2018 Q1 Form 10-Q Financial Statement
#000114420418028444 Filed on May 15, 2018
Income Statement
| Concept | 2018 Q1 | 2017 Q1 |
|---|---|---|
| Revenue | $147.1K | $1.036M |
| YoY Change | -85.8% | -33.59% |
| Cost Of Revenue | $115.6K | $910.3K |
| YoY Change | -87.3% | -46.77% |
| Gross Profit | $31.44K | $125.8K |
| YoY Change | -75.01% | -183.85% |
| Gross Profit Margin | 21.37% | 12.14% |
| Selling, General & Admin | $448.1K | $468.5K |
| YoY Change | -4.35% | 51.14% |
| % of Gross Profit | 1425.49% | 372.5% |
| Research & Development | ||
| YoY Change | ||
| % of Gross Profit | ||
| Depreciation & Amortization | $232.8K | $187.2K |
| YoY Change | 24.37% | -32.01% |
| % of Gross Profit | 740.58% | 148.83% |
| Operating Expenses | $448.1K | $468.5K |
| YoY Change | -4.35% | 51.14% |
| Operating Profit | -$416.7K | -$342.8K |
| YoY Change | 21.57% | -25.49% |
| Interest Expense | -$90.00K | $81.03K |
| YoY Change | -211.06% | -190.04% |
| % of Operating Profit | ||
| Other Income/Expense, Net | -$80.98K | |
| YoY Change | ||
| Pretax Income | -$510.0K | -$423.7K |
| YoY Change | 20.36% | -21.53% |
| Income Tax | $0.00 | $509.00 |
| % Of Pretax Income | ||
| Net Earnings | -$499.7K | -$424.2K |
| YoY Change | 17.79% | -21.89% |
| Net Earnings / Revenue | -339.75% | -40.95% |
| Basic Earnings Per Share | ||
| Diluted Earnings Per Share | -$69.64K | -$59.41K |
| COMMON SHARES | ||
| Basic Shares Outstanding | 7.073M shares | |
| Diluted Shares Outstanding |
Balance Sheet
| Concept | 2018 Q1 | 2017 Q1 |
|---|---|---|
| SHORT-TERM ASSETS | ||
| Cash & Short-Term Investments | $250.0K | $20.00K |
| YoY Change | 1150.0% | -94.59% |
| Cash & Equivalents | $250.0K | $20.00K |
| Short-Term Investments | ||
| Other Short-Term Assets | $3.860M | $4.570M |
| YoY Change | -15.54% | 147.03% |
| Inventory | $3.060M | $4.780M |
| Prepaid Expenses | ||
| Receivables | $11.19M | $6.340M |
| Other Receivables | $0.00 | $0.00 |
| Total Short-Term Assets | $18.36M | $15.71M |
| YoY Change | 16.87% | -6.43% |
| LONG-TERM ASSETS | ||
| Property, Plant & Equipment | $20.50M | $19.61M |
| YoY Change | 4.54% | -10.17% |
| Goodwill | ||
| YoY Change | ||
| Intangibles | ||
| YoY Change | ||
| Long-Term Investments | ||
| YoY Change | ||
| Other Assets | ||
| YoY Change | ||
| Total Long-Term Assets | $23.24M | $22.17M |
| YoY Change | 4.83% | -9.99% |
| TOTAL ASSETS | ||
| Total Short-Term Assets | $18.36M | $15.71M |
| Total Long-Term Assets | $23.24M | $22.17M |
| Total Assets | $41.60M | $37.88M |
| YoY Change | 9.82% | -8.55% |
| SHORT-TERM LIABILITIES | ||
| YoY Change | ||
| Accounts Payable | $4.090M | $4.130M |
| YoY Change | -0.97% | 0.49% |
| Accrued Expenses | ||
| YoY Change | ||
| Deferred Revenue | ||
| YoY Change | ||
| Short-Term Debt | $6.370M | $5.810M |
| YoY Change | 9.64% | -6.29% |
| Long-Term Debt Due | ||
| YoY Change | ||
| Total Short-Term Liabilities | $13.30M | $11.24M |
| YoY Change | 18.33% | -1.34% |
| LONG-TERM LIABILITIES | ||
| Long-Term Debt | $0.00 | $0.00 |
| YoY Change | ||
| Other Long-Term Liabilities | ||
| YoY Change | ||
| Total Long-Term Liabilities | $0.00 | $0.00 |
| YoY Change | ||
| TOTAL LIABILITIES | ||
| Total Short-Term Liabilities | $13.30M | $11.24M |
| Total Long-Term Liabilities | $0.00 | $0.00 |
| Total Liabilities | $13.36M | $11.24M |
| YoY Change | 18.86% | -1.34% |
| SHAREHOLDERS EQUITY | ||
| Retained Earnings | ||
| YoY Change | ||
| Common Stock | ||
| YoY Change | ||
| Preferred Stock | ||
| YoY Change | ||
| Treasury Stock (at cost) | ||
| YoY Change | ||
| Treasury Stock Shares | ||
| Shareholders Equity | $28.24M | $26.64M |
| YoY Change | ||
| Total Liabilities & Shareholders Equity | $41.60M | $37.88M |
| YoY Change | 9.83% | -8.55% |
Cashflow Statement
| Concept | 2018 Q1 | 2017 Q1 |
|---|---|---|
| OPERATING ACTIVITIES | ||
| Net Income | -$499.7K | -$424.2K |
| YoY Change | 17.79% | -21.89% |
| Depreciation, Depletion And Amortization | $232.8K | $187.2K |
| YoY Change | 24.37% | -32.01% |
| Cash From Operating Activities | $987.9K | -$138.4K |
| YoY Change | -813.58% | 592.19% |
| INVESTING ACTIVITIES | ||
| Capital Expenditures | ||
| YoY Change | ||
| Acquisitions | ||
| YoY Change | ||
| Other Investing Activities | ||
| YoY Change | ||
| Cash From Investing Activities | ||
| YoY Change | ||
| FINANCING ACTIVITIES | ||
| Cash Dividend Paid | ||
| YoY Change | ||
| Common Stock Issuance & Retirement, Net | ||
| YoY Change | ||
| Debt Paid & Issued, Net | ||
| YoY Change | ||
| Cash From Financing Activities | -$1.033M | $0.00 |
| YoY Change | -100.0% | |
| NET CHANGE | ||
| Cash From Operating Activities | $987.9K | -$138.4K |
| Cash From Investing Activities | ||
| Cash From Financing Activities | -$1.033M | $0.00 |
| Net Change In Cash | -$45.02K | -$138.4K |
| YoY Change | -67.48% | 97.77% |
| FREE CASH FLOW | ||
| Cash From Operating Activities | $987.9K | -$138.4K |
| Capital Expenditures | ||
| Free Cash Flow | ||
| YoY Change |
Facts In Submission
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|---|---|---|---|---|
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Cash And Cash Equivalents Period Increase Decrease
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| CY2017Q1 | us-gaap |
Profit Loss
ProfitLoss
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| CY2018Q1 | us-gaap |
Net Income Loss Attributable To Noncontrolling Interest
NetIncomeLossAttributableToNoncontrollingInterest
|
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| CY2017Q1 | us-gaap |
Net Income Loss Attributable To Noncontrolling Interest
NetIncomeLossAttributableToNoncontrollingInterest
|
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Net Income Loss
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Net Income Loss
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Proceeds From Bank Debt
ProceedsFromBankDebt
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Repayments Of Bank Debt
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|
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Net Cash Provided By Used In Financing Activities
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Net Cash Provided By Used In Financing Activities
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Effect Of Exchange Rate On Cash And Cash Equivalents
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Liabilities And Stockholders Equity
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Short Term Borrowings
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Minority Interest
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Minority Interest
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Stockholders Equity Including Portion Attributable To Noncontrolling Interest
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Stockholders Equity Including Portion Attributable To Noncontrolling Interest
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Cost Of Goods Sold
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Cost Of Services
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Cost Of Revenue
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Gross Profit
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|
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Selling And Marketing Expense
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Interest Income Expense Net
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|
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Interest Expense
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|
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Nonoperating Income Expense
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Income Loss From Continuing Operations Before Income Taxes Minority Interest And Income Loss From Equity Method Investments
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|
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Income Tax Expense Benefit
IncomeTaxExpenseBenefit
|
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Sales Revenue Goods Net
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|
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Sales Revenue Services Net
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|
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Cost Of Goods Sold
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Cost Of Services
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Cash And Cash Equivalents At Carrying Value
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Interest Paid Net
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Interest Paid Net
InterestPaidNet
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Share Based Compensation
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Income Taxes Paid Refunded
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Effect Of Exchange Rate On Cash And Cash Equivalents
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Retention Receivable Cost
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Percentage Of Accounts Receivable Recovered
PercentageOfAccountsReceivableRecovered
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Inventory Raw Materials Net Of Reserves
InventoryRawMaterialsNetOfReserves
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Inventory Finished Goods Net Of Reserves
InventoryFinishedGoodsNetOfReserves
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Inventory Work In Process Net Of Reserves
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Customer Deposits Current
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Value Added Taxes Payable Current
ValueAddedTaxesPayableCurrent
|
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ValueAddedTaxesPayableCurrent
|
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| CY2018Q1 | nfec |
Accrued Operating Expenses Current
AccruedOperatingExpensesCurrent
|
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AccruedOperatingExpensesCurrent
|
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Other Liabilities Current
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Other Liabilities Current
OtherLiabilitiesCurrent
|
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Effective Income Tax Rate Reconciliation At Federal Statutory Income Tax Rate
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|
0.25 | pure |
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Common Stock Shares Outstanding
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|
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Commitments And Contingencies
CommitmentsAndContingencies
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CommitmentsAndContingencies
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Stockholders Equity
StockholdersEquity
|
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Stockholders Equity
StockholdersEquity
|
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Common Stock Par Or Stated Value Per Share
CommonStockParOrStatedValuePerShare
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0.001 | |
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Common Stock Par Or Stated Value Per Share
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0.001 | |
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Common Stock Shares Authorized
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|
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Common Stock Shares Issued
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Comprehensive Income Net Of Tax Attributable To Noncontrolling Interest
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Deferred Tax Assets Liabilities Net
DeferredTaxAssetsLiabilitiesNet
|
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Effective Income Tax Rate Reconciliation At Federal Statutory Income Tax Rate
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|
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Income Tax Reconciliation Income Tax Expense Benefit At Federal Statutory Income Tax Rate
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Income Tax Reconciliation Income Tax Expense Benefit At Federal Statutory Income Tax Rate
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Finite Lived Intangible Assets Amortization Expense Next Twelve Months
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|
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Finite Lived Intangible Assets Amortization Expense Year Two
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|
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Finite Lived Intangible Assets Amortization Expense Year Four
FiniteLivedIntangibleAssetsAmortizationExpenseYearFour
|
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Finite Lived Intangible Assets Amortization Expense Year Five
FiniteLivedIntangibleAssetsAmortizationExpenseYearFive
|
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Finite Lived Intangible Assets Amortization Expense After Year Five
FiniteLivedIntangibleAssetsAmortizationExpenseAfterYearFive
|
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Warrant Period
WarrantPeriod
|
P12M | |
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Concentration Risk Percentage1
ConcentrationRiskPercentage1
|
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Depreciation
Depreciation
|
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Depreciation
Depreciation
|
187200 | USD |
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Value Added Tax Rate
ValueAddedTaxRate
|
0.17 | pure |
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Percentage Of Income Tax Examination Minimum Likelihood Of Tax Benefits Being Realized Upon Settlement
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|
0.5 | pure |
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Accounts And Retention Receivable Gross
AccountsAndRetentionReceivableGross
|
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Accounts And Retention Receivable Gross
AccountsAndRetentionReceivableGross
|
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Income Tax Reconciliation Nondeductible Expense
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|
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Income Tax Reconciliation Nondeductible Expense
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Deferred Tax Assets Operating Loss Carryforwards Domestic
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Deferred Tax Assets Operating Loss Carryforwards Domestic
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Deferred Tax Liabilities Operating Loss Carry Forwards Domestic After Change In Tax Rate
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|
0 | USD |
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Deferred Tax Assets Valuation Allowance
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Deferred Tax Assets Valuation Allowance
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Income Loss Before Income Taxes
IncomeLossBeforeIncomeTaxes
|
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Income Loss Before Income Taxes
IncomeLossBeforeIncomeTaxes
|
296614 | USD |
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Deferred Tax Assets Liabilities Net
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|
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Earnings Per Share Basic And Diluted
EarningsPerShareBasicAndDiluted
|
-0.07 | |
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Earnings Per Share Basic And Diluted
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|
-0.06 | |
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Weighted Average Number Of Share Outstanding Basic And Diluted
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|
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Weighted Average Number Of Share Outstanding Basic And Diluted
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|
7073289 | shares |
| CY2018Q1 | us-gaap |
Increase Decrease In Due From Related Parties
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|
-3419 | USD |
| CY2017Q1 | us-gaap |
Increase Decrease In Due From Related Parties
IncreaseDecreaseInDueFromRelatedParties
|
0 | USD |
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Repayments Of Related Party Debt
RepaymentsOfRelatedPartyDebt
|
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Repayments Of Related Party Debt
RepaymentsOfRelatedPartyDebt
|
0 | USD |
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Stock Issued During Period Value New Issues
StockIssuedDuringPeriodValueNewIssues
|
500000 | USD |
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Income Tax Reconciliation Foreign Income Tax Rate Differential
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63998 | USD |
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Income Tax Reconciliation Foreign Income Tax Rate Differential
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Deferred Tax Assets Gross
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Deferred Tax Assets Gross
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Deferred Tax Assets Operating Loss Carryforwards Foreign
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Deferred Tax Assets Operating Loss Carryforwards Foreign
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|
0 | USD |
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Stock Issued During Period Shares New Issues
StockIssuedDuringPeriodSharesNewIssues
|
500000 | shares |
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Common Stock Par Or Stated Value Per Share
CommonStockParOrStatedValuePerShare
|
1.00 | |
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Stock Issued During Period Value New Issues
StockIssuedDuringPeriodValueNewIssues
|
500000 | USD |
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Proceeds From Issuance Of Private Placement
ProceedsFromIssuanceOfPrivatePlacement
|
0 | USD |
| CY2018Q1 | us-gaap |
Proceeds From Issuance Of Private Placement
ProceedsFromIssuanceOfPrivatePlacement
|
500000 | USD |
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Use Of Estimates
UseOfEstimates
|
<div style="MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif "> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif; font-size-adjust: none; font-stretch: normal" align="justify"></div> <table style="BORDER-BOTTOM: 0px solid; BORDER-LEFT: 0px solid; MARGIN-TOP: 0pt; FONT: 10pt Times New Roman, Times, Serif; MARGIN-BOTTOM: 0pt; BORDER-TOP: 0px solid; BORDER-RIGHT: 0px solid; font-size-adjust: none; font-stretch: normal" cellspacing="0" cellpadding="0" width="100%"> <tr style="VERTICAL-ALIGN: top"> <td style="WIDTH: 27pt"> <div style="CLEAR:both;CLEAR: both"><font style="FONT-FAMILY:Wingdings">l</font></div> </td> <td style="TEXT-ALIGN: justify"> <div style="CLEAR:both;CLEAR: both">Use of estimates</div> </td> </tr> </table> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif; font-size-adjust: none; font-stretch: normal" align="justify"> </div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif; font-size-adjust: none; font-stretch: normal" align="justify">In preparing these condensed consolidated financial statements, management makes estimates and assumptions that affect the reported amounts of assets and liabilities in the balance sheet and revenues and expenses during the periods reported. Actual results may differ from these estimates</div> </div><table border="0" style="width:100%; table-layout:fixed;" cellspacing="0" cellpadding="0"><tr><td></td></tr></table> | |
| CY2018Q1 | us-gaap |
Foreign Currency Exchange Rate Translation1
ForeignCurrencyExchangeRateTranslation1
|
628015 | pure |
| CY2018Q1 | us-gaap |
Comprehensive Income Net Of Tax Including Portion Attributable To Noncontrolling Interest
ComprehensiveIncomeNetOfTaxIncludingPortionAttributableToNoncontrollingInterest
|
501705 | USD |
| CY2017Q1 | us-gaap |
Comprehensive Income Net Of Tax Including Portion Attributable To Noncontrolling Interest
ComprehensiveIncomeNetOfTaxIncludingPortionAttributableToNoncontrollingInterest
|
-181080 | USD |
| CY2018Q1 | us-gaap |
Net Cash Provided By Used In Operating Activities
NetCashProvidedByUsedInOperatingActivities
|
987872 | USD |
| CY2017Q1 | us-gaap |
Net Cash Provided By Used In Operating Activities
NetCashProvidedByUsedInOperatingActivities
|
-138438 | USD |
| CY2018Q1 | us-gaap |
Basis Of Accounting
BasisOfAccounting
|
<div style="MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif "> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;CLEAR: both"> </div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;TEXT-INDENT: 0in; MARGIN: 0in 0px 0in 0in; FONT: 10pt Times New Roman, Times, Serif" align="justify"> <table style="MARGIN-TOP: 0px; WIDTH: 100%; FONT: 10pt Times New Roman, Times, Serif; MARGIN-BOTTOM: 0px; font-size-adjust: none; font-stretch: normal" cellspacing="0" cellpadding="0"> <tr style="TEXT-ALIGN: justify; VERTICAL-ALIGN: top"> <td style="TEXT-ALIGN: left; WIDTH: 1in"> <div><b>NOTE</b><b>–1</b></div> </td> <td style="TEXT-ALIGN: justify"> <div><b>BASIS OF PRESENTATION</b></div> </td> </tr> </table>  </div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif; font-size-adjust: none; font-stretch: normal" align="justify">The accompanying unaudited condensed consolidated financial statements have been prepared by management in accordance with both accounting principles generally accepted in the United States (“GAAP”), and the instructions to Form 10-Q and Rule 10-01 of Regulation S-X. Certain information and note disclosures normally included in audited financial statements prepared in accordance with generally accepted accounting principles have been condensed or omitted pursuant to those rules and regulations, although the Company believes that the disclosures made are adequate to make the information not misleading.</div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif; font-size-adjust: none; font-stretch: normal" align="justify"> </div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif; font-size-adjust: none; font-stretch: normal" align="justify">In the opinion of management, the consolidated balance sheet as of December 31, 2017 which has been derived from audited financial statements and these unaudited condensed consolidated financial statements reflect all normal and recurring adjustments considered necessary to state fairly the results for the periods presented. The results for the period ended March 31, 2018 are not necessarily indicative of the results to be expected for the entire fiscal year ending December 31, 2018 or for any future period.</div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif; font-size-adjust: none; font-stretch: normal" align="justify"> </div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif; font-size-adjust: none; font-stretch: normal" align="justify">These unaudited condensed consolidated financial statements and notes thereto should be read in conjunction with the Management’s Discussion and the audited financial statements and notes thereto included in the Annual Report on Form 10-K for the year ended December 31, 2017.</div> </div><table border="0" style="width:100%; table-layout:fixed;" cellspacing="0" cellpadding="0"><tr><td></td></tr></table> | |
| CY2018Q1 | us-gaap |
Nature Of Operations
NatureOfOperations
|
<div style="MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif "> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;CLEAR: both"> <table style="MARGIN-TOP: 0px; WIDTH: 100%; FONT: 10pt Times New Roman, Times, Serif; MARGIN-BOTTOM: 0px; font-size-adjust: none; font-stretch: normal" cellspacing="0" cellpadding="0"> <tr style="TEXT-ALIGN: justify; VERTICAL-ALIGN: top"> <td style="TEXT-ALIGN: left; WIDTH: 1in"> <div><strong>NOTE</strong><font style="FONT-FAMILY:Times New Roman, Times, Serif"><strong>–</strong></font><strong> 2</strong></div> </td> <td style="TEXT-ALIGN: justify"> <div><strong>ORGANIZATION AND BUSINESS BACKGROUND</strong></div> </td> </tr> </table>  </div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif; font-size-adjust: none; font-stretch: normal" align="justify">NF Energy Saving Corporation (the “Company” or “NFEC”) was incorporated in the State of Delaware on October 31, 2000.</div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif; font-size-adjust: none; font-stretch: normal" align="justify"> </div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif; font-size-adjust: none; font-stretch: normal" align="justify">The Company, through its subsidiaries, mainly operates in the energy technology business in the People’s of Republic of China (the “PRC”). The Company specializes in the provision of energy saving technology consulting, optimization design services, energy saving reconstruction of pipeline networks and contractual energy management services to China’s electric power, petrochemical, coal, metallurgy, construction, and municipal infrastructure development industries. The Company also engages in the manufacturing and sales of the energy-saving flow control equipment. All the customers are located in PRC.</div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif; font-size-adjust: none; font-stretch: normal" align="justify"> </div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif; font-size-adjust: none; font-stretch: normal" align="justify"><u><font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> </font>Description of subsidiaries</u></div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif; font-size-adjust: none; font-stretch: normal" align="justify"> </div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;TEXT-ALIGN:Left; TEXT-INDENT: 0in; WIDTH: 100%"> <table style="BORDER-BOTTOM: #9eb6ce 0px solid; BORDER-LEFT: #9eb6ce 0px solid; MARGIN: 0in; WIDTH: 100%; BORDER-COLLAPSE: collapse; OVERFLOW: visible; BORDER-TOP: #9eb6ce 0px solid; BORDER-RIGHT: #9eb6ce 0px solid" cellspacing="0" cellpadding="0" align="left"> <tr style="HEIGHT: 12px"> <td style="BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 700" width="21%"> <div>Name</div> </td> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div> </div> </td> <td style="BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: Times New Roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 700" width="19%"> <div>Place of<br/> incorporation<br/> and kind of<br/> legal entity</div> </td> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div> </div> </td> <td style="BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: Times New Roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 700" width="19%"> <div>Principal activities<br/> and place of operation</div> </td> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 700" width="1%"> <div> </div> </td> <td style="BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: Times New Roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 700" width="18%" colspan="2"> <div>Particulars of issued/<br/> registered share<br/> capital</div> </td> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 700" width="1%"> <div> </div> </td> <td style="BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: Times New Roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 700" width="18%" colspan="2"> <div>Effective<br/> interest<br/> held</div> </td> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 700" width="1%"> <div> </div> </td> </tr> <tr style="HEIGHT: 12px"> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: Times New Roman; BACKGROUND: #ffffff; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 400" width="21%"> <div> </div> </td> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: Times New Roman; BACKGROUND: #ffffff; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div> </div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: Times New Roman; BACKGROUND: #ffffff; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 400" width="19%"> <div> </div> </td> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: Times New Roman; BACKGROUND: #ffffff; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div> </div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: Times New Roman; BACKGROUND: #ffffff; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 400" width="19%"> <div> </div> </td> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: Times New Roman; BACKGROUND: #ffffff; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div> </div> </td> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: Times New Roman; BACKGROUND: #ffffff; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 400" width="2%"> <div> </div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: Times New Roman; BACKGROUND: #ffffff; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 400" width="16%"> <div> </div> </td> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: Times New Roman; BACKGROUND: #ffffff; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div> </div> </td> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: Times New Roman; BACKGROUND: #ffffff; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 400" width="1%"> <div> </div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: Times New Roman; BACKGROUND: #ffffff; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 400" width="17%"> <div> </div> </td> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: Times New Roman; BACKGROUND: #ffffff; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div> </div> </td> </tr> <tr style="HEIGHT: 12px"> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: Times New Roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: top; FONT-WEIGHT: 400" width="21%"> <div style="CLEAR:both;TEXT-INDENT: -13px; MARGIN-LEFT: 13px"> Liaoning Nengfa Weiye Energy Technology Co. Ltd (“Nengfa Energy”)</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: Times New Roman; BACKGROUND: #cceeff; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div> </div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: Times New Roman; BACKGROUND: #cceeff; FONT-SIZE: 10pt; VERTICAL-ALIGN: top; FONT-WEIGHT: 400" width="19%"> <div>The PRC, a limited liability company</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: Times New Roman; BACKGROUND: #cceeff; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div> </div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: Times New Roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="19%"> <div style="CLEAR:both;TEXT-INDENT: -13px; MARGIN-LEFT: 13px"> Production of a variety of industrial valve components which are widely used in water supply and sewage system, coal and gas fields, power generation stations, petroleum and chemical industries in the PRC</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: Times New Roman; BACKGROUND: #cceeff; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div> </div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: Times New Roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="2%"> <div>US$</div> </td> <td style="TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 5px; FONT-FAMILY: Times New Roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="16%"> <div>5,000,000</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: Times New Roman; BACKGROUND: #cceeff; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div> </div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: Times New Roman; BACKGROUND: #cceeff; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div> </div> </td> <td style="TEXT-ALIGN: right; FONT-STYLE: normal; FONT-FAMILY: Times New Roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="17%"> <div>100</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: Times New Roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>%</div> </td> </tr> <tr style="HEIGHT: 12px"> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: Times New Roman; BACKGROUND: #ffffff; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="21%"> <div> </div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: Times New Roman; BACKGROUND: #ffffff; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div> </div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: Times New Roman; BACKGROUND: #ffffff; FONT-SIZE: 10pt; VERTICAL-ALIGN: top; FONT-WEIGHT: 400" width="19%"> <div> </div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: Times New Roman; BACKGROUND: #ffffff; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div> </div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: Times New Roman; BACKGROUND: #ffffff; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="19%"> <div> </div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: Times New Roman; BACKGROUND: #ffffff; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div> </div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: Times New Roman; BACKGROUND: #ffffff; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="2%"> <div> </div> </td> <td style="TEXT-ALIGN: right; FONT-STYLE: normal; FONT-FAMILY: Times New Roman; BACKGROUND: #ffffff; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="16%"> <div> </div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: Times New Roman; BACKGROUND: #ffffff; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div> </div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: Times New Roman; BACKGROUND: #ffffff; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div> </div> </td> <td style="TEXT-ALIGN: right; FONT-STYLE: normal; FONT-FAMILY: Times New Roman; BACKGROUND: #ffffff; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="17%"> <div> </div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: Times New Roman; BACKGROUND: #ffffff; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div> </div> </td> </tr> <tr style="HEIGHT: 12px"> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: Times New Roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: top; FONT-WEIGHT: 400" width="21%"> <div style="CLEAR:both;TEXT-INDENT: -13px; MARGIN-LEFT: 13px"> Liaoning Nengfa Tiefa Import & Export Co.Ltd (“Nengfa Tiefa Import & Export”)</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: Times New Roman; BACKGROUND: #cceeff; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div> </div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: Times New Roman; BACKGROUND: #cceeff; FONT-SIZE: 10pt; VERTICAL-ALIGN: top; FONT-WEIGHT: 400" width="19%"> <div>The PRC, a limited liability company</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: Times New Roman; BACKGROUND: #cceeff; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div> </div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: Times New Roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: top; FONT-WEIGHT: 400" width="19%"> <div style="CLEAR:both;TEXT-INDENT: -13px; MARGIN-LEFT: 13px"> Development and production of hi-tech and automatic-intelligence valve products</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: Times New Roman; BACKGROUND: #cceeff; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div> </div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: Times New Roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="2%"> <div>RMB</div> </td> <td style="TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 5px; FONT-FAMILY: Times New Roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="16%"> <div>877,192</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: Times New Roman; BACKGROUND: #cceeff; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div> </div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: Times New Roman; BACKGROUND: #cceeff; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div> </div> </td> <td style="TEXT-ALIGN: right; FONT-STYLE: normal; FONT-FAMILY: Times New Roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="17%"> <div>57</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: Times New Roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>%</div> </td> </tr> </table> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt"></div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;CLEAR: both"> </div> </div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif; font-size-adjust: none; font-stretch: normal" align="justify"> </div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif; font-size-adjust: none; font-stretch: normal" align="justify">NFEC and its subsidiary are hereinafter referred to as (the “Company”).</div> </div><table border="0" style="width:100%; table-layout:fixed;" cellspacing="0" cellpadding="0"><tr><td></td></tr></table> |
