x
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QUARTERLY
REPORT UNDER SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF
1934
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o
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TRANSITION
REPORT UNDER SECTION 13 OR 15(d) OF THE EXCHANGE
ACT
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PUDA
COAL, INC.
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||
(Exact
name of small business issuer as specified in its
charter)
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||
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Florida
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65-1129912
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(State
or other jurisdiction of incorporation or organization)
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(IRS
Employer Identification No.)
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||
426
Xuefu Street, Taiyuan, Shanxi Province, The People's Republic of
China
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||
(Address
of principal executive offices)
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||
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||
011
86 351 228 1300
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(Issuer's
telephone number)
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||
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Purezza
Group, Inc.
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||
936A
Beachland Boulevard, Suite 13, Vero Beach, FL 32963
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(Former
name, former address and former fiscal year, if changed since last
report)
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Page
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PART
I. FINANCIAL INFORMATION
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Item1.
Financial Statements
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1
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Unaudited
Consolidated Balance Sheet as of September 30, 2005
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1
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Unaudited
Consolidated Statements of Operations for the three and nine months
ended
September 30, 2005 and 2004
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2
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Unaudited
Consolidated Statement of Changes in Stockholders' Equity for the
nine
months ended September 30, 2005
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3
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Unaudited
Consolidated Statements of Cash Flows for the nine months ended September
30, 2005 and 2004
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4
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Notes
to Unaudited Consolidated Financial Statements
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5
-
13
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Item
2. Management's Discussion and Analysis or Plan of Operation
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14
- 32
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Item
3. Controls and Procedures
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33
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PART
II. OTHER INFORMATION
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Item
1. Legal Proceedings
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33
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Item
2. Unregistered Sales of Equity Securities and Use of Proceeds
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33
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Item
3. Defaults upon Senior Securities
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33
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Item
4. Submission of Matters to a Vote of Security Holders
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34
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Item
5. Other Information
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34
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Item
6. Exhibits
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35-36
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Signatures
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Certifications
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Note(s)
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September
30, 2005
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(Restated-
See
Note 8)
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ASSETS
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CURRENT
ASSETS
|
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Cash
and cash equivalents
|
|
|
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$
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5,944
|
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Accounts
receivable, net
|
|
|
|
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|
3,621
|
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Other
receivables
|
|
|
|
|
|
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-
Related parties
|
|
|
3
|
|
|
17
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-
Third parties
|
|
|
|
|
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36
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Deposits
and prepayments
|
|
|
|
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|
846
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Inventories
|
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4
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4,264
|
|
|
|
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|
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Total
current assets
|
|
|
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14,728
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|
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PROPERTY,
PLANT AND EQUIPMENT, NET
|
|
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890
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INTANGIBLE
ASSETS
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|
|
|
|
|
179
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|
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|
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TOTAL
ASSETS
|
|
|
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|
$
|
15,797
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LIABILITIES
AND STOCKHOLDERS’ EQUITY
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|
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||||
CURRENT
LIABILITIES
|
|
|
|
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Accounts
payable
|
|
|
|
|
|
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|
-
Related party
|
|
|
3
|
|
$
|
429
|
|
-
Third parties
|
|
|
|
|
|
912
|
|
Other
payables
|
|
|
|
|
|
|
|
-
Related party
|
|
|
3
|
|
|
872
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|
-
Third parties
|
|
|
|
|
|
512
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|
Accrued
expenses
|
|
|
|
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|
329
|
|
Income
taxes payable
|
|
|
|
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2,061
|
|
VAT
payable
|
|
|
|
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|
673
|
|
Distribution
payable
|
|
|
|
|
|
989
|
|
|
|
|
|
|
|
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Total
current liabilities
|
|
|
|
|
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6,777
|
|
|
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TEMPORARY
EQUITY
|
|
|
|
|
|
|
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Option
to buy-out Shanxi Coal
|
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1,
8
|
|
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2,717
|
|
|
|
|
|
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STOCKHOLDERS’
EQUITY
|
|
|
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|
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Preferred
stock, authorized 5,000,000 shares, par value $0.01, issued and
outstanding Nil
|
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-
|
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Common
stock, authorized 150,000,000 shares, par value $0.01, issued and
outstanding 73,750,000 shares
|
|
|
|
|
|
738
|
|
Paid-in
capital
|
|
|
|
|
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-
|
|
Statutory
surplus reserve fund
|
|
|
|
|
|
1,366
|
|
Retained
earnings
|
|
|
|
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4,063
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|
Accumulated
other comprehensive income
|
|
|
|
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136
|
|
|
|
|
|
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Total
stockholders’ equity
|
|
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|
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6,303
|
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TOTAL
LIABILITIES AND STOCKHOLDERS’ EQUITY
|
|
|
|
|
$
|
15,797
|
|
Note(s)
|
Three
months
ended
September
30,
2005
|
|
Three
months
ended
September
30,
2004
|
|
Nine
months
ended
September
30, 2005
|
|
Nine
months
ended
September
30, 2004
|
|||||||||
(Restated
See
Note 8)
|
(Restated
See
Note 8)
|
|||||||||||||||
NET
REVENUE
|
$
|
18,037
|
$
|
4,910
|
$
|
31,056
|
$
|
14,069
|
||||||||
|
||||||||||||||||
COST
OF REVENUE
|
(13,835
|
)
|
(3,259
|
)
|
(24,123
|
)
|
(8,630
|
)
|
||||||||
|
||||||||||||||||
GROSS
PROFIT
|
4,202
|
1,651
|
6,933
|
5,439
|
||||||||||||
|
||||||||||||||||
OPERATING
EXPENSES
|
||||||||||||||||
Selling
expenses
|
354
|
102
|
555
|
244
|
||||||||||||
General
and administrative expenses
|
170
|
64
|
305
|
170
|
||||||||||||
Other
operating expenses
|
6
|
901
|
-
|
902
|
-
|
|||||||||||
|
||||||||||||||||
TOTAL
OPERATING EXPENSES
|
1,425
|
166
|
1,762
|
414
|
||||||||||||
|
||||||||||||||||
INCOME
FROM OPERATIONS
|
2,777
|
1,485
|
5,171
|
5,025
|
||||||||||||
|
||||||||||||||||
GAIN
ON SHORT-TERM INVESTMENT
|
-
|
-
|
6
|
-
|
||||||||||||
|
||||||||||||||||
INTEREST
INCOME/(EXPENSE)
|
2
|
-
|
3
|
(4
|
)
|
|||||||||||
|
||||||||||||||||
INCOME
BEFORE INCOME TAXES
|
2,779
|
1,485
|
5,180
|
5,021
|
||||||||||||
|
||||||||||||||||
INCOME
TAXES
|
5
|
(1,232
|
)
|
(498
|
)
|
(2,043
|
)
|
(1,678
|
)
|
|||||||
|
||||||||||||||||
NET
INCOME
|
1,547
|
987
|
3,137
|
3,343
|
||||||||||||
|
||||||||||||||||
OTHER
COMPREHENSIVE INCOME
|
||||||||||||||||
Foreign
currency translation adjustment
|
136
|
-
|
136
|
-
|
||||||||||||
|
||||||||||||||||
COMPREHENSIVE
INCOME
|
$
|
1,683
|
$
|
987
|
$
|
3,273
|
$
|
3,343
|
||||||||
|
||||||||||||||||
NET
INCOME
|
1,547
|
987
|
3,137
|
3,343
|
||||||||||||
LESS:
DIVIDEND
|
||||||||||||||||
Option
holder preference dividend
|
1,
8
|
-
|
-
|
(2,717
|
)
|
-
|
||||||||||
Common
dividend
|
-
|
-
|
-
|
-
|
||||||||||||
UNDISTRIBUTED
EARNINGS
|
$
|
1,547
|
$
|
987
|
$
|
420
|
$
|
3,343
|
||||||||
BASIC
AND DILUTED EARNINGS
PER
SHARE
|
||||||||||||||||
-Option
holder preference
|
$
|
0.00
|
$
|
0.00
|
$
|
0.04
|
$
|
0.00
|
||||||||
-Other
common holders
|
0.02
|
0.01
|
0.00
|
0.05
|
||||||||||||
$
|
0.02
|
$
|
0.01
|
$
|
0.04
|
$
|
0.05
|
|||||||||
WEIGHTED
AVERAGE NUMBER OF
SHARES
OUTSTANDING- BASIC
AND
DILUTED
|
73,750,000
|
73,189,674
|
73,715,934
|
71,266,391
|
COMMON
STOCK
|
|
PAID-IN
CAPITAL
|
|
STATUTORY
SURPLUS RESERVE FUND
|
|
RETAINED
EARNINGS
|
|
ACCUMULATED
OTHER COMPREHENSIVE INCOME
|
|
TOTAL
STOCKHOLDERS’
EQUITY
|
||||||||||||
No.
of shares
|
|
$’000
|
|
$’000
|
|
$’000
|
|
$’000
|
|
$’000
|
|
$’000
|
||||||||||
Balance,
January 1, 2005, as recapitalized (Notes 1 and 7)
|
73,650,000
|
$
|
728
|
$
|
2,029
|
$
|
1,243
|
$
|
3,189
|
$
|
-
|
$
|
7,189
|
|||||||||
Common
shares issued, net of effect of 1:10 reverse stock split
|
100,000
|
10
|
-
|
-
|
-
|
-
|
10
|
|||||||||||||||
Net
income
|
-
|
-
|
-
|
-
|
3,137
|
-
|
3,137
|
|||||||||||||||
Transfer
to statutory reserve
|
-
|
-
|
-
|
123
|
(123
|
)
|
-
|
-
|
||||||||||||||
Dividend
distribution
|
-
|
-
|
-
|
-
|
(1,452
|
)
|
-
|
(1,452
|
)
|
|||||||||||||
Reclassification
to temporary equity (Notes 1 and 8)
|
-
|
-
|
(2,029
|
)
|
-
|
(688
|
)
|
-
|
(2,717
|
)
|
||||||||||||
Foreign
currency translation adjustment
|
-
|
-
|
-
|
-
|
-
|
136
|
136
|
|||||||||||||||
Balance,
September 30, 2005-Unaudited
|
73,750,000
|
$
|
738
|
$
|
-
|
$
|
1,366
|
$
|
4,063
|
$
|
136
|
$
|
6,303
|
|
|
Nine
months
ended
September
30,
2005
|
|
Nine
months
ended
September
30,
2004
|
|
||
CASH
FLOWS FROM OPERATING ACTIVITIES
|
|
|
|
|
|
|
|
Net
income
|
|
$
|
3,137
|
|
$
|
3,343
|
|
Adjustments
to reconcile net income to net cash used in operating
activities:
|
|
|
|
|
|
|
|
Gain
on short-term investment
|
|
|
(6
|
)
|
|
-
|
|
Amortization
of land use right
|
|
|
3
|
|
|
4
|
|
Depreciation
|
|
|
84
|
|
|
82
|
|
Changes
in operating assets and liabilities:
|
|
|
|
|
|
|
|
Increase
in accounts receivable
|
|
|
(899
|
)
|
|
(611
|
)
|
Decrease/(increase)
in notes receivable
|
|
|
638
|
|
|
(373
|
)
|
Decrease/(increase)
in other receivables, deposits and prepayments
|
|
|
1,934
|
|
|
(2,815
|
)
|
Increase
in inventories
|
|
|
(699
|
)
|
|
(361
|
)
|
Increase
in accounts payable
|
|
|
625
|
|
|
4
|
|
Decrease
in notes payable
|
|
|
-
|
|
|
(72
|
)
|
Increase
in accrued expenses
|
|
|
81
|
|
|
57
|
|
Decrease
in advance from customers
|
|
|
-
|
|
|
(368
|
)
|
Increase
in other payables
|
|
|
896
|
|
|
112
|
|
Increase
in income tax payable
|
|
|
53
|
|
|
1,681
|
|
Increase
in VAT payable
|
|
|
422
|
|
|
846
|
|
Net
cash provided by operating activities
|
|
|
6,269
|
|
|
1,529
|
|
|
|
|
|
|
|
|
|
CASH
FLOWS FROM INVESTING ACTIVITES
|
|
|
|
|
|
|
|
Sale
proceeds from short-term investment
|
|
|
123
|
|
|
-
|
|
Purchase
of short-term investment
|
|
|
-
|
|
|
(121
|
)
|
|
|
|
|
|
|
|
|
Net
cash provided by/(used in) investing activities
|
|
|
123
|
|
|
(121
|
)
|
|
|
|
|
|
|
|
|
CASH
FLOWS FROM FINANCING ACTIVITES
|
|
|
|
|
|
|
|
Additional
paid-in capital
|
|
|
50
|
|
|
-
|
|
Distribution
paid to owners of a subsidiary
|
|
|
(947
|
)
|
|
(1,270
|
)
|
|
|
|
|
|
|
|
|
Net
cash used in financing activities
|
|
|
(897
|
)
|
|
(1,270
|
)
|
|
|
|
|
|
|
|
|
Effect
of exchange rate changes on cash
|
|
|
136
|
|
|
-
|
|
|
|
|
|
|
|
|
|
Net
increase in cash and cash equivalents
|
|
|
5,631
|
|
|
138
|
|
Cash
and cash equivalents at beginning of period
|
|
|
313
|
|
|
913
|
|
|
|
|
|
|
|
|
|
Cash
and cash equivalents at end of period
|
|
$
|
5,944
|
|
$
|
1,051
|
|
|
|
|
|
|
|
|
|
Supplemental
schedule of cash flow information:
|
|
|
|
|
|
|
|
Cash
paid during the period for:
|
|
|
|
|
|
|
|
Interest
|
|
$
|
-
|
|
$
|
4
|
|
Income
taxes
|
|
$
|
-
|
|
$
|
-
|
|
Building
and facility
|
|
20
years
|
|
Machinery
and equipment
|
|
10
years
|
|
Motor
vehicles
|
|
10
years
|
|
Office
equipment and others
|
|
10
years
|
|
|
September
30, 2005
|
|
||
|
|
$’000
|
||
|
|
|||
Other
receivable from an owner, Zhao Ming
|
$
|
17
|
Accounts
payable to Shanxi Liulin Jucai Coal Industry Co., Limited (“Jucai Coal”),
a related company with a common owner
|
$
|
429
|
Other
payable to Shanxi Puda Resources Group Limited (“Resources Group”), a
related company with common owners
|
$
|
671
|
||
|
||||
Other
payable to an owner, Zhao Yao
|
201
|
|||
|
$
|
872
|
|
September
30, 2005
|
|||
|
$’000
|
|||
Raw
materials
|
$
|
2,293
|
||
Finished
goods
|
1,971
|
|||
|
||||
Total
|
$
|
4,264
|
|
Three
months ended
September
30, 2005
|
|
Three
months ended
September
30, 2004
|
|
Nine
months ended
September
30, 2005
|
|
Nine
months ended
September
30, 2004
|
||||||
|
$’000
|
$’000
|
$’000
|
$’000
|
|||||||||
|
|
|
|
|
|||||||||
Current
period provision
|
$
|
1,232
|
$
|
498
|
$
|
2,043
|
$
|
1,678
|
|
Three
months
ended
September
30, 2005
|
|
Three
months ended
September
30, 2004
|
|
Nine
months ended
September
30, 2005
|
|
Nine
months ended
September
30, 2004
|
|
|||||
|
|
$’000
|
|
$’000
|
|
$’000
|
|
$’000
|
|||||
|
|
|
|
|
|||||||||
Income
before income taxes
|
$
|
2,779
|
$
|
1,485
|
$
|
5,180
|
$
|
5,021
|
|||||
|
|||||||||||||
Income
tax on pretax income at statutory rate of 33%
|
$
|
917
|
$
|
490
|
$
|
1,709
|
$
|
1,657
|
|||||
Effect
of permanent differences
|
315
|
8
|
334
|
21
|
|||||||||
|
|||||||||||||
Income
tax at effective rate
|
$
|
1,232
|
$
|
498
|
$
|
2,043
|
$
|
1,678
|
|
|
Number
of
shares
|
|
|
|
|
|
|
|
Outstanding
shares as at January 1, 2005 prior to the reorganization
|
|
|
58,000,000
|
|
|
|
|
|
|
Common
stock converted from preferred stock issued as a result of the
reorganization
|
|
|
678,500,000
|
|
Effect
of the 1 for 10 reverse stock split
|
|
|
(662,850,000
|
)
|
|
|
|
|
|
Number
of shares of common stock presented in the consolidated statement
of
changes in stockholders’ equity as of January 1, 2005
|
|
|
73,650,000
|
|
|
Initial
Filing
|
|
Restatement
|
|
Restated
|
|||||
ASSETS
|
|
|
|
|||||||
CURRENT
ASSETS
|
|
|
|
|||||||
Cash
and cash equivalents
|
$
|
5,944
|
$
|
-
|
$
|
5,944
|
||||
Accounts
receivable, net
|
3,621
|
-
|
3,621
|
|||||||
Other
receivables
|
||||||||||
-
Related parties
|
17
|
-
|
17
|
|||||||
-
Third parties
|
36
|
-
|
36
|
|||||||
Deposits
and prepayments
|
846
|
-
|
846
|
|||||||
Inventories
|
4,264
|
-
|
4,264
|
|||||||
|
||||||||||
Total
current assets
|
14,728
|
-
|
14,728
|
|||||||
|
||||||||||
PROPERTY,
PLANT AND EQUIPMENT, NET
|
890
|
-
|
890
|
|||||||
|
||||||||||
INTANGIBLE
ASSETS
|
179
|
-
|
179
|
|||||||
|
||||||||||
TOTAL
ASSETS
|
$
|
15,797
|
$
|
-
|
$
|
15,797
|
||||
|
||||||||||
LIABILITIES
AND STOCKHOLDERS’ EQUITY
|
||||||||||
CURRENT
LIABILITIES
|
||||||||||
Accounts
payable
|
||||||||||
-
Related party
|
$
|
429
|
$
|
-
|
$
|
429
|
||||
-
Third parties
|
912
|
-
|
912
|
|||||||
Other
payables
|
||||||||||
-
Related party
|
872
|
-
|
872
|
|||||||
-
Third parties
|
512
|
-
|
512
|
|||||||
Accrued
expenses
|
329
|
-
|
329
|
|||||||
Income
taxes payable
|
2,061
|
-
|
2,061
|
|||||||
VAT
payable
|
673
|
-
|
673
|
|||||||
Distribution
payable
|
989
|
-
|
989
|
|||||||
|
||||||||||
Total
current liabilities
|
6,777
|
-
|
6,777
|
|||||||
|
||||||||||
TEMPORARY
EQUITY
|
||||||||||
Option
to buy-out Shanxi Coal
|
-
|
2,717
|
2,717
|
|||||||
|
||||||||||
STOCKHOLDERS’
EQUITY
|
||||||||||
Preferred
stock, authorized 5,000,000 shares, par value $0.01, issued and
outstanding Nil
|
-
|
-
|
-
|
|||||||
Common
stock, authorized 150,000,000 shares, par value $0.01, issued and
outstanding 73,750,000 shares
|
738
|
-
|
738
|
|||||||
Paid-in
capital
|
2,029
|
(2,029
|
)
|
-
|
||||||
Statutory
surplus reserve fund
|
1,366
|
-
|
1,366
|
|||||||
Retained
earnings
|
4,751
|
(688
|
)
|
4,063
|
||||||
Accumulated
other comprehensive income
|
136
|
-
|
136
|
|||||||
|
||||||||||
Total
stockholders’ equity
|
9,020
|
(2,717
|
)
|
6,303
|
||||||
|
||||||||||
TOTAL
LIABILITIES AND STOCKHOLDERS’ EQUITY
|
$
|
15,797
|
$
|
-
|
$
|
15,797
|
Three
months ended September 30, 2005
|
Nine
months ended September 30, 2005
|
||||||||||||||||||
Initial
Filing
|
Restatement
|
Restated
|
Initial
Filing
|
Restatement
|
Restated
|
||||||||||||||
NET
REVENUE
|
$
|
18,037
|
-
|
$
|
18,037
|
$
|
31,056
|
-
|
$
|
31,056
|
|||||||||
COST
OF REVENUE
|
(13,835
|
)
|
-
|
(13,835
|
)
|
(24,123
|
)
|
-
|
(24,123
|
)
|
|||||||||
GROSS
PROFIT
|
4,202
|
-
|
4,202
|
6,933
|
-
|
6,933
|
|||||||||||||
OPERATING
EXPENSES
|
|||||||||||||||||||
Selling
expenses
|
354
|
-
|
354
|
555
|
-
|
555
|
|||||||||||||
General
and administrative expenses
|
170
|
-
|
170
|
305
|
-
|
305
|
|||||||||||||
Other
operating expenses
|
901
|
-
|
901
|
902
|
-
|
902
|
|||||||||||||
TOTAL
OPERATING EXPENSES
|
1,425
|
-
|
1,425
|
1,762
|
-
|
1,762
|
|||||||||||||
INCOME
FROM OPERATIONS
|
2,777
|
-
|
2,777
|
5,171
|
-
|
5,171
|
|||||||||||||
GAIN
ON SHORT-TERM INVESTMENT
|
-
|
-
|
-
|
6
|
-
|
6
|
|||||||||||||
INTEREST
INCOME/(EXPENSE)
|
2
|
-
|
2
|
3
|
-
|
3
|
|||||||||||||
INCOME
BEFORE INCOME TAXES
|
2,779
|
-
|
2,779
|
5,180
|
-
|
5,180
|
|||||||||||||
INCOME
TAXES
|
(1,232
|
)
|
-
|
(1,232
|
)
|
(2,043
|
)
|
-
|
(2,043
|
)
|
|||||||||
NET
INCOME
|
1,547
|
-
|
1,547
|
3,137
|
-
|
3,137
|
|||||||||||||
OTHER
COMPREHENSIVE INCOME
|
|||||||||||||||||||
Foreign
currency translation adjustment
|
136
|
-
|
136
|
136
|
-
|
136
|
|||||||||||||
COMPREHENSIVE
INCOME
|
$
|
1,683
|
-
|
$
|
1,683
|
$
|
3,273
|
-
|
$
|
3,273
|
|||||||||
NET
INCOME
|
1,547
|
-
|
1,547
|
3,137
|
-
|
3,137
|
|||||||||||||
LESS:
DIVIDEND
|
|||||||||||||||||||
Option
holder preference dividend
|
-
|
-
|
-
|
-
|
(2,717
|
)
|
(2,717
|
)
|
|||||||||||
Common
dividend
|
-
|
-
|
-
|
-
|
-
|
-
|
|||||||||||||
UNDISTRIBUTED
EARNINGS
|
$
|
1,547
|
-
|
$
|
1,547
|
$
|
3,137
|
(2,717
|
)
|
$
|
420
|
||||||||
BASIC
AND DILUTED EARNINGS
PER
SHARE
|
|||||||||||||||||||
-Option
holder preference
|
$
|
0.00
|
-
|
$
|
0.00
|
$
|
0.00
|
0.04
|
$
|
0.04
|
|||||||||
-Other
common holders
|
0.02
|
-
|
0.02
|
0.04
|
(0.04
|
)
|
0.00
|
||||||||||||
$
|
0.02
|
-
|
$
|
0.02
|
$
|
0.04
|
-
|
$
|
0.04
|
||||||||||
WEIGHTED
AVERAGE NUMBER OF
SHARES
OUTSTANDING
-
BASIC AND DILUTED
|
73,750,000
|
-
|
73,750,000
|
73,715,934
|
-
|
73,715,934
|
|
1.
|
Shanxi
Liulin Jucai Plant which has an annual clean coal washing capacity
of
100,000 metric tons. This facility is located about two miles from
the
premises of coal mine owned and operated by Shanxi Liulin Jucai Coal
Industry Co., Limited ("Jucai Coal"), a supplier of high grade coal
to
Puda. Zhao Yao is a 75% owner of Jucai Coal. Jucai Coal leases the
coal
processing facility to Puda. The leasing agreement was entered into
on
December 2, 2001 for a term of 5 years. The cost for the leased capacity
is approximately $618,000 annually with four quarterly payments per
year.
|
|
|
|
|
2.
|
Shanxi
Liulin Dongqiang Plant which has an annual clean coal washing capacity
of
400,000 metric tons. This facility is owned by Puda and has a land
area of
approximately 1.5 hectares, and is located about 120 miles southwest
of
Taiyuan City, the capital of Shanxi
Province.
|
Department
|
|
|
Job
Title / Responsibility
|
|
|
#
of Employees
|
|
|
|
|
|
|
|
|
|
Corporate
|
|
|
President,
Vice Presidents, Managers
|
|
|
10
|
|
|
|
|
|
|
|
|
|
Finance
|
|
|
Finance
and Accounting
|
|
|
7
|
|
|
|
|
|
|
|
|
|
Purchasing
|
|
|
Purchase
raw coal and maintain relationship with suppliers
|
|
|
16
|
|
|
|
|
|
|
|
|
|
Marketing
and Sales
|
|
|
Sell
cleaned coal, maintain relationship with customers, and acquire new
customers
|
|
|
22
|
|
|
|
|
|
|
|
|
|
Transportation
|
|
|
Short-range
truck drivers (within plant)
|
|
|
11
|
|
|
|
|
|
|
|
|
|
Production
|
|
|
Produce
cleaned coal
|
|
|
64
|
|
|
|
|
|
|
|
|
|
Quality
Control
|
|
|
Quality
check on input (raw coal) and output (cleaned coal)
|
|
|
9
|
|
|
|
|
|
|
|
|
|
Total
|
|
|
|
|
139
|
|
|
(a)
|
Exhibits
|
|
|
|
|
3.1
|
Articles
of Incorporation of Puda Coal (formerly Purezza Group, Inc.) is
incorporated by reference to Exhibit 3.1 to its Form SB-2 registration
statement filed on April 1, 2002 (File No. 333-85306)
|
|
|
|
|
3.2
|
Amendment
to Articles of Incorporation of Puda Coal (formerly called Purezza
Group,
Inc.) authorizing a class of preferred stock filed with the Secretary
of
State of the State of Florida on December 1, 2004, is hereby incorporated
by reference herein to Exhibit 3.2 to the Form 10-KSB annual report
of
Puda Coal for its fiscal year ended December 31, 2004
|
|
|
|
|
3.3
|
Articles
of Amendment to the Articles of Incorporation regarding the designations,
preferences, rights and limitations of Series A Convertible Preferred
Stock of Puda Coal filed June 24, 2005 is incorporated herein by
reference
to Exhibit 4.1 to the Form 8-K current report of Puda Coal dated
July 15,
2005, filed with the Commission on June 18, 2005
|
|
|
|
|
3.4
|
Amendment
to Articles of Incorporation of August 2, 2005 is incorporated by
reference to Exhibit 3.1 to the Form 8-K current report of Puda Coal
filed
with the Commission on August 10, 2005
|
|
|
|
|
3.5
|
Articles
of Amendment, to Articles of Incorporation of September 1, 2005 is
incorporated by reference to Exhibit 3.1 to the Form 8-K current
report of
Puda Coal filed with the Commission on September 21,
2005
|
|
|
|
|
3.6
|
By-Laws
of Puda Coal (formerly Purezza Group, Inc.) is incorporated by reference
to Exhibit 3.2 to its Form SB-2 registration statement filed on April
1,
2002 (File No. 333-8506)
|
|
|
|
|
10.1
|
Exchange
Agreement dated June 20, 2005, between Puda Coal, Puda, Puda BVI,
Putai
and the members of Puda BVI is incorporated herein by reference to
Exhibit
2.1 Form 8-K current report of Puda Coal dated June 20, 2005, that
was
filed on June 27, 2005
|
|
|
|
|
10.2
|
Technology
License Agreement dated June 24, 2005 between Puda and Putai is
incorporated herein by reference to Exhibit 10.1 to the Form 8-K
current
report of Puda Coal dated July 15, 2005, filed with the Commission
on June
18, 2005
|
|
|
|
|
10.3
|
Operating
Agreement dated June 24, 2005 between Puda, Putai, Zhao Ming and
Zhao Yao
is incorporated herein by reference to Exhibit 10.2 to the Form 8-K
current report of Puda Coal dated July 15, 2005, filed with the Commission
on June 18, 2005
|
|
10.4
|
Exclusive
Consulting Agreement dated June 24, 2005 between Puda and Putai is
incorporated herein by reference to Exhibit 10.3 to the Form 8-K
current
report of Puda Coal dated July 15, 2005, filed with the Commission
on June
18, 2005
|
|
|
|
|
10.5
|
Exclusive
Option Agreement dated June 24, 2005 between Puda, Putai, Zhao Ming
and
Zhao Yao is incorporated herein by reference to Exhibit 10.4 to the
Form
8-K current report of Puda Coal dated July 15, 2005, filed with the
Commission on June 18, 2005
|
|
|
|
|
10.6
|
Authorization
dated June 24, 2005 between Puda, Putai and Zhao Ming is incorporated
herein by reference to Exhibit 10.5 to the Form 8-K current report
of Puda
Coal dated July 15, 2005, filed with the Commission on June 18,
2005
|
|
|
|
|
10.7
|
Authorization
dated June 24, 2005 between Puda, Putai, and Zhao Yao is incorporated
herein by reference to Exhibit 10.6 to the Form 8-K current report
of Puda
Coal dated July 15, 2005, filed with the Commission on June 18,
2005
|
|
|
|
|
10.8
|
Financial
Advisory Agreement dated June 29, 2005, between Puda Coal and Keating
Securities, LLC is incorporated herein by reference to Exhibit 10.7
to the
Form 8-K current report of Puda Coal dated July 15, 2005, filed with
the
Commission on June 18, 2005
|
|
|
|
|
99.1
|
Press
Release announcing the Closing filed on July 7, 2005 is incorporated
herein by reference to Exhibit 99.1 to the Form 8-K current report
of Puda
Coal dated July 15, 2005, filed with the Commission on June 18, 2005
|
|
|
|
|
31.1*
|
Certification
of Mr. Zhao Ming pursuant to Rule 13a-14(a) or 15d-14(a) under the
Securities Exchange Act of 1934, as amended.
|
|
|
|
|
31.2*
|
Certification
of Ms. Jin Xia pursuant to Rule 13a-14(a) or 15d-14(a) under the
Securities Exchange Act of 1934, as amended.
|
|
|
|
|
32.1*
|
Certification
of Chief Executive Officer and Chief Financial Officer of Puda Coal,
pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section
906 of
the Sarbanes-Oxley Act of 2002.
|
|
PUDA
COAL, INC.
|
|
|
|
|
|
By:
|
/s/
Zhao Ming
|
|
|
Zhao
Ming
|
|
|
Chief
Executive Officer and President
|
|
|
|
Date:
April 13, 2007
|
|
|