accounting material.docx
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accounting material.docx
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accountingmaterial
UNITEDSTATES
SECURITIESANDEXCHANGECOMMISSION
WASHINGTON,D.C.20549
FORM10-Q
QUARTERLYREPORTPURSUANTTOSECTION13OR15(d)OFTHESECURITIESEXCHANGEACTOF1934
ForthequarterlyperiodendedSeptember30,2010
TRANSITIONREPORTPURSUANTTOSECTION13OR15(d)OFTHESECURITIESEXCHANGEACTOF1934
Forthetransitionperiodfrom_________________to_________________
CommissionFileNumber:
005-85603
__________________________
FIRSTCHINAPHARMACEUTICALGROUP,INC.
(Exactnameofregistrantasspecifiedinitscharter)
Nevada
74-3232809
(Stateorotherjurisdictionofincorporationororganization)
(I.R.S.EmployerIdentificationNumber)
Number504,WestRenMinRoad,
KunmingCity,YunnanProvince
People’sRepublicofChina,650000
(Addressofprincipalexecutiveoffices)
852-2138-1668
(Registrant’stelephonenumber,includingareacode)
Indicatebycheckmarkwhethertheregistrant
(1)hasfiledallreportsrequiredtobefiledbySections13or15(d)oftheSecuritiesExchangeActof1934duringthepreceding12months(orforsuchshorterperiodthattheregistrantwasrequiredtofilesuchreports),and
(2)hasbeensubjecttosuchfilingrequirementsforthepast90days.YesNo
IndicatebycheckmarkwhethertheregistranthassubmittedelectronicallyandpostedonitscorporateWebsite,ifany,everyInteractiveDataFilerequiredtobesubmittedandpostedpursuanttoRule405ofRegulationS-T(§232.405ofthischapter)duringthepreceding12months(orforsuchshorterperiodthattheregistrantwasrequiredtosubmitandpostsuchfiles).YesNo
Indicatebycheckmarkwhethertheregistrantisalargeacceleratedfiler,anacceleratedfiler,anon-acceleratedfiler,orasmallerreportingcompany.Seedefinitionsof“largeracceleratedfiler,”“acceleratedfiler”and“smallerreportingcompany”inRule12b-2oftheExchangeAct.(Checkone):
LargeacceleratedfilerAcceleratedfiler
Non-acceleratedfiler(Donotcheckifasmallerreportingcompany)Smallerreportingcompany
Indicatebycheckmarkwhethertheregistrantisashellcompany(asdefinedinRule12b-2oftheExchangeAct).YesNo
Thenumberofsharesoutstandingoftheregistrant’scommonstockatNovember___,2010was[___________].
INDEX
Page
Number
PARTI-FINANCIALINFORMATION
ITEM1.FINANCIALSTATEMENTS[]
UnauditedCondensedConsolidatedBalanceSheetsasofSeptember30,2010andMarch31,2009[]
UnauditedCondensedConsolidatedStatementsofOperationsfortheThreeandSixMonthsEndedSeptember30,2010and2009[]
UnauditedCondensedConsolidatedStatementsofChangesinEquityandComprehensiveIncome(Loss)fortheSixMonthsEndedSeptember30,2010and2009[]
UnauditedCondensedConsolidatedStatementsofCashFlowsfortheSixMonthsEndedSeptember30,2010and2009[]
NotestoUnauditedCondensedConsolidatedFinancialStatements[]
ITEM2.MANAGEMENT’SDISCUSSIONANDANALYSISOFFINANCIALCONDITIONANDRESULTSOFOPERATIONS[]
ITEM3.QUANTITATIVEANDQUALITATIVEDISCLOSURESABOUTMARKETRISK[]
ITEM4T.CONTROLSANDPROCEDURES[]
PARTII-OTHERINFORMATION
ITEM1.LEGALPROCEEDINGS[]
ITEM1A.RISKFACTORS[]
ITEM2.UNREGISTEREDSALESOFEQUITYSECURITIESANDUSEOFPROCEEDS[]
ITEM3.DEFAULTSUPONSENIORSECURITIES[]
ITEM4.REMOVEDANDRESERVED[]
ITEM5.OTHERINFORMATION[]
ITEM6.EXHIBITS[]
SIGNATURES[]
CautionaryNoticeRegardingForward-LookingStatements
InthisQuarterlyReportonForm10-Q,referencesto“dollars”and“$”aretoUnitedStatesdollarsand,unlessotherwiseindicated,referencesto“we,”“our,”“us,”the“Company,”“FCPG”orthe“Registrant”refertoFirstChinaPharmaceuticalGroup,Inc.,aNevadacorporationanditswhollyownedsubsidiaries,FirstChinaPharmaceuticalGroupLimited,aHongKongcompany,andKunMingXinYuanTangPharmaciesCo.Ltd.,acompanyorganizedunderthelawsofthePeople’sRepublicofChina.
ThisQuarterlyReportcontainscertainforward-lookingstatements. WhenusedinthisQuarterlyReport,statementswhicharenothistoricalinnature,includingthewords“anticipate,”“estimate,”“should,”“expect,”“believe,”“intend,”“may,”“project,”“plan”or“continue,”andsimilarexpressionsareintendedtoidentifyforward-lookingstatements. Theyalsoincludestatementscontaininganticipatedbusinessdevelopments,aprojectionofrevenues,earningsorlosses,capitalexpenditures,dividends,capitalstructureorotherfinancialterms.
Theforward-lookingstatementsinthisQuarterlyReportarebaseduponmanagement’sbeliefs,assumptionsandexpectationsofourfutureoperationsandeconomicperformance,takingintoaccounttheinformationcurrentlyavailabletothem. Thesestatementsarenotstatementsofhistoricalfact. Forward-lookingstatementsinvolverisksanduncertainties,someofwhicharenotcurrentlyknowntousthatmaycause ouractualresults,performanceorfinancialconditiontobemateriallydifferentfromtheexpectationsoffutureresults,performanceorfinancialconditionweexpressorimplyinanyforward-lookingstatements. Theseforward-lookingstatementsarebased onourcurrentplansandexpectationsandaresubjecttoanumberofuncertaintiesandrisksthatcouldsignificantlyaffectcurrentplansandexpectationsandourfuturefinancialconditionandresults.
Weundertakenoobligationtopubliclyupdateorreviseanyforward-lookingstatements,whetherasaresultofnewinformation,futureeventsorotherwise. Inlightoftheserisks,uncertaintiesandassumptions,theforward-lookingeventsdiscussedinthisfilingmightnotoccur. Wequalifyanyandallof ourforward-lookingstatementsentirelybythesecautionaryfactors. Asaconsequence,currentplans,anticipatedactionsandfuturefinancialconditionsandresultsmaydifferfromthoseexpressedinanyforward-lookingstatementsmadebyoronourbehalf. Youarecautionednottoundulyrelyonsuchforward-lookingstatementswhenevaluatingtheinformationpresentedherein.
PARTI.FINANCIALINFORMATION
ITEM1.FINANCIALSTATEMENTS
[InsertF/SandNotesHere]
ITEM2.MANAGEMENT’SDISCUSSIONANDANALYSISOFFINANCIALCONDITIONANDRESULTSOFOPERATIONS
ThefollowingdiscussionandanalysisofourfinancialconditionandresultsofoperationsshouldbereadinconjunctionwithourunauditedconsolidatedfinancialstatementsandrelatednotesappearingelsewhereinthisQuarterlyReport. Inadditiontohistoricalfinancialinformation,thefollowingdiscussioncontainsforward-lookingstatementsthatreflectourplans,estimatesandbeliefs. Weusewordssuchas“anticipate,”“estimate,”“plan,”“project,”“continuing,”“ongoing,”“expect,”“believe,”“intend,”“may,”“will,”“should,”“could,”andsimilarexpressionstoidentifyforward-lookingstatements.Ouractualresultscoulddiffermateriallyfromthosediscussedintheforward-lookingstatements. FactorsthatcouldcauseorcontributetothesedifferencesincludethosediscussedbelowandelsewhereinthisQuarterlyReport.SeealsoRiskFactorsinourCurrentReportonForm8-KfiledSeptember21,2010.
Overview
FirstChinaPharmaceuticalGroup,Inc.(“FCPG”orthe“Company”),formerlyknownasE-DispatchInc.,wasincorporatedunderthelawsoftheStateofNevadaonJuly31,2007.OnSeptember15,2010,weclosedavoluntaryshareexchangetransactionpursuanttoaShareExchangeAgreementdatedAugust23,2010(the“ExchangeTransaction”)byandamongFCPG,FirstChinaPharmaceuticalGroupLimited,aHongKongcompany(“FCPGHK”),andKunMingXinYuanTangPharmaciesCo.Ltd.,acompanyorganizedunderthelawsofthePeople’sRepublicofChina(“PRC”)andwhollyownedsubsidiaryofFCPGHK(“XYT”).PriortotheExchangeTransaction,wewereadevelopmentstagecompanyengagedindevelopingacellphone-basedtaxidispatchsystem,andapublicreporting“shellcompany,”asdefinedinRule12b-2oftheSecuritiesExchangeActof1934,asamended.AsaresultoftheExchangeTransaction,theFCPGHKstockholderacquiredapproximately25%ofourissuedandoutstandingcommonstock,FCPGHKandXYTbecameourwholly-ownedsubsidiaries,andweacquiredthebusinessandoperationsofFCPGHKandXYT.
Throughourwholly-ownedsubsidiary,XYT,wearenowengagedindruglogisticsanddistributioninYunnanProvince,Chinathroughdrugstores,medicalclinicsandhospitals,aswellasthewholesaledistributionofmedicineproducts,chemicalagents,antibiotics,biochemistrydrugsandbiologicalpreparationstohospitalsandXYTstores.XYTwasfoundedinNovember2002andisaprovincialpharmaceuticaldistributorthatoffersapproximately5,000drugs,ofwhichapproximately1,000areover-the-counterdrugs,approximately1,000areprescriptiondrugs,approximately2,000arepreparedChinesemedicinesandapproximately1,000aresupplements.Currently,XYThasover4,700customersandsuppliesapproximately10%ofsuchcustomers’inventories.Itisoneoffewcompanieswithgovernmentapprovaltoacceptordersovertheinternet.OurcontinuingstrategyistobuildanationwidepharmaceuticaldistributionnetworkthroughoutChina.
Keyfactorsaffectingourresultsofoperationsincluderevenues,costofrevenues,operatingexpensesandincomeandtaxation.
ComparisonoftheSixMonthsEndedSeptember30,2010and2009
Thefollowingtablesetsforthcertaininformationregardingourresultsofoperation.
Six Months Ended September 30
2010
2009
StatementsofOperationsData
Sales
$
$
CostofSales
GrossProfit
Selling,generalandadministrativeexpenses,andothers
Effectsofforeigncurrenc
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