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 quarter ended March 31, 2008
o
|
Transition
Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of
1934.
|
For the
transition period from ________ to __________
Commission
File Number: 000-26598
CHINA
DONGSHENG INTERNATIONAL, INC.
(Exact
name of small business issuer as specified in its charter)
Delaware
|
22-3137907
|
(State
or other jurisdiction of incorporation or organization)
|
(IRS
Employee Identification No.)
|
Jilin
Dongsheng Weiye Science and Technology Development Co., Ltd., Jifeng East
Road, Gaoxin District
Jilin,
Jilin Province, PRC
|
(Address
of principal executive offices)
|
c/o
American Union Securities 100 Wall Street 15th Floor New York, NY
10005
|
(Address
of principal agent offices)
|
86-432-4566702
(212)
232-0120
|
(Issuer’s
telephone number)
|
PAPERCLIP
SOFTWARE, INC.
(Former
name, former address and former fiscal year, if changed since last
report)
Check
whether the issuer (1) filed all reports required to be filed by Section 13 or
15(d) of the Exchange Act during the past 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.
Indicate
by check mark whether the registrant is a shell company (as defined in Rule
12b-2 of the Exchange Act).
Indicate
by check mark whether the registrant is a large accelerate filer, an accelerate
filer, a non-accelerated filer, or a smaller reporting company. See
the definition of “large accelerated filer,” accelerated filer” and “smaller
reporting company” in Rule 12b-2 of the Exchange Act. (Check one):
Large accelerated
filer
o
Accelerated
filer
o
Non-accelerated
filer
o
Smaller
reporting
company
x
The
number of shares outstanding of each of the issuer’s classes of common equity,
as of May 14, 2008 was 31,546,134 shares of common stock.
CHINA
DONGSHENG INTERNATIONAL, INC.
FORM
10-Q
TABLE
OF CONTENTS
PART I - FINANCIAL
INFORMATION
|
3
|
Item
1. Financial Statements
|
3
|
Condensed
Consolidated Balance Sheets as of March 31, 2008 (Unaudited) and June 30,
2007 (Audited)
|
3
|
Condensed
Consolidated Statements of Income for the Nine and Three Months Ended
March 31, 2008 and 2007 (Unaudited)
|
4
|
Condensed
Consolidated Statements of Cash Flows for the Nine Months Ended March 31,
2008 and 2007 (Unaudited)
|
5
|
Notes
to Condensed Consolidated Financial Statements (Unaudited)
|
6
|
Item
2. Management’s Discussion and Analysis of Financial Condition and Results
of Operations
|
12
|
Item
4T. Controls and Procedures
|
16
|
PART
II - OTHER INFORMATION
|
17
|
Item
1. Legal Proceedings
|
17
|
Item
2. Unregistered Sales of Equity Securities and Use of
Proceeds
|
17
|
Item
3. Defaults Upon Senior Securities
|
17
|
Item
4. Submission of Matters to a Vote of Security Holders
|
17
|
Item
5. Other Information
|
17
|
Item
6. Exhibits
|
17
|
SIGNATURES
|
18
|
Except as otherwise required by the
context, all references in this report to "we", "us”, "our",
“CDSG”,
“China
Dongsheng” or "Company" refer to the consolidated operations of China Dongsheng
International, Inc., a Delaware corporation, and its wholly owned
subsidiaries.
PART
I. FINANCIAL INFORMATION
Item
1. Financial Statements
CHINA
DONGSHENG INTERNATIONAL, INC.
CONDENSED
CONSOLIDATED BALANCE SHEETS
ASSETS
|
|
|
|
|
|
March
31,
|
|
June
30,
|
|
|
|
2008
|
|
2007
|
|
|
|
(Unaudited)
|
|
|
|
|
Current
assets:
|
|
|
|
|
|
|
Cash
and cash equivalents
|
|
$
|
958,572
|
|
|
$
|
585,126
|
|
Accounts
receivable - net of allowance for doubtful accounts of
$40,000
|
|
|
107,100
|
|
|
|
69,884
|
|
Inventory
|
|
|
6,898,313
|
|
|
|
74,388
|
|
Prepaid
expenses
|
|
|
143
|
|
|
|
57,500
|
|
Advances
to suppliers
|
|
|
2,424,070
|
|
|
|
616,914
|
|
Other
receivable
|
|
|
13,163
|
|
|
|
4,660
|
|
Total
Current Assets
|
|
|
10,401,361
|
|
|
|
1,408,472
|
|
|
|
|
|
|
|
|
|
|
Property
and equipment, net of accumulated depreciation of $972,495 and
$308,382
|
|
|
44,859,930
|
|
|
|
34,390,372
|
|
|
|
|
|
|
|
|
|
|
Other
assets:
|
|
|
|
|
|
|
|
|
Deposit
on land
|
|
|
2,994,866
|
|
|
|
2,758,802
|
|
Land
use right, net
|
|
|
5,684,558
|
|
|
|
2,706,374
|
|
Other
assets
|
|
|
-
|
|
|
|
8,506
|
|
Total
Other Assets
|
|
|
8,679,424
|
|
|
|
5,473,682
|
|
Total
Assets
|
|
$
|
63,940,715
|
|
|
$
|
41,272,526
|
|
|
|
|
|
|
|
|
|
|
LIABILITIES
AND STOCKHOLDERS' EQUITY
|
|
Current
liabilities:
|
|
|
|
|
|
|
|
|
Accounts
payable
|
|
$
|
878,901
|
|
|
$
|
682,223
|
|
Unearned
revenue
|
|
|
731,800
|
|
|
|
493,666
|
|
Taxes
payable
|
|
|
8,040,844
|
|
|
|
18,925,542
|
|
Accrued
expenses and other payables
|
|
|
591,341
|
|
|
|
295,361
|
|
Total
Current Liabilities
|
|
|
10,242,886
|
|
|
|
20,396,792
|
|
|
|
|
|
|
|
|
|
|
Notes
payable - related party
|
|
|
395,616
|
|
|
|
88,145
|
|
|
|
|
|
|
|
|
|
|
Total
Liabilities
|
|
|
10,638,502
|
|
|
|
20,484,937
|
|
|
|
|
|
|
|
|
|
|
Stockholders'
Equity
|
|
|
|
|
|
|
|
|
Common stock, $0.001 par value, 100,000,000 shares authorized;
31,546,134
|
|
|
|
|
|
|
|
|
shares
issued and outstanding at March 31, 2008 and June 30, 2007
|
|
|
31,546
|
|
|
|
31,546
|
|
Additional
paid in capital
|
|
|
1,084,546
|
|
|
|
1,034,546
|
|
Accumulated
other comprehensive income
|
|
|
4,177,863
|
|
|
|
863,783
|
|
Retained
earnings - Appropriated
|
|
|
1,218,086
|
|
|
|
1,218,086
|
|
Retained
earnings -Unappropriated
|
|
|
46,790,172
|
|
|
|
17,639,628
|
|
Total
Stockholders' Equity
|
|
|
53,302,213
|
|
|
|
20,787,589
|
|
|
|
|
|
|
|
|
|
|
Total
Liabilities and Stockholders' Equity
|
|
$
|
63,940,715
|
|
|
$
|
41,272,526
|
|
The
accompanying notes are an integral part of the condensed consolidated
statements.
CHINA
DONGSHENG INTERNATIONAL, INC.
CONDENSED
CONSOLIDATED STATEMENTS OF INCOME AND OTHER COMPREHENSIVE INCOME
(UNAUDITED)
For
the nine and three months ended March 31, 2008 and 2007
|
|
Nine-Month
Ended
|
|
|
Three-Month
Ended
|
|
|
|
March
31
|
|
|
March
31
|
|
|
March
31
|
|
|
March
31
|
|
|
|
2008
|
|
|
2007
|
|
|
2008
|
|
|
2007
|
|
|
|
(Unaudited)
|
|
|
(Unaudited)
|
|
|
(Unaudited)
|
|
|
(Unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Sales
|
|
$
|
22,932,944
|
|
|
$
|
23,280,402
|
|
|
$
|
4,543,223
|
|
|
$
|
4,544,019
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cost
of Sales
|
|
|
5,200,332
|
|
|
|
9,402,668
|
|
|
|
751,571
|
|
|
|
1,774,086
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Gross
Profit
|
|
|
17,732,612
|
|
|
|
13,877,734
|
|
|
|
3,791,652
|
|
|
|
2,769,933
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating
Expenses
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Selling,
general and administrative
|
|
|
3,656,533
|
|
|
|
1,330,034
|
|
|
|
837,993
|
|
|
|
560,801
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating
income
|
|
|
14,076,079
|
|
|
|
12,547,700
|
|
|
|
2,953,659
|
|
|
|
2,209,132
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Other
Income and Expenses
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest
income
|
|
|
7,297
|
|
|
|
3,441
|
|
|
|
1,501
|
|
|
|
4,349
|
|
Other
income (expense)
|
|
|
-
|
|
|
|
700,522
|
|
|
|
(13
|
)
|
|
|
34,549
|
|
Total
Other Income
|
|
|
7,297
|
|
|
|
703,963
|
|
|
|
1,488
|
|
|
|
38,898
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income
Before Income Taxes
|
|
|
14,083,376
|
|
|
|
13,251,663
|
|
|
|
2,955,147
|
|
|
|
2,248,030
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(Benefit)
provision for Income Taxes
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income
tax benefit
|
|
|
(19,392,018
|
)
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
Provision
for income taxes
|
|
|
4,324,850
|
|
|
|
4,248,314
|
|
|
|
774,665
|
|
|
|
730,540
|
|
Total
(benefit) provision for income taxes
|
|
|
(15,067,168
|
)
|
|
|
4,248,314
|
|
|
|
774,665
|
|
|
|
730,540
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net
Income
|
|
|
29,150,544
|
|
|
|
9,003,349
|
|
|
|
2,180,482
|
|
|
|
1,517,490
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Other
Comprehensive Income:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Foreign
currency translation adjustment
|
|
|
3,314,080
|
|
|
|
475,358
|
|
|
|
1,687,433
|
|
|
|
149,329
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Comprehensive
Income
|
|
$
|
32,464,624
|
|
|
$
|
9,478,707
|
|
|
$
|
3,867,915
|
|
|
$
|
1,666,819
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic
and Diluted Income Per Common Share
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic
|
|
$
|
0.92
|
|
|
$
|
2.04
|
|
|
$
|
0.07
|
|
|
$
|
0.12
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Diluted
|
|
$
|
0.92
|
|
|
$
|
2.04
|
|
|
$
|
0.07
|
|
|
$
|
0.12
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Weighted
Average Number Common Shares Outstanding
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic
|
|
|
31,546,134
|
|
|
|
4,416,240
|
|
|
|
31,546,134
|
|
|
|
12,703,159
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Diluted
|
|
|
31,546,134
|
|
|
|
4,416,240
|
|
|
|
31,546,134
|
|
|
|
12,703,159
|
|
The
accompanying notes are an integral part of the condensed consolidated
statements.
CHINA
DONGSHENG INTERNATIONAL, INC.
CONDENSED
CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED)
For
the nine months ended March 31, 2008 and 2007
|
|
2008
|
|
|
2007
|
|
|
|
(Unaudited)
|
|
|
(Unaudited)
|
|
Cash
Flows From Operating Activities:
|
|
|
|
|
|
|
Net
income
|
|
$
|
29,150,544
|
|
|
$
|
9,003,349
|
|
Adjustments
to reconcile net income to net cash
|
|
|
|
|
|
|
|
|
provided
by (used in) operating activities:
|
|
|
|
|
|
|
|
|
Depreciation
and amortization
|
|
|
682,574
|
|
|
|
193,550
|
|
Income
Tax Benefit
|
|
|
(19,392,018
|
)
|
|
|
-
|
|
|
|
|
|
|
|
|
|
|
Changes
in operating assets and liabilities:
|
|
|
|
|
|
|
|
|
Accounts
receivable
|
|
|
21,444
|
|
|
|
113,665
|
|
Inventory
|
|
|
(6,823,925
|
)
|
|
|
(49,800
|
)
|
Advances
to suppliers
|
|
|
(1,807,156
|
)
|
|
|
3,710,814
|
|
Prepaid
expenses
|
|
|
(143
|
)
|
|
|
(80,611
|
)
|
Other
receivables
|
|
|
(1,157
|
)
|
|
|
-
|
|
Accounts
payable
|
|
|
196,679
|
|
|
|
(211,739
|
)
|
Unearned
revenue
|
|
|
238,134
|
|
|
|
83,151
|
|
Taxes
payable
|
|
|
7,521,417
|
|
|
|
8,464,057
|
|
Accrued
expenses and other payables
|
|
|
270,980
|
|
|
|
(192,502
|
)
|
|
|
|
|
|
|
|
|
|
Cash
provided by operating activities
|
|
|
10,057,371
|
|
|
|
21,033,934
|
|
|
|
|
|
|
|
|
|
|
Cash
Flows From Investing Activities:
|
|
|
|
|
|
|
|
|
Purchase
of land use right
|
|
|
(2,713,749
|
)
|
|
|
(2,714,785
|
)
|
Deposit
on ginseng farm
|
|
|
-
|
|
|
|
-
|
|
Purchase
of property and equipment
|
|
|
(7,769,395
|
)
|
|
|
(23,674
|
)
|
Additions
to construction in process
|
|
|
-
|
|
|
|
(17,994,813
|
)
|
|
|
|
|
|
|
|
|
|
Cash
used in investing activities
|
|
|
(10,483,144
|
)
|
|
|
(20,733,272
|
)
|
|
|
|
|
|
|
|
|
|
Cash
Flows From Financing Activities:
|
|
|
|
|
|
|
|
|
Payment
of notes payable
|
|
|
332,470
|
|
|
|
(104,368
|
)
|
Proceeds
received upon recapitalization
|
|
|
50,000
|
|
|
|
-
|
|
|
|
|
|
|
|
|
|
|
Cash
provided by (used in) financing activities
|
|
|
382,470
|
|
|
|
(104,368
|
)
|
|
|
|
|
|
|
|
|
|
Effect
of exchange rate changes on cash and cash equivalents
|
|
|
416,749
|
|
|
|
187,455
|
|
|
|
|
|
|
|
|
|
|
Increase
in cash and cash equivalents
|
|
|
373,446
|
|
|
|
383,749
|
|
|
|
|
|
|
|
|
|
|
Cash
and Cash Equivalents - Beginning of period
|
|
|
585,126
|
|
|
|
184,842
|
|
|
|
|
|
|
|
|
|
|
Cash
and Cash Equivalents - Ending of period
|
|
$
|
958,572
|
|
|
$
|
568,591
|
|
|
|
|
|
|
|
|
|
|
Supplemental
disclosures of cash flow information:
|
|
|
|
|
|
|
|
|
Interest
paid
|
|
$
|
-
|
|
|
$
|
50,688
|
|
Income
Taxes paid
|
|
$
|
207,643
|
|
|
$
|
-
|
|
The
accompanying notes are an integral part of the condensed consolidated
statements.
CHINA
DONGSHENG INTERNATIONAL, INC.
CONDENSED
CONSOLIDATED NOTES TO FINANCIAL STATEMENTS
FOR THE
NINE MONTHS ENDED MARCH 31, 2008 AND 2007 (UNAUDITED)
NOTE
1. ORGANIZATION AND BASIS OF PRESENTATION
China
Dongsheng International, Inc. (“the Company” or “CDSG”) was incorporated under
the laws of the State of Delaware in October, 1991 and formerly known as
Paperclip Software, Inc.
On
November 9, 2006, the Company acquired 100% of the issued and outstanding
capital stock of American Sunrise international, Inc. (“ASI”), a Delaware
corporation, thereby making ASI a wholly-owned subsidiary of the Company, in
consideration for a cash payment of $280,000 and in exchange for the issuance of
(i) 18,153,934 shares of the Company's common stock and (ii) 1,762,472 shares of
the Company's newly-designated Series B Convertible Preferred Stock, of which
series each share can be convert into 500 shares of the Company's common stock.
After giving effect to the transactions contemplated by the Share Exchange
Agreement (the "Transaction"), the ASI Shareholders and the former shareholders
of the Company own 98.7% and 1.3%, respectively, of the Company's common stock
on a fully-diluted basis, thereby resulting in a substantial dilution to the
Company's shareholders of record as of November 6, 2006 (the "Historic PaperClip
Shareholders") and constituting a change in control of the Company.
For
accounting purposes, the transaction described above has been accounted for as a
reverse acquisition under the purchase method of accounting. Accordingly, ASI is
treated as the continuing entity for accounting purposes.
The
Company operates its business primarily through its wholly-owned subsidiary,
Jilin Dongsheng Weiye Science and Technology Co., Ltd. (“Dongsheng”), which is
engaged in the manufacturing and distributing of nutritional supplements, beauty
care products and other alternative health care products.
The
accompanying unaudited condensed consolidated financial statements have been
prepared in accordance with generally accepted accounting principles for interim
financial information and with the instructions to Item 310 of Regulation
S-B. Accordingly, they do not include all of the information and
footnotes required by generally accepted accounting principles for complete
financial statements, In the opinion of management, all adjustments (consisting
of normal recurring accruals) considered necessary for a fair presentation have
been included. Operating results for the nine and three months ended
March 31, 2008 are not necessarily indicative of the results that may be
expected for the full year.
CHINA
DONGSHENG INTERNATIONAL, INC.
CONDENSED
CONSOLIDATED NOTES TO FINANCIAL STATEMENTS (Continued)
FOR THE
NINE MONTHS ENDED MARCH 31, 2008 AND 2007 (UNAUDITED)
NOTE
2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
MANAGEMENT
ESTIMATES
The
preparation of financial statements in conformity with generally accepted
accounting principals requires management to make estimates and assumptions that
effect 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 reporting period.
Actual results could differ from those estimates.
PRINCIPLES
OF CONSOLIDATION
The
accompanying consolidated Financial Statements include the accounts of the
Company and its wholly owned subsidiaries, American Sunrise International, Inc.,
Jilin Dongsheng Weiye Science and Technology Co., Ltd. Inter-company
transactions and balances have been eliminated in consolidation and
combination.
ADVANCES
TO SUPPLIERS
The
Company makes advances to certain vendors’ inventory purchases and purchase of
construction equipments. The total advances to suppliers were $2,424,070 as of
March 31, 2008.
UNEARNED
REVENUE
Unearned
revenue represents payments received from customers for goods and services that
have not been delivered or performed.
CONCENTRATIONS
OF CREDIT RISK
After
merging with ASI, the principle operations of the Company are now located in the
People’s Republic of China (“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, in addition to the
general state of the PRC economy. The Company's operations in the PRC are
subject to special considerations and significant risks not typically associated
with companies in North America and Western Europe. These include risks
associated with, among others, the political, economic and legal environments
legal environments and foreign currency exchange.
The
Company’s results may be adversely affected by changes in the political and
social conditions in the PRC, and 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.
CHINA
DONGSHENG INTERNATIONAL, INC.
CONDENSED
CONSOLIDATED NOTES TO FINANCIAL STATEMENTS (Continued)
FOR THE
NINE MONTHS ENDED MARCH 31, 2008 AND 2007 (UNAUDITED)
NOTE
2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Continued)
FOREIGN
CURRENCY TRANSLATION
The
functional currency for the Company’s operations in China is the Renminbi
(“RMB”). Foreign currency transactions are translated at the applicable rates of
exchange in effect at the transaction dates. Monetary assets and liabilities
denominated in foreign currencies at the balance sheet date are translated at
the applicable rates of exchange in effect at that date. Revenues and expenses
are translated at the average exchange rates in effect during the reporting
period.
Translation
adjustments arising from the use of different exchange rates from period to
period are included as a component of stockholders' equity as "Accumulated Other
Comprehensive Income". Gains and losses resulting from foreign
currency translations are included in Accumulated Other Comprehensive
Income.
NEW
ACCOUNTING PRONOUNCEMENTS
In
September 2006, the FASB issued SFAS No. 157 “Fair Value
Measurements,” which provides a definition of fair value, establishes a
framework for measuring fair value and requires expanded disclosures about fair
value measurements. SFAS No. 157 is effective for financial statements
issued for fiscal years beginning after November 15, 2007 and interim
periods within those fiscal years. The provisions of SFAS No. 157
should be applied prospectively. The Company is currently analyzing whether this
new standard will have impact on its financial position and results of
operations.
In
September 2006, the FASB issued SFAS No. 158 “Employers’ Accounting
for Defined Benefit Pension and Other Postretirement Plans”, which amends
SFAS No. 87 “Employers’ Accounting for Pensions”
(SFAS No. 87), SFAS No. 88 “Employers’ Accounting for
Settlements and Curtailments of Defined Benefit Pension Plans and for
Termination Benefits” (SFAS No. 88), SFAS No. 106
“Employers’ Accounting for Postretirement Benefits Other Than Pensions”
(SFAS No. 106), and SFAS No. 132R “Employers’ Disclosures
about Pensions and Other Postretirement Benefits (revised 2003)”
(SFAS No. 132R). This Statement requires companies to recognize an
asset or liability for the overfunded or underfunded status of their benefit
plans in their financial statements. SFAS No. 158 also requires the
measurement date for plan assets and liabilities to coincide with the sponsor’s
year-end. The standard provides two transition alternatives related to the
change in measurement date provisions. The recognition of an asset and liability
related to the funded status provision is effective for fiscal year ending after
December 15, 2006 and the change in measurement date provisions is
effective for fiscal years ending after December 15, 2008 The
implementation of this standard did not have a material impact on the Company’s
financial position, results of operations or cash flows.
CHINA
DONGSHENG INTERNATIONAL, INC.
CONDENSED
CONSOLIDATED NOTES TO FINANCIAL STATEMENTS (Continued)
FOR THE
NINE MONTHS ENDED MARCH 31, 2008 AND 2007 (UNAUDITED)
NOTE
2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Continued)
In
February 2007, the FASB issued SFAS No. 159, “The Fair Value Option
for Financial Assets and Financial Liabilities — Including an Amendment of
FASB Statement No. 115,” which is effective for fiscal years beginning
after November 15, 2007. This statement permits an entity to choose to
measure many financial instruments and certain other items at fair value at
specified election dates. Subsequent unrealized gains and losses on items for
which the fair value option has been elected will be reported in earnings. We
are currently evaluating the potential impact of this statement.
NOTE
3. INVENTORY
Inventory
is valued at the lower of cost or market. Cost is determined on a first-in,
first-out basis and includes all expenditures incurred in bringing the goods to
the point of sale and putting them in a sellable condition. At March
31, 2008, the Company’s inventory consists followings:
|
|
March
31, 2008
|
|
|
June
30, 2007
|
|
|
|
|
|
|
|
|
Raw
Material
|
|
$
|
12,275
|
|
|
$
|
-
|
|
Ginseng
crops
|
|
|
6,766,529
|
|
|
|
-
|
|
Packing
materials
|
|
|
20,859
|
|
|
|
-
|
|
Finished
good
|
|
|
98,650
|
|
|
|
74,388
|
|
Total
|
|
$
|
6,898,313
|
|
|
$
|
74,388
|
|
NOTE
4. PROPERTY, PLANT AND EQUIPMENT, NET
|
|
March
31, 2008
|
|
|
June
30, 2007
|
|
Machinery
and Equipment
|
|
$
|
1,184,074
|
|
|
$
|
408,040
|
|
Vehicle
|
|
|
4,164
|
|
|
|
-
|
|
Building
and Plant
|
|
|
44,614,665
|
|
|
|
4,278,504
|
|
Subtotal
|
|
|
45,802,903
|
|
|
|
4,686,544
|
|
Less:
Accumulated Depreciation
|
|
|
(972,495
|
)
|
|
|
(308,382
|
)
|
Construction
in progress
|
|
|
29,522
|
|
|
|
30,012,210
|
|
|
|
|
|
|
|
|
|
|
Total
property and equipment, net
|
|
$
|
44,859,930
|
|
|
$
|
34,390,372
|
|
CHINA
DONGSHENG INTERNATIONAL, INC.
CONDENSED
CONSOLIDATED NOTES TO FINANCIAL STATEMENTS (Continued)
FOR THE
NINE MONTHS ENDED MARCH 31, 2008 AND 2007 (UNAUDITED)
NOTE
4. PROPERTY, PLANT AND EQUIPMENT, NET (continued)
Depreciation
expense for the nine months ended March 31, 2008 and 2007 was $609,904 and
$126,304, respectively.
Construction
in progress represents direct costs of construction or acquisition and design
fees incurred for the Company’s new operating site and equipments.
Capitalization of these costs ceases and the construction in progress is
transferred to plant and equipment when substantially all the activities
necessary to prepare the assets for their intended use are completed. No
depreciation is provided until it is completed and ready for its intended
use.
NOTE
5. LAND USE RIGHT
The
Company’s operating subsidiary, Dongsheng, purchased the right to use land from
the local government for the period of 30 years to build a new research
facility. The land use right is stated at cost less accumulated amortization.
Amortization is provided using the straight-line method over 30 years. The
amortization expense was $30,365 and $ - 0 – for the nine months
ended March 31, 2008 and 2007, respectively.
In
January 2008, The Company finalize the purchase agreement with Mr. Qiang Zhang
(the “Seller”), who owns the land use right and operating right of a Ginseng
farm in Jiaohe, Jilin Province. The Company paid the Seller a total contract
price of RMB 67,160,000 (approximately $8,965,900) to purchase the land use
right and operating right of the ginseng farm. The total purchase price includes
the cost of RMB 19,780,800 for the right to use the land for the remaining 26
years (the original lease term was for 30 years), as well as the cost of RMB
47,379,200 for the planted ginseng crops on the premise. The harvest cycle for
the aforesaid ginseng crops is normally 6-8 years from the planting of the
seedlings. The Company does not expect to harvest the crops in another 4-6
years.
NOTE
6. DEPOSIT ON LAND
In June
2005, the Company’s operating subsidiary also signed an agreement with the Land
Committee of Jilin City Hi-Tech Zone to purchase the land use right for a
planned future manufacturing site. The Company made a deposit on the land
purchase in the amount of RMB 21,000,000 (approximately $3
million).
Due to a
pending dispute with another Company who also wants to claim the same piece of
land, the Company has not yet received the official Certificate of Approval for
the land use right from the local government. The deposit made on the purchase
of land use right was recorded as deposit on land and no amortization on land
use right will be booked until the official approval is received.
NOTE
7. TAXES PAYABLE
The
Company’s operating subsidiary, Dongsheng, is located in China and governed by
the Income Tax Law of China concerning the private-run enterprises, which are
normally subject to income tax at a statutory rate of 33% (30% state income tax
plus 3% local income tax) on its taxable income. Dongsheng has been accruing the
income tax payable since the first year it had profits.
In 2006,
Dongsheng changed its status from the private-run enterprise to foreign-invested
enterprise following the acquisition by ASI. In accordance with Chinese laws,
the subsidiary is eligible for the income tax holiday typically granted to
foreign-invested enterprises. The subsidiary applied for the income tax
exemption from Chinese tax authority and has received the approval for tax
clearance. In the approval notice, it stated that all of the taxes accrued prior
to September 23, 2007 in the amount of $19,392,018 have been cleared and
forgiven. The amount has been included in the Statements of Income for the
nine months ended March 31, 2008 as income tax benefit.
On
March 16, 2007, the National People’s Congress of China approved the
Corporate Income Tax Law of the People’s Republic of China (the “New CIT Law”),
which is effective from January 1, 2008. Under the new CIT law, the
corporate income tax rate applicable to all Companies, including both domestic
companies or foreign-invested companies, will be 25%, replacing the current
applicable tax rate of 33%.
In light
of the recent changes in the Corporate Income Tax Law, the local tax authority
has called off new approvals on all new applications for the old two-year tax
exemption and three-year 50% tax reduction for all new foreign-invested
enterprises. Therefore, Dongsheng will still be liable for the income taxes on
any net income generated in the third and fourth quarter of 2007 at the current
tax rate of 33% until the new rate of 25% applies in 2008.
The total
taxes payable of $8,040,844 accrued in the Company’s book as of March 31, 2008
includes $3,233,327 in income taxes, $3,160,018 in value-added taxes for the
Company’s operating subsidiary Dongsheng, payroll tax payable in
$1,549,492, other tax payable$ 10,925, and $84,082 accrued income taxes for the
parent company, Paperclip Software, Inc.
CHINA
DONGSHENG INTERNATIONAL, INC.
CONDENSED
CONSOLIDATED NOTES TO FINANCIAL STATEMENTS
FOR THE
NINE MONTHS ENDED MARCH 31, 2008 AND 2007 (UNAUDITED)
NOTE
8. STOCKHOLDERS' EQUITY
On
November 9, 2006, in accordance with the Share Exchange Agreement with ASI, the
Company issued 18,153,934 shares of its common stock and 1,762,472 shares of its
newly-designated Series B Convertible Preferred Stock, of which series each
share will convert into 500 shares of the Company’s common stock (upon the
increase of the Company’s authorized common stock to an appropriate amount to
satisfy full conversion of all Series B Convertible Preferred Stock
shares).
On
February 25, 2007, the Company effectuated a 1-for-37 reverse stock split on all
of its issued and outstanding shares of common stock and preferred stock.
Simultaneously, all preferred stock was converted into common stock at the
designated ratio.
As of
March 31, 2008, there were 31,546,134 shares of Common Stock issued and
outstanding and no preferred stock.
Item
2. Management’s Discussion and Analysis or Plan of
Operation.
|
This
Quarterly Report on Form 10-Q contains statements that constitute “forward
looking statements” within the meaning of Section 21E of the Securities Exchange
Act of 1934, as amended, and Section 27A of the Securities Act of 1933, as
amended. The words “may,” “will,” “expect,” “anticipate,” “continue,”
“estimate,” “project,” “intend,” and similar expressions are intended to
identify forward-looking statements. These statements appear in a number of
places in this document and include statements regarding the intent, belief or
expectation of the Company, its directors or its officers with respect to
events, conditions, and financial trends that may affect the Company’s future
plans of operations, business strategy, operating results, and financial
position. Persons reviewing this Quarterly Report on Form 10-Q are cautioned
that any forward-looking statements are not guarantees of future performance and
are subject to risks and uncertainties and that actual results may differ
materially from those included within the forward-looking statements as a result
of various factors.
While
these forward-looking statements, and any assumptions upon which they are based,
are made in good faith and reflect the Company’s current judgment regarding the
direction of its business, actual results will almost always vary, sometimes
materially, from any estimates, predictions, projections, assumptions or other
future performance suggested herein. The Company undertakes no responsibility or
obligation to update publicly these forward-looking statements, but may do so in
the future in written or oral statements. Investors should take note of any
future statements made by or on behalf of the Company.
The
following discussion should be read in conjunction with our unaudited condensed
consolidated financial statements and the related notes that appear in the,
“Financial Statements,” of this Quarterly Report. Our unaudited condensed
consolidated financial statements are stated in United States Dollars and are
prepared in accordance with United States Generally Accepted Accounting
Principles. The following discussion and analysis covers the Company’s unaudited
consolidated financial condition at March 31, 2008 and March 31, 2007, and its
unaudited consolidated results of operation for the three and nine months
periods ended March 31, 2008 and 2007.
Introduction
China
Dongsheng International, Inc. (formerly, PaperClip Software, Inc.) (OTCBB:
CDSG), a Delaware Corporation, was originally incorporated in New Jersey in
October 1991 as PaperClip Imaging Software, Inc. and is the successor by merger
as of March 1992. Paperclip Software, Inc. was and is engaged in the development
and distribution of computer software for document management and transport of
electronic document packages across the public Internet or a private intranet
with interoperability, security and tracking capabilities.
American
Sunrise International, Inc., a Delaware Corporation, (“ASI”) was incorporated on
May 30, 2006. Jilin Dongsheng Weiye Science & Technology Development Co.,
Ltd. (“DWST”) was incorporated in the People’s Republic of China (the “PRC” or
“China”) on August 16, 2002. On July 31, 2006, DWST signed an agreement with
ASI, whereby ASI agreed to purchase all of the net assets of DWST for
$1,250,000. Due to this change of ownership, DWST became a wholly foreign owned
entity. DWST received its business license indicating its status as a wholly
foreign owned entity on August 3, 2006.
On
November 6, 2006, the Company, ASI, all shareholders of ASI, and DWST entered
into a Stock Purchase and Share Exchange Agreement in which the Company acquired
all of the issued and outstanding capital stock of ASI (the “Reverse Merger”).
As a result of this Reverse Merger, the Company anticipated effecting a spin-off
of its software development business. As a result of the spin-off, shareholders
of record prior to the effectiveness of the Reverse Merger will receive shares
in the software development subsidiary. As of December 31, 2007, the Company has
not completed the spin-off process. On November 8, 2007, Paperclip
filed a registration statement on Form 10-SB with the Securities and Exchange
Commission which was subsequently withdrawn on January 7, 2008. On
January 11, 2007, PaperClip, Inc. filed a Form 10-SB which it expects to be
effective within 60 days of filing. The Company expects the spin-off
to be complete by June 30, 2008.
When the
spin-off transaction is effective, the Company will operate its business solely
through DWST, its wholly-owned subsidiary which is engaged in the development
and manufacture of nutritional supplements and personal care products
domestically in China.
Results
of Operations
|
|
Nine-Month
Ended
|
|
|
Three-Month
Ended
|
|
|
|
March
31,
|
|
|
March
31,
|
|
|
March
31,
|
|
|
March
31,
|
|
|
|
2008
|
|
|
2007
|
|
|
2008
|
|
|
2007
|
|
|
|
(Unaudited)
|
|
|
(Unaudited)
|
|
|
(Unaudited)
|
|
|
(Unaudited)
|
|
Sales
|
|
$
|
22,932,944
|
|
|
$
|
23,280,402
|
|
|
$
|
4,543,223
|
|
|
$
|
4,544,019
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cost
of Sales
|
|
|
5,200,332
|
|
|
|
9,402,668
|
|
|
|
751,571
|
|
|
|
1,774,086
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Gross
Profit
|
|
|
17,732,612
|
|
|
|
13,877,734
|
|
|
|
3,791,652
|
|
|
|
2,769,933
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating
Expenses
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Selling,
general and administrative
|
|
|
3,656,533
|
|
|
|
1,330,034
|
|
|
|
837,993
|
|
|
|
560,801
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating
income
|
|
|
14,076,079
|
|
|
|
12,547,700
|
|
|
|
2,953,659
|
|
|
|
2,209,132
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Other
Income and Expenses
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest
income
|
|
|
7,297
|
|
|
|
3,441
|
|
|
|
1,501
|
|
|
|
4,349
|
|
Other
income (expense)
|
|
|
-
|
|
|
|
700,522
|
|
|
|
(13)
|
|
|
|
34,549
|
|
Total
Other Income
|
|
|
7,297
|
|
|
|
703,963
|
|
|
|
1,488
|
|
|
|
38,898
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income
Before Income Taxes
|
|
|
14,083,376
|
|
|
|
13,251,663
|
|
|
|
2,955,147
|
|
|
|
2,248,030
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(Benefit)
provision for Income Taxes
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income
tax benefit
|
|
|
(19,392,018
|
)
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
Provision for income taxes
|
|
|
4,324,850
|
|
|
|
4,248,314
|
|
|
|
774,665
|
|
|
|
730,540
|
|
Total
(benefit) provision for income taxes
|
|
|
(15,067,168
|
)
|
|
|
4,248,314
|
|
|
|
774,665
|
|
|
|
730,540
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net
Income
|
|
|
29,150,544
|
|
|
|
9,003,349
|
|
|
|
2,180,482
|
|
|
|
1,517,490
|
|
Three
Months Ended March 31, 2008 Compared to the Three Months Ended March 31,
2007
Sales Revenues.
The
Company generated $4,543,223 in net sales for the three months ended March 31,
2008 compared to $4,544,019 for the same period ended march 31, 2007. The
Company’s Dongsheng subsidiary (“Dongsheng”) accounted for $4,047,774 while the
Company’s Paperclip software subsidiary (“Paperclip”) accounted for
$495,449.
Dongsheng
’
s net sales
remain
stable with no significant
change
fo
r the three
months ended March 31, 2008
, however, the sales volume
increase
d
.
In the previous
quarter
we
purchase
d
finished products from
outside venders and resold
them
to wholesalers
.
As a result of making the
shift of manufacturing
our own branded
pro
ducts in
house, we are able to reduce the cost of our products and in turn sell them to
wholesalers
at a lower
price. Therefore despite the net sales revenue remaining stable, the
volume of sale actually increased due to the lowered price of our
products.
We expect that
the lower price of our products will provide added incentive for the wholesalers
to promote our products due to higher profit margin for
them.
Cost of Goods Sold
.
Cost of goods sold was $751,571 for the three months ended March 31, 2008.
Dongsheng accounted for all the cost of goods sold during the
quarter.
Compared
to the corresponding period in 2007, cost of goods sold decreased by $1,022,515,
or 58% for the three months ended March 31, 2008. The decrease is due in the
lowered raw material purchase expenses. Dongsheng began manufacturing its own
branded products and was able to drastically reduce the cost of the raw
materials by negotiating more favorable terms with suppliers. This planned shift
in production has considerably reduced our cost of goods sold and generated the
improved gross margin.
Gross Profit Margin
.
Gross profit margin increased to 83.5% for the three months ended March 31,
2008, compared to the three months ended March 31, 2007 of 61%. Dongsheng
accounted for all the improvement. This increase is primarily due to
the lower cost of goods sold which resulted from our in house manufacturing
capabilities as well as the improved revenue mix.
Operating Expenses
.
Operating expenses were $837,993 for the quarter ended March 31, 2008. Dongsheng
accounted for $380,640 while Paperclip accounted for $457,353 compared to
$560,801 for the quarter ended March 31, 2007.
Operating
expenses increased by $277,192 for the quarter ended March 31, 2008. This
increase is mainly attributable to the increasing depreciation and amortization
expenses in the amount of RMB 1.4 Million (approximately $277,192) from the
purchase of land use rights and construction of new facilities.
Net
Income.
Net income increased 44% to $2,180,482 for the three
months ended March 31, 2008 compared to $1,517,490 of the corresponding period
in 2007 primarily reflecting our transition to in-house manufacturing and our
focus on our higher margin branded products.
Nine
Months Ended March 31, 2008 Compared to the Nine Months Ended March 31,
2007
Sales Revenues
. Sales
Revenues of the Company during the nine months period ended March 31, 2008 was
22,932,944. Dongsheng accounted for $21,388,094 while Paperclip accounted for
$1,544,850.
Compared
to the corresponding period in 2007, sales revenues in 2008 decreased $347,458,
or 1.5%. The Company’s sales revenues remained relatively unchanged as a result
of our shift to our higher margined branded products beginning in the second
quarter of 2007.
Cost of Goods Sold
.
Cost of goods sold was $5,200,332 for the nine months ended March 31, 2008.
Dongsheng accounted for all the cost of goods sold during this
period.
Compared
to the corresponding period in 2007, cost of goods sold decreased by $4,202,336,
or 44.7% for the nine months ended March 31, 2008. The decrease is
primarily due to lowered expenses in raw material and the shift from selling
products from outside vendor to selling products manufactured in
house.
Gross Profit Margin
.
Gross profit margin increased to 77% for the nine months ended March 31, 2008,
compared to 60% for the nine months ended March 31, 2007. Dongsheng accounted
for all the increase during this period. The increase was mainly due to a
decrease of $4,202,336 of our cost of sale for the corresponding
period.
Operating Expenses
.
Operating expenses was $3,656,533. Dongsheng accounted for $2,272,664 while
Paperclip accounted for $1,383,869.
Selling,
general and administrative expenses increased by $2,326,499, or 175% for the
nine months ended March 31, 2008. The increase was primarily due to bonuses paid
to our employees in December 2007 in the total amount of approximately
$1,500,000 and depreciation and amortization expenses due to increase of
property and equipment.
Income taxes
. The
benefit for income taxes increased to $15,072,050 for the nine months ended
March 31, 2008. Dongsheng accounted for $15,112,256 while Paperclip accounted
for a $45,088 provision.
This
increase was mainly due to a one time tax benefit of $19,392,018. Dongsheng,
received this tax clearance notice from the Local Tax Bureau in China stating
that as of September 23, 2007, all tax liabilities have been cleared. The amount
has been included in the statements of Income for the nine months ended March
31, 2008 as income tax benefit.
On March
16, 2007, the National People's Congress of China approved the Corporate Income
Tax Law of the People's Republic of China (the “New CIT Law”), which is
effective from January 1, 2008. Under the new CIT law, the corporate income tax
rate applicable to all Companies, including both domestic companies or
foreign-invested companies, will be 25%, replacing the current applicable tax
rate of 33%.
In light
of the recent changes in the Corporate Income Tax Law, the local tax authority
has called off new approvals on all new applications for the old two-year tax
exemption and three-year 50% tax reduction for all new foreign-invested
enterprises. Therefore, Dongsheng will still be liable for the income taxes on
any net income generated in the third and fourth quarter of 2007 at the current
tax rate of 33% until the new rate of 25% applies in 2008.
The total
taxes payable of $8,404,844 accrued as of March 31, 2008 includes $3,233,327 in
income taxes, $3,163,018 in value-added taxes for the Company’s operating
subsidiary Dongsheng, individual income tax payable in $1,549,492, other tax
payable $10,925, and $84,082 accrued income taxes for the parent company,
Paperclip Software, Inc.
Liquidity
and Capital Resources
Net cash
flows provided by operating activities for the nine months ended March 31, 2008,
was $10,057,371 as compared with $21,033,934 provided by operating activities
for the nine months ended March 31, 2007, for a decrease of $10,976,563 or 52%.
This decrease was primarily due to an increase in inventory by approximately
$6.7 Million and advances made to certain vendor’s inventory purchases and
purchase of construction equipment in the amount of $2,424,070. This large
increase in inventory was because of the purchase of ginseng crop of the same
amount. The ginseng crop is estimated to be ready for harvest and
used as raw material for our products in 2012.
Net cash
flows used in investing activities for the nine months ended March 31, 2008, was
$10,483,144 as compared to $20,733,272 for the nine months ended March 31,
2007 a decrease of 49%. The significant change in investing activity was
primarily due to our substantial spending on construction of our
manufacturing facilities during the nine months ended March 31, 2007. These
investment spendings are part of our strategic plan to become more vertically
integrated by producing our own branded products in-house and securing high
quality raw materials.
Net cash
flows provided by financing activities for the nine months ended March 31, 2008,
was $382,470 compared to $104,368 used by financing activities for the nine
months ended March 31, 2007. The increase of 466% in net cash flows provided in
financing activity is a result of an increase of proceeds from notes payable and
$50,000 in proceeds received upon recapitalization compared with zero last
year.
Off-Balance
Sheet Arrangements
We do not
have off-balance sheet arrangements, financings, or other relationships with
unconsolidated entities or other persons, also known as “special purpose
entities” (SPEs).
Item
4T. Controls and Procedures
|
|
As
required by Rule 13a-15 under the Securities Exchange Act of 1934 (the “Exchange
Act”), as of the end of the period covered by this Quarterly Report, being March
31, 2008, we have carried out an evaluation of the effectiveness of the design
and operation of our disclosure controls and procedures. This evaluation was
carried out under the supervision and with the participation of our management,
including our Chief Executive Officer along with our Chief Financial Officer.
Based upon that evaluation, our Chief Executive Officer along with our Chief
Financial Officer concluded that our disclosure controls and procedures are
effective as of the end of the period covered by this Quarterly Report. There
have been no significant changes in our internal controls over financial
reporting that occurred during our most recent fiscal quarter that have
materially affected, or are reasonably likely to materially affect our internal
controls over financial reporting.
Disclosure
controls and procedures and other procedures that are designed to ensure that
information required to be disclosed in our reports filed or submitted under the
Exchange Act are recorded, processed, summarized and reported, within the time
period specified in the Securities and Exchange Commission's rules and forms.
Disclosure controls and procedures include, without limitation, controls and
procedures designed to ensure that information required to be disclosed in our
reports filed under the Exchange Act is accumulated and communicated to
management, including our Chief Executive Officer and Chief Financial Officer as
appropriate, to allow timely decisions regarding required
disclosure.
PART
II - OTHER INFORMATION
Item
1. Legal Proceedings.
|
|
To the
best of our knowledge, neither the Company nor any of its subsidiaries is a
party to any pending or threatened legal proceedings.
Item
2. Unregistered Sales of Equity Securities and Use of
Proceeds.
|
None.
Item
3. Defaults Upon Senior
Securities.
|
None.
Item
4. Submission of Matters to a Vote of Security
Holders.
|
None.
Item
5. Other Information.
|
|
None.
(a)
Exhibits
Exhibit
No.
|
Description
of Exhibit
|
10.1*
|
Letter
of Intent
|
99.1*
|
Press
Release
|
31.1**
|
Certification
pursuant to Section 302 of Sarbanes Oxley Act of 2002
|
32.1**
|
Certification
pursuant to Section 906 of Sarbanes Oxley Act of
2002
|
* Incorporated
by reference to Form 8-K filed on February 25, 2008.
** Filed
herewith
SIGNATURES
In
accordance with the requirements of the Exchange Act, the registrant caused this
report to be signed on its behalf by the undersigned, there unto duly
authorized.
|
CHINA
DONGSHENG INTERNATIONAL, INC.
|
|
|
|
|
|
May15,
2008
|
By:
|
/s/
Aidong
Yu
|
|
|
|
AIDONG
YU
|
|
|
|
Chief
Executive Officer, Chief Financial Officer
|
|
18
China Dongsheng (PK) (USOTC:CDSG)
過去 株価チャート
から 8 2024 まで 9 2024
China Dongsheng (PK) (USOTC:CDSG)
過去 株価チャート
から 9 2023 まで 9 2024