| x | ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
|---|--------------------------------------------------------------------------------------|

|  ̈ | TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
|--------|------------------------------------------------------------------------------------------|

| Florida                         |   | 88-0404114                        |
|---------------------------------|--------|-----------------------------------|
| (State or Other Jurisdiction of |   | (IRS Employer Identification No.) |
| Incorporation or Organization)  |   |                              |

| Large accelerated filer  ̈                                             |   | Accelerated filer  ̈    |
|----------------------------------------------------------------------------|--------|-----------------------------|
|                                                                       |   |                        |
| Non-accelerated filer (Do not check if a smaller reporting company)  ̈ |   | Smaller reporting company x |

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|                                         |   | PAGE                                                                                                               |
|----------------------------------------------|--------|--------------------------------------------------------------------------------------------------------------------|
| PART I                                       |   |                                                                                                               |   |   |
|                                         |   |                                                                                                               |   |   |
| ITEM 1.                                      |   | Business                                                                                                           |   | 1 |
|                                         |   |                                                                                                               |   |   |
| ITEM 1A.                                     |   | Risk Factors                                                                                                       |   | 3 |
|                                         |   |                                                                                                               |   |   |
| ITEM 1B.                                     |   | Unresolved Staff Comments                                                                                          |   | 4 |
|                                         |   |                                                                                                               |   |   |
| ITEM 2.                                      |   | Properties                                                                                                         |   | 4 |
|                                         |   |                                                                                                               |   |   |
| ITEM 3.                                      |   | Legal Proceedings                                                                                                  |   | 4 |
|                                         |   |                                                                                                               |   |   |
| ITEM 4                                       |   | (Removed and Reserved)                                                                                             |   | 4 |
|                                         |   |                                                                                                               |   |   |
| PART II                                      |   |                                                                                                               |
|                                         |   |                                                                                                               |   |   |
| ITEM 5.                                      |   | Market for Registrant’s Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities |   | 5 |
|                                         |   |                                                                                                               |   |   |
| ITEM 6.                                      |   | Selected Financial Data                                                                                            |   | 5 |
|                                         |   |                                                                                                               |   |   |
| ITEM 7.                                      |   | Management’s Discussion and Analysis of Financial Condition and Results of Operation                         |   | 6 |
|                                         |   |                                                                                                               |   |   |
| ITEM 7A.                                     |   | Quantitative and Qualitative Disclosure About Market Risk                                                          |   | 13 |
|                                         |   |                                                                                                               |   |   |
| ITEM 8.                                      |   | Financial Statements and Supplementary Data                                                                        |   | 13 |
|                                         |   |                                                                                                               |   |   |
| ITEM 9.                                      |   | Changes in and Disagreements with Accountants on Accounting and Financial Disclosure                               |   | 14 |
|                                         |   |                                                                                                               |   |   |
| ITEM 9A.   Controls and Procedures |   | 14                                                                                                                 |
|                                         |   |                                                                                                               |   |   |
| ITEM 9B.                                     |   | Other Information                                                                                                  |   | 15 |
|                                         |   |                                                                                                               |   |   |
| PART III                                     |   |                                                                                                               |
|                                         |   |                                                                                                               |   |   |
| ITEM 10.                                     |   | Directors, Executive Officers and Corporate Governance                                                             |   | 16 |
|                                         |   |                                                                                                               |   |   |
| ITEM 11.                                     |   | Executive Compensation                                                                                             |   | 18 |
|                                         |   |                                                                                                               |   |   |
| ITEM 12.                                     |   | Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters                     |   | 19 |
|                                         |   |                                                                                                               |   |   |
| ITEM 13.                                     |   | Certain Relationships and Related Transactions, and Director Independence                                          |   | 19 |
|                                         |   |                                                                                                               |   |   |
| ITEM 14.                                     |   | Principal Accounting Fees and Services                                                                             |   | 20 |
|                                         |   |                                                                                                               |   |   |
| PART IV                                      |   |                                                                                                               |
|                                         |   |                                                                                                               |   |   |
| ITEM 15.                                     |   | Exhibits, Financial Statement Schedules                                                                            |   | 22 |
|                                         |   |                                                                                                               |   |   |
| SIGNATURES                                   |   | 25                                                                                                                 |
|                                         |   |                                                                                                               |   |   |
| FINANCIAL STATEMENTS                         |   | F-1                                                                                                                |

----

----

| ITEM 1. | BUSINESS |
|--------------|----------|

|            |   | Year Ended December 25, |   |
|-----------------|--------|----------------------------------------|--------|
|       |   | 2010                                   |   |   | 2009 |   |
|       |   | (In thousands)                    |   |
| Net revenue:    |   |                                   |   |   |   |   |
| Instant noodles |   | $                                      | 6,215  |   |   | $ | 3,913 |   |
| Flour           |   |                                   | 15,575 |   |   |   | 12,982 |   |
| Soybean         |   |                                   | 5,582  |   |   |   | 6,322 |   |
|            |   | $                                      | 27,372 |   |   | $ | 23,217 |   |

----

| - | acquire additional locations to increase our production capacity; and |
|---|-----------------------------------------------------------------------|

| - | build strategic alliances with multinational food groups to enhance product range and capitalize on our distribution network in China. |
|---|----------------------------------------------------------------------------------------------------------------------------------------|

----

| ITEM 1A. | RISK FACTORS |
|---------------|--------------|

----

| ITEM 1B. | UNRESOLVED STAFF COMMENTS. |
|---------------|----------------------------|

| ITEM 2. | PROPERTIES. |
|--------------|-------------|

| Facility                                                     |    | Address                                                             |    | Owned/Rented |    | Size (Sq meters) |
|--------------------------------------------------------------|--------------|---------------------------------------------------------------------|--------------|--------------|--------------|----------------------------|
|                                                         |         |                                                                |         |         |         |                       |
| Yantai Flour Mill, Yantai NoodleFactory & Soybean Plants |         | No. 10 Huancheng Road (N), Longkou, Shandong                        |         | Owned        |         | 41,268                     |
|                                                         |         |                                                                |         |         |         |                       |
| Penglai Flour Mill                                           |         | Xiao Men Town, Penglai, Shandong                                    |         | Owned        |         | 16,715                     |
|                                                         |         |                                                                |         |         |         |                       |
| Longyuan Plant                                               |         | Donglai Street Lige Village East, Longkou, Shandong                 |         | Rented       |         | 12,029                     |
|                                                         |         |                                                                |         |         |         |                       |
| Chengdu Plant                                                |         | Chengdu Economic & Technical Development Zone, Chengdu, Sichuan |         | Owned        |         | 35,922                     |

| ITEM 3. | LEGAL PROCEEDINGS. |
|--------------|--------------------|

| ITEM 4. | (REMOVED AND RESERVED). |
|--------------|-------------------------|

----

| ITEM 5. | MARKET FOR REGISTRANT’S COMMON EQUITY, RELATED STOCKHOLDER MATTERS AND ISSUER PURCHASES OF EQUITY SECURITIES. |
|--------------|---------------------------------------------------------------------------------------------------------------------|

|                          |   | PRICE RANGE OF COMMON STOCK |   |
|-------------------------------|--------|-------------------------------------------------|--------|
|                     |   | HIGH                                            |   |   | LOW |   |
|                          |   |                                            |   |   |   |   |
| Year Ended December 25, 2009: |   |                                            |   |   |   |   |
| First Quarter                 |   | $                                               | 0.27   |   |   | $ | 0.15 |   |
| Second Quarter                |   | $                                               | 0.22   |   |   | $ | 0.15 |   |
| Third Quarter                 |   | $                                               | 0.18   |   |   | $ | 0.11 |   |
| Fourth Quarter                |   | $                                               | 0.16   |   |   | $ | 0.12 |   |
|                          |   |                                            |   |   |   |   |   |   |
| Year Ended December 25, 2010: |   |                                            |   |   |   |   |   |   |
| First Quarter                 |   | $                                               | 0.15   |   |   | $ | 0.09 |   |
| Second Quarter                |   | $                                               | 0.13   |   |   | $ | 0.08 |   |
| Third Quarter                 |   | $                                               | 0.08   |   |   | $ | 0.05 |   |
| Fourth Quarter                |   | $                                               | 0.05   |   |   | $ | 0.03 |   |

----

| ITEM 7. | MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS. |
|--------------|----------------------------------------------------------------------------------------------|

----

| - | Acquire additional locations to increase our production capacity |
|---|------------------------------------------------------------------|

| - | Build strategic alliances with multinational food groups to enhance product range and capitalize on our China distribution network |
|---|------------------------------------------------------------------------------------------------------------------------------------|

|                                                          |   | For the years ended December 25, |    |
|---------------------------------------------------------------|--------|-----------------------------------------------------------|---------|
|                                                     |   | 2010                                                      |    |   | 2009 |   |
|                                                          |   |                                                      |    |   |   |   |
| Net revenue                                                   |   | $                                                         | 27,372  |   |   | $ | 23,217 |   |
| Cost of goods sold                                            |   |                                                      | (27,416 | ) |   |   | (24,518 | ) |
| Gross (loss) profit                                           |   |                                                      | (44     | ) |   |   | (1,301 | ) |
| Selling and distribution expenses                             |   |                                                      | (863    | ) |   |   | (944 | ) |
| General and administrative expenses                           |   |                                                      | (8,259  | ) |   |   | (6,381 | ) |
| Gain (loss) on fair value adjustments to embedded derivatives |   |                                                      | (619    | ) |   |   | 177 |   |
| VAT refund                                                    |   |                                                      | 193     |   |   |   | 59 |   |
| Net loss                                                      |   |                                                      | (9,008  | ) |   |   | (11,103 | ) |

----

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|                 |   | Series A Preferred Stock                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     |   | Series B Preferred Stock                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   |
|----------------------|--------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|--------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|                 |   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        |   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      |
| Preferred Dividend   |   | 7% per annum, payable quarterly in arrears in cash or, at the Company’s option subject to satisfaction of certain conditions, shares of Class A Common Stock valued at 95% of the volume-weighted current market price.                                                                                                                                                                                                                                                                                                                               |   | 7% per annum, payable quarterly in arrears in cash or, at the Company’s option subject to satisfaction of certain conditions, shares of Class A Common Stock valued at 95% of the volume-weighted current market price.                                                                                                                                                                                                                                                                                                                             |
|                 |   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        |   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      |
| Redemption           |   | July 11, 2010                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               |   | December 22, 2010                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         |
|                 |   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        |   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      |
|                 |   | Beginning on the 24th month following closing and each month thereafter, the Company shall redeem 1/37th of the face value of the Preferred Stock in either cash or Class A Common Stock valued at 90% of the volume-weighted current market price.                                                                                                                                                                                                                                                                                                         |   | Beginning at the end of the 24th month following closing and on each third monthly anniversary of that date (quarterly) thereafter, the Company shall redeem 1/13th of the face value of the Preferred Stock in either cash or Class A Common Stock valued at 90% of the volume-weighted current market price.                                                                                                                                                                                                                                            |
|                 |   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        |   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      |
| Mandatory Conversion |   | The Company may at any time force the conversion of the Preferred Stock if the volume-weighted current market price of the Class A Common Stock exceeds 300% of the then applicable conversion price.                                                                                                                                                                                                                                                                                                                                                       |   | The Company may at any time force the conversion of the Preferred Stock if the volume-weighted current market price of the Class A Common Stock exceeds 200% of its price at issuance of the Preferred Stock.                                                                                                                                                                                                                                                                                                                                             |
|                 |   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        |   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      |
| Registration         |   | The Company shall file to register the underlying Class A common shares within 30 days of the closing date and make its best efforts to have the Registration declared effective at the earliest date.  In the event such Registration is not continuously effective during the period such shares are subject to transfer restrictions under the U.S. federal securities laws, then (subject to certain exceptions) the holders are entitled to receive liquidated damages equal to 2.0% of the purchase price of the Preferred Stock per month. |   | The Company shall file to register the underlying Class A common shares with 30 days of the closing date and make its best efforts to have the Registration declared effective at the earliest date.  In the event such Registration is not continuously effective during the period such shares are subject to transfer restrictions under the U.S. federal securities laws, then (subject to certain exceptions) the holders are entitled to receive liquidated damages equal to 2.0% of the purchase price of the Preferred Stock per month. |
|                 |   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        |   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      |
| Anti-dilution        |   | In the event the Company issues, at any time while Preferred Stock are still outstanding, Common Stock or any type of securities giving rights to Common Stock at a price below the Issue Price, the Company agrees to extend full-ratchet anti-dilution protection to the investors.                                                                                                                                                                                                                                                                       |   | In the event the Company issues, at any time while Preferred Stock are still outstanding, Common Stock or any type of securities giving rights to Common Stock at a price below the Issue Price, the Company agrees to extend full-ratchet anti-dilution protection to the investors.                                                                                                                                                                                                                                                                     |

|                                                   |   | Payment Obligations By Period |   |
|-------------------------------------------------------------|--------|----------------------------------------------|--------|
|                                                   |   | 2011                                         |   |   | 2012 |   |   | 2013 |   |   | 2014 |   |   | 2015 |   |   | Thereafter |   |   | Total |   |
|                                                   |   | (In thousands)                          |   |
| Pre-determined annual fee charged by joint venture partners |   |                                         | 129    |   |   |   | 129 |   |   |   | 129 |   |   |   | 129 |   |   |   | 129 |   |   |   | 4,270 |   |   |   | 4,915 |   |

----

----

----

----

| ITEM 7A. | QUANTITATIVE AND QUALITATIVE DISCLOSURE ABOUT MARKET RISK |
|---------------|-----------------------------------------------------------|

| ITEM 8. | FINANCIAL STATEMENTS AND SUPPLEMENTARY DATA. |
|--------------|----------------------------------------------|

----

| ITEM 9. | CHANGES IN AND DISAGREEMENTS WITH ACCOUNTANTS ON ACCOUNTING AND FINANCIAL DISCLOSURE. |
|---------|---------------------------------------------------------------------------------------|

| ITEM 9A. | CONTROLS AND PROCEDURES. |
|---------------|--------------------------|

| (1) | Pertain to the maintenance of records that in reasonable detail accurately and fairly reflect the transactions and dispositions of our assets; |
|-----|------------------------------------------------------------------------------------------------------------------------------------------------|

| (2) | Provide reasonable assurance that transactions are recorded as necessary to permit preparation of financial statements in accordance with generally accepted accounting principles, and that our receipts and expenditures are being made only in accordance with authorization of our management and directors; and |
|-----|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (3) | Provide reasonable assurance regarding prevention or timely detection of unauthorized acquisitions, use or disposition of our assets that could have a material effect on the financial statements. |
|-----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

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| ITEM 9B. | OTHER INFORMATION |
|---------------|-------------------|

----

| NAME           |   | AGE    |   | POSITION                             |   | DIRECTORSINCE |
|----------------|--------|--------|--------|--------------------------------------|--------|---------------|
|           |   |   |   |                                 |   |          |
| Heng Jing Lu   |   | 59     |   | Chairman                             |   | 2003          |
|           |   |   |   |                                 |   |          |
| Li Xia Wang    |   | 52     |   | Director and Chief Executive Officer |   | 2003          |
|           |   |   |   |                                 |   |          |
| Ling Wang      |   | 46     |   | Chief Accounting Officer             |   | 2003          |
|           |   |   |   |                                 |   |          |
| Zhi Yong Jiang |   | 44     |   | Independent Non-Executive Director   |   | 2003          |
|           |   |   |   |                                 |   |          |
| De Lin Yang    |   | 56     |   | Independent Non-Executive Director   |   | 2003          |
|           |   |   |   |                                 |   |          |
| Qi Xue         |   | 58     |   | Independent Non-Executive Director   |   | 2003          |
|           |   |   |   |                                 |   |          |
| Feng Ju Chen   |   | 55     |   | Independent Non-Executive Director   |   | 2004          |

----

| - | Identifying and selecting those persons who will be nominees for director. |
|---|----------------------------------------------------------------------------|

| - | Considering factors relevant to the selection of nominees, including requirements of law, stock exchange listing standards, matters of character, judgment, business experience and areas of expertise, the diversity of the Board, and other factors. |
|---|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| - | Recruiting appropriate candidates when necessary, and reviewing the qualifications of any candidates nominated by shareholders. |
|---|---------------------------------------------------------------------------------------------------------------------------------|

| - | Evaluating from time to time the size and composition of the Board and its committees. |
|---|----------------------------------------------------------------------------------------|

| - | Evaluating the function and performance of the Board and its directors. |
|---|-------------------------------------------------------------------------|

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| ITEM 11.   | EXECUTIVE COMPENSATION. |
|---------------------------|-------------------------|

|                                       |   |   |   | Salary |    |   | Stock Awards |    |       | Option Awards |   |    | Total   |   |
|--------------------------------------------|--------|--------|--------|--------|---------|--------|-------------------|---------|------------|--------------------|--------|---------|---------|--------|
| Name and Principal Position |   | Year   |   | ($)    |    |   | ($)               |    |       | ($)                |   |    | ($)     |   |
| Li Xia Wang (i)             |   | 2010   |   |   | 20,000  |   |              |    | —    |               |   |    | — |   |   |   | 20,000 |   |
| Chief Executive Officer                    |   | 2009   |   |   | 20,000  |   |              |    | —    |               |   |    | — |   |   |   | 20,000 |   |
| and Director                               |   |   |   |   |    |   |              |    |       |               |   |    |    |   |   |   |   |   |
| Ling Wang                                  |   | 2010   |   |   | — |   |              |    | —    |               |   |    | — |   |   |   | — |   |
| Chief Accounting Officer                   |   | 2009   |   |   | — |   |              | 320,000 | (ii)  |               |   | — |    |   |   | 320,000 |   |

| (i) | Li Xia Wang was promoted to CEO of the Company in 2004. She is a Chinese national. Her annual base salary is $20,000. |
|-----|-----------------------------------------------------------------------------------------------------------------------|

| (ii) | On May 5, 2009, we granted 2 million shares of our Class A Common Stock to Ling Wang in connection with her employment agreement dated as of April 1, 2009 with the Company appointing Ms. Wang as the Company’s Chief Financial Officer. The closing sale price for our Class A Common Stock on May 5, 2009 was $0.16 per share. |
|------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

| ITEM 12. | SECURITY OWNERSHIP OF CERTAIN BENEFICIAL OWNERS AND MANAGEMENT AND RELATED STOCKHOLDER MATTERS. |
|---------------|-------------------------------------------------------------------------------------------------|

| Name and Address of Beneficial Owner                                             |   | Amount and Nature ofBeneficial Ownership |       |   | Percent ofClass |   |
|----------------------------------------------------------------------------------|--------|-----------------------------------------------|------------|--------|-----------------|--------|
| New Dragon Asia Food Ltd.10 Huangcheng Road (N), Longkou, Shandong Province, PRC |   |                                          | 18,576,154 |   |            |   | 18.58 | % |
| Heng Jing Lu†Chairman                                                      |   |                                          | 18,576,154 | (1)    |            |   | 18.58 | % |
| Li Xia Wang†Chief Executive Officer and Director                           |   |                                          | -0-        |   |            |   | * |   |
| Ling Wang†Chief Accounting Officer                                         |   |                                          | -0-        |   |            |   | * |   |
| Zhi Yong Jiang†Director                                                    |   |                                          | -0-        |   |            |   | * |   |
| De Lin Yang†Director                                                       |   |                                          | -0-        |   |            |   | * |   |
| Qi Xue†Director                                                            |   |                                          | -0-        |   |            |   | * |   |
| Feng Ju Chen†Director                                                      |   |                                          |       |   |            |   |   |   |
| All Directors and Executive Officers (7 people)                                  |   |                                          | 18,576,154 |   |            |   | 18.58 | % |

----

----

|               |   | 2010   |   |   | 2009   |   |
|--------------------|--------|--------|--------|--------|--------|--------|
| Audit Fees         |   | $      | 49,500 |   |   | $      | 120,000 |   |
| Audit Related Fees |   |   | -      |   |   |   | - |   |
| Tax Fees           |   |   | -      |   |   |   | - |   |
| All other fees     |   |   | -      |   |   |   | - |   |

|               |   | 2010   |    |   |   |   |   |
|--------------------|--------|--------|---------|--------|--------|--------|--------|
| Audit Fees         |   | $      | 115,500 |   |   |   |   |   |
| Audit Related Fees |   |   | -       |   |   |   |   |   |
| Tax Fees           |   |   | -       |   |   |   |   |   |
| All other fees     |   |   | -       |   |   |   |   |   |

----

| - | any services prohibited by applicable law or by any rule or regulation of the SEC or other regulatory body applicable to the Company; |
|---|---------------------------------------------------------------------------------------------------------------------------------------|

| - | provision by the independent auditor to the Company of strategic consulting services of the type typically provided by management consulting firms; or |
|---|--------------------------------------------------------------------------------------------------------------------------------------------------------|

| - | the retention of the independent auditor in connection with a transaction initially recommended by the independent auditor, the tax treatment of which may not be clear under the Internal Revenue Code and related regulations and which it is reasonable to conclude will be subject to audit procedures during an audit of the Company’s financial statements. |
|---|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| - | whether the service creates a mutual or conflicting interest between the auditor and the Company; |
|---|---------------------------------------------------------------------------------------------------|

| - | whether the service places the auditor in the position of auditing his or her own work; |
|---|-----------------------------------------------------------------------------------------|

| - | whether the service results in the auditor acting as management or an employee of the Company; and |
|---|----------------------------------------------------------------------------------------------------|

| - | whether the service places the auditor in a position of being an advocate for the Company. |
|---|--------------------------------------------------------------------------------------------|

----

| ITEM 15. | EXHIBITS, FINANCIAL STATEMENT SCHEDULES |
|---------------|-----------------------------------------|

| ExhibitNumber |   | Description                                                                                                                                                                                                                                                              |
|---------------|--------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| 2.1           |   | Share Exchange Agreement dated as of December 18, 2001 (incorporated herein by reference from our filing on the Definitive Proxy 14/A filed on October 11, 2001).                                                                                                        |
|          |   |                                                                                                                                                                                                                                                                     |
| 3.1           |   | Amended  Articles  of  Incorporation (incorporated herewith by reference to Exhibit 3.1 to our Definitive Proxy 14/A filed on October 11, 2001).                                                                                           |
|          |   |                                                                                                                                                                                                                                                                     |
| 3.2           |   | By-laws (incorporated herewith by reference to Exhibit 3.2 to our Definitive Proxy 14/A filed on October 11, 2001).                                                                                                                                                      |
|          |   |                                                                                                                                                                                                                                                                     |
| 3.3           |   | Certificate of Designations of Preferences, Rights and Limitations of the Series A 7% Convertible Preferred Stock (incorporated herewith by reference to Exhibit 3.1 of our Form 8-K filed on July 12, 2005).                                                            |
|          |   |                                                                                                                                                                                                                                                                     |
| 3.4           |   | Certificate of Designations of Preferences, Rights and Limitations of the Series B 7% Convertible Preferred Stock (incorporated herewith by reference to Exhibit 3.1 of our Form 8-K filed on December 23, 2005).                                                        |
|          |   |                                                                                                                                                                                                                                                                     |
| 4.1           |   | Subscription Agreement, dated September 4, 2003  (incorporated herewith by reference to Exhibit 4.1 to our Registration Statement on Form S-3 filed on October 3, 2003).                                                                                       |
|          |   |                                                                                                                                                                                                                                                                     |
| 4.2           |   | Subscription Agreement, dated October 3, 2003 (incorporated herewith by reference to Exhibit 4.2 to our Registration Statement on Form S-3 filed on October 3, 2003).                                                                                                    |
|          |   |                                                                                                                                                                                                                                                                     |
| 4.3           |   | Common Stock Purchase Warrants for the September 4, 2003 Private Placement (incorporated herewith by reference to Exhibit 4.3 to our Registration Statement on Form S-3 filed on October 3, 2003).                                                                       |
|          |   |                                                                                                                                                                                                                                                                     |
| 4.4           |   | Common Stock Purchase Warrants for the October 3, 2003 Private Placement (incorporated herewith by reference to Exhibit 4.4 to our Registration Statement on Form S-3 filed on October 3, 2003).                                                                         |
|          |   |                                                                                                                                                                                                                                                                     |
| 4.5           |   | Form of Warrant issued to Midsummer Investment Ltd. and Islandia, L.P. (incorporated herewith by reference to Exhibit 4.1 to our Form 8-K filed on July 12, 2005).                                                                                                       |
|          |   |                                                                                                                                                                                                                                                                     |
| 4.6           |   | Form of Warrant issued to Alliance Financial, LLC, Renaissance Advisors BVI, John F. Steinmetz, TN Capital Equities, Ltd. and Kathleen McDonnell (incorporated herewith by reference to Exhibit 4.2 to our Registration Statement on Form S-3 filed on August 11, 2005). |
|          |   |                                                                                                                                                                                                                                                                     |
| 4.7           |   | Securities Purchase Agreement, dated July 11, 2005, relating to the sale of the Series A 7% Convertible Preferred Stock (incorporated herewith by reference to Exhibit 10.1 to our Form 8-K filed on July 12, 2005).                                                     |

----

| 4.8    |   | Registration Rights Agreement, dated July 11, 2005, by and among New Dragon Asia Corp. and the investors named therein (incorporated herewith by reference to Exhibit 10.2 to our Form 8-K filed on July 12, 2005).                                                         |
|--------|--------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|   |   |                                                                                                                                                                                                                                                                        |
| 4.9    |   | Form of Warrant issued to Midsummer Investment Ltd. and Islandia, L.P. (incorporated herewith by reference to Exhibit 4.1 to our Form 8-K filed on December 23, 2005).                                                                                                      |
|   |   |                                                                                                                                                                                                                                                                        |
| 4.10   |   | Form of Warrant issued to Alliance Financial, LLC, Renaissance Advisors, Inc., John F. Steinmetz, TN Capital Equities, Ltd. and Kathleen McDonnell (incorporated herewith by reference to Exhibit 4.2 to our Registration Statement on Form S-3 filed on January 20, 2006). |
|   |   |                                                                                                                                                                                                                                                                        |
| 4.11   |   | Securities Purchase Agreement, dated December 22, 2005, relating to the sale of the Series B 7% Convertible Preferred Stock (incorporated herewith by reference to Exhibit 10.1 to our Form 8-K filed on December 23, 2005).                                                |
|   |   |                                                                                                                                                                                                                                                                        |
| 4.12   |   | Registration Rights Agreement, dated December 22, 2005, by and among New Dragon Asia Corp. and the investors named therein (incorporated herewith by reference to Exhibit 10.2 to our Form 8-K filed on December 23, 2005).                                                 |
|   |   |                                                                                                                                                                                                                                                                        |
| 4.13   |   | Registration Rights Agreement, dated December 22, 2005, by and among New Dragon Asia Corp. and New Dragon Food Ltd. (incorporated herewith by reference to Exhibit 4.5 to our Registration Statement on Form S-3 filed on January 20, 2006).                                |
|   |   |                                                                                                                                                                                                                                                                        |
| 10.1   |   | Sino-Foreign Joint Venture Contract for the New Dragon Asia Flour (Yantai) Company Limited, dated June 1, 1999 (incorporated herewith by reference to Exhibit 10.1 to our Registration Statement on Form S-3 filed on October 3, 2003).                                     |
|   |   |                                                                                                                                                                                                                                                                        |
| 10.2   |   | Subcontracting Agreement, for the New Dragon Asia Flour (Yantai) Company Limited, dated June 26, 1999  (incorporated herewith by reference to Exhibit 10.2 to our Registration Statement on Form S-3 filed on October 3, 2003).                                   |
|   |   |                                                                                                                                                                                                                                                                        |
| 10.3   |   | Sino-Foreign Joint Venture Contract for the New Dragon Asia Food (Yanti) Company Limited, dated November 28, 1998  (incorporated herewith by reference to Exhibit 10.3 to our Registration Statement on Form S-3 filed on October 3, 2003).                       |
|   |   |                                                                                                                                                                                                                                                                        |
| 10.4   |   | Subcontracting Agreement, for the New Dragon Asia Food (Yantai) Company Limited, dated December 26, 1998  (incorporated herewith by reference to Exhibit 10.4 to our Registration Statement on Form S-3 filed on October 3, 2003).                                |
|   |   |                                                                                                                                                                                                                                                                        |
| 10.5   |   | Sino-Foreign Joint Venture Contract for the New Dragon Asia Food (Dalian) Company Limited, dated November 28, 1998 (incorporated herewith by reference to Exhibit 10.5 to our Registration Statement on Form S-3 filed on October 3, 2003).                                 |
|   |   |                                                                                                                                                                                                                                                                        |
| 10.6   |   | Subcontracting Agreement, for the New Dragon Asia Food (Dalian) Company Limited, dated December 26, 1998 (incorporated herewith by reference to Exhibit 10.6 to our Registration Statement on Form S-3 filed on October 3, 2003).                                           |
|   |   |                                                                                                                                                                                                                                                                        |
| 10.7   |   | Sino-Foreign Joint Venture Contract for the Sanhe New Dragon Asia Food Company Limited, dated November 28, 1998 (incorporated herewith by reference to Exhibit 10.7 to our Registration Statement on Form S-3 filed on October 3, 2003).                                    |
|   |   |                                                                                                                                                                                                                                                                        |
| 10.8   |   | Subcontracting Agreement, for the Sanhe New Dragon Asia Food Company Limited, dated December 26, 1998  (incorporated herewith by reference to Exhibit 10.8 to our Registration Statement on Form S-3 filed on October 3, 2003).                                   |
|   |   |                                                                                                                                                                                                                                                                        |
| 10.9   |   | Employment Agreement between New Dragon Asia Corp. and Peter Mak, dated November 2, 2004 (incorporated herewith by reference to Exhibit 10.9 to our Form 8-K filed on June 29, 2005).                                                                                       |

----

| 10.10  |   | Employment Supplement between New Dragon Asia Corp. and Peter Mak, dated June 22, 2005 (incorporated herewith by reference to Exhibit 10.9 to our Form 8-K filed on June 29, 2005).                                  |
|--------|--------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|   |   |                                                                                                                                                                                                                 |
| 10.11  |   | Supplementary Agreement to Employment Agreement between New Dragon Asia Corp. and Peter Mak, dated January 20, 2006 (incorporated herewith by reference to Exhibit 10.10 to our Form 8-K filed on January 24, 2006). |
|   |   |                                                                                                                                                                                                                 |
| 10.12  |   | Amended and Restated Equity Incentive Plan (incorporated herewith by reference to Exhibit C to our Definitive Information Statement on Schedule 14C filed on May 4, 2009).                                           |
|   |   |                                                                                                                                                                                                                 |
| 10.13  |   | Stock Option Agreement between New Dragon Asia Corp. and Peter Mak, dated December 13, 2006 (incorporated herewith by reference to Exhibit 10.1 to our Form 8-K filed on December 15, 2006).                         |
|   |   |                                                                                                                                                                                                                 |
| 10.14  |   | Settlement Agreement and General Release between New Dragon Asia Corp and Berry-Shino Securities Inc., dated August 15, 2007 (incorporated by reference to Exhibit 10.1 to our Form 8-K filed on August 15, 2007).   |
|   |   |                                                                                                                                                                                                                 |
| 10.15  |   | Employment Agreement dated April 1, 2009 between New Dragon Asia Corp. and Ling Wang (incorporated herewith by reference to Exhibit 10.1 to our Registration Statement on Form S-8 filed on May 8, 2009).            |
|   |   |                                                                                                                                                                                                                 |
| 21.1   |   | Subsidiaries of New Dragon Asia Corp., filed herewith.                                                                                                                                                               |
|   |   |                                                                                                                                                                                                                 |
| 31.1   |   | Certification of Chief Executive Officer pursuant to Rule 13A-14(A)/15D-14(A) of the Securities Exchange Act of 1934, as adopted pursuant to Section 302 of the Sarbanes-Oxley Act of 2002, filed herewith.          |
|   |   |                                                                                                                                                                                                                 |
| 31.2   |   | Certification of the Principal Financial Officer pursuant to Rule 13A-14(A)/15D-14(A) of the Securities Exchange Act of 1934, as adopted pursuant to Section 302 of the Sarbanes-Oxley Act of 2002, filed herewith.  |
|   |   |                                                                                                                                                                                                                 |
| 32.1   |   | Certification of Chief Executive Officer Pursuant to 18 U.S.C. 1350 (Section 906 of the Sarbanes-Oxley Act of 2002), filed herewith.                                                                                 |
|   |   |                                                                                                                                                                                                                 |
| 32.2   |   | Certification of Chief Financial Officer Pursuant to 18 U.S.C. 1350 (Section 906 of the Sarbanes-Oxley Act of 2002), filed herewith.                                                                                 |

----

| Dated:  April 8, 2011 | NEW DRAGON ASIA CORP. |                                                                                                       |
|-------------------------------------------|--------------------------------------|------------------------------------------------------------------------------------------------------------|
|                                 |                            |                                                                                                  |   |
|                                 | By:                                  | /s/ Li Xia Wang                                                                             |   |
|                                      |                                 | Name:    Li Xia Wang                                                         |   |
|                                      |                                 | Title:      Chief Executive Officer (Principal Executive |
|                                      |                                 | Officer)                                                                                                   |

| Dated: April 8, 2011            | By:    | /s/ Heng Jing Lu                                                                                                       |   |
|---------------------------------|--------|------------------------------------------------------------------------------------------------------------------------|--------|
|                            |   | Name:    Heng Jing Lu                                                                                   |
|                            |   | Title:      Chairman                                                                          |
|                            |   |                                                                                                                   |   |
| Dated:  April 8, 2011 | By:    | /s/ Li Xia Wang                                                                                                        |   |
|                            |   | Name:    Li Xia Wang                                                                                    |
|                            |   | Title:      Chief Executive Officer (Principal Executive                                      |
|                            |   |               Officer)                           |
|                            |   |                                                                                                                   |   |
| Dated:  April 8, 2011 | By:    | /s/ Ling Wang                                                                                                          |   |
|                            |   | Name:    Ling Wang                                                                                      |
|                            |   | Title:      Chief Financial Officer (Principal                                                |
|                            |   |                Financial and Accounting Officer) |
|                            |   |                                                                                                                   |   |
| Dated:  April 8, 2011 | By:    | /s/ De Lin Yang                                                                                                        |   |
|                            |   | Name:    De Lin Yang                                                                                    |
|                            |   | Title:      Director                                                                          |
|                            |   |                                                                                                                   |   |
| Dated:  April 8, 2011 | By:    | /s/ Zhi Yong Jiang                                                                                                     |   |
|                            |   | Name:    Zhi Yong Jiang                                                                                 |
|                            |   | Title:      Director                                                                          |
|                            |   |                                                                                                                   |   |
| Dated:  April 8, 2011 | By:    | /s/ Qi Xue                                                                                                             |   |
|                            |   | Name:    Qi Xue                                                                                         |
|                            |   | Title:      Director                                                                          |
|                            |   |                                                                                                                   |   |
| Dated:  April 8, 2011 | By:    | /s/ Feng Ju Chen                                                                                                       |   |
|                            |   | Name:    Feng Ju Chen                                                                                   |
|                            |   | Title:      Director                                                                          |

----

| Reports of Independent Registered Public Accounting Firms                                                                     | F-2    |
|-------------------------------------------------------------------------------------------------------------------------------|--------|
|                                                                                                                          |   |
| Consolidated Balance Sheets as of December 25, 2010 and 2009                                                                  | F-4    |
|                                                                                                                          |   |
| Consolidated Statements of Operations for the years ended December 25, 2010 and 2009                                          | F-5    |
|                                                                                                                          |   |
| Consolidated Statements of Stockholders’ Equity and Comprehensive Income for the years ended December 25, 2010 and 2009 | F-6    |
|                                                                                                                          |   |
| Consolidated Statements of Cash Flows for the years ended December 25, 2010 and 2009                                          | F-7    |
|                                                                                                                          |   |
| Notes to Consolidated Financial Statements                                                                                    | F-8    |

----

----

| Hong Kong           |   |
|---------------------|--------|
| Date: April 6, 2010 |   |

----

|                                                                                                                                                                                                                   |   | December 25,2010 |    |   | December 25,2009 |   |
|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|--------|-----------------------|---------|--------|-----------------------|--------|
| ASSETS                                                                                                                                                                                                                 |   |                  |    |   |                  |   |
|                                                                                                                                                                                                                   |   |                  |    |   |                  |   |
| Current assets:                                                                                                                                                                                                        |   |                  |    |   |                  |   |
| Cash and cash equivalents                                                                                                                                                                                              |   | $                     | 2,756   |   |                  | $      | 3,440 |   |
| Accounts receivable, net                                                                                                                                                                                               |   |                  | 13,519  |   |                  |   | 13,437 |   |
| Deposits and prepayments, net                                                                                                                                                                                          |   |                  | 11,523  |   |                  |   | 5,632 |   |
| Inventories, net                                                                                                                                                                                                       |   |                  | 10,847  |   |                  |   | 14,466 |   |
| Total current assets                                                                                                                                                                                                   |   |                  | 38,645  |   |                  |   | 36,975 |   |
|                                                                                                                                                                                                                   |   |                  |    |   |                  |   |   |   |
| Property, machinery and equipment, net                                                                                                                                                                                 |   |                  | 26,619  |   |                  |   | 30,263 |   |
| Land use rights, net                                                                                                                                                                                                   |   |                  | 2,595   |   |                  |   | 4,332 |   |
| Due from related companies                                                                                                                                                                                             |   |                  | 54      |   |                  |   | 952 |   |
| Total assets                                                                                                                                                                                                           |   | $                     | 67,913  |   |                  | $      | 72,522 |   |
|                                                                                                                                                                                                                   |   |                  |    |   |                  |   |   |   |
| LIABILITIES AND STOCKHOLDERS’ EQUITY                                                                                                                                                                             |   |                  |    |   |                  |   |   |   |
|                                                                                                                                                                                                                   |   |                  |    |   |                  |   |   |   |
| Current liabilities:                                                                                                                                                                                                   |   |                  |    |   |                  |   |   |   |
| Accounts payable                                                                                                                                                                                                       |   | $                     | 5,773   |   |                  | $      | 4,808 |   |
| Other payables and accruals                                                                                                                                                                                            |   |                  | 2,473   |   |                  |   | 2,062 |   |
| Taxes payable                                                                                                                                                                                                          |   |                  | 169     |   |                  |   | 186 |   |
| Embedded derivatives at fair value                                                                                                                                                                                     |   |                  | 678     |   |                  |   | 76 |   |
| Total current liabilities                                                                                                                                                                                              |   |                  | 9,093   |   |                  |   | 7,132 |   |
|                                                                                                                                                                                                                   |   |                  |    |   |                  |   |   |   |
| Due to shareholder                                                                                                                                                                                                     |   |                  | 4,031   |   |                  |   | 3,700 |   |
| Due to joint venture partners                                                                                                                                                                                          |   |                  | 438     |   |                  |   | 463 |   |
| Total liabilities                                                                                                                                                                                                      |   |                  | 13,562  |   |                  |   | 11,295 |   |
|                                                                                                                                                                                                                   |   |                  |    |   |                  |   |   |   |
| Series A & B Redeemable Convertible Preferred Stock, $0.0001 par value:Authorized shares – 5,000,000Issued and outstanding – 1,742 shares and 3,494 shares at December 25, 2010 and 2009, respectively |   |                  | 1,742   |   |                  |   | 3,008 |   |
|                                                                                                                                                                                                                   |   |                  |    |   |                  |   |   |   |
| Commitments                                                                                                                                                                                                            |   |                  |    |   |                  |   |   |   |
|                                                                                                                                                                                                                   |   |                  |    |   |                  |   |   |   |
| Stockholders’ equity:                                                                                                                                                                                            |   |                  |    |   |                  |   |   |   |
| Class A Common Stock, $0.0001 par value:                                                                                                                                                                               |   |                  |    |   |                  |   |   |   |
|    Authorized shares – 100,000,000                                                                                                                                                                |   |                  |    |   |                  |   |   |   |
|    Issued and outstanding – 100,000,000 in 2010 and 83,364,229 in 2009                                                                                                                            |   |                  | 9       |   |                  |   | 8 |   |
| Class B Common Stock, $0.0001 par value:                                                                                                                                                                               |   |                  |    |   |                  |   |   |   |
|    Authorized shares – 2,000,000 – none issued and outstanding                                                                                                                              |   |                  | — |   |                  |   | — |   |
| Additional paid-in capital                                                                                                                                                                                             |   |                  | 37,275  |   |                  |   | 35,569 |   |
| Deferred stock compensation                                                                                                                                                                                            |   |                  | — |   |                  |   | (75 | ) |
| Retained earnings                                                                                                                                                                                                      |   |                  | (221    | )      |                  |   | 9,187 |   |
| Accumulated other comprehensive income                                                                                                                                                                                 |   |                  | 15,418  |   |                  |   | 13,405 |   |
| Total stockholders’ equity                                                                                                                                                                                       |   |                  | 52,481  |   |                  |   | 58,094 |   |
|                                                                                                                                                                                                                   |   |                  |    |   |                  |   |   |   |
| Non-controlling interests                                                                                                                                                                                              |   |                  | 128     |   |                  |   | 125 |   |
| Total equity                                                                                                                                                                                                           |   |                  | 52,609  |   |                  |   | 58,219 |   |
| Total liabilities and stockholders’ equity                                                                                                                                                                       |   | $                     | 67,913  |   |                  | $      | 72,522 |   |

----

|                                                          |   | For the years ended December 25 |    |
|---------------------------------------------------------------|--------|---------------------------------|---------|
|                                                          |   | 2010                            |    |   | 2009 |   |
|                                                          |   |                            |    |   |   |   |
| Net revenue                                                   |   | $                               | 27,372  |   |   | $ | 23,217 |   |
| Cost of goods sold                                            |   |                            | (27,416 | ) |   |   | (24,518 | ) |
| Gross profit /(loss)                                          |   |                            | (44     | ) |   |   | (1,301 | ) |
| Operating expenses:                                           |   |                            |    |   |   |   |   |   |
| Selling and distribution expenses                             |   |                            | (863    | ) |   |   | (944 | ) |
| General and administrative expenses                           |   |                            | (8,259  | ) |   |   | (6,381 | ) |
| Loss from operations                                          |   |                            | (9,166  | ) |   |   | (8,626 | ) |
| Other income (expense):                                       |   |                            |    |   |   |   |   |   |
| Other income (expense)                                        |   |                            | 956     |   |   |   | (3,145 | ) |
| Interest income                                               |   |                            | 9       |   |   |   | 82 |   |
| Gain (loss) on fair value adjustments to embedded derivatives |   |                            | (619    | ) |   |   | 177 |   |
| VAT refund                                                    |   |                            | 193     |   |   |   | 59 |   |
| Loss before income taxes and non-controlling interests        |   |                            | (8,627  | ) |   |   | (11,453 | ) |
| Benefit (provision) for income taxes                          |   |                            | (384    | ) |   |   | 347 |   |
| Net loss                                                      |   |                            | (9,011  | ) |   |   | (11,106 | ) |
| Net loss attributable to non-controlling interest             |   |                            | 3       |   |   |   | 3 |   |
| Net loss attributable to controlling interest                 |   | $                               | (9,008  | ) |   | $ | (11,103 | ) |
| Accretion of redeemable preferred stock                       |   |                            | (282    | ) |   |   | (704 | ) |
| Preferred stock dividends                                     |   |                            | (115    | ) |   |   | (324 | ) |
| Loss attributable to common stockholders                      |   | $                               | (9,405  | ) |   | $ | (12,131 | ) |
|                                                          |   |                            |    |   |   |   |   |   |
| Earnings per common share                                     |   |                            |    |   |   |   |   |   |
| Basic                                                         |   | $                               | (0.10   | ) |   | $ | (0.17 | ) |
| Diluted                                                       |   | $                               | (0.10   | ) |   | $ | (0.17 | ) |
| Weighted average number of common shares outstanding          |   |                            |    |   |   |   |   |   |
| Basic                                                         |   |                            | 96,521  |   |   |   | 73,016 |   |
| Diluted                                                       |   |                            | 96,521  |   |   |   | 73,016 |   |

----

|                                                                                |   | Class A Common  |    |   | Additional |   |    |                |   |   |         |   |   | Accumulated Other |   |   | Total NWD      |   |    |                 |   |   |      |   |   |              |    |
|------------------------------------------------------------------------------------------|--------|--------------------------------|---------|--------|------------|--------|---------|---------------------|--------|--------|--------------|--------|--------|------------------------|--------|--------|---------------------|--------|---------|----------------------|--------|--------|-----------|--------|--------|-------------------|---------|
|                                                                                     |   | Stock                          |    |   | Paid-in    |   |    | Deferred Stock |   |   | Retained     |   |   | Comprehensive          |   |   | Stockholders’ |   |    | Non Controlling |   |   |      |   |   | Comprehensive     |    |
|                                                                                     |   | Shares                         |    |   | Amount     |   |    | Capital             |   |   | Compensation |   |   | Earnings               |   |   | Income              |   |    | Equity               |   |   | Interests |   |   | Total Equity |    |   | Income |   |
| Balance at December 25, 2008                                                             |   |                           | 60,923  |   |       | $      | 6       |                |   | $      | 32,521       |   |   | $                      | -      |   |                | $      | 21,321  |                 |   | $      | 13,310    |   |   | $                 | 67,158  |   |   | $ | 122 |   |   | $ | 67,280 |   |   | $ | 4,026 |   |
| Net income (loss)                                                                        |   |                           | -       |   |       |   | -       |                |   |   | -            |   |   |                   | -      |   |                |   | (11,106 | )                    |   |   | -         |   |   |              | (11,106 | ) |   |   | 3 |   |   |   | (11,103 | ) |   |   | (11,106 | ) |
| Accretion of Redeemable Preferred Stock                                                  |   |                           | -       |   |       |   | -       |                |   |   | -            |   |   |                   | -      |   |                |   | (704    | )                    |   |   | -         |   |   |              | (704    | ) |   |   | - |   |   |   | (704 | ) |   |   | - |   |
| Preferred Stock Dividends                                                                |   |                           | -       |   |       |   | -       |                |   |   | -            |   |   |                   | -      |   |                |   | (324    | )                    |   |   | -         |   |   |              | (324    | ) |   |   | - |   |   |   | (324 | ) |   |   | - |   |
| Foreign currency translation adjustment                                                  |   |                           | -       |   |       |   | -       |                |   |   | -            |   |   |                   | -      |   |                |   | -       |                 |   |   | 95        |   |   |              | 95      |   |   |   | - |   |   |   | 95 |   |   |   | 95 |   |
| Conversion of preferred stock and related dividend payments made in Class A Common Stock |   |                           | 20,441  |   |       |   | 2       |                |   |   | 2,748        |   |   |                   | -      |   |                |   | -       |                 |   |   | -         |   |   |              | 2,750   |   |   |   | - |   |   |   | 2,750 |   |   |   | - |   |
| Share-based compensation to CFO                                                          |   |                           | 2,000   |   |       |   | — |                |   |   | 300          |   |   |                   | (75    | )      |                |   | -       |                 |   |   | -         |   |   |              | 225     |   |   |   | - |   |   |   | 225 |   |   |   | - |   |
| Balance at December 25, 2009                                                             |   |                           | 83,364  |   |       | $      | 8       |                |   | $      | 35,569       |   |   | $                      | (75    | )      |                | $      | 9,187   |                 |   | $      | 13,405    |   |   | $                 | 58,094  |   |   | $ | 125 |   |   | $ | 58,219 |   |   | $ | (11,011 | ) |
| Net income (loss)                                                                        |   |                           | -       |   |       |   | -       |                |   |   | -            |   |   |                   | -      |   |                |   | (9,011  | )                    |   |   | -         |   |   |              | (9,011  | ) |   |   | 3 |   |   |   | (9,008 | ) |   |   | (9,011 | ) |
| Accretion of Redeemable Preferred Stock                                                  |   |                           | -       |   |       |   | -       |                |   |   | -            |   |   |                   | -      |   |                |   | (282    | )                    |   |   | -         |   |   |              | (282    | ) |   |   | - |   |   |   | (282 | ) |   |   | - |   |
| Preferred Stock Dividends                                                                |   |                           | -       |   |       |   | -       |                |   |   | -            |   |   |                   | -      |   |                |   | (115    | )                    |   |   | -         |   |   |              | (115    | ) |   |   | - |   |   |   | (115 | ) |   |   | - |   |
| Foreign currency translation adjustment                                                  |   |                           | -       |   |       |   | -       |                |   |   | -            |   |   |                   | -      |   |                |   | -       |                 |   |   | 2,013     |   |   |              | 2,013   |   |   |   | - |   |   |   | 2,013 |   |   |   | 2,013 |   |
| Conversion of preferred stock and related dividend payments made in Class A Common Stock |   |                           | 16,636  |   |       |   | 1       |                |   |   | 1,706        |   |   |                   | -      |   |                |   | -       |                 |   |   | -         |   |   |              | 1,707   |   |   |   | - |   |   |   | 1,707 |   |   |   | - |   |
| Share-based compensation to CFO                                                          |   |                           | -       |   |       |   | -       |                |   |   | -            |   |   |                   | 75     |   |                |   | -       |                 |   |   | -         |   |   |              | 75      |   |   |   | - |   |   |   | 75 |   |   |   | - |   |
| Balance at December 25, 2010                                                             |   |                           | 100,000 |   |       | $      | 9       |                |   | $      | 37,275       |   |   | $                      | -      |   |                | $      | (221    | )                    |   | $      | 15,418    |   |   | $                 | 52,481  |   |   | $ | 128 |   |   | $ | 52,609 |   |   | $ | (6,998 | ) |

----

|                                                                                             |   | For the years ended December 25, |   |
|--------------------------------------------------------------------------------------------------|--------|----------------------------------|--------|
|                                                                                             |   | 2010                             |   |   | 2009 |   |
| Cash flows from operating activities:                                                            |   |                             |   |   |   |   |
| Net loss                                                                                         |   | $                                | (9,011 | ) |   | $ | (11,106 | ) |
| Adjustments to reconcile net income loss to net cash (used in) provided by operating activities: |   |                             |   |   |   |   |   |   |
| Allowance for doubtful accounts                                                                  |   |                             | 4,411  |   |   |   | 1,541 |   |
| Provision for inventory reserve                                                                  |   |                             | 17     |   |   |   | 460 |   |
| Depreciation and amortization of land use rights                                                 |   |                             | 2,170  |   |   |   | 1,788 |   |
| Loss on sale of machinery and equipment                                                          |   |                             | 1,027  |   |   |   | 215 |   |
| Gain (loss) on fair value adjustments to embedded derivatives                                    |   |                             | 619    |   |   |   | (177 | ) |
| Stock-based compensation expense                                                                 |   |                             | 75     |   |   |   | 225 |   |
| Changes in operating assets and liabilities:                                                     |   |                             |   |   |   |   |   |   |
| Accounts receivable                                                                              |   |                             | (4,118 | ) |   |   | (6,073 | ) |
| Deposits and prepayments                                                                         |   |                             | (5,661 | ) |   |   | 7,781 |   |
| Inventories                                                                                      |   |                             | 3,906  |   |   |   | 12,215 |   |
| Due from related companies                                                                       |   |                             | 900    |   |   |   | 30 |   |
| Accounts payable                                                                                 |   |                             | 803    |   |   |   | (178 | ) |
| Other payables and accruals                                                                      |   |                             | 373    |   |   |   | (1,732 | ) |
| Taxes payable                                                                                    |   |                             | (17    | ) |   |   | (108 | ) |
| Deferred tax asset                                                                               |   |                             | 350    |   |   |   | (350 | ) |
| Net cash (used in) provided by operating activities                                         |   |                             | (4,156 | ) |   |   | 4,531 |   |
|                                                                                             |   |                             |   |   |   |   |   |   |
| Cash flows from investing activities:                                                            |   |                             |   |   |   |   |   |   |
| Proceeds from sale of property, machinery and equipment                                          |   |                             | 2,240  |   |   |   | 5,848 |   |
| Purchases of property, machinery and equipment                                                   |   |                             | (237   | ) |   |   | (11,963 | ) |
| Proceeds from refund of land lease prepayment                                                    |   |                             | 723    |   |   |   | — |   |
| Net cash provided by (used in) investing activities                                              |   |                             | 2,726  |   |   |   | (6,115 | ) |
|                                                                                             |   |                             |   |   |   |   |   |   |
| Cash flows from financing activities:                                                            |   |                             |   |   |   |   |   |   |
| Payment for preferred stock redemption                                                           |   |                             | (2     | ) |   |   | — |   |
| Proceeds from shareholder loan                                                                   |   |                             | 216    |   |   |   | 916 |   |
| (Repayment to) joint venture partners                                                       |   |                             | (38    | ) |   |   | (305 | ) |
| Net cash provided by financing activities                                                        |   |                             | 176    |   |   |   | 611 |   |
| Impact of foreign currency translation on cash                                                   |   |                             | 570    |   |   |   | 30 |   |
| Net (decrease) in cash and cash equivalents                                                      |   |                             | (684   | ) |   |   | (943 | ) |
| Cash and cash equivalents at the beginning of the period                                         |   |                             | 3,440  |   |   |   | 4,383 |   |
| Cash and cash equivalents at the end of the period                                               |   | $                                | 2,756  |   |   | $ | 3,440 |   |
|                                                                                             |   |                             |   |   |   |   |   |   |
| Non-Cash Investing and Financing Activities                                                      |   |                             |   |   |   |   |   |   |
|                                                                                             |   |                             |   |   |   |   |   |   |
| Conversion of preferred stock into common stock                                                  |   | $                                | 1,572  |   |   | $ | 3,007 |   |
|                                                                                             |   |                             |   |   |   |   |   |   |
| Dividend payments on preferred stock in the form of common stock                                 |   | $                                | 144    |   |   | $ | 376 |   |
|                                                                                             |   |                             |   |   |   |   |   |   |
| Supplemental disclosure of cash flows information:                                               |   |                             |   |   |   |   |   |   |
|                                                                                             |   |                             |   |   |   |   |   |   |
| Income taxes paid                                                                                |   | $                                | 23     |   |   | $ | 374 |   |

----

| Name                                                                               |   | Domicile and date ofincorporation |   | Paid-in capital |       |   | Percentage ofownership |   | Principal activities |
|------------------------------------------------------------------------------------|--------|--------------------------------------------------|--------|----------------------|------------|--------|-----------------------------|--------|---------------------------|
|                                                                               |   |                                             |   |                 |       |   |                        |   |                      |
| Mix Creation Limited (“MC”)                                            |   | The British Virgin IslandsNovember 7, 1997       |   | US$                  | 1,500,000  |   |                        |   | 100                       | % | Investment holding |
|                                                                               |   |                                             |   |                 |       |   |                        |   |                      |   |   |
| Rich Delta Limited  (“RD”)                                   |   | The British Virgin IslandsOctober 28, 1998       |   | US$                  | 1,000,000  |   |                        |   | 100                       | % | Investment holding |
|                                                                               |   |                                             |   |                 |       |   |                        |   |                      |   |   |
| Hero Treasure Limited (“HT”)                                           |   | The British Virgin IslandsApril 19, 2004         |   | US$                  | 1          |   |                        |   | 100                       | % | Investment holding |
|                                                                               |   |                                             |   |                 |       |   |                        |   |                      |   |   |
| Keen General Limited(“KG”)                                             |   | The British Virgin IslandsJuly 20, 1998          |   | US$                  | 1,500,000  |   |                        |   | 100                       | % | Investment holding |
|                                                                               |   |                                             |   |                 |       |   |                        |   |                      |   |   |
| Delta Link Limited(“DL”)                                               |   | The British Virgin IslandsOctober 29, 1998       |   | US$                  | 1          |   |                        |   | 100                       | % | Investment holding |
|                                                                               |   |                                             |   |                 |       |   |                        |   |                      |   |   |
| New Dragon Asia Flour (Yantai) Company Limited (“NDAFLY”)              |   | The PRCAugust 13, 1999                           |   | RMB                  | 28,500,000 |   |                        |   | 90                        | % (a) | Manufacture, marketing and distribution of flour |
|                                                                               |   |                                             |   |                 |       |   |                        |   |                      |   |   |
| New Dragon Asia Food (Yantai) Company Limited (“NDAFY”)                |   | The PRCDecember 24, 1998                         |   | RMB                  | 17,462,000 |   |                        |   | 90                        | % (b) | Manufacture, marketing and distribution of instant noodles |
|                                                                               |   |                                             |   |                 |       |   |                        |   |                      |   |   |
| New Dragon Asia Food (Sanhe) Company Limited (“NDAFS”)                 |   | The PRCDecember 25, 1998                         |   | RMB                  | 51,191,432 |   |                        |   | 79.64                     | % (b) | Manufacture, marketing and distribution of instant noodles |
|                                                                               |   |                                             |   |                 |       |   |                        |   |                      |   |   |
| Penglai New Dragon Jin Qiao Food Company Limited (“PNDJQ”)             |   | The PRCDecember 5, 2003                          |   | US$                  | 850,000    |   |                        |   | 100                       | % | Manufacture, marketing and distribution of flour |
|                                                                               |   |                                             |   |                 |       |   |                        |   |                      |   |   |
| New Dragon Asia (Longkou) Packing Materials Company Limited (“NDALPM”) |   | The PRCJanuary 10, 2006                          |   | US$                  | 3,600,000  |   |                        |   | 100                       | % | Manufacture and sale of packing materials |
|                                                                               |   |                                             |   |                 |       |   |                        |   |                      |   |   |
| New Dragon Asia (LongKou) Food Company Limited (“NDALS”)               |   | The PRCMarch 17, 2005                            |   | RMB                  | 16,996,980 |   |                        |   | 100                       | % | Manufacture, marketing and distribution of soybean products |
|                                                                               |   |                                             |   |                 |       |   |                        |   |                      |   |   |
| Shandong Xinlongya Industry and Trade Company Limited (“SXDC”)         |   | The PRCSeptember 27, 2005                        |   | US$                  | 404,400    |   |                        |   | 100                       | % | Marketing and distribution of instant noodles, flour and soybean products |
|                                                                               |   |                                             |   |                 |       |   |                        |   |                      |   |   |
| New Dragon Asia Food (Chengdu) Company Limited (“NDAFC)                      |   | The PRCFebruary 24, 2006                         |   | RMB                  | 17,430,000 |   |                        |   | 90                        | % | Manufacture, marketing and distribution of instant noodles |

----

----

| Level 1 - | quoted prices (unadjusted) in active markets for identical asset or liabilities that the Company has the ability to access as of the measurement date. Financial assets and liabilities utilizing Level 1 inputs include active exchange-traded securities and exchange-based derivatives. |
|-----------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

| Level 2 - | inputs other than quoted prices included within Level 1 that are directly observable for the asset or liability or indirectly observable through corroboration with observable market data. Financial assets and liabilities utilizing Level 2 inputs include fixed income securities, non-exchange-based derivatives, mutual funds, and fair-value hedges. |
|-----------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| Level 3 - | unobservable inputs for the asset or liability only used when there is little, if any, market activity for the asset or liability at the measurement date. Financial assets and liabilities utilizing Level 3 inputs include infrequently-traded, non-exchange-based derivatives and commingled investment funds, and are measured using present value pricing models. |
|-----------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (In thousands)                                          |   | Fair Value |    |
|---------------------------------------------------------|--------|------------|---------|
|                                                    |   | Level 1    |    |   | Level 2 |   |   | Level 3 |   |   | Total |   |
|                                                    |   |       |    |   |   |   |   |   |   |   |   |   |
| Embedded derivative liabilities as of December 25, 2010 |   | $          | — |   |   | $ | — |   |   | $ | 678 |   |   | $ | 678 |   |
| Embedded derivative liabilities as of December 25, 2009 |   | $          | — |   |   | $ | — |   |   | $ | 76 |   |   | $ | 76 |   |

----

----

|                                           |   | Year Ended December 25, |    |
|------------------------------------------------|--------|-----------------------------------|---------|
|                                           |   | 2010                              |    |   | 2009 |   |
|                                           |   |                              |    |   | Weighted |   |   |   |   |   |   |   |   | Weighted |   |   |   |   |
|                                           |   |                              |    |   | Average |   |   |   |   |   |   |   |   | Average |   |   |   |   |
|                                           |   | Loss                              |    |   | Shares |   |   | Per-Share |   |   | Loss |   |   | Shares |   |   | Per-Share |   |
| Earnings per share – basic               |   |                              |    |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
|                                           |   |                              |    |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Loss attributable to common stockholders       |   | $                                 | (9,405  | ) |   |   | 96,521 |   |   | $ | (0.10 | ) |   | $ | (12,131 | ) |   |   | 73,016 |   |   | $ | (0.17 | ) |
| Effect of dilutive securities                  |   |                              |    |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Redeemable Convertible Preferred Stock         |   |                              | — |   |   |   | — |   |   |   |   |   |   |   | — |   |   |   | — |   |   |   |   |   |
| Options and Warrants                           |   |                              | — |   |   |   | — |   |   |   |   |   |   |   | — |   |   |   | — |   |   |   |   |   |
| Earnings per share – diluted             |   |                              |    |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
|  Loss attributable to common stockholders |   | $                                 | (9,405  | ) |   |   | 96,521 |   |   | $ | (0.10 | ) |   | $ | (12,131 | ) |   |   | 73,016 |   |   | $ | (0.17 | ) |

----

----

|                                  |   | December 25,2010 |   |   | December 25,2009 |   |
|---------------------------------------|--------|------------------|--------|--------|------------------|--------|
|                                  |   | (In thousands)   |   |   | (In thousands)   |   |
| Accounts receivable                   |   | $                | 20,689 |   |             | $      | 16,162 |   |
| Less: Allowance for doubtful accounts |   |             | (7,170 | )      |             |   | (2,725 | ) |
|                                  |   | $                | 13,519 |   |             | $      | 13,437 |   |

|                                 |   | December 25,2010 |   |   | December 25,2009 |   |
|--------------------------------------|--------|------------------|--------|--------|------------------|--------|
|                                 |   | (In thousands)   |   |   | (In thousands)   |   |
| Balance at the beginning of the year |   | $                | 2,725  |   |             | $      | 1,184 |   |
| Add: provision during the year       |   |             | 4,609  |   |             |   | 1,551 |   |
| Less: write-offs during the year     |   |             | (164   | )      |             |   | (10 | ) |
| Balance at the end of the year       |   |             | 7,170  |   |             | $      | 2,725 |   |

|                       |   | December 25,2010 |   |   | December 25,2009 |   |
|----------------------------|--------|------------------|--------|--------|------------------|--------|
|                       |   | (In thousands)   |   |   | (In thousands)   |   |
| Deposits for raw materials |   | $                | 8,417  |   |             | $      | 4,794 |   |
| Prepayments and advances   |   |             | 2,849  |   |             |   | 838 |   |
| Land lease prepayment      |   |             | 257    |   |             |   | — |   |
|                       |   | $                | 11,523 |   |             | $      | 5,632 |   |

----

|                                        |   | December 25,2010 |   |   | December 25,2009 |   |
|---------------------------------------------|--------|------------------|--------|--------|------------------|--------|
|                                        |   | (In thousands)   |   |   | (In thousands)   |   |
| Raw materials (including packing materials) |   | $                | 9,360  |   |             | $      | 13,488 |   |
| Finished goods                              |   |             | 1,494  |   |             |   | 1,490 |   |
|                                        |   |             | 10,854 |   |             |   | 14,978 |   |
| Less: Inventory reserve                     |   |             | (7     | )      |             |   | (512 | ) |
|                                        |   | $                | 10,847 |   |             | $      | 14,466 |   |

|                                 |   | December 25,2010 |   |   | December 25,2009 |   |
|--------------------------------------|--------|------------------|--------|--------|------------------|--------|
|                                 |   | (In thousands)   |   |   | (In thousands)   |   |
| Balance at the beginning of the year |   | $                | 512    |   |             | $      | 565 |   |
| Add: provision during the year       |   |             | 17     |   |             |   | 510 |   |
| Less: write-offs during the year     |   |             | (522   | )      |             |   | (563 | ) |
| Balance at the end of the year       |   | $                | 7      |   |             | $      | 512 |   |

|                                    |   | December 25,2010 |    |   | December 25,2009 |   |
|-----------------------------------------|--------|------------------|---------|--------|------------------|--------|
|                                    |   | (In thousands)   |    |   | (In thousands)   |   |
| Xinlong Asia Food (Dalian) Co., Ltd.*   |   |             | — |   |             |   | 899 |   |
| Xinlong Asia Food (Luoyang) Co., Ltd.*  |   |             | 54      |   |             |   | 53 |   |
| Due from affiliated companies for sales |   | $                | 54      |   |             | $      | 952 |   |

|                                            |   | Useful Life |   |   | December 25,2010 |    |   | December 25,2009 |   |
|-------------------------------------------------|--------|-------------|--------|--------|------------------|---------|--------|------------------|--------|
|                                            |   | (In years)  |   |   | (In thousands)   |    |   | (In thousands)   |   |
| Buildings                                       |   | 40          |   |   | $                | 13,701  |   |             | $      | 13,437 |   |
| Machinery and equipment                         |   | 5- 12       |   |   |             | 22,687  |   |             |   | 23,680 |   |
| Construction in process                         |   |        |   |   |             | 400     |   |             |   | 2,397 |   |
|                                            |   |        |   |   |             | 36,788  |   |             |   | 39,514 |   |
| Less: Accumulated depreciation and amortization |   |        |   |   |             | (10,169 | )      |             |   | (9,251 | ) |
|                                            |   |        |   |   | $                | 26,619  |   |             | $      | 30,263 |   |

----

|                                            |   | December 25,2010 |   |   | December 25,2009 |   |
|-------------------------------------------------|--------|------------------|--------|--------|------------------|--------|
|                                            |   | (In thousands)   |   |   | (In thousands)   |   |
| Land use rights                                 |   | $                | 4,109  |   |             | $      | 5,256 |   |
| Less: Accumulated amortization                  |   |             | (1,257 | )      |             |   | (924 | ) |
|   Reclassify to land lease prepayment |   |             | (257   | )      |             |   | — |   |
|                                            |   | $                | 2,595  |   |             | $      | 4,332 |   |

|                                     |   | December 25,2010 |   |   | December 25,2009 |   |
|------------------------------------------|--------|------------------|--------|--------|------------------|--------|
|                                     |   | (In thousands)   |   |   | (In thousands)   |   |
| Deposits from customers                  |   | $                | 613    |   |             | $      | 465 |   |
| Accruals for payroll, bonus and benefits |   |             | 519    |   |             |   | 413 |   |
| Utilities and accrued expenses           |   |             | 1,341  |   |             |   | 1,184 |   |
|                                     |   | $                | 2,473  |   |             | $      | 2,062 |   |

----

|                                              |   | 2010   |    |   | 2009   |   |
|---------------------------------------------------|--------|--------|---------|--------|--------|--------|
| Expected tax provision (benefit)                  |   |   | (25     | )%     |   |   | (25 | )% |
| Non deductible expenses:                          |   |   |    |   |   |   |   |   |
| Impairment for fixed assets and intangible assets |   |   | — |   |   |   | (1 | )% |
| Change in fair value of derivatives               |   |   | 2       | %      |   |   | — |   |
| Expenses outside of China                         |   |   | 2       | %      |   |   | 2 | % |
| Governmental tax rate effects:                    |   |   |    |   |   |   |   |   |
| Prepayment of income tax                          |   |   | 25      | %      |   |   | 27 | % |
| Effective tax rate                                |   |   | 4       | %      |   |   | 3 | % |

----

|                 |   | Series A Preferred Stock                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               |   | Series B Preferred Stock                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             |
|----------------------|--------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|--------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|                 |   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   |   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 |
| Preferred Dividend   |   | 7% per annum, payable quarterly in arrears in cash or, at the Company’s option subject to satisfaction of certain conditions, shares of Class A Common Stock valued at 95% of the volume-weighted current market price.                                                                                                                                                                                                                                                                                                                          |   | 7% per annum, payable quarterly in arrears in cash or, at the Company’s option subject to satisfaction of certain conditions, shares of Class A Common Stock valued at 95% of the volume-weighted current market price.                                                                                                                                                                                                                                                                                                                        |
|                 |   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   |   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 |
| Redemption           |   | July 11, 2010 Beginning on the 24th month following closing and each month thereafter, the Company shall redeem 1/37th of the face value of the Preferred Stock in either cash or Class A Common Stock valued at 90% of the volume-weighted current market price.                                                                                                                                                                                                                                                                            |   | December 22, 2010 Beginning at the end of the 24th month following closing and on each third monthly anniversary of that date (quarterly) thereafter, the Company shall redeem 1/13th of the face value of the Preferred Stock in either cash or Class A Common Stock valued at 90% of the volume-weighted current market price.                                                                                                                                                                                                                |
|                 |   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   |   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 |
| Mandatory Conversion |   | The Company may at any time force the conversion of the Preferred Stock if the volume-weighted current market price of the Class A Common Stock exceeds 300% of the then applicable conversion price.                                                                                                                                                                                                                                                                                                                                                  |   | The Company may at any time force the conversion of the Preferred Stock if the volume-weighted current market price of the Class A Common Stock exceeds 200% of its price at issuance of the Preferred Stock.                                                                                                                                                                                                                                                                                                                                        |
|                 |   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   |   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 |
| Registration         |   | The Company shall file to register the underlying Class A common shares within 30 days of the closing date and make its best efforts to have the Registration declared effective at the earliest date.  In the event such Registration is not continuously effective during the period such shares are subject to transfer restrictions under the U.S. federal securities laws, then (subject to certain exceptions) the holders are entitled to receive liquidated damages equal to 2.0% of the purchase price of the Preferred Stock per month. |   | The Company shall file to register the underlying Class A common shares with 30 days of the closing date and make its best efforts to have the Registration declared effective at the earliest date.  In the event such Registration is not continuously effective during the period such shares are subject to transfer restrictions under the U.S. federal securities laws, then (subject to certain exceptions) the holders are entitled to receive liquidated damages equal to 2.0% of the purchase price of the Preferred Stock per month. |
|                 |   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   |   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 |
| Anti-dilution        |   | In the event the Company issues, at any time while Preferred Stock are still outstanding, Common Stock or any type of securities giving rights to Common Stock at a price below the Issue Price, the Company agrees to extend full-ratchet anti-dilution protection to the investors.                                                                                                                                                                                                                                                                  |   | In the event the Company issues, at any time while Preferred Stock are still outstanding, Common Stock or any type of securities giving rights to Common Stock at a price below the Issue Price, the Company agrees to extend full-ratchet anti-dilution protection to the investors.                                                                                                                                                                                                                                                                |

| Redeemable Convertible Preferred Stock             |   | Preferred shares |    |   | Balance        |   |
|----------------------------------------------------|--------|------------------|---------|--------|----------------|--------|
|                                               |   |             |    |   | (in thousands) |   |
| 2009                                               |   |             |    |   |           |   |   |   |
| Series A                                           |   |             | 399     |   |           | $      | 399 |   |
| Series B                                           |   |             | 3,095   |   |           |   | 3,095 |   |
| Less: unamortized discount                         |   |             | -       |   |           |   | (486 | ) |
| Balance December 25, 2009                          |   |             | 3,494   |   |           | $      | 3,008 |   |
|                                               |   |             |    |   |           |   |   |   |
| 2010                                               |   |             |    |   |           |   |   |   |
| Series A                                           |   |             | — |   |           | $      | — |   |
| Series B                                           |   |             | 1,742   |   |           |   | 1,742 |   |
| Less: unamortized discount                         |   |             | — |   |           |   | (1,065 | ) |
| Add: adjustment for quarterly redemption reversion |   |             | — |   |           |   | 1,065 |   |
| Balance December 25, 2010                          |   |             | 1,742   |   |           | $      | 1,742 |   |

----

|                     |   | Warrants                        |   |   | Embedded Conversion Feature                                           |   |
|--------------------------|--------|---------------------------------|--------|--------|-----------------------------------------------------------------------|--------|
| Expected life (in years) |   | Remaining term at valuationdate |   |   | Remaining Term to conversion orredemption date at each valuation date |   |
| Expected volatility      |   | 125% to 130%                    |   |   |                                                                  | 130    | % |
| Risk-free interest rate  |   | 0.21% to 0.28%                  |   |   |                                                                  | 0.07   | % |
| Dividend yield           |   | 0                               |   |   |                                                                  | 0      |   |

| Fair Value at December 25, 2008                                                            |   | $      | 287  |   |
|--------------------------------------------------------------------------------------------|--------|--------|------|--------|
| Gain on change in value of derivatives during the period                                   |   |   | (177 | )      |
| Conversion of 3,007 shares of Series A & B Preferred Stock to common stock during 2009 |   |   | (34  | )      |
| Fair Value at December 25, 2009                                                            |   | $      | 76   |   |
| Loss on change in value of derivatives during the period                                   |   |   | 619  |   |
| Conversion of 1,752 shares of Series A & B Preferred Stock to common stock during 2010 |   |   | (17  | )      |
| Fair Value at December 25, 2010                                                            |   | $      | 678  |   |

----

|                             |   | Shares |      |   | Weighted Average Exercise Price |   |
|----------------------------------|--------|--------|-----------|--------|---------------------------------|--------|
| Outstanding at December 25, 2009 |   |   | 6,482,895 |   |                            |   | 1.4093 |   |
| Issued                           |   |   | —   |   |                            |   | — |   |
| Exercised                        |   |   | —   |   |                            |   | — |   |
| Expired                          |   |   | 356,250   |   |                            |   | 1.76 |   |
| Outstanding at December 25, 2010 |   |   | 6,126,645 |   |                            |   | 1.3889 |   |

|                                      |   | Shares of Class A Common StockIssuable Under Warrants |      |   | ExercisePrice |   |
|-------------------------------------------|--------|-------------------------------------------------------|-----------|--------|---------------|--------|
| July 2005 private placement               |   |                                                  |      |   |          |   |
|    6-year warrants         |   |                                                  | 3,157,895 |   |          | $      | 1.04 |   |
|                                      |   |                                                  |      |   |          |   |   |   |
| December 2005 private placement           |   |                                                  |      |   |          |   |   |   |
|     6-year warrants   |   |                                                  | 2,968,750 |   |          |   | 1.76 |   |
| Warrants exercisable at December 25, 2010 |   |                                                  | 6,126,645 |   |          |   |   |   |

| 2011       |   |   | 129   |   |
|------------|--------|--------|-------|--------|
| 2012       |   |   | 129   |   |
| 2013       |   |   | 129   |   |
| 2014       |   |   | 129   |   |
| 2015       |   |   | 129   |   |
| Thereafter |   |   | 4,270 |   |
| Total      |   | $      | 4,915 |   |

----

|                                                          |   | 2010   |   |   | 2009   |   |
|---------------------------------------------------------------|--------|--------|--------|--------|--------|--------|
|                                                          |   |   |   |   |   |   |
| Pre-determined annual fees charged by joint venture partners: |   |   |   |   |   |   |
| Shandong Longfeng Group Company (a)                           |   | $      | 27     |   |   | $      | 26 |   |
| Shandong Longfeng Flour Company Limited (b)                   |   |   | 48     |   |   |   | 47 |   |
|                                                          |   | $      | 75     |   |   | $      | 73 |   |

|                        |   | Inside China |   |   | Outside China |   |    | Total  |   |
|-----------------------------|--------|--------------|--------|--------|---------------|--------|---------|--------|--------|
| Assets                      |   |         |   |   |          |   |    |   |   |
| - Cash and cash equivalents |   | $            | 2,683  |   |          | $      | 73      |   |   |   | 2,756 |   |
| - Others                    |   |         | 65,137 |   |          |   | 20      |   |   |   | 65,157 |   |
| Total Assets                |   |         | 67,820 |   |          |   | 93      |   |   |   | 67,913 |   |
| Liabilities                 |   |         | 8,674  |   |          |   | 4,888   |   |   |   | 13,562 |   |
| Non-controlling interests   |   |         | 128    |   |          |   | — |   |   |   | 128 |   |
| Intercompany                |   |         | 14,774 |   |          |   | (14,774 | )      |   |   | — |   |
| Equity                      |   |         | 39,787 |   |          |   | 12,822  |   |   |   | 52,609 |   |

----

|                                |   | Inside China |    |   | Outside China |   |    | Total  |   |
|-------------------------------------|--------|--------------|---------|--------|---------------|--------|---------|--------|--------|
|                                |   |         |    |   |          |   |    |   |   |
| Net revenue                         |   | $            | 27,372  |   |          | $      | — |   |   | $ | 27,372 |   |
| Cost of goods sold                  |   |         | (27,416 | )      |          |   | — |   |   |   | (27,416 | ) |
| General and administrative expenses |   |         | (7,577  | )      |          |   | (682    | )      |   |   | (8,259 | ) |
| Loss from operation                 |   |         | (8,484  | )      |          |   | (682    | )      |   |   | (9,166 | ) |
| Other income (expenses)             |   |         | 1,159   |   |          |   | (620    | )      |   |   | 539 |   |
| Provision for income taxes          |   |         | (384    | )      |          |   | — |   |   |   | (384 | ) |
| Net loss                            |   |         | (7,706  | )      |          |   | (1,302  | )      |   |   | (9,008 | ) |

|                        |   | Inside China |   |   | Outside China |   |    | Total  |   |
|-----------------------------|--------|--------------|--------|--------|---------------|--------|---------|--------|--------|
| Assets                      |   |         |   |   |          |   |    |   |   |
| - Cash and cash equivalents |   | $            | 3,366  |   |          | $      | 74      |   |   | $ | 3,440 |   |
| - Others                    |   |         | 69,045 |   |          |   | 37      |   |   |   | 69,082 |   |
| Total Assets                |   |         | 72,411 |   |          |   | 111     |   |   |   | 72,522 |   |
| Liabilities                 |   |         | 8,050  |   |          |   | 3,245   |   |   |   | 11,295 |   |
| Non-controlling interests   |   |         | 125    |   |          |   | — |   |   |   | 125 |   |
| Intercompany                |   |         | 14,360 |   |          |   | (14,360 | )      |   |   | — |   |
| Equity                      |   |         | 45,481 |   |          |   | 12,738  |   |   |   | 58,219 |   |

|                                |   | Inside China |    |   | Outside China |   |    | Total  |   |
|-------------------------------------|--------|--------------|---------|--------|---------------|--------|---------|--------|--------|
|                                |   |         |    |   |          |   |    |   |   |
| Net revenue                         |   | $            | 23,217  |   |          | $      | — |   |   | $ | 23,217 |   |
| Cost of goods sold                  |   |         | (24,518 | )      |          |   | — |   |   |   | (24,518 | ) |
| General and administrative expenses |   |         | (5,291  | )      |          |   | (1,090  | )      |   |   | (6,381 | ) |
| Loss from operation                 |   |         | (7,536  | )      |          |   | (1,090  | )      |   |   | (8,626 | ) |
| Other income (expenses)             |   |         | (3,004  | )      |          |   | 177     |   |   |   | (2,827 | ) |
| Benefit for income taxes            |   |         | 347     |   |          |   | — |   |   |   | 347 |   |
| Net loss                            |   |         | (10,190 | )      |          |   | (913    | )      |   |   | (11,103 | ) |

----

|                           |   | 2010           |   |   | 2009   |   |
|--------------------------------|--------|----------------|--------|--------|--------|--------|
|                           |   | (In thousands) |   |
| Net revenue:                   |   |           |   |   |   |   |
| Instant noodles                |   | $              | 6,215  |   |   | $      | 3,913 |   |
| Flour                          |   |           | 15,575 |   |   |   | 12,982 |   |
| Soybean                        |   |           | 5,582  |   |   |   | 6,322 |   |
|                           |   | $              | 27,372 |   |   | $      | 23,217 |   |
|                           |   |           |   |   |   |   |   |   |
| Income (loss) from operations: |   |           |   |   |   |   |   |   |
| Instant noodles                |   | $              | (2,610 | )      |   | $      | (1,773 | ) |
| Flour                          |   |           | (5,431 | )      |   |   | (5,087 | ) |
| Soybean                        |   |           | (1,125 | )      |   |   | (1,766 | ) |
|                           |   | $              | (9,166 | )      |   | $      | (8,626 | ) |
|                           |   |           |   |   |   |   |   |   |
| Depreciation and amortization: |   |           |   |   |   |   |   |   |
| Instant noodles                |   | $              | 532    |   |   | $      | 783 |   |
| Flour                          |   |           | 267    |   |   |   | 370 |   |
| Soybean                        |   |           | 452    |   |   |   | 547 |   |
|                           |   | $              | 1,251  |   |   | $      | 1,700 |   |
|                           |   |           |   |   |   |   |   |   |
| Identifiable long-term assets: |   |           |   |   |   |   |   |   |
| Instant noodles                |   | $              | 12,096 |   |   | $      | 17,510 |   |
| Flour                          |   |           | 7,225  |   |   |   | 8,268 |   |
| Soybean                        |   |           | 9,947  |   |   |   | 9,769 |   |
|                           |   | $              | 29,268 |   |   | $      | 35,547 |   |

| 1. | To increase the authorized shares to 119,509,894 in order to cover the excess shares issued. Should the shareholders’ resolution be not approved, the Company might need to buy from the market 19,509,894 shares amounting to approximately $800,000 using the latest market price of $0.04 per share; |
|----|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 2. | To effect a reverse split of the Class A common stock at a ratio of 1 for 100 as the Company failed to satisfy certain of AMEX's continued listing standards. Specifically, Section 1003(f)(v) of the NYSE Amex Company Guide provides that AMEX may delist a security when it sells for a substantial period of time at a low price per share, if the issuer shall fail to effect a reverse split of such shares within a reasonable time after being notified that AMEX deems such action to be appropriate under all the circumstances; |
|----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 3. | To elect six (6) directors to the Board of Directors of the Company to serve until the next annual meeting of stockholders and until their successors are duly elected and qualified; |
|----|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 4. | To ratify the appointment of Parker Randall CF (H.K.) CPA Limited (“Parker Randall”), as the Company’s independent registered public accounting firm; and |
|----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 5. | To transact any other business as may properly be presented at the Annual Meeting or any adjournment or postponement thereof. |
|----|-------------------------------------------------------------------------------------------------------------------------------|

----

----

|                                                                                                                                                                                                                   |   | December 25,2010 |                       |   | December 25,2009 |   |
|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|--------|------------------|----------------------------|--------|------------------|--------|
| ASSETS                                                                                                                                                                                                                 |   |             |                       |   |             |   |
|                                                                                                                                                                                                                   |   |             |                       |   |             |   |
| Current assets:                                                                                                                                                                                                        |   |             |                       |   |             |   |
| Cash and cash equivalents                                                                                                                                                                                              |   | $                | 73                         |   |             | $      | 74 |   |
| Other receivable                                                                                                                                                                                                       |   |             | 20                         |   |             |   | 20 |   |
| Deferred expenses, net                                                                                                                                                                                                 |   |             | —                    |   |             |   | 17 |   |
| Total current assets                                                                                                                                                                                                   |   |             | 93                         |   |             |   | 111 |   |
|                                                                                                                                                                                                                   |   |             |                       |   |             |   |   |   |
| Investment in and advances to subsidiaries                                                                                                                                                                             |   |             | 59,018                     |   |             |   | 64,714 |   |
| Total assets                                                                                                                                                                                                           |   | $                | 59,111                     |   |             | $      | 64,825 |   |
|                                                                                                                                                                                                                   |   |             |                       |   |             |   |   |   |
| LIABILITIES AND STOCKHOLDERS’ EQUITY                                                                                                                                                                             |   |             |                       |   |             |   |   |   |
|                                                                                                                                                                                                                   |   |             |                       |   |             |   |   |   |
| Current liabilities:                                                                                                                                                                                                   |   |             |                       |   |             |   |   |   |
| Other payables and accruals                                                                                                                                                                                            |   | $                | 983                        |   |             | $      | 796 |   |
| Dividend payable on preferred shares                                                                                                                                                                                   |   |             | 32                         |   |             |   | 61 |   |
| Embedded derivatives at fair value                                                                                                                                                                                     |   |             | 678                        |   |             |   | 76 |   |
| Total current liabilities                                                                                                                                                                                              |   |             | 1,693                      |   |             |   | 933 |   |
|                                                                                                                                                                                                                   |   |             |                       |   |             |   |   |   |
| Due to New Dragon Asia Food Limited                                                                                                                                                                                    |   |             | 3,195                      |   |             |   | 2,790 |   |
|                                                                                                                                                                                                                   |   |             |                       |   |             |   |   |   |
| Total liabilities                                                                                                                                                                                                      |   |             | 4,888                      |   |             |   | 3,723 |   |
|                                                                                                                                                                                                                   |   |             |                       |   |             |   |   |   |
| Series A & B Redeemable Convertible Preferred Stock, $0.0001 par value:Authorized shares – 5,000,000Issued and outstanding – 1,742 shares and 3,494 shares at December 25, 2010 and 2009, respectively |   |             |       1,742 |   |             |   |       3008 |   |
|                                                                                                                                                                                                                   |   |             |                       |   |             |   |   |   |
| Commitments                                                                                                                                                                                                            |   |             |                       |   |             |   |   |   |
|                                                                                                                                                                                                                   |   |             |                       |   |             |   |   |   |
| Stockholders’ equity:                                                                                                                                                                                            |   |             |                       |   |             |   |   |   |
| Class A Common Stock, $0.0001 par value:                                                                                                                                                                               |   |             |                       |   |             |   |   |   |
| Authorized shares – 100,000,000                                                                                                                                                                                  |   |             |                       |   |             |   |   |   |
| Issued and outstanding – 100,000,000 in 2010 and 83,364,229 in 2009                                                                                                                                              |   |             | 9                          |   |             |   | 8 |   |
| Class B Common Stock, $0.0001 par value:                                                                                                                                                                               |   |             |                       |   |             |   |   |   |
| Authorized shares – 2,000,000 – none issued and outstanding                                                                                                                                                |   |             | —                    |   |             |   | — |   |
| Additional paid-in capital                                                                                                                                                                                             |   |             | 37,275                     |   |             |   | 35,569 |   |
| Deferred stock compensation                                                                                                                                                                                            |   |             | —                    |   |             |   | (75 | ) |
| Retained earnings                                                                                                                                                                                                      |   |             | (221                       | )      |             |   | 9,187 |   |
| Accumulated other comprehensive income                                                                                                                                                                                 |   |             | 15,418                     |   |             |   | 13,405 |   |
| Total stockholders’ equity                                                                                                                                                                                       |   |             | 52,481                     |   |             |   | 58,094 |   |
| Total liabilities and stockholders’ equity                                                                                                                                                                       |   | $                | 59,111                     |   |             | $      | 64,825 |   |

----

|                                                          |   | For the years ended December 25, |   |
|---------------------------------------------------------------|--------|----------------------------------|--------|
|                                                          |   | 2010                             |   |   | 2009 |   |
|                                                          |   |                             |   |   |   |   |
| General and administrative expenses                           |   | $                                | (682   | ) |   | $ | (1,090 | ) |
| Loss from operations                                          |   |                             | (682   | ) |   |   | (1,090 | ) |
| Other income:                                                 |   |                             |   |   |   |   |   |   |
|                                                          |   |                             |   |   |   |   |   |   |
| Gain (loss) on fair value adjustments to embedded derivatives |   |                             | (619   | ) |   |   | 177 |   |
| Other expenses                                                |   |                             | (1     | ) |   |   | — |   |
| Total parent only gain (loss)                                 |   |                             | (1,302 | ) |   |   | (913 | ) |
| Equity in subsidiary earnings, net of taxes                   |   |                             | (7,706 | ) |   |   | (10,190 | ) |
| Net loss                                                      |   | $                                | (9,008 | ) |   | $ | (11,103 | ) |
| Accretion of redeemable preferred stock                       |   |                             | (282   | ) |   |   | (704 | ) |
| Preferred stock dividends                                     |   |                             | (115   | ) |   |   | (324 | ) |
| Loss attributable to common stockholders                      |   | $                                | (9,405 | ) |   | $ | (12,131 | ) |

----

|                                                                                             |   | For the years ended December 25, |   |
|--------------------------------------------------------------------------------------------------|--------|----------------------------------|--------|
|                                                                                             |   | 2010                             |   |   | 2009 |   |
| Cash flows from operating activities:                                                            |   |                             |   |   |   |   |
| Total parent only gain (loss)                                                                    |   | $                                | (1,302 | ) |   | $ | (913 | ) |
| Adjustments to reconcile total parent only gain (loss) to net cash used in operating activities: |   |                             |   |   |   |   |   |   |
| Loss (gain) on fair value adjustments to embedded derivatives                                    |   |                             | 619    |   |   |   | (177 | ) |
| Stock-based compensation expense                                                                 |   |                             | 75     |   |   |   | 225 |   |
| Changes in operating assets and liabilities:                                                     |   |                             |   |   |   |   |   |   |
| Other receivable                                                                                 |   |                             | 17     |   |   |   | 9 |   |
| Other payables and accruals                                                                      |   |                             | 187    |   |   |   | 34 |   |
| Net cash used in operating activities                                                            |   |                             | (404   | ) |   |   | (822 | ) |
|                                                                                             |   |                             |   |   |   |   |   |   |
| Cash flows from investing activities:                                                            |   |                             |   |   |   |   |   |   |
| Investment and advances to subsidiaries                                                          |   |                             | (1,213 | ) |   |   | 26 |   |
| Net cash provided by (used in) investing activities                                              |   |                             | (1,213 | ) |   |   | 26 |   |
|                                                                                             |   |                             |   |   |   |   |   |   |
| Cash flows from financing activities:                                                            |   |                             |   |   |   |   |   |   |
| Preferred Stock Redemption                                                                       |   |                             | (2     | ) |   |   | — |   |
| Increase in due to parent company                                                                |   |                             | 405    |   |   |   | 850 |   |
| Net cash provided by financing activities                                                        |   |                             | 403    |   |   |   | 850 |   |
| Foreign currency translation adjustment                                                          |   |                             | 1,213  |   |   |   | 26 |   |
| Net increase (decrease) in cash and cash equivalents                                             |   |                             | (1     | ) |   |   | 28 |   |
| Cash and cash equivalents at the beginning of the period                                         |   |                             | 74     |   |   |   | 46 |   |
| Cash and cash equivalents at the end of the period                                               |   | $                                | 73     |   |   | $ | 74 |   |

----

| ExhibitNumber |   | Description                                                                                                                                                                                                                                                                 |
|---------------|--------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| 2.1           |   | Share Exchange Agreement dated as of December 18, 2001 (incorporated herein by reference from our filing on the Definitive Proxy 14/A filed on October 11, 2001).                                                                                                           |
|          |   |                                                                                                                                                                                                                                                                        |
| 3.1           |   | Amended  Articles  of  Incorporation (incorporated herewith by reference to Exhibit 3.1 to our Definitive Proxy 14/A filed on October 11, 2001).                                                                                              |
|          |   |                                                                                                                                                                                                                                                                        |
| 3.2           |   | By-laws (incorporated herewith by reference to Exhibit 3.2 to our Definitive Proxy 14/A filed on October 11, 2001).                                                                                                                                                         |
|          |   |                                                                                                                                                                                                                                                                        |
| 3.3           |   | Certificate of Designations of Preferences, Rights and Limitations of the Series A 7% Convertible Preferred Stock (incorporated herewith by reference to Exhibit 3.1 of our Form 8-K filed on July 12, 2005).                                                               |
|          |   |                                                                                                                                                                                                                                                                        |
| 3.4           |   | Certificate of Designations of Preferences, Rights and Limitations of the Series B 7% Convertible Preferred Stock (incorporated herewith by reference to Exhibit 3.1 of our Form 8-K filed on December 23, 2005).                                                           |
|          |   |                                                                                                                                                                                                                                                                        |
| 4.1           |   | Subscription Agreement, dated September 4, 2003  (incorporated herewith by reference to Exhibit 4.1 to our Registration Statement on Form S-3 filed on October 3, 2003).                                                                                          |
|          |   |                                                                                                                                                                                                                                                                        |
| 4.2           |   | Subscription Agreement, dated October 3, 2003 (incorporated herewith by reference to Exhibit 4.2 to our Registration Statement on Form S-3 filed on October 3, 2003).                                                                                                       |
|          |   |                                                                                                                                                                                                                                                                        |
| 4.3           |   | Common Stock Purchase Warrants for the September 4, 2003 Private Placement (incorporated herewith by reference to Exhibit 4.3 to our Registration Statement on Form S-3 filed on October 3, 2003).                                                                          |
|          |   |                                                                                                                                                                                                                                                                        |
| 4.4           |   | Common Stock Purchase Warrants for the October 3, 2003 Private Placement (incorporated herewith by reference to Exhibit 4.4 to our Registration Statement on Form S-3 filed on October 3, 2003).                                                                            |
|          |   |                                                                                                                                                                                                                                                                        |
| 4.5           |   | Form of Warrant issued to Midsummer Investment Ltd. and Islandia, L.P. (incorporated herewith by reference to Exhibit 4.1 to our Form 8-K filed on July 12, 2005).                                                                                                          |
|          |   |                                                                                                                                                                                                                                                                        |
| 4.6           |   | Form of Warrant issued to Alliance Financial, LLC, Renaissance Advisors BVI, John F. Steinmetz, TN Capital Equities, Ltd. and Kathleen McDonnell (incorporated herewith by reference to Exhibit 4.2 to our Registration Statement on Form S-3 filed on August 11, 2005).    |
|          |   |                                                                                                                                                                                                                                                                        |
| 4.7           |   | Securities Purchase Agreement, dated July 11, 2005, relating to the sale of the Series A 7% Convertible Preferred Stock (incorporated herewith by reference to Exhibit 10.1 to our Form 8-K filed on July 12, 2005).                                                        |
|          |   |                                                                                                                                                                                                                                                                        |
| 4.8           |   | Registration Rights Agreement, dated July 11, 2005, by and among New Dragon Asia Corp. and the investors named therein (incorporated herewith by reference to Exhibit 10.2 to our Form 8-K filed on July 12, 2005).                                                         |
|          |   |                                                                                                                                                                                                                                                                        |
| 4.9           |   | Form of Warrant issued to Midsummer Investment Ltd. and Islandia, L.P. (incorporated herewith by reference to Exhibit 4.1 to our Form 8-K filed on December 23, 2005).                                                                                                      |
|          |   |                                                                                                                                                                                                                                                                        |
| 4.10          |   | Form of Warrant issued to Alliance Financial, LLC, Renaissance Advisors, Inc., John F. Steinmetz, TN Capital Equities, Ltd. and Kathleen McDonnell (incorporated herewith by reference to Exhibit 4.2 to our Registration Statement on Form S-3 filed on January 20, 2006). |

----

| 4.11   |   | Securities Purchase Agreement, dated December 22, 2005, relating to the sale of the Series B 7% Convertible Preferred Stock (incorporated herewith by reference to Exhibit 10.1 to our Form 8-K filed on December 23, 2005).                          |
|--------|--------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|   |   |                                                                                                                                                                                                                                                  |
| 4.12   |   | Registration Rights Agreement, dated December 22, 2005, by and among New Dragon Asia Corp. and the investors named therein (incorporated herewith by reference to Exhibit 10.2 to our Form 8-K filed on December 23, 2005).                           |
|   |   |                                                                                                                                                                                                                                                  |
| 4.13   |   | Registration Rights Agreement, dated December 22, 2005, by and among New Dragon Asia Corp. and New Dragon Food Ltd. (incorporated herewith by reference to Exhibit 4.5 to our Registration Statement on Form S-3 filed on January 20, 2006).          |
|   |   |                                                                                                                                                                                                                                                  |
| 10.1   |   | Sino-Foreign Joint Venture Contract for the New Dragon Asia Flour (Yantai) Company Limited, dated June 1, 1999 (incorporated herewith by reference to Exhibit 10.1 to our Registration Statement on Form S-3 filed on October 3, 2003).               |
|   |   |                                                                                                                                                                                                                                                  |
| 10.2   |   | Subcontracting Agreement, for the New Dragon Asia Flour (Yantai) Company Limited, dated June 26, 1999  (incorporated herewith by reference to Exhibit 10.2 to our Registration Statement on Form S-3 filed on October 3, 2003).             |
|   |   |                                                                                                                                                                                                                                                  |
| 10.3   |   | Sino-Foreign Joint Venture Contract for the New Dragon Asia Food (Yanti) Company Limited, dated November 28, 1998  (incorporated herewith by reference to Exhibit 10.3 to our Registration Statement on Form S-3 filed on October 3, 2003). |
|   |   |                                                                                                                                                                                                                                                  |
| 10.4   |   | Subcontracting Agreement, for the New Dragon Asia Food (Yantai) Company Limited, dated December 26, 1998  (incorporated herewith by reference to Exhibit 10.4 to our Registration Statement on Form S-3 filed on October 3, 2003).          |
|   |   |                                                                                                                                                                                                                                                  |
| 10.5   |   | Sino-Foreign Joint Venture Contract for the New Dragon Asia Food (Dalian) Company Limited, dated November 28, 1998 (incorporated herewith by reference to Exhibit 10.5 to our Registration Statement on Form S-3 filed on October 3, 2003).           |
|   |   |                                                                                                                                                                                                                                                  |
| 10.6   |   | Subcontracting Agreement, for the New Dragon Asia Food (Dalian) Company Limited, dated December 26, 1998 (incorporated herewith by reference to Exhibit 10.6 to our Registration Statement on Form S-3 filed on October 3, 2003).                     |
|   |   |                                                                                                                                                                                                                                                  |
| 10.7   |   | Sino-Foreign Joint Venture Contract for the Sanhe New Dragon Asia Food Company Limited, dated November 28, 1998 (incorporated herewith by reference to Exhibit 10.7 to our Registration Statement on Form S-3 filed on October 3, 2003).              |
|   |   |                                                                                                                                                                                                                                                  |
| 10.8   |   | Subcontracting Agreement, for the Sanhe New Dragon Asia Food Company Limited, dated December 26, 1998  (incorporated herewith by reference to Exhibit 10.8 to our Registration Statement on Form S-3 filed on October 3, 2003).             |
|   |   |                                                                                                                                                                                                                                                  |
| 10.9   |   | Employment Agreement between New Dragon Asia Corp. and Peter Mak, dated November 2, 2004 (incorporated herewith by reference to Exhibit 10.9 to our Form 8-K filed on June 29, 2005).                                                                 |
|   |   |                                                                                                                                                                                                                                                  |
| 10.10  |   | Employment Supplement between New Dragon Asia Corp. and Peter Mak, dated June 22, 2005 (incorporated herewith by reference to Exhibit 10.9 to our Form 8-K filed on June 29, 2005).                                                                   |
|   |   |                                                                                                                                                                                                                                                  |
| 10.11  |   | Supplementary Agreement to Employment Agreement between New Dragon Asia Corp. and Peter Mak, dated January 20, 2006 (incorporated herewith by reference to Exhibit 10.10 to our Form 8-K filed on January 24, 2006).                                  |
|   |   |                                                                                                                                                                                                                                                  |
| 10.12  |   | Amended and Restated Equity Incentive Plan (incorporated herewith by reference to Exhibit C to our Definitive Information Statement on Schedule 14C filed on May 4, 2009).                                                                            |
|   |   |                                                                                                                                                                                                                                                  |
| 10.13  |   | Stock Option Agreement between New Dragon Asia Corp. and Peter Mak, dated December 13, 2006 (incorporated herewith by reference to Exhibit 10.1 to our Form 8-K filed on December 15, 2006).                                                          |

----

| 10.14  |   | Settlement Agreement and General Release between New Dragon Asia Corp and Berry-Shino Securities Inc., dated August 15, 2007 (incorporated by reference to Exhibit 10.1 to our Form 8-K filed on August 15, 2007).  |
|--------|--------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|   |   |                                                                                                                                                                                                                |
| 10.15  |   | Employment Agreement dated April 1, 2009 between New Dragon Asia Corp. and Ling Wang (incorporated herewith by reference to Exhibit 10.1 to our Registration Statement on Form S-8 filed on May 8, 2009).           |
|   |   |                                                                                                                                                                                                                |
| 21.1   |   | Subsidiaries of New Dragon Asia Corp., filed herewith.                                                                                                                                                              |
|   |   |                                                                                                                                                                                                                |
| 31.1   |   | Certification of Chief Executive Officer pursuant to Rule 13A-14(A)/15D-14(A) of the Securities Exchange Act of 1934, as adopted pursuant to Section 302 of the Sarbanes-Oxley Act of 2002, filed herewith.         |
|   |   |                                                                                                                                                                                                                |
| 31.2   |   | Certification of the Principal Financial Officer pursuant to Rule 13A-14(A)/15D-14(A) of the Securities Exchange Act of 1934, as adopted pursuant to Section 302 of the Sarbanes-Oxley Act of 2002, filed herewith. |
|   |   |                                                                                                                                                                                                                |
| 32.1   |   | Certification of Chief Executive Officer Pursuant to 18 U.S.C. 1350 (Section 906 of the Sarbanes-Oxley Act of 2002), filed herewith.                                                                                |
|   |   |                                                                                                                                                                                                                |
| 32.2   |   | Certification of Chief Financial Officer Pursuant to 18 U.S.C. 1350 (Section 906 of the Sarbanes-Oxley Act of 2002), filed herewith.                                                                           |

----