text:
Comment: Is there now another marriage of "corruption & bribery" between ITALY and INDIA?
In a message dated 13/02/2013 23:59:57 GMT Standard Time, xxxxxxxxxxxxwrites:
ROLLS-ROYCE WINS BIG ORDER , BUT FEAR OF �480m CANCELLATION LOOMS AT WESTLAND
2000 JOBS ARE SECURED AT ROLL'S MARINE DIVISION, BUT INDIAN GOVERNMENT THREATENS TO TERMINATE HELICOPTER DEAL OVER CLAIMS OF BRIBERY AT WESTLAND'S ITALIAN PARTNER
Rupert Neate
The Guardian, Wednesday 13 February 2013 20.12 GMT
While Rolls-Royce celebrated, Agusta Westland was wrestling with the arrest of its parent company's chief executive, Giuseppe Orsi, on bribery allegations. Photograph: Matteo Bazzi/EPA
A mixed day for British manufacturers saw Rolls-Royce secure 2,000 jobs with an �800m government contract, while India threatened to cancel a $750m (�480m) order with Britain's only helicopter factory.
The Rolls-Royce contract with the Ministry of Defence will support propulsion systems on Britain's fleet of nuclear submarines, while saving the government �200m over the course of the ten-year contract. The Derby-based group employs 21,000 people in the UK and is best known for manufacturing aircraft engines such as the Trent 900 for the A380 superjumbo.
Defence minister Philip Dunne said: "The foundation contract will help sustain around 2,000 jobs at Rolls-Royce Submarines in the UK, which provides a unique national strategic capability that has a vital role to play in meeting the present and future defence and security needs of the UK."
However, there could be a negative impact on one leading UK-based manufacturer from an unfolding political scandal in Italy. The chief executive of defence group Finmeccanica, Giuseppe Orsi, has been arrested by Italian police amid allegations that he bribed Indian ministers to win a contract to supply luxury helicopters to transport India's prime minister. India's defence minister AK Antony said he would cancel the whole of the $750m (�480m) 12 helicopter deal with Finmeccanica's AgustaWestland subsidiary if the country's central bureau of investigation finds bribes were paid to Indian officials.
"The moment we get a report from the CBI, we will take the strongest action provided in the integrity pact. That includes cancellation of the contract, blacklisting the companies and criminal action," Antony said on Wednesday.
Developments in the case are being closely watched in Yeovil because all of the helicopters are being built at the AgustaWestland factory in the Somerset town. Three of the AW101 helicopters have already been built, and the remaining nine are to be finished this year. AgustaWestland is Yeovil's biggest employer with 3,500 staff.
A spokesman for Finmeccanica said: "This contract was the result of a competitive tender process and is being delivered on time and on budget. The related industrial activities are continuing as planned."
Cancelling the Indian government order would not be fatal for the Yeovil factory, but the site is entering a crucial year as the DfT prepares to award a 10-year contract for the UK search and rescue service, which will require new helicopters.


How to combine different excel files into one file without any data corruption.
I have protected excel sheet in MS Office 2007 before couple of months & now i have forgot the passward.
I am doing MSA & SPC in which i have protected some cells at begining & now i need to update some formulas. But i cant remember the passward.
Kindly help me to unlock the sheet without passward or inform me about passward recovery option.
I have read that more people get shot with their own guns than with the guns of others. It's the same with Excel passwords, lol: They keep only the innocent out, most frequently their owner. But you are right. Anybody can break an Excel password. Here is how.
BTW, the password you will get need not necessarily the one you forgot, just one which will unlock the sheet.
Did you get your worksheet unlocked successfully? Please share your experience.


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As of October 9, 2018, the registrant had 7,573,289 shares of common stock, $0.001 par value, issued and outstanding.
The discussion contained in this 10-Q under the Securities Exchange Act of 1934, as amended, contains forward-looking statements that involve risks and uncertainties. The issuer's actual results could differ significantly from those discussed herein. These include statements about our expectations, beliefs, intentions or strategies for the future, which we indicate by words or phrases such as "anticipate," "expect," "intend," "plan," "will," "we believe," "the Company believes," "management believes" and similar language, including those set forth in the discussions under "Notes to Financial Statements" and "Management's Discussion and Analysis of Financial Condition and Results of Operations " as well as those discussed elsewhere in this Form 10-Q. We base our forward-looking statements on information currently available to us, and we assume no obligation to update them. Statements contained in this Form 10-Q that are not historical facts are forward-looking statements that are subject to the "safe harbor" created by the Private Securities Litigation Reform Act of 1995.
The accompanying unaudited condensed consolidated financial statements have been prepared by management in accordance with both accounting principles generally accepted in the United States ("GAAP"), and the instructions to Form 10-Q and Rule 10-01 of Regulation S-X. Certain information and note disclosures normally included in audited financial statements prepared in accordance with generally accepted accounting principles have been condensed or omitted pursuant to those rules and regulations, although the Company believes that the disclosures made are adequate to make the information not misleading.
In the opinion of management, the consolidated balance sheet as of December 31, 2017 which has been derived from audited financial statements and these unaudited condensed consolidated financial statements reflect all normal and recurring adjustments considered necessary to state fairly the results for the periods presented. The results for the period ended September 30, 2018 are not necessarily indicative of the results to be expected for the entire fiscal year ending December 31, 2018 or for any future period.
These unaudited condensed consolidated financial statements and notes thereto should be read in conjunction with the Management's Discussion and the audited financial statements and notes thereto included in the Annual Report on Form 10-K for the year ended December 31, 2017.
NF Energy Saving Corporation (the "Company" or "NFEC") was incorporated in the State of Delaware on October 31, 2000.
The Company, through its subsidiaries, mainly operates in the energy technology business in the People's Republic of China (the "PRC"). The Company specializes in the provision of energy saving technology consulting, optimization design services, energy saving reconstruction of pipeline networks and contractual energy management services to China's electric power, petrochemical, coal, metallurgy, construction, and municipal infrastructure development industries. The Company also engages in the manufacturing and sales of the energy-saving flow control equipment. All the customers are located in PRC.
NFEC and its subsidiaries are hereinafter referred to as (the "Company").
The accompanying condensed consolidated financial statements reflect the application of certain significant accounting policies as described in this note and elsewhere in the accompanying condensed consolidated financial statements and notes.
In preparing these condensed consolidated financial statements, management makes estimates and assumptions that affect the reported amounts of assets and liabilities in the balance sheet and revenues and expenses during the periods reported. Actual results may differ from these estimates.
The condensed consolidated financial statements include the financial statements of NFEC and its subsidiaries. All significant inter-company balances and transactions within the Company have been eliminated upon consolidation.
Cash and cash equivalents consist primarily of cash in readily available checking and saving accounts. Cash equivalents consist of highly liquid investments that are readily convertible to cash and that mature within three months or less from the date of purchase. The carrying amounts approximate fair value due to the short maturities of these instruments.
Accounts receivable are recorded at the invoiced amount and do not bear interest, which are due within contractual payment terms, generally 30 to 90 days from shipment. Credit is extended based on evaluation of a customer's financial condition, the customer credit-worthiness and their payment history. Accounts receivable outstanding longer than the contractual payment terms are considered past due. Past due balances over 90 days and over a specified amount are reviewed individually for collectability. At the end of each period, the Company specifically evaluates individual customer's financial condition, credit history, and the current economic conditions to monitor the progress of the collection of accounts receivables. The Company will consider the allowance for doubtful accounts for any estimated losses resulting from the inability of its customers to make required payments. For the receivables that are past due or not being paid according to payment terms, the appropriate actions are taken to exhaust all means of collection, including seeking legal resolution in a court of law. Account balances are charged off against the allowance after all means of collection have been exhausted and the potential for recovery is considered remote. The Company does not have any off-balance-sheet credit exposure related to its customers. As of September 30, 2018 and December 31, 2017, the allowance for doubtful accounts was $2,169,687 and $760,164, respectively.
Retention receivable is the amount withheld by a customer based upon 5-10% of the contract value, until a product warranty is expired. The warranty period is usually 12 months.
Inventories are stated at the lower of cost or market value (net realizable value), cost being determined on a weighted average method. Costs include material, labor and manufacturing overhead costs. Quarterly, the Company reviews historical sales activity to determine excess, slow moving items and potentially obsolete items and also evaluates the impact of any anticipated changes in future demand. The Company provides inventory allowances based on excess and obsolete inventories determined principally by customer demand. As of September 30, 2018, the Company did not record an allowance for obsolete inventories, nor have there been any write-offs.
All land in the PRC is owned by the PRC government. The government in the PRC, according to the relevant PRC law, may sell the right to use the land for a specified period of time. Thus, the Company's land purchase in the PRC is considered to be leasehold land and is stated at cost less accumulated amortization and any recognized impairment loss. Amortization is provided over the term of the land use right agreement on a straight-line basis, which is 50 years and will expire in 2059.
Amortization expense for the three months ended September 30, 2018 and 2017 was $15,166 and $15,463, respectively.
Amortization expense for the nine months ended September 30, 2018 and 2017 was $47,578 and $45,480, respectively.
Expenditure for repairs and maintenance is expensed as incurred. When assets have retired or sold, the cost and related accumulated depreciation are removed from the accounts and any resulting gain or loss is recognized in the results of operations.
Depreciation expense for the three months ended September 30, 2018 and 2017 was $184,199 and $193,171, respectively.
Depreciation expense for the nine months ended September 30, 2018 and 2017 was $647,584 and $568,317, respectively.
In accordance with the provisions of ASC Topic 360, "Impairment or Disposal of Long-Lived Assets", all long-lived assets such as property, plant and equipment held and used by the Company are reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount of an asset may not be recoverable. Recoverability of assets to be held and used is evaluated by a comparison of the carrying amount of an asset to its estimated future undiscounted cash flows expected to be generated by the asset. If such assets are considered to be impaired, the impairment to be recognized is measured by the amount by which the carrying amounts of the assets exceed the fair value of the assets. There has been no impairment charge for the three and nine months ended September 30, 2018.
• recognize revenue as the performance obligation is satisfied.
The Company derives a majority of its revenues from the sale of energy saving flow control equipment. Generally, these products are manufactured and configured to customer requirements. The Company typically produces and builds the energy saving flow control equipment for customers in a period from 1 to 6 months. When the Company completes the production in accordance with the customer's specification, the customer is required to inspect the finished products for quality and product conditions, to its full satisfaction, then the Company makes delivery to the customer.
The Company recognizes revenue from the sale of such finished products upon delivery to the customer, whereas the title and risk of loss are fully transferred to the customers. The Company records its revenues, net of value added taxes ("VAT"). The Company is subject to VAT which is levied on the majority of the products at the rate of 17% on the invoiced value of sales. The Company experienced no product returns and recorded no reserve for sales returns for the three and nine months ended September 30, 2018 and 2017.
Service revenue is primarily derived from energy-saving technical services or project management or sub-contracting services that are not an element of an arrangement for the sale of products. These services are generally billed on a time-cost plus basis, for a period of service time from 2 to 3 months. Revenue is recognized, net of business taxes when the service is rendered and accepted by the customer.
Interest income is recognized on a time apportionment basis, taking into account the principal amounts outstanding and the interest rates applicable.
ASC Topic 220, "Comprehensive Income", establishes standards for reporting and display of comprehensive income, its components and accumulated balances. Comprehensive income as defined includes all changes in equity during a period from non-owner sources. Accumulated other comprehensive income, as presented in the accompanying condensed consolidated statement of stockholders' equity, consists of changes in unrealized gains and losses on foreign currency translation. This comprehensive income is not included in the computation of income tax expense or benefit.
Income taxes are determined in accordance with the provisions of ASC Topic 740, "Income Taxes" ("ASC 740"). Under this method, deferred tax assets and liabilities are recognized for the future tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax basis. Deferred tax assets and liabilities are measured using enacted income tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. Any effect on deferred tax assets and liabilities of a change in tax rates is recognized in income in the period that includes the enactment date.
For the three and nine months ended September 30, 2018 and 2017, the Company did not have any interest and penalties associated with tax positions. As of September 30, 2018, the Company did not have any significant unrecognized uncertain tax positions.
The Company conducts the majority of its businesses in the PRC and is subject to tax in this jurisdiction. As a result of its business activities, the Company files tax returns that are subject to examination by a foreign tax authority.
Under the terms of the contracts, the Company offers its customers with a free product warranty on a case-by-case basis, depending upon the type of customers, nature and size of the infrastructure projects. Under such arrangements, a portion of the project contract balance (usually 5-10% of contract value) is withheld by a customer from 12 to 24 months, until the product warranty has expired. The Company has not experienced any material returns or claims where it was under obligation to honor this standard warranty provision. As such, no reserve for product warranty has been provided in the result of operations for the three and nine months ended September 30, 2018 and 2017.
The Company calculates net loss per share in accordance with ASC Topic 260, "Earnings per Share." Basic income per share is computed by dividing the net income by the weighted-average number of common shares outstanding during the period. Diluted income per share is computed similar to basic income per share except that the denominator is increased to include the number of additional common shares that would have been outstanding if the potential common stock equivalents had been issued and if the additional common shares were dilutive.
Transactions denominated in currencies other than the functional currency are translated into the functional currency at the exchange rates prevailing at the dates of the transaction. Monetary assets and liabilities denominated in currencies other than the functional currency are translated into the functional currency using the applicable exchange rates at the balance sheet dates. The resulting exchange differences are recorded in the statement of operations.
The reporting currency of the Company is the United States Dollar ("US$"). The Company's subsidiaries in the PRC maintain their books and records in their local currency, Renminbi Yuan ("RMB"), which is the functional currency as being the primary currency of the economic environment in which these entities operate.
In general, for consolidation purposes, assets and liabilities of its subsidiary whose functional currency is not the US$ are translated into US$, in accordance with ASC Topic 830-30, " Translation of Financial Statement ", using the exchange rate on the balance sheet date. Revenues and expenses are translated at average rates prevailing during the period. The gains and losses resulting from translation of financial statements of foreign subsidiaries are recorded as a separate component of accumulated other comprehensive income within the statement of stockholders' equity.
Parties, which can be a corporation or individual, are considered to be related if the Company has the ability, directly or indirectly, to control the other party or exercise significant influence over the other party in making financial and operational decisions. Companies are also considered to be related if they are subject to common control or common significant influence.
ASC Topic 280, "Segment Reporting" establishes standards for reporting information about operating segments on a basis consistent with the Company's internal organization structure as well as information about geographical areas, business segments and major customers in financial statements. For the nine months ended September 30, 2018 and 2017, the Company operates in one reportable operating segment in the PRC.
The carrying value of the Company's financial instruments (excluding short-term bank borrowing and note payable): cash and cash equivalents, accounts and retention receivable, prepayments and other receivables, accounts payable, income tax payable, amount due to a related party, other payables and accrued liabilities approximate at their fair values because of the short-term nature of these financial instruments.
Management believes, based on the current market prices or interest rates for similar debt instruments, the fair value of short-term bank borrowings and note payable approximate the carrying amount.
● Level 3 : Inputs are generally unobservable and typically reflect management's estimates of assumptions that market participants would use in pricing the asset or liability. The fair values are therefore determined using model-based techniques, including option pricing models and discounted cash flow models.
In May 2014, the Financial Accounting Standards Board ("FASB") issued Accounting Standard Update ("ASU") 2014-09, "Revenue from Contracts with Customers (Topic 606)." The FASB also issued a series of other ASUs, which update ASU 2014-09 (collectively, the "new revenue recognition standard"). This new standard replaces all previous U.S. GAAP guidance on this topic and eliminates all industry-specific guidance. The new revenue recognition standard provides a unified model to determine when and how revenue is recognized. The core principle is that a company should recognize revenue to depict the transfer of promised goods or services to customers in an amount that reflects the consideration for which the entity expects to be entitled in exchange for those goods or services. The impact of the adoption of the new standard was not material to the Company's condensed consolidated financial statements for the quarter ended September 30, 2018. The Company expects the impact to be immaterial on an ongoing basis.
In August 2016, the FASB issued ASU 2016-15, "Statement of Cash Flows (Topic 230): Classification of Certain Cash Receipts and Cash Payments." The standard provides guidance on how certain cash receipts and payments are presented and classified in the statement of cash flows. For public entities, ASU 2016-15 is effective for fiscal years beginning after December 15, 2017, and interim periods within those annual periods, and requires a retrospective approach. The Company adopted this standard effective January 1, 2018 and the adoption did not have a material effect on the Company's consolidated financial statements.
In February 2016, the FASB issued ASU 2016-02, "Leases ("ASC 842")". The guidance requires lessees to recognize almost all leases on their balance sheet as a right-of-use asset and a lease liability. For income statement purposes, the FASB retained a dual model, requiring leases to be classified as either operating or finance. Lessor accounting is similar to the current model, but updated to align with certain changes to the lessee model and the new revenue recognition standard. Existing sale-leaseback guidance, including guidance for real estate, is replaced with a new model applicable to both lessees and lessors. ASC 842 is effective for fiscal years beginning after December 15, 2018. The Company is evaluating the adoption of ASC 842, but has not determined the effects it may have on the Company's consolidated financial statements.
In November 2016, the FASB issued ASU 2016-18, "Statement of Cash Flows (Topic 230): Restricted Cash." The standard requires that a statement of cash flows explains the change during the period in the total of cash, cash equivalents, and amounts generally described as restricted cash or restricted cash equivalents (collectively, "restricted cash"). Therefore, restricted cash should be included with cash and cash equivalents when reconciling the beginning-of-period and end-of-period total amounts shown on the statement of cash flows. The new guidance is effective for interim and annual periods beginning after December 15, 2017. The Company adopted this standard retrospectively effective January 1, 2018 and the adoption did not have a material effect on the Company's consolidated financial statements.
Management has considered all recent accounting pronouncements issued. The Company's management believes that these recent pronouncements will not have a material effect on the Company's financial statements.
The majority of the Company's sales are on open credit terms and in accordance with terms specified in the contracts governing the relevant transactions. The Company evaluates the need of an allowance for doubtful accounts based on specifically identified amounts that management believes to be uncollectible. If actual collections experience changes, revisions to the allowance may be required.
Up to October 26, 2018, the Company has subsequently recovered from approximately 2% of accounts and retention receivable as of September 30, 2018.
During the three and nine months ended September 30, 2018, the Company made $23,557 and $2,169,687 allowance for doubtful accounts to the potentially impaired balances, respectively.
For the three and nine months ended September 30, 2018 and 2017, no allowance for obsolete inventories was recorded by the Company.
Finished goods are expected to be delivered to the customers in the next twelve months.
The effective Bank of China Benchmark Lending rate is 6% and 6% per annum for the nine months ended September 30, 2018 and 2017.
As of September 30, 2018, the amount due to a related party represented temporary advances made by the Company's major stockholder, Pelaris International Ltd, which is controlled by Ms. Li Hua Wang (the Company's CFO) and Mr. Gang Li (the Company's CEO), which was unsecured, interest-free and no fixed term of repayment. Imputed interest is considered not significant.
NFEC is incorporated in the State of Delaware and is subject to the tax laws of United States of America.
As of September 30, 2018, the operation in the United States of America incurred $4,087,926 of cumulative net operating losses which can be carried forward to offset future taxable income. The net operating loss carryforwards begin to expire in 2038, if unutilized. The Company has provided for a full valuation allowance against the deferred tax assets of $858,464 on the expected future tax benefits from the net operating loss carryforwards as the management believes it is more likely than not that these assets will not be realized in the future.
On March 12, 2018, the Company issued 500,000 shares of its Common Stock, at the price of $1.00 per share for aggregate consideration of $500,000, to an independent third party.
As of September 30, 2018 and December 31, 2017, the Company had a total of 7,573,289 and 7,073,289 shares of its common stock issued and outstanding, respectively.
All customers are located in the PRC.
For the three and nine months ended September 30, 2018, no vendor accounted for 10% of the Company's purchase.
All vendors are located in the PRC.
Financial instruments that are potentially subject to credit risk consist principally of trade receivables. The Company believes the concentration of credit risk in its trade receivables is substantially mitigated by its ongoing credit evaluation process and relatively short collection terms. The Company does not generally require collateral from customers. The Company evaluates the need for an allowance for doubtful accounts based upon factors surrounding the credit risk of specific customers, historical trends and other information.
As the Company has no significant interest-bearing assets, the Company's income and operating cash flows are substantially independent of changes in market interest rates.
The Company's interest-rate risk arises from borrowing under notes and bank borrowings. The Company manages interest rate risk by varying the issuance and maturity dates variable rate debt, limiting the amount of variable rate debt, and continually monitoring the effects of market changes in interest rates. As of September 30, 2018, borrowings under related party notes were at fixed rates and short-term bank borrowings were at variable rates.
The reporting currency of the Company is US$, to date the majority of the revenues and costs are denominated in RMB and a significant portion of the assets and liabilities are denominated in RMB. As a result, the Company is exposed to foreign exchange risk as its revenues and results of operations may be affected by fluctuations in the exchange rate between US$ and RMB. If RMB depreciates against US$, the value of RMB revenues and assets as expressed in US$ financial statements will decline. The Company does not hold any derivative or other financial instruments that expose to substantial market risk.
The Company's operations are conducted in the PRC. Accordingly, the Company's business, financial condition and results of operations may be influenced by the political, economic and legal environment in the PRC, and by the general state of the PRC economy.
The Company's operations in the PRC are subject to special considerations and significant risks not typically associated with companies in North America and Western Europe. These include risks associated with, among others, the political, economic and legal environment and foreign currency exchange. The Company's results may be adversely affected by changes in the political and social conditions in the PRC, and by changes in governmental policies with respect to laws and regulations, anti-inflationary measures, currency conversion, remittances abroad, and rates and methods of taxation.
The Company evaluated subsequent events through the date the financial statements were issued and filed with this Form 10-Q. There were no subsequent events that required recognition or disclosure.
As used herein the terms "we", "us", "our," "NFEC" and the "Company" means, NF Energy Saving Corporation, a Delaware corporation, formerly known as NF Energy Saving Corporation of America, Diagnostic Corporation of America, Global Broadcast Group, Inc., and Galli Process, Inc. These terms also include our subsidiaries, Liaoning Nengfa Weiye Energy Technology Company Ltd., a corporation organized and existing under the laws of the Peoples' Republic of China ("PRC"), and Liaoning Nengfa Weiye Smart Valve Technology Co., Ltd., a limited liability corporation organized and existing under the laws of the PRC.
NF Energy Saving Corporation was incorporated under the laws of the State of Delaware in the name of Galli Process, Inc. on October 31, 2000 for the purpose of seeking and consummating a merger or acquisition with a business entity organized as a private corporation, partnership, or sole proprietorship. On December 31, 2001, Galli Process, Inc. became a majority owned subsidiary of City View TV, Inc., a Florida corporation ("City View"). On February 7, 2002, Galli Process, Inc. changed its name to Global Broadcast Group, Inc. On March 1, 2002, City View merged into Global Broadcast Group, Inc., which was the surviving entity. On November 12, 2004, the Company changed its name to Diagnostic Corporation of America. On March 15, 2007, we changed our name to NF Energy Saving Corporation of America, and on August 24, 2009, the Company further changed its name to NF Energy Saving Corporation, in both instances to more accurately reflect our business after a stock exchange transaction with Neng Fa. Our principal place of business is Room 3106, Tower C, 390 Qingnian Avenue, Heping District, Shenyang, P. R. China 110015. Our telephone number is (8624) 2560-9775.
On November 15, 2006, we executed a Plan of Exchange ("Plan of Exchange"), among the Company, Neng Fa, the shareholders of Neng Fa (the "Neng Fa Shareholders") and Gang Li, our Chairman and Chief Executive Officer ("Mr. Li"). Pursuant to and at the closing of the Plan of Exchange, which occurred on November 30, 2006, we issued to the Neng Fa Shareholders 12,000,000 shares of our common stock, or 89.4% of our then outstanding common stock, in exchange for all of the shares of capital stock of Neng Fa owned by the Neng Fa Shareholders. Immediately upon the closing, Neng Fa became our 100% owned subsidiary, and the Company ceased all of its other operations and adopted and implemented the business plan of Neng Fa.
Nengfa Energy's area of business includes research and development, processing, manufacturing, marketing and distribution of energy saving flow control equipment; manufacturing, marketing and distribution of energy equipment and fittings; energy saving technical reconstruction; and energy saving technology consulting services, providing comprehensive solutions for energy-saving emission reduction.
On August 26, 2009, the Company completed a 3 for 1 reverse stock split. The total number of then outstanding shares of common stock changed from 39,872,704 pre-split to 13,291,387 post-split.
On September 15, 2010, the Company completed a 2.5 for 1 reverse share split of its common stock, the total number of outstanding shares of common stock changed from 13,315,486 pre-split to 5,326,501 post-split.
On October 4, 2010 our common stock commenced trading on the Nasdaq Global Market. On March 7, 2012, upon approval by Nasdaq, our common stock transferred from the Nasdaq Global Market to the Nasdaq Capital Market , Our common stock trades on the Nasdaq Stock Market under the ticker symbol "NFEC".
On November 26, 2015 , a new company devoting to intelligent products was set up which is named by " Liaoning Nengfa Weiye Smart Valve Technology Co.Ltd". ("Nengfa Smart Valve"). "Liaoning Nengfa Weiye Energy Technology Co.Ltd" owns approximately 40% of the shares in this new company. On March 8, 2017, "Liaoning Nengfa Weiye Smart Valve Technology Co.Ltd was named by "Liaoning Nengfa Tiefa Import and Export Sales Company" in order to make further business activities.
NFEC is dedicated to energy efficiency enhancement in two fields: (1) manufacturing large diameter energy efficient intelligent flow control systems for thermal and nuclear power generation plants, major national and regional water supply projects and municipal water, gas and heat supply pipeline networks; and (2) energy saving technology consulting, optimization design services, energy saving reconstruction of pipeline networks and contractual energy management services for China's electric power, petrochemical, coal, metallurgy, construction, and municipal infrastructure industries.
NFEC has received many awards and honors from China's regulators, professional associations and renowned international organizations, including the ISO 9001:2008 certification from Det Norske Veritas Management System, the Liaoning Provincial Government's Award of Innovative Enterprise with Best Investment Return Potentials, the Special Industrial Contribution Award of the ESCO Committee of China Energy Conservation Association, and the "Contract-abiding and credit enterprise" Award by the Liaoning State Local administrative bureau for industry and commerce. NFEC was awarded of "Hi-tech enterprise" by Liaoning Technology bureau in 2013.
NFEC enjoys a reputation as a leader and dedicated energy saving company in China for over 15 years. Its professional capacity as a provider of energy services is officially certified by China's National Development and Reform Commission (NDRC). It has been a corporate member on the Board of the ESCO Committee of China Energy Conservation Association and a founding member of China Standardization and Technical Consortium for Energy Conservation and Emission.
As a certified energy service provider, NFEC is entitled to various tax breaks and energy saving awards created by Chinese governments at national, provincial and local levels. The major tax incentives by the central government include a two-year corporate income tax exemption plus a three-year reduction of corporation income tax for all energy performance based, profit sharing energy service projects. The government policy also incentivizes NFEC's clients with tax refunds on goods and properties of the energy saving projects when NFEC transfers to them at the end of the energy service contracts.
The current principal development focus of NFEC is to renew the product, such as large intelligent flow control facility and to provide our Company with more advanced technology to supply high grade energy efficient and safety reliant products for high end markets.
Our corporate goal is to maintain our established position as a leading provider of energy efficiency flow control systems, a cutting edge innovator with clean energy and energy efficiency technologies, and a total energy efficiency solution and service provider dedicated to maximum returns to our investors, partners, clients and environment.
Our products and services include the manufacturing and sales of energy-saving flow control equipment, energy saving technology consulting, optimization design services, energy saving reconstruction of pipeline networks and contractual energy management services for China's electric power, water power, petrochemical, coal, metallurgy, construction, and municipal infrastructure development industries.
· In 2007, Nengfa Energy received contracts for our products and services to be used in three sections of the Middle Section-Jingshi Section of the national project to redirect the water from China's southern rivers to the north of the country. This phase of the project was completed and passed inspection in 2008.
· In 2008, the Company received flow control equipment contracts from seven cities in Liaoning Province for their water supply systems.
· In 2009, the Company was awarded several flow control equipment supply contracts, including one for the Xijiang diversion project of Guandong Province, and one for Phase 1 of Guangdong Yuedian Huilai Power Plant.
· In 2012, the Company received contracts from Beijing South to North Water Diversion Operation and Management Center, Shanxi Kegong Longsheng technology Ltd, Huaihu Coal Ltd, Chongqing Water-Turbine Ltd, Shenergy Company Limited, Shanghai Qingcaosha City-Environment Project (South Branch Project), Luanhe Power station of China Guodian Corporation ,Qiangui power Ltd , Guizhou Province, Guihang Nenghuan refrigeration engineering Ltd, Shanghai City , Electric power construction corporation (Zambia's project) , Shandong Province; Lu Electric International Trading corporation, and Shandong Province ( Philippines project).
· In 2013, the Company received contracts from Zheneng Zhenhai gas thermal power Ltd; Chongqing water turbine factory Ltd; Chongqing Wanliu power Ltd ; Dalian Petrochemical Company of Petro of China ; China National Electric Power Engineering Ltd ; Xinyu iron and steel Ltd; Shandong Electric Power Corporation; Jiajie gas-fired cogeneration branch of Shanxi new energy industry group; and the Amedyan Power Ltd of State Grid; Chuangshi Energy Ltd, Beijing; Peiling Water-resource Development Ltd, Chongqing; Iron and Steel Ltd, Maanshan; Oilfield Construction Group Ltd, Daqing ; Harbin Air-condition Ltd; China resources power (haifeng) Ltd.
· In 2014, the Company received contracts from LXB Water Supply Co., Ltd. Shandong Luneng Huaneng Power International Trade Company of Taiyuan Dongshan Gas Turbine Thermal Power Co., Ltd., Beijing Sea of Inner Mongolia Coal Gangue Power Co., Ltd. and other companies. At the same time, the Company has also completed the installation of desulfurization, denigration and dust removal systems at the 660T/h boiler room of the Chinese Aviation Company.
· In 2015, the Company received contracts from Gansu Coal Group Co.Ltd, Nanning Tiefa Valve Co., Ltd, Weinan Dongnan Bureau , Shanxi Ruiguang power Co., Ltd and Harbin Binhe Technology Co., Ltd, Chifeng Jianxi Shangrao water diversion project, Inner Mongolia Caisen hydropower station, Chifeng Xincheng thermal power co., Ltd, Sinkiangr conservancy hub project and Italian Tecnedil International SRL, etc.
· In 2016, the Company received contracts from the 2*660MW project of a subsidiary of State Grid, Shanxin, a 2*660MW low calorific coal power generation project and the Hubei Huanggang cogeneration project, Jiangsu Guohua Chenjia Gang power co.,Ltd, Shandong electric power construction co.,Ltd , 2*350 MW cogeneration project of Shandong Junan Liyuan Thermal Power Co.,Ltd., 2*1000 MW circulating water system project of Guangdong Datang International Leizhou Power Plant , 2*1000 MW of coal-fired power generating project of Shanxin Shentou Power Co.Ltd, 2*660 MW generator project of North China Power Engineering (Beijing) Co.,Ltd and Liaoning Dahufang reservoir water diversion project etc.
· In 2017, the Company received contracts from JATIGATE hydroelectric station, Indonesia, Sinkiang Production and Construction Group and Siehuan Dongfa Electric Co.Ltd,China Nuclear Qiqihar environmental protection technology Co. Ltd., for the first phase of an oxidation pond deep processing project; Chongqing water turbine Co., Ltd., for the huangshan dragon hydropower station renovation project in Vietnam; and Chongqing new century electrical Co. Ltd., for the NHESANJEN hydropower station renovation project in Nepal,Zhejiang Zhenhai power plant coal-fired units move renovation project, Wanhua chemical (Ningbo) electric co., Ltd. Valve supply water system project, Chongqing New Century electrical co., Ltd power projects in Pakistan etc.
· In 2018, the Company received from the chemical pulp project of One Paper Co.,Ltd IN Shandong province, the renewable energy utilization center project of One Comprehensive Development Co.,Ltd in Shanghai, 2x330mw unit heating system renovation project for Shanxi jineng changzhi thermal power co., LTD. Water pump steam turbine condenser renovation project electric vacuum butterfly valve equipment for China datang group science and technology engineering co., LTD., , Phase I project ecological water diversion project for Baoding Caohe comprehensive treatment etc.
Certain statements in this report, including statements of our expectations, intentions, plans and beliefs, including those contained in or implied by "Management's Discussion and Analysis of Financial Condition and Results of Operations" and the Notes to Consolidated Financial Statements, are "forward-looking statements", within the meaning of Section 21E of the Securities Exchange Act of 1934, as amended (the "Exchange Act"), that are subject to certain events, risks and uncertainties that may be outside our control. The words "believe", "expect", "anticipate", "optimistic", "intend", "will", and similar expressions identify forward-looking statements. Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date on which they are made. We undertake no obligation to update or revise any forward-looking statements. These forward-looking statements include statements of management's plans and objectives for our future operations and statements of future economic performance, information regarding our expansion and possible results from expansion, our expected growth, our capital budget and future capital requirements, the availability of funds and our ability to meet future capital needs, the realization of our deferred tax assets, and the assumptions described in this report underlying such forward-looking statements. Actual results and developments could differ materially from those expressed in or implied by such statements due to a number of factors, including, without limitation, those described in the context of such forward-looking statements, our expansion and acquisition strategy, our ability to achieve operating efficiencies, industry pricing and technology trends, evolving industry standards, general economic and business conditions, the strength and financial resources of our competitors, our ability to find and retain skilled personnel, the political and economic climate in which we conduct operations and the risk factors described from time to time in our other documents and reports filed with the Securities and Exchange Commission (the "Commission"). Additional factors that could cause actual results to differ materially from the forward-looking statements include, but are not limited to: 1) our ability to successfully develop, manufacture and deliver our products on a timely basis and in compliance with our contract terms; 2) our ability to compete effectively with other companies in our industry segments; 3) our ability to raise capital or generate sufficient working capital in order to effectuate our business plan; 4) our ability to retain our key executives; and 5) our ability to win and perform significant construction and infrastructure projects.
An appreciation of our critical accounting policies is necessary to understand our financial results. These policies may require management to make difficult and subjective judgments regarding uncertainties, and as a result, such estimates may significantly impact our financial results. The precision of these estimates and the likelihood of future changes depend on a number of underlying variables and a range of possible outcomes. We applied our critical accounting policies and estimation methods consistently in all periods presented.
The Company derives a majority of its revenues from the sale of energy saving flow control equipment. Generally, the energy saving flow control equipment is manufactured and configured to customer requirements. The Company typically produces the energy saving flow control equipment for customers over a period from one to six months. When the Company completes production in accordance with the customer's specification, the customer is required to inspect the finished products at the Company's plant to approve quality and conformity and make final acceptance. Once the product is accepted by the customer, the Company undertakes delivery to the customer, usually within a month.
The Company recognizes revenue from the sale of such finished products upon delivery to the customers, when the title and risk of loss are fully transferred to the customers. The Company records its revenues, net of value added taxes ("VAT"). The VAT rate is 17%.
Service revenue is derived from energy-saving technical services, project management or sub-contracting services. These services are generally billed on a time-cost plus basis, for the period of service provided, which is generally from two to nine months. Revenue is recognized when the service is rendered and accepted by the customer.
Accounts receivable are recorded at the invoiced amount, do not bear interest and are due within the contractual payment terms, generally 30 to 90 days from shipment. Credit is extended based on evaluation of a customer's financial condition, the customer's credit-worthiness and their payment history. Accounts receivable outstanding longer than the contractual payment terms are considered past due. Past due balances over 90 days and over a specified amount are reviewed individually for collectability. At the end of each period, the Company specifically evaluates each individual customer's financial condition, credit history, and the current economic conditions to monitor the progress of the collection of accounts receivable. The Company will consider an allowance for doubtful accounts for any estimated losses resulting from the inability of its customers to make required payments. For the receivables that are past due or not being paid according to payment terms, the appropriate actions are taken to exhaust all means of collection, including seeking legal resolution in a court of law. Account balances are charged off against the allowance after all means of collection has been exhausted and the potential for recovery is considered remote. The Company does not have any off-balance-sheet credit exposure related to its customers.
For most of our contracts, our customers are generally large or stated-owned construction contractors or developers mainly engaged in government-sponsored infrastructure projects such as large hydraulic/aqua-engineering projects, power plants and urban sewage network projects in the PRC. Usually, these infrastructure projects are undertaken in a number of phrases over a certain period of time. Our flow control equipment components are generally considered as major or significant components in the development phase of these infrastructure projects. As is standard in our industry practice, we are paid by these contractors and/or developers when they have been paid by the local government or state-owned enterprises after the full inspection of each milestone during each construction phrase. Given that the construction of these infrastructure projects are very large, complex, and requires a high of quality level at completion, the inspection process may take a considerable amount of time. Therefore, we may not collect the accounts receivable in a timely manner or only after a period longer than our agreed payment terms.
We have a high level of assurance on the recoverability of these accounts receivable, based on our ongoing assessment of customers' credit-worthiness and their payment history. These customers are usually large state-owned corporations with good credit ratings. At the end of each period, we specifically evaluate the structure and collectability of accounts receivable and for receivables that are past due or not being paid according to the payment terms, we take appropriate action to exhaust all means of collection, including seeking legal resolution in a court of law. For customers with large amounts of accounts receivable, we may take other steps, such as limiting sales and changing payment terms and requesting forms of security. We will consider an adjustment to the allowance for doubtful accounts for any estimated losses resulting from the inability of our customers to make required payments.
Account balances are charged off against the allowance for doubtful accounts after all means of collection have been exhausted and the potential for recovery is considered remote. The Company does not have any off-balance sheet credit exposure related to its customers.
Under the terms of its contracts, the Company offers a free 12 to 24 months of product warranty on a case-by–case basis, depending upon the type of customer, and the nature and size of the infrastructure project. Under such arrangements, a portion of the project contract balance (usually 5-10% of contract value) is withheld by a customer from 12 to 24 months, until the product warranty has expired. The Company has not experienced any material returns under this warranty provision.
Inventories are stated at the lower of cost or market (net realizable value), with the cost being determined on a weighted average method. Costs include material, labor and manufacturing overhead costs. Quarterly, the Company reviews historical sales activity to determine excess, slow moving items and potentially obsolete items and also evaluates the impact of any anticipated changes in future demand. The Company provides inventory allowances based on excess and obsolete inventories determined principally by customer demand.
Expenditure for repairs and maintenance is expensed as incurred. When assets have been retired or sold, the cost and related accumulated depreciation are removed from the accounts and any resulting gain or loss is recognized in the results of operations.
Income taxes are determined in accordance with the provisions of ASC Topic 740, "Income Taxes " ("ASC 740"). Under this method, deferred tax assets and liabilities are recognized for the future tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax basis. Deferred tax assets and liabilities are measured using enacted income tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. Any effect on deferred tax assets and liabilities of a change in tax rates is recognized in income in the period that includes the enactment date.
Transactions denominated in currencies other than the functional currency are translated into the functional currency at the exchange rates prevailing at the dates of the transaction. Monetary assets and liabilities denominated in currencies other than the functional currency are translated into the functional currency using the applicable exchange rates at the balance sheet dates. The resulting exchange differences are recorded in the condensed consolidated statement of operations.
The reporting currency of the Company is the United States dollar ("US$"). The Company's subsidiaries in the PRC, Nengfa Energy and Nengfa Smart Valve maintain their books and records in the local currency of the PRC, the Renminbi ("RMB"), which is the primary currency of the economic environment in which these entities operate.
In general, for consolidation purposes, assets and liabilities of its subsidiaries whose functional currency is not the US$ are translated into US$, in accordance with ASC Topic 830-30, "Translation of Financial Statement", using the exchange rate on the balance sheet date. Revenues and expenses are translated at average rates prevailing during the period. The gains and losses resulting from translation of financial statements of foreign subsidiaries are recorded as a separate component of accumulated other comprehensive income within the statement of stockholders' equity.
Total revenues were $1,102,693 and $1,814,111 for the three and nine months ended September 30, 2018, respectively, as compared to $1,141,920 and $3,855,365 for the corresponding period in 2017. Total revenues decreased by $39,227 and $2,041,254 for the three and nine months ended September 30, 2018, respectively, as compared to total revenues for the three and nine months ended September 30, 2017. The decrease in total revenues was primarily due to the impact of exchange rate fluctuations, the RMB was continuously depreciated against the US dollar since the beginning of this year.
Product revenues are derived principally from the sale of manufactured products relating to energy- saving flow control equipment. Product revenues were $1,052,130 and $1,550,119 or 95.41% and 85.45% of total revenues for the three and nine months ended September 30, 2018, respectively, as compared to $1,103,952 and $3,678,341, or 96.67% and 95.40% of total revenues, for the corresponding period in 2017. Product revenues decreased by $51,822 and $2,128,222, or 4.69% and 57.85%, for the three and nine months ended September 30, 2018, respectively, as compared to the same period in 2017. The decrease in product revenue was primarily due to the impact of exchange rate fluctuations, the Chinese Yuan was continuously devalued against the US dollar since the beginning of this year.
Service revenues are derived principally from energy-saving technical services and product collaboration processing services. The energy-saving technical services include providing energy saving auditing, conservation plans, and/or related service reports. Service revenues were $50,563 and $263,992, or 4.58% and 14.55%, of total revenues for the three and nine months ended September 30, 2018 respectively, as compared to $37,968 and $177,024, or 3.32% and 4.59%, of total revenues for the corresponding period in 2017. Service revenues increased by $12,595 and $86,968, or 33.17% and 49.12% for the three and nine months ended September 30, 2018, respectively, compared to the corresponding period in 2017. The increase in service revenue was primarily due to the increase in service orders.
Cost of revenues consists primarily of material costs, direct labor, depreciation and manufacturing overhead, which are directly attributable to the manufacturing of products and the rendering of services. Total cost of revenues was $956,694 and $1,344,884 for the three and nine months ended September 30, 2018, respectively, as compared to $1,099,971 and $3,393,804 for the corresponding three and nine months in 2017, a decrease of $143,277 and $2,048,920, respectively, or 13.03% and 60.37%. The decrease in cost of revenues was primarily due to the decrease in total revenues.
The overall gross profit for the Company was $145,999 and 469,227 (13.24% and 25.86% margin) for the three and nine months ended September 30, 2018, respectively, as compared to $41,949 and $461,561 (3.67% and 11.97% margin) for the corresponding three and nine months in 2017, respectively, an increase of $104,050 and $7,666, or 248.04% and 1.66%, compared to the corresponding period in 2017. The increase in gross profit margin was primarily due to the higher margined products sold during this period.
Total cost of products was $937,586 and $1,148,581 for the three and nine months ended September 30, 2018, respectively, as compared to $1,082,652 and $3,207,838 for the corresponding period in 2017, a decrease of $145,066 and $2,059,257, respectively, or 13.40% and 64.19%. This decrease is primarily due to the decrease of product revenue which led to the decrease in the cost of products.
The gross profit for products was $114,544 and $401,538 (10.88% and 25.90% margin) for the three and nine months ended September 30, 2018, respectively, as compared to $21,300 and $470,503 (1.93% and 12.79% margin) for the corresponding three and nine months in 2017, an increase of $93,244 and a decrease of $68,965. Although the gross profit rate of this period was increased but total gross profit was decreased for the nine moenths ended September 30, 2018, the decrease is primarily due to the decrease in product revenues.
The cost of services was $19,108 and $196,303 for the three and nine months ended September 30, 2018, respectively, as compared to $17,319 and $185,966 for the corresponding period in 2017, an increase of $1,789 and $10,337, respectively, or 10.32% and 5.56%.This increase is primarily due to the increase in the service revenue which lead to the increase in the cost of services.
The gross profit for services was $31,455 (62.20% margin) and $67,689 (25.64% margin) for the three and nine months ended September 30, 2018, respectively, as compared to $20,649 (54.38% margin) and -8,942 (-5.05% margin) for the corresponding period in 2017. This increase is primarily due to the decrease in fixed fees that should be amortized in cost of services.
Total operating expenses were $370,703 and $2,654,273 for the three and nine months ended September 30, 2018, respectively, as compared to $382,288 and $1,306,894 for the corresponding period in 2017, a decrease of $11,585 and an increase of $1,347,379, respectively. The increase of operating expenses is primarily due to the increase in the accrued doubtful accounts and the increase in the salary allocated to the administrative expense of the Company's subsidiaries.
The sales and marketing expenses were $6,153 and $22,542 for the three and nine months ended September 30, 2018, respectively, as compared to $4,181 and $82,257 corresponding period in 2017, an increase of $1,972 and a decrease of $59,715. This decrease is primarily due to the decrease in the consulting fees related to operating expenses in the Company's subsidiaries.
General and administrative expenses were $364,550 and $2,631,731 for the three and nine months ended September 30, 2018, respectively, as compared to $378,107 and $1,224,637 for the corresponding period in 2017, a decrease of $13,557 and an increase of $1,407,094, respectively. The increase of general and administrative expenses is primarily due to the increase in the accrued doubtful accounts and the increase in the salary belonged to the adminstriative expense of the Company's subsidiaries.
As a result of the factors mentioned above, loss from operations was $224,704 and $2,185,046 for the three and nine months ended September 30, 2018, respectively, as compared to loss from operations of $340,339 and $845,333 for the corresponding three and nine months period in 2017, a decrease of $115,635 and an increase of $1,339,713 respectively. This increase is primarily due to the decrease of gross profit related to the decrease in product revenues and the increase in operating expenses.
Other expense was $90,171 and $286,394 for the three and nine months ended September 30, 2018, respectively, as compared to $86,525 and $264,431 for the corresponding period in 2017, an increase of $3,646 and $21,963 respectively. This increase is primarily due to the increase in interest expense. As a result, the loss before income taxes was $314,875 and $2,471,440 for the three and nine months ended September 30, 2018 respectively, as compared to the loss before income taxes of $426,864 and $1,109,764 for the corresponding three and nine months period in 2017, a decrease of $111,989 and an increase of $1,361,676, respectively.
For the three and nine months ended September 30, 2018, income tax expense was $16 and $114 respectively, as compared to $51 and $2,723 for the same period in 2017, a decrease of $35 and $2,609, or 68.62% and 95.81%. This decrease was primarily due to the increase of loss before income tax.
As of September 30, 2018, the operations in the United States of America incurred $4,087,926 of cumulative net operating losses which can be carried forward to offset future taxable income. The net operating loss carryforwards begin to expire in 2038, if unutilized. The Company has provided for a full valuation allowance against the deferred tax assets of $858,464 on the expected future tax benefits from the net operating loss carryforwards as the management believes it is more likely than not that these assets will not be realized in the future.
The Company's effective income tax rate for the three months and nine month ended September 30, 2018 was 25%.
As a result of the factors mentioned above, net loss was $314,891 and $2,471,554 for the three and nine months ended September 30, 2018, respectively, as compared to net loss of $426,915 and $1,112,487 for the corresponding period in 2017, a decrease of $112,024 and an increase of $1,359,067. This increase is primarily due to the decrease in the product revenue and corresponding decrease in gross profit as well as devaluing the Chinese Yuan against US dollar.
For the nine months ended September 30, 2018, net cash generated from operating activities was $456,033. This was attributable primarily to net loss of $2,471,554, adjusted by non-cash items of depreciation and amortization of $695,162, and gain on disposal of property, plant and equipment of $730, a decrease in accounts and retention receivable by $3,637,343, an increase in inventories by $2,506,962, an increase in amount due from a related company of $282,478, an increase in prepayment and other receivable by $459,222, an increase in the accounts payable by $218,853 and an increase in other payable and accrued liabilities by $162,723.
We have followed ASC 230-10-45-28 and choose to provide information about major classes of cash flow items by the indirect method. In the statement of cash flows, we have reported the same amount for net cash flow from operating activities indirectly by adjusting net income to reconcile it to net cash flow from operating activities. The reconciliation has separately reported all major classes of reconciling items, for example, changes during the period in accounts receivables pertaining to operating activities, in inventory, and in payables pertaining to operating activities.
As of September 30, 2018, the increase of inventories was primarily due to the delayed project so as to preventing us to deliver these inventories to our clients.
As of September 30, 2018, accounts and retention receivable was $9,210,785, 99.9% and 0.1% of the product revenue and service revenue, respectively.
Most of our customers make payments in accordance with the agreed payment terms in a timely manner. In rare cases, we may offer extended payment terms to certain customers for equipment sales. These customers are usually large state-owned corporations with good credit ratings. At the end of each period, we evaluate the structure and collectability of accounts receivable and for those receivables that are past due or not being paid according to the payment terms. The Company takes appropriate actions to exhaust all means of collection, including seeking legal resolution in a court of law, for our collection efforts. Meanwhile, the Company also adopted strict sales polices according to the signed contracts. The Company evaluated the existing customers and potential customers; as well as reducing their credit in the sales and raising the quality of contracts and controls on the doubtful accounts. This year, we have strengthened the team makeup of accounts receivable settlement, and we have organized nearly 30 professional people to track the accounts receivable and resident the customer until the accounts receivable have been recovered. We believe that these measures should improve the collection of the accounts receivable.
We offer a free 12 to 24 months of product warranty on a case-by-case basis, depending upon the type of customers, nature and size of the infrastructure projects. Under such arrangements, a portion of the project contract balance (usually 5-10% of contract value) is withheld by a customer from 12 to 24 months, until the product warranty has expired.
For the nine months ended September 30, 2018, net cash provided by investing activities was $1,441.
For the nine months ended September 30, 2018, net cash used in financing activities was $528,935.
We believe that the relatively moderate rate of inflation over the past few years has not had a significant impact on our results of operations.
We do not expect adoption of recently issued accounting pronouncements to have a significant impact on our results of operations, financial position or cash flow.
We conducted an evaluation of the effectiveness of the design and operation of our disclosure controls and procedures, as such term is defined under Rule 13a-15(e) promulgated under the Securities Exchange Act of 1934, as amended (Exchange Act), under the supervision of and with the participation of our management, including the Chief Executive Officer and Chief Financial Officer. Based on that evaluation and the identification of a material weakness in internal control over financial reporting described below, our management, including the Chief Executive Officer and Chief Financial Officer, concluded that our disclosure controls and procedures, as of September 30, 2018, and during the period prior were not effective.
· Provide reasonable assurance regarding prevention or timely detection of unauthorized acquisition, use or disposition of the Company's assets that could have a material effect on the financial statements.
Due to the Company's limited resources, the Company does not have accounting personnel with extensive experience in maintaining books and records and preparing financial statements in accordance with US GAAP which could lead to untimely identification and resolution of accounting matters inherent in the Company's financial transactions in accordance with US GAAP .This material weakness was identified by our Chief Executive Officer and Chief Financial Officer and our plans for remediation are described in our Annual Report on Form 10-K for the fiscal year ended December 31, 2017, which was filed with the SEC on March 30, 2018.
Subject to the foregoing disclosure, there were no changes in our internal control over financial reporting during the quarter ended September 30, 2018 that materially affected, or are reasonably likely to materially affect, our internal control over financial reporting.
The list of Exhibits , required by Item 601 of Regulation S-K to be filed as a part of this Form 10-Q are set forth on the Exhibit Index immediately preceding such Exhibits and is incorporated herein by this reference.


There's this nasty rumor that's been going around for years. Maybe you've heard it, or maybe you've even spouted it yourself: There's no way a guy's going to get enough protein from a vegan diet to build the kind of ultra-ripped body you're aiming for.
Your muscles don't reward the seemingly superior source. It doesn't matter whether protein intake is from animals or plants—as long as men and women are getting at least the recommended daily allowance (that's 0.8g/kg of bodyweight), carnivores and omnivores had roughly the same muscle mass and strength.
Of course, switching over to veganism is totally different from trying a new diet like Paleo or high-fat, low-carb. But once you learn the basics, it's actually really, really easy. So if you've been thinking about ditching meat—for animal advocacy, environmental impact, or maybe just because you watched What the Health and haven't been able to look at chicken since—we're serving up everything you need to know.
Eating only plants is totally different for your digestive system. Not all your calories will be getting digested in the same way. Just eat more in that sitting, although You might be hungry more often.
What's primordial is to eat enough to fuel those HIIT workouts to shed body fat. Likewise, as long as you're hitting your protein goals, you'll have no problem being an ultra-ripped vegan.
Best Way To Give up All the Meat, poultry, fish, and dairy—pretty much every source of protein you probably eat right now—and still get totally ripped.
Bloating and gaing is normal when you first switch over. Eating a super high-protein diet and not all that much fiber, your gut bacteria is pretty brutal. Eating more vegetables, whole grains, and legumes is radically different on your system. Over time, your stomach will build up its stores of good bacteria, but in the interim, the bloating can be enough to freak out any body-conscious dude—potentially to the point of retreating back to the safer the usual diet.
Moreover, nixing animal products all in one go implies a vastly different way of grocery shopping, cooking, snacking, and eating out. Until you learn your go-to meals, it's going to be more mentally exhausting to eat than normal—especially if you're super-busy and can't devote a ton of time to finding non-dairy grab-and-go snacks. Just like with any diet, that mental exhaustion increases your risk of giving up.
Plant proteins' ability to build just as much bulk as dairy varieties, namely soy and brown rice. And even if there is an advantage to whey, "That extra bit of leucine will make maybe 1% difference in building muscle.
Protein is extremely important for fitness and building muscle, as 20g of protein at each meal is actually very easy to do when beans and whole grains are part of your eating habits.
Your heaviest hitters are now soy milk, tempeh, seitan, tofu, edamame, black beans, chickpeas, lentils, and vegan meats. Yes, you'll certainly bite into a few terrible soy dogs and veggie burgers before finding brands that actually taste good—but hey, the same could be said for all the whey powders you sipped before finding the one brand that doesn't taste like chalk.
Worth checking out is the " Beyond Meat product line at Whole Foods, particularly the Beyond Burger, which everyone from Ruscigno to the 76ers' Reddick recommends thanks to its high protein count and texture that's as close to meat as you'll get from plants.
Even leafy greens—which every athlete should be eating because of their ability to increase nitric oxide, which helps deliver oxygen to the muscles—contain protein, which is right around the protein of one egg. Thus, as long as you're eating a variety of protein sources throughout the day, you're good.
Chances are your meat-eating macro breakdown was either 30% protein, 30% fat, 40% carbs or 30% protein, 50% fat, 20% carbs. But on a muscle-building vegan diet, your new breakdown will land closer to 20% protein, 30% fat, and 50% carbs.
Otherwise, the same eating rules apply—every meal should have a balance of fat, protein, and carbs; pre-workout snacks should be a hit of carbs without too much fiber or fat; post-workout fuel should be a mix of protein and carbs.
Regardless of how tempting they may be, there's no room in a healthy, muscle-building, athletic diet for refined bread and cookies.
Obviously you know refined junk was never on the "OK" omnivore list, but if you're cutting out eggs and butter, suddenly the small cheats that quickly fill your 20% bucket—a small piece of birthday cake, a few bites of croissant—aren't even options anymore.
So: Definitely pop B12 and DHA/EPA every day. And add 5g of creatine to your post-workout shake if you don't already: A recent study review Opens a New Window. found that creatine can significantly improve the performance and recovery in vegetarian athletes, since the nutrient is mainly found in beef and fish.
It's totally normal to be hungry more often and to need snacks when you follow a vegan diet and when switching to plants. You end up eating a larger volume of food but fewer calories, so it's important to make sure you're eating more, and eating more often.
Listen to your body rather than your daily count. If you are hungry right after eating, it's a sign that you need to add more volume and/or more fat and protein. Start adding bean spreads to your raw vegetables. Instead of just plain ol' oatmeal, make it with soy milk, frozen blueberries, walnuts, and/or chia seeds. Believe it, the small additions really go a long way when you're vegan.
Getting serious about your training takes planning and effort, and nutrition is part of that program. Being vegan requires meal planning and cooking, but that's true of healthy eating whether it includes meat or not.
The good news: It's way, way easier to be vegan now than ever before. Go to Whole Foods or your local health grocer and check out what pre-made vegan options are available to give you an idea for meal prep. Develop a few go-to foods for breakfast, lunch, and dinner (we'd suggest just straight copying what these seven elite vegan athletes eat to get (and stay) ultra-jacked).
Most important, keep snacks on hand. "If you're a busy athlete, snacks can be the hardest since most of the easiest grab-and-go foods are dairy-based, like Greek yogurt or string cheese," Guest points out. "Drinking two cups of soy milk can deliver about the same amount of protein to hold you over." We'd also suggest stocking up on vegan bars like GoMacro, CLIF Builder's, and PROBAR to keep hangry from happening.
New vegans must keep it simple by thinking of meals like this: grain, bean, vegetables, sauce, brown rice, black beans, salsa, avocado, fajita vegetables; quinoa, chickpeas, kale, pesto; wild rice, falafel, hummus, roasted cauliflower, and tahini dressing. However, you must adjust your ratios based on your macros, adding more legumes or less grains, and controlling the calories with the sauce or dressing.
Eating slower and chewing your food is the best ways to reduce bloating, though it's a tough habit for people to acquire, since not chewing beans all the way is one of the leading causes of the quintessential discomfort. Eating more mush: Making hummus or refried beans is a way to get your protein without risking bloating or GI distress from beans since they're already somewhat broken down.
Just be sure to fuel your workouts and eat enough to fuel the workouts to build the muscle to be lean. The most important factor in gaining mass is eating enough energy, or calories. Most meat-eating men who want to gain mass, almost always consume around three times the protein they need, half as many carbs, and not enough calories.


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Crime Prevention Tips and Information
University Police present a number of programs designed to inform students/employees about security procedures. These programs include: CUSTOMS, Adopt-a-Cop (see below), RAD* (Rape Aggression Defense), Operation ID and other programs listed below. These programs are offered throughout the semester or upon request. CUSTOMS, the MTSU student orientation program, is offered during the summer to new freshmen and transfer students. University Police calendars which contain safety information are distributed to new/transfer students during this orientation program, as well.
University Police has implemented a presentation, "Shots Fired on Campus," to help inform the MTSU community about what would occur on campus in the event of an "active shooter." This presentation includes topics such as police response to an active shooter, sheltering in place, and the survival mindset needed in this type of encounter. Additional information about active shooter incidents can be found on the "If There Are Shots Fired on Campus…" page of the University Police calendar. MTSU departments and organizations may request a "Shots Fired on Campus" presentation by contacting the Community Policing Section of University Police at (615) 494-7904.
MTSU Human Resource Services offers a new employee orientation. The orientation is an overview of the MTSU campus and the many services available to its employees. University Police calendars are provided to all MTSU employees annually. These calendars include crime prevention safety tips, a description of the Department's services, crime statistics, and other useful crime prevention information.
*The RAD program is a program of realistic, self-defense tactics and techniques. The course begins with awareness, prevention, risk reduction and avoidance, while progressing on to the basics of hands-on defense training.
Programs to Inform Students and Employees about Crime Prevention
During 2013, University Police presented approximately 50 programs/presentations that informed students and employees about campus security procedures, personal safety and crime prevention. University Police welcomes new students each summer during CUSTOMS, the MTSU new student orientation program. Safety and security information is provided and the University Police calendar is distributed to all new students who attend the orientation sessions. This information is also available at University Police upon request. Additional Crime Prevention Programs, which include Assault Awareness 25 (i.e., "Date/Stranger Rape"), Alcohol Awareness, Individual Security, and Operation ID are presented throughout the academic year upon request. To request an officer to present a program to a class, sorority, fraternity, department, or other organized group, please contact the Community Policing Section of University Police at (615) 494-7904.
Additional Crime Prevention Programs include: Adopt-A-Cop, DUI Awareness, Crime Prevention, Rape Awareness, RAD (Rape Aggression Defense), Bicycle Safety, Crimestoppers, University 1010 classes (for crime prevention), Drunk Goggles presentation, and other programs as requested. Further educational programs take place within the residence halls and for student organizations upon request.
Adopt-A-Cop is a joint effort between University Police and the Office of Housing and Residential Life. This long-term program was created to serve the student resident population. Adopt-A-Cop establishes a police presence in residence halls in which a University Police officer essentially becomes a member of a residence hall's staff. Officers work to establish rapport with the residents through the implementation of crime prevention measures, conduct educational safety programs upon request and assist in maintaining the physical security of the buildings. Officers attend Housing and Residential Life staff meetings and provide updated crime statistics for their residence halls; they then follow up with appropriate crime prevention methods with the students and staff.
A New Employee Orientation is offered by MTSU Human Resources Services. The orientation is an overview of the MTSU campus and the many services available to its employees.
University Police calendars are provided to all MTSU employees annually. These calendars include crime prevention safety tips, a description of the Department's services, crime statistics, and other useful crime prevention information.
The MTSU community and visitors are encouraged to utilize the University Police Safety Escort Program (now known as "Raider Escort"). University Police provides the safety escort program to students, staff, and campus visitors 24 hours a day, 365 days a year at no cost.
Rave Guardian is an additional service provided by MTSU through the MTSU Critical Notification System. The Guardian Timer may be used whenever an individual is out alone on campus, in an unfamiliar area of campus or would like University Police to check on him/her while he/she is on campus if the timer is not deactivated. The user may call the Guardian Timer number: (615) 692-1516 and set a realistic time frame to reach his/her destination and leave a voice message containing details about him- or herself and the situation (e.g., your clothing, route of travel, etc.). If the designated destination is reached safely, the timer is deactivated by dialing the Guardian Timer number: (615) 692-1516 and entering a PIN. For more information please contact University Police, or log onto the MTSU Critical Notification System website.
Last Updated: Feb 4, 2021

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As terms like "full service" and "self service" become synonymous; related technologies such as wi-fi and broadband become commonplace; and, tech-savvy consumers increase their demands for convenience the opportunities and growth for self-service technology seems limitless. Perhaps, that is why Gartner has identified self-service technology...
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The Palm to "de-Zire"
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Stephen Franklin Westmaas (Paramaribo, 23 december 1971 – Coronie, 23 april 2011) was een Surinaams cabaretier, muzikant en presentator die vooral bekend was onder zijn bijnaam Wesje.

Biografie
Westmaas groeide op in Paramaribo. Als tiener probeerde hij al om in familiekring en op feestjes mensen te vermaken met grappen. Zijn uitgebreide familie organiseert jaarlijks een familiekamp waar alle leden gevraagd worden om een stukje entertainment te verzorgen. Voor Westmaas betrof dit het schrijven en uitvoeren van conferences met veel humor. Hij trad als danser op met een electric boogiegroep met zijn neven en volgde na het behalen van de MULO enkele jaren de Pedagogische academie in Paramaribo. Deze opleiding zou hij niet afmaken en hij werd actief als rapzanger en stand-upcomedian. Met de groep Bonyo Boys behaalde hij in Suriname een grote hit met het nummer Swar Man en bracht met hen drie cd's uit. Hierna werd hij presentator op Telesur van een rapshow en presenteerde drie jaar lang de grote Parbo Nights. Tevens presenteerde hij jarenlang het ATV Comedy Hour, een talentenjacht voor stand-upcomedians. Hierna ging hij zelf optreden met zelfgeschreven stand-upcomedy onemanshows in theaters in Suriname en later ook Nederland.

Stephen Westmaas werd begin 2011 in een online verkiezing van de organisatie 'I Love Suriname' gekozen tot Surinamer van het jaar 2010. Hij versloeg medefinalisten John Williams, Jetty Mathurin, Sijtske Tjon A Tjoen en Roué Verveer door 44 procent van de stemmen te behalen. In mei en juni 2011 zou hij met zijn tweede theatershow Iedereen Plat optreden in Nederland. Hij overleed op 39-jarige leeftijd bij een verkeersongeval te Coronie. Ook zijn neef Marlon Stuart, bekend als de danser Turbo, kwam bij dit ongeval om het leven. Drie andere passagiers, waaronder zijn vrouw en kind, raakten gewond.

Zie ook
 Lijst van Surinaamse hiphopartiesten

Externe link
Officiële website

Surinaams cabaretier
Surinaams rapper
Surinaams televisiepresentator
Surinaams danser

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Arthur Lilly's 'Life' in Concert
By Joanna Szczepanski, Associate Curator Human History
Eager concert goers filed into the Municipal Concert Hall on 19 November 1930 curious to hear music by a Christchurch composer. Some had previously heard the composer play the organ at church services; others had read about the piece in the Press newspaper a few weeks earlier. Soon Conductor W H Dixon would pick up the baton and the Royal Christchurch Musical Society would reveal what 'Life' sounded like.
The Royal Christchurch Musical Society played multiple concerts every year. Conductor W H Dixon (front centre) stands among the orchestra during a performance of Edward Elgar's 'Dream of Gerontius' concert in 1930. Canterbury Museum 1991.288.33. No known copyright restrictions
'Life' is a large-scale choral work written by church organist and local composer Arthur Lilly, initially composed for the 1916 New Zealand Festival of Music. The festival was a fundraiser for the First World War. Lilly dedicated 'Life' to his younger brother Leslie in honour of his military service during the War. Lieutenant Leslie Gordon Lilly joined the British military serving with the 1st battalion of the 2nd County of London Yeomanry (Westminster Dragoons). Leslie survived the War and lived a long life, but details of his military service are sparse. His actions nonetheless inspired his elder brother.
The text for 'Life' is drawn from William Wordsworth's poem 'Ode: Intimation of Immortality from Early Recollections of Childhood'. The poem explores themes of lost innocence and childhood but ends on a hopeful note. Lilly incorporated some memories of his own childhood into the music. One section is meant to sound like splashing water, a sound Arthur remembered clearly from his days spent climbing around waterfalls near Dunedin.
Arthur Lilly. Image courtesy of Barbara Divehall. All Rights Reserved
Although Lilly first began composing the piece in 1915 with his brother's and his own childhood in mind, a personal tragedy in 1919 affected the work. That year Arthur and his wife Elsie lost their 5 year-old son Frank to meningitis. Lilly later modified 'Life', adding an entire chorus dedicated to Frank.
Frustratingly, we will never be able to recreate that 1930 concert, as only some of the music survives. Several booklets of sheet music for 'Life' containing the music for the choir are now in Canterbury Museum's collection but the performance parts for some instruments are missing. The 1930 concert programme lists a flute, an oboe, a cornet, a horn, a trombone and a harp, but no sheet music for these instruments is available. A few of the booklets are also damaged, with the top line of music missing from every page. A well-trained musician might be able to guess what those lines once contained and play something that sounds pleasing, but it will never be exactly the same as the original.
Interestingly, there is also some music for extra instruments which are not listed in the concert programme: a second clarinet and a part for second cello. Figuring out exactly how these extra instruments would have been used remains a mystery. Were there simply not enough clarinettists and cellists available that night so they left the parts out of the performance?
While we may never be able to recreate the full concert experience, we can get a taste. Listen to baritone Angus Simmons and pianist Iola Shelley perform an excerpt from Arthur Lilly's 'Life' here.
Angus Simmons and Iola Shelley are performing this section of 'Life'. The image above is taken from the piano rehearsal score which is held by Arthur Lilly's family.
Joanna Szczepanski is Associate Curator Human History. She loves all types of music but rock and indie are her favourites.
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