China Tracker - Details for Agfeed Industries (FEED)

 Agfeed Industries
 Basic Facts and History
Data Source: Annual Report for the period ended 2010-12-31
Reporting Type: U.S. Company (10-K Filings) 
Incorporation: Nevada 
Corporate Headquarters: China (Jiangxi) 
Going Public: Reverse Merger on 2006-10-31 
Previous Entity: Wallace Mountain Resources Corp. 
Uplisting to Senior Exchange: on 2007-08-29 at $8.25 (-100.00% since Uplisting)
RTO Advisor: New York Global Group 
Main Operating Subsidiary: Nanchang Best Animal Husbandry Co., founded 1995 
Investor Relations: Investor Relations Website 
Internal Controls: not effective 
Internal Controls Audit: not effective 
Auditor Opinion:

The following material weaknesses have been identified and included in management\'s assessment.

(1) Ineffective controls over review of U.S. Generally Accepted Accounting Principles (US GAAP) financial statements. Management engaged a third party service provider during the year to prepare consolidated financial statements and identify adjustments for preparation of financial statements in conformity with US GAAP. Both the outsourced third party service provider and management failed to identify all necessary GAAP adjustments. As a result, certain adjustments of a material level were recorded in the December 31, 2010 financial statements and reflected in reported results.

(2) Ineffective controls over monitoring of the adequacy of accruals over payroll-related expenses at the hog companies. Certain hog production companies in China have not accrued sufficient payroll-related expenses related to their farmer employees who reside in certain rural areas. As such, a material adjustment was recorded to accrue for the under-provision of such expenses.

In our opinion, because of the effect of the material weaknesses described above on the achievement of the objectives of the control criteria, AgFeed Industries, Inc. has not maintained effective internal control over financial reporting as of December 31, 2010. (McGladrey & Pullen, LLP)

This company is overdue with their latest quarterly or annual report! The Trading China Rating is suspended until the company is back in compliance with SEC filing rules.

This company has reported corporate governance issues. You may want to look further into possible issues before making an investment decision.

 
 Ownership
Main Shareholder: JunQing Xiong (-) 
Ownership: 10.55% 
 
 Auditor Trail (since January 1, 2009)
2010-11-09McGladrey & PullenAppointment
2010-11-09Goldman Parks Kurland MohidinDismissal
 
 Senior Management Trail (since January 1, 2009)
2011-02-14John A. StadlerCEOAppointment
2011-02-14John A. StadlerChairmanAppointment
2011-02-14Edward PazdroCFOAppointment
2011-02-14Songyan LiChairmanResignation
2011-02-14Junhong XiongCEOResignation
2010-11-09Edward PazdroCFOAppointment
2010-11-09Selina JinCFODismissal
2009-04-15Selina JinCFOAppointment
2009-04-15Liangfan YanCFODismissal
 
 Fiscal Year
Fiscal Year ends: December 31 
First Quarter 10-Q: due by 2018-05-15 
Second Quarter 10-Q: due by 2018-08-15 
Third Quarter 10-Q: due by 2017-11-15 
Annual Report 10-K: due by 2018-03-31 
FEED
Food
SCORE
-1
UNDER REVIEW
READ: Score Cards Explained
SAFETY/RISK SCORE
EXTREME RISK
DETAILS: Safety/Risk Model for FEED
Current Price:  n/a
F10k Day (2007-01-05): -100.00%$2.00
2009 Close: -100.00%$5.00
2010 Close: -100.00%$2.94
2011 Close: -100.00%$0.39
High (2012-09-11): -100.00%$0.80
Low (2012-05-30): -100.00%$0.01
Exchange: N/A
Market Capitalization: n/a
Total Shares: 57.99 mill
Float: n/a
Avg Volume: 900.70 k
Short Interest: 2.06 mill
Short Ratio: 4.19%2.3 d
Last Quarter: 2011-03-31
Revenue (MRQ): 92.99 mill
Net Income (MRQ): -1.55 mill
Op. Cash Flow (MRQ): -5.70 mill
all financial data provided without warranty