Land Use Rights Represents the monetary amount of Accumulated amortization of Land Use Rights, as of the indicated date. Construction in Progress, Gross Schedule of Other Assets Policies Deferred grant income Gross profit Gross profit Accumulated other comprehensive income Commitments and Contingencies Total Current Liabilities Total Current Liabilities Entity Central Index Key Document Period End Date Document Type Net revenues - Stevioside - Total Represents the monetary amount of Net revenues - Stevioside - Total, during the indicated time period. Loan from Jianjun Yan at 10% Represents the monetary amount of Loan from Jianjun Yan at 10%, as of the indicated date. Finite-Lived Intangible Assets, Net Schedule of Earnings Per Share, Basic and Diluted Grant Income Represents the textual narrative disclosure of Grant Income, during the indicated time period. Note 7 - Land Use Rights Accounts receivable and notes receivable Net loss Interest expense Loss on disposition of property and equipment Amendment Flag Loss on disposal of real estate investments Represents the monetary amount of Loss on disposal of real estate investments, during the indicated time period. Depreciation and amortization - Chinese Medicines Represents the monetary amount of Depreciation and amortization - Chinese Medicines, during the indicated time period. Common stock authorized to issue Represents the Common stock authorized to issue (number of shares), as of the indicated date. Interest payables for short-term loans Represents the monetary amount of Interest payables for short-term loans, as of the indicated date. Accounts Payable, Other, Current Effect of foreign currency exchange Represents the monetary amount of Effect of foreign currency exchange, as of the indicated date. Total Due to Related Party Represents the monetary amount of Total Due to Related Party, as of the indicated date. Share issued for acquisition Represents the Share issued for acquisition (number of shares), as of the indicated date. Weighted Average Number of Shares Outstanding, Diluted Note 11 -loan Payable NET CASH USED IN FINANCING ACTIVITIES CASH FLOWS FROM FINANCING ACTIVITIES: Proceeds from disposal of real estate investment CASH FLOWS FROM INVESTING ACTIVITIES: NET CASH PROVIDED BY (USED IN) OPERATING ACTIVITIES Adjustments to reconcile net loss to net cash provided by (used in) operating activities Statement of Cash Flow Entity Filer Category Document and Entity Information: Interest income - Chinese Medicines Represents the monetary amount of Interest income - Chinese Medicines, during the indicated time period. Loan from Junzhen Zhang Represents the monetary amount of Loan from Junzhen Zhang, as of the indicated date. General liability, worker's compensation, and medical insurance payable Represents the monetary amount of General liability, worker's compensation, and medical insurance payable, as of the indicated date. Accounts Payable and Accrued Liabilities, Current Taxes Payable, Current Working capital advances from related parties - Qufu Represents the monetary amount of Working capital advances from related parties - Qufu, as of the indicated date. Amortization expense - Land use rights Represents the monetary amount of Amortization expense - Land use rights, during the indicated time period. Buildings and Improvements, Gross Purchase price for apartment units held for sale Represents the monetary amount of Purchase price for apartment units held for sale, as of the indicated date. Segment Assets Table Represents the textual narrative disclosure of Segment Assets Table, during the indicated time period. Tables/Schedules Inventories Accounts receivable - related party {1} Accounts receivable - related party Provision for income taxes Interest expense - related party Common stock, $0.001 par value, 200,000,000 shares authorized; 199,632,803 and 199,632,803 shares issued and outstanding as of January 31, 2017 and April 30, 2016, respectively Intangible assets, net Document Fiscal Year Focus Entity Common Stock, Shares Outstanding Loss before taxes and noncontrolling interest - Chinese Medicines Represents the monetary amount of Loss before taxes and noncontrolling interest - Chinese Medicines, during the indicated time period. Value of Stock Issued Represents the monetary amount of Value of Stock Issued, as of the indicated date. Other miscellaneous payables Represents the monetary amount of Other miscellaneous payables, as of the indicated date. Prepayments to suppliers Represents the monetary amount of Prepayments to suppliers, as of the indicated date. Working capital advances from related parties Represents the monetary amount of Working capital advances from related parties, as of the indicated date. Total Depreciation Expense Represents the monetary amount of Total Depreciation Expense, during the indicated time period. Vendor Concentrations table six month Represents the textual narrative disclosure of Vendor Concentrations table six month, during the indicated time period. Fair Value of Financial Instruments Advance from related party Represents the monetary amount of Advance from related party, during the indicated time period. Changes in operating assets and liabilities: Amortization of land use right General and administrative expenses Other long-term asset Entity Well-known Seasoned Issuer Segment assets-Corporate and other Represents the monetary amount of Segment assets-Corporate and other, as of the indicated date. Loan from Guihai Chen Represents the monetary amount of Loan from Guihai Chen, as of the indicated date. Prepaid expenses and other current assets {2} Prepaid expenses and other current assets Represents the monetary amount of Prepaid expenses and other current assets, as of the indicated date. Repayments from related parties - Qufu Represents the monetary amount of Repayments from related parties - Qufu, as of the indicated date. General and administrative expenses {1} General and administrative expenses Represents the monetary amount of General and administrative expenses, during the indicated time period. Numerator for basic EPS, loss applicable to common stock holders Represents the monetary amount of Numerator for basic EPS, loss applicable to common stock holders, during the indicated time period. Cash and cash equivalents total Represents the monetary amount of Cash and cash equivalents total, as of the indicated date. FOREIGN EXCHANGE RATE Table Represents the textual narrative disclosure of FOREIGN EXCHANGE RATE Table, during the indicated time period. Note 5 - Property and Equipment Notes Net Loss per share-basic and diluted Selling expenses Revenues {1} Revenues Due to related party Loss before taxes and noncontrolling interest - Stevioside Represents the monetary amount of Loss before taxes and noncontrolling interest - Stevioside, during the indicated time period. Net revenues - Stevioside - third party Represents the monetary amount of Net revenues - Stevioside - third party, during the indicated time period. Loan from Weidong Cai at 10% Represents the monetary amount of Loan from Weidong Cai at 10%, as of the indicated date. Customer Advances, Current Accounts Payable Prepayment for employees' stock-based compensation Represents the monetary amount of Prepayment for employees' stock-based compensation, as of the indicated date. Working capital advances from related parties - Shangdong Represents the monetary amount of Working capital advances from related parties - Shangdong, as of the indicated date. Land use right, gross Represents the monetary amount of Land use right, gross, as of the indicated date. Machinery and Equipment, Gross Reserve for obsolete inventory Represents the monetary amount of Reserve for obsolete inventory, as of the indicated date. Inventory, Gross Inventory, Raw Materials, Gross Investment in real estate held for resale {1} Investment in real estate held for resale Schedule of Related Party Transactions Shipping Costs Stock issued for services Operating expenses: Revenues: Total Liabilities and Stockholders' Equity Total Liabilities and Stockholders' Equity Accounts receivable - related party Accounts receivable, net of allowance for doubtful accounts of $1,185,676 and $1,202,610, respectively Trading Symbol EX-101.PRE 10 suwn-20170131_pre.xml XBRL TAXONOMY EXTENSION PRESENTATION LINKBASE XML 11 R1.htm IDEA: XBRL DOCUMENT v3.6.0.2
Document and Entity Information - USD ($)
 9 Months Ended
Jan. 31, 2017
Mar. 15, 2017
Oct. 31, 2015
Document and Entity Information:      
Entity Registrant Name SUNWIN STEVIA INTERNATIONAL, INC.    
Document Type 10-Q    
Document Period End Date Jan. 31, 2017    
Trading Symbol suwn    
Amendment Flag false    
Entity Central Index Key 0000806592    
Current Fiscal Year End Date --04-30    
Entity Common Stock, Shares Outstanding   199,632,803  
Entity Public Float     $ 24,781,423
Entity Filer Category Smaller Reporting Company    
Entity Current Reporting Status No    
Entity Voluntary Filers No    
Entity Well-known Seasoned Issuer No    
Document Fiscal Year Focus 2017    
Document Fiscal Period Focus Q3    
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SUNWIN STEVIA INTERNATIONAL, INC. AND SUBSIDIARIES CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($)
Jan. 31, 2017
Apr. 30, 2016
CURRENT ASSETS:    
Cash and cash equivalents $ 170,003 $ 900,071
Accounts receivable, net of allowance for doubtful accounts of $1,185,676 and $1,202,610, respectively 2,762,722 2,099,503
Accounts receivable - related party 3,465,190 3,632,876
Inventories, net 7,509,136 4,526,580
Prepaid expenses and other current assets 2,909,881 2,787,371
Total Current Assets 16,816,932 13,946,401
Investment in real estate held for resale   311,467
Property and equipment, net 8,746,077 9,154,077
Intangible assets, net 189,685 433,565
Land use rights, net 1,872,741 2,032,693
Other long-term asset 1,163,908 2,092,778
Total Assets 28,789,343 27,970,981
CURRENT LIABILITIES:    
Accounts payable and accrued expenses 10,638,362 6,860,826
Loan payable 3,018,843 2,263,387
Due to related party 1,047,070 1,277,248
Total Current Liabilities 14,704,275 10,401,461
STOCKHOLDERS' EQUITY:    
Common stock, $0.001 par value, 200,000,000 shares authorized; 199,632,803 and 199,632,803 shares issued and outstanding as of January 31, 2017 and April 30, 2016, respectively 199,633 199,633
Additional paid-in capital 37,681,279 37,681,279
Accumulated deficit (27,864,796) (25,214,532)
Accumulated other comprehensive income 4,068,952 4,903,140
Total Stockholders' Equity 14,085,068 17,569,520
Total Liabilities and Stockholders' Equity $ 28,789,343 $ 27,970,981
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"SUNWIN STEVIA INTERNATIONAL, INC. AND SUBSIDIARIES CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($)
 3 Months Ended 9 Months Ended
Jan. 31, 2017
Jan. 31, 2016
Jan. 31, 2017
Jan. 31, 2016
Revenues:        
Revenues $ 4,280,956 $ 2,355,337 $ 10,653,073 $ 6,558,438
Revenues - related party 2,129,371 1,488,937 5,591,740 5,346,991
Total revenues 6,410,327 3,844,274 16,244,813 11,905,429
Cost of revenues 5,517,286 3,538,726 14,095,338 10,275,381
Gross profit 893,041 305,548 2,149,475 1,630,048
Operating expenses:        
Selling expenses 518,153 404,145 1,380,363 1,016,452
General and administrative expenses 904,759 937,037 2,878,408 2,241,312
Loss on disposition of property and equipment 36,964 406,806 40,543 429,172
Research and development expenses 283,815 571,574 393,143 614,465
Total operating expenses, net 1,743,691 2,319,562 4,692,457 4,301,401
Loss from operations (850,650) (2,014,014) (2,542,982) (2,671,353)
Other income (expenses):        
Other income (expenses) 45,224 (92,194) 162,874 (121,623)
Grant income   68,649   285,855
Interest income 118 24 578 780
Interest expense - related party (38,207) (31,708) (96,320) (105,420)
Interest expense (62,169) (30,271) (174,414) (121,728)
Total other income (55,034) (85,500) (107,282) (62,136)
Loss before income taxes (905,684) (2,099,514) (2,650,264) (2,733,489)
Provision for income taxes   (70)   5,306
Net loss (905,684) (2,099,444) (2,650,264) (2,738,795)
Comprehensive loss        
Net loss (905,684) (2,099,444) (2,650,264) (2,738,795)
Foreign currency translation adjustment (196,829) (715,800) (834,188) (1,421,895)
Total Comprehensive loss $ (1,102,513) $ (2,815,244) $ (3,484,452) $ (4,160,690)
Net loss per common share:        
Net Loss per share-basic and diluted $ (0.005) $ (0.012) $ (0.015) $ (0.016)
Weighted average common shares outstanding - basic and diluted 182,066,546 179,673,909 182,066,546 176,653,636
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SUNWIN STEVIA INTERNATIONAL, INC. AND SUBSIDIARIES CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED) - USD ($)
 9 Months Ended
Jan. 31, 2017
Jan. 31, 2016
CASH FLOWS FROM OPERATING ACTIVITIES:    
Net loss $ (2,650,264) $ (2,738,795)
Adjustments to reconcile net loss to net cash provided by (used in) operating activities    
Depreciation expense 992,590 1,155,418
Amortization of intangible assets 243,880 243,880
Amortization of land use right 39,398 42,036
Loss on disposition of property and equipment 40,543 429,172
Stock issued for employee compensation 920,001 301,875
Stock issued for services 108,750 204,444
Allowance for doubtful accounts 55,145 33,105
Loss from sales of real estate investment held for resale 2,410  
Changes in operating assets and liabilities:    
Accounts receivable and notes receivable (877,513) (595,329)
Accounts receivable - related party (47,363) 1,581,487
Inventories (3,324,235) (442,992)
Prepaid expenses and other current assets (304,584) (1,037,140)
Accounts payable and accrued expenses 3,968,486 1,496,715
Deferred grant income   (285,855)
Taxes payable (144,194) (78,544)
NET CASH PROVIDED BY (USED IN) OPERATING ACTIVITIES 976,950 309,478
CASH FLOWS FROM INVESTING ACTIVITIES:    
Purchases of property and equipment (750,583) (383,030)
Proceeds from disposal of real estate investment 297,513  
NET CASH PROVIDED BY (USED IN) INVESTING ACTIVITIES (453,070) (383,030)
CASH FLOWS FROM FINANCING ACTIVITIES:    
Proceeds from loans 909,302 0
Advance from related party 2,595,313 6,683,822
Repayment of related party advances (2,768,284) (6,607,343)
NET CASH USED IN FINANCING ACTIVITIES 736,331 76,479
EFFECT OF EXCHANGE RATE ON CASH (36,379) (7,826)
NET CHANGE IN CASH (730,068) (16,241)
Cash 900,071 241,967
Cash 170,003 225,726
SUPPLEMENTAL DISCLOSURE OF CASH FLOWS INFORMATION:    
Cash paid for income taxes 1,859 1,002
Cash paid for interest 96,320 203,371
NON-CASH INVESTING AND FINANCING ACTIVITIES    
Property and equipments acquired on credit as payable $ 451,786 $ 24,656
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Note 1 - Organization and Operations
 9 Months Ended
Jan. 31, 2017
Notes  
Note 1 - Organization and Operations

NOTE 1 - ORGANIZATION AND OPERATIONS

 

DESCRIPTION OF BUSINESS

 

Sunwin Stevia International, Inc. ("Sunwin Stevia International"), a Nevada corporation, and its subsidiaries are referred to in this report as "we", "us", "our", "Sunwin" or the "Company".

 

We sell stevioside, a natural sweetener, as well as herbs used in traditional Chinese medicines and veterinary products. Substantially all of our operations are located in the People's Republic of China (the "PRC"). We have built an integrated company with the sourcing and production capabilities designed to meet the needs of our customers.

 

Our operations are organized into two operating segments related to our Stevioside and Chinese Medicine product lines., and subsidiaries included in continuing operations consisted of the following:

 

-   Qufu Natural Green Engineering Co., Ltd. ("Qufu Natural Green"), a wholly owned subsidiary of Sunwin Stevia International;

-   Qufu Shengren Pharmaceutical Co., Ltd. ("Qufu Shengren"), a wholly owned subsidiary of Qufu Natural Green;

-   Qufu Shengwang Stevia Biology and Science Co., Ltd. ("Qufu Shengwang"), a wholly owned subsidiary of Qufu Natural Green;

-   Sunwin Tech Group, Inc. ("Sunwin Tech"), a wholly owned subsidiary of Sunwin Stevia International; and

-   Sunwin USA, LLC. ("Sunwin USA"), a wholly owned subsidiary of Sunwin Stevia International.

 

Stevioside Segment

 

In our Stevioside segment, we produce and sell a variety of purified steviol glycosides with rebaudioside A and stevioside as the principal components, an all natural, low calorie sweetener, and Only Sweet, a stevioside based table top sweetener.

 

Chinese Medicine Segment

 

In our Chinese Medicine Segment, we manufacture and sell a variety of traditional Chinese medicine formula extracts which are used in products made for use by both humans and animals.

 

Qufu Shengwang

 

In fiscal 2009, Qufu Natural Green acquired a 60% interest in Qufu Shengwang from its shareholder, Shandong Group, for $4,026,851. The purchase price represented 60% of the value of the net tangible assets of Qufu Shengwang as of April 30, 2008. Shandong Group is owned by Laiwang Zhang, our President and Chairman of the Board of Directors.  Qufu Shengwang manufactures and sells stevia -based fertilizers and feed additives.

 

On September 30, 2011, Qufu Natural Green purchased the 40% equity interest in Qufu Shengwang owned by our Korean partner, Korea Stevia Company, Limited, for $626,125 in cash, and as a result of this repurchase transaction we now own 100% equity interest in all of the net assets of our subsidiary Qufu Shengwang.

 

On July 1, 2012, Qufu Shengwang entered into a Cooperation Agreement with Hegeng (Beijing) Organic Farm Technology Co, Ltd. ("Hegeng"), a Chinese manufacturer and distributor of bio-fertilizers and pesticides, to jointly develop bio-bacterial fertilizers based on the residues from our stevia extraction. Under the Cooperation Agreement, Hegeng provides strain and formula that we apply to the stevia residues to produce bio-bacterial fertilizers in the current facility of Qufu Shengwang. The bio-bacterial fertilizers will be distributed under Qufu Shengwang's name.  No additional investment in the facility would be required. During the third quarter of fiscal 2013, we decided to suspend the agreement with Hegeng due to a lack of sales since the reaction to the products was lower than anticipated in the fertilizer market. Currently we plan to use these assets to manufacture a variety of traditional Chinese medicine formula extracts. We started production in the last quarter of fiscal 2014.

 

Qufu Shengren

 

In fiscal 2009, Qufu Natural Green acquired Qufu Shengren for $3,097,242. The purchase price was equal to the value of the assets of Qufu Shengren as determined by an independent asset appraisal in accordance with asset appraisal principles in the PRC. Prior to being acquired by us, Qufu Shengren was engaged in the production and distribution of bulk drugs and pharmaceuticals.  Subsequent to the acquisition, Qufu Shengren produces and distributes steviosides with a full range of grades from rebaudioside-A 10 to 99. 

 

Sunwin USA

 

In fiscal 2009, we entered into a distribution agreement with WILD Flavors to assist our 55% owned subsidiary, Sunwin USA, in the marketing and worldwide distribution of our stevioside-based sweetener products and issued WILD Flavors a 45% interest in Sunwin USA. 

 

On August 8, 2012, we entered into an Exchange Agreement with WILD Flavors pursuant to which we purchased its 45% membership interest in Sunwin USA for an aggregate consideration of approximately $1,625,874, which includes the issuance of 7,666,666 shares of our common stock valued at approximately $1,533,333 and a cash payment of $92,541.  The transaction closed on August 20, 2012. On August 22, 2012, we issued 7,666,666 shares of our common stock and paid $92,541 cash to WILD Flavors. The $92,541 cash payment was paid by China Direct Investment, Inc. ("CDI"), our corporate management services provider, and reimbursed by us to CDI through the issuance of our common shares as part of the terms of the consulting agreement with CDI dated May 1, 2012. The net tangible assets of Sunwin USA were reduced from $1,825,804 to $1,625,874 as a result of the application of generally accepted accounting principles ("U.S. GAAP") which requires elimination of the difference between the purchase price of the 45% membership interest in Sunwin USA and cost basis of the intangible assets recorded by Sunwin USA. Intangible assets include the product development and supply chain for OnlySweetTM.

 

Under the terms of the agreement, WILD Flavors assumed certain pre-closing obligations of Sunwin USA totaling approximately $694,000, including trade accounts receivable, loans, health care and monthly expenses of an employee, potential chargebacks, bank fees and broker commissions incurred prior to the closing date. The agreement also contained customary joint indemnification and general releases.  As a result of this transaction, we began consolidating the operations of Sunwin USA from the date of acquisition (August 20, 2012).

 

In addition to the Exchange Agreement, on August 8, 2012 we entered into the following additional agreements with WILD Flavors or its affiliate:

 

-           We entered into an Amendment to Operating Agreement with WILD Flavors pursuant to which we are now the sole management of Sunwin USA and certain sections of the original agreement dated April 29, 2009 were cancelled as they were no longer relevant following our purchase of the minority interest in Sunwin USA described above;

 

-           We entered into a Termination of Distribution Agreement with WILD Flavors and Sunwin USA pursuant to which the Distribution Agreement dated February 5, 2009 was terminated; and

 

-           We entered into a Distributorship Agreement with WILD Procurement Gmbh, a Swiss corporation ("WILD Procurement") which is an affiliate of WILD Flavors. Under the terms of this agreement, we appointed WILD Procurement as a non-exclusive world-wide distributor for the resale of our stevia products.  There are no minimum purchase quantities under the agreement, and the pricing and terms of each order will be negotiated by the parties at the time each purchase order is placed.  The agreement restricts WILD Procurement from purchasing steviosides or other forms of stevia that are included in our products from sources other than our company under certain circumstances. In addition, at such time as we desire to offer new products, we must offer WILD Procurement the non-exclusive right to distribute those products and the parties will have 60 days to reach mutually agreeable terms. The agreement contains certain representations by us as to the quality of the products we may sell WILD Procurement and the products' compliance with applicable laws and good manufacturing practices, as well as customary confidentiality and indemnification provisions.

 

In the event WILD Procurement should fund research on stevia used in food, beverage or dietary supplement applications, and as a result of this research it develops new intellectual property, such intellectual property shall be the sole property of WILD Procurement. In the event we should jointly fund research, any new intellectual property developed from this effort will be jointly owned and each party will have the right to use the developed intellectual property in stevia-based products.

 

The agreement is for an initial term of 12 months and will automatically renew for successive 12 month terms unless the agreement has been terminated by either party upon 45 days prior written notice. There are no assurances any purchase orders will be placed under the terms of the Distribution Agreement. The agreement may also be terminated by either party upon a material breach by the other party, or upon the filing of a bankruptcy petition, both subject to certain cure periods. In the event the agreement is terminated, WILD Procurement has the right to continue to distribute our products on a non-exclusive basis for 24 months upon terms and conditions to be negotiated by the parties. This agreement is still in effect as of today.
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Note 2 - Summary of Significant Accounting Policies
 9 Months Ended
Jan. 31, 2017
Notes  
Note 2 - Summary of Significant Accounting Policies

NOTE 2 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

 

BASIS OF PRESENTATION

 

The accompanying unaudited condensed consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America ("U.S. GAAP") and pursuant to the rules and regulations of the Securities and Exchange Commission (the "SEC") for interim financial reporting. The accompanying unaudited condensed consolidated financial statements for the interim periods presented are unaudited and reflect all adjustments (consisting only of normal recurring adjustments) which are, in the opinion of management, necessary for a fair presentation of the financial position and operating results for the periods presented. Certain financial statement amounts relating to prior periods have been reclassified to conform to the current period presentation.

 

These unaudited condensed consolidated interim financial statements should be read in conjunction with the financial statements and footnotes for the year ended April 30, 2016 included in our Form 10-K as filed with the SEC. The results of operations and cash flows for the three and nine months ended January 31, 2017 are not necessarily indicative of the results of operations or cash flows which may be reported for future periods or the full fiscal year.

 

The condensed consolidated balance sheet as of April 30, 2016 contained herein has been derived from the audited consolidated financial statements as of April 30, 2016, but do not include all disclosures required by the U.S. GAAP.

 

Our unaudited condensed consolidated financial statements include the accounts of Sunwin and all our wholly-owned subsidiaries. All intercompany accounts and transactions have been eliminated in consolidation. Our subsidiaries include the following:

 

-    Qufu Natural Green;

-    Qufu Shengren;

-    Qufu Shengwang;

-    Sunwin Tech; and

-    Sunwin USA

 

As reflected in the accompanying unaudited condensed consolidated financial statements, during the nine months ended January 31, 2017, the Company had a net loss of approximately $2,650,000 and net cash used in operations of approximately $977,000. At January 31, 2017, we had working capital of approximately $2,113,000, including cash of $170,000. We believe the Company has the ability to further implement its business plan, raise additional capital, generate more revenues, and collect receivables from the third party and related parties to increase the working capital. However, actual results could differ from our anticipation.

 

USE OF ESTIMATES

 

The preparation of unaudited condensed consolidated financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and the disclosure of contingent assets and liabilities at the date of the unaudited condensed consolidated financial statements and the reported amounts of revenues and expenses during the reporting period. Significant estimates include the allowance for doubtful accounts, the allowance for obsolete inventory, the useful life of property and equipment and intangible assets, assumptions used in assessing impairment of long-term assets and valuation of deferred tax assets, and the value of stock-based compensation.  Actual results could differ from those estimates.

 

CASH AND CASH EQUIVALENTS

 

We consider all highly liquid investments with maturities of three months or less at the time of purchase to be cash and equivalents. As of January 31, 2017, we held $125,668 of our cash and cash equivalents with commercial banking institutions in the PRC, and $44,335 with banks in the United States. As of April 30, 2016, we held $900,071 of our cash and cash equivalents with commercial banking institution in PRC, and $0 in the United States. In China, there is no equivalent federal deposit insurance as in the United States, so the amounts held in banks in China are not insured. We have not experienced any losses in such bank accounts through January 31, 2017. As of January 31, 2017 and April 30, 2016, bank deposits by geographic area were as follows:

 

 

January 31,

2017

(Unaudited)

April 30,

2016

 

 

 

China

   $      125,668

   $      900,071

United States

              44,335

                        0

Total

   $      170,003

   $      900,071

 

 

ACCOUNTS RECEIVABLE

 

Accounts receivable and other receivable are reported at net realizable value. We have established an allowance for doubtful accounts based upon factors pertaining to the credit risk of specific customers, historical trends, and other information. Delinquent accounts are written off when it is determined that the amounts are uncollectible after exhaustive efforts on collection. On January 31, 2017 and April 30, 2016, the allowance for doubtful accounts was $1,185,676 and $1,202,610, respectively.

 

INVENTORIES

 

Inventories, consisting of raw materials, work in process, and finished goods related to our products, are stated at the lower of cost or market (estimated net realizable value) utilizing the weighted average method. An allowance is established when management determines that certain inventories may not be saleable. If inventory costs exceed expected market value due to obsolescence or quantities in excess of expected demand, the Company will record reserves for the difference between the cost and the market value. These reserves are recorded based on estimates. At January 31, 2017 and April 30, 2016, the Company recorded a reserve for obsolete or slow-moving inventories of $101,317 and $107,658, respectively.

 

PROPERTY AND EQUIPMENT

 

Property and equipment are stated at cost. Depreciation and amortization are provided using the straight line method over the estimated economic lives of the assets, which range from three to thirty years. Expenditures for major renewals and betterments that extend the useful lives of property and equipment are capitalized. Expenditures for maintenance and repairs are charged to expense as incurred. In accordance with paragraph 360-10-35-17 of the Financial Accounting Standards Board (FASB) Accounting Standards Codification ("ASC"), we examine the possibility of decreases in the value of fixed assets when events or changes in circumstances reflect the fact that their recorded value may not be recoverable.

 

Included in property and equipment is construction-in-progress which consisted of factory improvements and machinery pending installation and included the costs of construction, machinery and equipment, and or any interest charges arising from borrowings used to finance these assets during the period of construction or installation of the assets if applicable. No provision for depreciation is made on construction-in-progress until such time as the relevant assets are completed and ready for their intended use.

 

LONG-LIVED ASSETS

 

In accordance with ASC 360, we review and evaluate our long-lived assets, including property and equipment, intangible assets, and land use rights, for impairment or when events or changes in circumstances indicate that the related carrying amounts may not be recoverable. An impairment is considered to exist if the total estimated future cash flows on an undiscounted basis are less than the carrying amount of the assets, including goodwill, if any. An impairment loss is measured and recorded based on discounted estimated future cash flows. In estimating future cash flows, assets are grouped at the lowest level for which there is identifiable cash flows that are largely independent of future cash flows from other asset groups. Our estimates of future cash flows are based on numerous assumptions and it is possible that actual future cash flows will be significantly different than the estimates. Based on our evaluation, we have determined certain long-lived assets that are no longer useful for our operations, and we recorded a disposition loss of $36,964 and $406,806, $40,543 and $429,172 for the three and nine months ended January 31, 2017 and 2016, respectively.

 

FAIR VALUE OF FINANCIAL INSTRUMENTS

 

We adopted ASC Section 820-10-35-37 to measure the fair value of our financial instruments. ASC Section 820-10-35-37 establishes a common definition for fair value to be applied to existing generally accepted accounting principles that require the use of fair value measurements, establishes a framework for measuring fair value, and expands disclosure about such fair value measurements. The adoption of ASC Section 820-10-35-37 did not have an impact on our financial position or operating results, but did expand certain disclosures.

 

ASC Section 820-10-35-37 defines fair value as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. Additionally, ASC Section 820-10-35-37 requires the use of valuation techniques that maximize the use of observable inputs and minimize the use of unobservable inputs. These inputs are prioritized below:

 

Level 1:

Observable inputs such as quoted market prices in active markets for identical assets or liabilities

Level 2:

Observable market-based inputs or unobservable inputs that are corroborated by market data

Level 3:

Unobservable inputs for which there is little or no market data, which require the use of the reporting entity's own assumptions.

 

The carrying amounts of our financial assets and liabilities, such as cash, accounts receivable, notes receivable, prepayments and other current assets, accounts payable, taxes payable and accrued expenses, approximate their fair values because of the short maturity of these instruments.  

 

TAXES PAYABLE

 

We are required to charge for and to collect value added taxes (VAT) on our sales on behalf of the PRC tax authority. We record VAT that we billed our customers as VAT payable. In addition, we are required to pay value added taxes on our primary purchases. We record VAT that charged by our vendors as VAT receivable. We are required to file VAT return on a monthly basis with the PRC tax authority, which we are entitled to claim the VAT that we charged by vendors as VAT credit and these credits can be applied to our VAT payable that we billed our customers.  Accordingly, these VAT payable and receivable are presented as net amounts for financial statement purposes. Taxes payable on January 31, 2017 and April 30, 2016 amounted to $98,815 and $254,759, respectively, consisted primarily of VAT taxes.

 

REVENUE RECOGNITION

 

Pursuant to the guidance of ASC Topic 605, we record revenue when persuasive evidence of an arrangement exists, product delivery has occurred, the sales price to the customer is fixed or determinable, and collectability is reasonably assured.

 

GRANT INCOME

 

Grants received from PRC government agencies are recognized as deferred grant income and recognized in the consolidated statements of operations and comprehensive loss as and when they are earned for the specific research and development projects for which these grants are received.

 

INCOME TAXES

 

The Company has adopted Accounting Standards Codification subtopic 740-10, Income Taxes ("ASC 740-10") which requires the recognition of deferred tax liabilities and assets for the expected future tax consequences of events that have been included in the financial statement or tax returns.  Under this method, deferred tax liabilities and assets are determined based on the difference between financial statements and tax basis of assets and liabilities using enacted tax rates in effect for the year in which the differences are expected to reverse.  Valuation allowances are recorded to reduce the deferred tax assets to an amount that it is more likely than not be realized.

 

We file federal and state income tax returns in the United States for our corporate operations pursuant to the U.S. Internal Revenue Code of 1986, as amended, and file separate foreign tax returns for our Chinese subsidiaries pursuant to the China's Unified Corporate Income Tax Law.

 

We apply the provisions of ASC 740-10-50, "Accounting for Uncertainty in Income Taxes", which provides clarification related to the process associated with accounting for uncertain tax positions recognized in our consolidated financial statements. Audit periods remain open for review until the statute of limitations has passed. The completion of review or the expiration of the statute of limitations for a given audit period could result in an adjustment to the Company's liability for income taxes. Any such adjustment could be material to the Company's results of operations for any given quarterly or annual period based, in part, upon the results of operations for the given period. As of January 31, 2017, the Company had no uncertain tax positions, and will continue to evaluate for uncertain positions in the future.

 

BASIC AND DILUTED EARNINGS PER SHARE

 

Pursuant to ASC Section 260-10-45, basic income (loss) per common share is computed by dividing income (loss) available to common shareholders by the weighted average number of shares of common stock outstanding for the periods presented. Diluted income (loss) per share reflects the potential dilution that could occur if securities or other contracts to issue common stock were exercised or converted into common stock or resulted in the issuance of common stock that would then share in the income of ours, subject to anti-dilution limitations. The following table presents a reconciliation of basic and diluted net income per common share:

 

 

Three Months Ended

January 31,

Nine Months Ended

January 31,

Numerator:

2017

2016

2017 

2016

Net loss attributable to Sunwin Stevia International, Inc.

  $         (905,684)

  $     (2,099,444)

   $     (2,650,264)

$      (2,738,795)

Numerator for basic EPS, loss applicable to common stock holders

  $         (905,684)

  $     (2,099,444)

   $     (2,650,264)

$      (2,738,795)

Denominator:

 

 

 

 

Denominator for basic earnings per share - weighted average number of common shares outstanding

       182,066,546 

      179,673,909 

       182,066,546 

      176,653,636 

Stock awards, options, and warrants

                            0 

                           0 

                            0 

                           0 

Denominator for diluted earnings per share - adjusted weighted average outstanding average number of common shares outstanding

       182,066,546 

      179,673,909 

       182,066,546 

      176,653,636 

Basic and diluted loss per common share:

 

 

 

 

Loss per share - basic and diluted

  $              (0.005)

  $             (0.012)

   $             (0.015)

$              (0.016)

 

FOREIGN CURRENCY TRANSLATION

 

Transactions and balances originally denominated in U.S. dollars are presented at their original amounts. Transactions and balances in other currencies are converted into U.S. dollars in accordance with ASC Section 830-20-35 and are included in determining net income or loss.

 

The reporting currency of the Company is the U.S. dollar. The functional currency of the parent company is the U.S. dollar and the functional currency of the Company's operating subsidiaries is the Chinese Renminbi ("RMB").  In accordance with ASC 830-20-35, the consolidated financial statements were translated into United States dollars using balance sheet date rates of exchange for assets and liabilities, and average rates of exchange for the period for the income statements and cash flows. Equity accounts were stated at their historical rate. Net gains and losses resulting from foreign exchange transactions are included in the consolidated statements of operations.  Translation adjustments resulting from the process of translating the local currency financial statements into U.S. dollars are included in other comprehensive income or loss.

 

RMB is not a fully convertible currency. All foreign exchange transactions involving RMB must take place either through the People's Bank of China (the "PBOC") or other institutions authorized to buy and sell foreign exchange. The exchange rate adopted for the foreign exchange transactions are the rates of exchange quoted by the PBOC, which are determined largely by supply and demand. Translation of amounts from RMB into United States dollars ("$") was made at the following exchange rates for the respective periods:

 

As of January 31, 2017

RMB 6.88 to $1.00

As of April 30, 2016

RMB 6.47 to $1.00

 

 

Nine months ended January 31, 2017

RMB 6.72 to $1.00

Nine months ended January 31, 2016

RMB 6.30 to $1.00

 

COMPREHENSIVE LOSS

 

Comprehensive loss is comprised of net loss and all changes to the statements of stockholders' equity, except those due to investments by stockholders, changes in paid-in capital and distributions to stockholders. For the Company, comprehensive loss for the three and nine months ended January 31, 2017 and 2016 included net loss and unrealized gains (losses) from foreign currency translation adjustments. 

 

CONCENTRATIONS OF CREDIT RISK

 

Substantially all of our operations are carried out in the PRC. Accordingly, our business, financial condition and results of operations may be influenced by the political, economic and legal environment in the PRC, and by the general state of the PRC's economy. Our operations in the PRC are subject to specific considerations and significant risks not typically associated with companies in North America. Our results may be adversely affected by changes in governmental policies with respect to laws and regulations, anti-inflationary measures, currency conversion and remittance abroad, and rates and methods of taxation, among other things.

 

Financial instruments which potentially subject us to concentrations of credit risk consist principally of cash and trade accounts receivable. We place our cash with high credit quality financial institutions in the United States and China. At January 31, 2017, we had $125,668 of cash balance held in PRC banks, which is not insured. We have not experienced any losses in such accounts through January 31, 2017.

 

Almost all of our sales are credit sales which are primarily to customers whose ability to pay is dependent upon the industry economics prevailing in these areas; however, we believe that the concentration of credit risk with respect to trade accounts receivable is limited due to generally short payment terms. We also perform ongoing credit evaluations of our customers to help further reduce potential credit risk.

 

STOCK BASED COMPENSATION

 

Stock-based compensation is accounted for based on the requirements of the Share-Based Payment topic of ASC 718 which requires recognition in the financial statements of the cost of employee and director services received in exchange for an award of equity instruments over the period the employee or director is required to perform the services in exchange for the award (presumptively, the vesting period). ASC 718 also requires measurement of the cost of employee and director services received in exchange for an award based on the grant-date fair value of the award.

 

Pursuant to ASC 505-50, for share-based payments to consultants and other third parties, compensation expense is determined at the "measurement date." The expense is recognized over the vesting period of the award. Until the measurement date is reached, the total amount of compensation expense remains uncertain. The Company records compensation expense based on the fair value of the award at the reporting date. The awards to consultants and other third parties are then revalued, or the total compensation is recalculated, based on the then current fair value, at each subsequent reporting date.

 

RESEARCH AND DEVELOPMENT

 

Research and development costs are expensed as incurred and are included in general and administrative expenses in the accompanying statements of operations. Research and development costs are incurred on a project specific basis. Research and development cost were $283,815 and $571,574 for the three months ended January 31, 2017 and 2016; and $393,143 and $614,465 for the nine months ended January 31, 2017 and 2016, respectively.

 

SHIPPING COSTS

 

Shipping costs are included in selling expenses and totaled $91,522 and $113,441 for the three months ended January 31, 2017 and 2016; and $342,913 and $209,830 for the nine months ended January 31, 2017 and 2016, respectively.

 

RECLASSIFICATIONS

 

Certain prior year amounts have been reclassified to conform to the current period presentation. These reclassifications had no impact on net earnings and financial position.

 

RECENT ACCOUNTING PRONOUNCEMENTS

 

In May 2016, the FASB issued ASU 2016-12, "Revenue from Contracts with Customers (Topic 606): Narrow-Scope Improvements and Practical Expedients". The amendments, among other things: (1) clarify the objective of the collectability criterion for applying paragraph 606-10-25-7; (2) permit an entity to exclude amounts collected from customers for all sales (and other similar) taxes from the transaction price; (3) specify that the measurement date for noncash consideration is contract inception; (4) provide a practical expedient that permits an entity to reflect the aggregate effect of all modifications that occur before the beginning of the earliest period presented when identifying the satisfied and unsatisfied performance obligations, determining the transaction price, and allocating the transaction price to the satisfied and unsatisfied performance obligations; (5) clarify that a completed contract for purposes of transition is a contract for which all (or substantially all) of the revenue was recognized under legacy GAAP before the date of initial application, and (6) clarify that an entity that retrospectively applies the guidance in Topic 606 to each prior reporting period is not required to disclose the effect of the accounting change for the period of adoption. The effective date of these amendments is at the same date that Topic 606 is effective. The Company is currently in the process of evaluating the impact of the adoption on its consolidated financial statements.

 

In August 2016, the Financial Accounting Standards Board ("FASB") issued Accounting Standards Update ("ASU") 2016-15, Statement of Cash Flows (Topic 230): Classification of Certain Cash Receipts and Cash Payments. This ASU addresses the classification of certain specific cash flow issues including debt prepayment or extinguishment costs, settlement of certain debt instruments, contingent consideration payments made after a business combination, proceeds from the settlement of certain insurance claims and distributions received from equity method investees. This ASU is effective for fiscal years beginning after December 15, 2017, and interim periods within those fiscal years, with early adoption permitted. An entity that elects early adoption must adopt all of the amendments in the same period. The Company is currently evaluating the impact it may have on its consolidated financial statements.

 

A variety of proposed or otherwise potential accounting standards are currently under study by standard setting organizations and various regulatory agencies. Due to the tentative and preliminary nature of those proposed standards, we have not determined whether implementation of such proposed standards would be material to our consolidated financial statements.
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Note 3 - Investment in Real Estate Held For Resale
 9 Months Ended
Jan. 31, 2017
Notes  
Note 3 - Investment in Real Estate Held For Resale

NOTE 3 - INVESTMENT IN REAL ESTATE HELD FOR RESALE

 

On August 25, 2011, Qufu Natural Green entered into an agreement with QufuJinxuan Real Estate Development Co., Ltd., an unaffiliated third party, to purchase thirty apartment units in China for investment. The total area of the apartment complex units is 4,500 square meters (48,438 square feet), for a total purchase price of RMB15,120,000 (approximately $2,484,799) (the "Purchase Price"), at RMB 3,360 ($546) per square meter. The Company prepaid 80% of the Purchase Price, approximately $1,987,839, upon signing the agreement on August 25, 2011, and we classified investment in real estate held for resale as a long-term asset since we did not plan on selling the apartment units during the one year period. On February 9, 2015, the Company decided to award twenty apartment complex units, totaling 3,000 square meters (32,292 square feet), to certain management personnel and outstanding performers in our technical team for their past contribution made to the Company, which also served as an incentive to stimulate improvement in performance of other employees and attract future talents to serve the Company. These apartment units are valued at the fair market price of RMB3,448 ($561) per square meter. Ms. Dongdong Lin, our Chief Executive Officer, received an apartment valued at $84,206 which was included in her fiscal 2015 compensation. Total non-cash employees' compensation / bonus recorded for this reward amounted to RMB10,344,000 ($1,684,122) and as a result, we recognized a gain of RMB 264,000 ($42,989) from the excess fair value of these twenty apartment units transferred to these employees. The non-cash employees' compensation / bonus has been classified and included in the general and administrative expenses in the consolidated statements of operations and comprehensive loss for the fiscal year ended April 30, 2015. 

 

On May 5, 2016, Qufu Natural Green entered into an agreement with Shandong Jinglucheng Real Estate Development Co., Ltd., formerly known as QufuJinxuan Real Estate Development Co., Ltd., to sell the remaining ten units of the thirty apartment units in China to Mr. Linghe Zhu, an unaffiliated third party buyer, for a total purchase price of RMB5,024,000 (approximately $766,438). As per the Purchase Agreement, the buyer shall directly pay RMB3,024,000 (approximately $461,327) to Shandong Jinglucheng Real Estate Development Co., Ltd. for the balance that Qufu Natural Green owed to Shandong Jinglucheng Real Estate Development Co., Ltd., and pay RMB 2,000,000 (approximately $305,111) to Qufu Natural Green before May 31, 2016. The Company received the payment of RMB 2,000,000 on May 24, 2016. The Company has incurred a loss from sales of these remaining ten apartments of RMB16,000 (approximately $2,410) during the nine months ended January 31, 2017. As of January 31, 2017 and April 30, 2016, investment in real estate held for resale amounted to $0 and $311,467, respectively.
XML 18 R8.htm IDEA: XBRL DOCUMENT v3.6.0.2
Note 4 - Inventories
 9 Months Ended
Jan. 31, 2017
Notes  
Note 4 - Inventories

NOTE 4 - INVENTORIES

 

At January 31, 2017 and April 30, 2016, inventories consisted of the following:

 

  

 

January 31,

2017

 (unaudited)

April 30,

2016

Raw materials

   $    4,451,307 

   $    2,287,572 

Work in process

         1,036,514 

         1,221,115 

Finished goods

         2,122,632 

         1,125,551 

 Inventories, gross

         7,610,453 

         4,634,238 

Less: reserve for obsolete inventory

           (101,317)

           (107,658)

Inventories, net

   $    7,509,136 

   $    4,526,580 
XML 19 R9.htm IDEA: XBRL DOCUMENT v3.6.0.2
Note 5 - Property and Equipment
 9 Months Ended
Jan. 31, 2017
Notes  
Note 5 - Property and Equipment

NOTE 5 - PROPERTY AND EQUIPMENT

 

At January 31, 2017 and April 30, 2016, property and equipment consisted of the following:

 

  (Estimated Life)

January 31,

2017

(unaudited)

April 30,

2016

Office equipment (1-10 Years)

  $           88,132 

  $           39,800 

Auto and trucks (3-10 Years)

            480,710 

            492,620 

Manufacturing equipment (2-20 Years)

         5,545,151 

         5,240,451 

Buildings (5-30 Years)

         8,177,588 

         8,667,889 

Construction in process

            924,093 

            583,954 

 Gross Property and Equipment

       15,215,674 

       15,024,714 

Less: accumulated depreciation

       (6,469,597)

       (5,870,637)

 Property and equipment, net

  $     8,746,077 

  $     9,154,077 

For the three months ended January 31, 2017 and 2016, depreciation expense totaled $332,714 and $435,804, of which $261,775 and $323,702 was included in cost of revenues, respectively, and of which $70,939 and $112,102 were included in general and administrative expenses, respectively. For the nine months ended January 31, 2017 and 2016, depreciation expense totaled $992,590 and $1,155,418, of which $763,806 and $817,965 was included in cost of revenues, respectively, and of which $228,784 and $337,453 were included in general and administrative expenses, respectively. Depreciation is not taken during the period of construction or equipment installation. Upon completion of the installation of manufacturing equipment or any construction in progress, construction in progress balances will be classified to their respective property and equipment category. 
XML 20 R10.htm IDEA: XBRL DOCUMENT v3.6.0.2
Note 6 - Intangible Assets
 9 Months Ended
Jan. 31, 2017
Notes  
Note 6 - Intangible Assets

NOTE 6 - INTANGIBLE ASSETS

 

On August 8, 2012 the Company entered into an Exchange Agreement with WILD Flavors pursuant to which it purchased its 45% membership interest in Sunwin USA for an aggregate consideration of approximately $1,625,874, which includes the issuance of 7,666,666 shares of our common stock valued at approximately $1,533,333 and a cash payment of $92,541. In connection with the Exchange Agreement, WILD Flavor granted, transferred and assigned to Sunwin USA all of its rights, title and interest, and the trade name Only Sweet, including any trademarks, trademark registrations and applications, service marks, service mark registrations and applications, copyrights, copyright registrations and applications, trade address, trade names (whether or not registered or by whatever name or designation), owned, applied for, or registered in the name of, the WILD Flavor (the "Only Sweet Name Rights"). Additionally, we entered into a new Distributorship Agreement with WILD Procurement which is an affiliate of WILD Flavors, as discussed in Note 1. The transaction closed on August 20, 2012. The tangible assets of Sunwin USA were reduced from $1,825,804 to $1,625,874 as a result of the application of U.S. GAAP which requires elimination of the difference between the purchase price of the 45% membership interest in Sunwin USA and cost basis of the intangible assets recorded by Sunwin USA. Intangible assets have a useful life of five years and consist of the cost of Only Sweet Name Rights and related technologies as well as the fair value of the Wild Flavors distribution Agreement. For the three and nine months ended January 31, 2017 and 2016, amortization expense amounted to $81,294 and $243,880, respectively.  

 

Intangible assets consisted of the following:

 

  (Estimated Life)

January 31, 2017

(unaudited)

April 30,

2016

Only Sweet name rights and related technologies (5 Years)

$

587,183

$

587,183

Distribution agreement and related distribution channels (5 Years)

 

1,038,691

 

1,038,691

 Intangible assets, gross

 

1,625,874

 

1,625,874

Less: accumulated amortization

 

(1,436,189)

 

(1,192,309)

Intangible assets, net

$

189,685

$

433,565
XML 21 R11.htm IDEA: XBRL DOCUMENT v3.6.0.2
Note 7 - Land Use Rights
 9 Months Ended
Jan. 31, 2017
Notes  
Note 7 - Land Use Rights

NOTE 7 - LAND USE RIGHTS

 

Land use right consisted of the following:

 

 

  (Estimated Life)

January 31,

2017

(unaudited)

April 30,

2016

Land use right (45 Years)

   $   2,309,171 

   $   2,455,519 

Less: accumulated amortization

          (436,430)

          (422,826)

 Land use right, net

   $   1,872,741 

   $   2,032,693 

 

 In conjunction with our acquisition of Qufu Shengwang, we acquired land use rights for properties located in the PRC until March 14, 2054. For the three month periods ended January 31, 2017 and 2016, amortization expense related to land use rights amounted to $12,812 and $13,628, respectively. For the nine month periods ended January 31, 2017 and 2016, amortization expense amounted to $39,398 and $42,036, respectively.
XML 22 R12.htm IDEA: XBRL DOCUMENT v3.6.0.2
Note 8 - Related Party Transactions
 9 Months Ended
Jan. 31, 2017
Notes  
Note 8 - Related Party Transactions

NOTE 8 - RELATED PARTY TRANSACTIONS

 

Accounts receivable - related party and revenue - related party

 

On January 31, 2017 and April 30, 2016, we reported $3,465,190 and $3,632,876 in accounts receivable - related party, respectively, related to sales of products to Qufu Shengwang Import and Export Corporation, a Chinese entity owned by our Chairman, Mr. Laiwang Zhang. For the three months ended January 31, 2017 and 2016, we had revenue - related party of $2,129,371 and $1,488,937, respectively. For the nine months ended January 31, 2017 and 2016, we had revenue - related party of $5,591,740 and $5,346,991, respectively, from Qufu Shengwang Import and Export Corporation.

 

Due to (from) related parties

 

From time to time, we receive advances from related parties and advance funds to related parties for working capital purposes. During the three and nine months ended January 31, 2017 and 2016, we have accrued on interest expense related to due to related parties amounted to $38,207 and $31,708, and $96,320 and $105,420, respectively, which were included in interest expense in the accompanying consolidated statements of operations and comprehensive loss, and in connection with the advances of $821,693 (RMB5,000,000) and $1,314,708 (RMB8,000,000) from Shangdong Shengwang Pharmaceutical., Co., Ltd. ("Pharmaceutical Corporation"), a Chinese entity owned by our Chairman, Mr. Laiwang Zhang. These advances bear interest at the rate of 9.225% per annum and we have repaid these two loans with all accrued interests on May 8, 2015 and June 11, 2015, respectively. On May 22, 2015 and June 17, 2015, we received additional advances of $788,825 (RMB4,800,000) and $1,314,708 (RMB8,000,000) from the Pharmaceutical Corporation, at a lowered interest rate of 7.65% per annum. On May 4, 2016, we have repaid one of these two loans, RMB4,800,000 with its accrued interests. On August 31, 2016, we received additional advances of $738,040 (RMB5,000,000) from the Pharmaceutical Corporation, at interest rate of 7.87% per annum. The other advances bear no interest and are payable on demand. On January 31, 2017, the balance we owed Qufu Shengwang Import Export Co., Ltd. and Shandong Shengwang Pharmaceutical Co., Ltd. of $432,218 and $614,852, respectively. On April 30, 2016, the balance we owed Qufu Shengwang Import and Export Co., Ltd. and Shandong Shengwang Pharmaceutical Co., Ltd. of $366,875 and $910,373, respectively. On January 31, 2017 and April 30, 2016, due to (from) related party activities consisted of the following: 

 

 

 

Shandong Shengwang Pharmaceutical

Co., Ltd.

Qufu

Shengwang

Import and Export Co., Ltd.

Total

Balance due to related parties, April 30, 2016

  $        910,373 

   $      366,875 

  $     1,277,248 

Working capital advances from related parties

         2,254,362 

           340,951 

         2,595,313 

Repayments

       (2,462,285)

         (305,999)

       (2,768,284)

Effect of foreign currency exchange

             (87,598)

             30,391 

             (57,207)

Balance due to related parties, January 31, 2017

  $        614,852 

   $      432,218 

  $     1,047,070 
XML 23 R13.htm IDEA: XBRL DOCUMENT v3.6.0.2
Note 9 - Prepaid Expenses and Other Current Assets
 9 Months Ended
Jan. 31, 2017
Notes  
Note 9 - Prepaid Expenses and Other Current Assets

NOTE 9 - PREPAID EXPENSES AND OTHER CURRENT ASSETS

 

Prepaid expenses and other current assets on January 31, 2017 and April 30, 2016 totaled $2,909,881 and $2,787,371, respectively. As of January 31, 2017, prepaid expenses and other current assets includes $1,363,316 prepayments to suppliers for merchandise that had not been shipped to us and services that had not been provided to us, $1,226,668 prepayment for employees' stock-based compensation, $36,250 prepayment for consultant's stock-based compensation and $283,647 for business related employees' advances. As of April 30, 2016, prepaid expenses and other current assets includes $1,220,523 prepayments to suppliers for merchandise that had not been shipped to us and services that had not been provided to us, $1,371,667 prepayment for employees' stock-based compensation, and $195,181 for business related employees' advances.

 

On December 1, 2015, we entered into three year employment agreements with four employees. Pursuant to employment agreements, we issued a total of 23 million shares of the Company's common stock to them, valued at $3,680,000, as employees' stock-based compensations over three-year term of their employment from December 1, 2015 through November 30, 2018. We will amortize these compensations over three years from December 1, 2015 to November 30, 2018 and we recognized $306,667 and $920,001 as stock-based compensation expenses during three and nine months ended January 31, 2017, respectively. We also have recorded the remaining balance of the stock-based compensation of $2,555,554 as prepaid compensation, of which $1,226,668 included in prepaid expenses and other current assets and $1,022,220 included in the other long-term asset in the accompanying consolidated balance sheet at January 31, 2017.

 

On April 25, 2016, we entered into a one year consulting service agreement with Dr. Yuejian (James) Wang. Pursuant to the terms of the consulting service agreement for fiscal year 2017, we will issue a total of 1,000,000 shares of the Company's common stock to Dr. Yuejian (James) Wang as compensation for the services to be provided from May 1, 2016 through April 30, 2017. On April 27, 2016, we issued 1,000,000 shares of the Company's common stock to Dr. Yuejian (James) Wang as a prepaid payment of the consulting service fee, valued at $145,000, which included in the prepaid expenses and other current assets in the accompanying consolidated balance at April 30, 2016. We will amortize this prepaid consulting service fee through fiscal 2017 over twelve months. We have recorded $36,250 and $108,750 as stock-based compensation expense during the three and nine months ended January 31, 2017, respectively, and the balance of prepaid expense is $36,250 as of January 31, 2017.

 

During the third quarter of fiscal 2013, Qufu Shengwang paid Qufu Public Auction Center $601,604 as deposit for renewing the land use right. The deposit is required for the Center to appraise the land use right, which we originally expected to receive the refund during fiscal year 2014. We received a total refund of $459,916 as of January 31, 2017 and the remaining balance of $141,688 and $150,556 has been classified to other long-term asset at January 31, 2017 and April 30, 2016, respectively.
XML 24 R14.htm IDEA: XBRL DOCUMENT v3.6.0.2
Note 10 - Accounts Payable and Accrued Expenses
 9 Months Ended
Jan. 31, 2017
Notes  
Note 10 - Accounts Payable and Accrued Expenses

NOTE 10 - ACCOUNTS PAYABLE AND ACCRUED EXPENSES

 

Accounts payable and accrued expenses included the following as of January 31, 2017 and April 30, 2016:

 

Account

January 31,

2017

(unaudited)

April 30,

2016

Accounts payable

   $    8,595,314

   $   4,869,026

Advanced from customers

              84,015

              10,042

Accrued salary payable

              54,093

            105,131

Tax payable

              98,679

            254,615

Deferred revenue

              73,141

              71,604

Other payable*

         1,733,120

        1,550,408

Total accounts payable and accrued expenses

   $ 10,638,362

   $   6,860,826

 

 

* On January 31, 2017, other payables consists of commission payable of $111,374, general liability, worker's compensation, and medical insurance payable of $455,277; union and education fees payable of $281,126, consulting fee of $505,418, interest payables for short-term loans of $135,092, advanced from the employees of $220,667 and other miscellaneous payables of $24,166. On April 30, 2016, other payables consists of commission payable of $67,683; general liability, worker's compensation, and medical insurance payable of $439,706; accrued R&D payable of $78,794; consulting fee payable of $248,748, union and education fees payable of $297,728, interest payables for short-term loans of $72,731, advanced from the employees of $131,282 and other miscellaneous payables of $213,736.
XML 25 R15.htm IDEA: XBRL DOCUMENT v3.6.0.2
Note 11 -loan Payable
 9 Months Ended
Jan. 31, 2017
Notes  
Note 11 -loan Payable

NOTE 11 -LOAN PAYABLE

 

Loans payable consisted of short-term loans obtained from various individual lenders that are due within one year for working capital purpose. These loans are unsecured and can be renewed with 10 days advance notice prior to maturity date. At January 31, 2017 and April 30, 2016, short-term loans consisted of the following:

 

 

January 31,

2017

(unaudited)

April 30,

2016

Loan from Min Wu, an employee of Qufu Shengren, due on October 5, 2016 with annual interest rate of 10% at October 6, 2015, which renewed for original RMB150,000 ($21,810) and the Company borrowed an additional RMB50,000 ($7,269) from Min Wu under the same terms on October 6, 2016 with new due date on October 5, 2017.

   $         29,079

   $         23,175

Loan from Weidong Cai, an employee of Qufu Shengren, due on September 21, 2016 with annual interest rate of 10% at September 22, 2015, which renewed for original RMB840,000 ($122,134) and the Company borrowed an additional RMB84,000 ($12,213) from Weidong Cai under the same terms on September 22, 2016 with new due date on September 21, 2017.

            134,347

            129,778

Loan from Jianjun Yan, non-related individual, due on October 6, 2015 with annual interest rate of 10% at October 7, 2014, which renewed on October 7, 2015 and October 7, 2016 with new due date on October 6, 2017.

            945,083

         1,004,232

Multiple loans from Jianjun Yan, non-related individual, due from October 5, 2016 through April 9, 2017, with annual interest rate of 10%, which were obtained during October 6, 2015 through April 10, 2016. RMB780,000 ($115,134) of the loan originally due on October 5, 2016 has been renewed for on the maturity date of October 6, 2016 with new due date on October 5, 2017.

            840,397

            892,995

Multiple loans from Jianjun Yan, non-related individual, due from June 19, 2017 through January 18, 2018, with annual interest rate of 10%, which were obtained during June 20, 2016 through January 19, 2017.

            840,209

                         0

Loan from Junzhen Zhang, non-related individual, due on October 5, 2016, with annual interest rate of 10% at October 6, 2015, which renewed on October 6, 2016 with new due date on October 5, 2017.

              21,810

              23,175

Loan from Jian Chen, non-related individual, due on January 26, 2017, with annual interest rate of 10% at January 27, 2016, which renewed on January 25, 2017, with new due January 26, 2018.

            106,140

            112,783

Loan from Qing Kong, non-related individual, due on March 6, 2017, with annual interest rate of 10% at March 7, 2016.

              58,159

              61,799

Loan from Guihai Chen, non-related individual, due on March 10, 2017, with annual interest rate of 10% at March 11, 2016.

              14,540

              15,450

Loan from Weifeng Kong, non-related individual, due on November 28, 2017, with annual interest rate of 10% at November 29, 2016.

              29,079

                         0

Total

   $   3,018,843

   $   2,263,387

 

For the three and nine months ended January 31, 2017 and 2016, interest expense related to short-term loans amounted to $62,169 and $30,271, and $174,414 and $121,728, respectively, which were included in interest expense in the accompanying consolidated statements of operations and comprehensive loss.
XML 26 R16.htm IDEA: XBRL DOCUMENT v3.6.0.2
Note 12 - Stockholders' Equity
 9 Months Ended
Jan. 31, 2017
Notes  
Note 12 - Stockholders' Equity

NOTE 12 - STOCKHOLDERS' EQUITY

 

Common stock

 

At January 31, 2017 and April 30, 2016, we are authorized to issue 200,000,000 shares of common stock. We had 199,632,803 and 199,632,803 shares issued and outstanding at January 31, 2017 and April 30, 2016, respectively.

 

On May 6, 2015, we issued a total of 1,000,000 shares of our common stock to Dr. Yuejian (James) Wang for consulting services, valued at $252,500, for one year term of service agreement during fiscal 2016. We amortized this consulting service fee through fiscal 2016 over twelve months and recorded $252,500 as stock-based compensation expense during fiscal 2016.

 

On August 11, 2015, we entered into an one year consulting service agreement with Dr. Yuejian (James) Wang. Pursuant to the terms of the consulting service agreement, we issued a total of 750,000 shares of the Company's common stock to Dr. Yuejian (James) Wang as compensation for the services provided or to be provided from May 1, 2015 through April 30, 2016. On August 11, 2015 and January 14, 2016, we issued 500,000 and 250,000 shares of the Company's common stock to Dr. Yuejian (James) Wang as payment of the consulting service fee, valued at $100,000 and $50,000, respectively. We amortized this consulting service fee through fiscal 2016 over twelve months and recorded $150,000 as stock-based compensation expense during fiscal 2016.

 

On December 1, 2015, we entered into three years employment agreements with four employees. Pursuant to employment agreements, we issued a total of 23 million shares of the Company's common stock, valued at $3,680,000, as employees' stock-based compensations over three-year term of their employment from December 1, 2015 through November 30, 2018. We will amortize these compensations over three years from December 1, 2015 to November 30, 2018 and we have recognized $306,667 and $920,001 as stock-based compensation expenses during three and nine months ended January 31, 2017, respectively. We also have recorded the remaining balance of the stock-based compensation of $2,555,554 as prepaid compensation, of which $1,226,668 included in prepaid expenses and other current assets and $1,022,220 included in the other long-term asset in the accompanying consolidated balance sheet at January 31, 2017.

 

On April 25, 2016, we entered into a one year consulting service agreement with Dr. Yuejian (James) Wang. Pursuant to the terms of the consulting service agreement for fiscal year 2017, we will issue a total of 1,000,000 shares of the Company's common stock to Dr. Yuejian (James) Wang as compensation for the services to be provided from May 1, 2016 through April 30, 2017. On April 27, 2016, we issued 1,000,000 shares of the Company's common stock to Dr. Yuejian (James) Wang as prepaid payment of the consulting service fee, valued at $145,000, which included in the prepaid expenses and other current assets in the accompanying consolidated balance at April 30, 2016. We will amortize this prepaid consulting service fee through fiscal 2017 over twelve months. We have recorded $36,250 and $108,750 as stock-based compensation expense during the three and nine months ended January 31, 2017, respectively, and the balance of prepaid expense is $36,250 as of January 31, 2017.
XML 27 R17.htm IDEA: XBRL DOCUMENT v3.6.0.2
Note 13 - Segment Information
 9 Months Ended
Jan. 31, 2017
Notes  
Note 13 - Segment Information

NOTE 13 - SEGMENT INFORMATION

 

The following information is presented in accordance with ASC Topic 280, "Segment Reporting", for the three and nine months ended January 31, 2017 and 2016; we operated in three reportable business segments - (1) natural sweetener (stevioside), (2) traditional Chinese medicines and (3) corporate and other. Our reportable segments are strategic business units that offer different products and are managed separately based on the fundamental differences in their operations. Condensed financial information with respect to these reportable business segments for the three and nine months ended January 31, 2017 and 2016 is as follows:

 

 

Three Months Ended January 31,

Nine Months Ended January 31,

 

2017

2016

2017

2016

Revenues:

 

 

 

 

Chinese medicine - third party

   $            859,933

   $       622,516

   $        2,240,055

   $    1,789,482

Chinese medicine - related party

                              0

                         0

                              0

                         0

Total Chinese medicine

                 859,933

            622,516

              2,240,055

         1,789,482

 

 

 

 

 

Stevioside - third party

              3,421,023

         1,732,821

              8,413,018

         4,768,956

Stevioside - related party

              2,129,371

         1,488,937

              5,591,740

         5,346,991

Total Stevioside

              5,550,394

         3,221,758

           14,004,758

       10,115,947

Total segment and consolidated revenues

   $        6,410,327

   $   3,844,274

   $      16,244,813

   $  11,905,429

 Interest (expense) income:

 

 

 

 

Chinese medicine

   $                    105 

  $                   33 

   $                    178 

  $                168 

Stevioside

               (100,363)

             (61,988)

               (270,334)

           (226,536)

Total segment and consolidated interest expense

   $          (100,258)

  $         (61,955)

   $          (270,156)

  $       (226,368)

Depreciation and amortization:

 

 

 

 

Chinese medicine

   $              70,011 

  $        167,067 

   $            218,060 

  $        319,654 

Stevioside

                 356,809 

            363,659 

              1,057,808 

         1,121,680 

Total segment and consolidated depreciation and amortization

   $            426,820 

  $        530,726 

   $        1,275,868 

  $     1,441,334 

Income (loss) before income taxes:

 

 

 

 

Chinese medicine

   $            (38,147)

  $       (347,764)

   $          (188,043)

  $       (356,370)

Stevioside

               (508,840)

       (1,431,534)

            (1,336,510)

       (1,764,416)

Corporate and other

               (358,697)

           (320,216)

            (1,125,711)

           (612,703)

Total consolidated (loss) income before income taxes

   $          (905,684)

  $   (2,099,514)

   $       (2,650,264)

  $   (2,733,489)

 

 

 

January 31, 2017

(Unaudited)

April 30, 2016

Segment tangible assets:

 

 

  Chinese medicine

   $   1,439,498

   $   1,614,531

  Stevioside

        7,306,579

        7,539,546

  Corporate and other

                        0

                        0

    Total consolidated assets

   $   8,746,077

   $   9,154,077
XML 28 R18.htm IDEA: XBRL DOCUMENT v3.6.0.2
Note 14 - Commitments and Contingencies
 9 Months Ended
Jan. 31, 2017
Notes  
Note 14 - Commitments and Contingencies

NOTE 14 - COMMITMENTS AND CONTINGENCIES

 

On August 25, 2011, Qufu Natural Green entered into an agreement with QufuJinxuan Real Estate Development Co., Ltd., an unaffiliated third party, to purchase thirty apartment units in China for investment. The total area of the apartment complex units is 4,500 square meters (48,438 square feet), for a total purchase price of RMB15,120,000 (approximately $2,484,799) (the "Purchase Price"), at RMB 3,360 ($546) per square meter. The Company prepaid 80% of the Purchase Price, approximately $1,987,839, upon signing the agreement on August 25, 2011, and we classified investment in real estate held for resale as a long-term asset since we did not plan on selling the apartment units during the one year period. On February 9, 2015, the Company decided to award twenty apartment complex units, totaling 3,000 square meters (32,292 square feet), to certain management personnel and outstanding performers in our technical team for their past contribution made to the Company, which also served as an incentive to stimulate improvement in performance of other employees and attract future talents to serve the Company. These apartment units are valued at the fair market price of RMB3,448 ($561) per square meter. Ms. Dongdong Lin, our Chief Executive Officer, received an apartment valued at $84,206 which was included in her fiscal 2015 compensation. Total non-cash employees' compensation / bonus recorded for this reward amounted to RMB10,344,000 ($1,684,122) and as a result, we recognized a gain of RMB 264,000 ($42,989) from the excess fair value of these twenty apartment units transferred to these employees. The non-cash employees' compensation / bonus has been classified and included in the general and administrative expenses in the consolidated statements of operations and comprehensive loss for the fiscal year ended April 30, 2015. 

 

On May 5, 2016, Qufu Natural Green entered into an agreement with Shandong Jinglucheng Real Estate Development Co., Ltd., formerly known as QufuJinxuan Real Estate Development Co., Ltd., to sell the remaining ten units of the thirty apartment units in China to Mr. Linghe Zhu, an unaffiliated third party buyer, for a total purchase price of RMB5,024,000 (approximately $776,507). As per the Purchase Agreement, the buyer shall directly pay RMB3,024,000 (approximately $467,388) to Shandong Jinglucheng Real Estate Development Co., Ltd. for the balance that Qufu Natural Green owed to Shandong Jinglucheng Real Estate Development Co., Ltd., and pay RMB2,000,000 (approximately $303,149) to Qufu Natural Green before May 31, 2016. The Company received the payment of RMB2,000,000 on May 24, 2016, and we recorded loss on disposal of real estate investments of $2,410 for the nine months ended January 31, 2017. As of January 31, 2017 and April 30, 2016, investment in real estate held for resale amounted to $0 and $311,467, respectively. 
XML 29 R19.htm IDEA: XBRL DOCUMENT v3.6.0.2
Note 15 - Concentrations and Credit Risk
 9 Months Ended
Jan. 31, 2017
Notes  
Note 15 - Concentrations and Credit Risk

NOTE 15 - CONCENTRATIONS AND CREDIT RISK

 

(i)    Customer Concentrations

 

For the three months ended January 31, 2017 and 2016, customers accounting for 10% or more of the Company's revenue were as follows:

 

 

 

Net Sales

 

For the three months ended January 31, 2017

For the three months ended January 31, 2016

 

Chinese Medicine

Stevioside

Chinese Medicine

Stevioside

Qufu Shengwang Import and Export Trade Co., Ltd(1)

                               -

                    33.2%

                               -

               38.7%

Total

                               -

                    33.2%

                               -

               38.7%

 

 

For the nine months ended January 31, 2017 and 2016, customers accounting for 10% or more of the Company's revenue were as follows:

 

 

Net Sales

 

For the nine months ended January 31, 2017

For the nine months ended January 31, 2016

 

Chinese Medicine

Stevioside

Chinese Medicine

Stevioside

Qufu Shengwang Import and Export Trade Co., Ltd(1)

                               -

                    34.4%

                             -  

               52.9%

Shandong Yidatong Enterprise Service Co., Ltd

                               -

                    14.1%

                             -  

                        -  

Guangdong Tengjun Veterinary Medicine Co., Ltd

                               -

                             -  

                    10.3%

                        -  

Beijing Haomiao Huifeng Pharmaceutical Co., Ltd

                               -

                             -  

                    10.7%

                        -  

Total

                               -

                    48.5%

                    21.0%

               52.9%

 

 

(1)           Qufu Shengwang Import and Export Co., Ltd is a related party, an entity owned by Mr. Laiwang Zhang.

 

(ii)    Vendor Concentrations

 

For the three months ended January 31, 2017 and 2016, suppliers accounting for 10% or more of the Company's purchase were as follows:

 

 

Net Purchases

 

For the three months ended January 31, 2017 

For the three months ended January 31, 2016

 

Chinese Medicine

Stevioside

Chinese Medicine

Stevioside

Dongtai Yandun Stevia Corp

                               -

                    18.7%

                               -

                        -  

Juiqian Shengwang Corp.

                               -

                    15.9%

                               -

               32.7%

Zhucheng Haotian Pharmaceutical Co., Ltd

                               -

                    13.6%

                               -

               10.6%

Total

                               -

                    48.2%

                               -

               10.6%

 

For the nine months ended January 31, 2017 and 2016, suppliers accounting for 10% or more of the Company's purchase were as follows:

 

 

Net Purchases

 

For the nine months ended January 31, 2017

For the nine months ended January 31, 2016

 

Chinese Medicine

Stevioside

Chinese Medicine

Stevioside

Sishui Ruijin Pharmaceutical Co., Ltd

                               -

                             -  

                    22.2%

                        -  

Dongtai Yandun Stevia Corp

                               -

                    13.0%

                             -  

               14.8%

Dongtai Jiangrongfeng Stevia Corp

                               -

                    12.0%

                             -  

                        -  

Juiqian Shengwang Corp.

                               -

                             -  

                             -  

               23.9%

Zhucheng Haotian Pharmaceutical Co., Ltd

                               -

                    21.3%

                             -  

               18.6%

Total

                               -

                    46.3%

                    22.2%

               57.3%

 

(iii)    Credit Risk

 

Financial instruments which potentially subject us to concentrations of credit risk consist principally of cash and trade accounts receivable. We place our cash with high credit quality financial institutions in the United States and the PRC. At January 31, 2017, we had $125,668 of cash balance held in PRC banks, and $44,335 with banks in the United States. As a result, cash held in PRC financial institutions is not insured. We have not experienced any losses in such accounts through January 31, 2017.

 

Almost all of our sales are credit sales which are primarily to customers whose ability to pay is dependent upon the industry economics prevailing in these areas; however, we believe that the concentration of credit risk with respect to trade accounts receivable is limited due to generally short payment terms. We also perform ongoing credit evaluations of our customers to help further reduce potential credit risk.
XML 30 R20.htm IDEA: XBRL DOCUMENT v3.6.0.2
Note 16 - Subsequent Events
 9 Months Ended
Jan. 31, 2017
Notes  
Note 16 - Subsequent Events

NOTE 16 - SUBSEQUENT EVENTS

 

There have been no material subsequent events to evaluate through the date of this filing with the SEC.
XML 31 R21.htm IDEA: XBRL DOCUMENT v3.6.0.2
Note 2 - Summary of Significant Accounting Policies: Use of Estimates (Policies)
 9 Months Ended
Jan. 31, 2017
Policies  
Use of Estimates

USE OF ESTIMATES

 

The preparation of unaudited condensed consolidated financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and the disclosure of contingent assets and liabilities at the date of the unaudited condensed consolidated financial statements and the reported amounts of revenues and expenses during the reporting period. Significant estimates include the allowance for doubtful accounts, the allowance for obsolete inventory, the useful life of property and equipment and intangible assets, assumptions used in assessing impairment of long-term assets and valuation of deferred tax assets, and the value of stock-based compensation.  Actual results could differ from those estimates.
XML 32 R22.htm IDEA: XBRL DOCUMENT v3.6.0.2
Note 2 - Summary of Significant Accounting Policies: Cash and Cash Equivalents (Policies)
 9 Months Ended
Jan. 31, 2017
Policies  
Cash and Cash Equivalents

CASH AND CASH EQUIVALENTS

 

We consider all highly liquid investments with maturities of three months or less at the time of purchase to be cash and equivalents. As of January 31, 2017, we held $125,668 of our cash and cash equivalents with commercial banking institutions in the PRC, and $44,335 with banks in the United States. As of April 30, 2016, we held $900,071 of our cash and cash equivalents with commercial banking institution in PRC, and $0 in the United States. In China, there is no equivalent federal deposit insurance as in the United States, so the amounts held in banks in China are not insured. We have not experienced any losses in such bank accounts through January 31, 2017. As of January 31, 2017 and April 30, 2016, bank deposits by geographic area were as follows:

 

 

January 31,

2017

(Unaudited)

April 30,

2016

 

 

 

China

   $      125,668

   $      900,071

United States

              44,335

                        0

Total

   $      170,003

   $      900,071

 
XML 33 R23.htm IDEA: XBRL DOCUMENT v3.6.0.2
Note 2 - Summary of Significant Accounting Policies: Accounts Receivable (Policies)
 9 Months Ended
Jan. 31, 2017
Policies  
Accounts Receivable

ACCOUNTS RECEIVABLE

 

Accounts receivable and other receivable are reported at net realizable value. We have established an allowance for doubtful accounts based upon factors pertaining to the credit risk of specific customers, historical trends, and other information. Delinquent accounts are written off when it is determined that the amounts are uncollectible after exhaustive efforts on collection. On January 31, 2017 and April 30, 2016, the allowance for doubtful accounts was $1,185,676 and $1,202,610, respectively.
XML 34 R24.htm IDEA: XBRL DOCUMENT v3.6.0.2
Note 2 - Summary of Significant Accounting Policies: Inventories (Policies)
 9 Months Ended
Jan. 31, 2017
Policies  
Inventories

INVENTORIES

 

Inventories, consisting of raw materials, work in process, and finished goods related to our products, are stated at the lower of cost or market (estimated net realizable value) utilizing the weighted average method. An allowance is established when management determines that certain inventories may not be saleable. If inventory costs exceed expected market value due to obsolescence or quantities in excess of expected demand, the Company will record reserves for the difference between the cost and the market value. These reserves are recorded based on estimates. At January 31, 2017 and April 30, 2016, the Company recorded a reserve for obsolete or slow-moving inventories of $101,317 and $107,658, respectively.
XML 35 R25.htm IDEA: XBRL DOCUMENT v3.6.0.2
Note 2 - Summary of Significant Accounting Policies: Property and Equipment (Policies)
 9 Months Ended
Jan. 31, 2017
Policies  
Property and Equipment

PROPERTY AND EQUIPMENT

 

Property and equipment are stated at cost. Depreciation and amortization are provided using the straight line method over the estimated economic lives of the assets, which range from three to thirty years. Expenditures for major renewals and betterments that extend the useful lives of property and equipment are capitalized. Expenditures for maintenance and repairs are charged to expense as incurred. In accordance with paragraph 360-10-35-17 of the Financial Accounting Standards Board (FASB) Accounting Standards Codification ("ASC"), we examine the possibility of decreases in the value of fixed assets when events or changes in circumstances reflect the fact that their recorded value may not be recoverable.

 

Included in property and equipment is construction-in-progress which consisted of factory improvements and machinery pending installation and included the costs of construction, machinery and equipment, and or any interest charges arising from borrowings used to finance these assets during the period of construction or installation of the assets if applicable. No provision for depreciation is made on construction-in-progress until such time as the relevant assets are completed and ready for their intended use.
XML 36 R26.htm IDEA: XBRL DOCUMENT v3.6.0.2
Note 2 - Summary of Significant Accounting Policies: Long-lived Assets (Policies)
 9 Months Ended
Jan. 31, 2017
Policies  
Long-lived Assets

LONG-LIVED ASSETS

 

In accordance with ASC 360, we review and evaluate our long-lived assets, including property and equipment, intangible assets, and land use rights, for impairment or when events or changes in circumstances indicate that the related carrying amounts may not be recoverable. An impairment is considered to exist if the total estimated future cash flows on an undiscounted basis are less than the carrying amount of the assets, including goodwill, if any. An impairment loss is measured and recorded based on discounted estimated future cash flows. In estimating future cash flows, assets are grouped at the lowest level for which there is identifiable cash flows that are largely independent of future cash flows from other asset groups. Our estimates of future cash flows are based on numerous assumptions and it is possible that actual future cash flows will be significantly different than the estimates. Based on our evaluation, we have determined certain long-lived assets that are no longer useful for our operations, and we recorded a disposition loss of $36,964 and $406,806, $40,543 and $429,172 for the three and nine months ended January 31, 2017 and 2016, respectively.
XML 37 R27.htm IDEA: XBRL DOCUMENT v3.6.0.2
Note 2 - Summary of Significant Accounting Policies: Fair Value of Financial Instruments (Policies)
 9 Months Ended
Jan. 31, 2017
Policies  
Fair Value of Financial Instruments

FAIR VALUE OF FINANCIAL INSTRUMENTS

 

We adopted ASC Section 820-10-35-37 to measure the fair value of our financial instruments. ASC Section 820-10-35-37 establishes a common definition for fair value to be applied to existing generally accepted accounting principles that require the use of fair value measurements, establishes a framework for measuring fair value, and expands disclosure about such fair value measurements. The adoption of ASC Section 820-10-35-37 did not have an impact on our financial position or operating results, but did expand certain disclosures.

 

ASC Section 820-10-35-37 defines fair value as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. Additionally, ASC Section 820-10-35-37 requires the use of valuation techniques that maximize the use of observable inputs and minimize the use of unobservable inputs. These inputs are prioritized below:

 

Level 1:

Observable inputs such as quoted market prices in active markets for identical assets or liabilities

Level 2:

Observable market-based inputs or unobservable inputs that are corroborated by market data

Level 3:

Unobservable inputs for which there is little or no market data, which require the use of the reporting entity's own assumptions.

 

The carrying amounts of our financial assets and liabilities, such as cash, accounts receivable, notes receivable, prepayments and other current assets, accounts payable, taxes payable and accrued expenses, approximate their fair values because of the short maturity of these instruments.  
XML 38 R28.htm IDEA: XBRL DOCUMENT v3.6.0.2
Note 2 - Summary of Significant Accounting Policies: Taxes Payable (Policies)
 9 Months Ended
Jan. 31, 2017
Policies  
Taxes Payable

TAXES PAYABLE

 

We are required to charge for and to collect value added taxes (VAT) on our sales on behalf of the PRC tax authority. We record VAT that we billed our customers as VAT payable. In addition, we are required to pay value added taxes on our primary purchases. We record VAT that charged by our vendors as VAT receivable. We are required to file VAT return on a monthly basis with the PRC tax authority, which we are entitled to claim the VAT that we charged by vendors as VAT credit and these credits can be applied to our VAT payable that we billed our customers.  Accordingly, these VAT payable and receivable are presented as net amounts for financial statement purposes. Taxes payable on January 31, 2017 and April 30, 2016 amounted to $98,815 and $254,759, respectively, consisted primarily of VAT taxes.
XML 39 R29.htm IDEA: XBRL DOCUMENT v3.6.0.2
Note 2 - Summary of Significant Accounting Policies: Revenue Recognition (Policies)
 9 Months Ended
Jan. 31, 2017
Policies  
Revenue Recognition

REVENUE RECOGNITION

 

Pursuant to the guidance of ASC Topic 605, we record revenue when persuasive evidence of an arrangement exists, product delivery has occurred, the sales price to the customer is fixed or determinable, and collectability is reasonably assured.
XML 40 R30.htm IDEA: XBRL DOCUMENT v3.6.0.2
Note 2 - Summary of Significant Accounting Policies: Grant Income (Policies)
 9 Months Ended
Jan. 31, 2017
Policies  
Grant Income

GRANT INCOME

 

Grants received from PRC government agencies are recognized as deferred grant income and recognized in the consolidated statements of operations and comprehensive loss as and when they are earned for the specific research and development projects for which these grants are received.
XML 41 R31.htm IDEA: XBRL DOCUMENT v3.6.0.2
Note 2 - Summary of Significant Accounting Policies: Income Taxes (Policies)
 9 Months Ended
Jan. 31, 2017
Policies  
Income Taxes

INCOME TAXES

 

The Company has adopted Accounting Standards Codification subtopic 740-10, Income Taxes ("ASC 740-10") which requires the recognition of deferred tax liabilities and assets for the expected future tax consequences of events that have been included in the financial statement or tax returns.  Under this method, deferred tax liabilities and assets are determined based on the difference between financial statements and tax basis of assets and liabilities using enacted tax rates in effect for the year in which the differences are expected to reverse.  Valuation allowances are recorded to reduce the deferred tax assets to an amount that it is more likely than not be realized.

 

We file federal and state income tax returns in the United States for our corporate operations pursuant to the U.S. Internal Revenue Code of 1986, as amended, and file separate foreign tax returns for our Chinese subsidiaries pursuant to the China's Unified Corporate Income Tax Law.

 

We apply the provisions of ASC 740-10-50, "Accounting for Uncertainty in Income Taxes", which provides clarification related to the process associated with accounting for uncertain tax positions recognized in our consolidated financial statements. Audit periods remain open for review until the statute of limitations has passed. The completion of review or the expiration of the statute of limitations for a given audit period could result in an adjustment to the Company's liability for income taxes. Any such adjustment could be material to the Company's results of operations for any given quarterly or annual period based, in part, upon the results of operations for the given period. As of January 31, 2017, the Company had no uncertain tax positions, and will continue to evaluate for uncertain positions in the future.
XML 42 R32.htm IDEA: XBRL DOCUMENT v3.6.0.2
Note 2 - Summary of Significant Accounting Policies: Basic and Diluted Earnings Per Share (Policies)
 9 Months Ended
Jan. 31, 2017
Policies  
Basic and Diluted Earnings Per Share

BASIC AND DILUTED EARNINGS PER SHARE

 

Pursuant to ASC Section 260-10-45, basic income (loss) per common share is computed by dividing income (loss) available to common shareholders by the weighted average number of shares of common stock outstanding for the periods presented. Diluted income (loss) per share reflects the potential dilution that could occur if securities or other contracts to issue common stock were exercised or converted into common stock or resulted in the issuance of common stock that would then share in the income of ours, subject to anti-dilution limitations. The following table presents a reconciliation of basic and diluted net income per common share:

 

 

Three Months Ended

January 31,

Nine Months Ended

January 31,

Numerator:

2017

2016

2017 

2016

Net loss attributable to Sunwin Stevia International, Inc.

  $         (905,684)

  $     (2,099,444)

   $     (2,650,264)

$      (2,738,795)

Numerator for basic EPS, loss applicable to common stock holders

  $         (905,684)

  $     (2,099,444)

   $     (2,650,264)

$      (2,738,795)

Denominator:

 

 

 

 

Denominator for basic earnings per share - weighted average number of common shares outstanding

       182,066,546 

      179,673,909 

       182,066,546 

      176,653,636 

Stock awards, options, and warrants

                            0 

                           0 

                            0 

                           0 

Denominator for diluted earnings per share - adjusted weighted average outstanding average number of common shares outstanding

       182,066,546 

      179,673,909 

       182,066,546 

      176,653,636 

Basic and diluted loss per common share:

 

 

 

 

Loss per share - basic and diluted

  $              (0.005)

  $             (0.012)

   $             (0.015)

$              (0.016)
XML 43 R33.htm IDEA: XBRL DOCUMENT v3.6.0.2
Note 2 - Summary of Significant Accounting Policies: Foreign Currency Translation (Policies)
 9 Months Ended
Jan. 31, 2017
Policies  
Foreign Currency Translation

FOREIGN CURRENCY TRANSLATION

 

Transactions and balances originally denominated in U.S. dollars are presented at their original amounts. Transactions and balances in other currencies are converted into U.S. dollars in accordance with ASC Section 830-20-35 and are included in determining net income or loss.

 

The reporting currency of the Company is the U.S. dollar. The functional currency of the parent company is the U.S. dollar and the functional currency of the Company's operating subsidiaries is the Chinese Renminbi ("RMB").  In accordance with ASC 830-20-35, the consolidated financial statements were translated into United States dollars using balance sheet date rates of exchange for assets and liabilities, and average rates of exchange for the period for the income statements and cash flows. Equity accounts were stated at their historical rate. Net gains and losses resulting from foreign exchange transactions are included in the consolidated statements of operations.  Translation adjustments resulting from the process of translating the local currency financial statements into U.S. dollars are included in other comprehensive income or loss.

 

RMB is not a fully convertible currency. All foreign exchange transactions involving RMB must take place either through the People's Bank of China (the "PBOC") or other institutions authorized to buy and sell foreign exchange. The exchange rate adopted for the foreign exchange transactions are the rates of exchange quoted by the PBOC, which are determined largely by supply and demand. Translation of amounts from RMB into United States dollars ("$") was made at the following exchange rates for the respective periods:

 

As of January 31, 2017

RMB 6.88 to $1.00

As of April 30, 2016

RMB 6.47 to $1.00

 

 

Nine months ended January 31, 2017

RMB 6.72 to $1.00

Nine months ended January 31, 2016

RMB 6.30 to $1.00
XML 44 R34.htm IDEA: XBRL DOCUMENT v3.6.0.2
Note 2 - Summary of Significant Accounting Policies: Comprehensive Loss (Policies)
 9 Months Ended
Jan. 31, 2017
Policies  
Comprehensive Loss

COMPREHENSIVE LOSS

 

Comprehensive loss is comprised of net loss and all changes to the statements of stockholders' equity, except those due to investments by stockholders, changes in paid-in capital and distributions to stockholders. For the Company, comprehensive loss for the three and nine months ended January 31, 2017 and 2016 included net loss and unrealized gains (losses) from foreign currency translation adjustments. 
XML 45 R35.htm IDEA: XBRL DOCUMENT v3.6.0.2
Note 2 - Summary of Significant Accounting Policies: Concentrations of Credit Risk (Policies)
 9 Months Ended
Jan. 31, 2017
Policies  
Concentrations of Credit Risk

CONCENTRATIONS OF CREDIT RISK

 

Substantially all of our operations are carried out in the PRC. Accordingly, our business, financial condition and results of operations may be influenced by the political, economic and legal environment in the PRC, and by the general state of the PRC's economy. Our operations in the PRC are subject to specific considerations and significant risks not typically associated with companies in North America. Our results may be adversely affected by changes in governmental policies with respect to laws and regulations, anti-inflationary measures, currency conversion and remittance abroad, and rates and methods of taxation, among other things.

 

Financial instruments which potentially subject us to concentrations of credit risk consist principally of cash and trade accounts receivable. We place our cash with high credit quality financial institutions in the United States and China. At January 31, 2017, we had $125,668 of cash balance held in PRC banks, which is not insured. We have not experienced any losses in such accounts through January 31, 2017.

 

Almost all of our sales are credit sales which are primarily to customers whose ability to pay is dependent upon the industry economics prevailing in these areas; however, we believe that the concentration of credit risk with respect to trade accounts receivable is limited due to generally short payment terms. We also perform ongoing credit evaluations of our customers to help further reduce potential credit risk.
XML 46 R36.htm IDEA: XBRL DOCUMENT v3.6.0.2
Note 2 - Summary of Significant Accounting Policies: Stock Based Compensation (Policies)
 9 Months Ended
Jan. 31, 2017
Policies  
Stock Based Compensation

STOCK BASED COMPENSATION

 

Stock-based compensation is accounted for based on the requirements of the Share-Based Payment topic of ASC 718 which requires recognition in the financial statements of the cost of employee and director services received in exchange for an award of equity instruments over the period the employee or director is required to perform the services in exchange for the award (presumptively, the vesting period). ASC 718 also requires measurement of the cost of employee and director services received in exchange for an award based on the grant-date fair value of the award.

 

Pursuant to ASC 505-50, for share-based payments to consultants and other third parties, compensation expense is determined at the "measurement date." The expense is recognized over the vesting period of the award. Until the measurement date is reached, the total amount of compensation expense remains uncertain. The Company records compensation expense based on the fair value of the award at the reporting date. The awards to consultants and other third parties are then revalued, or the total compensation is recalculated, based on the then current fair value, at each subsequent reporting date.
XML 47 R37.htm IDEA: XBRL DOCUMENT v3.6.0.2
Note 2 - Summary of Significant Accounting Policies: Research and Development (Policies)
 9 Months Ended
Jan. 31, 2017
Policies  
Research and Development

RESEARCH AND DEVELOPMENT

 

Research and development costs are expensed as incurred and are included in general and administrative expenses in the accompanying statements of operations. Research and development costs are incurred on a project specific basis. Research and development cost were $283,815 and $571,574 for the three months ended January 31, 2017 and 2016; and $393,143 and $614,465 for the nine months ended January 31, 2017 and 2016, respectively.
XML 48 R38.htm IDEA: XBRL DOCUMENT v3.6.0.2
Note 2 - Summary of Significant Accounting Policies: Shipping Costs (Policies)
 9 Months Ended
Jan. 31, 2017
Policies  
Shipping Costs

SHIPPING COSTS

 

Shipping costs are included in selling expenses and totaled $91,522 and $113,441 for the three months ended January 31, 2017 and 2016; and $342,913 and $209,830 for the nine months ended January 31, 2017 and 2016, respectively.
XML 49 R39.htm IDEA: XBRL DOCUMENT v3.6.0.2
Note 2 - Summary of Significant Accounting Policies: Reclassifications (Policies)
 9 Months Ended
Jan. 31, 2017
Policies  
Reclassifications

RECLASSIFICATIONS

 

Certain prior year amounts have been reclassified to conform to the current period presentation. These reclassifications had no impact on net earnings and financial position.
XML 50 R40.htm IDEA: XBRL DOCUMENT v3.6.0.2
Note 2 - Summary of Significant Accounting Policies: Recent Accounting Pronouncements (Policies)
 9 Months Ended
Jan. 31, 2017
Policies  
Recent Accounting Pronouncements

RECENT ACCOUNTING PRONOUNCEMENTS

 

In May 2016, the FASB issued ASU 2016-12, "Revenue from Contracts with Customers (Topic 606): Narrow-Scope Improvements and Practical Expedients". The amendments, among other things: (1) clarify the objective of the collectability criterion for applying paragraph 606-10-25-7; (2) permit an entity to exclude amounts collected from customers for all sales (and other similar) taxes from the transaction price; (3) specify that the measurement date for noncash consideration is contract inception; (4) provide a practical expedient that permits an entity to reflect the aggregate effect of all modifications that occur before the beginning of the earliest period presented when identifying the satisfied and unsatisfied performance obligations, determining the transaction price, and allocating the transaction price to the satisfied and unsatisfied performance obligations; (5) clarify that a completed contract for purposes of transition is a contract for which all (or substantially all) of the revenue was recognized under legacy GAAP before the date of initial application, and (6) clarify that an entity that retrospectively applies the guidance in Topic 606 to each prior reporting period is not required to disclose the effect of the accounting change for the period of adoption. The effective date of these amendments is at the same date that Topic 606 is effective. The Company is currently in the process of evaluating the impact of the adoption on its consolidated financial statements.

 

In August 2016, the Financial Accounting Standards Board ("FASB") issued Accounting Standards Update ("ASU") 2016-15, Statement of Cash Flows (Topic 230): Classification of Certain Cash Receipts and Cash Payments. This ASU addresses the classification of certain specific cash flow issues including debt prepayment or extinguishment costs, settlement of certain debt instruments, contingent consideration payments made after a business combination, proceeds from the settlement of certain insurance claims and distributions received from equity method investees. This ASU is effective for fiscal years beginning after December 15, 2017, and interim periods within those fiscal years, with early adoption permitted. An entity that elects early adoption must adopt all of the amendments in the same period. The Company is currently evaluating the impact it may have on its consolidated financial statements.

 

A variety of proposed or otherwise potential accounting standards are currently under study by standard setting organizations and various regulatory agencies. Due to the tentative and preliminary nature of those proposed standards, we have not determined whether implementation of such proposed standards would be material to our consolidated financial statements.
XML 51 R41.htm IDEA: XBRL DOCUMENT v3.6.0.2
Note 2 - Summary of Significant Accounting Policies: Cash and Cash Equivalents: Schedule of Cash and Cash Equivalents (Tables)
 9 Months Ended
Jan. 31, 2017
Tables/Schedules  
Schedule of Cash and Cash Equivalents

 

January 31,

2017

(Unaudited)

April 30,

2016

 

 

 

China

   $      125,668

   $      900,071

United States

              44,335

                        0

Total

   $      170,003

   $      900,071
XML 52 R42.htm IDEA: XBRL DOCUMENT v3.6.0.2
Note 2 - Summary of Significant Accounting Policies: Basic and Diluted Earnings Per Share: Schedule of Earnings Per Share, Basic and Diluted (Tables)
 9 Months Ended
Jan. 31, 2017
Tables/Schedules  
Schedule of Earnings Per Share, Basic and Diluted

 

Three Months Ended

January 31,

Nine Months Ended

January 31,

Numerator:

2017

2016

2017 

2016

Net loss attributable to Sunwin Stevia International, Inc.

  $         (905,684)

  $     (2,099,444)

   $     (2,650,264)

$      (2,738,795)

Numerator for basic EPS, loss applicable to common stock holders

  $         (905,684)

  $     (2,099,444)

   $     (2,650,264)

$      (2,738,795)

Denominator:

 

 

 

 

Denominator for basic earnings per share - weighted average number of common shares outstanding

       182,066,546 

      179,673,909 

       182,066,546 

      176,653,636 

Stock awards, options, and warrants

                            0 

                           0 

                            0 

                           0 

Denominator for diluted earnings per share - adjusted weighted average outstanding average number of common shares outstanding

       182,066,546 

      179,673,909 

       182,066,546 

      176,653,636 

Basic and diluted loss per common share:

 

 

 

 

Loss per share - basic and diluted

  $              (0.005)

  $             (0.012)

   $             (0.015)

$              (0.016)
XML 53 R43.htm IDEA: XBRL DOCUMENT v3.6.0.2
Note 2 - Summary of Significant Accounting Policies: Foreign Currency Translation: FOREIGN EXCHANGE RATE Table (Tables)
 9 Months Ended
Jan. 31, 2017
Tables/Schedules  
FOREIGN EXCHANGE RATE Table  

As of January 31, 2017

RMB 6.88 to $1.00

As of April 30, 2016

RMB 6.47 to $1.00

 

 

Nine months ended January 31, 2017

RMB 6.72 to $1.00

Nine months ended January 31, 2016

RMB 6.30 to $1.00
XML 54 R44.htm IDEA: XBRL DOCUMENT v3.6.0.2
Note 4 - Inventories: Schedule of Inventory, Current (Tables)
 9 Months Ended
Jan. 31, 2017
Tables/Schedules  
Schedule of Inventory, Current   

 

January 31,

2017

 (unaudited)

April 30,

2016

Raw materials

   $    4,451,307 

   $    2,287,572 

Work in process

         1,036,514 

         1,221,115 

Finished goods

         2,122,632 

         1,125,551 

 Inventories, gross

         7,610,453 

         4,634,238 

Less: reserve for obsolete inventory

           (101,317)

           (107,658)

Inventories, net

   $    7,509,136 

   $    4,526,580 
XML 55 R45.htm IDEA: XBRL DOCUMENT v3.6.0.2
Note 5 - Property and Equipment: Property and equipment table (Tables)
 9 Months Ended
Jan. 31, 2017
Tables/Schedules  
Property and equipment table

  (Estimated Life)

January 31,

2017

(unaudited)

April 30,

2016

Office equipment (1-10 Years)

  $           88,132 

  $           39,800 

Auto and trucks (3-10 Years)

            480,710 

            492,620 

Manufacturing equipment (2-20 Years)

         5,545,151 

         5,240,451 

Buildings (5-30 Years)

         8,177,588 

         8,667,889 

Construction in process

            924,093 

            583,954 

 Gross Property and Equipment

       15,215,674 

       15,024,714 

Less: accumulated depreciation

       (6,469,597)

       (5,870,637)

 Property and equipment, net

  $     8,746,077 

  $     9,154,077 
XML 56 R46.htm IDEA: XBRL DOCUMENT v3.6.0.2
Note 6 - Intangible Assets: Schedule of Finite-Lived Intangible Assets (Tables)
 9 Months Ended
Jan. 31, 2017
Tables/Schedules  
Schedule of Finite-Lived Intangible Assets

  (Estimated Life)

January 31, 2017

(unaudited)

April 30,

2016

Only Sweet name rights and related technologies (5 Years)

$

587,183

$

587,183

Distribution agreement and related distribution channels (5 Years)

 

1,038,691

 

1,038,691

 Intangible assets, gross

 

1,625,874

 

1,625,874

Less: accumulated amortization

 

(1,436,189)

 

(1,192,309)

Intangible assets, net

$

189,685

$

433,565
XML 57 R47.htm IDEA: XBRL DOCUMENT v3.6.0.2
Note 7 - Land Use Rights: Schedule of Other Assets (Tables)
 9 Months Ended
Jan. 31, 2017
Tables/Schedules  
Schedule of Other Assets

  (Estimated Life)

January 31,

2017

(unaudited)

April 30,

2016

Land use right (45 Years)

   $   2,309,171 

   $   2,455,519 

Less: accumulated amortization

          (436,430)

          (422,826)

 Land use right, net

   $   1,872,741 

   $   2,032,693 
XML 58 R48.htm IDEA: XBRL DOCUMENT v3.6.0.2
Note 8 - Related Party Transactions: Schedule of Related Party Transactions (Tables)
 9 Months Ended
Jan. 31, 2017
Tables/Schedules  
Schedule of Related Party Transactions  

 

Shandong Shengwang Pharmaceutical

Co., Ltd.

Qufu

Shengwang

Import and Export Co., Ltd.

Total

Balance due to related parties, April 30, 2016

  $        910,373 

   $      366,875 

  $     1,277,248 

Working capital advances from related parties

         2,254,362 

           340,951 

         2,595,313 

Repayments

       (2,462,285)

         (305,999)

       (2,768,284)

Effect of foreign currency exchange

             (87,598)

             30,391 

             (57,207)

Balance due to related parties, January 31, 2017

  $        614,852 

   $      432,218 

  $     1,047,070 
XML 59 R49.htm IDEA: XBRL DOCUMENT v3.6.0.2
Note 10 - Accounts Payable and Accrued Expenses: Schedule of Accounts Payable and Accrued Liabilities (Tables)
 9 Months Ended
Jan. 31, 2017
Tables/Schedules  
Schedule of Accounts Payable and Accrued Liabilities

Account

January 31,

2017

(unaudited)

April 30,

2016

Accounts payable

   $    8,595,314

   $   4,869,026

Advanced from customers

              84,015

              10,042

Accrued salary payable

              54,093

            105,131

Tax payable

              98,679

            254,615

Deferred revenue

              73,141

              71,604

Other payable*

         1,733,120

        1,550,408

Total accounts payable and accrued expenses

   $ 10,638,362

   $   6,860,826

 
XML 60 R50.htm IDEA: XBRL DOCUMENT v3.6.0.2
Note 11 -loan Payable: Loan Payable Table (Tables)
 9 Months Ended
Jan. 31, 2017
Tables/Schedules  
Loan Payable Table

 

January 31,

2017

(unaudited)

April 30,

2016

Loan from Min Wu, an employee of Qufu Shengren, due on October 5, 2016 with annual interest rate of 10% at October 6, 2015, which renewed for original RMB150,000 ($21,810) and the Company borrowed an additional RMB50,000 ($7,269) from Min Wu under the same terms on October 6, 2016 with new due date on October 5, 2017.

   $         29,079

   $         23,175

Loan from Weidong Cai, an employee of Qufu Shengren, due on September 21, 2016 with annual interest rate of 10% at September 22, 2015, which renewed for original RMB840,000 ($122,134) and the Company borrowed an additional RMB84,000 ($12,213) from Weidong Cai under the same terms on September 22, 2016 with new due date on September 21, 2017.

            134,347

            129,778

Loan from Jianjun Yan, non-related individual, due on October 6, 2015 with annual interest rate of 10% at October 7, 2014, which renewed on October 7, 2015 and October 7, 2016 with new due date on October 6, 2017.

            945,083

         1,004,232

Multiple loans from Jianjun Yan, non-related individual, due from October 5, 2016 through April 9, 2017, with annual interest rate of 10%, which were obtained during October 6, 2015 through April 10, 2016. RMB780,000 ($115,134) of the loan originally due on October 5, 2016 has been renewed for on the maturity date of October 6, 2016 with new due date on October 5, 2017.

            840,397

            892,995

Multiple loans from Jianjun Yan, non-related individual, due from June 19, 2017 through January 18, 2018, with annual interest rate of 10%, which were obtained during June 20, 2016 through January 19, 2017.

            840,209

                         0

Loan from Junzhen Zhang, non-related individual, due on October 5, 2016, with annual interest rate of 10% at October 6, 2015, which renewed on October 6, 2016 with new due date on October 5, 2017.

              21,810

              23,175

Loan from Jian Chen, non-related individual, due on January 26, 2017, with annual interest rate of 10% at January 27, 2016, which renewed on January 25, 2017, with new due January 26, 2018.

            106,140

            112,783

Loan from Qing Kong, non-related individual, due on March 6, 2017, with annual interest rate of 10% at March 7, 2016.

              58,159

              61,799

Loan from Guihai Chen, non-related individual, due on March 10, 2017, with annual interest rate of 10% at March 11, 2016.

              14,540

              15,450

Loan from Weifeng Kong, non-related individual, due on November 28, 2017, with annual interest rate of 10% at November 29, 2016.

              29,079

                         0

Total

   $   3,018,843

   $   2,263,387
XML 61 R51.htm IDEA: XBRL DOCUMENT v3.6.0.2
Note 13 - Segment Information: Segment Revenue Table (Tables)
 9 Months Ended
Jan. 31, 2017
Tables/Schedules  
Segment Revenue Table

 

Three Months Ended January 31,

Nine Months Ended January 31,

 

2017

2016

2017

2016

Revenues:

 

 

 

 

Chinese medicine - third party

   $            859,933

   $       622,516

   $        2,240,055

   $    1,789,482

Chinese medicine - related party

                              0

                         0

                              0

                         0

Total Chinese medicine

                 859,933

            622,516

              2,240,055

         1,789,482

 

 

 

 

 

Stevioside - third party

              3,421,023

         1,732,821

              8,413,018

         4,768,956

Stevioside - related party

              2,129,371

         1,488,937

              5,591,740

         5,346,991

Total Stevioside

              5,550,394

         3,221,758

           14,004,758

       10,115,947

Total segment and consolidated revenues

   $        6,410,327

   $   3,844,274

   $      16,244,813

   $  11,905,429

 Interest (expense) income:

 

 

 

 

Chinese medicine

   $                    105 

  $                   33 

   $                    178 

  $                168 

Stevioside

               (100,363)

             (61,988)

               (270,334)

           (226,536)

Total segment and consolidated interest expense

   $          (100,258)

  $         (61,955)

   $          (270,156)

  $       (226,368)

Depreciation and amortization:

 

 

 

 

Chinese medicine

   $              70,011 

  $        167,067 

   $            218,060 

  $        319,654 

Stevioside

                 356,809 

            363,659 

              1,057,808 

         1,121,680 

Total segment and consolidated depreciation and amortization

   $            426,820 

  $        530,726 

   $        1,275,868 

  $     1,441,334 

Income (loss) before income taxes:

 

 

 

 

Chinese medicine

   $            (38,147)

  $       (347,764)

   $          (188,043)

  $       (356,370)

Stevioside

               (508,840)

       (1,431,534)

            (1,336,510)

       (1,764,416)

Corporate and other

               (358,697)

           (320,216)

            (1,125,711)

           (612,703)

Total consolidated (loss) income before income taxes

   $          (905,684)

  $   (2,099,514)

   $       (2,650,264)

  $   (2,733,489)

 
XML 62 R52.htm IDEA: XBRL DOCUMENT v3.6.0.2
Note 13 - Segment Information: Segment Assets Table (Tables)
 9 Months Ended
Jan. 31, 2017
Tables/Schedules  
Segment Assets Table

 

January 31, 2017

(Unaudited)

April 30, 2016

Segment tangible assets:

 

 

  Chinese medicine

   $   1,439,498

   $   1,614,531

  Stevioside

        7,306,579

        7,539,546

  Corporate and other

                        0

                        0

    Total consolidated assets

   $   8,746,077

   $   9,154,077
XML 63 R53.htm IDEA: XBRL DOCUMENT v3.6.0.2
Note 15 - Concentrations and Credit Risk: Customer Concentrations table three month (Tables)
 9 Months Ended
Jan. 31, 2017
Tables/Schedules  
Customer Concentrations table three month

 

Net Sales

 

For the three months ended January 31, 2017

For the three months ended January 31, 2016

 

Chinese Medicine

Stevioside

Chinese Medicine

Stevioside

Qufu Shengwang Import and Export Trade Co., Ltd(1)

                               -

                    33.2%

                               -

               38.7%

Total

                               -

                    33.2%

                               -

               38.7%

 
XML 64 R54.htm IDEA: XBRL DOCUMENT v3.6.0.2
Note 15 - Concentrations and Credit Risk: Customer Concentrations table nine month (Tables)
 9 Months Ended
Jan. 31, 2017
Tables/Schedules  
Customer Concentrations table nine month

 

Net Sales

 

For the nine months ended January 31, 2017

For the nine months ended January 31, 2016

 

Chinese Medicine

Stevioside

Chinese Medicine

Stevioside

Qufu Shengwang Import and Export Trade Co., Ltd(1)

                               -

                    34.4%

                             -  

               52.9%

Shandong Yidatong Enterprise Service Co., Ltd

                               -

                    14.1%

                             -  

                        -  

Guangdong Tengjun Veterinary Medicine Co., Ltd

                               -

                             -  

                    10.3%

                        -  

Beijing Haomiao Huifeng Pharmaceutical Co., Ltd

                               -

                             -  

                    10.7%

                        -  

Total

                               -

                    48.5%

                    21.0%

               52.9%

 
XML 65 R55.htm IDEA: XBRL DOCUMENT v3.6.0.2
Note 15 - Concentrations and Credit Risk: Vendor Concentrations table three month (Tables)
 9 Months Ended
Jan. 31, 2017
Tables/Schedules  
Vendor Concentrations table three month

 

Net Purchases

 

For the three months ended January 31, 2017 

For the three months ended January 31, 2016

 

Chinese Medicine

Stevioside

Chinese Medicine

Stevioside

Dongtai Yandun Stevia Corp

                               -

                    18.7%

                               -

                        -  

Juiqian Shengwang Corp.

                               -

                    15.9%

                               -

               32.7%

Zhucheng Haotian Pharmaceutical Co., Ltd

                               -

                    13.6%

                               -

               10.6%

Total

                               -

                    48.2%

                               -

               10.6%
XML 66 R56.htm IDEA: XBRL DOCUMENT v3.6.0.2
Note 15 - Concentrations and Credit Risk: Vendor Concentrations table six month (Tables)
 9 Months Ended
Jan. 31, 2017
Tables/Schedules  
Vendor Concentrations table six month

 

Net Purchases

 

For the nine months ended January 31, 2017

For the nine months ended January 31, 2016

 

Chinese Medicine

Stevioside

Chinese Medicine

Stevioside

Sishui Ruijin Pharmaceutical Co., Ltd

                               -

                             -  

                    22.2%

                        -  

Dongtai Yandun Stevia Corp

                               -

                    13.0%

                             -  

               14.8%

Dongtai Jiangrongfeng Stevia Corp

                               -

                    12.0%

                             -  

                        -  

Juiqian Shengwang Corp.

                               -

                             -  

                             -  

               23.9%

Zhucheng Haotian Pharmaceutical Co., Ltd

                               -

                    21.3%

                             -  

               18.6%

Total

                               -

                    46.3%

                    22.2%

               57.3%
XML 67 R57.htm IDEA: XBRL DOCUMENT v3.6.0.2
Note 2 - Summary of Significant Accounting Policies: Cash and Cash Equivalents (Details) - USD ($)
Jan. 31, 2017
Apr. 30, 2016
Details    
Cash and cash equivalents held in PRC $ 125,668 $ 900,071
Cash and cash equivalents held in USA $ 44,335 $ 0
XML 68 R58.htm IDEA: XBRL DOCUMENT v3.6.0.2
Note 2 - Summary of Significant Accounting Policies: Cash and Cash Equivalents: Schedule of Cash and Cash Equivalents (Details) - USD ($)
Jan. 31, 2017
Apr. 30, 2016
Details    
Cash and cash equivalents held in PRC $ 125,668 $ 900,071
Cash and cash equivalents held in USA 44,335 0
Cash and cash equivalents total $ 170,003 $ 900,071
XML 69 R59.htm IDEA: XBRL DOCUMENT v3.6.0.2
Note 2 - Summary of Significant Accounting Policies: Accounts Receivable (Details) - USD ($)
Jan. 31, 2017
Apr. 30, 2015
Details    
Allowance for Doubtful Accounts Receivable $ 1,185,676 $ 1,202,610
XML 70 R60.htm IDEA: XBRL DOCUMENT v3.6.0.2
Note 2 - Summary of Significant Accounting Policies: Inventories (Details) - USD ($)
Jan. 31, 2017
Apr. 30, 2016
Details    
Reserve for obsolete or slow-moving inventories $ 101,317 $ 107,658
XML 71 R61.htm IDEA: XBRL DOCUMENT v3.6.0.2
Note 2 - Summary of Significant Accounting Policies: Long-lived Assets (Details) - USD ($)
 3 Months Ended 9 Months Ended
Jan. 31, 2017
Jan. 31, 2016
Jan. 31, 2017
Jan. 31, 2016
Details        
DispositionLossOfLongLivedAssets $ 36,964 $ 40,543 $ 406,806 $ 429,172
XML 72 R62.htm IDEA: XBRL DOCUMENT v3.6.0.2
Note 2 - Summary of Significant Accounting Policies: Taxes Payable (Details) - USD ($)
Jan. 31, 2017
Apr. 30, 2016
Details    
VAT payable $ 98,815 $ 254,759
XML 73 R63.htm IDEA: XBRL DOCUMENT v3.6.0.2
Note 2 - Summary of Significant Accounting Policies: Basic and Diluted Earnings Per Share: Schedule of Earnings Per Share, Basic and Diluted (Details) - USD ($)
 3 Months Ended 9 Months Ended
Jan. 31, 2017
Jan. 31, 2016
Jan. 31, 2017
Jan. 31, 2016
Details        
Net loss attributable to Sunwin Stevia International, Inc. $ (905,684) $ (2,099,444) $ (2,650,264) $ (2,738,795)
Numerator for basic EPS, loss applicable to common stock holders $ (905,684) $ (2,099,444) $ (2,650,264) $ (2,738,795)
Weighted Average Number of Shares Issued, Basic 182,066,546 179,673,909 182,066,546 176,653,636
Weighted Average Number of Shares Outstanding, Diluted 182,066,546 179,673,909 182,066,546 176,653,636
Net Loss per share-basic and diluted $ (0.005) $ (0.012) $ (0.015) $ (0.016)
XML 74 R64.htm IDEA: XBRL DOCUMENT v3.6.0.2
Note 2 - Summary of Significant Accounting Policies: Foreign Currency Translation: FOREIGN EXCHANGE RATE Table (Details)
 9 Months Ended
Jan. 31, 2017
Jan. 31, 2016
Apr. 30, 2016
Details      
Foreign Currency Exchange Rate, Translation 6.88   6.47
Average exchange rates 6.72 6.30  
XML 75 R65.htm IDEA: XBRL DOCUMENT v3.6.0.2
Note 2 - Summary of Significant Accounting Policies: Concentrations of Credit Risk (Details) - USD ($)
Jan. 31, 2017
Apr. 30, 2016
Details    
Cash and cash equivalents held in PRC $ 125,668 $ 900,071
XML 76 R66.htm IDEA: XBRL DOCUMENT v3.6.0.2
Note 2 - Summary of Significant Accounting Policies: Research and Development (Details) - USD ($)
 3 Months Ended 9 Months Ended
Jan. 31, 2017
Jan. 31, 2016
Jan. 31, 2017
Jan. 31, 2016
Details        
Research and Development Expense $ 283,815 $ 571,574 $ 393,143 $ 614,465
XML 77 R67.htm IDEA: XBRL DOCUMENT v3.6.0.2
Note 2 - Summary of Significant Accounting Policies: Shipping Costs (Details) - USD ($)
 3 Months Ended 9 Months Ended
Jan. 31, 2017
Jan. 31, 2016
Jan. 31, 2017
Jan. 31, 2016
Details        
Shipping, Handling and Transportation Costs $ 91,522 $ 113,441 $ 342,913 $ 209,830
XML 78 R68.htm IDEA: XBRL DOCUMENT v3.6.0.2
Note 3 - Investment in Real Estate Held For Resale (Details) - USD ($)
Jan. 31, 2017
Apr. 30, 2016
Aug. 25, 2011
Details      
Purchase price for apartment units held for sale     $ 2,484,799
Payment of purchase price for apartment units held for sale     $ 1,987,839
Investment in real estate held for resale $ 0 $ 311,467  
XML 79 R69.htm IDEA: XBRL DOCUMENT v3.6.0.2
Note 4 - Inventories: Schedule of Inventory, Current (Details) - USD ($)
Jan. 31, 2017
Apr. 30, 2016
Details    
Inventory, Raw Materials, Gross $ 4,451,307 $ 2,287,572
Inventory, Work in Process, Gross 1,036,514 1,221,115
Inventory, Finished Goods, Gross 2,122,632 1,125,551
Inventory, Gross 7,610,453 4,634,238
Reserve for obsolete inventory (101,317) (107,658)
Inventories, net $ 7,509,136 $ 4,526,580
XML 80 R70.htm IDEA: XBRL DOCUMENT v3.6.0.2
Note 5 - Property and Equipment: Property and equipment table (Details) - USD ($)
Jan. 31, 2017
Apr. 30, 2016
Details    
Office Equipment $ 88,132 $ 39,800
Auto and Trucks 480,710 492,620
Machinery and Equipment, Gross 5,545,151 5,240,451
Buildings and Improvements, Gross 8,177,588 8,667,889
Construction in Progress, Gross 924,093 583,954
Property, Plant and Equipment, Gross 15,215,674 15,024,714
Accumulated Depreciation, Depletion and Amortization, Property, Plant, and Equipment (6,469,597) (5,870,637)
Property and equipment, net $ 8,746,077 $ 9,154,077
XML 81 R71.htm IDEA: XBRL DOCUMENT v3.6.0.2
Note 5 - Property and Equipment (Details) - USD ($)
 3 Months Ended 9 Months Ended
Jan. 31, 2017
Jan. 31, 2016
Jan. 31, 2017
Jan. 31, 2016
Details        
Total Depreciation Expense $ 332,714 $ 435,804 $ 992,590 $ 1,155,418
Cost of revenues 261,775 323,702 763,806 817,965
General and administrative expenses $ 70,939 $ 112,102 $ 228,784 $ 337,453
XML 82 R72.htm IDEA: XBRL DOCUMENT v3.6.0.2
Note 6 - Intangible Assets (Details)
Aug. 22, 2012
USD ($)
shares
Details  
Share issued for acquisition | shares 7,666,666
Value of Shares issued for Acquisition $ 1,533,333
Cash paid for acquisition $ 92,541
XML 83 R73.htm IDEA: XBRL DOCUMENT v3.6.0.2
Note 6 - Intangible Assets: Schedule of Finite-Lived Intangible Assets (Details) - USD ($)
Jan. 31, 2017
Apr. 30, 2016
Details    
Only Sweet name rights and related technologies $ 587,183 $ 587,183
Distribution agreement and related distribution channels 1,038,691 1,038,691
Finite-Lived Intangible Assets, Gross 1,625,874 1,625,874
Accumulated amortization of Intangible Assets (1,436,189) (1,192,309)
Finite-Lived Intangible Assets, Net $ 189,685 $ 433,565
XML 84 R74.htm IDEA: XBRL DOCUMENT v3.6.0.2
Note 7 - Land Use Rights: Schedule of Other Assets (Details) - USD ($)
Jan. 31, 2017
Apr. 30, 2016
Details    
Land use right, gross $ 2,309,171 $ 2,455,519
Accumulated amortization of Land Use Rights (436,430) (422,826)
LandUseRight $ 1,872,741 $ 2,032,693
XML 85 R75.htm IDEA: XBRL DOCUMENT v3.6.0.2
Note 7 - Land Use Rights (Details) - USD ($)
 3 Months Ended 9 Months Ended
Jan. 31, 2017
Jan. 31, 2016
Jan. 31, 2017
Jan. 31, 2016
Details        
Amortization expense - Land use rights $ 12,812 $ 13,628 $ 39,398 $ 42,036
XML 86 R76.htm IDEA: XBRL DOCUMENT v3.6.0.2
Note 8 - Related Party Transactions (Details) - USD ($)
 3 Months Ended 9 Months Ended
Jan. 31, 2017
Jan. 31, 2016
Jan. 31, 2017
Jan. 31, 2016
Apr. 30, 2016
Details          
Accounts receivable - related party Qufu Shengwang $ 3,465,190   $ 3,465,190   $ 3,632,876
Revenue - related party Qufu Shengwang $ 2,129,371 $ 1,488,937 $ 5,591,740 $ 5,346,991  
XML 87 R77.htm IDEA: XBRL DOCUMENT v3.6.0.2
Note 8 - Related Party Transactions: Schedule of Related Party Transactions (Details) - USD ($)
Jan. 31, 2017
Apr. 30, 2016
Details    
Due to Pharmaceutical Corporation $ 614,852 $ 910,373
Due to Qufu Shengwang 432,218 366,875
Total Due to Related Party 1,047,070 $ 1,277,248
Working capital advances from related parties - Shangdong 2,254,362  
Working capital advances from related parties - Qufu 340,951  
Working capital advances from related parties 2,595,313  
Repayments from related parties - Shandong (2,462,285)  
Repayments from related parties - Qufu (305,999)  
Repayments from related parties (2,768,284)  
Effect of foreign currency exchange - Shangdong (87,598)  
Effect of foreign currency exchange - Qufu 30,391  
Effect of foreign currency exchange $ (57,207)  
XML 88 R78.htm IDEA: XBRL DOCUMENT v3.6.0.2
Note 9 - Prepaid Expenses and Other Current Assets (Details) - USD ($)
Jan. 31, 2017
Apr. 30, 2016
Details    
Prepaid expenses and other current assets $ 2,909,881 $ 2,787,371
Prepayments to suppliers 1,363,316 1,220,523
Prepayment for employees' stock-based compensation 1,226,668 1,371,667
Prepayment for consultants' stock-based compensation 36,250  
Business related employees' advances $ 283,647 $ 195,181
XML 89 R79.htm IDEA: XBRL DOCUMENT v3.6.0.2
Note 10 - Accounts Payable and Accrued Expenses: Schedule of Accounts Payable and Accrued Liabilities (Details) - USD ($)
Jan. 31, 2017
Apr. 30, 2016
Details    
Accounts Payable $ 8,595,314 $ 4,869,026
Customer Advances, Current 84,015 10,042
Accrued salary payable 54,093 105,131
Taxes Payable, Current 98,679 254,615
Deferred Revenue 73,141 71,604
Accounts Payable, Other, Current 1,733,120 1,550,408
Accounts Payable and Accrued Liabilities, Current $ 10,638,362 $ 6,860,826
XML 90 R80.htm IDEA: XBRL DOCUMENT v3.6.0.2
Note 10 - Accounts Payable and Accrued Expenses (Details) - USD ($)
Jan. 31, 2017
Apr. 30, 2016
Details    
Commission payable $ 111,374 $ 67,683
General liability, worker's compensation, and medical insurance payable 455,277 439,706
Union and education fees payable 281,126 297,728
Consulting fee payable 505,418 248,748
Interest payables for short-term loans 135,092 72,731
Advanced from the employees 220,667 131,282
Other miscellaneous payables $ 24,166 213,736
Accrued R&D payable   $ 78,794
XML 91 R81.htm IDEA: XBRL DOCUMENT v3.6.0.2
Note 11 -loan Payable: Loan Payable Table (Details) - USD ($)
Jan. 31, 2017
Apr. 30, 2016
Details    
Loan from Min Wu at 10% $ 29,079 $ 23,175
Loan from Weidong Cai at 10% 134,347 129,778
Loan from Jianjun Yan at 10% 945,083 1,004,232
Multiple loans from Jianjun Yan 840,397 892,995
Multiple loans from Jianjun Yan July 2016 840,209 0
Loan from Junzhen Zhang 21,810 23,175
Loan from Jian Chen 106,140 112,783
Loan from Qing Kong 58,159 61,799
Loan from Guihai Chen 14,540 15,450
Loan from Weifeng Kong 29,079 0
Total Loan Payable $ 3,018,843 $ 2,263,387
XML 92 R82.htm IDEA: XBRL DOCUMENT v3.6.0.2
Note 11 -loan Payable (Details) - USD ($)
 3 Months Ended 9 Months Ended
Jan. 31, 2017
Jan. 31, 2016
Jan. 31, 2017
Jan. 31, 2016
Details        
Interest expense related to short-term loans $ 62,169 $ 174,414 $ 30,271 $ 121,728
XML 93 R83.htm IDEA: XBRL DOCUMENT v3.6.0.2
Note 12 - Stockholders' Equity (Details) - USD ($)
Jan. 31, 2017
Apr. 30, 2016
Apr. 27, 2016
Jan. 14, 2016
Dec. 01, 2015
Aug. 11, 2015
May 06, 2015
Details              
Common stock authorized to issue 200,000,000            
Shares, Outstanding 199,632,803 199,632,803          
Shares, Issued     1,000,000 250,000 23,000,000 500,000 1,000,000
Value of Stock Issued     $ 145,000 $ 50,000 $ 3,680,000 $ 100,000 $ 252,500
XML 94 R84.htm IDEA: XBRL DOCUMENT v3.6.0.2
Note 13 - Segment Information: Segment Revenue Table (Details) - USD ($)
 3 Months Ended 9 Months Ended
Jan. 31, 2017
Jan. 31, 2016
Jan. 31, 2017
Jan. 31, 2016
Details        
Net revenues - Chinese Medicines $ 859,933 $ 622,516 $ 2,240,055 $ 1,789,482
Net revenues - Chinese medicine - related party 0 0 0 0
Net revenues - Chinese medicine - Total 859,933 622,516 2,240,055 1,789,482
Net revenues - Stevioside - third party 3,421,023 1,732,821 8,413,018 4,768,956
Net revenues - Stevioside - related party 2,129,371 1,488,937 5,591,740 5,346,991
Net revenues - Stevioside - Total 5,550,394 3,221,758 14,004,758 10,115,947
Net revenues - Total segment and consolidated revenues 6,410,327 3,844,274 16,244,813 11,905,429
Interest income - Chinese Medicines 105 33 178 168
Interest income - Stevioside (100,363) (61,988) (270,334) (226,536)
Interest income - Total segment and consolidated interest expense (100,258) (61,955) (270,156) (226,368)
Depreciation and amortization - Chinese Medicines 70,011 167,067 218,060 319,654
Depreciation and amortization - Stevioside 356,809 363,659 1,057,808 1,121,680
Depreciation and amortization - Total segment and consolidated depreciation and amortization 426,820 530,726 1,275,868 1,441,334
Loss before taxes and noncontrolling interest - Chinese Medicines (38,147) (347,764) (188,043) (356,370)
Loss before taxes and noncontrolling interest - Stevioside (508,840) (1,431,534) (1,336,510) (1,764,416)
Loss before taxes and noncontrolling interest - Corporate and other (358,697) (320,216) (1,125,711) (612,703)
Income (loss) before income taxes - Total segment and consolidated depreciation and amortization $ (905,684) $ (2,099,514) $ (2,650,264) $ (2,733,489)
XML 95 R85.htm IDEA: XBRL DOCUMENT v3.6.0.2
Note 13 - Segment Information: Segment Assets Table (Details) - USD ($)
Jan. 31, 2017
Apr. 30, 2016
Details    
Segment assets- Chinese Medicines $ 1,439,498 $ 1,614,531
Segment assets-Stevioside 7,306,579 7,539,546
Segment assets-Corporate and other 0 0
Segment assets-Total consolidated assets $ 8,746,077 $ 9,154,077
XML 96 R86.htm IDEA: XBRL DOCUMENT v3.6.0.2
Note 14 - Commitments and Contingencies (Details) - USD ($)
 9 Months Ended
Jan. 31, 2017
Apr. 30, 2016
Aug. 25, 2011
Details      
Purchase price for apartment units held for sale     $ 2,484,799
Payment of purchase price for apartment units held for sale     $ 1,987,839
Loss on disposal of real estate investments $ 2,410    
Investment in real estate held for resale $ 0 $ 311,467  
XML 97 R87.htm IDEA: XBRL DOCUMENT v3.6.0.2
Note 15 - Concentrations and Credit Risk (Details) - USD ($)
Jan. 31, 2017
Apr. 30, 2016
Details    
Cash and cash equivalents held in PRC $ 125,668 $ 900,071
Cash and cash equivalents held in USA $ 44,335 $ 0
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