csxb10qa0215.htm

U. S. Securities and Exchange Commission
Washington, D. C. 20549

Amendment No.1 to FORM 10-Q

[X]
QUARTERLY REPORT UNDER SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

                        For the quarterly period ended December 31, 2007

[   ]
TRANSITION REPORT UNDER SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
 
                        For the transition period from _____ to _____

Commission File No. 0-27175

CHINA SXAN BIOTECH, INC.
(Name of Small Business Issuer in its Charter)

             Nevada               
        95-4755369
 (State or Other Jurisdiction of
(I.R.S. Employer I.D. No.)
                                                                              incorporation or organization)

100 Wall Street, 15th Floor, New York, NY 10005
(Address of Principal Executive Offices)

Issuer's Telephone Number: 212-232-0120

Indicate  by check mark  whether the  Registrant  (1) has filed all reports required to be filed by Sections 13 or 15(d) of the  Securities Exchange Act of 1934  during  the  preceding  12 months  (or for such shorter  period  that the Registrant was required to file such reports),  and (2) has been subject to such filing requirements for the past 90 days.

Yes  X                    No __

Indicate by check mark whether the Registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).  Yes __                No   X

APPLICABLE ONLY TO CORPORATE ISSUERS:  Indicate the number of shares outstanding of each of the Registrant's classes of common stock, as of the latest practicable date:
 
February 14, 2008:  Common Stock: 19,542,572 shares

Transitional Small Business Disclosure Format (check one):                                     Yes __           No   X


 
EXPLANATORY NOTE:
 
This Amendment No. 1 (the “Amended Filing”) to the Annual Report on Form 10-QSB for the quarter ended December 31, 2007 (the “Original  Filing”) of China SXAN Biotech, Inc. (the “Company”) is filed to correct  inadvertent omissions in the Original Filing. Specifically, this Amended Filing amends Diluted net income per share and Diluted weighted average shares of common stock for the three and six months ended December 31, 2006. To include not only the outstanding common stock adjusted for the 1:51 stock split, but also the effect of Series A convertible referred stock which reflect the recapitalization with Advance Technologies which would result in the Series A Convertible Preferred Stock to be outstanding. This Amended Filing also includes  required certifications relating to the internal control over financial reporting of the Company, Exhibits 31.1 and 32.1 of the Original Filing.
 
This Form 10-QSB/A should be read in conjunction with the original Form 10-QSB, which continues to speak as of the date of the Form 10-QSB. Except as specifically noted above, this Form 10-QSB/A does not modify or update disclosures in the original Form 10-QSB. Accordingly, this Form 10-QSB/A does not reflect events occurring after the filing of the Form 10-QSB or modify or update any related or other disclosures.
 
 
 
 
 
 
 
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CHINA SXAN BIOTECH INC.
(FORMERLY ADVANCE TECHNOLOGIES INC.)
CONSOLIDATED INCOME STATEMENT
AS OF DECEMBER 31, 2007
(UNAUDITED)

 

             
             
   
Three Months Ended
    
Six Months Ended
  
   
December 31,
    
December 31,
  
   
2007
    
2006
    
2007
    
2006
  
                         
REVENUE
   $ 3,644,824     $ 3,271,018     $ 5,010,882     $ 3,305,174  
                                 
COST OF GOODS SOLD
     1,983,135       1,222,818       2,383,374       1,313,133  
                                 
GROSS PROFIT
     1,661,689       2,048,200       2,627,508       1,992,041  
                                 
OPERATING EXPENSES
                                
Selling, general and administrative expenses
     559,912       270,955       818,492       319,158  
                                 
INCOME FROM OPERATIONS
     1,101,777       1,777,245       1,809,016       1,672,883  
                                 
OTHER INCOME (EXPENSE)
                                
Interest income (expense), net
     -       (1,133 )     -       (1,133 )
Other income (expense), net
     89       12,772       4,590       12,886  
                                 
Total Other Income (Expense)
     89       11,639       4,590       11,753  
                                 
INCOME  BEFORE PROVISION FOR
                                
  INCOME TAXES
     1,101,866       1,788,884       1,813,606       1,684,636  
                                 
PROVISION FOR INCOME TAXES
     165,280       271,470       272,041       271,470  
                                 
NET INCOME
     936,586       1,517,414       1,541,565       1,413,166  
                                 
OTHER COMPREHENSIVE INCOME
                                
Foreign currency translation adjustment
     285,907       97,286       418,423       160,895  
                                 
COMPREHENSIVE INCOME
   $ 1,222,493     $ 1,614,700     $ 1,959,988     $ 1,574,061  
                                 
NET INCOME PER SHARE
                                
Basic
   $ 0.09     $ 1.96     $ 0.24     $ 1.82  
Diluted
   $ 0.05     $ 1.16     $ 0.08     $ 1.08  
                                 
WEIGHTED AVERAGE SHARES OF
                                
  COMMON STOCK
                                
Basic
     10,910,858       775,056       6,348,381       775,056  
Diluted
     20,072,209       1,304,692       20,072,209       1,304,692  
 

 
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ITEM 6.         EXHIBITS
 
      31
Rule 13a-14(a) Certification
      32              Rule 13a-14(b) Certification


SIGNATURES

Pursuant to the  requirements  of the Securities  Exchange Act of 1934, the Registrant  has duly  caused  this  Report  to be  signed  on its  behalf by the undersigned thereunto duly authorized.

 
CHINA SXAN BIOTECH, INC.

Date: January 6, 2009
By: /s/ Feng Zhen Xing 
 
       Feng Zhen Xing, Chief Executive Officer
 
       and Chief Financial Officer


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