----

----

| GREEN PLANET BIOENGINEERING CO. LIMITED                |
|--------------------------------------------------------|
| (Exact Name of Registrant as Specified In Its Charter) |

| DELAWARE                                                       |   | 37-1532842                           |
|----------------------------------------------------------------|--------|--------------------------------------|
| (State or Other Jurisdiction of Incorporation or Organization) |   | (I.R.S. Employer Identification No.) |

| 19950 W Country Club Dr, Suite 100, Aventura, FL 33180 |
|--------------------------------------------------------|
| (Address of Principal Executive Offices)               | (Zip Code) |

| 1 305 328 8662                                       |
|------------------------------------------------------|
| (Registrant's Telephone Number, Including Area Code) |

----

| PART I         |                                                                                           |   |   |   |
|----------------|------------------------------------------------------------------------------------------------|--------|--------|--------|
|           |                                                                                           |   |   |   |
| Item 1.   | Description of Business                                                                        |   |   | 4      |   |
|           |                                                                                           |   |   |   |   |
| Item 1A   | Risk Factors                                                                                   |   |   | 6      |   |
|           |                                                                                           |   |   |   |   |
| Item 1B        | Unresolved Staff Comments                                                                      |   |   | 8      |   |
|           |                                                                                           |   |   |   |   |
| Item 2.        | Description of Property                                                                        |   |   | 8      |   |
|           |                                                                                           |   |   |   |   |
| Item 3.        | Legal Proceedings                                                                              |   |   | 8      |   |
|           |                                                                                           |   |   |   |   |
| Item 4.        | [Reserved]                                                                                     |   |   | 8      |   |
|           |                                                                                           |   |   |   |   |
| PART II        |                                                                                           |   |   |   |   |
|           |                                                                                           |   |   |   |   |
| Item 5.        | Market for Common Equity and Related Stockholder Matters                                       |   |   | 8      |   |
|           |                                                                                           |   |   |   |   |
| Item 6.        | Selected Financial Data                                                                        |   |   | 9      |   |
|           |                                                                                           |   |   |   |   |
| Item 7.   | Management’s Discussion and Analysis of Financial Condition and Results                  |   |   | 9      |   |
|           |                                                                                           |   |   |   |   |
| Item 7A.       | Quantitative and Qualitative Disclosures about Market Risk                                     |   |   | 10     |   |
|           |                                                                                           |   |   |   |   |
| Item 8.   | Financial Statements                                                                           |   |   | 10     |   |
|           |                                                                                           |   |   |   |   |
| Item 9.        | Changes in and Disagreements with Accountants on Accounting and Financial Disclosure           |   |   | 10     |   |
|           |                                                                                           |   |   |   |   |
| Item 9A.  | Controls and Procedures                                                                   |   |   | 10     |   |
|           |                                                                                           |   |   |   |   |
| PART III       |                                                                                           |   |   |   |   |
|           |                                                                                           |   |   |   |   |
| Item 10.       | Directors, Executive Officers and Corporate Governance                                         |   |   | 12     |   |
|           |                                                                                           |   |   |   |   |
| Item 11.       | Executive Compensation                                                                    |   |   | 14     |   |
|           |                                                                                           |   |   |   |   |
| Item 12.       | Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters |   |   | 15     |   |
|           |                                                                                           |   |   |   |   |
| Item 13.       | Certain Relationships and Related Transactions                                                 |   |   | 16     |   |
|           |                                                                                           |   |   |   |   |
| Item 14.  | Principal Accountant Fees and Services                                                         |   |   | 16     |   |
|           |                                                                                           |   |   |   |   |
| Item 15.       | Exhibits and Financial Statement Schedules                                                     |   |   | 16     |   |
|           |                                                                                           |   |   |   |   |
| SIGNATURES     |                                                                                           |   | 18     |   |

----

----

----

| (i)   | convert the $1,700,000 loan made to Elevated Throne on or about January 19, 2010, into an equity investment in Elevated Throne, |
|-----------------|---------------------------------------------------------------------------------------------------------------------------------|

| (ii)   | convert the $300,000 loan made to Green Planet on or about September 1, 2009, into a $300,000 equity investment in Elevated Throne, |
|------------------|-------------------------------------------------------------------------------------------------------------------------------------|

| (iii)   | cancel that certain Convertible Note Purchase Agreement between us and ONE dated on or about September 1, 2009, and |
|-------------------|---------------------------------------------------------------------------------------------------------------------|

| (iv)   | cancel that certain 10% Convertible Bridge Loan Note Due September 1, 2010, in the principal amount of $300,000 from Green Planet to us. |
|------------------|------------------------------------------------------------------------------------------------------------------------------------------|

----

----

----

|                 |   | High   |     |   | Low    |   |
|----------------------|--------|--------|----------|--------|--------|--------|
| Fiscal 2010          |   |   |     |   |   |   |
| Fourth Quarter       |   | $      | 0.38     |   |   | $      | 0.38 |   |
| Third Quarter        |   |   | 0.38     |   |   |   | 0.38 |   |
| Second Quarter       |   |   | 0.38     |   |   |   | 0.38 |   |
| First Quarter        |   |   | 0.38     |   |   |   | 0.38 |   |
|                 |   |   |     |   |   |   |   |   |
| Fiscal 2009          |   |   |     |   |   |   |   |   |
| Fourth Quarter       |   | $      | 1.01     |   |   | $      | 0.55 |   |
| Third Quarter   |   |   | 1.10     |   |   |   | 0.10 |   |
| Second Quarter  |   |   | no trade |   |   |   | no trade |   |
| First Quarter   |   |   | no trade |   |   |   | no trade  |   |

----

----

----

----

| Name                 |   |  Age |   | Position                            |   | Term                     |
|---------------------------|--------|-----------|--------|------------------------------------------|--------|--------------------------|
| Min Zhao                  |   | 42        |   | Chief Executive Officer and Director     |   | November 2008 to present |
| Jian Min Chen             |   | 46        |   | Chief Scientist and Director             |   | November 2008 to present |
| Shanyan Ou                |   | 34        |   | VP of Sales & Marketing and Director |   | November 2008 to present |
| Minyan Zheng              |   | 30        |   | Director                            |   | November 2008 to present |
| Jianrong Chen   |   | 57        |   | Director                            |   | November 2008 to present |

----

----

----

| Name and Principal Position      |   | FiscalYear |         | Salary($) |               | Bonus($) |   | StockAwards($)   |   | OptionAwards($) |   | Non-equity Incentive Plan Compensation($) |   | Change in Pension Value and Nonqualified Deferred Compensation Earnings($) |   | All Other Compensation($) |   | Total($) |   |
|----------------------------------|--------|------------|--------------|-----------|--------------------|----------|--------|------------------|--------|-----------------|--------|-------------------------------------------|--------|----------------------------------------------------------------------------|--------|---------------------------|--------|----------|--------|
| Mr. Min Zhao – CEO         |   |       | 201020092008 |      | 82,40938,34121,898 |     |   | 27,2244,0644,672 |   | 000             |   |                                      | 000    |                                                                       | 000    |                      |   | 000      |   | 000 |   |   | 109,63342,40426,570 |   |
|                             |   |       |         |      |               |     |   |             |   |            |   |                                      |   |                                                                       |   |                      |   |     |   |   |   |   |   |   |
| Mrs. Shanyan Ou – VP Sales |   |       | 201020092008 |      | 58,92521,44214,015 |     |   | 22,6873,0353,358 |   | 000             |   |                                      | 000    |                                                                       | 000    |                      |   | 000      |   | 000 |   |   | 81,61224,47717,373 |   |

| Name and Address of Beneficial Owner (2)         | Amount and Nature of Beneficial Ownership(1) | Percentage of Class (%) |
|--------------------------------------------------|----------------------------------------------|-------------------------|
| One Bio, Corp (3)                                | 18,508,733                                   |  93%               |
| Min Zhao                                         | 0                                            |    0%    |
| Min Yan Zheng                                    | 0                                            |    0%    |
| Shanyuan Ou                                      | 150,000                                      |    1%    |
| All Directors and Executive Officers (3 persons) | 150,000                                      |   1%          |

| (1)  | In determining beneficial ownership of our common stock as of a given date, the number of shares shown includes shares of common stock which may be acquired on exercise of warrants or options or conversion of convertible securities within 60 days of that date.  In determining the percent of common stock owned by a person or entity on March 15, 2011, (a) the numerator is the number of shares of the class beneficially owned by such person or entity, including shares which may be acquired within 60 days on exercise of warrants or options and conversion of convertible securities, and (b) the denominator is the sum of (i) the total shares of common stock outstanding on March 15, 2011 (20,006,402), and (ii) exercise of the warrants and options (152,599). Unless otherwise stated, each beneficial owner has sole power to vote and dispose of its shares. |
|-----------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (2)  | Unless otherwise indicated, the address of all beneficial owners is No. 126 Mingdu Building, Gongye Road, Sanming City, Fujian, China. |
|-----------|----------------------------------------------------------------------------------------------------------------------------------------|

| (3)  | Address for One Bio, Corp. 19950 W Country Club Dr, Suite 100, Aventura, Florida 33180, USA |
|-----------|---------------------------------------------------------------------------------------------|

----

----

----

|                       | Green Planet Bioengineering Co, Ltd. |                                                                                                                    |
|----------------------------|--------------------------------------|-------------------------------------------------------------------------------------------------------------------------|
|                       |                                 |                                                                                                                    |   |
| Date: April 14, 2011       | By:                                  | /s/ Min Zhao                                                                                                            |   |
|                       |                                 | Min Zhao                                                                                                                |   |
|                       |                                 | Chief Executive Officer (Principal Executive Officer and PrincipalFinancial and Accounting Officer) & Director |   |
|                       |                                 |                                                                                                                    |   |
|                       |                                 |                                                                                                                    |   |
| Date: April 14, 2011  | By:                                  | /s/Shanyuan Ou                                                                                                          |   |
|                       |                                 | Shanyan Ou                                                                                                              |   |
|                       |                                 | Director                                                                                                                |   |
|                       |                                 |                                                                                                                    |   |
|                       |                                 |                                                                                                                    |   |
| Date: April 14, 2011  | By:                                  | /s/Min Yan Zheng                                                                                                        |   |
|                       |                                 | Min Yan Zheng                                                                                                           |   |
|                       |                                 | Director                                                                                                                |   |
|                       |                                 |                                                                                                                    |   |
|                       |                                 |                                                                                                                    |   |
| Date: April 14, 2011  | By:                                  | /s/Min Jian Chen                                                                                                        |   |
|                       |                                 | Dr. Min Jian Chen                                                                                                       |   |
|                       |                                 | Director                                                                                                                |   |
|                       |                                 |                                                                                                                    |   |
|                       |                                 |                                                                                                                    |   |
| Date: April 14, 2011       | By:                                  |  /s/Jianrong Zheng                                                                                                 |   |
|                       |                                 | Jianrong Zheng                                                                                                          |   |
|                       |                                 | Director                                                                                                                |   |

----

----

|                                                             |   | PAGES  |   |
|------------------------------------------------------------------|--------|--------|--------|
| Report of Independent Registered Public Accounting Firm          |   |   | 21     |   |
| Consolidated Statements of Income and Comprehensive Income       |   |   | 22     |   |
| Consolidated Balance Sheets                                 |   |   | 23     |   |
| Consolidated Statements of Cash Flows                            |   |   | 24     |   |
| Consolidated Statements of Changes in Shareholders’ Equity |   |   | 25     |   |
| Notes to Consolidated Financial Statements                       |   |   | 26     |   |

----

----

|                                            |   | Year ended December 31, |        |
|-------------------------------------------------|--------|-------------------------|-------------|
|                                            |   | 2010                    |        |   | 2009 |   |
|                                            |   |                    |        |   |   |   |
| Sales revenue                                   |   | $                       | -           |   |   | $ | - |   |
| Cost of sales                                   |   |                    | -           |   |   |   | - |   |
|                                            |   |                    |        |   |   |   |   |   |
| Gross profit                                    |   |                    | -           |   |   |   | - |   |
|                                            |   |                    |        |   |   |   |   |   |
| Administrative expenses                         |   |                    | 73,740      |   |   |   | 69,273 |   |
| Finance costs                                   |   |                    | 58,750      |   |   |   | 55,000 |   |
| Loss on reorganization of subsidiaries          |   |                    | 14,142      |   |   |   | - |   |
|                                            |   |                    |        |   |   |   |   |   |
|                                            |   |                    | 146,632     |   |   |   | 124,273 |   |
| Loss from continuing operations                 |   |                    |        |   |   |   |   |   |
| before income taxes                             |   |                    | (146,632    | ) |   |   | (124,273 | ) |
|                                            |   |                    |        |   |   |   |   |   |
| Income taxes                                    |   |                    | -           |   |   |   | - |   |
| Loss from continuing operations                 |   |                    |        |   |   |   |   |   |
| after income taxes                              |   |                    | (146,632    | ) |   |   | (124,273 | ) |
| Income from discontinued operations             |   |                    | 949,195     |   |   |   | 4,442,672 |   |
|                                            |   |                    |        |   |   |   |   |   |
| Net income                                      |   |                    | 802,563     |   |   |   | 4,318,399 |   |
| Dividends                                       |   |                    | (12,153,213 | ) |   |   | - |   |
|                                            |   |                    |        |   |   |   |   |   |
| (Loss) income attributable to common stock      |   | $                       | (11,350,650 | ) |   | $ | 4,318,399 |   |
|                                            |   |                    |        |   |   |   |   |   |
|                                            |   |                    |        |   |   |   |   |   |
| STATEMENT OF COMPREHENSIVE INCOME               |   |                    |        |   |   |   |   |   |
|                                            |   |                    |        |   |   |   |   |   |
| Net (loss) income attributable to common stock  |   | $                       | (11,350,650 | ) |   | $ | 4,318,399 |   |
| Other comprehensive income                      |   |                    |        |   |   |   |   |   |
| Unrealized foreign currency gain (loss)         |   |                    | 618         |   |   |   | (17,183 | ) |
|                                            |   |                    |        |   |   |   |   |   |
| Total comprehensive (loss) income               |   | $                       | (11,350,032 | ) |   | $ | 4,301,216 |   |
|                                            |   |                    |        |   |   |   |   |   |
| Earnings per share based on net (loss) income   |   |                    |        |   |   |   |   |   |
| attributable to common stock                    |   |                    |        |   |   |   |   |   |
| - Basic                                         |   | $                       | (0.57       | ) |   | $ | 0.27 |   |
|                                            |   |                    |        |   |   |   |   |   |
| - Diluted                                       |   | NA                      |        |   | $ | 0.25 |   |
|                                            |   |                    |        |   |   |   |   |   |
| Weighted average number of shares outstanding : |   |                    |        |   |   |   |   |   |
| - Basic                                         |   |                    | 20,006,402  |   |   |   | 16,239,234 |   |
|                                            |   |                    |        |   |   |   |   |   |
| - Diluted                                       |   |                    | 20,159,001  |   |   |   | 17,289,953 |   |

----

|                                                                |   | As of December 31, |     |
|---------------------------------------------------------------------|--------|--------------------|----------|
|                                                                |   | 2010               |     |   | 2009 |   |
| ASSETS                                                              |   |               |     |   |   |   |
| Current assets                                                      |   |               |     |   |   |   |
| Cash and cash equivalents                                           |   | $                  | 668      |   |   | $ | 668 |   |
| Prepaid expense and other receivables                               |   |               | 4,417    |   |   |   | 4,507 |   |
| Amount due from a related party                                     |   |               | -        |   |   |   | 300,000 |   |
|                                                                |   |               |     |   |   |   |   |   |
| Total current assets                                                |   |               | 5,085    |   |   |   | 305,175 |   |
| Available for sale securities                                       |   |               | -        |   |   |   | 5,000,000 |   |
| Assets held for resale                                              |   |               | -        |   |   |   | 22,841,130 |   |
|                                                                |   |               |     |   |   |   |   |   |
| TOTAL ASSETS                                                        |   | $                  | 5,085    |   |   | $ | 28,146,305 |   |
|                                                                |   |               |     |   |   |   |   |   |
| LIABILITIES AND SHAREHOLDERS’ EQUITY                          |   |               |     |   |   |   |   |   |
|                                                                |   |               |     |   |   |   |   |   |
| LIABILITIES                                                         |   |               |     |   |   |   |   |   |
| Current liabilities                                                 |   |               |     |   |   |   |   |   |
| Trade payables                                                      |   | $                  | 88,500   |   |   | $ | 69,243 |   |
| Other payables and accrued liabilities                              |   |               | 2,723    |   |   |   | - |   |
| Amount due to a related party                                       |   |               | 69,170   |   |   |   | - |   |
| Convertible loan payable                                            |   |               | -        |   |   |   | 190,000 |   |
|                                                                |   |               |     |   |   |   |   |   |
| Total current liabilities                                           |   |               | 160,393  |   |   |   | 259,243 |   |
| Liabilities associated with assets held for resale                  |   |               | -        |   |   |   | 4,063,882 |   |
|                                                                |   |               |     |   |   |   |   |   |
| TOTAL LIABILITIES                                                   |   |               | 160,393  |   |   |   | 4,323,125 |   |
|                                                                |   |               |     |   |   |   |   |   |
| SHAREHOLDERS’ EQUITY                                          |   |               |     |   |   |   |   |   |
| Preferred stock : par value of $0.001 per share,                    |   |               |     |   |   |   |   |   |
| Authorized: 10,000,000 shares in 2010 and 2009,                     |   |               |     |   |   |   |   |   |
| Issued and outstanding :  None in 2010, and 5,101 in 2009 |   |               | -        |   |   |   | 5 |   |
| Common stock : par value $0.001 per share                           |   |               |     |   |   |   |   |   |
| Authorized : 250,000,000 shares in 2010 and 2009                    |   |               |     |   |   |   |   |   |
| Issued and outstanding : 20,006,402 shares                          |   |               |     |   |   |   |   |   |
| in 2010 and 2009                                                    |   |               | 20,006   |   |   |   | 20,006 |   |
| Additional paid-in capital                                          |   |               | 431,025  |   |   |   | 10,293,896 |   |
| Statutory reserve                                                   |   |               | -        |   |   |   | 1,305,895 |   |
| Accumulated other comprehensive income                              |   |               | -        |   |   |   | 1,458,976 |   |
| Retained earnings                                                   |   |               | (606,339 | ) |   |   | 10,744,402 |   |
|                                                                |   |               |     |   |   |   |   |   |
| TOTAL SHAREHOLDERS’ EQUITY (DEFICIT)                          |   |               | (155,308 | ) |   |   | 23,823,180 |   |
|                                                                |   |               |     |   |   |   |   |   |
| TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY                    |   | $                  | 5,085    |   |   | $ | 28,146,305 |   |

----

|                                                         |   | Year ended December 31, |        |
|--------------------------------------------------------------|--------|-------------------------|-------------|
|                                                         |   | 2010                    |        |   | 2009 |   |
| Cash flows from operating activities                         |   |                    |        |   |   |   |
| Net loss from continuing operations                          |   | $                       | (146,632    | ) |   | $ | (124,273 | ) |
| Net income from discontinued operations                      |   |                    | 949,195     |   |   |   | 4,442,672 |   |
| Adjustments to reconcile net income to net                   |   |                    |        |   |   |   |   |   |
|   cash provided by operating activities :          |   |                    |        |   |   |   |   |   |
| Stock-based compensation                                     |   |                    | -           |   |   |   | 13,130 |   |
| Convertible loan discount                                    |   |                    | 41,250      |   |   |   | 55,000 |   |
| Loss on reorganization of subsidiaries                       |   |                    | (14,142     | ) |   |   | - |   |
| Changes in operating assets and liabilities :                |   |                    |        |   |   |   |   |   |
| Other receivables                                            |   |                    | -           |   |   |   | (4,507 | ) |
| Trade payables                                               |   |                    | -           |   |   |   | 56,138 |   |
| Other payables and accrued liabilities                       |   |                    | 21,980      |   |   |   | - |   |
| Amount due to (from) a related party                         |   |                    | 69,170      |   |   |   | (300,000 | ) |
|                                                         |   |                    |        |   |   |   |   |   |
| Net cash flows provided by operating activities              |   |                    | 920,821     |   |   |   | 4,138,160 |   |
|                                                         |   |                    |        |   |   |   |   |   |
| Cash flows from investing activities                         |   |                    |        |   |   |   |   |   |
|                                                         |   |                    |        |   |   |   |   |   |
| Net cash flows used in investing activities                  |   |                    | -           |   |   |   | - |   |
|                                                         |   |                    |        |   |   |   |   |   |
| Cash flows from financing activities                         |   |                    |        |   |   |   |   |   |
| Issue of common stock                                        |   |                    | -           |   |   |   | 5,180 |   |
| Convertible loan from a major shareholder                    |   |                    | -           |   |   |   | 300,000 |   |
| Conversion of convertible loan                               |   |                    | (300,000    | ) |   |   | - |   |
|                                                         |   |                    |        |   |   |   |   |   |
| Net cash flows (used in) provided by financing activities    |   |                    | (300,000    | ) |   |   | 305,180 |   |
|                                                         |   |                    |        |   |   |   |   |   |
| Discontinued operations                                      |   |                    |        |   |   |   |   |   |
| Operating cashflows                                          |   |                    | (1,411,928  | ) |   |   | (842,079 | ) |
| Investing cashflows                                          |   |                    | -           |   |   |   | (5,188,047 | ) |
| Financing cashflows                                          |   |                    | -           |   |   |   | 1,713,861 |   |
|                                                         |   |                    |        |   |   |   |   |   |
| Net cash flows used by discontinuing operations              |   |                    | (1,411,928  | ) |   |   | (4,316,265 | ) |
|                                                         |   |                    |        |   |   |   |   |   |
| Effects of foreign currency translation                      |   |                    | -           |   |   |   | (868 | ) |
|                                                         |   |                    |        |   |   |   |   |   |
| Net (decrease) increase in cash and cash equivalents         |   |                    | (791,107    | ) |   |   | 126,207 |   |
| Cash and cash equivalents - beginning of year                |   |                    | 791,775     |   |   |   | 665,568 |   |
|                                                         |   |                    |        |   |   |   |   |   |
| Cash and cash equivalents - end of year                      |   | $                       | 668         |   |   | $ | 791,775 |   |
|                                                         |   |                    |        |   |   |   |   |   |
| Supplemental disclosures for cash flow information:          |   |                    |        |   |   |   |   |   |
| Continuing operations                                        |   |                    |        |   |   |   |   |   |
| Cash paid for interest                                       |   | $                       | 58,750      |   |   | $ | 55,000 |   |
| Discontinued operations                                      |   |                    |        |   |   |   |   |   |
| Cash paid for interest                                       |   | $                       | 34,578      |   |   | $ | 74,230 |   |
| Cash paid for Income taxes                                   |   | $                       | 588,803     |   |   | $ | 1,493,555 |   |
|                                                         |   |                    |        |   |   |   |   |   |
| Non-cash transaction:                                        |   |                    |        |   |   |   |   |   |
| Continuing operations                                        |   |                    |        |   |   |   |   |   |
| Dividends                                                    |   | $                       | (12,153,213 | ) |   | $ | - |   |
| Issue of preferred stock                                     |   | $                       | -           |   |   | $ | 5,000,000 |   |
| Operating cashflows                                          |   | $                       | 12,153,213  |   |   | $ | - |   |
| Acquisition of available-for-sale securities                 |   | $                       | -           |   |   | $ | 5,000,000 |   |
| Discontinued operations                                      |   |                    |        |   |   |   |   |   |
| Transfer of land use right to prepayment for operating lease |   | $                       | -           |   |   | $ | 5,834,519 |   |

----

|                                |   |         |       |   |            |   |   |       |   |   |   |   |   |    |   |   | Accumulated |   |       |          |    |   |       |   |
|-------------------------------------|--------|--------------|------------|--------|-----------------|--------|--------|------------|--------|--------|--------|--------|--------|---------|--------|--------|-------------|--------|------------|---------------|---------|--------|------------|--------|
|                                |   | Common stock |       |   | Preferred stock |   |   | Additional |   |   |   |   |   | other   |   |   |        |   |       |          |    |
|                                |   | Number       |       |   |            |   |   | Number     |   |   |   |   |   | paid-in |   |   | Statutory   |   |       | comprehensive |    |   | Retained   |   |   |   |   |
|                                |   | of shares    |       |   | Amount          |   |   | of shares  |   |   | Amount |   |   | capital |   |   | reserve     |   |       | income        |    |   | earnings   |   |   | Total |   |
|                                |   |         |       |   |            |   |   |       |   |   |   |   |   |    |   |   |        |   |       |          |    |   |       |   |   |   |   |
| Balance, January 1, 2008            |   |         | 14,141,667 |   |            | $      | 14,142 |       |   |   |   |   |   |    |   | $      | 4,118,926   |   |       | $             | 481,912 |   |       | $      | 728,816 |   |   | $ | 3,899,687 |   |   | $ | 9,243,483 |   |
|                                |   |         |       |   |            |   |   |       |   |   |   |   |   |    |   |   |        |   |       |          |    |   |       |   |   |   |   |   |   |   |   |   |   |   |
| Issue of capital by Sanming Huajian |   |         |       |   |            |   |   |       |   |   |   |   |   |    |   |   | 625,290     |   |       |          |    |   |       |   |   |   |   |   |   |   |   |   | 625,290 |   |
| Recapitalization                    |   |         | 90,000     |   |            |   | 90     |       |   |   |   |   |   |    |   |   | 49,910      |   |       |          |    |   |       |   |   |   |   |   |   |   |   |   | 50,000 |   |
| Issue of common stock for cash      |   |         | 140,000    |   |            |   | 140    |       |   |   |   |   |   |    |   |   | 139,860     |   |       |          |    |   |       |   |   |   |   |   |   |   |   |   | 140,000 |   |
| Issue of common stock for           |   |         |       |   |            |   |   |       |   |   |   |   |   |    |   |   |        |   |       |          |    |   |       |   |   |   |   |   |   |   |   |   | - |   |
|   services rendered       |   |         | 50,000     |   |            |   | 50     |       |   |   |   |   |   |    |   |   | 12,450      |   |       |          |    |   |       |   |   |   |   |   |   |   |   |   | 12,500 |   |
| Issue of warrants for services      |   |         |       |   |            |   |   |       |   |   |   |   |   |    |   |   |        |   |       |          |    |   |       |   |   |   |   |   |   |   |   |   | - |   |
| rendered                            |   |         |       |   |            |   |   |       |   |   |   |   |   |    |   |   | 169,739     |   |       |          |    |   |       |   |   |   |   |   |   |   |   |   | 169,739 |   |
| Net income                          |   |         |       |   |            |   |   |       |   |   |   |   |   |    |   |   |        |   |       |          |    |   |       |   |   |   |   |   | 3,350,299 |   |   |   | 3,350,299 |   |
| Foreign currency translation        |   |         |       |   |            |   |   |       |   |   |   |   |   |    |   |   |        |   |       |          |    |   |       |   | 747,343 |   |   |   |   |   |   |   | 747,343 |   |
| Appropriation to statutory reserve  |   |         |       |   |            |   |   |       |   |   |   |   |   |    |   |   |        |   |       |          | 366,638 |   |       |   |   |   |   |   | (366,638 | ) |   |   | - |   |
|                                |   |         |       |   |            |   |   |       |   |   |   |   |   |    |   |   |        |   |       |          |    |   |       |   |   |   |   |   |   |   |   |   |   |   |
| Balance, December 31, 2008          |   |         | 14,421,667 |   |            |   | 14,422 |       |   |   | -      |   |   |    | -      |   |        |   | 5,116,175  |          |    |   | 848,550    |   |   |   | 1,476,159 |   |   |   | 6,883,348 |   |   |   | 14,338,654 |   |
|                                |   |         |       |   |            |   |   |       |   |   |   |   |   |    |   |   |        |   |       |          |    |   |       |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Issuance of preferred stock         |   |         |       |   |            |   |   |       |   |   | 5,101  |   |   |    | 5      |   |        |   | 4,999,995  |          |    |   |       |   |   |   |   |   |   |   |   |   |   |   | 5,000,000 |   |
| Issuance of convertible loan        |   |         |       |   |            |   |   |       |   |   |   |   |   |    |   |   |        |   | 165,000    |          |    |   |       |   |   |   |   |   |   |   |   |   |   |   | 165,000 |   |
| Issue of common stock for           |   |         |       |   |            |   |   |       |   |   |   |   |   |    |   |   |        |   |       |          |    |   |       |   |   |   |   |   |   |   |   |   |   |   |   |   |
|   services rendered       |   |         | 404,000    |   |            |   | 404    |       |   |   |   |   |   |    |   |   |        |   | 12,726     |          |    |   |       |   |   |   |   |   |   |   |   |   |   |   | 13,130 |   |
| Issue of warrants for services      |   |         |       |   |            |   |   |       |   |   |   |   |   |    |   |   |        |   |       |          |    |   |       |   |   |   |   |   |   |   |   |   |   |   |   |   |
| rendered                            |   |         | 5,180,735  |   |            |   | 5,180  |       |   |   |   |   |   |    |   |   |        |   |       |          |    |   |       |   |   |   |   |   |   |   |   |   |   |   | 5,180 |   |
| Net income                          |   |         |       |   |            |   |   |       |   |   |   |   |   |    |   |   |        |   |       |          |    |   |       |   |   |   |   |   |   |   | 4,318,399 |   |   |   | 4,318,399 |   |
| Foreign currency translation        |   |         |       |   |            |   |   |       |   |   |   |   |   |    |   |   |        |   |       |          |    |   |       |   |   |   | (17,183 | ) |   |   |   |   |   |   | (17,183 | ) |
| Appropriation to statutory reserve  |   |         |       |   |            |   |   |       |   |   |   |   |   |    |   |   |        |   |       |          |    |   | 457,345    |   |   |   |   |   |   |   | (457,345 | ) |   |   |   |   |
|                                |   |         |       |   |            |   |   |       |   |   |   |   |   |    |   |   |        |   |       |          |    |   |       |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Balance, December 31, 2009          |   |         | 20,006,402 |   |            | $      | 20,006 |       |   |   | 5,101  |   |   | $       | 5      |   |        | $      | 10,293,896 |          |    | $      | 1,305,895  |   |   | $ | 1,458,976 |   |   | $ | 10,744,402 |   |   | $ | 23,823,180 |   |
|                                |   |         |       |   |            |   |   |       |   |   |   |   |   |    |   |   |        |   |       |          |    |   |       |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Cancellation of preferred stock     |   |         |       |   |            |   |   |       |   |   | (5,101 | )      |   |    | (5     | )      |        |   | (4,999,995 | )             |    |   |       |   |   |   |   |   |   |   | (91 | ) |   |   | (5,000,091 | ) |
| Net income                          |   |         |       |   |            |   |   |       |   |   |   |   |   |    |   |   |        |   |       |          |    |   |       |   |   |   |   |   |   |   | 802,563 |   |   |   | 802,563 |   |
| Convertible loan discount reduction |   |         |       |   |            |   |   |       |   |   |   |   |   |    |   |   |        |   | (68,750    | )             |    |   |       |   |   |   |   |   |   |   |   |   |   |   | (68,750 | ) |
| Discontinued operations             |   |         |       |   |            |   |   |       |   |   |   |   |   |    |   |   |        |   | (4,794,126 | )             |    |   | (1,305,895 | )      |   |   | (1,458,976 | ) |   |   | (12,153,213 | ) |   |   | (19,712,210 | ) |
|                                |   |         |       |   |            |   |   |       |   |   |   |   |   |    |   |   |        |   |       |          |    |   |       |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Balance, December 31, 2010          |   |         | 20,006,402 |   |            | $      | 20,006 |       |   |   | -      |   |   | $       | -      |   |        | $      | 431,025    |          |    | $      | -          |   |   | $ | - |   |   | $ | (606,339 | ) |   | $ | (155,308 | ) |

----

| 1. | General information Green Planet Bioengineering Co., Ltd, (the “Company”), formerly known as Mondo Acquisition II, Inc, was incorporated in the State of Delaware on October 30, 2006. On October 24, 2008, the Company entered into an agreement with the shareholders of Elevated Throne Overseas Ltd. (“Elevated Throne”) to acquire their issued and outstanding common stocks in Elevated Throne by issuing 14,141,667 shares of its common stock. The acquisition, which was consummated on the same day, constituted a reverse takeover transaction (“RTO”) and thereafter Elevated Throne became a wholly-owned subsidiary of the Company. Elevated Throne was incorporated in the British Virgin Islands (the “BVI”) on May 8, 2008 as a limited liability company with registered share capital of $50,000, divided into 50,000 common shares of $1 par value each. Elevated Throne formed Fujian Green Planet Bioengineering Co., Ltd. (“Fujian Green Planet”) as a wholly foreign-owned enterprise under the laws of the People’s Republic of China (the “PRC”) on July 25, 2008. Fujian Green Planet has a registered capital of $2,000,000. Pursuant to Fujian Green Planet’s articles of association, Elevated Throne is required to contribute $300,000 to Fujian Green Planet as capital (representing 15% of Fujian Green Planet’s registered capital) before October 17, 2008. The Company has applied for an extension of the contribution period to December 31, 2009 with the relevant government bureau and contributed $300,000 to Fujian Green Planet on September 7, 2009 to satisfy the initial license payment requirement. The Company has on February 19, 2010, paid $1,700,000 and fully satisfied the business license requirement. PRC law places certain restrictions on roundtrip investments through the acquisition of a PRC entity by PRC residents.  To comply with these restrictions, in conjunction with the RTO, the Company, via Fujian Green Planet, entered into and consummated certain contractual arrangements with Sanming Huajian Bio-Engineering Co., Ltd (“Sanming Huajian”) and their respective stockholders pursuant to which the Company provides Sanming Huajian with technology consulting and management services and appoints its senior executives and approves all matters requiring shareholders’ approval.  As a result of these contractual arrangements, which obligates Fujian Green Planet to absorb a majority of the risk of loss from the activities of Sanming Huajian and enables Fujian Green Planet to receive a majority of its expected residual returns, the Company accounts for Sanming Huajian as a variable interest entity (“VIE”) under FASB ASC 805 Business Combinations, formerly FASB Interpretation No. 46R, “Consolidation of Variable Interest Entities, an Interpretation of ARB No. 51” (the “VIE Arrangement”). Sanming Huajian was organized under the laws of the PRC on April 16, 2004 under the name of Sanming Zhonjian Biological Technology Industry Co., Ltd as a domestic corporation.  It is classified as a non-joint capital stock corporation and therefore the capital stock, consistent with most of the PRC corporations, are not divided into a specific number of shares having a stated nominal amount. Sanming Huajian is owned by Mr. Zhao Min, Ms. Zheng Minyan and Jiangle Jianlong Mineral Industry Co., Ltd with equity interest of 35%, 36% and 29% respectively.  Mr. Zhao and Ms. Zheng collectively own more than 90% of the Company’s issued and outstanding common stock after the RTO. The reverse takeover accounting was used to account for the RTO and the VIE Arrangement as Sanming Huajian was under common control of Mr. Zhao and Ms. Zheng before and after the VIE Arrangement. These financial statements, issued under the name of the Company, represent the continuation of the financial statements of Sanming Huajian. |
|----|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

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| 1. | General information (Cont’d) Following the RTO and the VIE Arrangement, the Company is primarily engaged in the manufacture, marketing and sale of extracts from tobacco leaves residues.  The Company's products include Solanesol, Ganoderma Tea, Nicotine Sulphate, organic pesticides, organic fertilizers, CoQ10 (raw format) and a patented organic health supplement called “Paiqianshu”. Paiqianshu comes in both liquid and pill forms and it is made from natural green barley shoot extraction.  The Company operates manufacturing and distribution primarily in the PRC. On June 17, 2009, the Company entered into a Preferred Share Purchase Agreement with ONE Bio Corp. (“ONE”) pursuant to which the Company agreed to sell and ONE agreed to acquire 5,101 shares of the Company’s preferred stock (“Preferred Stock”), with par value $0.001 per share. Each share of the Preferred Stock shall (a) provide ONE with the right to vote 1,000 votes on all matters submitted to a vote of the Company’s shareholders and (b) be convertible into 1,000 shares of the Company’s common stock. ONE paid to the Company for the said shares of Preferred Stock $5,000,000 which was paid by ONE through the issuance to the Company 200,962 shares (adjusted for the 1 for 5 stock splits of November 2009 and August 2010), representing 4.9% of ONE’s issued and outstanding common stock. The transaction closed on July 22, 2009 upon receipt of all required documents and stock certificates. As part of the transaction, the Company has also agreed that 35% of the ONE’s shares issued to the Company shall be deposited into an escrow account in the event the Company’s EBITDA for fiscal year 2009 is less than the Company’s EBITDA for fiscal 2008, the number of shares of ONE’s stock issued to the Company shall be proportionately reduced as provided for in the Preferred Stock Purchase Agreement. The Company is also subject to a lockup and leak out period and has one Piggy-Back Registration right as further defined in the Preferred Stock Purchase Agreement. On April 14, 2010, the Company entered into an agreement with ONE pursuant to which, among other things, |
|----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (i)  | the Preferred Share Purchase Agreement made effective as of June 17, 2009, between  the Company and ONE was cancelled, |
|-----------|----------------------------------------------------------------------------------------------------------------------------------|

| (ii)  | ONE returned to the Company the 5,101 shares of Green Planet preferred stock that were issued to ONE pursuant to the Preferred Share Purchase Agreement, and |
|------------|--------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (iii)  | the Company returned to ONE the 200,962 shares of ONE’s common stock that was issued to the Company pursuant to the Preferred Share Purchase Agreement. |
|-------------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | Additionally, on April 14, 2010, the Company granted to ONE an option to acquire 100% of the stock of Elevated Throne Overseas Ltd. (“Elevated Throne”), Green Planet’s 100% owned BVI subsidiary.  In the event ONE exercises this option, the closing of the transaction will be subject to the approval of the Company’s stockholders.  As consideration for ONE’s exercise of this option, ONE will be required to: |
|--------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (i)  | convert the $1,700,000 loan ONE made to Elevated Throne on or about January 19, 2010, into an equity investment in Elevated Throne, |
|-----------|-------------------------------------------------------------------------------------------------------------------------------------|

| (ii)  | convert the $300,000 loan ONE made to the Company on or about September 1, 2009, into a $300,000 equity investment in Elevated Throne, |
|------------|----------------------------------------------------------------------------------------------------------------------------------------|

| (iii)  | cancel the Convertible Note Purchase Agreement between the Company and ONE dated on or about September 1, 2009, and |
|-------------|---------------------------------------------------------------------------------------------------------------------|

| (iv)  | cancel the 10% Convertible Bridge Loan Note Due September 1, 2010, in the principal amount of $300,000 from the Company to ONE. |
|------------|---------------------------------------------------------------------------------------------------------------------------------|

|   | On December 20, 2010, ONE delivered written notice to the Company that ONE elected to exercise the option that was granted pursuant to the Option Agreement dated April 14, 2010 (the “Option Agreement”), to acquire 100% of the stock of Elevated Throne. and in consideration therefore, ONE agreed to (i) convert the $1,700,000 loan ONE made to Elevated Throne on or about January 19, 2010, into an equity investment in Elevated Throne, (ii) convert the $300,000 loan ONE made to the Company on or about September 1, 2009, into a $300,000 equity investment in Elevated Throne, (iii) cancel the Convertible Note Purchase Agreement between the Company and ONE dated on or about September 1, 2009, and (iv) cancel the 10% Convertible Bridge Loan Note Due September 1, 2010, in the principal amount of $300,000 from ONE to the Company. |
|--------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

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|   | Also, on December 20, 2010, ONE, as the owner of 92.5% of the outstanding common stock of the Company, by Majority Shareholder Written Consent in Lieu of a Special Meeting of Stockholders approved, authorized, and ratified the transaction contemplated by the Option Agreement and the exercise by ONE of the option as described above retroactive as of April 14, 2010. As a result, the subsidiaries under Elevated Throne were reorganized accordingly during the second quarter of 2010. |
|--------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 2. | Summary of significant accounting policies Principles of consolidation and basis of presentation The accompanying consolidated financial statements of the Company have been prepared in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”). The consolidated financial statements include the accounts of the Company, its subsidiaries and its 100% VIE Sanming Huajian (“VIE”). The results of the subsidiaries and the VIE made up to the end of the first quarter of 2010 have been presented under discontinued operations and all its related assets and liabilities reported have been reclassified as assets held for resale and liabilities associated with assets held for resale. All significant intercompany accounts and transactions have been eliminated.   In the opinion of the management of the Company, all adjustments, which are of a normal recurring nature and necessary for a fair presentation of the results for the year ended December 31, 2010, have been made. These consolidated financial statements should be read in conjunction with the financial foot notes thereto and the Company’s Form 10K for the year ended December 31, 2010. Use of estimates In preparing the consolidated financial statements in conformity with U.S. GAAP, management makes estimates and assumptions that affect the reported amounts of assets and liabilities and disclosures of contingent assets and liabilities at the dates of the financial statements, as well as the reported amounts of revenues and expenses during the reporting periods. These estimates and assumptions include, but are not limited to, the valuation of trade receivables, inventories, fair value of available-for-sale securities, deferred taxes and stock-based compensation, and the estimation on useful lives and realizability of intangible assets and property, plant and equipment.  Actual results could differ from those estimates. Going Concern The consolidated financial statements have been prepared assuming that the Company will continue as a going concern. The Company is currently a public reorganized corporation and has no current business activity. These conditions raise substantial doubt about the Company’s ability to continue as a going concern. |
|----|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

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| 2. | Summary of significant accounting policies (Cont’d) |
|----|-----------------------------------------------------------|

|   | The Company’s continued existence is dependent upon its ability to successfully receive funding from future investors or find profitable business opportunities. The financial statements do not include any adjustments to reflect the possible future effects on the recoverability and classification of liabilities that may result from the outcome of these uncertainties.Fair Value MeasurementsIn April 2009, the Financial Accounting Standard Board (“FASB”) released ASC 820, Fair Value Measurements and Disclosures, (formerly SFAS No. 157 “Fair Value Measurements”) that defines fair value, establishes a framework for measuring fair value in accordance with U.S. GAAP, and expands disclosures about fair value measurements.According to ASC 820, investment measured and reported at fair value are classified and disclosed in one of the following hierarchy: |
|--------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | Level 1 - | Quoted prices are available in active markets for identical investments as of the reporting date. The type of investments included in Level 1 included listed equities and listed derivatives. |
|--------|-----------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | Level 2 - | Pricing inputs are other than quoted prices in active markets, which are either directly or indirectly observable as of the reporting date, and fair value is determined through the use of models or other valuation methodologies.  Investments that are generally included in this category include corporate bonds and loans, less liquid and restricted equity securities and certain over-the-counter derivatives. |
|--------|-----------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | Level 3 - | Pricing inputs are unobservable for the investment and included situations where there is little, if any, market activity for the investment.  The inputs into the determination of fair value require significant management judgment or estimation. |
|--------|-----------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | The Company did not have any investment measured at fair value as of December 31, 2010.Accumulated other comprehensive incomeAccumulated other comprehensive income in the consolidated balance sheet represents foreign currency translation adjustment.Available-for-sale securitiesAvailable-for-sale securities include securities held for indefinite periods of time that are not classified either as trading securities or as held-to-maturity securities. Available-for-sale securities are recognized at cost and carried at fair value in the balance sheet. Unrealized holding gains and losses are excluded from earnings and recognized in a separate component of other comprehensive income, net of the related tax effects, until realized.Assets held for resale and liabilities associated with assets held for resaleAssets and liabilities classified as held for resale represent all the assets and liabilities of the disposal group under Elevated Throne, its subsidiaries and the VIE, and is measured at fair value. As of the reporting date, all the assets held for resale and the liabilities associated were disposed of.The accounting policies associated with the components under this category is summarized as follows: |
|--------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

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| 2. | Summary of significant accounting policies (Cont’d) |
|----|-----------------------------------------------------------|

|   |  (i) Concentrations of credit riskAs of December 31, 2010, there was no longer any concentration of credit risk in the Company.Details of customers which represent the highest value of the Company's sales revenue are: |
|--------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|       |   | Year ended December 31, |      |
|------------|--------|-------------------------|-----------|
|       |   | 2010                    |      |   | 2009 |   |
|       |   |                    |      |   |   |   |
| Customer A |   | $                       | 456,517   |   |   | $ | 1,455,749 |   |
| Customer B |   |                    | 326,800   |   |   |   | 1,375,519 |   |
| Customer C |   |                    | 271,269   |   |   |   | 1,323,746 |   |
| Customer D |   |                    | 251,223   |   |   |   | 1,251,927 |   |
| Customer E |   |                    | 231,483   |   |   |   | 1,095,719 |   |
| Customer F |   |                    | 215,863   |   |   |   | 1,004,728 |   |
| Customer G |   |                    | 199,235   |   |   |   | 971,834 |   |
| Customer H |   |                    | 186,497   |   |   |   | 929,723 |   |
| Customer I |   |                    | 179,853   |   |   |   | 928,296 |   |
|       |   |                    |      |   |   |   |   |   |
|       |   | $                       | 2,318,740 |   |   | $ | 10,337,241 |   |

|       |   | December 31, |   |
|------------|--------|--------------|--------|
|       |   | 2010         |   |   | 2009 |   |
|       |   |         |   |   |   |   |
| Customer A |   | $            | -      |   |   | $ | 681,506 |   |
| Customer B |   |         | -      |   |   |   | 671,062 |   |
| Customer C |   |         | -      |   |   |   | 645,347 |   |
| Customer D |   |         | -      |   |   |   | 620,080 |   |
| Customer E |   |         | -      |   |   |   | 547,485 |   |
| Customer F |   |         | -      |   |   |   | 533,982 |   |
| Customer G |   |         | -      |   |   |   | 323,852 |   |
| Customer H |   |         | -      |   |   |   | 300,199 |   |
| Customer I |   |         | -      |   |   |   | 169,794 |   |
|       |   |         |   |   |   |   |   |   |
|       |   | $            | -      |   |   | $ | 4,493,217 |   |

|   | (ii) Allowance for doubtful accountsThe Company establishes an allowance for doubtful accounts based on management’s assessment of the collectability of trade and other receivables.  A considerable amount of judgment is required in assessing the amount of the allowance in which the Company considers the historical level of credit losses and applies percentages to aged receivable categories.  The Company makes judgments about the creditworthiness of each customer based on ongoing credit evaluations, and monitors current economic trends that might impact the level of credit losses in the future.  If the financial condition of the customers were to deteriorate, resulting in their inability to make payments, a larger allowance may be required. |
|--------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

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| 2. | Summary of significant accounting policies (Cont’d)  Based on the above assessment, during the reporting periods, the management establishes the following rates of general provision provided on gross amount of trade and other receivables :- |
|----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|                                 |   | Rate   |   |
|--------------------------------------|--------|--------|--------|
|                                 |   |   |   |
| Aged within 1/2 year                 |   |   | 0      | % |
| Aged over 1/2 year but within 1 year |   |   | 5      | % |
| Aged over 1 year but within 3 years  |   |   | 20     | % |
| More than 3 years                    |   |   | 100    | % |

|   | Additional specific provision is made against trade and other receivables aged less than 1 year to the extent which they are considered to be doubtful.Bad debts are written off when identified. The Company extends unsecured credit to customers ranging from three to six months in the normal course of business. The Company does not accrue interest on trade accounts receivable.(iii) InventoryInventory is stated at the lower of cost or market value. Cost is determined on a weighted-average basis and includes all expenditures incurred in bringing the goods to the point of sale and putting them in a saleable condition.  In assessing the ultimate realization of inventory, management makes judgments as to future demand requirements compared to current or committed inventory levels. The Company’s reserve requirements generally increase with its projected demand requirements; decrease due to market conditions, product life cycle changes. During the reporting periods, all of the Company’s products are saleable with high profit margins, the Company did not make any allowance for slow-moving or defective inventory.No allowance for obsolete inventory was provided during the reporting periods. (iv) Property, plant and equipmentProperty, plant and equipment are stated at cost less accumulated depreciation.  Cost represents the purchase price of the asset and other costs incurred to bring the asset into its existing use.Depreciation is provided on straight- line basis over their estimated useful lives. The principal depreciable periods are as follows : |
|--------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|                |   | Depreciable period |
|---------------------|--------|--------------------|
|                |   |               |
| Buildings           |   | 20 years           |
| Plant and machinery |   | 10 years           |
| Office equipment    |   | 5 years            |
| Motor vehicles      |   | 5 years            |

|   | Construction in progress represents buildings and machinery under construction, which is stated at cost less any impairment losses, and is not depreciated.  Cost comprises the direct costs of construction.  Construction in progress is reclassified to the appropriate category of property, plant and equipment when completed and ready for use.Maintenance or repairs are charged to expense as incurred.  Upon sale or disposition, the applicable amounts of asset cost and accumulated depreciation are removed from the accounts and the net amount less proceeds from disposal is charged or credited to income. |
|--------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

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| 2. | Summary of significant accounting policies (Cont’d) |
|----|-----------------------------------------------------------|

|   | (v) Land use rightsLand use rights are stated at cost less accumulated amortization.  Amortization is provided using the straight-line method over the terms of the lease of 50 years obtained from the relevant PRC land authority.(vi) Intangible assetsIntangible assets are stated at cost less accumulated amortization.  Amortization is provided on a straight-line basis over their estimated useful lives. The principal amortization periods are as follows: |
|--------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|         | Amortization period |
|--------------|---------------------|
|         |                |
| Technologies | 5 to 10 years       |
| Software     | 5 years             |

|   | The Company periodically reviews the original estimated useful lives of long-lived assets and makes adjustments when appropriate. Intangible assets with finite useful lives are tested for impairment whenever events or changes in circumstances indicate that an asset’s carrying amount may not be recoverable. The Company evaluates its intangible assets for impairment by comparing the future undiscounted cash flows of the underlying assets to their respective carrying amounts.Convertible loanThe Company’s convertible loan has non-detachable conversion feature, that were in-the-money with a beneficial conversion feature as of the commitment date. At issuance, the Company values separately the beneficial conversion features in convertible loan. Beneficial conversion feature is recognized by allocating to additional paid-in capital of the net proceeds from the sale of the convertible loan equal to the intrinsic value of the beneficial conversion feature.  Intrinsic value is calculated as the difference, as of the commitment date, between the conversion price of the convertible loan and the closing price of the Company’s common stock on the OTCBB, multiplied by the number of shares of the Company’s common stock into which the convertible loan is convertible. If the intrinsic value of the beneficial conversion feature is greater than the net proceeds allocated to the convertible loan, the amount of the discount assigned to the beneficial conversion feature is limited to the amount of the proceeds.  Interest expense is recognized using the effective interest method, meaning that any premium or discount upon issuance is amortized over the life of the instrument. See also Notes 4 and 9 for an update.Cash and cash equivalentsCash and cash equivalents include all cash, deposits in banks and other highly liquid investments with initial maturities of three months or less to be cash equivalents.  As of December 31, 2010, all the cash is denominated in United States Dollars and as of December 31, 2009, almost all the cash and cash equivalents were denominated in Renminbi (“RMB”) and were placed with banks in the PRC. They are not freely convertible into foreign currencies and the remittance of these funds out of the PRC is subject to exchange control restrictions imposed by the PRC government.Impairment of long-lived assetsLong-lived assets are tested for impairment whenever events or changes in circumstances indicate that the carrying amount of the assets may not be recoverable.  The Company recognizes impairment of long-lived assets in the event that the net book values of such assets exceed the future undiscounted cash flows attributable to such assets.  During the reporting years, the Company has not identified any indicators that would require testing for impairment. |
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| 2. | Summary of significant accounting policies (Cont’d) |
|----|-----------------------------------------------------------|

|   | Revenue recognitionThe Company generates revenue from sales of extracts from tobacco leaves residues. Revenue is recognized when products are delivered and the customer takes ownership and assumes risk of loss, collection of the relevant receivable is probable, persuasive evidence of an arrangement exists and the sales price is fixed or determinable.Deferred revenueDeferred revenue represents subsidy income received from the government.  It mainly consisted of receipt of granted funds to subsidize the Company’s research and development activities and recognized as income when the relevant criteria are met.Cost of salesCost of sales consists primarily of materials costs, freight charges, purchasing and receiving costs, inspection costs, wages, employee compensation, depreciation and related costs, which are directly attributable to the production of products.ExpensesExpenses include administrative, selling expenses, research and development expenses. Selling expenses mainly consist of advertising, commission, entertainment, salaries, and traveling expense which are incurred during the selling activities. Research and development expenses are charged to expense as incurred.Stock-based compensationThe Company follows the provisions of ASC Topic 718 formerly SFAS No. 123R, “Share-Based Payment”, which requires the use of the fair value method of accounting for share-based compensation. Under the fair value based method, compensation cost related to employee stock options or similar equity instruments which are equity-classified awards, is measured at the grant date based on the value of the award and is recognized over the requisite service period, which is usually the vesting period. ASC Topic 718 also requires measurement of cost of a liability-classified award based on its current fair value.The fair value of warrants granted is determined using the Black-Scholes model. Under this model, certain assumptions, including the risk-free interest rate, the expected life of the warrants and the estimated fair value of the Company’s common stock and the expected volatility, are required to determine the fair value of the warrants. If different assumptions had been used, the fair value of the warrants would have been different from the amount the Company computed and recorded, which would have resulted in either an increase or decrease in the compensation expense.Income taxesThe Company uses the asset and liability method of accounting for income taxes pursuant to ASC Topic 740 formerly FAS No. 109, “Accounting for Income Taxes”. Under the asset and liability method of SFAS 109, deferred tax assets and liabilities are recognized for the future tax consequences attributable to temporary differences between the financial statements carrying amounts of existing assets and liabilities and loss carry forwards and their respective tax bases.  Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. |
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| 2. | Summary of significant accounting policies (Cont’d) |
|----|-----------------------------------------------------------|

|   | Off-balance sheet arrangementsThe Company does not have any off-balance sheet arrangements.Basic and diluted earnings per shareThe Company reports basic earnings per share in accordance with ASC Topic 260 formerly SFAS No. 128, “Earnings Per Share”.  Basic earnings per share are computed using the weighted average number of shares outstanding during the periods presented.  The weighted average number of shares of the Company represents the common stock outstanding during the reporting periods.Diluted earnings per share are computed using the sum of weighted average number of shares outstanding and dilutive potential shares and warrants outstanding during the periods presented. During the year ended December 31, 2010, there is an anti dilutive effect on the earnings per share.Comprehensive incomeThe Company has adopted ASC Topic 220 formerly SFAS No. 130, “Reporting Comprehensive Income”, which establishes standards for reporting and display of comprehensive income, its components and accumulated balances.  Components of comprehensive income include net income and foreign currency translation adjustments.Foreign currency translationAs of December 31, 2010, the Company no longer maintains the financial statements in Renminbi, the functional currency. All the monetary assets and liabilities are denominated in United States Dollars.  Recently issued accounting pronouncementsIn January 2010, the FASB has published ASU 2010-01 “Equity (Topic 505) - Accounting for Distributions to Shareholders with Components of Stock and Cash—a consensus of the FASB Emerging Issues Task Force,” as codified in ASC 505, ASU No. 2010-01 clarifies the treatment of certain distributions to shareholders that have both stock and cash components. The stock portion of such distributions is considered a share issuance that is reflected in earnings per share prospectively and is not a stock dividend. The amendments in this Update are effective for interim and annual periods ending on or after December 15, 2009, and should be applied on a retrospective basis. Early adoption is permitted. The adoption of this standard did not have an impact on the Company’s consolidated financial position and results of operations.In January 2010, the FASB has published ASU 2010-02 “Consolidation (Topic 810) - Accounting and Reporting for Decreases in Ownership of a Subsidiary—a Scope Clarification,” as codified in ASC 810, “Consolidation.” ASU No. 2010-02 applies retrospectively to April 1, 2009. This ASU clarifies the applicable scope of ASC 810 for a decrease in ownership in a subsidiary or an exchange of a group of assets that is a business or nonprofit activity. The ASU also requires expanded disclosures. The amendments in this Update are effective for interim and annual periods ending on or after December 15, 2009, and should be applied on a retrospective basis. The adoption of this standard is not expected to have any impact on the Company’s consolidated financial position and results of operations. |
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| 2. | Summary of significant accounting policies (Cont’d) |
|----|-----------------------------------------------------------|

|   | In January 2010, the FASB has published ASU 2010-06 “Fair Value Measurements and Disclosures (Topic 820): - Improving Disclosures about Fair Value Measurements. ASU No. 2010-06 clarifies improve disclosure requirement related to fair value measurements and disclosures – Overall Subtopic (Subtopic 820-10) of the FASB Accounting Standards Codification. The new disclosures and clarifications of existing disclosures are effective for interim and annual reporting periods beginning after December 15, 2009, except for the disclosure about purchase, sales, issuances, and settlement in the roll forward of activity in Level 3 fair value measurements.  Those disclosures are effective for fiscal years beginning after December 15, 2010, and for interim periods within those fiscal years. The amendments in this update are effective for interim and annual periods ending on or after December 15, 2009, and should be applied on a retrospective basis. The adoption of this standard is not expected to have a material impact on the Company’s consolidated financial position and results of operations.In March 2010, the FASB issued Accounting Standard Update No. 2010-11 “Derivatives and Hedging” (Topic 815). ASU No. 2010-11 update provides amendments to subtopic 815-15, Derivatives and hedging. The amendments clarify about the scope exception in paragraph 815-10-15-11 and section 815-15-25 as applicable to the embedded credit derivatives. The ASU is effective on the first day of the first fiscal quarter beginning after June 15, 2010. Therefore, for a calendar-year-end entity, the ASU becomes effective on July 1, 2010. Early application is permitted at the beginning of the first fiscal quarter beginning after March 5, 2010. The adoption of this guidance has not had and is not expected to have a material impact on the Company’s consolidated financial statements.In April 2010, the FASB issued Accounting Standard Update No. 2010-12. “Income Taxes” (Topic 740). ASU No.2010-12 amends FASB Accounting Standard Codification subtopic 740-10 Income Taxes to include paragraph 740-10-S99-4. On March 30, 2010 The President signed the Health Care & Education Affordable Care Act reconciliation bill that amends its previous Act signed on March 23, 2010. FASB Codification topic 740, Income Taxes, requires the measurement of current and deferred tax liabilities and assets to be based on provisions of enacted tax law. The effects of future changes in tax laws are not anticipated.” Therefore, the different enactment dates of the Act and reconciliation measure may affect registrants with a period-end that falls between March 23, 2010 (enactment date of the Act), and March 30, 2010 (enactment date of the reconciliation measure). However, the announcement states that the SEC would not object if such registrants were to account for the enactment of both the Act and the reconciliation measure in a period ending on or after March 23, 2010, but notes that the SEC staff “does not believe that it would be appropriate for registrants to analogize to this view in any other fact patterns.” The adoption of this guidance has not had and is not expected to have a material impact on the Company’s consolidated financial statements.In April 2010, the FASB issued Accounting Standard Update No. 2010-13 “Stock Compensation” (Topic 718). ASU No.2010-13 provides amendments to Topic 718 to clarify that an employee share-based payment award with an exercise price denominated in the currency of a market in which a substantial portion of the entity's equity securities trades should not be considered to contain a condition that is not a market, performance, or service condition. Therefore, an entity would not classify such an award as a liability if it otherwise qualifies as equity. The amendments in this Update are effective for fiscal years, and interim periods within those fiscal years, beginning on or after December 15, 2010. The amendments in this Update should be applied by recording a cumulative-effect adjustment to the opening balance of retained earnings. The cumulative-effect adjustment should be calculated for all awards outstanding as of the beginning of the fiscal year in which the amendments are initially applied, as if the amendments had been applied consistently since the inception of the award. The cumulative-effect adjustment should be presented separately. Earlier application is permitted. The adoption of this guidance has not had and is not expected to have a material impact on the Company’s consolidated financial statements. |
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| 2. | Summary of significant accounting policies (Cont’d) |
|----|-----------------------------------------------------------|

|   | In April 2010, the FASB issued Accounting Standard Update No. 2010-17. “Revenue Recognition-Milestone Method” (Topic 605) ASU No.2010-17 provides guidance on defining a milestone and determining when it may be appropriate to apply the milestone method of revenue recognition for research or development transactions. An entity often recognizes these milestone payments as revenue in their entirety upon achieving a specific result from the research or development efforts. A vendor can recognize consideration that is contingent upon achievement of a milestone in its entirety as revenue in the period in which the milestone is achieved only if the milestone meets all criteria to be considered substantive. Determining whether a milestone is substantive is a matter of judgment made at the inception of the arrangement. The ASU is effective for fiscal years and interim periods within those fiscal years beginning on or after June 15, 2010. Early application is permitted. Entities can apply this guidance prospectively to milestones achieved after adoption. However, retrospective application to all prior periods is also permitted. The adoption of this guidance has not had and is not expected to have a material impact on the Company’s consolidated financial statements.In April 2010, the FASB issued Accounting Standard Update No. 2010-18. “Receivables” (Topic 310). ASU No.2010-18 provides guidance on accounting for acquired loans that have evidence of credit deterioration upon acquisition. Paragraph 310-30-15-6 allows acquired assets with common risk characteristics to be accounted for in the aggregated as a pool. Upon establishment of the pool, the pool becomes the unit of accounting. When loans are accounted for as a pool, the purchase discount is not allocated to individual loans; thus all of the loans in the pool accrete at a single pool rate (based on cash flow projections for the pool). Under subtopic 310-30, the impairment analysis also is performed on the pool as a whole as opposed to each individual loan. Paragraphs 310-40-15-4 through 15-12 establish the criteria for evaluating whether a loan modification should be classified as a troubled debt restructuring. Specifically paragraph 310-40-15-5 states that “a restructuring of a debt constitutes a troubled debt restructuring for purposes of this subtopic if the creditor for economic or legal reasons related to the debtor’s financial difficulties grants a concession to the debtor that it would not otherwise consider.” The ASU is effective for modification of loans accounted for within pools under subtopic 310-30 occurring in the first interim or annual period ending on or after July 15, 2010. The amendments are to be applied prospectively. Early application is permitted. The adoption of this guidance has not had and is not expected to have a material impact on the Company’s consolidated financial statements.In July 2010, the FASB issued Accounting Standard Update No. 2010-20 (ASU No. 2010-20) “Receivables” (Topic 310).  ASU No. 2010-20 provides financial statement users with greater transparency about an entity’s allowance for credit losses and the credit quality of its financing receivables.  This update is intended to provide additional information to assist financial statement users in assessing an entity’s credit risk exposures and evaluating the adequacy of its allowance for credit losses.  The amendments in this update apply to both public and nonpublic entities with financing receivables, excluding short-term trade accounts receivable or receivables measured at fair value or lower of cost or fair value.  The objective of the amendments in ASU No. 2010-20 is for an entity to provide disclosures that facilitate financial statement users’ evaluation of (1) the nature of credit risk inherent in the entity’s portfolio of financing receivables, (2) How that risk is analyzed and assessed in arriving at the allowance for credit losses and (3) The changes and reasons for those changes in the allowance for credit losses.  The entity must provide disclosures about its financing receivables on a disaggregated basis.  For public entities ASU No. 2010-20 is effective for interim and annual reporting periods ending on or after December 15, 2010.  For nonpublic entities ASU No. 2010-20 will become effective for annual reporting periods ending on or after December 15, 2011.  The Company is evaluating the impact ASU No. 2010-20 will have on the financial statements. |
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| 2. | Summary of significant accounting policies (Cont’d) |
|----|-----------------------------------------------------------|

|   | In August 2010, the FASB issued Accounting Standard Updates No. 2010-21 (ASU No. 2010-21) “Accounting for Technical Amendments to Various SEC Rules and Schedules” and No. 2010-22 (ASU No. 2010-22) “Accounting for Various Topics – Technical Corrections to SEC Paragraphs”.  ASU No 2010-21 amends various SEC paragraphs pursuant to the issuance of Release no. 33-9026: Technical Amendments to Rules, Forms, Schedules and Codification of Financial Reporting Policies.  ASU No. 2010-22 amends various SEC paragraphs based on external comments received and the issuance of SAB 112, which amends or rescinds portions of certain SAB topics.  Both ASU No. 2010-21 and ASU No. 2010-22 are effective upon issuance.  The amendments in ASU No. 2010-21 and No. 2010-22 will not have a material impact on the Company’s financial statements.In September 2010, the FASB issued Accounting Standard Update No. 2010-25 (ASU No. 2010-25) “Defined Contribution Pension Plans” (Topic 962).  ASU No. 2010-25 clarifies how loans to participants should be classified and measured by defined contribution pension benefits.  The amendments in ASU No. 2010-25 affect any defined contribution pension plan that allows participant loans.  The amendments in ASU No. 2010-25 require that participant loans be classified as notes receivable from participants, which are segregated from plan investments and measured at their unpaid principal balance plus any accrued but unpaid interest.  ASU No. 2010-25 is effective for fiscal years ending after December 15, 2010 and should be applied retrospectively to all prior periods presented.  Early adoption is permitted. The adoption of this guidance has not had and is not expected to have a material impact on the Company’s consolidated financial statements.In October 2010, the FASB issued Accounting Standard Update No. 2010-26 (ASU No. 2010-26) “Accounting for Costs Associated with Acquiring or Renewing Insurance Contracts.”  ASU No. 2010-26 addresses diversity in practice regarding the interpretation of which costs relating to the acquisition of new or renewal insurance contracts qualify for deferral.  Costs that meet the definition of acquisition costs, as stated in the Master Glossary of the FASB Accounting Standards Codification, are typically recognized as assets and are commonly referred to as deferred acquisition costs.  The amendments in this update affect insurance entities that are within the scope of Topic 944 Financial Services – Insurance (which includes but is not limited to stock life insurance entities, mutual life insurance entities, and property and liability insurance entities), that incur costs in the acquisition of new and renewal insurance contracts.  The amendments in this update are effective for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2011.  The amendments in this update should be applied prospectively upon adoption.  Retrospective application to all prior periods presented upon the date of adoption also is permitted, but not required.  Early adoption is permitted, but only at the beginning of an entity’s annual reporting period.  The adoption of this guidance has not had and is not expected to have a material impact on the Company’s consolidated financial statements. |
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| 2. | Summary of significant accounting policies (Cont’d) |
|----|-----------------------------------------------------------|

|   | In December 2010, the FASB issued Accounting Standard Update No. 2010-28 (ASU No. 2010-28) “Intangibles – Goodwill and Other (Topic 350).”  ASU No. 2010-28 addresses questions about entities with reporting units with zero or negative carrying amounts because some entities concluded that Step 1 of the goodwill impairment test, as stated in Topic 350, is passed in those circumstances because the fair value of their reporting unit will generally be greater than zero.  The amendments in this update do not provide guidance on how to determine the carrying amount or measure the fair value of the reporting unit.  The amendments in this update modify Step 1 of the goodwill impairment test for reporting units with zero or negative carrying amounts.  For public entities, the amendments in this update are effective for fiscal years, and interim periods within those years, beginning after December 15, 2010.  Early adoption is permitted.  For nonpublic entities, the amendments are effective for fiscal years, and interim periods within those years, beginning after December 15, 2011.  Nonpublic entities may early adopt the amendments using effective date for public entities. The adoption of this guidance has not had and is not expected to have a material impact on the Company’s consolidated financial statements. In December 2010, the FASB issued Accounting Standard Update No. 2010-29 (ASU No. 2010-29) “Business Combinations (Topic 805).”  ASU No. 2010-29 addresses the diversity in practice about the interpretation of the pro forma revenue and earnings disclosure requirements for business combinations.  The amendments in this update specify that if a public entity presents comparative financial statements, the entity should disclose revenue and earnings of the combined entity as though the business combination(s) that occurred during the current year had occurred as of the beginning of the comparable prior annual reporting period only.  The amendments in this update also expand the supplemental pro forma disclosures under Topic 805 to include a description of the nature and amount of material, nonrecurring pro forma adjustments directly attributable to the business combination included in the reported pro forma revenue and earnings.  The amendments in this update are effective prospectively for business combinations for which the acquisition date is on or after the beginning of the first annual reporting period beginning on or after December 15, 2010.  Early adoption is permitted.  The adoption of this guidance has not had and is not expected to have a material impact on the Company’s consolidated financial statements.Other ASUs not effective until after December 31, 2010, are not expected to have a significant effect on the Company’s consolidated financial position or results of operations. |
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| 3. | Finance costs |
|----|---------------|

|                          |   | Twelve months ended |   |
|-------------------------------|--------|---------------------|--------|
|                          |   | December 31         |   |
|                          |   | 2010                |   |   | 2009 |   |
|                          |   |                |   |   |   |   |
| Amortization of loan discount |   | $                   | 41,250 |   |   | $ | 55,000 |   |
| Interest on convertible loan  |   |                | 17,500 |   |   |   | - |   |
|                          |   |                |   |   |   |   |   |   |
|                          |   | $                   | 58,750 |   |   | $ | 55,000 |   |

|   | During the twelve months ended December 31, 2010 and 2009, loan interest expenses payable to a related company were $17,500 and $0 respectively. |
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| 4. | Discontinued operations |
|----|-------------------------|

|   | On December 20, 2010, ONE delivered written notice to the Company that ONE elected to exercise the option that was granted pursuant to the Option Agreement dated April 14, 2010, to acquire 100% of the stock of Elevated Throne and in consideration therefore, ONE agreed to (i) convert the $1,700,000 loan ONE made to Elevated Throne on or about January 19, 2010, into an equity investment in Elevated Throne, (ii) convert the $300,000 loan ONE made to the Company on or about September 1, 2009, into a $300,000 equity investment in Elevated Throne, (iii) cancel the Convertible Note Purchase Agreement between the Company and ONE dated on or about September 1, 2009, and (iv) cancel the 10% Convertible Bridge Loan Note Due September 1, 2010, in the principal amount of $300,000 from ONE to the Company. |
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|   | Also, on December 20, 2010, ONE, as the owner of 92.5% of the outstanding common stock of the Company, by Majority Shareholder Written Consent in Lieu of a Special Meeting of Stockholders approved, authorized, and ratified the transaction contemplated by the Option Agreement and the exercise by ONE of the option as described above retroactive as of April 14, 2010.An analysis of income from discontinued operations is summarized as follows: |
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|                                |   | Year ended December 31, |           |
|-------------------------------------|--------|-------------------------|----------------|
|                                |   | 2010                    |           |   | 2009 |   |
| Sales revenue                       |   | $                       | 3,259,429      |   |   | $ | 13,297,616 |   |
| Cost of sales                       |   |                    | (1,469,280     | ) |   |   |  (5,553,342 | ) |
| Gross profit                        |   |                    | 1,790,149      |   |   |   |  7,744,274 |   |
| Expenses                            |   |                    |  587,101  |   |   |   |  1,808,047 |   |
| Income before tax                   |   |                    | 1,203,048      |   |   |   |  5,936,227 |   |
| Income taxes                        |   |                    |  (253,853 | ) |   |   | (1,493,555 | ) |
| Income from discontinued operations |   | $                       | 949,195        |   |   | $ | 4,442,672 |   |

|   | (i) Defined contribution planPursuant to the relevant PRC regulations, the Company is required to make contributions at a rate of 29% of the average salaries for the latest fiscal year-end of Fujian Province to a defined contribution retirement scheme organized by a state-sponsored social insurance plan in respect of the retirement benefits for the Company's employees in the PRC. The only obligation of the Company with respect to retirement scheme is to make the required contributions under the plan.  No forfeited contribution is available to reduce the contribution payable in the future years.  The defined contribution plan contributions were charged to expenses.The Company contributed $30,121 and $47,803 to the scheme for the twelve months ended December 31, 2010 and 2009 respectively.  (ii) Income taxesUnited StatesThe Company is subject to the United States of America Tax law at tax rate of approximately 40%.  No provision for the US federal income taxes has been made as the Company had no taxable income in this jurisdiction for the reporting years.BVIElevated Throne was incorporated in the BVI and, under the current laws of the BVI, is not subject to income taxes.PRCThe PRC’s legislative body, the National People’s Congress, adopted the unified Corporate Income Tax Law on March 16, 2007. This new tax law replaces the existing separate income tax laws for domestic enterprises and foreign-invested enterprises and became effective on January 1, 2008.  Under the new tax law, a unified income tax rate is set at 25% for both domestic enterprises and foreign-invested enterprises. |
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|   | Accordingly, the PRC entities are subject to PRC enterprise income tax at the rate of 25% on their assessable profits during each twelve month period ending December 31.The components of the provision for income taxes are: |
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|                |   | Year ended December 31, |    |
|---------------------|--------|-------------------------|---------|
|                |   | 2010                    |    |   | 2009 |   |
|                |   |                    |    |   |   |   |
| Current taxes - PRC |   | $                       | 237,490 |   |   | $ | 1,403,897 |   |
| Deferred taxes      |   |                    | 16,363  |   |   |   | 89,658 |   |
|                |   |                    |    |   |   |   |   |   |
|                |   | $                       | 253,853 |   |   | $ | 1,493,555 |   |

|   | The following table reconciles the Group’s effective tax rate: |
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| PRC income taxes     |   |   | 25   | %                       |   |   | 25   | % |
|------------------------------------------|--------|--------|------|---------------------------------------------------------------------------------------------------------------------------------------|--------|--------|------|---|
| Local income tax adjustment              |   |   | (3.9 | )%                                                                                                                                    |   |   | 0.2  | % |
| Effective income tax rates     |   |   | 21.1 | %                                                                                                                                     |   |   | 25.2 | % |

| 5. | Earnings per share |
|----|--------------------|

|   | The basic and diluted earnings per share are calculated using the net (loss) income attributable to common stock and the weighted average number of shares outstanding during the reporting years. All share and per share data have been adjusted to reflect the recapitalization of the Company in the RTO.The diluted earnings per share for the fiscal year ended December 31, 2010 is anti dilutive. For year ended December 31, 2009, the diluted earnings is calculated based on the net income attributable to common stock for the year and the weighted average number of 17,289,953 shares which includes the adjustment for the preferred shares outstanding of 5,101 convertible into common shares of 5,101,000 and the conversion of warrants into common stock in the last quarter of 2009. |
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| 6. | Available-for-sale securities |
|----|-------------------------------|

|   | On April 14, 2010, the Preferred Share Purchase Agreement made effective as of June 17, 2009, between the Company and ONE was cancelled, As a result, ONE returned to the Company the 5,101 shares of Green Planet preferred stock that were issued to ONE pursuant to the Preferred Share Purchase Agreement, and the Company returned to ONE the 200,962 shares of ONE’s common stock that was issued to the Company pursuant to the Preferred Share Purchase Agreement. |
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| 7. | Assets held for resale and liabilities associated with assets held for resale |
|----|-------------------------------------------------------------------------------|

|   | The carrying amounts of assets held for resale and liabilities associated with assets held for resale comprises the following: |
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|                                          |   | December 31,2010 |   |   | December 31,2009 |   |
|-----------------------------------------------|--------|------------------|--------|--------|------------------|--------|
| Cash and cash equivalents                     |   | $                | -      |   |             | $      | 791,107 |   |
| Receivables, net                              |   |             | -      |   |             |   | 5,078,734 |   |
| Inventory                                     |   |             | -      |   |             |   | 1,203,490 |   |
| Deferred taxes                                |   |             | -      |   |             |   | 99,542 |   |
| Prepaid and other receivables                 |   |             | -      |   |             |   | 815,781 |   |
| Prepayments of operating leases               |   |             | -      |   |             |   | 9,502,044 |   |
| Property, plant and equipment, net            |   |             | -      |   |             |   | 3,507,538 |   |
| Land use rights                               |   |             | -      |   |             |   | 1,000,428 |   |
| Intangible assets                             |   |             | -      |   |             |   | 681,315 |   |
| Deposits for acquisition of intangible assets |   |             | -      |   |             |   | 161,151 |   |
| Total assets                                  |   | $                | -      |   |             | $      | 22,841,130 |   |
| Accounts payable                              |   | $                | -      |   |             | $      | 487,912 |   |
| Other payables and accrued liabilities        |   |             | -      |   |             |   | 541,371 |   |
| Amounts due to a related party                |   |             | -      |   |             |   | 316,189 |   |
| Amount due to a stockholder                   |   |             | -      |   |             |   | 34,528 |   |
| Deferred taxes                                |   |             | -      |   |             |   | 148,581 |   |
| Secured loans from a financial institution    |   |             | -      |   |             |   | 1,860,561 |   |
| Income tax payable                            |   |             | -      |   |             |   | 611,745 |   |
| Deferred revenue                              |   |             | -      |   |             |   | 62,995 |   |
| Total liabilities                             |   | $                | -      |   |             | $      | 4,063,882 |   |

|   | (i) Inventory |
|--------|---------------|

|             |   | December 31,2010 |   |   | December 31,2009 |   |
|------------------|--------|------------------|--------|--------|------------------|--------|
| Raw materials    |   | $                | -      |   |             | $      | 124,132 |   |
| Work-in-progress |   |             | -      |   |             |   | 1,022,630 |   |
| Finished goods   |   |             | -      |   |             |   | 56,728 |   |
|             |   | $                | -      |   |             | $      | 1,203,490 |   |

|   | (ii) Deferred taxes |
|--------|---------------------|

|   | Deferred tax assets and liabilities as of December 31, 2010 and 2009 comprised the following: |
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|                                          |   | December 31, |   |   | December 31, |   |
|-----------------------------------------------|--------|--------------|--------|--------|--------------|--------|
|                                          |   | 2010         |   |   | 2009         |   |
| The PRC                                       |   |         |   |   |         |   |
| Deferred tax assets:                          |   |         |   |   |         |   |
| Decelerated amortization of intangible assets |   | $            | -      |   |         | $      | 23,074 |   |
| Provision of expenses                         |   |         | -      |   |         |   | 76,468 |   |
| Deferred tax liabilities:                     |   | $            | -      |   |         | $      | 99,542 |   |
| Rental expenses capitalized in inventory      |   |         |   |   |         |   |   |   |
|                                          |   | $            |   |   |         | $      | (148,581) |   |

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|   | (iii) Prepayments of operating lease |
|--------|--------------------------------------|

|   | There were no amounts for prepayments of operating lease as of December 31, 2010. The prepayments of $9.5 million as of December 31, 2009 represent the carrying value of two land leases arrangements with the Forestry Bureau of Sanming City. |
|--------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (iv) Property, plant and equipment, net |
|--------|-----------------------------------------|

|                     |   | December 31,  |   |   | December 31,  |   |
|--------------------------|--------|--------------------|--------|--------|--------------------|--------|
| Cost:                    |   |               |   |   |               |   |
| Buildings                |   | $                  | -      |   |               | $      | 1,926,273 |   |
| Plant and machinery      |   |               | -      |   |               |   | 1,245,877 |   |
| Office equipment         |   |               | -      |   |               |   | 110,816 |   |
| Motor vehicles           |   |               | -      |   |               |   | 108,579 |   |
|                     |   |               | -      |   |               |   | 3,391,545 |   |
| Accumulated depreciation |   |               | -      |   |               |   | (769,751 | )  |
|                     |   |               | -      |   |               |   | 2,621,794 |   |
| Construction in progress |   |               | -      |   |               |   | 885,744 |   |
| Net                      |   | $                  | -      |   |               | $      | 3,507,538 |   |

|   | Construction in progress mainly comprises capital expenditure for construction of the Company’s new office and machinery.As of December 31, 2009, certain property, plant and equipment of net book value of $1.6 million have been pledged for the loans granted to the Company. The loans have since been repaid in 2010 and the pledge is no longer in effect. During the reporting years, depreciation is included under discontinued operations in: |
|--------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|          |   | Twelve months ended |   |
|---------------|--------|---------------------|--------|
|          |   | December 31         |   |
|          |   | 2010                |   |   | 2009 |   |
| Cost of sales |   | $                   | 49,735 |   |   | $ | 131,156 |   |
| Expenses      |   |                | 25,494 |   |   |   | 92,833 |   |
| Total         |   | $                   | 75,229 |   |   | $ | 223,989 |   |

|   | (v) Land use rights |
|--------|---------------------|

|                     |   | December 31,2010 |   |   | December 31,2009 |   |
|--------------------------|--------|------------------|--------|--------|------------------|--------|
| Land use rights          |   | $                | -      |   |             | $      | 1,122,540 |   |
| Accumulated amortization |   |             | -      |   |             |   | (122,112 | )  |
|                     |   | $                | -      |   |             | $      | 1,000,428 |   |

|   | There were no land use rights as of December 31, 2010. The carrying amount of land use rights as of December 31, 2009 comprises two land use rights, which were acquired for building factories and offices, with carrying amounts of $92,638 and $907,790 respectively. |
|--------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

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|   | During the twelve months ended December 31, 2010 and 2009, amortization charge was $5,615 and $61,801 respectively and was included under discontinued operations in expenses. |
|--------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (vi) Intangible assets |
|--------|------------------------|

|                     |   | December 31,2010 |   |   | December 31,2009 |   |
|--------------------------|--------|------------------|--------|--------|------------------|--------|
| Technologies             |   | $                | -      |   |             | $      | 871,680 |   |
| Software                 |   |             | -      |   |             |   | 3,179 |   |
|                     |   |             | -      |   |             |   | 874,859 |   |
| Accumulated amortization |   |             | -      |   |             |   | (193,544 | )  |
| Net                      |   | $                | -      |   |             | $      | 681,315 |   |

|   | The technologies were purchased from third parties for producing products - Solanesol, Organic Green Barley Supplements (Paiqianshu) and Q10 Health Supplements. The application for related patent is in process and has been initially accepted by the relevant government department.During the years ended December 31, 2010 and 2009, amortization charge was $26,910 and $63,631 respectively. |
|--------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (vii) Other payables and accrued liabilities |
|--------|----------------------------------------------|

|                    |   | December 31, |   |   | December 31, |   |
|-------------------------|--------|--------------|--------|--------|--------------|--------|
|                    |   | 2010         |   |   | 2009         |   |
| Salaries payable        |   | $            | -      |   |         | $      | 71,337 |   |
| Other accrued expenses  |   |         | -      |   |         |   | 311,037 |   |
| Value-added tax payable |   |         | -      |   |         |   | 158,997 |   |
|                    |   | $            | -      |   |         | $      | 541,371 |   |

|   | (viii) Amount due to a stockholder |
|--------|------------------------------------|

|   | The amount due to a stockholder is interest-free, unsecured and repayable on demand. |
|--------|--------------------------------------------------------------------------------------|

|   | (ix) Secured loans from a financial institution |
|--------|-------------------------------------------------|

|   | As of December 31, 2010, there are no longer any loans secured with any lender. The Company’s loans as of December 31, 2009 in the total amount of $1,860,561 which carried interest at the annual rate of 7.434% have been duly paid off in 2010. As a result, the Company’s pledged plant, equipment, and land use rights are no longer in effect. |
|--------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 8.   | Amount due to a related party (including the amount reported under liabilities associated with assets held for resale) The amount is interest-free, unsecured and repayable on demand. |
|----------------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 9.   | Convertible loan payable As a result of the transaction as described under Note 4 discontinued operations, the convertible loan payable was cancelled |
|----------------|------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 10.   | Common stock and preferred stock |
|-----------------|----------------------------------|

----

|   | Common stockThe Company did not issue any common stock or warrants for the twelve months ended December 31, 2010. In addition, none of the warrants issued and outstanding were exercised during the same period. The par value of the Company’s common stock is $0.001 per share.Series A preferred stockThe Company is authorized under its Articles of Incorporation to issue 10,000,000 shares of Series A preferred stock with a par value of $0.001 per share. Each share of the Company’s preferred stock provided the holder with the right to vote 1,000 votes on all matters submitted to a vote of the shareholders of the Company and be convertible into 1,000 shares of the Company’s common stock. The preferred stock is non-participating and carries no dividend. |
|--------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 11.   | Statutory reserve |
|-----------------|-------------------|

|   | The Company’s statutory reserve as of December 31, 2010 and December 31, 2009 is $0 and $1.3 million respectively. The balance as of December 31, 2009 comprise statutory reserve fund of Sanming Huajian. In accordance with the relevant laws and regulations of the PRC, Sanming Huajian and Fujian Green Planet are required to set aside at least 10% of their after-tax net profit each year, if any, to fund the statutory reserve until the balance of the reserve reaches 50% of their respective registered capital. The statutory reserve is not distributable in the form of cash dividends and can be used to make up cumulative prior years’ losses. |
|--------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 12.   | Stock-based compensation |
|-----------------|--------------------------|

|   | There was no non-cash stock-based compensation recognized for the twelve months ended December 31, 2010. For the twelve months period ended December 31, 2009, the Company recognized total non-cash stock-based compensation of $13,130 in connection with 404,000 shares of common stocks issued to several management personnel of the Company in return for their services rendered.The Company granted certain consultants warrants to purchase in aggregate 5,578,333 shares of its common stock in year 2008. The exercise price of 4,718,333 warrants granted in October 2008 is $0.001 while the remaining 860,000 warrants granted in December 2008 is $0.01. All warrants were fully vested on the date of grant and will expire in 5 years from the respective date of grant. In 2009, all the warrants were either exercised or cancelled except 152,599 warrants.There were no warrants activity during the twelve months ended December 31, 2010. See below chart referencing outstanding warrants as of December 31, 2010. |
|--------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|           |   |           |   |   | Number of warrants                |   |
|----------------|--------|----------------|--------|--------|-----------------------------------|--------|
| Month of grant |   | Exercise price |   |   | Outstanding as of January 1, 2010 |   |   | Exercised |   |   | Granted/forfeited/cancelled |   |   | Outstandingas ofDecember31, 2010 |   |
| October 2008   |   | $              | 0.001  |   |                              |   | 152,599 |   |   |   | - |   |   |   | - |   |   |   | 152,599 |   |

| 13.   | Commitments and contingencies |
|-----------------|-------------------------------|

| (a)   | Capital commitments |
|-----------------|---------------------|

| (i)   | As of December 31, 2010 and December 31, 2009, the Company had capital commitment of $0 and $261,117 respectively in respect of the acquisition of property, plant and equipment that were contracted but not provided for in the financial statements. |
|-----------------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

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| (ii)   | As of December 31, 2010 and December 31, 2009, the Company had capital commitment of $0 and $161,151 respectively in respect of the acquisition of intangible assets that were contracted but not provided for in the financial statements.  The deposits for the acquisition of intangible assets reported under assets held for resale represent prepayments to certain academic institutions to acquire new technologies, which are still in progress and not ready for use at the respective balance sheet dates. The amounts will be transferred to intangible assets reported under assets held for resale, for amortization upon completion of the development. |
|------------------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (b)   | Operating lease arrangements  As of December 31, 2010, the Company has no longer any operating leases for its office premises and lands. |
|-----------------|-----------------------------------------------------------------------------------------------------------------------------------------------|

| 14.   | Segment information |
|-----------------|---------------------|

|   | Segment information reporting under SFAS 131 “Disclosures about Segments of an Enterprise and Related Information” for the Company is no longer applicable as the Company has transferred all its business units pursuant to the transaction as fully described under Note 4 above. |
|--------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 15.   | Related party transactions |
|-----------------|----------------------------|

|   | Apart from the transactions as disclosed in Notes 3, 4 and 9 above, during the twelve months ended December 31, 2010 and 2009, the Company paid rental expenses of $4,711 and $4,709 respectively to an entity in which a shareholder, who is also the Chief Executive Officer and Director of the Company, has a beneficial interest. |
|--------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 16.   | Subsequent event  None. |
|-----------------|------------------------------|

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