Get Started for Free Contexxia identifies hard-to-find pieces of information in SEC filings. No more highlighters, no more redlining, no more poring over huge documents. CHINA ORGANIC FERTILIZER, INC. (1081944) 10-K/A published on Jan 23, 2013 at 3:43 pm
Reporting Period: Mar 30, 2010
This amendment is being filed in order to restate the consolidated financial statements in the manner and for the reasons set forth in Note 15 to the Financial Statements and to make the corresponding changes to Item 7, "Management's Discussion and Analysis". Nothing else has been changed in this Report and no effort to update the information has been made. For current information regarding the registrant, please review the more recent filings by the Registrant with the Securities and Exchange Commission.
Since Beijing Shennongxing was organized, its operations have been funded primarily by capital contributions and loans from our shareholders. As of March 31, 2009, therefore, the balance due to our shareholders was $1,700,523. This is recorded on our balance sheet as loan from stockholders, because the creditors are members of the management of Beijing Shennongxing, and they committed that they would not seek repayment of the loan during the next fiscal year and not until the Company can afford to repay the loan without damage to its business prospects. In connection with the reverse merger in January 2010, the loan from stockholders was reclassified as a contribution of capital.
The consolidated balance sheets as of March 31, 2010 and 2009 and statement of cash flows for the year ended March 31, 2010 were restated as follows: