RENHUANG PHARMACEUTICALS INC Files SEC form 8-K/A, Non-Reliance on Previous Financials, Audits or Interim Review

Item 4.02 Non-Reliance on Previously Issued Financial Statements or a Related Audit Report or Completed Interim Review. On September 18, 2009, the management of Renhuang Pharmaceuticals, Inc., a Nevada corporation (the "Company"), concluded that the Company's previously issued audited consolidated financial statements for the year ended October 31, 2008, included in the Company's Annual Report on Form 10-K filed with the U.S. Securities and Exchange Commission on September 8, 2009 (the "Form 10-K"), contained the errors specified below and should no longer be relied upon. Therefore, the Company plans to restate its financial statements for such period and will present the restated financial statements in an amendment to the Form 10-K, which the Company expects to file as soon as practicable. Such restatement pertains to the following issue: † The Company provides incentive sales rebate to its sales agents. The rebate rate, which is determined on a product basis, averaged sixteen percent of sales for the year ended October 31, 2008. We understated the sales rebate in 2008 by RMB 11,904,896 (approx. US$ 1.7 million). This amount was an audit adjustment in 2007, recorded to reflect 2007 sales rebate on an accrual basis. As we booked the sales rebate using the cash basis, our prior auditor proposed an adjusting entry to record unaccrued sales rebate. In 2008, our accountant staff followed the same logic to adjust the sales rebate. Firstly, we reversed the 2007 rebate payable of RMB 11,904,896 as it was paid in 2008 already. Secondly, we recorded the 2008 unaccrued sales rebate of RMB 14,670,000 (i.e. rebate incurred RMB 57,993,198 - rebate booked in expenses RMB 43,323,178 = RMB 14,670,000). However, when we calculated the understated sales rebate for 2008, we disregarded the RMB 11,904,896 that was included in cash payments of RMB 43,323,178. Therefore, the sales rebate expenses account was understated by RMB 11,904,896 (approx. US$ 1.7 million), resulting in s...
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RENHUANG PHARMACEUTICALS INC Files SEC form 8-K, Non-Reliance on Previous Financials, Audits or Interim Review

Show all filings for RENHUANG PHARMACEUTICALS INC | Request a Trial to NEW EDGAR Online Pro Form 8-K for RENHUANG PHARMACEUTICALS INC 1-Oct-2009Non-Reliance on Previous Financials, Audits or Interim Review Copyright © 2009 Yahoo! Inc. All rights reserved. Privacy Policy - Terms of Service - Copyright/IP Policy - Send Feedback SEC Filing data and information provided by EDGAR Online, Inc. (1-800-416-6651). All information provided "...
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RENHUANG PHARMACEUTICALS INC Financials

Copyright © 2009 Yahoo! Inc. All rights reserved. Privacy Policy - Terms of Service - Copyright/IP Policy - Send Feedback Quotes delayed, except where indicated otherwise.Delay times are 15 mins for NASDAQ, 20 mins for NYSE and Amex. See also delay times for other exchanges.Fundamental company data provided by Capital IQ. Quotes and other information supplied by independent providers identified on the Yahoo! Finance partner page. Quotes are updated automatically, but will be turned off after 25 minutes of inactivity. Quotes are delayed at least 15 minutes. Real-...
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RENHUANG PHARMACEUTICALS INC Files SEC form 10-Q, Quarterly Report

ITEM 2 Managements Discussion and Analysis of Financial Condition and Results of Operations. Overview The following discussion of the financial condition and results of the operation of Renhuang Pharmaceuticals, Inc. includes the forward-looking statements involving risk and uncertainties and should be read in conjunction with the financial statements and notes included in this Quarterly Report on Form 10-Q. Actual results may differ from the forward-looking statements due to a variety of factors. Results of operations Three months ended July 31, 2009 as compared to Three months ended July 31, 2008 Revenues For the three months ended July 31, 2009, our revenues were $6,442,197, and increased by $186,640, or 3%, as compared to the same period in 2008. Our revenue increase was primarily attributable to the increase in advertising activities in promoting Acanthopnanax (Siberian Gnseng) products. Cost of Sales Our cost of sales for the three months ended July 31, 2009 and 2008 were $2,942,649 and $2,945,740, respectively, which were approximately 46% and 47% of revenue and consisted primarily of raw materials, labor and production costs. The cost of sales was comparable for both periods. Selling and Distribution Expenses Our selling and distribution expenses were $20,001 and $35,508 for the three months ended July 31, 2009 and 2008, respectively. The sales rebates of $1,361,965 and $1,399,453 for the three months ended July 31, 2009 and 2008 were directly deducted from revenues (See Note 3). The expenses decrease is mainly attributable to the decline of the travel expenses and entertainment expenses. The Company selectively participated in several influential nationwide sales conferences in this period and had won positive marketing effects and results. Advertising Expenses For the three months ended July 31, 2009 and 2008, our advertising expenses were $1,085,756 and...
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RENHUANG PHARMACEUTICALS INC Files SEC form 10-K, Annual Report

ITEM 7 - MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATION Disclaimer Regarding Forward Looking Statements Our Management's Discussion and Analysis or Plan of Operations contains not only statements that are historical facts, but also statements that are forward-looking (within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934). Forward-looking statements are, by their very nature, uncertain and risky. These risks and uncertainties include international, national and local general economic and market conditions; demographic changes; our ability to sustain, manage, or forecast growth; our ability to successfully make and integrate acquisitions; raw material costs and availability; new product development and introduction; existing government regulations and changes in, or the failure to comply with, government regulations; adverse publicity; competition; the loss of significant customers or suppliers; fluctuations and difficulty in forecasting operating results; changes in business strategy or development plans; business disruptions; the ability to attract and retain qualified personnel; the ability to protect technology; and other risks that might be detailed from time to time in our filings with the Securities and Exchange Commission. Although the forward-looking statements in this Annual Report on Form 10-K reflect the good faith judgment of our management, such statements can only be based on facts and factors currently known by them. Consequently, and because forward-looking statements are inherently subject to risks and uncertainties, the actual results and outcomes may differ materially from the results and outcomes discussed in the forward-looking statements. You are urged to carefully review and consider the various disclosures made by us in this report and in our other reports as we attempt to advise interested parties of the risks and factors that may affect ou...
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RENHUANG PHARMACEUTICALS INC Files SEC form 8-K, Change in Directors or Principal Officers

Show all filings for RENHUANG PHARMACEUTICALS INC | Request a Trial to NEW EDGAR Online Pro Form 8-K for RENHUANG PHARMACEUTICALS INC 6-Jan-2009Change in Directors or Principal Officers Copyright © 2009 Yahoo! Inc. All rights reserved. Privacy Policy - Terms of Service - Copyright/IP Policy - Send Feedback SEC Filing data and information provided by EDGAR Online, Inc. (1-800-416-6651). All information provided "as is" for informati...
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RENHUANG PHARMACEUTICALS INC Files SEC form 8-K, Change in Directors or Principal Officers

Show all filings for RENHUANG PHARMACEUTICALS INC | Request a Trial to NEW EDGAR Online Pro Form 8-K for RENHUANG PHARMACEUTICALS INC 14-Oct-2008Change in Directors or Principal Officers Copyright © 2009 Yahoo! Inc. All rights reserved. Privacy Policy - Terms of Service - Copyright/IP Policy - Send Feedback SEC Filing data and information provided by EDGAR Online, Inc. (1-800-416-6651). All information provided "as is" for inform...
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