x
|
Quarterly
Report Pursuant to Section 13 Or 15(d) of the Securities Exchange Act of
1934 for the Quarterly Period Ended June 30,
2009
|
¨
|
Transition
Report Pursuant to Section 13 or 15(d) of The Securities Exchange Act of
1934 for the Transition Period from _______ to
_______
|
Delaware
|
02-0563302
|
(State
or Other Jurisdiction of
incorporation
or organization)
|
(I.R.S.
Employer
Identification
No.)
|
Large
accelerated filer
|
¨
|
Accelerated
filer
|
¨
|
Non-accelerated
filer
|
¨
|
Smaller
reporting company
|
x
|
PART
I – FINANCIAL INFORMATION
|
|
Item
1. Financial Statements
|
4
|
Item
2. Management’s Discussion and Analysis of Financial Condition and Results
of Operations
|
25
|
Item
3. Quantitative and Qualitative Disclosures About Market
Risk
|
36
|
Item
4T. Controls and Procedures
|
36
|
PART
II – OTHER INFOMRATION
|
|
Item
1. Legal Proceedings
|
37
|
Item
2. Unregistered Sales of Equity Securities and Use of
Proceeds
|
37
|
Item
3. Defaults Upon Senior Securities
|
37
|
Item
4. Submission of Matters to a Vote of Security Holders
|
37
|
Item
5. Other Information
|
37
|
Item
6. Exhibits
|
38
|
Signatures
|
39
|
Page
|
||||
Condensed
Consolidated Balance Sheets as of June 30, 2009 and December 31,
2008
|
5
|
|||
Condensed
Consolidated Statements of Operations And Comprehensive Income for the
Three and Six Months ended June 30, 2009 and 2008
|
6
|
|||
Condensed
Consolidated Statements of Cash Flows for the Six Months ended June 30,
2009 and 2008
|
7
|
|||
Condensed
Consolidated Statement of Stockholders’ Equity for the Six Months ended
June 30, 2009
|
8
|
|||
Notes
to Condensed Consolidated Financial Statements
|
9 to
24
|
June 30, 2009
|
December 31, 2008
|
|||||||
(Unaudited)
|
(Audited)
|
|||||||
ASSETS
|
||||||||
Current
assets:
|
||||||||
Cash
and cash equivalents
|
$ | 1,474,070 | $ | 2,252,771 | ||||
Accounts
receivable, trade
|
9,459,688 | 8,907,497 | ||||||
Inventories
|
837,783 | 1,516,777 | ||||||
Prepayments
and other receivables
|
916,789 | 652,842 | ||||||
Total
current assets
|
12,688,330 | 13,329,887 | ||||||
Plant
and equipment, net
|
2,426,671 | 2,393,287 | ||||||
Construction
in progress
|
6,307,824 | 2,328,839 | ||||||
TOTAL
ASSETS
|
$ | 21,422,825 | $ | 18,052,013 | ||||
LIABILITIES
AND STOCKHOLDERS’ EQUITY
|
||||||||
Current
liabilities:
|
||||||||
Accounts
payable, trade
|
$ | 2,704,799 | $ | 2,043,944 | ||||
Customer
deposits
|
128,295 | 120,836 | ||||||
Value
added tax payable
|
276,767 | 5,886 | ||||||
Income
tax payable
|
181,840 | — | ||||||
Current
portion of obligation under finance lease
|
154,867 | — | ||||||
Other
payables and accrued liabilities
|
272,026 | 333,838 | ||||||
Total
current liabilities
|
3,718,594 | 2,504,504 | ||||||
Long-term
liabilities:
|
||||||||
Obligation
under finance lease
|
516,533 | — | ||||||
TOTAL
LIABILITIES
|
4,235,127 | 2,504,504 | ||||||
Commitments
and contingencies
|
||||||||
Stockholders’
equity:
|
||||||||
Common
stock, $0.001 par value; 50,000,000 shares authorized; 39,872,704 and
39,872,704 shares issued and outstanding as of June 30, 2009 and December
31, 2008
|
39,872 | 39,872 | ||||||
Additional
paid-in capital
|
8,055,587 | 7,706,587 | ||||||
Statutory
reserve
|
917,165 | 917,165 | ||||||
Accumulated
other comprehensive income
|
1,328,901 | 1,288,573 | ||||||
Retained
earnings
|
6,846,173 | 5,595,312 | ||||||
Total
stockholders’ equity
|
17,187,698 | 15,547,509 | ||||||
TOTAL
LIABILITIES AND STOCKHOLDERS’ EQUITY
|
$ | 21,422,825 | $ | 18,052,013 |
Three months ended June 30,
|
Six months ended June 30,
|
|||||||||||||||
2009
|
2008
|
2009
|
2008
|
|||||||||||||
REVENUE,
NET
|
||||||||||||||||
Product
|
$ | 4,627,735 | $ | 3,036,313 | $ | 6,729,561 | $ | 5,279,366 | ||||||||
Services
|
590,969 | 837,555 | 908,975 | 1,168,936 | ||||||||||||
Projects
|
— | 422,659 | — | 713,182 | ||||||||||||
Total
operation revenues, net
|
5,218,704 | 4,296,527 | 7,638,536 | 7,161,484 | ||||||||||||
COST
OF REVENUES:
|
||||||||||||||||
Cost
of products
|
3,250,140 | 2,092,071 | 4,816,014 | 3,752,218 | ||||||||||||
Cost
of services
|
443,785 | 582,581 | 618,281 | 792,101 | ||||||||||||
Cost
of projects
|
— | 370,866 | — | 610,636 | ||||||||||||
Total
cost of revenues
|
3,693,925 | 3,045,518 | 5,434,295 | 5,154,955 | ||||||||||||
GROSS
PROFIT
|
1,524,779 | 1,251,009 | 2,204,241 | 2,006,529 | ||||||||||||
OPERATING
EXPENSES:
|
||||||||||||||||
Sales
and marketing
|
25,628 | 48,921 | 74,453 | 62,280 | ||||||||||||
Research
and development
|
— | 47,254 | — | 85,586 | ||||||||||||
General
and administrative
|
194,053 | 113,401 | 339,246 | 241,824 | ||||||||||||
Stock
based compensation
|
349,000 | — | 349,000 | — | ||||||||||||
Total
operating expenses
|
568,681 | 209,576 | 762,699 | 389,690 | ||||||||||||
INCOME
FROM OPERATIONS
|
956,098 | 1,041,433 | 1,441,542 | 1,616,839 | ||||||||||||
Other
income:
|
||||||||||||||||
Interest
income
|
1,148 | 8,813 | 9,005 | 8,813 | ||||||||||||
Other
income
|
5 | — | 10,164 | — | ||||||||||||
Subsidy
income
|
33,610 | 12,141 | 33,610 | 16,123 | ||||||||||||
Total
other income
|
34,763 | 20,954 | 52,779 | 24,936 | ||||||||||||
INCOME
BEFORE INCOME TAXES
|
990,861 | 1,062,387 | 1,494,321 | 1,641,775 | ||||||||||||
Income
tax expense
|
(181,912 | ) | (4 | ) | (243,460 | ) | (305 | ) | ||||||||
NET
INCOME
|
$ | 808,949 | $ | 1,062,383 | $ | 1,250,861 | $ | 1,641,470 | ||||||||
Other
comprehensive income:
|
||||||||||||||||
-
Foreign currency translation gain
|
26,690 | 275,802 | 40,328 | 688,446 | ||||||||||||
COMPREHENSIVE
INCOME
|
$ | 835,639 | $ | 1,338,185 | $ | 1,291,189 | $ | 2,329,916 | ||||||||
Net
income per share
|
||||||||||||||||
–
Basic
|
$ | 0.02 | $ | 0.03 | $ | 0.03 | $ | 0.05 | ||||||||
–
Diluted
|
$ | 0.02 | $ | 0.03 | $ | 0.03 | $ | 0.05 | ||||||||
Weighted
average shares outstanding
|
||||||||||||||||
–
Basic
|
39,872,704 | 36,033,153 | 39,872,704 | 34,630,241 | ||||||||||||
–
Diluted
|
39,961,037 | 36,033,153 | 39,916,871 | 34,630,241 |
Six months ended June 30,
|
||||||||
2009
|
2008
|
|||||||
Cash
flows from operating activities:
|
||||||||
Net
income
|
$ | 1,250,861 | $ | 1,641,470 | ||||
Adjustments
to reconcile net income to net cash provided by operating
activities
|
||||||||
Depreciation
|
148,963 | 170,415 | ||||||
Stock
based compensation
|
349,000 | — | ||||||
Change
in operating assets and liabilities:
|
||||||||
Accounts
receivable
|
(540,094 | ) | (974,464 | ) | ||||
Inventories
|
681,231 | 100,786 | ||||||
Prepayments
and other receivables
|
(263,154 | ) | (330,241 | ) | ||||
Accounts
payable
|
658,202 | (107,754 | ) | |||||
Customer
deposits
|
7,295 | 108,199 | ||||||
Value
added tax payables
|
270,935 | 2,324 | ||||||
Income
tax payable
|
181,825 | — | ||||||
Other
payables and accrued liabilities
|
(61,891 | ) | (132,019 | ) | ||||
Net
cash provided by operating activities
|
2,683,173 | 478,716 | ||||||
Cash
flows from investing activities:
|
||||||||
Purchase
of plant and equipment
|
(179,070 | ) | (160,722 | ) | ||||
Payments
to construction in progress
|
(2,595,776 | ) | — | |||||
Net
cash used in investing activities
|
(2,774,846 | ) | (160,722 | ) | ||||
Cash
flows from financing activities:
|
||||||||
Payments
on finance lease
|
(709,373 | ) | — | |||||
Proceeds
from private placement
|
— | 2,000,000 | ||||||
Net
cash (used in) provided by financing activities
|
(709,373 | ) | 2,000,000 | |||||
Effect
on exchange rate change on cash and cash equivalents
|
22,345 | 202,357 | ||||||
NET
CHANGE IN CASH AND CASH EQUIVALENTS
|
(778,701 | ) | 2,520,351 | |||||
BEGINNING
OF PERIOD
|
2,252,771 | 2,240,901 | ||||||
END
OF PERIOD
|
$ | 1,474,070 | $ | 4,761,252 | ||||
SUPPLEMENTAL
DISCLOSURE OF CASH FLOW INFORMATION:
|
||||||||
Cash
paid for income taxes
|
$ | 61,561 | $ | 305 | ||||
Cash
paid for interest
|
$ | — | $ | — | ||||
NON-CASH
INVESTING AND FINANCING ACTIVITIES:
|
||||||||
Equipment
purchased under finance leases
|
$ | 1,381,579 | $ | — |
Common stock
|
Accumulated | |||||||||||||||||||||||||||
No. of shares
|
Amount
|
Additional
paid-in capital
|
Statutory
reserve
|
other
comprehensive
income
|
Retained
earnings
|
Total
stockholders’
equity
|
||||||||||||||||||||||
Balance
as of January 1, 2009
|
39,872,704 | $ | 39,872 | $ | 7,706,587 | $ | 917,165 | $ | 1,288,573 | $ | 5,595,312 | $ | 15,547,509 | |||||||||||||||
Foreign
currency translation adjustment
|
— | — | — | — | 40,328 | — | 40,328 | |||||||||||||||||||||
Warrants
issued for services
|
— | — | 349,000 | — | — | — | 349,000 | |||||||||||||||||||||
Net
income for the period
|
— | — | — | — | — | 1,250,861 | 1,250,861 | |||||||||||||||||||||
Balance
as of June 30, 2009
|
39,872,704 | $ | 39,872 | $ | 8,055,587 | $ | 917,165 | $ | 1,328,901 | $ | 6,846,173 | $ | 17,187,698 |
NOTE-1
|
BASIS
OF PRESENTATION
|
NOTE-2
|
ORGANIZATION
AND BUSINESS BACKGROUND
|
NOTE-3
|
SUMMARY
OF SIGNIFICANT ACCOUNTING
POLICIES
|
l
|
Use
of estimates
|
l
|
Basis
of consolidation
|
l
|
Cash
and cash equivalents
|
l
|
Accounts
receivable
|
l
|
Inventories
|
l
|
Plant
and equipment, net
|
Depreciable life
|
Residual value
|
||||
Plant
and machinery
|
3 –
20 years
|
5
|
% | ||
Furniture,
fixture and equipment
|
5 –
8 years
|
5 | % |
l
|
Construction
in progress
|
l
|
Finance
leases
|
l
|
Impairment
of long-lived assets
|
l
|
Revenue
recognition
|
(a)
|
Sale
of products
|
(b)
|
Service
revenue
|
(c)
|
Project
revenue
|
(d)
|
Interest
income
|
l
|
Income
taxes
|
l
|
Product
warranty
|
l
|
Stock
based compensation
|
l
|
Foreign
currencies translation
|
2009
|
2008
|
|||||||
Period-end
RMB:US$1 exchange rate
|
6.8432 | 7.0726 | ||||||
Average
monthly RMB:US$1 exchange rate
|
6.8448 | 6.8718 |
l
|
Fair
value measurement
|
l
|
Recent
accounting pronouncements
|
NOTE-4
|
INVENTORIES
|
June 30, 2009
|
December 31, 2008
|
|||||||
(Unaudited)
|
(Audited)
|
|||||||
Raw
materials
|
$ | 498,849 | $ | 720,460 | ||||
Work-in-process
|
302,319 | 569,450 | ||||||
Finished
goods
|
36,615 | 226,867 | ||||||
$ | 837,783 | $ | 1,516,777 |
NOTE-5
|
PREPAYMENTS
AND OTHER RECEIVABLES
|
June 30, 2009
|
December 31, 2008
|
|||||||
(Unaudited)
|
(Audited)
|
|||||||
Prepayment
to vendors for raw materials
|
$ | 653,400 | $ | 473,064 | ||||
Prepayment
to equipment vendors
|
38,072 | 126,930 | ||||||
Prepaid
operating expenses
|
4,208 | 26,354 | ||||||
Other
receivables
|
1,965 | 26,494 | ||||||
Tendering
deposit
|
219,144 | — | ||||||
$ | 916,789 | $ | 652,842 |
NOTE-6
|
PLANT
AND EQUIPMENT, NET
|
June 30, 2009
|
December 31, 2008
|
|||||||
(Unaudited)
|
(Audited)
|
|||||||
Plant
and machinery
|
$ | 3,324,823 | $ | 2,967,425 | ||||
Furniture,
fixture and equipment
|
61,656 | 58,170 | ||||||
Foreign
translation difference
|
4,359 | 181,814 | ||||||
3,390,838 | 3,207,409 | |||||||
Less:
accumulated depreciation
|
(963,084 | ) | (778,988 | ) | ||||
Less:
foreign translation difference
|
(1,083 | ) | (35,134 | ) | ||||
Plant
and equipment, net
|
$ | 2,426,671 | $ | 2,393,287 |
NOTE-7
|
CONSTRUCTION
IN PROGRESS
|
NOTE-8
|
OTHER
PAYABLES AND ACCRUED
LIABILITIES
|
June 30, 2009
|
December 31, 2008
|
|||||||
(Unaudited)
|
(Audited)
|
|||||||
Rent
payable
|
$ | 18,262 | $ | 40,121 | ||||
Provision
for contingent liability
|
200,000 | 200,000 | ||||||
Accrued
expenses
|
41,238 | 42,719 | ||||||
Payable
to equipment vendors
|
— | 38,196 | ||||||
Other
payable
|
12,526 | 12,802 | ||||||
$ | 272,026 | $ | 333,838 |
NOTE-9
|
OBLIGATION
UNDER FINANCE LEASE
|
June 30, 2009
|
||||
Finance
lease
|
$ | 671,400 | ||
Less:
current portion
|
(154,867 | ) | ||
Non-current
portion
|
$ | 516,533 |
Years ending June 30:
|
||||
2010
|
$ | 210,442 | ||
2011
|
293,278 | |||
2012
|
268,839 | |||
Total
finance leases obligation
|
772,559 | |||
Less:
interest
|
(101,159 | ) | ||
Present
value of net minimum obligation
|
$ | 671,400 |
NOTE-10
|
INCOME
TAXES
|
NOTE-11
|
STOCK
BASED COMPENSATION
|
Warrants outstanding
|
||||||||||||||||
Number of
warrants
|
Exercise
price range
per share
|
Weighted
average
exercise
price per
share
|
Weighted
average
grant-date
fair value per
share
|
|||||||||||||
Balance
as of December 31, 2008
|
— | $ | — | $ | — | $ | — | |||||||||
Warrants
granted in 2009
|
450,000 | 0.60 | 0.60 | 0.78 | ||||||||||||
Warrants
cancelled
|
— | — | — | |||||||||||||
Warrants
exercised
|
— | — | — | |||||||||||||
Balance
as of June 30, 2009
|
450,000 | $ | 0.60 | $ | 0.60 | $ | 0.78 |
Expected
life (in years)
|
5 | |||
Volatility
|
456.53 | % | ||
Risk
free interest rate
|
2.52% - 2.89 | % | ||
Dividend
yield
|
0 | % | ||
Weighted
average fair value
|
0.78 |
NOTE-12
|
SEGMENT
INFORMATION
|
Three months ended June 30, 2009
|
||||||||||||
Valves
manufacturing
business
|
Energy-saving
related business
|
Total
|
||||||||||
Operating
revenues, net:
|
||||||||||||
-
Products
|
$ | 4,627,683 | $ | 52 | $ | 4,627,735 | ||||||
-
Services
|
590,969 | — | 590,969 | |||||||||
Total
operating revenues
|
5,218,652 | 52 | 5,218,704 | |||||||||
Cost
of revenues
|
3,693,886 | 39 | 3,693,925 | |||||||||
Gross
profit
|
$ | 1,524,766 | $ | 13 | $ | 1,524,779 |
Six months ended June 30, 2009
|
||||||||||||
Valves
manufacturing
business
|
Energy-saving
related business
|
Total
|
||||||||||
Operating
revenues, net:
|
||||||||||||
-
Products
|
$ | 6,625,976 | $ | 103,585 | $ | 6,729,561 | ||||||
-
Services
|
908,975 | — | 908,975 | |||||||||
Total
operating revenues
|
7,534,951 | 103,585 | 7,638,536 | |||||||||
Cost
of revenues
|
5,355,523 | 78,772 | 5,434,295 | |||||||||
Gross
profit
|
$ | 2,179,428 | $ | 24,813 | $ | 2,204,241 |
Three months ended June 30, 2008
|
||||||||||||
Valves
manufacturing
business
|
Energy-saving
related business
|
Total
|
||||||||||
Operating
revenues, net:
|
||||||||||||
-
Products
|
$ | 3,036,313 | $ | — | $ | 3,036,313 | ||||||
-
Services
|
— | 837,555 | 837,555 | |||||||||
-
Projects
|
— | 422,659 | 422,659 | |||||||||
Total
operating revenues
|
3,036,313 | 1,260,214 | 4,296,527 | |||||||||
Cost
of revenues
|
2,092,071 | 953,447 | 3,045,518 | |||||||||
Gross
profit
|
$ | 944,242 | $ | 306,767 | $ | 1,251,009 |
Six months ended June 30, 2008
|
||||||||||||
Valves
manufacturing
business
|
Energy-saving
related business
|
Total
|
||||||||||
Operating
revenues, net:
|
||||||||||||
-
Products
|
$ | 5,279,366 | $ | — | $ | 5,279,366 | ||||||
-
Services
|
— | 1,168,936 | 1,168,936 | |||||||||
-
Projects
|
— | 713,182 | 713,182 | |||||||||
Total
operating revenues
|
5,279,366 | 1,882,118 | 7,161,484 | |||||||||
Cost
of revenues
|
3,752,218 | 1,402,737 | 5,154,955 | |||||||||
Gross
profit
|
$ | 1,527,148 | $ | 479,381 | $ | 2,006,529 |
NOTE-13
|
CONCENTRATIONS
OF RISK
|
Three months ended June 30, 2009
|
June 30, 2009
|
||||||||||||
Customers
|
Revenues
|
Percentage
of revenues
|
Accounts
receivable, trade
|
||||||||||
Customer
C
|
$ | 3,403,588 | 65 | % | 7,219,505 | ||||||||
Customer
D
|
549,735 | 11 | % | 257,349 | |||||||||
Total:
|
$ | 3,953,323 | 76 | % |
Total:
|
7,476,854 |
Six months ended June 30, 2009
|
June 30, 2009
|
||||||||||||
Customers
|
Revenues
|
Percentage
of revenues
|
Accounts
receivable, trade
|
||||||||||
Customer
C
|
$ | 5,158,710 | 68 | % | $ | 7,219,505 | |||||||
Total:
|
$ | 5,158,710 | 68 | % |
Total:
|
$ | 7,219,505 |
Three months ended June 30, 2008
|
June 30, 2008
|
||||||||||||
Customers
|
Revenues
|
Percentage
of revenues
|
Accounts
receivable, trade
|
||||||||||
Customer
A
|
$ | 426,724 | 10 | % | $ | 837,481 | |||||||
Customer
B
|
648,623 | 15 | % | 592,747 | |||||||||
Customer
C
|
2,455,184 | 57 | % | 2,720,899 | |||||||||
Total:
|
$ | 3,530,531 | 82 | % |
Total:
|
$ | 4,151,127 |
Six months ended June 30, 2008
|
June 30, 2008
|
||||||||||||
Customers
|
Revenues
|
Percentage
of revenues
|
Accounts
receivable, trade
|
||||||||||
Customer
A
|
$ | 713,899 | 10 | % | $ | 837,481 | |||||||
Customer
B
|
874,927 | 12 | % | 592,747 | |||||||||
Customer
C
|
4,620,642 | 65 | % | 2,720,899 | |||||||||
Total:
|
$ | 6,209,468 | 87 | % |
Total:
|
$ | 4,151,127 |
Three months ended June 30, 2009
|
June 30, 2009
|
||||||||||||
Vendors
|
Purchases
|
Percentage of
purchases
|
Accounts payable
|
||||||||||
Vendor
B
|
$ | 426,964 | 17 | % | $ | 348,160 | |||||||
Vendor
E
|
543,491 | 22 | % | 250,555 | |||||||||
Total:
|
$ | 970,455 | 39 | % |
Total:
|
$ | 598,715 |
Six months ended June 30, 2009
|
June 30, 2009
|
||||||||||||
Vendors
|
Purchases
|
Percentage of
purchases
|
Accounts payable
|
||||||||||
Vendor
B
|
$ | 968,013 | 23 | % | $ | 348,160 | |||||||
Vendor
D
|
530,264 | 13 | % | 121,292 | |||||||||
Vendor
E
|
543,491 | 13 | % | 250,555 | |||||||||
Total:
|
$ | 2,041,768 | 49 | % |
Total:
|
$ | 720,007 |
Three months ended June 30, 2008
|
June 30, 2008
|
||||||||||||
Vendors
|
Purchases
|
Percentage of
purchases
|
Accounts payable
|
||||||||||
Vendor
B
|
$ | 240,117 | 11 | % | $ | 245,498 | |||||||
Vendor
C
|
250,443 | 11 | % | — | |||||||||
Total:
|
$ | 490,560 | 22 | % |
Total:
|
$ | 245,498 |
Six months ended June 30, 2008
|
June 30, 2008
|
||||||||||||
Vendors
|
Purchases
|
Percentage of
purchases
|
Accounts payable
|
||||||||||
Vendor
A
|
$ | 730,197 | 17 | % | $ | — | |||||||
Vendor
B
|
1,402,461 | 32 | % | 245,498 | |||||||||
Total:
|
$ | 2,132,658 | 49 | % |
Total:
|
$ | 245,498 |
NOTE-14
|
COMMITMENTS
AND CONTINGENCIES
|
(a)
|
Operating
lease commitments
|
(b)
|
Capital commitments
|
(c)
|
Litigation
|
Depreciable life
|
Residual value
|
||||
Plant
and machinery
|
3 –
20 years
|
5 | % | ||
Furniture,
fixture and equipment
|
5 –
8 years
|
5 | % |
2009
|
2008
|
|||||||
Period-end
RMB:US$1 exchange rate
|
6.8432 | 7.0726 | ||||||
Average
monthly RMB:US$1 exchange rate
|
6.8448 | 6.8718 |
NF
Energy Saving Corporation of America
|
|||
(Registrant)
|
|||
Date:
August 7, 2009
|
By:
|
/s/
Gang Li
|
|
Gang
Li
|
|||
Chairman,
Chief Executive Officer and President
|
|||
Date: August 7, 2009
|
By:
|
/s/ Li Hua Wang
|
|
Li Hua Wang
|
|||
Chief Financial Officer (Principal Financial and
Accounting
Officer)
|
Exhibit
No.
|
Description
|
|
31.1
|
Certification
of Chief Executive Officer pursuant to Rule 13a-14(a) and 15d-14
of
the Securities Exchange Act of 1934, as adopted pursuant to
Section 302 of the
Sarbanes-Oxley Act of 2002
|
|
31.2
|
Certification
of Chief Financial Officer pursuant to Rule 13a-14(a) and 15d-14
of the
Securities Exchange Act of 1934, as adopted pursuant to Section 302
of the Sarbanes-Oxley
Act of 2002
|
|
32.1
|
Certification
of the Chief Executive Officer pursuant to 18 U.S.C. Section 1350, as
adopted pursuant to section 906 of the Sarbanes-Oxley Act of
2002
|
|
32.2
|
Certification
of the Chief Financial Officer pursuant to 18 U.S.C. Section 1350, as
adopted pursuant to section 906 of the Sarbanes-Oxley Act of
2002
|