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FLURIDA GROUP INC,
0001430960
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false
--12-31
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2012
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">Flurida
Group, Inc. (the “Company”), incorporated under the laws of Nevada on December 19, 2006, with registered address at
502 East John Street, Carson City, NV 89706.  Flurida Group, Inc. operates its business in USA as Flurida Group USA,
Inc., the Company’s wholly owned branch located in the State of Illinois and has principle office at 22 West Washington ST,
Suite 1500, Chicago, IL 60602.</font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">Flurida
Group leased a warehouse at 24412 S Main Street, Carson, CA 90745.</font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif"> </font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">Flurida
Group Inc closed its subsidiary Flurida Group European S.R.L (“Flurida European”) in July 2011.</font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif"> </font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">The
company closed its Flurida Qingdao China office in July, 2009.</font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif"> </font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">The
Company’s main business includes sourcing, distribution and marketing of appliance parts in Asia, Europe, North and South
America.</font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif"> </font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">These
parts are manufactured in China by Zhong Nan Fu Rui Mechanical Electronics Manufacturing Co., Ltd. (“Zhong Nan Fu Rui”).  It
was established in 2005 specializing in home appliance components and subassemblies manufacturing, and located in Qingdao City,
Shandong Province, China.  On September 18, 2007, Flurida Group, Inc. signed a long-term distribution agreement with
Zhong Nan Fu Rui Mechanical Electronics Manufacturing Co., Ltd.  Zhong Nan Fu Rui is a Chinese manufacturing company
owned 100% by Mr. Jianfeng Ding, the founder of the Company.</font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif"> </font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif"> </font></p>
<p style="margin: 0pt; text-align: justify"></p>
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<p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif"><b><u>Use
of Estimates</u></b></font></p>
<p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif"> </font></p>
<p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">The
preparation of financial statements in conformity with generally accepted accounting principles in the United States of America
requires management to make estimates and assumptions that affect certain amounts reported in the financial statements and disclosures.
Accordingly, actual results could differ from those estimates.</font></p>
<p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif"> </font></p>
<p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif"><b><u>Basis
of accounting</u></b></font></p>
<p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif"> </font></p>
<p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">The
financial statements reflect the assets, revenues and expenditures of the Company on the accrued basis of accounting.</font></p>
<p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif"> </font></p>
<p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0"><font style="font: 10pt Times New Roman, Times, Serif"><b><u>Principles
of Consolidation</u></b></font></p>
<p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0"><font style="font: 10pt Times New Roman, Times, Serif"> </font></p>
<p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">The
consolidated financial statements of the Company include the accounts of Flurida Group USA and Flurida Group European S.R.L. All
significant intercompany balances and transactions have been eliminated in consolidation.</font></p>
<p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif"> </font></p>
<p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif"><b><u>Cash
and Cash Equivalents</u></b></font></p>
<p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif"> </font></p>
<p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">The
Company considers all highly-liquid investments with an original maturity of three months or less when purchased to be cash equivalents.</font></p>
<p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif"> </font></p>
<p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif"><b><u>Concentration
of credit risk</u></b></font></p>
<p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif"> </font></p>
<p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">The
Company maintains its cash in bank accounts which, at times, may exceed the federally insured limits. The Company has not experienced
any losses in such accounts and believes it is not exposed to any significant credit risk on cash.</font></p>
<p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif"> </font></p>
<p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif"><b><u>Foreign
Currency Translation</u></b></font></p>
<p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif"> </font></p>
<p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">The
Company has determined the United States dollars to be its functional currency for Flurida Group USA and European Euro to be its
functional currency in European business. Assets and liabilities were translated to U.S. dollars at the period-end exchange rate.
Statement of operations amounts were translated to U.S. dollars using the first date of each month during the year. Gains and
losses resulting from translating foreign currency financial statements are accumulated in other comprehensive income (loss),
a separate component of shareholders’ equity.</font></p>
<p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif"> </font></p>
<p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif"><b><u>Security
Deposit</u></b></font></p>
<p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif"> </font></p>
<p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">The
Company started having an office in California State from September 2010, which is located at 24412 S Main ST, STE 105, Carson
CA 90745. Flurida Group USA Inc made $ 6,264 security deposit for leasing the property.</font></p>
<p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif"> </font></p>
<p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0"><font style="font: 10pt Times New Roman, Times, Serif"><b><u>Property,
Plant, and Equipment Depreciation</u></b></font></p>
<p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0"><font style="font: 10pt Times New Roman, Times, Serif"> </font></p>
<p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">Property,
plant, and equipment are stated at cost. Depreciation is being provided principally by straight line methods over the estimated
useful lives of the assets. Expenditures for maintenance and repairs, which do not improve or extend the expected useful lives
of the assets, are expensed to operations while major repairs are capitalized.</font></p>
<p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif"> </font></p>
<p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">The
equipments were recorded as fixed asset to depreciate over 7 years and the electronic data processing equipments and furniture
were recorded as fixed asset to depreciate over 5 years with straight line method.</font></p>
<p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif"> </font></p>
<p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">For
the period of January to March 31, 2012, the Company purchased $ 7,518 Furniture and equipments. For the period of April to June
30, 2012, the Company purchased $ 4,031 Furniture and equipments, and $ 3,752 electronic data processing equipments.</font></p>
<p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif"> </font></p>
<p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">As
of June 30, 2012, the company has furniture, Computer and data processing equipments, and equipments at a purchase cost of $ 109,393,
and $ 26,378 of accumulated depreciation expense was recorded.</font></p>
<p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif"> </font></p>
<p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif"><b><u>Account
Receivable</u></b></font></p>
<p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif"> </font></p>
<p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">As
of June 30, 2012, the company had a total of $ 1,486,658 account receivable from it major customers. Detail showed as below.</font></p>
<p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0"><font style="font: 10pt Times New Roman, Times, Serif"> </font></p>
<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
<tr style="vertical-align: bottom">
<td style="line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif"> </font></td>
<td style="line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif"> </font></td>
<td style="line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif"> </font></td>
<td colspan="2" style="border-bottom: black 1.5pt solid; line-height: 115%; font-weight: bold; text-align: center"><font style="font: 10pt Times New Roman, Times, Serif">6/30/2012</font></td>
<td nowrap="nowrap" style="line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif"> </font></td></tr>
<tr style="vertical-align: bottom; background-color: #CCEEFF">
<td style="width: 2%; line-height: 115%; font-weight: bold"><font style="font: 10pt Times New Roman, Times, Serif"> </font></td>
<td style="width: 86%; line-height: 115%; font-weight: bold"><font style="font: 10pt Times New Roman, Times, Serif">Chuzhou
FuDa</font></td>
<td style="width: 1%; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif"> </font></td>
<td style="width: 1%; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">$</font></td>
<td style="width: 9%; line-height: 115%; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">133,909</font></td>
<td nowrap="nowrap" style="width: 1%; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif"> </font></td></tr>
<tr style="vertical-align: bottom; background-color: white">
<td style="line-height: 115%; font-weight: bold"><font style="font: 10pt Times New Roman, Times, Serif"> </font></td>
<td style="line-height: 115%; font-weight: bold"><font style="font: 10pt Times New Roman, Times, Serif">Electrolux- Australia</font></td>
<td style="line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif"> </font></td>
<td style="line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">$</font></td>
<td style="line-height: 115%; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">241,173</font></td>
<td nowrap="nowrap" style="line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif"> </font></td></tr>
<tr style="vertical-align: bottom; background-color: #CCEEFF">
<td style="line-height: 115%; font-weight: bold"><font style="font: 10pt Times New Roman, Times, Serif"> </font></td>
<td style="line-height: 115%; font-weight: bold"><font style="font: 10pt Times New Roman, Times, Serif">Electrolux-Anderson-US</font></td>
<td style="line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif"> </font></td>
<td style="line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">$</font></td>
<td style="line-height: 115%; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">127,266</font></td>
<td nowrap="nowrap" style="line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif"> </font></td></tr>
<tr style="vertical-align: bottom; background-color: white">
<td style="line-height: 115%; font-weight: bold"><font style="font: 10pt Times New Roman, Times, Serif"> </font></td>
<td style="line-height: 115%; font-weight: bold"><font style="font: 10pt Times New Roman, Times, Serif">Electrolux-Mexico</font></td>
<td style="line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif"> </font></td>
<td style="line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">$</font></td>
<td style="line-height: 115%; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">26,135</font></td>
<td nowrap="nowrap" style="line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif"> </font></td></tr>
<tr style="vertical-align: bottom; background-color: #CCEEFF">
<td style="line-height: 115%; font-weight: bold"><font style="font: 10pt Times New Roman, Times, Serif"> </font></td>
<td style="line-height: 115%; font-weight: bold"><font style="font: 10pt Times New Roman, Times, Serif">Electrolux Do Brasil</font></td>
<td style="line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif"> </font></td>
<td style="line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">$</font></td>
<td style="line-height: 115%; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">107,002</font></td>
<td nowrap="nowrap" style="line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif"> </font></td></tr>
<tr style="vertical-align: bottom; background-color: white">
<td style="line-height: 115%; font-weight: bold"><font style="font: 10pt Times New Roman, Times, Serif"> </font></td>
<td style="line-height: 115%; font-weight: bold"><font style="font: 10pt Times New Roman, Times, Serif">Electrolux-Major Appliance</font></td>
<td style="line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif"> </font></td>
<td style="line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">$</font></td>
<td style="line-height: 115%; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">68,943</font></td>
<td nowrap="nowrap" style="line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif"> </font></td></tr>
<tr style="vertical-align: bottom; background-color: #CCEEFF">
<td style="line-height: 115%; font-weight: bold"><font style="font: 10pt Times New Roman, Times, Serif"> </font></td>
<td style="line-height: 115%; font-weight: bold"><font style="font: 10pt Times New Roman, Times, Serif">Electrolux - Sweden</font></td>
<td style="line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif"> </font></td>
<td style="line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">$</font></td>
<td style="line-height: 115%; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">12,480</font></td>
<td nowrap="nowrap" style="line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif"> </font></td></tr>
<tr style="vertical-align: bottom; background-color: white">
<td style="line-height: 115%; font-weight: bold"><font style="font: 10pt Times New Roman, Times, Serif"> </font></td>
<td style="line-height: 115%; font-weight: bold"><font style="font: 10pt Times New Roman, Times, Serif">Electrolux Italy</font></td>
<td style="line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif"> </font></td>
<td style="line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">$</font></td>
<td style="line-height: 115%; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">160,617</font></td>
<td nowrap="nowrap" style="line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif"> </font></td></tr>
<tr style="vertical-align: bottom; background-color: #CCEEFF">
<td style="line-height: 115%; font-weight: bold"><font style="font: 10pt Times New Roman, Times, Serif"> </font></td>
<td style="line-height: 115%; font-weight: bold"><font style="font: 10pt Times New Roman, Times, Serif">Electrolux Hungary</font></td>
<td style="line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif"> </font></td>
<td style="line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">$</font></td>
<td style="line-height: 115%; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">520,524</font></td>
<td nowrap="nowrap" style="line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif"> </font></td></tr>
<tr style="vertical-align: bottom; background-color: white">
<td style="line-height: 115%; font-weight: bold"><font style="font: 10pt Times New Roman, Times, Serif"> </font></td>
<td style="line-height: 115%; font-weight: bold"><font style="font: 10pt Times New Roman, Times, Serif">General Electric Company</font></td>
<td style="line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif"> </font></td>
<td style="line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">$</font></td>
<td style="line-height: 115%; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">46,976</font></td>
<td nowrap="nowrap" style="line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif"> </font></td></tr>
<tr style="vertical-align: bottom; background-color: #CCEEFF">
<td style="line-height: 115%; font-weight: bold"><font style="font: 10pt Times New Roman, Times, Serif"> </font></td>
<td style="line-height: 115%; font-weight: bold"><font style="font: 10pt Times New Roman, Times, Serif">Master Precidion Global
LLC(MPG)</font></td>
<td style="line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif"> </font></td>
<td style="line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">$</font></td>
<td style="line-height: 115%; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">16,081</font></td>
<td nowrap="nowrap" style="line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif"> </font></td></tr>
<tr style="vertical-align: bottom; background-color: white">
<td style="line-height: 115%; font-weight: bold"><font style="font: 10pt Times New Roman, Times, Serif"> </font></td>
<td style="line-height: 115%; font-weight: bold"><font style="font: 10pt Times New Roman, Times, Serif">New Allied Electronics</font></td>
<td style="line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif"> </font></td>
<td style="line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">$</font></td>
<td style="line-height: 115%; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">596</font></td>
<td nowrap="nowrap" style="line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif"> </font></td></tr>
<tr style="vertical-align: bottom; background-color: #CCEEFF">
<td style="line-height: 115%; font-weight: bold"><font style="font: 10pt Times New Roman, Times, Serif"> </font></td>
<td style="line-height: 115%; font-weight: bold"><font style="font: 10pt Times New Roman, Times, Serif">Shamrock</font></td>
<td style="line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif"> </font></td>
<td style="line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">$</font></td>
<td style="line-height: 115%; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">7,800</font></td>
<td nowrap="nowrap" style="line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif"> </font></td></tr>
<tr style="vertical-align: bottom; background-color: white">
<td style="line-height: 115%; font-weight: bold"><font style="font: 10pt Times New Roman, Times, Serif"> </font></td>
<td style="line-height: 115%; font-weight: bold"><font style="font: 10pt Times New Roman, Times, Serif">Stanco Metal Products
Inc</font></td>
<td style="line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif"> </font></td>
<td style="line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">$</font></td>
<td style="line-height: 115%; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">13,634</font></td>
<td nowrap="nowrap" style="line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif"> </font></td></tr>
<tr style="vertical-align: bottom; background-color: #CCEEFF">
<td style="line-height: 115%; font-weight: bold"><font style="font: 10pt Times New Roman, Times, Serif"> </font></td>
<td style="line-height: 115%; font-weight: bold"><font style="font: 10pt Times New Roman, Times, Serif">ZhongNanFuRui</font></td>
<td style="line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif"> </font></td>
<td style="border-bottom: black 1.5pt solid; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">$</font></td>
<td style="border-bottom: black 1.5pt solid; line-height: 115%; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">3,522</font></td>
<td nowrap="nowrap" style="line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif"> </font></td></tr>
<tr style="vertical-align: bottom; background-color: white">
<td colspan="2" style="line-height: 115%; font-weight: bold"><font style="font: 10pt Times New Roman, Times, Serif">TOTAL
AR</font></td>
<td style="line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif"> </font></td>
<td style="border-bottom: black 2.25pt double; line-height: 115%; font-weight: bold"><font style="font: 10pt Times New Roman, Times, Serif">$</font></td>
<td style="border-bottom: black 2.25pt double; line-height: 115%; font-weight: bold; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">1,486,658</font></td>
<td nowrap="nowrap" style="line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif"> </font></td></tr>
</table>
<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0"><font style="font: 10pt Times New Roman, Times, Serif"> </font></p>
<p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0"><font style="font: 10pt Times New Roman, Times, Serif"><b><u>Accrued
Interest Receivable</u></b></font></p>
<p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0"><font style="font: 10pt Times New Roman, Times, Serif"> </font></p>
<p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">In
October 1, 2011, the company entered a loan agreement of $224,602 with its main supplier Zhong Nan Fu Rui Mechanical electronics
Co., Ltd at interest rate of 5.00%, term October 1, 2011 to October 1, 2013. As of June 30, 2012, total of $ 8,422 accrued interest
receivable with interest rate at 5.00% was incurred.</font></p>
<p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif"> </font></p>
<p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif"><b><u>Account
Payable</u></b></font></p>
<p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif"> </font></p>
<p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">The
Company incurred accounts payable including professional fees, purchases, payroll and payroll tax liability, and other service
fee payables.</font></p>
<p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif"> </font></p>
<p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">As
of June 30, 2012, the company had a total of $ 4,857,378 account payable, which was included $ 53,617 for Zhong Nan Fu Rui, $
4,485,202 for Chu Zhou Fu Da, $ 100,006 for Qiongdao Fu Bi Da, $ 32,625 for Shang Hai Fu Lu International Trading, and $ 95,771
for US suppliers, $ 59,868 for salary and payroll tax payable, and $ 30,289 for all other account payable.</font></p>
<p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif"> </font></p>
<p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif"><b><u>Basics
and Diluted Net Loss Per Common Share</u></b></font></p>
<p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif"> </font></p>
<p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">Basic
earnings per share is computed by dividing income available to common shareholders (the numerator) by the weighted-average number
of common shares outstanding (the denominator) for the period. Diluted earnings per share assume that any dilutive convertible
securities outstanding were converted, with related preferred stock dividend requirements and outstanding common shares adjusted
accordingly. It also assumes that outstanding common shares were increased by shares issuable upon exercise of those stock options
for which market price exceeds the exercise price, less shares which could have been purchased by us with the related proceeds.
In periods of losses, diluted loss per share is computed on the same basis as basic loss per share as the inclusion of any other
potential shares outstanding would be anti-dilutive.</font></p>
<p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif"> </font></p>
<p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">The
Company only issued one type of shares, i.e., common shares only. There are no other types securities were issued. Accordingly,
the diluted and basics net loss per common share are the same.</font></p>
<p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif"> </font></p>
<p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0"><font style="font: 10pt Times New Roman, Times, Serif"><b><u>Income
Tax Payable</u></b></font></p>
<p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0"><font style="font: 10pt Times New Roman, Times, Serif"> </font></p>
<p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">For
the period of January 1 to June 30, 2012 and 2011, the Company incurred income tax expense of $ 64,433 and $ 66,150 respectively.
As of June 30, 2012, the income taxes payable of the Company was $ 0.</font></p>
<p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0"><font style="font: 10pt Times New Roman, Times, Serif"> </font></p>
<p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0"><font style="font: 10pt Times New Roman, Times, Serif"><b><u>Inventory</u></b></font></p>
<p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0"><font style="font: 10pt Times New Roman, Times, Serif"> </font></p>
<p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">The
inventory was valued at cost of purchase from suppliers.</font></p>
<p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif"> </font></p>
<p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">On
June, 2008, Flurida Group, Inc signed a consigned inventory agreement with Electrolux Home Products De Mexico, S.A. DEC.V. (Electrolux).
Under the term of the agreement, the supplier, Flurida Group, Inc, agreed to produce, to maintain the transit the customized products
per Electrolux’s specification. Electrolux maintain a storage location within Electrolux’s Juarez site for consigned
inventory. And Flurida Group, Inc is facilitated to use of Electrolux’s storage location at such site to the sale of products
to Electrolux; Electrolux will provide labor resources for receipt, stock up, and pulls of consigned products. Flurida Group,
Inc., retains title and ownership of products while in transit to Electrolux’s site and while stored in the consigned inventory
location. Title and ownership will pass to Electrolux when they withdraw products from the consigned inventory location. Upon
withdrawal, Electrolux will pay for it under the payment term stated in the purchasing order correspond with the withdraw products.
Products residing in the consigned inventory for 90 days with no activity due to non communicated demand change will no longer
qualify for consignment, and will be considered as withdrawn product after 90 days. Accordingly, title passage and invoicing shall
occur on such product per the term.</font></p>
<p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify"><br />
<font style="font: 10pt Times New Roman, Times, Serif">At June 30, 2012, the company had 24,154 Icemakers and 784,078 pieces motors
ending inventory at a value $ 2,416,182; and had inventory of $ 35,321 thermostats and other related key parts for icemakers and
motors that purchased from US supplier.</font></p>
<p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif"> </font></p>
<p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">Therefore,
as of June 30, 2012, the Company had total ending inventory of $ 2,451,503</font></p>
<p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif"> </font></p>
<p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0"><font style="font: 10pt Times New Roman, Times, Serif"><b><u>Revenues
Recognition</u></b></font></p>
<p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0"><font style="font: 10pt Times New Roman, Times, Serif"> </font></p>
<p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">Revenues
include sales of appliance parts in Asia, Europe, and North America.</font></p>
<p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif"> </font></p>
<p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">Revenues
are recognized from product sales upon shipment, which is the point in time when risk of loss is transferred to the customer,
net of estimated returns and allowances.</font></p>
<p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif"> </font></p>
<p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">For
the fiscal quarter ended June 30, 2012, the Company had total net revenue of $ 4,246,446.</font></p>
<p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif"> </font></p>
<p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">For
the period April1 to June 30, 2012, the Company sold icemakers and motors to, Electrolux USA, located at Charlotte NC for sales
of $ 2,983,268. The motors were manufactured and supplied by Zhong Nan Fu Rui; all the motors were shipped out at FOB shipping
point Qingdao, China. And the icemakers were manufactured and supplied by ChuZhou FuDa Mechanical & Electronics Co., Ltd;
all the icemakers were shipped out at FOB shipping point Nanjing, China.</font></p>
<p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif"> </font></p>
<p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">The
company also sold motors, to Stanco Metal Products for $ 13,634; the motors were manufactured and supplied by Zhong Nan Fu Rui,
and all of those parts were shipped out at FOB shipping point at Qingdao, China.</font></p>
<p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif"> </font></p>
<p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">The
Company also sold Motors to Electrolux –ST. Cloud for $ 11,404 in the period of April to June 30, 2012. The motors were manufactured
and supplied by Zhong Nan Fu Rui. and shipped out at FOB shipping point at Qingdao, China.</font></p>
<p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif"> </font></p>
<p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">For
the three months ended June 30, 2012, the Company sold icemakers, components, and tooling service to Electrolux –Australia
for $ 229,167. The icemakers were manufactured and supplied by Chu Zhou Fu Da Mechanical & Electronics; all the icemakers
were shipped out at FOB shipping point Nanjing, China.</font></p>
<p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif"> </font></p>
<p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">The
Company sold DAC Boxes, Deflector, push buttons, Magnets, Motors and other related parts to Electrolux –Italy for total $
151,345. The DAC Boxes, Magnets, Motors and other related parts were manufactured and supplied by Zhong Nan Fu Rui, and Qingdao
Fu Bi Da; all the DAC Boxes magnets, and motors were shipped out at FOB shipping point Qingdao, China.</font></p>
<p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif"> </font></p>
<p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">The
Company also sold DAC Boxes, Magnets, Motors, and other related parts to Electrolux – Hungry for total $608,706. The DAC
Boxes, magnets and Motors were manufactured and supplied by Zhong Nan Fu Rui, and Qingdao Fu Bi Da respectively; all the DAC Boxes
magnet, and motors were shipped out at FOB shipping point Qingdao, China.</font></p>
<p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif"> </font></p>
<p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">The
Company also sold DAC Boxes to Electrolux –Sweden for $ 10,820. The DAC Box were manufactured and supplied by Qingdao Fu
Bi Da; all the DAC Boxes were shipped out at FOB shipping point Qingdao, China.</font></p>
<p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif"> </font></p>
<p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">The
company sold Motors, icemakers, and some related refrigerator appliance parts to North Carolina Electrolux Major Appliances, Inc
for $ 64,769. The parts were manufactured and supplied by Zhong Nan Fu Rui, and were shipped out at FOB shipping point at Qingdao,
China.</font></p>
<p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif"> </font></p>
<p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">The
company sold thermostats and icemakers to an US company, Exact Replacement Parts for $ 5,393. The parts were manufactured and
supplied by Zhong Nan Fu Rui, and were shipped out at FOB shipping point at Qingdao, China.</font></p>
<p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif"> </font></p>
<p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">For
the period of April to June 30, 2012, the Company sold thermostats and other related key parts for icemakers and motors, to Zhong
Nan Fu Rui and ChuZhouFuDa. The parts were used for the icemakers and motors. Flurida Group purchased the parts from Wako Electronics,
Inc., an US Company located at Louisville, KY 40299. Flurida Group also sold Rocker Switch, the key parts for icemakers, to Zhong
Nan Fu Rui and ChuZhouFuDa. The parts, Rocker Switch, were used for the icemakers .The Company purchased the parts, Rocker Switch,
from CW Industries, an US Company located at<b> </b>Southampton, PA; and also Flurida Group purchased some other related key parts
from corporate America, and then sold to Zhong Nan Fu Rui and ChuZhouFuDa. Flurida Group, Inc. adds<b> </b>averaged 5% - 10% margin
based on the cost of purchase, then sold to them, so, $ 147,182 were sold and invoiced to ChuZhouFuDa respectively in the fiscal
quarter ended June 30, 2012.</font></p>
<p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif"> </font></p>
<p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">The
Company also sold Motors to Electrolux –Do Brasil for $ 107,002 in the period of April to June 30, 2012. The motors were
manufactured and supplied by Zhong Nan Fu Rui. and shipped out at FOB shipping point at Qingdao, China.</font></p>
<p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif"> </font></p>
<p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">The
company sold icemakers to an US company, Domestic LLC for $ 4,880. And the icemakers were manufactured and supplied by ChuZhou
FuDa Mechanical & Electronics Co., Ltd; all the icemakers were shipped out at FOB shipping point Nanjing, China.</font></p>
<p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif"> </font></p>
<p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">The
Company also had components and other tooling and service income of $ 22,316 from corporate America.</font></p>
<p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif"> </font></p>
<p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">In
summary, for the period of April1 to June 30, 2012, the Company incurred the total gross sales of $ 4,359,886. And the Company
had sales returns and discounts of $ 113,440, so, a total of $ 4,246,446 net sales were recorded. The cost of goods sold is discussed
in details in Note C, Related Party Transactions.</font></p>
<p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif"> </font></p>
<p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif"><b><u>Operating
Expense</u></b></font></p>
<p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif"> </font></p>
<p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">Operating
Expenses includes research and development expense, all selling, general and administrative expenses, and depreciation expenses
for Flurida Group Inc. For the fiscal quarter ended June 30, 2012 and 2011, the Company had total operating expenses of $320,038
and $ 277,544 respectively, which include the research and development expense of $ 7,482 and $ 0, and depreciation expenses of
$ 5,112 and $ 4,668, and selling, general and administrative expense of $ 307,444 and $ 272,876.</font></p>
<p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif"> </font></p>
<p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">For
the six months ended June 30, 2012 and 2011, the Company had total operating expenses of $620,784 and $ 511,236 respectively,
which include the research and development expense of $ 14,971 and $ 0, and depreciation expenses of $ 10,023 and $ 8,252, and
selling, general and administrative expense of $ 595,790 and $ 502,984. Detail was showed on Exhibit A.</font></p>
<p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif"> </font></p>
<p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif"><b><u>Payroll
Expense</u></b></font></p>
<p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif"> </font></p>
<p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">Started
from January 2012, Flurida Group stayed the salaries amount of officers Jianfeng Ding, Yaru Huang, and Ying Zhong for $350,000,
$80,000, $ 80,000. The Social Security tax and Medicare tax were paid by both employer and employees in USA; employees also withheld
portion of Federal and State tax calculate by each individual’s status. All of the tax was submitted to Internal Revenue
Service and local government at a semiweekly basis.</font></p>
<p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0"><font style="font: 10pt Times New Roman, Times, Serif"> </font></p>
<p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0"><font style="font: 10pt Times New Roman, Times, Serif">The
total payroll expenses for the fiscal quarter ended and six months ended June 30, 2012 and 2011 were listed as follows:</font></p>
<p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0"><font style="font: 10pt Times New Roman, Times, Serif"> </font></p>
<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
<tr style="vertical-align: bottom">
<td style="line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif"> </font></td>
<td style="line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif"> </font></td>
<td colspan="6" style="border-bottom: black 1.5pt solid; line-height: 115%; font-weight: bold; text-align: center"><font style="font: 10pt Times New Roman, Times, Serif">Six
Months Ended</font></td>
<td nowrap="nowrap" style="line-height: 115%; text-align: center"><font style="font: 10pt Times New Roman, Times, Serif"> </font></td>
<td style="line-height: 115%; text-align: center"><font style="font: 10pt Times New Roman, Times, Serif"> </font></td>
<td colspan="6" style="border-bottom: black 1.5pt solid; line-height: 115%; font-weight: bold; text-align: center"><font style="font: 10pt Times New Roman, Times, Serif">Three
Months Ended</font></td>
<td nowrap="nowrap" style="line-height: 115%; text-align: center"><font style="font: 10pt Times New Roman, Times, Serif"> </font></td></tr>
<tr style="vertical-align: bottom">
<td style="line-height: 115%; text-align: center"><font style="font: 10pt Times New Roman, Times, Serif"> </font></td>
<td style="line-height: 115%; text-align: center"><font style="font: 10pt Times New Roman, Times, Serif"> </font></td>
<td colspan="2" style="border-bottom: black 1.5pt solid; line-height: 115%; font-weight: bold; text-align: center"><font style="font: 10pt Times New Roman, Times, Serif">June
30, 2012</font></td>
<td nowrap="nowrap" style="line-height: 115%; text-align: center"><font style="font: 10pt Times New Roman, Times, Serif"> </font></td>
<td style="line-height: 115%; text-align: center"><font style="font: 10pt Times New Roman, Times, Serif"> </font></td>
<td colspan="2" style="border-bottom: black 1.5pt solid; line-height: 115%; font-weight: bold; text-align: center"><font style="font: 10pt Times New Roman, Times, Serif">June
30, 2011</font></td>
<td nowrap="nowrap" style="line-height: 115%; text-align: center"><font style="font: 10pt Times New Roman, Times, Serif"> </font></td>
<td style="line-height: 115%; text-align: center"><font style="font: 10pt Times New Roman, Times, Serif"> </font></td>
<td colspan="2" style="border-bottom: black 1.5pt solid; line-height: 115%; font-weight: bold; text-align: center"><font style="font: 10pt Times New Roman, Times, Serif">June
30, 2012</font></td>
<td nowrap="nowrap" style="line-height: 115%; text-align: center"><font style="font: 10pt Times New Roman, Times, Serif"> </font></td>
<td style="line-height: 115%; text-align: center"><font style="font: 10pt Times New Roman, Times, Serif"> </font></td>
<td colspan="2" style="border-bottom: black 1.5pt solid; line-height: 115%; font-weight: bold; text-align: center"><font style="font: 10pt Times New Roman, Times, Serif">June
30, 2011</font></td>
<td nowrap="nowrap" style="line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif"> </font></td></tr>
<tr style="vertical-align: bottom">
<td style="line-height: 115%; font-weight: bold"><font style="font: 10pt Times New Roman, Times, Serif">Payroll Expense -
ER</font></td>
<td style="line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif"> </font></td>
<td colspan="2" style="line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif"> </font></td>
<td nowrap="nowrap" style="line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif"> </font></td>
<td style="line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif"> </font></td>
<td colspan="2" style="line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif"> </font></td>
<td nowrap="nowrap" style="line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif"> </font></td>
<td style="line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif"> </font></td>
<td colspan="2" style="line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif"> </font></td>
<td nowrap="nowrap" style="line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif"> </font></td>
<td style="line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif"> </font></td>
<td colspan="2" style="line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif"> </font></td>
<td nowrap="nowrap" style="line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif"> </font></td></tr>
<tr style="vertical-align: bottom; background-color: #CCEEFF">
<td style="width: 52%; padding-left: 36.7pt; line-height: 115%; font-weight: bold"><font style="font: 10pt Times New Roman, Times, Serif">Federal
Unemployment Tax</font></td>
<td style="width: 1%; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif"> </font></td>
<td style="width: 1%; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif"> </font></td>
<td style="width: 9%; line-height: 115%; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">392</font></td>
<td nowrap="nowrap" style="width: 1%; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif"> </font></td>
<td style="width: 1%; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif"> </font></td>
<td style="width: 1%; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif"> </font></td>
<td style="width: 9%; line-height: 115%; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">-</font></td>
<td nowrap="nowrap" style="width: 1%; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif"> </font></td>
<td style="width: 1%; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif"> </font></td>
<td style="width: 1%; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif"> </font></td>
<td style="width: 9%; line-height: 115%; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">-</font></td>
<td nowrap="nowrap" style="width: 1%; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif"> </font></td>
<td style="width: 1%; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif"> </font></td>
<td style="width: 1%; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif"> </font></td>
<td style="width: 9%; line-height: 115%; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">-</font></td>
<td nowrap="nowrap" style="width: 1%; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif"> </font></td></tr>
<tr style="vertical-align: bottom; background-color: white">
<td style="padding-left: 36.7pt; line-height: 115%; font-weight: bold"><font style="font: 10pt Times New Roman, Times, Serif">State
Unemployment Tax</font></td>
<td style="line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif"> </font></td>
<td style="line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif"> </font></td>
<td style="line-height: 115%; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">1,533</font></td>
<td nowrap="nowrap" style="line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif"> </font></td>
<td style="line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif"> </font></td>
<td style="line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif"> </font></td>
<td style="line-height: 115%; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">1,860</font></td>
<td nowrap="nowrap" style="line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif"> </font></td>
<td style="line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif"> </font></td>
<td style="line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif"> </font></td>
<td style="line-height: 115%; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">-</font></td>
<td nowrap="nowrap" style="line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif"> </font></td>
<td style="line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif"> </font></td>
<td style="line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif"> </font></td>
<td style="line-height: 115%; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">682</font></td>
<td nowrap="nowrap" style="line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif"> </font></td></tr>
<tr style="vertical-align: bottom; background-color: #CCEEFF">
<td style="padding-left: 36.7pt; line-height: 115%; font-weight: bold"><font style="font: 10pt Times New Roman, Times, Serif">US
Medicare Tax - ER</font></td>
<td style="line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif"> </font></td>
<td style="line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif"> </font></td>
<td style="line-height: 115%; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">5,186</font></td>
<td nowrap="nowrap" style="line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif"> </font></td>
<td style="line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif"> </font></td>
<td style="line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif"> </font></td>
<td style="line-height: 115%; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">3,891</font></td>
<td nowrap="nowrap" style="line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif"> </font></td>
<td style="line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif"> </font></td>
<td style="line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif"> </font></td>
<td style="line-height: 115%; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">2,501</font></td>
<td nowrap="nowrap" style="line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif"> </font></td>
<td style="line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif"> </font></td>
<td style="line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif"> </font></td>
<td style="line-height: 115%; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">1,931</font></td>
<td nowrap="nowrap" style="line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif"> </font></td></tr>
<tr style="vertical-align: bottom; background-color: white">
<td style="padding-left: 36.7pt; line-height: 115%; font-weight: bold"><font style="font: 10pt Times New Roman, Times, Serif">US
Social Security Tax -ER</font></td>
<td style="line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif"> </font></td>
<td style="line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif"> </font></td>
<td style="line-height: 115%; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">18,150</font></td>
<td nowrap="nowrap" style="line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif"> </font></td>
<td style="line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif"> </font></td>
<td style="line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif"> </font></td>
<td style="line-height: 115%; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">12,110</font></td>
<td nowrap="nowrap" style="line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif"> </font></td>
<td style="line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif"> </font></td>
<td style="line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif"> </font></td>
<td style="line-height: 115%; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">6,671</font></td>
<td nowrap="nowrap" style="line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif"> </font></td>
<td style="line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif"> </font></td>
<td style="line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif"> </font></td>
<td style="line-height: 115%; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">3,727</font></td>
<td nowrap="nowrap" style="line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif"> </font></td></tr>
<tr style="vertical-align: bottom; background-color: #CCEEFF">
<td style="padding-left: 36.7pt; line-height: 115%; font-weight: bold"><font style="font: 10pt Times New Roman, Times, Serif">Payroll
Expense - ER - Other</font></td>
<td style="line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif"> </font></td>
<td style="border-bottom: black 1.5pt solid; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif"> </font></td>
<td style="border-bottom: black 1.5pt solid; line-height: 115%; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">279</font></td>
<td nowrap="nowrap" style="line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif"> </font></td>
<td style="line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif"> </font></td>
<td style="border-bottom: black 1.5pt solid; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif"> </font></td>
<td style="border-bottom: black 1.5pt solid; line-height: 115%; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">232</font></td>
<td nowrap="nowrap" style="line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif"> </font></td>
<td style="line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif"> </font></td>
<td style="border-bottom: black 1.5pt solid; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif"> </font></td>
<td style="border-bottom: black 1.5pt solid; line-height: 115%; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">-</font></td>
<td nowrap="nowrap" style="line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif"> </font></td>
<td style="line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif"> </font></td>
<td style="border-bottom: black 1.5pt solid; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif"> </font></td>
<td style="border-bottom: black 1.5pt solid; line-height: 115%; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">353</font></td>
<td nowrap="nowrap" style="line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif"> </font></td></tr>
<tr style="vertical-align: bottom; background-color: white">
<td style="line-height: 115%; font-weight: bold"><font style="font: 10pt Times New Roman, Times, Serif">Total Payroll Expense
- ER</font></td>
<td style="line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif"> </font></td>
<td style="line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif"> </font></td>
<td style="line-height: 115%; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">25,540</font></td>
<td nowrap="nowrap" style="line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif"> </font></td>
<td style="line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif"> </font></td>
<td style="line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif"> </font></td>
<td style="line-height: 115%; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">18,093</font></td>
<td nowrap="nowrap" style="line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif"> </font></td>
<td style="line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif"> </font></td>
<td style="line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif"> </font></td>
<td style="line-height: 115%; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">9,172</font></td>
<td nowrap="nowrap" style="line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif"> </font></td>
<td style="line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif"> </font></td>
<td style="line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif"> </font></td>
<td style="line-height: 115%; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">6,691</font></td>
<td nowrap="nowrap" style="line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif"> </font></td></tr>
<tr style="vertical-align: bottom; background-color: #CCEEFF">
<td style="line-height: 115%; font-weight: bold"><font style="font: 10pt Times New Roman, Times, Serif">Payroll Expenses -
EE</font></td>
<td style="line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif"> </font></td>
<td style="line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif"> </font></td>
<td style="line-height: 115%; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif"> </font></td>
<td nowrap="nowrap" style="line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif"> </font></td>
<td style="line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif"> </font></td>
<td style="line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif"> </font></td>
<td style="line-height: 115%; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif"> </font></td>
<td nowrap="nowrap" style="line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif"> </font></td>
<td style="line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif"> </font></td>
<td style="line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif"> </font></td>
<td style="line-height: 115%; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif"> </font></td>
<td nowrap="nowrap" style="line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif"> </font></td>
<td style="line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif"> </font></td>
<td style="line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif"> </font></td>
<td style="line-height: 115%; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif"> </font></td>
<td nowrap="nowrap" style="line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif"> </font></td></tr>
<tr style="vertical-align: bottom; background-color: white">
<td style="padding-left: 36.7pt; line-height: 115%; font-weight: bold"><font style="font: 10pt Times New Roman, Times, Serif">Federal
Tax Withholding</font></td>
<td style="line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif"> </font></td>
<td style="line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif"> </font></td>
<td style="line-height: 115%; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">63,173</font></td>
<td nowrap="nowrap" style="line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif"> </font></td>
<td style="line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif"> </font></td>
<td style="line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif"> </font></td>
<td style="line-height: 115%; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">47,821</font></td>
<td nowrap="nowrap" style="line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif"> </font></td>
<td style="line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif"> </font></td>
<td style="line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif"> </font></td>
<td style="line-height: 115%; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">31,449</font></td>
<td nowrap="nowrap" style="line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif"> </font></td>
<td style="line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif"> </font></td>
<td style="line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif"> </font></td>
<td style="line-height: 115%; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">25,083</font></td>
<td nowrap="nowrap" style="line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif"> </font></td></tr>
<tr style="vertical-align: bottom; background-color: #CCEEFF">
<td style="padding-left: 36.7pt; line-height: 115%; font-weight: bold"><font style="font: 10pt Times New Roman, Times, Serif">State
Tax Withholding</font></td>
<td style="line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif"> </font></td>
<td style="line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif"> </font></td>
<td style="line-height: 115%; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">22,175</font></td>
<td nowrap="nowrap" style="line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif"> </font></td>
<td style="line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif"> </font></td>
<td style="line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif"> </font></td>
<td style="line-height: 115%; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">15,981</font></td>
<td nowrap="nowrap" style="line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif"> </font></td>
<td style="line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif"> </font></td>
<td style="line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif"> </font></td>
<td style="line-height: 115%; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">10,596</font></td>
<td nowrap="nowrap" style="line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif"> </font></td>
<td style="line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif"> </font></td>
<td style="line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif"> </font></td>
<td style="line-height: 115%; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">7,462</font></td>
<td nowrap="nowrap" style="line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif"> </font></td></tr>
<tr style="vertical-align: bottom; background-color: white">
<td style="padding-left: 36.7pt; line-height: 115%; font-weight: bold"><font style="font: 10pt Times New Roman, Times, Serif">US
Medicare Tax -EE</font></td>
<td style="line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif"> </font></td>
<td style="line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif"> </font></td>
<td style="line-height: 115%; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">5,186</font></td>
<td nowrap="nowrap" style="line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif"> </font></td>
<td style="line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif"> </font></td>
<td style="line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif"> </font></td>
<td style="line-height: 115%; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">3,891</font></td>
<td nowrap="nowrap" style="line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif"> </font></td>
<td style="line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif"> </font></td>
<td style="line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif"> </font></td>
<td style="line-height: 115%; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">2,501</font></td>
<td nowrap="nowrap" style="line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif"> </font></td>
<td style="line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif"> </font></td>
<td style="line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif"> </font></td>
<td style="line-height: 115%; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">1,931</font></td>
<td nowrap="nowrap" style="line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif"> </font></td></tr>
<tr style="vertical-align: bottom; background-color: #CCEEFF">
<td style="padding-left: 36.7pt; line-height: 115%; font-weight: bold"><font style="font: 10pt Times New Roman, Times, Serif">US
Net Salaries payment - EE</font></td>
<td style="line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif"> </font></td>
<td style="line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif"> </font></td>
<td style="line-height: 115%; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">254,331</font></td>
<td nowrap="nowrap" style="line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif"> </font></td>
<td style="line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif"> </font></td>
<td style="line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif"> </font></td>
<td style="line-height: 115%; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">199,260</font></td>
<td nowrap="nowrap" style="line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif"> </font></td>
<td style="line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif"> </font></td>
<td style="line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif"> </font></td>
<td style="line-height: 115%; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">122,790</font></td>
<td nowrap="nowrap" style="line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif"> </font></td>
<td style="line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif"> </font></td>
<td style="line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif"> </font></td>
<td style="line-height: 115%; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">103,011</font></td>
<td nowrap="nowrap" style="line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif"> </font></td></tr>
<tr style="vertical-align: bottom; background-color: white">
<td style="padding-left: 36.7pt; line-height: 115%; font-weight: bold"><font style="font: 10pt Times New Roman, Times, Serif">US
Social Security Tax - EE</font></td>
<td style="line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif"> </font></td>
<td style="border-bottom: black 1.5pt solid; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif"> </font></td>
<td style="border-bottom: black 1.5pt solid; line-height: 115%; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">12,295</font></td>
<td nowrap="nowrap" style="line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif"> </font></td>
<td style="line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif"> </font></td>
<td style="border-bottom: black 1.5pt solid; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif"> </font></td>
<td style="border-bottom: black 1.5pt solid; line-height: 115%; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">8,706</font></td>
<td nowrap="nowrap" style="line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif"> </font></td>
<td style="line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif"> </font></td>
<td style="border-bottom: black 1.5pt solid; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif"> </font></td>
<td style="border-bottom: black 1.5pt solid; line-height: 115%; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">4,519</font></td>
<td nowrap="nowrap" style="line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif"> </font></td>
<td style="line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif"> </font></td>
<td style="border-bottom: black 1.5pt solid; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif"> </font></td>
<td style="border-bottom: black 1.5pt solid; line-height: 115%; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">3,028</font></td>
<td nowrap="nowrap" style="line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif"> </font></td></tr>
<tr style="vertical-align: bottom; background-color: #CCEEFF">
<td style="line-height: 115%; font-weight: bold"><font style="font: 10pt Times New Roman, Times, Serif">Total Payroll Expenses
- EE</font></td>
<td style="line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif"> </font></td>
<td style="line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif"> </font></td>
<td style="line-height: 115%; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">357,160</font></td>
<td nowrap="nowrap" style="line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif"> </font></td>
<td style="line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif"> </font></td>
<td style="line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif"> </font></td>
<td style="line-height: 115%; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">275,659</font></td>
<td nowrap="nowrap" style="line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif"> </font></td>
<td style="line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif"> </font></td>
<td style="line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif"> </font></td>
<td style="line-height: 115%; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">171,856</font></td>
<td nowrap="nowrap" style="line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif"> </font></td>
<td style="line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif"> </font></td>
<td style="line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif"> </font></td>
<td style="line-height: 115%; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">140,515</font></td>
<td nowrap="nowrap" style="line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif"> </font></td></tr>
<tr style="vertical-align: bottom; background-color: white">
<td style="line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif"> </font></td>
<td style="line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif"> </font></td>
<td style="line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif"> </font></td>
<td style="line-height: 115%; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif"> </font></td>
<td nowrap="nowrap" style="line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif"> </font></td>
<td style="line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif"> </font></td>
<td style="line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif"> </font></td>
<td style="line-height: 115%; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif"> </font></td>
<td nowrap="nowrap" style="line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif"> </font></td>
<td style="line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif"> </font></td>
<td style="line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif"> </font></td>
<td style="line-height: 115%; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif"> </font></td>
<td nowrap="nowrap" style="line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif"> </font></td>
<td style="line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif"> </font></td>
<td style="line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif"> </font></td>
<td style="line-height: 115%; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif"> </font></td>
<td nowrap="nowrap" style="line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif"> </font></td></tr>
<tr style="vertical-align: bottom; background-color: #CCEEFF">
<td style="line-height: 115%; font-weight: bold"><font style="font: 10pt Times New Roman, Times, Serif">Total Payroll Expenses</font></td>
<td style="line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif"> </font></td>
<td style="border-bottom: black 2.25pt double; line-height: 115%; font-weight: bold"><font style="font: 10pt Times New Roman, Times, Serif">$</font></td>
<td style="border-bottom: black 2.25pt double; line-height: 115%; font-weight: bold; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">382,700</font></td>
<td nowrap="nowrap" style="line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif"> </font></td>
<td style="line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif"> </font></td>
<td style="border-bottom: black 2.25pt double; line-height: 115%; font-weight: bold"><font style="font: 10pt Times New Roman, Times, Serif">$</font></td>
<td style="border-bottom: black 2.25pt double; line-height: 115%; font-weight: bold; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">293,752</font></td>
<td nowrap="nowrap" style="line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif"> </font></td>
<td style="line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif"> </font></td>
<td style="border-bottom: black 2.25pt double; line-height: 115%; font-weight: bold"><font style="font: 10pt Times New Roman, Times, Serif">$</font></td>
<td style="border-bottom: black 2.25pt double; line-height: 115%; font-weight: bold; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">181,028</font></td>
<td nowrap="nowrap" style="line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif"> </font></td>
<td style="line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif"> </font></td>
<td style="border-bottom: black 2.25pt double; line-height: 115%; font-weight: bold"><font style="font: 10pt Times New Roman, Times, Serif">$</font></td>
<td style="border-bottom: black 2.25pt double; line-height: 115%; font-weight: bold; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">147,206</font></td>
<td nowrap="nowrap" style="line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif"> </font></td></tr>
</table>
<p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0"><font style="font: 10pt Times New Roman, Times, Serif"> </font></p>
<p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif"><b><u>Professional
Fee</u></b></font></p>
<p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif"> </font></p>
<p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">Professional
fees are consist of accounting and auditing fee, legal fee, commission and consulting expenses, SEC filling fee, and other professional
expenses. The total professional fees were $ 57,982 and $ 59,460 for the fiscal quarter ended June 30, 2012 and 2011 respectively.</font></p>
<p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif"> </font></p>
<p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif"><b><u>Comprehensive
Income</u></b></font></p>
<p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif"> </font></p>
<p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">The
company’s comprehensive income is comprised of net income, unrealized gains and losses on marketable securities classified
foreign currency translation adjustments, and unrealized gains and losses on derivative financial instruments related to foreign
currency hedging.</font></p>
<p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif"> </font></p>
<p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0"><font style="font: 10pt Times New Roman, Times, Serif"><b><u>Recent
Accounting Pronouncements</u></b></font></p>
<p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0"><font style="font: 10pt Times New Roman, Times, Serif"> </font></p>
<p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif"><i>Business
Combinations</i> —The new guidance on business combinations retains the underlying concepts of the previously issued standard
in that the acquirer of a business is required to account for the business combination at fair value. As with previous guidance,
the assets and liabilities of the acquired business are recorded at their fair values at the date of acquisition. The excess of
the purchase price over the estimated fair values are recorded as goodwill. The new pronouncement results in some changes to the
method of applying the acquisition method of accounting for business combinations in a number of significant aspects. Under the
new guidance, all acquisition costs are expensed as incurred and in-process research and development costs are recorded at fair
value as an indefinite-lived intangible asset. Prior to the adoption, in-process research and development costs were immediately
expensed and acquisition costs were capitalized. Further, the new guidance generally requires restructuring charges associated
with a business combination to be expensed subsequent to the acquisition date.</font></p>
<p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif"> </font></p>
<p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif"><i>Fair
Value Measurements and Disclosures</i> — The pronouncements define fair value, establish guidelines for measuring fair value,
and expand disclosures regarding fair value measurements.</font></p>
<p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif"> </font></p>
<p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif"><i>Derivative
Instruments and Hedging Activities</i> — The pronouncement requires additional disclosures about the objectives of derivative
instruments and hedging activities, the method of accounting for such instruments, and a tabular disclosure of the effects of
such instruments and related hedged items on Financial Statements. The pronouncement does not change the accounting treatment
for derivative instruments.</font></p>
<p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif"> </font></p>
<p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif"><i>Variable
Interest Entities and Transfers of Financial Assets and Extinguishments of Liabilities</i> — The pronouncement on transfers
of financial assets and extinguishments of liabilities removes the concept of a qualifying special-purpose entity and removes
the exception from applying variable interest entity accounting to qualifying special-purpose entities. The new guidance on variable
interest entities requires an entity to perform an ongoing analysis to determine whether the entity’s variable interest or
interests give it a controlling financial interest in a variable interest entity. The pronouncements are effective for fiscal
years beginning after November 15, 2009.</font></p>
<p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif"> </font></p>
<p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">Management
does not anticipate that the adoption of these standards will have a material impact on the financial statements.</font></p>
<p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif"> </font></p>
<p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0"><font style="font: 10pt Times New Roman, Times, Serif"><b><u>Income
Tax</u></b></font></p>
<p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0"><font style="font: 10pt Times New Roman, Times, Serif"> </font></p>
<p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">Income
taxes are provided for tax effects of transactions reported in the financial statements and consist of taxes currently due plus
deferred taxes. Deferred taxes are recognized for differences between the bases of assets and liabilities for financial statement
and income tax purposes. The differences in asset and liability bases relate primarily to organization and start-up costs (use
of different methods and periods to calculate deduction). Deferred taxes are also recognized for operating losses and tax credits
that are available to offset future income taxes. The deferred tax assets and/or liabilities represent the future tax return consequences
of those differences, which will either be taxable or deductible when the assets and liabilities are recovered or settled. The
components of the deferred tax asset and liability are classified as current and concurrent based on their characteristics. Valuation
allowances are provided for deferred tax assets based on management’s projection of the sufficiency of future taxable income
to realize the assets.</font></p>
<p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0"><font style="font-size: 10pt">As of June 30, 2012, total
29,277,760 shares were issued to officers and directors. Please see the table below for details:</font></p>
<p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0"> </p>
<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
<tr style="vertical-align: bottom">
<td style="line-height: 115%; font-weight: bold">Name</td>
<td style="line-height: 115%"> </td>
<td colspan="2" style="border-bottom: black 1.5pt solid; line-height: 115%; font-weight: bold; text-align: center">Total Shares</td>
<td nowrap="nowrap" style="line-height: 115%; text-align: center"> </td>
<td style="line-height: 115%; text-align: center"> </td>
<td colspan="2" style="border-bottom: black 1.5pt solid; line-height: 115%; font-weight: bold; text-align: center">Total Amount</td>
<td nowrap="nowrap" style="line-height: 115%; text-align: center"> </td>
<td style="line-height: 115%; text-align: center"> </td>
<td colspan="2" style="border-bottom: black 1.5pt solid; line-height: 115%; font-weight: bold; text-align: center">Percentage</td>
<td nowrap="nowrap" style="line-height: 115%"> </td></tr>
<tr style="vertical-align: bottom; background-color: #CCEEFF">
<td style="width: 64%; line-height: 115%">Fenglan Li</td>
<td style="width: 1%; line-height: 115%"> </td>
<td style="width: 2%; line-height: 115%"> </td>
<td style="width: 8%; line-height: 115%; text-align: right">165,000</td>
<td nowrap="nowrap" style="width: 1%; line-height: 115%"> </td>
<td style="width: 1%; line-height: 115%"> </td>
<td style="width: 2%; line-height: 115%"> </td>
<td style="width: 8%; line-height: 115%; text-align: right">15,750</td>
<td nowrap="nowrap" style="width: 1%; line-height: 115%"> </td>
<td style="width: 1%; line-height: 115%; text-align: right"> </td>
<td style="width: 1%; line-height: 115%"> </td>
<td style="width: 9%; line-height: 115%; text-align: right">0.42</td>
<td nowrap="nowrap" style="width: 1%; line-height: 115%">%</td></tr>
<tr style="vertical-align: bottom; background-color: white">
<td style="line-height: 115%">Fuling Li</td>
<td style="line-height: 115%"> </td>
<td style="line-height: 115%"> </td>
<td style="line-height: 115%; text-align: right">115,000</td>
<td nowrap="nowrap" style="line-height: 115%"> </td>
<td style="line-height: 115%"> </td>
<td style="line-height: 115%"> </td>
<td style="line-height: 115%; text-align: right">10,750</td>
<td nowrap="nowrap" style="line-height: 115%"> </td>
<td style="line-height: 115%; text-align: right"> </td>
<td style="line-height: 115%"> </td>
<td style="line-height: 115%; text-align: right">0.29</td>
<td nowrap="nowrap" style="line-height: 115%">%</td></tr>
<tr style="vertical-align: bottom; background-color: #CCEEFF">
<td style="line-height: 115%">Ying Zhong</td>
<td style="line-height: 115%"> </td>
<td style="line-height: 115%"> </td>
<td style="line-height: 115%; text-align: right">2,000,000</td>
<td nowrap="nowrap" style="line-height: 115%"> </td>
<td style="line-height: 115%"> </td>
<td style="line-height: 115%"> </td>
<td style="line-height: 115%; text-align: right">200,000</td>
<td nowrap="nowrap" style="line-height: 115%"> </td>
<td style="line-height: 115%; text-align: right"> </td>
<td style="line-height: 115%"> </td>
<td style="line-height: 115%; text-align: right">5.13</td>
<td nowrap="nowrap" style="line-height: 115%">%</td></tr>
<tr style="vertical-align: bottom; background-color: white">
<td style="line-height: 115%">Jianfeng Ding & Yaru Huang</td>
<td style="line-height: 115%"> </td>
<td style="line-height: 115%"> </td>
<td style="line-height: 115%; text-align: right">26,997,760</td>
<td nowrap="nowrap" style="line-height: 115%"> </td>
<td style="line-height: 115%"> </td>
<td style="line-height: 115%"> </td>
<td style="line-height: 115%; text-align: right">323,998</td>
<td nowrap="nowrap" style="line-height: 115%"> </td>
<td style="line-height: 115%; text-align: right"> </td>
<td style="line-height: 115%"> </td>
<td style="line-height: 115%; text-align: right">69.24</td>
<td nowrap="nowrap" style="line-height: 115%">%</td></tr>
<tr style="vertical-align: bottom; background-color: #CCEEFF">
<td style="line-height: 115%; font-weight: bold">Total</td>
<td style="line-height: 115%"> </td>
<td style="line-height: 115%"> </td>
<td style="line-height: 115%; font-weight: bold; text-align: right">29,277,760</td>
<td nowrap="nowrap" style="line-height: 115%"> </td>
<td style="line-height: 115%"> </td>
<td style="line-height: 115%; font-weight: bold">$</td>
<td style="line-height: 115%; font-weight: bold; text-align: right">550,498</td>
<td nowrap="nowrap" style="line-height: 115%"> </td>
<td style="line-height: 115%; text-align: right"> </td>
<td style="line-height: 115%"> </td>
<td style="line-height: 115%; text-align: right">75.08</td>
<td nowrap="nowrap" style="line-height: 115%">%</td></tr>
<tr style="vertical-align: bottom; background-color: white">
<td style="line-height: 115%"> </td>
<td style="line-height: 115%"> </td>
<td style="line-height: 115%"> </td>
<td style="line-height: 115%; text-align: right"> </td>
<td nowrap="nowrap" style="line-height: 115%"> </td>
<td style="line-height: 115%"> </td>
<td style="line-height: 115%"> </td>
<td style="line-height: 115%; text-align: right"> </td>
<td nowrap="nowrap" style="line-height: 115%"> </td>
<td style="line-height: 115%"> </td>
<td style="line-height: 115%"> </td>
<td style="line-height: 115%; text-align: right"> </td>
<td nowrap="nowrap" style="line-height: 115%"> </td></tr>
<tr style="vertical-align: bottom; background-color: white">
<td colspan="12">
<p style="font: 10pt/normal Calibri, Helvetica, Sans-Serif; margin: 0; text-indent: 0.25in"><font style="font-family: Symbol">·
</font><font style="font: 10pt Times New Roman, Times, Serif">Based on total issued shares as of December 31, 2009: 38,990,827.</font></p>
<p style="font: 10pt/normal Calibri, Helvetica, Sans-Serif; margin: 0; text-indent: 0.25in"><font style="font-family: Symbol">·
</font><font style="font-family: Times New Roman, Times, Serif">Total outstanding issued shares as of June 30, 2012: 38,990,827</font></p></td>
<td nowrap="nowrap" style="line-height: 115%"> </td></tr>
</table>
<p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0"> </p>
<p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0"><b><u>Cost of Goods Sold</u></b></p>
<p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0"> </p>
<p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify">The Company’s purchase is primarily
from supplier, Zhong Nan Fu Rui Mechanical Electronics Manufacturing Co., Ltd., owned 100% by the founder of the Company, Jianfeng
Ding. Due to Jianfeng Ding, and Yaru Huang, husband and wife, combined hold 69.24% issued common shares for Flurida Group, Inc.,
the two entities, Flurida Group, Inc., and Zhong Nan Fu Rui Mechanical Electronics Manufacturing Co., Ltd., are under conmmon control
according to EITF 02-5.</p>
<p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify"><br />
The products the Company will sell are manufactured in China by Zhong Nan Fu Rui Mechanical Electronics Manufacturing Co., Ltd.
(“Zhong Nan Fu Rui”). It was established in 2005 specializing in home appliance components and subassemblies manufacturing,
and located in Qingdao City, Shandong Province, China. On September 18, 2007, amended June 25, 2008 and further amended on August
4, 2008, Flurida Group, Inc. signed a five year distribution agreement with Zhong Nan Fu Rui Mechanical Electronics Manufacturing
Co., Ltd. Zhong Nan Fu Rui is a Chinese manufacturing company owned 100% by Mr. Jianfeng Ding, our president. Under the terms of
the agreement Zhong Nan Fu Rui authorizes Flurida to be its exclusive sales agent for the ice making product lines, including icemaker
and ice water dispensing systems all over the world. The ice making product lines shall include the products that Zhong Nan Fu
Rui developed before the agreement signed and the products that will be developed solely by Zhong Nan Fu Rui during the term of
the agreement. Zhong Nan Fu Rui is the exclusive supplier of the products we sell. Although the distribution agreement requires
that the purchase price we will pay for these products will be comparable to what the Flurida would have paid a non-related party
in market price, Mr. Ding may face a conflict in calculating the price the products are sold to Flurida and the determining amount
of products the Flurida purchase. However, because Mr. Ding has a fiduciary duty to Flurida and the shareholders, he has indicated
that he will assure strict adherence to this provision of the agreement and will not require Flurida to purchase a quantity of
products in excess of that which Flurida can reasonably afford or reasonably expect to sell in within two to three months of our
purchase of the products.</p>
<p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p>
<p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify">The management of Flurida Group, Inc.
believes that the purchase price for the parts from Zhong Nan Fu Rui will be market price. Flurida Group, Inc. and Zhong Nan Fu
Rui are two totally separated entities, i.e., Flurida Group, Inc. is a USA corporation and will fully comply with USA regulations
and USA general accepted accounting principles; Zhong Nan Fu Rui is a Chinese company and it will comply with Chinese legal
systems.</p>
<p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p>
<p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0"> </p>
<p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0"><b><u>Cost of Goods Sold (Continued)</u></b></p>
<p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0"> </p>
<p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify">Flurida Group, Inc. and Zhong Nan Fu
Rui will operate independently. Zhong Nan Fu Rui, as a Chinese local manufacturer, will record their manufacturing costs and inventories
based on the Chinese accounting regulations rulings. But, when Flurida Group, Inc. purchases the parts from Zhong Nan Fu Rui, Flurida
Group will record the actual costs paid to Zhong Nan Fu Rui as the costs for inventory of Flurida Group, Inc. There is no any relationship
for Zhong Nan Fu Rui’s manufacturing historic costs with Flurida Group’s inventory value. Specifically, Flurida’s
inventory value is equal to the purchase price or actual cost of the parts purchased from Zhong Nan Fu Rui, and the purchase price
of the parts will be fair market price. Flurida Group, Inc. will adopt the first-in and first-out inventory system according to
generally accepted accounting principles in USA.</p>
<p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p>
<p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify">The management of Zhong Nan Fu Rui disclosed
to Flurida Group, Inc. that, Zhong Nan Fu Rui adopted the cost plus pricing policies with market adjustment, negotiable with customers.
Zhong Nan Fu Rui adopted the cost plus system for all the products for all customers including the product, icemakers exclusively
distributed by Flurida Group, Inc. Specifically, the selling price is determined by total actual manufacturing cost of direct manufacturing
materials (parts), direct manufacturing labor, and allocated manufacturing overhead cost, plus 5-10% of total manufacturing cost.
Zhong Nan Fu Rui’s minimum gross profit margin is 5%.</p>
<p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p>
<p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify">Flurida Group also purchased the products
from suppliers, Qingdao Fubida Electronics Co., Ltd, Shanghai Fulu International Trading Co., Ltd, and Chuzhou Fuda Mechanical
and Electronics Co., Ltd on purchase orders basis.</p>
<p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p>
<p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify">Qingdao Fubida Electronics Co., Ltd,
owned 100% indirectly by Jianfeng Ding and Yaru Huang, husband and wife. Qingdao Fubida Electronics Co., Ltd is a manufacturing
company, and it was established in 2003 specializing in home appliance control components and subassemblies manufacturing, and
located in Qingdao City, Shandong Province, China. The plant space is around 70,000 sq ft. 14units injection molding machine up
to 600 metric tons.</p>
<p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p>
<p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify">Shanghai Fulu International Trading
Co., Ltd. a trading company established in 2007, located at Shanghai, China, 100% owned indirectly by Jianfeng Ding and Yaru Huang.</p>
<p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p>
<p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify">Chuzhou Fuda Mechanical & Electronics
Co., Ltd. owned 100% indirectly by Jianfeng Ding and Yaru Huang, husband and wife is an appliance components and sub-assemblies
manufacturer established on March 18, 2008. Chuzhou Fuda is located in Chuzhou City, Anhui Province, China. The plant space is
around 100,000sq. ft. with 18 molding machine up to 800 metric ton and 6 assemblies lines for appliance components and assemblies.</p>
<p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p>
<p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify">At the period ended March 31, 2012,
the Company had ending inventory $1,973,218 that was purchased from Zhong Nan Fu Rui and ChuZhou FuDa.</p>
<p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p>
<p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify">From the period April 1 to June 30,
2012, Flurida Group, Inc. purchased Motors and parts from Zhong Nan Fu Rui at total cost of $ 602,397 for FOB shipping point at
Qingdao, China.</p>
<p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p>
<p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify">Flurida Group, Inc. also purchased Motors,
Deflectors, Icemakers, Magnets, Dac boxes, and other related parts from Qingdao Fubida Electronics Co., Ltd. at total cost of $
496 for FOB shipping point at Qingdao, China.</p>
<p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p>
<p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify">The Company purchased Icemakers and
parts from ChuZhou FuDa at total cost of $ 3,715,161 for FOB shipping point at Nanjing, China.</p>
<p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p>
<p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify">To manufacture the related refrigerator
appliance parts, Zhong Nan Fu Rui and Chu Zhou Fu Da., needs key parts made in USA, which were purchased through Flurida Group,
Inc. in USA. The costs of purchasing the parts were $ 145,046 in the fiscal quarter end June 30, 2012.</p>
<p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p>
<p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify">For the fiscal quarter ended June 30,
2012, the Company had total purchase of $ 4,463,100.</p>
<p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p>
<p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify">For the period of April 1 to June 30,
2012, the company returned $ 115,801 motors to the supplier Zhong Nan Fu Rui Mechanical Electronics Manufacturing Co., Ltd.</p>
<p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p>
<p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify">At the periods ended June 30, 2012,
the company had 24,154 Icemakers and 784,078 pieces motors ending inventory at a value $ 2,416,182; and had inventory of $ 35,321
thermostats and other related key parts for icemakers and motors that purchased from US supplier, total up an ending inventory
of $ 2,451,503.</p>
<p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p>
<p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify">For the period of April 1 to
June 30, 2012, the company had freight cost and other related cost of $ 7,950.</p>
<p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p>
<p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify">Therefore, in the fiscal quarter ended
June 30, 2012, the Company incurred a total cost of good sold of $ 3,876,964.</p>
<p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p>
<p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify"><b><u>Loan to Supplier</u></b></p>
<p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p>
<p style="font: 11pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font-size: 10pt">At October
1</font><font style="font-size: 7pt">st 2011</font><font style="font-size: 10pt">, Flurida Group, Inc entered into a loan agreement
of $224,602 with the company’s primary supplier, Zhong Nan Fu Rui. The outstanding balance bears interest at 5.00%, pursuant
to a written agreement, for the term from October 1</font><font style="font-size: 7pt">st</font><font style="font-size: 10pt">
2011 to October 1</font><font style="font-size: 7pt">st</font><font style="font-size: 10pt"> 2013.</font></p>
<p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify">During the year ended December 31, 2008,
Flurida Group, Inc has issued total 11,699,067 new shares on April 15, 2008, including 11,649,067 shares issued to loan holders
who converted all the loans to common shares. At the year ended December 31, 2008, Flurida Group, Inc. incurred net loss of $ (194,079).</p>
<p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p>
<p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify">Therefore, the total stockholders’
equity balance at December 31, 2008 was $ 1,075,377.</p>
<p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p>
<p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify">On April 15, 2008, 50,000 shares issued
to Williams Law Group at $ 0.10, for the legal service value of $5,000. On April 1, 2008, seven non-affiliated loan holders asked
for repayment of their loans in the aggregate amount of $ 25,066 plus the total interest cost of $624.72, which was paid on the
same date, April 1, 2008; meantime, seven additional lenders loaned an aggregate amount of $ 9,926.</p>
<p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p>
<p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify">On April 15, 2008, total loan amount
of $1,164,906 was converted to common shares at price of $0.10 per share, for the total shares of 11,649,067 shares, which were
issued to the loans holders.</p>
<p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p>
<p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify">There were no new shares issued during
the period ending December 31, 2009.</p>
<p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p>
<p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify">There were no new shares issued during
the period ending December 31, 2010.</p>
<p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p>
<p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify">There were no new shares issued during
the period ending December 31, 2011.</p>
<p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p>
<p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify">There were no new shares issued for
the period January 1, 2012 to June 30, 2012.</p>
<p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p>
<p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify">Therefore, as of June 30, 2012 total
shares issued and outstanding are 38,990,827.</p>
<p style="font: 8pt/115% Times New Roman, Times, Serif; margin: 0 0 10pt; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif; background-color: white">The
Company’s operating history and financial resources may raise doubt about its ability to continue as a going concern. The
financial statements do not include adjustments that might result from the outcome of this uncertainty and if the Company is unable
to generate significant revenue or secure financing, then the Company may be required to cease or curtail its operations.</font></p>
0.0042
0.0029
0.0513
0.6924
0.7508
784
2071
234
564
14590
3208
13824
2614
1494
1494
28105
34072
13214
869
504
276
272
10023
8252
5112
4667
1363
733
1058
253
3657
4050
2080
4050
8603
12262
5619
4078
4996
8660
3235
1779
537
220
524
28
25540
18093
9172
6691
357160
275659
171856
140515
4246
2313
1986
1813
63786
72316
57982
59460
25992
25923
13060
17047
750
277
1369
57
133
5075
4406
2994
2178
26511
20712
11317
9989
3004
2549
2475
977
18542
10008
8859
4797
231
472
231
155
1134
544
48288
34875
22882
16462
1172
756
605
232
620784
511236
320038
277544
<p style="font: 8pt/115% Times New Roman, Times, Serif; margin: 0 0 10pt; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif; background-color: white">The
preparation of financial statements in conformity with generally accepted accounting principles in the United States of America
requires management to make estimates and assumptions that affect certain amounts reported in the financial statements and disclosures.
Accordingly, actual results could differ from those estimates.</font></p>
<p style="font: 8pt/115% Times New Roman, Times, Serif; margin: 0 0 10pt"><font style="font: 10pt Times New Roman, Times, Serif; background-color: white">The
financial statements reflect the assets, revenues and expenditures of the Company on the accrued basis of accounting.</font></p>
<p style="font: 8pt/115% Times New Roman, Times, Serif; margin: 0 0 10pt; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif; background-color: white">The
consolidated financial statements of the Company include the accounts of Flurida Group USA and Flurida Group European S.R.L. All
significant intercompany balances and transactions have been eliminated in consolidation.</font></p>
<p style="font: 8pt/115% Times New Roman, Times, Serif; margin: 0 0 10pt; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif; background-color: white">The
Company considers all highly-liquid investments with an original maturity of three months or less when purchased to be cash equivalents.</font></p>
<p style="font: 8pt/115% Times New Roman, Times, Serif; margin: 0 0 10pt; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif; background-color: white">The
Company maintains its cash in bank accounts which, at times, may exceed the federally insured limits. The Company has not experienced
any losses in such accounts and believes it is not exposed to any significant credit risk on cash.</font></p>
<p style="font: 8pt/115% Times New Roman, Times, Serif; margin: 0 0 10pt; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif; background-color: white">The
Company has determined the United States dollars to be its functional currency for Flurida Group USA and European Euro to be its
functional currency in European business. Assets and liabilities were translated to U.S. dollars at the period-end exchange rate.
Statement of operations amounts were translated to U.S. dollars using the first date of each month during the year. Gains and
losses resulting from translating foreign currency financial statements are accumulated in other comprehensive income (loss),
a separate component of shareholders’ equity.</font></p>
<p style="font: 8pt/115% Times New Roman, Times, Serif; margin: 0 0 10pt; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif; background-color: white">Basic
earnings per share is computed by dividing income available to common shareholders (the numerator) by the weighted-average number
of common shares outstanding (the denominator) for the period. Diluted earnings per share assume that any dilutive convertible
securities outstanding were converted, with related preferred stock dividend requirements and outstanding common shares adjusted
accordingly. It also assumes that outstanding common shares were increased by shares issuable upon exercise of those stock options
for which market price exceeds the exercise price, less shares which could have been purchased by us with the related proceeds.
In periods of losses, diluted loss per share is computed on the same basis as basic loss per share as the inclusion of any other
potential shares outstanding would be anti-dilutive.</font></p>
<p style="font: 8pt/115% Times New Roman, Times, Serif; margin: 0 0 10pt; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif; background-color: white">The
inventory was valued at cost of purchase from suppliers.</font></p>
<p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; background-color: white"><font style="font: 10pt Times New Roman, Times, Serif">Revenues
include sales of appliance parts in Asia, Europe, and North America.</font></p>
<p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; background-color: white"><font style="font: 10pt Times New Roman, Times, Serif"> </font></p>
<p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; background-color: white"><font style="font: 10pt Times New Roman, Times, Serif">Revenues
are recognized from product sales upon shipment, which is the point in time when risk of loss is transferred to the customer,
net of estimated returns and allowances.</font></p>
<p style="font: 8pt/115% Times New Roman, Times, Serif; margin: 0 0 10pt; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif"> </font></p>
<p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; background-color: white"><font style="font: 10pt Times New Roman, Times, Serif"><i>Business
Combinations</i> —The new guidance on business combinations retains the underlying concepts of the previously issued
standard in that the acquirer of a business is required to account for the business combination at fair value. As with previous
guidance, the assets and liabilities of the acquired business are recorded at their fair values at the date of acquisition. The
excess of the purchase price over the estimated fair values are recorded as goodwill. The new pronouncement results in some changes
to the method of applying the acquisition method of accounting for business combinations in a number of significant aspects. Under
the new guidance, all acquisition costs are expensed as incurred and in-process research and development costs are recorded at
fair value as an indefinite-lived intangible asset. Prior to the adoption, in-process research and development costs were immediately
expensed and acquisition costs were capitalized. Further, the new guidance generally requires restructuring charges associated
with a business combination to be expensed subsequent to the acquisition date.</font></p>
<p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; background-color: white"><font style="font: 10pt Times New Roman, Times, Serif"> </font></p>
<p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; background-color: white"><font style="font: 10pt Times New Roman, Times, Serif"><i>Fair
Value Measurements and Disclosures</i> — The pronouncements define fair value, establish guidelines for measuring fair
value, and expand disclosures regarding fair value measurements.</font></p>
<p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; background-color: white"><font style="font: 10pt Times New Roman, Times, Serif"> </font></p>
<p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; background-color: white"><font style="font: 10pt Times New Roman, Times, Serif"><i>Derivative
Instruments and Hedging Activities</i> — The pronouncement requires additional disclosures about the objectives of derivative
instruments and hedging activities, the method of accounting for such instruments, and a tabular disclosure of the effects of
such instruments and related hedged items on Financial Statements. The pronouncement does not change the accounting treatment
for derivative instruments.</font></p>
<p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; background-color: white"><font style="font: 10pt Times New Roman, Times, Serif"> </font></p>
<p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; background-color: white"><font style="font: 10pt Times New Roman, Times, Serif"><i>Variable
Interest Entities and Transfers of Financial Assets and Extinguishments of Liabilities</i> — The pronouncement on transfers
of financial assets and extinguishments of liabilities removes the concept of a qualifying special-purpose entity and removes
the exception from applying variable interest entity accounting to qualifying special-purpose entities. The new guidance on variable
interest entities requires an entity to perform an ongoing analysis to determine whether the entity’s variable interest or
interests give it a controlling financial interest in a variable interest entity. The pronouncements are effective for fiscal
years beginning after November 15, 2009.</font></p>
<p style="font: 8pt/115% Times New Roman, Times, Serif; margin: 0 0 10pt; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif"> </font></p>
<p style="font: 8pt/115% Times New Roman, Times, Serif; margin: 0 0 10pt; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif; background-color: white">Income
taxes are provided for tax effects of transactions reported in the financial statements and consist of taxes currently due plus
deferred taxes. Deferred taxes are recognized for differences between the bases of assets and liabilities for financial statement
and income tax purposes. The differences in asset and liability bases relate primarily to organization and start-up costs (use
of different methods and periods to calculate deduction). Deferred taxes are also recognized for operating losses and tax credits
that are available to offset future income taxes. The deferred tax assets and/or liabilities represent the future tax return consequences
of those differences, which will either be taxable or deductible when the assets and liabilities are recovered or settled. The
components of the deferred tax asset and liability are classified as current and concurrent based on their characteristics. Valuation
allowances are provided for deferred tax assets based on management’s projection of the sufficiency of future taxable income
to realize the assets.</font></p>
<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; background-color: white"><font style="font: 10pt Times New Roman, Times, Serif">As
of June 30, 2012, the company had a total of $ 1,486,658 account receivable from it major customers. Detail showed as below.</font></p>
<p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; background-color: white"><font style="font: 10pt Times New Roman, Times, Serif"> </font></p>
<table cellspacing="0" cellpadding="0" style="font: 8pt Times New Roman, Times, Serif; width: 100%">
<tr style="vertical-align: bottom">
<td style="line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif"> </font></td>
<td style="line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif"> </font></td>
<td style="line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif"> </font></td>
<td colspan="2" style="border-bottom: black 1.5pt solid; line-height: 115%; font-weight: bold; text-align: center"><font style="font: 10pt Times New Roman, Times, Serif">6/30/2012</font></td>
<td nowrap="nowrap" style="line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif"> </font></td></tr>
<tr style="vertical-align: bottom; background-color: #CCEEFF">
<td style="width: 2%; line-height: 115%; font-weight: bold"><font style="font: 10pt Times New Roman, Times, Serif"> </font></td>
<td style="width: 84%; line-height: 115%; font-weight: bold"><font style="font: 10pt Times New Roman, Times, Serif">Chuzhou
FuDa</font></td>
<td style="width: 2%; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif"> </font></td>
<td style="width: 2%; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">$</font></td>
<td style="width: 9%; line-height: 115%; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">133,909</font></td>
<td nowrap="nowrap" style="width: 1%; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif"> </font></td></tr>
<tr style="vertical-align: bottom; background-color: white">
<td style="line-height: 115%; font-weight: bold"><font style="font: 10pt Times New Roman, Times, Serif"> </font></td>
<td style="line-height: 115%; font-weight: bold"><font style="font: 10pt Times New Roman, Times, Serif">Electrolux- Australia</font></td>
<td style="line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif"> </font></td>
<td style="line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">$</font></td>
<td style="line-height: 115%; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">241,173</font></td>
<td nowrap="nowrap" style="line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif"> </font></td></tr>
<tr style="vertical-align: bottom; background-color: #CCEEFF">
<td style="line-height: 115%; font-weight: bold"><font style="font: 10pt Times New Roman, Times, Serif"> </font></td>
<td style="line-height: 115%; font-weight: bold"><font style="font: 10pt Times New Roman, Times, Serif">Electrolux-Anderson-US</font></td>
<td style="line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif"> </font></td>
<td style="line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">$</font></td>
<td style="line-height: 115%; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">127,266</font></td>
<td nowrap="nowrap" style="line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif"> </font></td></tr>
<tr style="vertical-align: bottom; background-color: white">
<td style="line-height: 115%; font-weight: bold"><font style="font: 10pt Times New Roman, Times, Serif"> </font></td>
<td style="line-height: 115%; font-weight: bold"><font style="font: 10pt Times New Roman, Times, Serif">Electrolux-Mexico</font></td>
<td style="line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif"> </font></td>
<td style="line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">$</font></td>
<td style="line-height: 115%; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">26,135</font></td>
<td nowrap="nowrap" style="line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif"> </font></td></tr>
<tr style="vertical-align: bottom; background-color: #CCEEFF">
<td style="line-height: 115%; font-weight: bold"><font style="font: 10pt Times New Roman, Times, Serif"> </font></td>
<td style="line-height: 115%; font-weight: bold"><font style="font: 10pt Times New Roman, Times, Serif">Electrolux Do Brasil</font></td>
<td style="line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif"> </font></td>
<td style="line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">$</font></td>
<td style="line-height: 115%; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">107,002</font></td>
<td nowrap="nowrap" style="line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif"> </font></td></tr>
<tr style="vertical-align: bottom; background-color: white">
<td style="line-height: 115%; font-weight: bold"><font style="font: 10pt Times New Roman, Times, Serif"> </font></td>
<td style="line-height: 115%; font-weight: bold"><font style="font: 10pt Times New Roman, Times, Serif">Electrolux-Major Appliance</font></td>
<td style="line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif"> </font></td>
<td style="line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">$</font></td>
<td style="line-height: 115%; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">68,943</font></td>
<td nowrap="nowrap" style="line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif"> </font></td></tr>
<tr style="vertical-align: bottom; background-color: #CCEEFF">
<td style="line-height: 115%; font-weight: bold"><font style="font: 10pt Times New Roman, Times, Serif"> </font></td>
<td style="line-height: 115%; font-weight: bold"><font style="font: 10pt Times New Roman, Times, Serif">Electrolux - Sweden</font></td>
<td style="line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif"> </font></td>
<td style="line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">$</font></td>
<td style="line-height: 115%; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">12,480</font></td>
<td nowrap="nowrap" style="line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif"> </font></td></tr>
<tr style="vertical-align: bottom; background-color: white">
<td style="line-height: 115%; font-weight: bold"><font style="font: 10pt Times New Roman, Times, Serif"> </font></td>
<td style="line-height: 115%; font-weight: bold"><font style="font: 10pt Times New Roman, Times, Serif">Electrolux Italy</font></td>
<td style="line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif"> </font></td>
<td style="line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">$</font></td>
<td style="line-height: 115%; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">160,617</font></td>
<td nowrap="nowrap" style="line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif"> </font></td></tr>
<tr style="vertical-align: bottom; background-color: #CCEEFF">
<td style="line-height: 115%; font-weight: bold"><font style="font: 10pt Times New Roman, Times, Serif"> </font></td>
<td style="line-height: 115%; font-weight: bold"><font style="font: 10pt Times New Roman, Times, Serif">Electrolux Hungary</font></td>
<td style="line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif"> </font></td>
<td style="line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">$</font></td>
<td style="line-height: 115%; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">520,524</font></td>
<td nowrap="nowrap" style="line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif"> </font></td></tr>
<tr style="vertical-align: bottom; background-color: white">
<td style="line-height: 115%; font-weight: bold"><font style="font: 10pt Times New Roman, Times, Serif"> </font></td>
<td style="line-height: 115%; font-weight: bold"><font style="font: 10pt Times New Roman, Times, Serif">General Electric Company</font></td>
<td style="line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif"> </font></td>
<td style="line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">$</font></td>
<td style="line-height: 115%; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">46,976</font></td>
<td nowrap="nowrap" style="line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif"> </font></td></tr>
<tr style="vertical-align: bottom; background-color: #CCEEFF">
<td style="line-height: 115%; font-weight: bold"><font style="font: 10pt Times New Roman, Times, Serif"> </font></td>
<td style="line-height: 115%; font-weight: bold"><font style="font: 10pt Times New Roman, Times, Serif">Master Precidion Global
LLC(MPG)</font></td>
<td style="line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif"> </font></td>
<td style="line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">$</font></td>
<td style="line-height: 115%; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">16,081</font></td>
<td nowrap="nowrap" style="line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif"> </font></td></tr>
<tr style="vertical-align: bottom; background-color: white">
<td style="line-height: 115%; font-weight: bold"><font style="font: 10pt Times New Roman, Times, Serif"> </font></td>
<td style="line-height: 115%; font-weight: bold"><font style="font: 10pt Times New Roman, Times, Serif">New Allied Electronics</font></td>
<td style="line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif"> </font></td>
<td style="line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">$</font></td>
<td style="line-height: 115%; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">596</font></td>
<td nowrap="nowrap" style="line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif"> </font></td></tr>
<tr style="vertical-align: bottom; background-color: #CCEEFF">
<td style="line-height: 115%; font-weight: bold"><font style="font: 10pt Times New Roman, Times, Serif"> </font></td>
<td style="line-height: 115%; font-weight: bold"><font style="font: 10pt Times New Roman, Times, Serif">Shamrock</font></td>
<td style="line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif"> </font></td>
<td style="line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">$</font></td>
<td style="line-height: 115%; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">7,800</font></td>
<td nowrap="nowrap" style="line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif"> </font></td></tr>
<tr style="vertical-align: bottom; background-color: white">
<td style="line-height: 115%; font-weight: bold"><font style="font: 10pt Times New Roman, Times, Serif"> </font></td>
<td style="line-height: 115%; font-weight: bold"><font style="font: 10pt Times New Roman, Times, Serif">Stanco Metal Products
Inc</font></td>
<td style="line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif"> </font></td>
<td style="line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">$</font></td>
<td style="line-height: 115%; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">13,634</font></td>
<td nowrap="nowrap" style="line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif"> </font></td></tr>
<tr style="vertical-align: bottom; background-color: #CCEEFF">
<td style="line-height: 115%; font-weight: bold"><font style="font: 10pt Times New Roman, Times, Serif"> </font></td>
<td style="line-height: 115%; font-weight: bold"><font style="font: 10pt Times New Roman, Times, Serif">ZhongNanFuRui</font></td>
<td style="line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif"> </font></td>
<td style="border-bottom: black 1.5pt solid; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">$</font></td>
<td style="border-bottom: black 1.5pt solid; line-height: 115%; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">3,522</font></td>
<td nowrap="nowrap" style="line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif"> </font></td></tr>
<tr style="vertical-align: bottom; background-color: white">
<td colspan="2" style="line-height: 115%; font-weight: bold"><font style="font: 10pt Times New Roman, Times, Serif">TOTAL
AR</font></td>
<td style="line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif"> </font></td>
<td style="border-bottom: black 2.25pt double; line-height: 115%; font-weight: bold"><font style="font: 10pt Times New Roman, Times, Serif">$</font></td>
<td style="border-bottom: black 2.25pt double; line-height: 115%; font-weight: bold; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">1,486,658</font></td>
<td nowrap="nowrap" style="line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif"> </font></td></tr>
</table>
<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; background-color: white"><font style="font: 10pt Times New Roman, Times, Serif"> </font></p>
<p style="font: 8pt/115% Times New Roman, Times, Serif; margin: 0 0 10pt"><font style="font: 10pt Times New Roman, Times, Serif"> </font></p>
<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; background-color: white"><font style="font: 10pt Times New Roman, Times, Serif">The
total payroll expenses for the fiscal quarter ended and six months ended June 30, 2012 and 2011 were listed as follows:</font></p>
<p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; background-color: white"><font style="font: 10pt Times New Roman, Times, Serif"> </font></p>
<table cellspacing="0" cellpadding="0" style="font: 8pt Times New Roman, Times, Serif; width: 100%">
<tr style="vertical-align: bottom">
<td style="line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif"> </font></td>
<td style="line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif"> </font></td>
<td colspan="5" style="border-bottom: black 1.5pt solid; line-height: 115%; font-weight: bold; text-align: center"><font style="font: 10pt Times New Roman, Times, Serif">Six
Months Ended</font></td>
<td nowrap="nowrap" style="line-height: 115%; text-align: center"><font style="font: 10pt Times New Roman, Times, Serif"> </font></td>
<td style="line-height: 115%; text-align: center"><font style="font: 10pt Times New Roman, Times, Serif"> </font></td>
<td colspan="3" style="border-bottom: black 1.5pt solid; line-height: 115%; font-weight: bold; text-align: center"><font style="font: 10pt Times New Roman, Times, Serif">Three
Months Ended</font></td>
<td nowrap="nowrap" style="line-height: 115%; text-align: center"><font style="font: 10pt Times New Roman, Times, Serif"> </font></td></tr>
<tr style="vertical-align: bottom">
<td style="line-height: 115%; text-align: center"><font style="font: 10pt Times New Roman, Times, Serif"> </font></td>
<td style="line-height: 115%; text-align: center"><font style="font: 10pt Times New Roman, Times, Serif"> </font></td>
<td colspan="2" style="border-bottom: black 1.5pt solid; line-height: 115%; font-weight: bold; text-align: center"><font style="font: 10pt Times New Roman, Times, Serif">June
30, 2012</font></td>
<td nowrap="nowrap" style="line-height: 115%; text-align: center"><font style="font: 10pt Times New Roman, Times, Serif"> </font></td>
<td style="line-height: 115%; text-align: center"><font style="font: 10pt Times New Roman, Times, Serif"> </font></td>
<td colspan="2" style="border-bottom: black 1.5pt solid; line-height: 115%; font-weight: bold; text-align: center"><font style="font: 10pt Times New Roman, Times, Serif">June
30, 2011</font></td>
<td nowrap="nowrap" style="line-height: 115%; text-align: center"><font style="font: 10pt Times New Roman, Times, Serif"> </font></td>
<td style="line-height: 115%; text-align: center"><font style="font: 10pt Times New Roman, Times, Serif"> </font></td>
<td colspan="2" style="border-bottom: black 1.5pt solid; line-height: 115%; font-weight: bold; text-align: center"><font style="font: 10pt Times New Roman, Times, Serif">June
30, 2012</font></td>
<td nowrap="nowrap" style="line-height: 115%; text-align: center"><font style="font: 10pt Times New Roman, Times, Serif"> </font></td>
<td style="line-height: 115%; text-align: center"><font style="font: 10pt Times New Roman, Times, Serif"> </font></td>
<td style="border-bottom: black 1.5pt solid; line-height: 115%; font-weight: bold; text-align: center"><font style="font: 10pt Times New Roman, Times, Serif">June
30, 2011</font></td>
<td nowrap="nowrap" style="line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif"> </font></td></tr>
<tr style="vertical-align: bottom">
<td style="line-height: 115%; font-weight: bold"><font style="font: 10pt Times New Roman, Times, Serif">Payroll Expense -
ER</font></td>
<td style="line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif"> </font></td>
<td colspan="2" style="line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif"> </font></td>
<td nowrap="nowrap" style="line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif"> </font></td>
<td style="line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif"> </font></td>
<td colspan="2" style="line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif"> </font></td>
<td nowrap="nowrap" style="line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif"> </font></td>
<td style="line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif"> </font></td>
<td colspan="2" style="line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif"> </font></td>
<td nowrap="nowrap" style="line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif"> </font></td>
<td style="line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif"> </font></td>
<td style="line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif"> </font></td>
<td nowrap="nowrap" style="line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif"> </font></td></tr>
<tr style="vertical-align: bottom; background-color: #CCEEFF">
<td style="width: 52%; padding-left: 71.2pt; line-height: 115%; font-weight: bold"><font style="font: 10pt Times New Roman, Times, Serif">Federal
Unemployment Tax</font></td>
<td style="width: 1%; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif"> </font></td>
<td style="width: 1%; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif"> </font></td>
<td style="width: 9%; line-height: 115%; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">392</font></td>
<td nowrap="nowrap" style="width: 1%; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif"> </font></td>
<td style="width: 1%; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif"> </font></td>
<td style="width: 1%; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif"> </font></td>
<td style="width: 9%; line-height: 115%; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">-</font></td>
<td nowrap="nowrap" style="width: 1%; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif"> </font></td>
<td style="width: 1%; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif"> </font></td>
<td style="width: 1%; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif"> </font></td>
<td style="width: 9%; line-height: 115%; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">-</font></td>
<td nowrap="nowrap" style="width: 1%; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif"> </font></td>
<td style="width: 1%; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif"> </font></td>
<td style="width: 1%; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif"> </font></td>
<td style="width: 9%; line-height: 115%; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">-</font></td>
<td nowrap="nowrap" style="width: 1%; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif"> </font></td></tr>
<tr style="vertical-align: bottom; background-color: white">
<td style="padding-left: 71.2pt; line-height: 115%; font-weight: bold"><font style="font: 10pt Times New Roman, Times, Serif">State
Unemployment Tax</font></td>
<td style="line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif"> </font></td>
<td style="line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif"> </font></td>
<td style="line-height: 115%; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">1,533</font></td>
<td nowrap="nowrap" style="line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif"> </font></td>
<td style="line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif"> </font></td>
<td style="line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif"> </font></td>
<td style="line-height: 115%; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">1,860</font></td>
<td nowrap="nowrap" style="line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif"> </font></td>
<td style="line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif"> </font></td>
<td style="line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif"> </font></td>
<td style="line-height: 115%; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">-</font></td>
<td nowrap="nowrap" style="line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif"> </font></td>
<td style="line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif"> </font></td>
<td style="line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif"> </font></td>
<td style="line-height: 115%; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">682</font></td>
<td nowrap="nowrap" style="line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif"> </font></td></tr>
<tr style="vertical-align: bottom; background-color: #CCEEFF">
<td style="padding-left: 71.2pt; line-height: 115%; font-weight: bold"><font style="font: 10pt Times New Roman, Times, Serif">US
Medicare Tax - ER</font></td>
<td style="line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif"> </font></td>
<td style="line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif"> </font></td>
<td style="line-height: 115%; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">5,186</font></td>
<td nowrap="nowrap" style="line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif"> </font></td>
<td style="line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif"> </font></td>
<td style="line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif"> </font></td>
<td style="line-height: 115%; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">3,891</font></td>
<td nowrap="nowrap" style="line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif"> </font></td>
<td style="line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif"> </font></td>
<td style="line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif"> </font></td>
<td style="line-height: 115%; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">2,501</font></td>
<td nowrap="nowrap" style="line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif"> </font></td>
<td style="line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif"> </font></td>
<td style="line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif"> </font></td>
<td style="line-height: 115%; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">1,931</font></td>
<td nowrap="nowrap" style="line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif"> </font></td></tr>
<tr style="vertical-align: bottom; background-color: white">
<td style="padding-left: 71.2pt; line-height: 115%; font-weight: bold"><font style="font: 10pt Times New Roman, Times, Serif">US
Social Security Tax -ER</font></td>
<td style="line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif"> </font></td>
<td style="line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif"> </font></td>
<td style="line-height: 115%; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">18,150</font></td>
<td nowrap="nowrap" style="line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif"> </font></td>
<td style="line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif"> </font></td>
<td style="line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif"> </font></td>
<td style="line-height: 115%; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">12,110</font></td>
<td nowrap="nowrap" style="line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif"> </font></td>
<td style="line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif"> </font></td>
<td style="line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif"> </font></td>
<td style="line-height: 115%; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">6,671</font></td>
<td nowrap="nowrap" style="line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif"> </font></td>
<td style="line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif"> </font></td>
<td style="line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif"> </font></td>
<td style="line-height: 115%; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">3,727</font></td>
<td nowrap="nowrap" style="line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif"> </font></td></tr>
<tr style="vertical-align: bottom; background-color: #CCEEFF">
<td style="padding-left: 71.2pt; line-height: 115%; font-weight: bold"><font style="font: 10pt Times New Roman, Times, Serif">Payroll
Expense - ER - Other</font></td>
<td style="line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif"> </font></td>
<td style="border-bottom: black 1.5pt solid; padding-left: 71.2pt; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif"> </font></td>
<td style="border-bottom: black 1.5pt solid; padding-left: 71.2pt; line-height: 115%; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">279</font></td>
<td nowrap="nowrap" style="line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif"> </font></td>
<td style="padding-left: 71.2pt; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif"> </font></td>
<td style="border-bottom: black 1.5pt solid; padding-left: 71.2pt; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif"> </font></td>
<td style="border-bottom: black 1.5pt solid; padding-left: 71.2pt; line-height: 115%; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">232</font></td>
<td nowrap="nowrap" style="line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif"> </font></td>
<td style="padding-left: 71.2pt; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif"> </font></td>
<td style="border-bottom: black 1.5pt solid; padding-left: 71.2pt; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif"> </font></td>
<td style="border-bottom: black 1.5pt solid; padding-left: 71.2pt; line-height: 115%; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">-</font></td>
<td nowrap="nowrap" style="line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif"> </font></td>
<td style="padding-left: 71.2pt; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif"> </font></td>
<td style="border-bottom: black 1.5pt solid; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif"> </font></td>
<td style="border-bottom: black 1.5pt solid; line-height: 115%; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">353</font></td>
<td nowrap="nowrap" style="line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif"> </font></td></tr>
<tr style="vertical-align: bottom; background-color: white">
<td style="line-height: 115%; font-weight: bold"><font style="font: 10pt Times New Roman, Times, Serif">Total Payroll Expense
- ER</font></td>
<td style="line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif"> </font></td>
<td style="line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif"> </font></td>
<td style="line-height: 115%; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">25,540</font></td>
<td nowrap="nowrap" style="line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif"> </font></td>
<td style="line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif"> </font></td>
<td style="line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif"> </font></td>
<td style="line-height: 115%; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">18,093</font></td>
<td nowrap="nowrap" style="line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif"> </font></td>
<td style="line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif"> </font></td>
<td style="line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif"> </font></td>
<td style="line-height: 115%; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">9,172</font></td>
<td nowrap="nowrap" style="line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif"> </font></td>
<td style="line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif"> </font></td>
<td style="line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif"> </font></td>
<td style="line-height: 115%; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">6,691</font></td>
<td nowrap="nowrap" style="line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif"> </font></td></tr>
<tr style="vertical-align: bottom; background-color: #CCEEFF">
<td style="line-height: 115%; font-weight: bold"><font style="font: 10pt Times New Roman, Times, Serif">Payroll Expenses -
EE</font></td>
<td style="line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif"> </font></td>
<td style="line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif"> </font></td>
<td style="line-height: 115%; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif"> </font></td>
<td nowrap="nowrap" style="line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif"> </font></td>
<td style="line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif"> </font></td>
<td style="line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif"> </font></td>
<td style="line-height: 115%; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif"> </font></td>
<td nowrap="nowrap" style="line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif"> </font></td>
<td style="line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif"> </font></td>
<td style="line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif"> </font></td>
<td style="line-height: 115%; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif"> </font></td>
<td nowrap="nowrap" style="line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif"> </font></td>
<td style="line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif"> </font></td>
<td style="line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif"> </font></td>
<td style="line-height: 115%; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif"> </font></td>
<td nowrap="nowrap" style="line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif"> </font></td></tr>
<tr style="vertical-align: bottom; background-color: white">
<td style="padding-left: 71.2pt; line-height: 115%; font-weight: bold"><font style="font: 10pt Times New Roman, Times, Serif">Federal
Tax Withholding</font></td>
<td style="line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif"> </font></td>
<td style="line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif"> </font></td>
<td style="line-height: 115%; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">63,173</font></td>
<td nowrap="nowrap" style="line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif"> </font></td>
<td style="line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif"> </font></td>
<td style="line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif"> </font></td>
<td style="line-height: 115%; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">47,821</font></td>
<td nowrap="nowrap" style="line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif"> </font></td>
<td style="line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif"> </font></td>
<td style="line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif"> </font></td>
<td style="line-height: 115%; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">31,449</font></td>
<td nowrap="nowrap" style="line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif"> </font></td>
<td style="line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif"> </font></td>
<td style="line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif"> </font></td>
<td style="line-height: 115%; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">25,083</font></td>
<td nowrap="nowrap" style="line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif"> </font></td></tr>
<tr style="vertical-align: bottom; background-color: #CCEEFF">
<td style="padding-left: 71.2pt; line-height: 115%; font-weight: bold"><font style="font: 10pt Times New Roman, Times, Serif">State
Tax Withholding</font></td>
<td style="line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif"> </font></td>
<td style="line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif"> </font></td>
<td style="line-height: 115%; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">22,175</font></td>
<td nowrap="nowrap" style="line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif"> </font></td>
<td style="line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif"> </font></td>
<td style="line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif"> </font></td>
<td style="line-height: 115%; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">15,981</font></td>
<td nowrap="nowrap" style="line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif"> </font></td>
<td style="line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif"> </font></td>
<td style="line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif"> </font></td>
<td style="line-height: 115%; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">10,596</font></td>
<td nowrap="nowrap" style="line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif"> </font></td>
<td style="line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif"> </font></td>
<td style="line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif"> </font></td>
<td style="line-height: 115%; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">7,462</font></td>
<td nowrap="nowrap" style="line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif"> </font></td></tr>
<tr style="vertical-align: bottom; background-color: white">
<td style="padding-left: 71.2pt; line-height: 115%; font-weight: bold"><font style="font: 10pt Times New Roman, Times, Serif">US
Medicare Tax -EE</font></td>
<td style="line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif"> </font></td>
<td style="line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif"> </font></td>
<td style="line-height: 115%; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">5,186</font></td>
<td nowrap="nowrap" style="line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif"> </font></td>
<td style="line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif"> </font></td>
<td style="line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif"> </font></td>
<td style="line-height: 115%; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">3,891</font></td>
<td nowrap="nowrap" style="line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif"> </font></td>
<td style="line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif"> </font></td>
<td style="line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif"> </font></td>
<td style="line-height: 115%; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">2,501</font></td>
<td nowrap="nowrap" style="line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif"> </font></td>
<td style="line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif"> </font></td>
<td style="line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif"> </font></td>
<td style="line-height: 115%; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">1,931</font></td>
<td nowrap="nowrap" style="line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif"> </font></td></tr>
<tr style="vertical-align: bottom; background-color: #CCEEFF">
<td style="padding-left: 71.2pt; line-height: 115%; font-weight: bold"><font style="font: 10pt Times New Roman, Times, Serif">US
Net Salaries payment - EE</font></td>
<td style="line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif"> </font></td>
<td style="line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif"> </font></td>
<td style="line-height: 115%; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">254,331</font></td>
<td nowrap="nowrap" style="line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif"> </font></td>
<td style="line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif"> </font></td>
<td style="line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif"> </font></td>
<td style="line-height: 115%; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">199,260</font></td>
<td nowrap="nowrap" style="line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif"> </font></td>
<td style="line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif"> </font></td>
<td style="line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif"> </font></td>
<td style="line-height: 115%; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">122,790</font></td>
<td nowrap="nowrap" style="line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif"> </font></td>
<td style="line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif"> </font></td>
<td style="line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif"> </font></td>
<td style="line-height: 115%; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">103,011</font></td>
<td nowrap="nowrap" style="line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif"> </font></td></tr>
<tr style="vertical-align: bottom; background-color: white">
<td style="padding-left: 71.2pt; line-height: 115%; font-weight: bold"><font style="font: 10pt Times New Roman, Times, Serif">US
Social Security Tax - EE</font></td>
<td style="line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif"> </font></td>
<td style="border-bottom: black 1.5pt solid; padding-left: 71.2pt; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif"> </font></td>
<td style="border-bottom: black 1.5pt solid; padding-left: 71.2pt; line-height: 115%; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">12,295</font></td>
<td nowrap="nowrap" style="line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif"> </font></td>
<td style="padding-left: 71.2pt; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif"> </font></td>
<td style="border-bottom: black 1.5pt solid; padding-left: 71.2pt; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif"> </font></td>
<td style="border-bottom: black 1.5pt solid; padding-left: 71.2pt; line-height: 115%; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">8,706</font></td>
<td nowrap="nowrap" style="line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif"> </font></td>
<td style="padding-left: 71.2pt; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif"> </font></td>
<td style="border-bottom: black 1.5pt solid; padding-left: 71.2pt; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif"> </font></td>
<td style="border-bottom: black 1.5pt solid; padding-left: 71.2pt; line-height: 115%; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">4,519</font></td>
<td nowrap="nowrap" style="line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif"> </font></td>
<td style="padding-left: 71.2pt; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif"> </font></td>
<td style="border-bottom: black 1.5pt solid; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif"> </font></td>
<td style="border-bottom: black 1.5pt solid; line-height: 115%; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">3,028</font></td>
<td nowrap="nowrap" style="line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif"> </font></td></tr>
<tr style="vertical-align: bottom; background-color: #CCEEFF">
<td style="line-height: 115%; font-weight: bold"><font style="font: 10pt Times New Roman, Times, Serif">Total Payroll Expenses
- EE</font></td>
<td style="line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif"> </font></td>
<td style="line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif"> </font></td>
<td style="line-height: 115%; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">357,160</font></td>
<td nowrap="nowrap" style="line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif"> </font></td>
<td style="line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif"> </font></td>
<td style="line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif"> </font></td>
<td style="line-height: 115%; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">275,659</font></td>
<td nowrap="nowrap" style="line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif"> </font></td>
<td style="line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif"> </font></td>
<td style="line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif"> </font></td>
<td style="line-height: 115%; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">171,856</font></td>
<td nowrap="nowrap" style="line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif"> </font></td>
<td style="line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif"> </font></td>
<td style="line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif"> </font></td>
<td style="line-height: 115%; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">140,515</font></td>
<td nowrap="nowrap" style="line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif"> </font></td></tr>
<tr style="vertical-align: bottom; background-color: white">
<td style="line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif"> </font></td>
<td style="line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif"> </font></td>
<td style="line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif"> </font></td>
<td style="line-height: 115%; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif"> </font></td>
<td nowrap="nowrap" style="line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif"> </font></td>
<td style="line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif"> </font></td>
<td style="line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif"> </font></td>
<td style="line-height: 115%; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif"> </font></td>
<td nowrap="nowrap" style="line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif"> </font></td>
<td style="line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif"> </font></td>
<td style="line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif"> </font></td>
<td style="line-height: 115%; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif"> </font></td>
<td nowrap="nowrap" style="line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif"> </font></td>
<td style="line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif"> </font></td>
<td style="line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif"> </font></td>
<td style="line-height: 115%; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif"> </font></td>
<td nowrap="nowrap" style="line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif"> </font></td></tr>
<tr style="vertical-align: bottom; background-color: #CCEEFF">
<td style="line-height: 115%; font-weight: bold"><font style="font: 10pt Times New Roman, Times, Serif">Total Payroll Expenses</font></td>
<td style="line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif"> </font></td>
<td style="border-bottom: black 2.25pt double; line-height: 115%; font-weight: bold"><font style="font: 10pt Times New Roman, Times, Serif">$</font></td>
<td style="border-bottom: black 2.25pt double; line-height: 115%; font-weight: bold; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">382,700</font></td>
<td nowrap="nowrap" style="line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif"> </font></td>
<td style="line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif"> </font></td>
<td style="border-bottom: black 2.25pt double; line-height: 115%; font-weight: bold"><font style="font: 10pt Times New Roman, Times, Serif">$</font></td>
<td style="border-bottom: black 2.25pt double; line-height: 115%; font-weight: bold; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">293,752</font></td>
<td nowrap="nowrap" style="line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif"> </font></td>
<td style="line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif"> </font></td>
<td style="border-bottom: black 2.25pt double; line-height: 115%; font-weight: bold"><font style="font: 10pt Times New Roman, Times, Serif">$</font></td>
<td style="border-bottom: black 2.25pt double; line-height: 115%; font-weight: bold; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">181,028</font></td>
<td nowrap="nowrap" style="line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif"> </font></td>
<td style="line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif"> </font></td>
<td style="border-bottom: black 2.25pt double; line-height: 115%; font-weight: bold"><font style="font: 10pt Times New Roman, Times, Serif">$</font></td>
<td style="border-bottom: black 2.25pt double; line-height: 115%; font-weight: bold; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">147,206</font></td>
<td nowrap="nowrap" style="line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif"> </font></td></tr>
</table>
<p style="font: 8pt/115% Times New Roman, Times, Serif; margin: 0 0 10pt"><font style="font: 10pt Times New Roman, Times, Serif"> </font></p>
<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; background-color: white"><font style="font: 10pt Times New Roman, Times, Serif">As
of June 30, 2012, total 29,277,760 shares were issued to officers and directors. Please see the table below for details:</font></p>
<p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; background-color: white"><font style="font: 10pt Times New Roman, Times, Serif"> </font></p>
<table cellspacing="0" cellpadding="0" style="font: 8pt Times New Roman, Times, Serif; width: 100%">
<tr style="vertical-align: bottom">
<td style="line-height: 115%; font-weight: bold"><font style="font: 10pt Times New Roman, Times, Serif">Name</font></td>
<td style="line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif"> </font></td>
<td colspan="2" style="border-bottom: black 1.5pt solid; line-height: 115%; font-weight: bold; text-align: center"><font style="font: 10pt Times New Roman, Times, Serif">Total
Shares</font></td>
<td nowrap="nowrap" style="line-height: 115%; text-align: center"><font style="font: 10pt Times New Roman, Times, Serif"> </font></td>
<td style="line-height: 115%; text-align: center"><font style="font: 10pt Times New Roman, Times, Serif"> </font></td>
<td colspan="2" style="border-bottom: black 1.5pt solid; line-height: 115%; font-weight: bold; text-align: center"><font style="font: 10pt Times New Roman, Times, Serif">Total
Amount</font></td>
<td nowrap="nowrap" style="line-height: 115%; text-align: center"><font style="font: 10pt Times New Roman, Times, Serif"> </font></td>
<td style="line-height: 115%; text-align: center"><font style="font: 10pt Times New Roman, Times, Serif"> </font></td>
<td colspan="2" style="border-bottom: black 1.5pt solid; line-height: 115%; font-weight: bold; text-align: center"><font style="font: 10pt Times New Roman, Times, Serif">Percentage</font></td>
<td nowrap="nowrap" style="line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif"> </font></td></tr>
<tr style="vertical-align: bottom; background-color: #CCEEFF">
<td style="width: 64%; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">Fenglan Li</font></td>
<td style="width: 1%; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif"> </font></td>
<td style="width: 1%; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif"> </font></td>
<td style="width: 9%; line-height: 115%; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">165,000</font></td>
<td nowrap="nowrap" style="width: 1%; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif"> </font></td>
<td style="width: 1%; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif"> </font></td>
<td style="width: 1%; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif"> </font></td>
<td style="width: 9%; line-height: 115%; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">15,750</font></td>
<td nowrap="nowrap" style="width: 1%; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif"> </font></td>
<td style="width: 1%; line-height: 115%; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif"> </font></td>
<td style="width: 1%; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif"> </font></td>
<td style="width: 9%; line-height: 115%; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">0.42</font></td>
<td nowrap="nowrap" style="width: 1%; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">%</font></td></tr>
<tr style="vertical-align: bottom; background-color: white">
<td style="line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">Fuling Li</font></td>
<td style="line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif"> </font></td>
<td style="line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif"> </font></td>
<td style="line-height: 115%; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">115,000</font></td>
<td nowrap="nowrap" style="line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif"> </font></td>
<td style="line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif"> </font></td>
<td style="line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif"> </font></td>
<td style="line-height: 115%; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">10,750</font></td>
<td nowrap="nowrap" style="line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif"> </font></td>
<td style="line-height: 115%; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif"> </font></td>
<td style="line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif"> </font></td>
<td style="line-height: 115%; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">0.29</font></td>
<td nowrap="nowrap" style="line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">%</font></td></tr>
<tr style="vertical-align: bottom; background-color: #CCEEFF">
<td style="line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">Ying Zhong</font></td>
<td style="line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif"> </font></td>
<td style="line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif"> </font></td>
<td style="line-height: 115%; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">2,000,000</font></td>
<td nowrap="nowrap" style="line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif"> </font></td>
<td style="line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif"> </font></td>
<td style="line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif"> </font></td>
<td style="line-height: 115%; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">200,000</font></td>
<td nowrap="nowrap" style="line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif"> </font></td>
<td style="line-height: 115%; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif"> </font></td>
<td style="line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif"> </font></td>
<td style="line-height: 115%; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">5.13</font></td>
<td nowrap="nowrap" style="line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">%</font></td></tr>
<tr style="vertical-align: bottom; background-color: white">
<td style="line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">Jianfeng Ding & Yaru Huang</font></td>
<td style="line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif"> </font></td>
<td style="line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif"> </font></td>
<td style="line-height: 115%; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">26,997,760</font></td>
<td nowrap="nowrap" style="line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif"> </font></td>
<td style="line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif"> </font></td>
<td style="line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif"> </font></td>
<td style="line-height: 115%; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">323,998</font></td>
<td nowrap="nowrap" style="line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif"> </font></td>
<td style="line-height: 115%; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif"> </font></td>
<td style="line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif"> </font></td>
<td style="line-height: 115%; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">69.24</font></td>
<td nowrap="nowrap" style="line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">%</font></td></tr>
<tr style="vertical-align: bottom; background-color: #CCEEFF">
<td style="line-height: 115%; font-weight: bold"><font style="font: 10pt Times New Roman, Times, Serif">Total</font></td>
<td style="line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif"> </font></td>
<td style="line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif"> </font></td>
<td style="line-height: 115%; font-weight: bold; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">29,277,760</font></td>
<td nowrap="nowrap" style="line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif"> </font></td>
<td style="line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif"> </font></td>
<td style="line-height: 115%; font-weight: bold"><font style="font: 10pt Times New Roman, Times, Serif">$</font></td>
<td style="line-height: 115%; font-weight: bold; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">550,498</font></td>
<td nowrap="nowrap" style="line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif"> </font></td>
<td style="line-height: 115%; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif"> </font></td>
<td style="line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif"> </font></td>
<td style="line-height: 115%; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">75.08</font></td>
<td nowrap="nowrap" style="line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">%</font></td></tr>
<tr style="background-color: white">
<td style="vertical-align: bottom; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif"> </font></td>
<td><font style="font: 10pt Times New Roman, Times, Serif"> </font></td>
<td><font style="font: 10pt Times New Roman, Times, Serif"> </font></td>
<td><font style="font: 10pt Times New Roman, Times, Serif"> </font></td>
<td><font style="font: 10pt Times New Roman, Times, Serif"> </font></td>
<td><font style="font: 10pt Times New Roman, Times, Serif"> </font></td>
<td><font style="font: 10pt Times New Roman, Times, Serif"> </font></td>
<td><font style="font: 10pt Times New Roman, Times, Serif"> </font></td>
<td><font style="font: 10pt Times New Roman, Times, Serif"> </font></td>
<td><font style="font: 10pt Times New Roman, Times, Serif"> </font></td>
<td><font style="font: 10pt Times New Roman, Times, Serif"> </font></td>
<td><font style="font: 10pt Times New Roman, Times, Serif"> </font></td>
<td><font style="font: 10pt Times New Roman, Times, Serif"> </font></td></tr>
</table>
<p style="font: 8pt/115% Times New Roman, Times, Serif; margin: 0 0 10pt"><font style="font: 10pt Times New Roman, Times, Serif"> </font></p>
392
1533
1860
682
5186
3891
2501
1931
18150
12110
6671
3727
279
232
353
25540
18093
9172
6691
63173
47821
31449
25083
22175
15981
10596
7462
5186
3891
2501
1931
254331
199260
122790
103011
12295
8706
4519
3028
357160
275659
171856
140515
382700
293752
181028
147206
4031
7518
3752
1486658
59868
30289
35321
2416182
P7Y
P5Y
109393
26378
224602
0.05
4359886
2983268
13634
11404
229167
151345
608706
10820
64769
5393
147182
107002
4880
22316
113440
350000
80000
80000
4463100
3715161
602397
496
115801
25066
624.72
1164906
0.10
9926
2434883
741230
7950