FORM 10-Q
U.S. SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
[X] QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE
SECURITIES EXCHANGE ACT OF 1934
For the quarterly period ended February 28, 2011
OR
[ ] TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE
SECURITIES EXCHANGE ACT OF 1934
For the transition period from ________ to ________
Commission file number 000-54054
CHINA MANUFACTURING ACQUISITION III CORP.
(Exact name of registrant as specified in its charter)
Delaware
68-0679619
(State or other jurisdiction
(I.R.S. Employer Identification Number)
of incorporation or organization)
9 Division Street, Apt. 201, New York, NY 10022
(Address of principal executive offices)
(646) 386-2129
(Registrants telephone number, including area code)
27th Floor, Profit Plaza, No.76 West HuangPu Road, Guangzhou, PRC 510000
(Former name, former address and former fiscal year, if changed since last report)
Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 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 has submitted electronically and posted on its corporate Web site, if any, every Interactive Data File required to be submitted and posted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit and post such files). Yes [ ] No [ ]
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer or a smaller reporting company. See definitions of large accelerated filer, accelerated filer and smaller reporting company in Rule 12b-2 of the Exchange Act. (Check one):
Large accelerated filer [ ]
Accelerated filer [ ]
Non-accelerated filer [ ]
Smaller reporting company [X].
(Do not check if a smaller reporting company)
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes [X] No [ ].
APPLICABLE ONLY TO ISSUERS INVOLVED IN BANKRUPTCY PROCEEDINGS DURING
THE PRECEDING FIVE YEARS:
Indicate by check mark whether the registrant has filed all documents and reports required to be filed by Sections 12, 13 or 15(d) of the Securities Exchange Act of 1934 subsequent to the distribution of securities under a plan confirmed by a court. Yes [ ] No [ ].
APPLICABLE ONLY TO CORPORATE ISSUERS:
Indicate the number of shares outstanding of each of the issuers classes of common stock, as of the latest practicable date: 1,500,000 shares of common stock, par value $.0001 per share, outstanding as of April 14, 2011.
CHINA MANUFACTURING ACQUISITION III CORP.
(A Development Stage Enterprise)
- INDEX -
Page
PART I FINANCIAL INFORMATION
Item 1.
Financial Statements.
Balance Sheets as of February 28, 2011 (Unaudited) and May 31, 2010
1
Statements of Operations (Unaudited) for the Three and Nine Months Ended 2
February 28, 2011, the Three Months Ended February 28, 2010, the Period from
August 14, 2009 (Inception) to February 28, 2010 and for the Cumulative Period from
August 14, 2009 (Inception) to February 28, 2011
Statements of Cash Flows (Unaudited) for the Nine Months Ended
3
February 28, 2011, the Period from August 14, 2009 (Inception) to February 28, 2010
and for the Cumulative Period from August 14, 2009 (Inception) to February 28, 2011
Statement of Changes in Stockholders Deficit for the period from
4
August 14, 2009 (Inception) to February 28, 2011
Notes to Financial Statements
5
Item 2.
Managements Discussion and Analysis of Financial Condition and Results of Operations
10
Item 3.
Quantitative and Qualitative Disclosures About Market Risk
14
Item 4.
Controls and Procedures
14
PART II OTHER INFORMATION:
Item 1.
Legal Proceedings
14
Item 1A. Risk Factors
14
Item 2.
Unregistered Sales of Equity Securities and Use of Proceeds
15
Item 3.
Defaults Upon Senior Securities
15
Item 4.
Removed and Reserved
15
Item 5.
Other Information
15
Item 6.
Exhibits
15
Signatures
16
Item 1. Financial Statements
China Manufacturing Acquisition III Corp.
(A Development Stage)
BALANCE SHEETS
| February 28, 2011 | May 31, 2010 |
| (Unaudited) |
|
ASSETS |
|
|
Current Assets | $ 0 | $ 0 |
Total Assets | $ 0 | $ 0 |
LIABILITIES AND STOCKHOLDERS DEFICIENCY |
|
|
Current Liabilities |
|
|
Other Payables | $ 31,880 | $ 9,192 |
Total Liabilities | 31,880 | 9,192 |
Stockholder's Deficit |
|
|
Preferred Stock- $0.0001 par value; 10,000,000 authorized shares; 0 shares outstanding | 0 | 0 |
Common Stock- $0.0001 par value; 100,000,000 shares authorized; 1,500,000 shares issued and outstanding | 150 | 150 |
Additional Paid-in capital | 24,850 | 24,850 |
Subscription Receivable | (25,000) | (25,000) |
Deficit accumulated during development stage | (31,880) | (9,192) |
Total Stockholder's Deficit | (31,880) | (9,192) |
Total Liabilities and Stockholder's Deficit | $ 0 | $ 0 |
See accompanying notes to financial statements
1
China Manufacturing Acquisition III Corp.
(A Development Stage Company)
STATEMENT OF OPERATIONS
(Unaudited)
| Three Months February 28, 2011 | Nine months February 28, 2011 | Three months February 28, 2010 | Period from August 14, 2009 (Inception) to February 28, 2010 | Period from August 14, 2009 (inception) to February 28, 2011 |
General and administrative expenses | $ 4,483 | $ 22,688 | $ 0 | $ 8,532 | $ 31,880 |
Total expenses | 4,483 | 22,688 | 0 | 8,532 | 31,880 |
Net Loss | $ (4,483) | $ (22,688) | $ 0 | $ (8,532) | $ (31,880) |
Basic and diluted net loss per share | $ (0.003) | $ (0.015) | $ 0 | $ (0.012) |
|
Weighted-Average |
|
|
|
|
|
Common Shares | 1,500,000 | 1,500,000 | 1,500,000 | 727,273 |
|
Outstanding |
|
|
|
|
|
See accompanying notes to financial statements
2
China Manufacturing Acquisition III Corp.
(A Development Stage Enterprise)
STATEMENTS OF CASH FLOWS
(Unaudited)
| Nine months ended February 28, 2011 | Period from August 14, 2009 (inception) to February 28, 2010 | Period from August 14, 2009 (inception) to February 28, 2011 |
Cash Flows from Operating Activities: |
|
|
|
Net loss | $ (22,688) | $ (8,532) | $ (31,880) |
Adjustments to reconcile net loss to net cash from operating activities: |
|
|
|
Other payables | 22,688 | 8,532 | 31,880 |
Net Cash provided by Operating Activities | 0 | 0 | 0 |
|
|
|
|
Net Change in Cash | 0 | 0 | 0 |
Cash at Beginning of Period | 0 | 0 | 0 |
Cash at End of Period | $ 0 | $ 0 | $ 0 |
Supplemental disclosures of cash flow information:
Non-cash financing activities:
Subscription receivable for issuance of common stock $25,000 $25,000
See accompanying notes to financial statements
3
China Manufacturing Acquisition III Corp.
(A Development Stage Company)
STATEMENT OF STOCKHOLDERS DEFICIENCY
| Common Stock |
|
|
|
|
|
| Shares | Amount | Additional Paid- in Capital | Subscription Receivable | Accumulated Deficit | Total Stockholder's Deficit |
Balance at Aug. 14, 2009 | 0 | $ 0 | $ 0 | $ 0 | $ 0 | $ 0 |
Issuance of common stock | 1,500,000 | 150 | 24,850 | $ (25,000) | 0 | 0 |
Net loss |
|
|
|
| (9,192) | (9,192) |
|
|
|
|
|
|
|
Balance at May 31, 2010 | 1,500,000 | 150 | 24,850 | (25,000) | (9,192) | (9,192) |
Net Loss |
|
|
|
| (22,688) | (22,688) |
Balance- February 28, 2011 (Unaudited) | 1,500,000 | $ 150 | $ 24,850 | $ (25,000) | $ (31,880) | $ (31,880) |
See accompanying notes to financial statements
4
China Manufacturing Acquisition III Corp.
(A Development Stage Company)
NOTES TO FINANCIAL STATEMENTS
February 28, 2011
All amounts in US Dollar unless otherwise indicated
1.
ORGANIZATIONS AND DESCRIPTION OF BUSINESS
China Manufacturing Acquisition III Corp.(the Company) was incorporated in the State of Delaware on August 14, 2009. Since inception, the Company has been engaged in organizational efforts and obtaining initial financing. The Company was formed as a vehicle to pursue a business combination. The business purpose of the Company is to seek the acquisition of, or merger with, an operating company.
2.
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
Basis of Presentation
The accompanying unaudited financial statements have been prepared in accordance with U.S. generally accepted accounting principles for interim financial information and pursuant to the requirements for reporting on Form 10-Q. Accordingly, they do not include all the information and footnotes required by accounting principles generally accepted in the United States of America for annual financial statements. However, the information included in these interim financial statements reflects all adjustments (consisting solely of normal recurring adjustments) which are, in the opinion of management, necessary for the fair presentation of the financial position and the results of operations. Results shown for interim periods are not necessarily indicative of the results to be obtained for a full year. The balance sheet as of May 31, 2010 was derived from the audited financial statements included in the Companys Form 10. These interim financial statements should be read in conjunction with that report.
For further information, financial statements and footnotes thereto included in the Companys Form 10 filed on July 29, 2010.
The Company is a development stage enterprise with no operating history. It has not yet been able to develop and execute its business plan. The Company has no assets to sustain expenses until the consummation of a merger or other business combination with a private company. The Company may not be able to identify a suitable business opportunity or consummate a business combination, and any such business may not be profitable at the time of its acquisition by us or ever. This raises substantial doubt about the Companys ability to continue as a going concern.
The financial statements do not include any adjustments that might result from the outcome of any uncertainty as to the Companys ability to continue as a going concern. The financial statements also do not include any adjustments relating to the recoverability and classification of recorded asset amounts, or amounts and classifications of liabilities that might be necessary should the Company be unable to continue as a going concern.
5
The Company is considered to be in the development stage as defined by Financial Accounting Standards Board (FASB) Accounting Standards Codification (ASC) 915-10-05. This standard requires companies to report their operations, shareholders equity and cash flows from inception through the reporting date. The Company will continue to be reported as a development stage entity until, among other factors, revenues are generated from managements intended operations. Management has provided financial data since inception (August 14, 2009).
Fiscal Year
The Companys fiscal year ends on May 31.
Start-Up Costs
The Company accounts for start-up costs, including organization costs, under the provisions of FASB ASC 720-15-25-1, whereby such costs are expensed as incurred.
Use of Estimates and Assumptions
The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America requires management to make estimates and assumptions that affect certain reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates.
Income Taxes
The Company uses the asset and liability method of accounting for income taxes in accordance with ASC 740-10, Accounting for Income Taxes. Under this method, income tax expense is recognized for the amount of: (i) taxes payable or refundable for the current year; and, (ii) deferred tax consequences of temporary differences resulting from matters that have been recognized in an entitys financial statements or tax returns. Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. The effect on deferred tax assets and liabilities of a change in tax rates is recognized in the results of operations in the period that includes the enactment date. A valuation allowance is provided to reduce the deferred tax assets reported if, based on the weight of available positive and negative evidence, it is more likely than not that some portion or all of the deferred tax assets will not be realized.
ASC 740-10 prescribes a recognition threshold and measurement attribute for the financial statement recognition of a tax position taken or expected to be taken on a tax return. Under ASC 740-10, a tax benefit from an uncertain tax position taken or expected to be taken may be recognized only if it is more likely than not that the position is sustainable upon examination, based on its technical merits. The tax benefit of a qualifying position under ASC 740-10 would equal the largest amount of tax benefit that is greater than 50% likely of being realized upon ultimate settlement with a taxing authority having full knowledge of all the relevant information. A liability (including interest and penalties, if applicable) is established to the extent a current benefit has been recognized on a tax return for matters that are considered contingent upon the outcome of
6
an uncertain tax position. Related interest and penalties, if any, are included as components of income tax expense and income taxes payable.
Net Loss Per Share
Basic and diluted loss per common share is computed on the basis of the weighted-average number of common shares outstanding during the period. There were no potentially issuable common stock equivalents outstanding from inception (August 14, 2009) to February 28, 2011.
Fair Value of Financial Instruments
The carrying amounts reported in the financial statements for current assets and current liabilities approximate fair value due to the short-term nature of these financial instruments.
The Company follows the provisions of ASC 820-10, Fair Value Measurements and Disclosures, which establishes a single authoritative definition of fair value and a framework for measuring fair value and expands disclosure of fair value measurements for both financial and nonfinancial assets and liabilities. This standard defines fair value, provides guidance for measuring fair value and requires certain disclosures. This standard does not require any new fair value measurements, but discusses valuation techniques, such as the market approach (comparable market prices), the income approach (present value of future income or cash flows) and the cost approach (cost to replace the service capacity of an asset or replacement cost).
7
3.
INCOME TAX
| As of February 28, 2011 (Unaudited) | As of May 31, 2010 |
Deferred tax assets consist of: |
|
|
Net operating loss carry forward | $ 936 | $ 81 |
Start-up costs capitalized for tax purposes | 3,846 | 1,298 |
Gross deferred tax assets | 4,782 | 1,379 |
Valuation allowance | $ (4,782) | $ (1,379) |
Net deferred tax assets | $ 0 | $ 0 |
Realization of deferred tax assets is dependent upon sufficient future taxable income during the period that deductible temporary differences and net operating loss carry forwards are expected to be available to reduce taxable income. As the achievement of required future taxable income is uncertain, the Company recorded a full valuation allowance.
8
As of February 28, 2011, the Company has a net operating loss carry forward of $ 6,237 for tax purpose, which expires from 2029 to 2030.
The difference between the statutory tax rate of 15% and the effective tax rate of 0% is due to the valuation allowance for deferred income tax assets.
4.
STOCKHOLDERS DEFICIENCY
The Company is authorized by its Certificate of Incorporation to issue an aggregate of 110,000,000 shares of capital stock. These shares are divided into two classes with 100,000,000 shares designated as common stock at $0.0001 par value and 10,000,000 shares designated as preferred stock at $0.0001 par value. The board of directors is authorized to designate one or more series within the class of common shares and to designate relative preferences, limitations and rights.
On November 24, 2009, the Company issued 1,500,000 shares of common stock ( par value $0.0001 per share) to Pond View Limited for an aggregate purchase price of $25,000 which has not yet been paid.
5. OTHER PAYABLES
Other payables represent professional fees and expenses paid on behalf of the Company by Guangdong Wealth Guarantee Co, Ltd. (Guangdong Wealth) and Guangdong Small and Medium Sized Enterprise Financial Promotion Association (Guangdong SME), a government sponsored not-for-profit organization. Both of them seek to assist small and medium sized business in China going public. Guangdong Wealth is a member of Guangdong SME. The amount is non interest bearing. There is no agreement in effect. The Company has verbally agreed to repay the amount due when sufficient cash is available.
9
Item 2. Managements Discussion and Analysis of Financial Condition and Results of Operations.
Forward Looking Statement Notice
Certain statements made in this Quarterly Report on Form 10-Q are forward-looking statements (within the meaning of the Private Securities Litigation Reform Act of 1995) in regard to the plans and objectives of management for future operations. Such statements involve known and unknown risks, uncertainties and other factors that may cause actual results, performance or achievements of China Manufacturing Acquisition III Corp. (we, us, our or the Company) to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements. The forward-looking statements included herein are based on current expectations that involve numerous risks and uncertainties. The Company's plans and objectives are based, in part, on assumptions involving the continued expansion of business. Assumptions relating to the foregoing involve judgments with respect to, among other things, future economic, competitive and market conditions and future business decisions, all of which are difficult or impossible to predict accurately and many of which are beyond the control of the Company. Although the Company believes its assumptions underlying the forward-looking statements are reasonable, any of the assumptions could prove inaccurate and, therefore, there can be no assurance the forward-looking statements included in this Quarterly Report will prove to be accurate. In light of the significant uncertainties inherent in the forward-looking statements included herein, the inclusion of such information should not be regarded as a representation by the Company or any other person that the objectives and plans of the Company will be achieved.
Description of Business
The Company was incorporated in the State of Delaware on August 14, 2009 and maintains its principal executive office at 9 Division Street, Apt. 201, New York, NY 10022. Since inception, the Company has been engaged in organizational efforts and obtaining initial financing. The Company was formed as a vehicle to pursue a business combination through the acquisition of, or merger with, an operating business. The Company filed a Registration Statement on Form 10 with the U.S. Securities and Exchange Commission (the SEC) on July 29, 2010, and since its effectiveness, the Company has focused its efforts to identify a possible business combination.
The Company, based on proposed business activities, is a blank check company. The SEC defines those companies as "any development stage company that is issuing a penny stock, within the meaning of Section 3(a)(51) of the Securities Exchange Act of 1934, as amended (the Exchange Act), and that has no specific business plan or purpose, or has indicated that its business plan is to merge with an unidentified company or companies." Many states have enacted statutes, rules and regulations limiting the sale of securities of "blank check" companies in their respective jurisdictions. The Company is also a shell company, defined in Rule 12b-2 under the Exchange Act as a company with no or nominal assets (other than cash) and no or nominal operations. Management does not intend to undertake any efforts to cause a market to develop in our securities, either debt or equity, until we have successfully concluded a business combination. The Company intends to comply with the periodic reporting requirements of the Exchange Act for so long as we are subject to those requirements.
The Company was organized as a vehicle to investigate and, if such investigation warrants, acquire a target company or business seeking the perceived advantages of being a publicly held corporation. The
10
Companys principal business objective for the next 12 months and beyond such time will be to achieve long-term growth potential through a combination with an operating business. The Company intends to
11
complete a business combination with a company located in China in the manufacturing industry; however, the Company will not restrict its potential candidate target companies to this industry or any other specific business, industry or geographical location and, thus, may acquire any type of business.
The Company currently does not engage in any business activities that provide cash flow. During the next twelve months we anticipate incurring costs related to:
(i)
filing Exchange Act reports, and
(ii)
investigating, analyzing and consummating an acquisition.
As of the date of this filing we have no funds in our treasury. We believe we will be able to meet the costs we expect to incur, through deferral of fees by certain service providers and additional amounts, as necessary, to be loaned to or advanced to us by other investors or related third parties. Currently, however our ability to continue as a going concern is dependent upon our ability to generate future profitable operations and/or to obtain the necessary financing to meet our obligations and repay our liabilities arising from normal business operations when they come due. Our ability to continue as a going concern is also dependent on our ability to find a suitable target company and enter into a possible reverse merger with such company. Managements plan includes obtaining additional funds by equity financing through a reverse merger transaction and/or related party advances, however, there is no assurance of additional funding being available.
The Company is in the development stage and has not earned any revenues from operations to date. These conditions raise substantial doubt about our ability to continue as a going concern. The Company is currently devoting its efforts to locating merger candidates. The Companys ability to continue as a going concern is dependent upon our ability to develop additional sources of capital, locate and complete a merger with another company, and ultimately, achieve profitable operations.
The Company may consider acquiring a business which has recently commenced operations, is a developing company in need of additional funds for expansion into new products or markets, is seeking to develop a new product or service, or is an established business which may be experiencing financial or operating difficulties and is in need of additional capital. In the alternative, a business combination may involve the acquisition of, or merger with, a company which does not need substantial additional capital but which desires to establish a public trading market for its shares while avoiding, among other things, the time delays, significant expense, and loss of voting control which may occur in a public offering.
Our sole officer and director has not had any preliminary contact with any representative of any other entity. Any target business that is selected may be a financially unstable company or an entity in its early stages of development or growth, including entities without established records of sales or earnings. In that event, we will be subject to numerous risks inherent in the business and operations of financially unstable and early stage or potential emerging growth companies. In addition, we may effect a business combination with an entity in an industry characterized by a high level of risk, and, although our management will endeavor to evaluate the risks inherent in a particular target business, there can be no assurance that we will properly ascertain or assess all significant risks.
Our management anticipates that it will likely be able to effect only one business combination, due primarily to our limited financing and the dilution of interest for present and prospective stockholders, which is likely to occur as a result of our managements plan to offer a controlling interest to a target business in order to achieve a tax-free reorganization. This lack of diversification should be considered a substantial risk in investing in us, because it will not permit us to offset potential losses from one venture against gains from another.
12
The Company anticipates that the selection of a business combination will be complex and extremely risky. Through industry publications, such as the Reverse Merger Report, our management believes that there are numerous firms seeking the perceived benefits of becoming a publicly traded corporation. Such perceived benefits of becoming a publicly traded corporation include, among other things, facilitating or improving the terms on which additional equity financing may be obtained, providing liquidity for the principals of and investors in a business, creating a means for providing incentive stock options or similar benefits to key employees, and offering greater flexibility in structuring acquisitions, joint ventures and the like through the issuance of stock. Potentially available business combinations may occur in many different industries and at various stages of development, all of which will make the task of comparative investigation and analysis of such business opportunities extremely difficult and complex.
Liquidity and Capital Resources
The Company has no assets since inception. The Company has $31,880 in current liabilities as of February 28, 2011, comprised of accrued expenses payable. This compares to the Companys current liabilities equal to $9,192 as of May 31, 2010, comprised exclusively of accrued expenses payable. The Company can provide no assurance that it can continue to satisfy its cash requirements for at least the next twelve months.
The Company had no cash flows for the nine months ended February 28, 2011, for the period from August 14, 2009 (Inception) to February 28, 2010 and for the cumulative period from August 14, 2009 (Inception) through February 28, 2011.
The Company has no assets and has generated no revenues since inception. The Company is also dependent upon the receipt of capital investment or other financing to pay its bills and to execute its business plan of seeking a combination with a private operating company. In addition, the Company is dependent upon certain third parties, including Guangdong Wealth Guarantee Co, Ltd. and Guangdong Small and Medium Sized Enterprise Financial Promotion Association each of which seek to assist small and medium sized businesses in China going public, to provide continued funding and capital resources. If continued funding and capital resources are unavailable at reasonable terms, the Company may not be able to implement its plan of operations.
Results of Operations
The Company has not conducted any active operations since inception, except for its efforts to locate suitable acquisition candidates. No revenue has been generated by the Company from August 14, 2009 (Inception) through February 28, 2011. It is unlikely the Company will have any revenues unless it is able to effect an acquisition or merger with an operating company, of which there can be no assurance. The Companys plan of operation for the next twelve months shall be to continue its efforts to locate suitable acquisition candidates.
For the three and nine months ended February 28, 2011, the Company had a net loss of $4,483 and $22,688, respectively, comprised of legal, accounting, audit and other professional service fees incurred in relation to the preparation and filing of the Companys Registration Statement on Form 10 and the filing of the Companys periodic reports.
For the three months ended February 28, 2010, the Company had no net loss.
For the period from August 14, 2009 (Inception) through February 28, 2010 and the cumulative period from August 14, 2009 (Inception) through February 28, 2011, the Company had a net loss of $8,532 and $31,880, respectively, comprised of legal accounting, audit and other professional service fees incurred in relation to the formation of the Company, the preparation and filing of the Companys Registration Statement on Form 10 and the filing of the Companys periodic reports.
13
Off-Balance Sheet Arrangements
The Company does not have any off-balance sheet arrangements that have or are reasonably likely to have a current or future effect on the Companys financial condition, changes in financial condition, revenues or expenses, results of operations, liquidity, capital expenditures or capital resources that is material to investors.
Contractual Obligations
As a smaller reporting company as defined by Item 10 of Regulation S-K, the Company is not required to provide this information.
Item 3. Quantitative and Qualitative Disclosures About Market Risk.
As a smaller reporting company as defined by Item 10 of Regulation S-K, the Company is not required to provide information required by this Item.
Item 4. Controls and Procedures.
Evaluation of Disclosure Controls and Procedures
We maintain disclosure controls and procedures that are designed to ensure that information required to be disclosed in our reports filed pursuant to the Exchange Act is recorded, processed, summarized and reported within the time periods specified in the SECs rules, regulations and related forms, and that such information is accumulated and communicated to our principal executive officer and principal financial officer, as appropriate, to allow timely decisions regarding required disclosure.
As of February 28, 2011, we carried out an evaluation, under the supervision and with the participation of our principal executive officer and our principal financial officer of the effectiveness of the design and operation of our disclosure controls and procedures. Based on this evaluation, our principal executive officer and our principal financial officer concluded that our disclosure controls and procedures were effective as of the end of the period covered by this report.
Changes in Internal Controls
There have been no changes in our internal controls over financial reporting during the quarter ended February 28, 2011 that have materially affected or are reasonably likely to materially affect our internal controls.
PART II OTHER INFORMATION
Item 1. Legal Proceedings.
To the best knowledge of our sole officer and director, there are presently no material pending legal proceedings to which the Company, any executive officer, any owner of record or beneficially of more than five percent of any class of voting securities is a party or as to which any of its property is subject, and no such proceedings are known to the Company to be threatened or contemplated against it.
Item 1A. Risk Factors.
As a smaller reporting company as defined by Item 10 of Regulation S-K, the Company is not required to provide information required by this Item.
14
Item 2. Unregistered Sales of Equity Securities and Use of Proceeds.
None.
Item 3. Defaults Upon Senior Securities.
None.
Item 4. Removed and Reserved.
Item 5. Other Information.
None.
Item 6. Exhibits.
(a) Exhibits required by Item 601 of Regulation S-K.
Exhibit
Description
----------
---------------
*3.1
Certificate of Incorporation, as filed with the Delaware Secretary of State on August 14, 2009.
*3.2
By-Laws.
31.1
Certification of the Companys Principal Executive Officer pursuant to Section 302 of the Sarbanes-Oxley Act of 2002, with respect to the registrants Quarterly Report on Form 10-Q for the quarter ended February 28, 2011.
31.2
Certification of the Companys Principal Financial Officer pursuant to Section 302 of the Sarbanes-Oxley Act of 2002, with respect to the registrants Quarterly Report on Form 10-Q for the quarter ended February 28, 2011.
32.1
Certification of the Companys Principal 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 Companys Principal Financial Officer pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.
*
Filed as an exhibit to the Companys Registration Statement on Form 10, as filed with the SEC on July 29, 2010 and incorporated herein by this reference.
15
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 MANUFACTURING ACQUISITION III CORP.
Dated: April 14, 2011
By: /s/ Zeng Chuan Da________
Zeng Chuan Da
President and Director
Principal Executive Officer
Principal Financial Officer
16
Exhibit 31.1
Certification of Principal Executive Officer
Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002
and Securities and Exchange Commission Release 34-46427
I, Zeng Chuan Da, certify that:
1. I have reviewed this report on Form 10-Q of China Manufacturing Acquisition III Corp.;
2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;
3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;
4. The registrants other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and we have:
a) designed such disclosure controls and procedures or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;
b) designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;
c) evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and
d) disclosed in this report any change in the registrants internal control over financial reporting that occurred during the registrants most recent fiscal quarter (the registrants fourth fiscal quarter in the case of the annual report) that has materially affected, or is reasonably likely to materially affect, the registrants internal control over financial reporting; and
5. The registrants other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):
a) all significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize and report financial information; and
b) any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.
Date: April 14, 2011 | /s/ Zeng Chuan Da_________ Zeng Chuan Da Principal Executive Officer |
Exhibit 31.2
Certification of Principal Financial Officer
Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002
and Securities and Exchange Commission Release 34-46427
I, Zeng Chuan Da, certify that:
1. I have reviewed this report on Form 10-Q of China Manufacturing Acquisition III Corp.;
2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;
3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;
4. The registrants other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and we have:
a) designed such disclosure controls and procedures or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;
b) designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;
c) evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and
d) disclosed in this report any change in the registrants internal control over financial reporting that occurred during the registrants most recent fiscal quarter (the registrants fourth fiscal quarter in the case of the annual report) that has materially affected, or is reasonably likely to materially affect, the registrants internal control over financial reporting; and
5. The registrants other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):
a) all significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize and report financial information; and
b) any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.
Date: April 14, 2011 | /s/ Zeng Chuan Da________ Zeng Chuan Da Principal Financial Officer |
Exhibit 32.1
Certification of Principal Executive Officer
Pursuant to 18 U.S.C. Section 1350, as adopted pursuant to
Section 906 of the Sarbanes-Oxley Act of 2002
In connection with the Quarterly Report of China Manufacturing Acquisition III Corp. (the "Company") on Form 10-Q for the period ended February 28, 2011as filed with the Securities and Exchange Commission on the date hereof (the "Report"), I, Zeng Chuan Da, certify, pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, that:
(1) The Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and
(2) The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company.
/s/ Zeng Chuan Da_____ Zeng Chuan Da Principal Executive Officer April 14, 2011 |
Exhibit 32.2
Certification of Principal Financial Officer
Pursuant to 18 U.S.C. Section 1350, as adopted pursuant to
Section 906 of the Sarbanes-Oxley Act of 2002
In connection with the Quarterly Report of China Manufacturing Acquisition III Corp. (the "Company") on Form 10-Q for the period ended February 28, 2011 as filed with the Securities and Exchange Commission on the date hereof (the "Report"), I, Zeng Chuan Da, certify, pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, that:
(1) The Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and
(2) The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company.
/s/ Zeng Chuan Da________ Zeng Chuan Da Principal Financial Officer April 14, 2011 |