CHINA
HUAREN ORGANIC PRODUCTS INC. AND SUBSIDIARY
NOTES
TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
(UNAUDITED)
1.
Basis of Preparing Accounting Statement
The
accompanying unaudited condensed consolidated financial statements of China
Huaren Organic Products Inc. and subsidiary (the "Company") have been
prepared in accordance with U.S. generally accepted accounting principles
for interim financial information and pursuant to the requirements for reporting
on Form 10-Q. Accordingly, they do not include all the information and footnotes
required by accounting principles generally accepted in the United States of
America for annual financial statements. However, the information included in
these interim financial statements reflects all adjustments (consisting solely
of normal recurring adjustments) which are, in the opinion of management,
necessary for the fair presentation of the consolidated financial position and
the consolidated results of operations. Results shown for interim periods are
not necessarily indicative of the results to be obtained for a full year. The
consolidated balance sheet information as of December 31, 2008 was derived from
the audited consolidated financial statements included in the Company's Annual
Report on Form 10-K. These interim financial statements should be read in
conjunction with that report.
2.
Organization and Nature of Business
China
Huaren Organic Products Inc. (“the Company”) through its indirect wholly-owned
subsidiary, Jilin Huaren Organic Product Co., Ltd. ("Jilin Huaren ") develops,
produces, and sells a wide array of organic foods and healthcare and cosmetic
products.
In
November 2006, the Company acquired all the ownership interest of China Organic
Health Products Inc. (“China Organic”), a Delaware corporation organized in
January 2006. The Company acquired China Organic in exchange for shares of
common stock and shares of Series D Preferred Stock of the Company. The
capitalizations are described in further detail in Note 12 to the accompanying
consolidated financial statements.
China
Organic did not initiate any business activity. Most of China Organic’s
activities are conducted through its 100% equity ownership in Jilin Huaren.
Jilin Huaren was incorporated in the Jilin district of People’s Republic of
China (PRC) in February 2000 under the name “Jilin KangJian Technology Trade
Center”, but adopted its current name on December 23, 2004. It remained inactive
and incurred minor administrative expenses prior to December 31, 2003. Started
from March 2004, Jilin Huaren began its business such as research, development,
production, sale of organic foods and healthcare products, and distribution of
cosmetics related merchandises in PRC. The company is selling the cosmetics
products under the “Huaren” brand name. All of Jilin Huaren’s business is
currently in China.
3.
Net loss during Transition Period and Management Plans
During
the fourth quarter of 2007, the sales revenue of Jilin Huaren had dropped down
significantly and the Company incurred a net loss. For the period from January
1, 2008 to March 31, 2009, the sales revenue was none. As of March 31, 2009, the
Company had $10, 911 cash and equivalents to fund the short-term working capital
requirements. The Company’s ability to continue as a going concern and its
future success is dependent upon its new management team’s ability to better
handle the Company’s business in China, to merge with a better business, and to
raise capital in the near term to (1) satisfy its current obligations, and (2)
fund the successful wide scale development and marketing of its
products.
The
Company presently has ongoing discussions and negotiations with a number of
additional financing alternatives and merger targets. However, the Company has
no definitive agreements to provide funding at this time. In addition, the
Company has no firm commitment with any merger target.
The
accompanying financial statements do not include any adjustments that might
result from the outcome of this uncertainty.
4.
Summary of Significant Accounting Policies
a.
Use of Estimates
The
preparation of financial statements 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 financial
statements and the reported amounts of revenues and expenses during the reported
period. Actual results could differ from these estimates.
b.
Revenue Recognition
Revenue
is recognized at the date of shipment to customers, and when the price is fixed
or determinable, the delivery is completed, no other significant obligations of
us exist and collectibles is reasonably assured. There were no sales for the
first three months ended March 31, 2009 and 2008.
Sales
transactions not meeting all the conditions of the full accrual method are
accounted for using the deposit method of accounting. Under the deposit method,
all costs are capitalized as incurred, and payments received from the buyer are
recorded as a customer deposits.
c.
Foreign Currency Translation
The
Company’s reporting currency is the U.S. dollar. The functional currencies of
the Company's subsidiaries are local currencies, primarily the Chinese Renminbi.
The financial statements are translated into U.S. dollars using period-end rates
of exchange for assets and liabilities and average rates of exchange for the
period for revenues and expenses. 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 of statements of operations
and comprehensive income (loss).
d.
Income Taxes
The
Company and its U. S. subsidiary will file consolidated federal income tax
returns and individually file state franchise tax returns with the State of
Delaware. The Company’s PRC subsidiary files income tax returns under the Income
Tax Law of the People's Republic of China concerning Foreign Investment
Enterprises and Foreign Enterprises and local income tax laws.
The
Company follows Statement of Financial Accounting Standards No. 109 - Accounting
for Income Taxes, which requires recognition of deferred tax assets and
liabilities for the expected future tax consequences of events that have been
included in the financial statements or tax returns. Under this method, deferred
tax assets and liabilities are based on the differences between the financial
statement and tax bases of assets and liabilities using enacted tax rates in
effect for the year in which the differences are expected to reverse. Deferred
taxes also are recognized for operating losses that are available to offset
future income taxes.
e.
Comprehensive Income
SFAS 130,
Reporting Comprehensive
Income, defines comprehensive income to include all changes in equity
except those resulting from investments by owners and distributions to owners
and requires that the period’s comprehensive income, its components and
accumulated balances be disclosed. Among other disclosures, SFAS 130 requires
that all items that are required to be recognized under current accounting
standards as components of comprehensive income be reported in a financial
statement that is presented with the same prominence as other financial
statements. The Company’s only current component of comprehensive income is the
foreign currency translation adjustment.
f.
Segment Reporting
SFAS 131,
Disclosure about Segments of
an Enterprise and Related Information, requires disclosure of reportable
segments used by management for making operating decisions and assessing
performance. Reportable segments are categorized by products and services,
geography, legal structure, management structure, or any other manner in which
management disaggregates a company. SFAS 131 has no effect on the Company’s
financial statements as substantially all of our operations and management is
under a single operating segment.
g.
Recent Pronouncements
In June
2008, the FASB issued FASB Staff Position on Emerging Issues Task Force Issue
03-6, “Determining Whether Instruments Granted in Share-Based Payment
Transactions Are Participating Securities” (“FSP EITF 03-6-1”). FSP EITF 03-6-1
states that unvested share-based payment awards that contain nonforfeitable
rights to dividends or dividend equivalents (whether paid or unpaid) are
participating securities and shall be included in the computation of earnings
per share (“EPS”) pursuant to the two-class method. FSP EITF 03-6-1 is effective
for financial statements issued for fiscal years beginning after
December 15, 2008, and interim periods within those years. All prior-period
EPS data presented shall be adjusted retrospectively (including interim
financial statements, summaries of earnings, and selected financial data) to
conform with the provisions of FSP EITF 03-6-1. The adoption of this FSP EITF
03-6-1 did not have a material effect on the Company’s financial
position.
In May
2008, the Financial Accounting Standards Board ("FASB") issued Statement of
Financial Accounting Standards ("SFAS") No.162, “The Hierarchy of Generally
Accepted Accounting Principles”. SFAS 162 indicates the entity (not its auditor)
that is responsible for selecting accounting principles for financial statements
that are presented in conformity with GAAP. Accordingly, the GAAP hierarchy
should reside in the accounting literature established by the FASB and is
issuing SFAS 162 to achieve that result. SFAS 162 also identifies the sources of
accounting principles and the framework for selecting the principles to be used
in the preparation of financial statements of nongovernmental entities that are
presented in conformity with generally accepted accounting principles (GAAP) in
the United States (the GAAP hierarchy).SFAS 162 is effective 60 days following
the SEC’s approval of the Public Company Accounting Oversight Board amendments
to AU Section 411, The Meaning
of Present Fairly in Conformity With Generally Accepted Accounting
Principles. The Company is in the process of evaluating the new disclosure
requirements under SFAS 162. The Company is currently assessing the potential
impact that adoption of SFAS No. 162 may have on its financial
statements.
In March
2008, the Financial Accounting Standards Board ("FASB") issued Statement of
Financial Accounting Standards ("SFAS") No.161,"Disclosures about Derivative
Instruments and Hedging Activities - An Amendment of SFAS No. 133" ("SFAS 161").
SFAS 161 seeks to improve financial reporting for derivative instruments and
hedging activities by requiring enhanced disclosures regarding the impact on
financial position, financial performance, and cash flows. To achieve this
increased transparency, SFAS 161 requires (1) the disclosure of the fair value
of derivative instruments and gains and losses in a tabular format;(2) the
disclosure of derivative features that are credit risk-related; and
(3)cross-referencing within the footnotes. SFAS 161 is effective for financial
statements issued for fiscal years and interim periods beginning after November
15, 2008 (that is, January 1, 2009, for entities with calendar year-ends), with
early application encouraged. The Company is currently assessing the
potential impact that adoption of SFAS No. 161 may have on its financial
statements.
In
December 2007, the Financial Accounting Standard Board (“FASB”) issued SFAS No.
160, “Non-controlling Interests in Consolidated Financial Statements-an
amendment of ARB No. 51” which clarifies that a non-controlling interest in a
subsidiary is an ownership interest in the consolidated entity that should be
reported as equity in the consolidated financial statements. This statement also
changes the way the consolidated income statement is presented. It requires
consolidated net income to be reported at amounts that include the amounts
attributable to both the parent and the non-controlling interest. In addition,
it requires disclosure, on the face of the consolidated statement of income, of
the amounts of consolidated net income attributable to the parent and to the
non-controlling interest. SFAS No. 160 is effective for fiscal years, and
interim periods within those fiscal years beginning on or after December 15,
2008 (that is, January 1, 2009, for entities with calendar year-ends). Earlier
adoption is prohibited. The adoption of this SFAS 160 did not have a material
effect on the Company’s financial position now.
In
December 2007, Statement of Financial Accounting Standards No. 141(R), Business
Combinations, was issued. SFAS No. 141R replaces SFAS No. 141, Business
Combinations. SFAS 141R retains the fundamental requirements in SFAS 141 that
the acquisition method of accounting (which SFAS 141 called the purchase method)
be used for all business combinations and for an acquirer to be identified for
each business combination. SFAS 141R requires an acquirer to recognize the
assets acquired, the liabilities assumed, and any non-controlling interest in
the acquiree at the acquisition date, measured at their fair values as of that
date, with limited exceptions. This replaces SFAS 141's cost-allocation process,
which required the cost of an acquisition to be allocated to the individual
assets acquired and liabilities assumed based on their estimated fair values.
SFAS 141R also requires the acquirer in a business combination achieved in
stages (sometimes referred to as a step acquisition) to recognize the
identifiable assets and liabilities, as well as the non-controlling interest in
the acquiree, at the full amounts of their fair values (or other amounts
determined in accordance with SFAS 141R). SFAS 141R applies prospectively to
business combinations for which the acquisition date is on or after the
beginning of the first annual reporting period beginning on or after December
15, 2008 (that is, January 1, 2009, for entities with calendar year-ends). An
entity may not apply it before that date. The Company is currently evaluating
the impact that adopting SFAS 141R will have on its financial statements. The
Company is currently assessing the potential impact that adoption of SFAS
No. 141R may have on its financial statements.
5.
Loan to (from) officers/stockholders
Amounts
loaned to (from) officers/stockholders are unsecured, non-interest bearing, and
have no set repayment date. As of March 31, 2009 and December 31, 2008, the
total net amounts of loan to (from) officers/stockholders were $2,251,634 and
$2,255,312, respectively, which represented the net amounts lent by the Company
to (from) officers/stockholders.
|
|
March
31, 2009
|
|
|
December
31, 2008
|
|
|
|
Unaudited
|
|
|
Audited
|
|
Mr.
JinZhong Fang
|
|
$ |
60,583 |
|
|
$ |
60,682 |
|
Mrs.
WenYing Li
|
|
|
2,364,627 |
|
|
|
2,368,486 |
|
Mr.
HuaKang Zhou
|
|
|
(197,178 |
) |
|
|
(197,496 |
) |
Mrs.
Yushu Cao
|
|
|
23,602 |
|
|
|
23,640 |
|
Total
|
|
$ |
2,251,634 |
|
|
$ |
2,255,312 |
|
6. Prepaid
Expenses
Prepaid
expenses consisted of the following:
|
|
March
31, 2009
|
|
|
December
31, 2008
|
|
|
|
Unaudited
|
|
|
Audited
|
|
Prepaid
office rent
|
|
$ |
1,412 |
|
|
$ |
1,070 |
|
Prepaid
consultation fees and other
|
|
|
4,967 |
|
|
|
5,854 |
|
Total
|
|
$ |
6,379 |
|
|
$ |
6,924 |
|
7.
Property and Equipment, Net
Property and equipment at cost, less
accumulated depreciation,
consisted of the
following:
|
Estimated
Life
|
|
March
31, 2009
|
|
|
December
31, 2008
|
|
|
|
|
Unaudited
|
|
|
Audited
|
|
Office
equipments
|
5
years
|
|
$ |
8,832 |
|
|
$ |
7,989 |
|
Less:
Accumulated depreciation
|
|
|
4,098 |
|
|
|
3,684 |
|
Total
|
|
|
$ |
4,734 |
|
|
$ |
4,305 |
|
Rent
expenses amounted to $10,317 and $85,691 for the three months ended March 31,
2009 and 2008, respectively.
10.
Taxation
a.
Corporation Income Tax (“CIT”)
The
Company and its US subsidiary will file consolidated federal income
tax returns and individually file state franchise tax returns with the State of
Delaware. The Company’s PRC subsidiary files income tax returns under the Income
Tax Law of the People's Republic of China concerning Foreign Investment
Enterprises and Foreign Enterprises and local income tax laws.
In
accordance with the relevant PRC tax laws and regulations, the Company’s PRC
subsidiary was subject to CIT at 33% and 25% tax rate before and after January
1, 2008, respectively. The Company did not record U.S. and PRC current
income tax for three months ended March 31, 2009, since there was no taxable
income during this period, whereas the Company had recorded the deferred income
tax benefits valuation allowance for income tax in PRC in amount of $13,635 for
the three months ended March 31, 2009, due to the tax credit carryforwards
valuation allowance during this period.
b.
Value Added Tax (“VAT”)
The
Company is subjected to VAT on merchandise sales in PRC. For the three months
ended March 31, 2009 and 2008, a small scale VAT tax rate of 4% was
applicable.
c.
Business Tax (“BT”)
The
Company is also subject to Business Tax, which is charged on the service
income at a rate of 5% in accordance with the tax law in Jilin District of
PRC.
d.
Taxes Payable
As of
March 31, 2009 and December 31, 2008, tax payable consisted of the
following:
|
|
March
31, 2009
|
|
|
December
31, 2008
|
|
|
|
Unaudited
|
|
|
Audited
|
|
Value-added
tax
|
|
$ |
595,440 |
|
|
$ |
596,412 |
|
Income
tax
|
|
|
1,029,628 |
|
|
|
1,031,309 |
|
Delaware
franchise taxes
|
|
|
32,888 |
|
|
|
31,317 |
|
Individual
income tax withholdings
|
|
|
6,539 |
|
|
|
6,550 |
|
City
construction, education, and other taxes
|
|
|
21,766 |
|
|
|
21,801 |
|
Total
|
|
$ |
1,686,261 |
|
|
$ |
1,687,389 |
|
11.
Foreign Subsidiary
a. Operations
Substantially
all of the Company’s operations are carried out through its subsidiary located
in the PRC. Accordingly, the Company’s business, financial condition and results
of operations may be influenced by the political, economic and legal
environments in the PRC. The Company’s business may be influenced by
changes in governmental policies with respect to laws and regulations,
anti-inflationary measures, currency fluctuation and remittances and methods of
taxation, among other things.
b. Dividends
and Reserves
Under
laws of the PRC, net income after taxation can only be distributed as dividends
after appropriation has been made for the following: (i) cumulative prior years'
losses, if any; (ii) allocations to the "Statutory Surplus Reserve" of at least
10% of net income after tax, as determined under PRC accounting rules and
regulations, until the fund amounts to 50% of the Company's registered capital;
(iii) allocations of 5-10% of income after tax, as determined under PRC
accounting rules and regulations, to the Company's "Statutory Common Welfare
Fund", which is established for the purpose of providing employee facilities and
other collective benefits to employees in China; and (iv) allocations to any
discretionary surplus reserve, if approved by shareholders.
As
of March 31, 2009 and as of December 31, 2008, the Company’s PRC
subsidiary established and segregated in retained earnings an aggregate amount
of $259,244 and $259,244, respectively, for the Statutory Surplus Reserve and
the Statutory Common Welfare Fund.
12.
Stockholders Equity
Before
acquisition (the “Share Exchange”), the Company had 17,548,665 shares of common
stock outstanding. On November 13, 2006, the Company acquired all of the
outstanding capital stock of China Organic Health Products, Inc. (“China
Organic”). In connection with the closing of the acquisition (the “Share
Exchange”), the Company issued to the shareholders of China Organic (a)
27,486,175 shares of common stock and (b) Series D Preferred Stock, which was
convertible into 469,760,000 shares of common stock. As part of the merger,
effective on January 16, 2007, the Company (i) changed its name to “China
Huaren Organic Products, Inc” from “Ultradata Systems, Inc., (ii) brought
into effect a 1:39 reverse split of its outstanding common shares, and
(iii) increased the number of authorized shares of common
stock from 50,000,000 shares, par value $0.01 to 100,000,000 shares, $0.01 par
value. After recapitalization, the Series D Preferred Stock was converted
into 12,045,128 common shares.
On
January 5, 2007, the shareholders of Series B Preferred Stock exercised its
right to convert all of the outstanding Series B Preferred Stock into
58,499,413 shares of common stock. After giving effect to the reverse stock
split on January 16, 2007, the shares obtained by this shareholder on conversion
of the Series B Preferred Stock totaled 1,499,985. As a result, there were
14,699,853 common shares issued and outstanding, par value $0.01 as of December
31, 2007 and 2006.
On
February 28, 2008, certain individuals converted all of the outstanding Series C
Preferred Stock into 300,859 shares of the Company’s common stock. Therefore the
Company had 15,000,712 common shares issued and outstanding, par value $0.01,
on March 31, 2009 and 2008, respectively.
Item
2.
|
Management’s
Discussion and Analysis of Financial Condition and Results of
Operations
|
The
following analysis of our condensed consolidated financial condition and results
of operations for the three months ended March 31, 2009 and 2008, should be read
in conjunction with the consolidated financial statements, including footnotes,
and other information presented in our annual report on Form 10-K for the year
ended December 31, 2008, as filed with the Securities and Exchange Commission
on May 18,
2009.
Results
of Operations
Our
operations during the first three months of 2009 and 2008 produced no revenue,
but a low level of operating expenses. For the three month periods ended March
31, 2009, our total operating expenses were $46,932 as compared to $16,635
for three months ended March 31, 2008, an increase of $30,297. This
increase was attributable to an increase in employees’ salaries, travel
expenses, legal fees, and rent expenses in the current quarter. Even though this
increase had been offset with a decrease of heating fees in the current quarter,
we still incurred more operating expenses in the first quarter 2009 as compared
to the first quarter 2008. During the first quarter 2009, we hired more
persons and spent most of travel and legal fees on looking for the new clients,
merge targets, and available fund. However, we still did not have firm
commitment with any of them as of March 31, 2009. In addition, we recognized a
deferred income tax benefits valuation allowance $13,635 for the tax credit
carryforwards valuation drop down in the first quarter 2009.
Our
business operates entirely in Chinese Renminbi, but we report our results in our
SEC filings in U.S. Dollars. The conversion of our accounts from RMB
to Dollars results in translation adjustments, which are reported as a middle
step between net income and comprehensive income. The net income is added to the
retained earnings on our balance sheet; while the translation adjustment is
added to a line item on our balance sheet labeled “accumulated other
comprehensive income,” since it is more reflective of changes in the relative
values of U.S. and Chinese currencies than of the success of our
business. During the first three months of 2009 and 2008, the
unrealized (loss) gain on foreign currency translations
added ($3,359), and $357,338 to our accumulated other comprehensive
income.
Our
prospects for the future will depend on the success of our new managers, who
assumed control of Jilin Huaren in May 2008. We believe that our business plan,
if properly implemented by competent management, can be successful and that we
have put in place most of the resources necessary to permit the plan to be
implemented. But the new management will have to revive the Company’s
operations almost completely. Whether they will be able to overcome
the inertia of recent stagnancy in our operations will be known only with the
passage of time.
Liquidity and Capital
Resources
On March
31, 2009 we had working capital of $409,865, a reduction of $45,116 from
our working capital on December 31, 2008. The reduction was primarily the result
of less cash and equivalent, and more accrued expenses and other current
liabilities that we had on March 31, 2009 as compared to December 31, 2008. We
had no long-term liabilities. However, we lack the cash necessary to make our
distribution network more efficient, having had only $10,911 in cash and
equivalents as of March 31, 2009. To obtain the necessary cash, we
expect to acquire the necessary funds from outside sources or majority
shareholders in the next quarter of 2009.
Despite
the net loss of $57,510 that we incurred during the three months ended
March 31, 2009, our operations in that period reduced our cash position by only
$14,901. This disparity occurred primarily because the amount that we
applied to offset our total net loss, was $40,284 including $13,635 of
deferred income tax assets valuation allowance, $8,223 increase in accrued
expense, and $18,426 increase in other current liabilities. This offset
enabled us to preserve our cash.
During
2005, we contracted to purchase an office building for our operations. We have
deposited $1,483,631 (equivalent to RMB 10,138,593) with the seller and
constructors to cover the cost of the building and certain improvements that we
require. Title to the building has not passed to us yet,
however. So our investment is recorded on the balance sheet as a
“deposit for purchase of fixed assets.”
The cash
demands of our business mean that in order to make capital improvements we need
additional capital from external sources. Our plan is to acquire
additional organic soil resources in the near future, and to invest in
manufacturing capability over the longer term. To fund those
additions to our balance sheet, we intend to merge with other target and/or sell
equity. At the present time, however, we have received no commitments
from any sources.
Off-Balance Sheet
Arrangements
We do not
have any off-balance sheet arrangements that have or are reasonably likely to
have a current or future effect on our financial condition or results of
operations.
Item
3. Quantitative and Qualitative Disclosures about Market Risk
Not
applicable.
Item
4. Controls and Procedures
Evaluation of Disclosure Controls
and Procedures.
Pursuant
to Rule13a-15(e) promulgated by the Securities and Exchange Commission pursuant
to the Securities Exchange Act of 1934, “disclosure controls and procedures”
means controls and other procedures that are designed to insure that information
required to be disclosed by China Huaren in the reports that it files with the
Securities and Exchange Commission is recorded, processed, summarized and
reported within the time limits specified in the Commission’s
rules. “Disclosure controls and procedures” include, without limitation,
controls and procedures designed to insure that information China Huaren is
required to disclose in the reports it files with the Commission is accumulated
and communicated to our Chief Executive Officer and Chief Financial Officer as
appropriate to allow timely decisions regarding required
disclosure. Based on his evaluation, our Chief Executive Officer and
Chief Financial Officer concluded that China Huaren’s system of disclosure
controls and procedures was effective as of March 31, 2009 for the purposes
described in this paragraph.
Changes in Internal
Control over Financial
Reporting
During the three months ended March 31,
2009, there has been no change in our internal control over financial reporting
(as defined in Rule 13a-15(f) and 15d-15(f) under the Exchange Act) ) that has
materially affected, or is reasonably likely to materially affect, our internal
control over financial reporting.
PART
II OTHER INFORMATION
ITEM 1.
LEGAL PROCEEDINGS
The
company is not party to any material legal proceeding.
ITEM
2. UNREGISTERED SALES OF EQUITY SECURITIES AND USE OF PROCEEDS
(c) Unregistered sales of
equity securities
None.
(e) Purchases of equity
securities
The
Company did not repurchase any of its equity securities that were registered
under Section 12 of the Securities Exchange Act during the 1st quarter
of fiscal 2009.
ITEM
3. DEFAULTS UPON SENIOR SECURITIES
None.
ITEM
4. SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS
None.
ITEM
5. OTHER INFORMATION
None.
ITEM
6. EXHIBITS
31
|
Rule
13a-14(a) Certification
|
32
|
Rule
13a-14(b) Certification
|
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.
|
|
China
Huaren Organic Products, Inc.
|
Date
: May 20, 2009 |
/s/Yushu
Cao |
Yushu Cao,
Chief Executive Officer
and
Chief Financial Officer