x
|
QUARTERLY
REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF
1934
|
o
|
TRANSITION
REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF
1934
|
Delaware
(State
of incorporation)
|
20-1198142
(I.R.S.
Employer Identification No.)
|
Large
accelerated filer o
|
Accelerated
filer o
|
Non-accelerated
filer o
(Do not check if a smaller reporting company)
|
Smaller
reporting company x
|
Class
|
Outstanding
at November 12, 2010
|
|
Common
Stock, US$.001 par value per share
|
30,256,000
shares
|
Page
|
||||
Part
I: Financial Information
|
1 | |||
Item
1 -Financial Statements (unaudited)
|
1 | |||
Consolidated
Balance Sheets
|
1 | |||
Consolidated
Statements of Income and Comprehensive Income
|
2 | |||
Consolidated
Statements of Cash Flows
|
3 | |||
Notes
to Consolidated Financial Statements
|
4 | |||
Item
2 - Management’s Discussion and Analysis of Financial Condition and
Results of Operations
|
14 | |||
Item
3 - Quantitative and Qualitative Disclosures about Market
Risk
|
23 | |||
Item
4 - Controls and Procedures
|
23 | |||
Part
II. Other Information
|
25 | |||
Item
1 - Legal Proceedings
|
25 | |||
Item
1A - Risk Factors
|
25 | |||
Item
2 - Unregistered Sales of Equity Securities and Use of
Proceeds
|
25 | |||
Item
3 - Defaults Upon Senior Securities
|
25 | |||
Item
4 – Removed and Reserved
|
25 | |||
Item
5 – Other Information
|
25 | |||
Item
6 - Exhibits
|
25 | |||
Signatures
|
27 |
Item
1.
|
Financial
Statements
|
September
30,
2010
|
December 31,
2009
|
|||||||
ASSETS
|
||||||||
Current
assets
|
||||||||
Cash
and cash equivalents
|
$ | 4 | $ | 374 | ||||
Restricted
cash
|
4 | 4 | ||||||
Notes
Receivable
|
- | 2,779 | ||||||
Accounts
receivable
|
98,947 | 81,130 | ||||||
Trade
deposit paid, net
|
8,416 | 5,875 | ||||||
Other
current assets, net
|
28 | 29 | ||||||
Pledged
deposit
|
1,317 | 1,290 | ||||||
Total
current assets
|
108,716 | 91,481 | ||||||
Property,
plant and equipment, net
|
160 | 178 | ||||||
Deferred
tax asset
|
4,431 | 4,095 | ||||||
$ | 113,307 | $ | 95,754 | |||||
LIABILITIES
AND STOCKHOLDERS’ EQUITY
|
||||||||
Current
liabilities
|
||||||||
Short-term
bank loans
|
$ | 9,585 | $ | 9,390 | ||||
Short-term
loan payable
|
314 | 307 | ||||||
Accounts
payable
|
18,294 | 7,652 | ||||||
Accrued
expenses and other accrued liabilities
|
4,630 | 3,413 | ||||||
Due-to
Shareholders
|
697 | 611 | ||||||
Income
taxes payable
|
5,991 | 5,870 | ||||||
Other
taxes payable
|
25,018 | 21,423 | ||||||
Liabilities
for possible settlement to accounts payable
|
4,268 | 2,928 | ||||||
Non-Current
liabilities
|
||||||||
Trade
deposit received
|
1,902 | 1,884 | ||||||
Total
liabilities
|
70,699 | 53,478 | ||||||
Stockholders’
equity
|
||||||||
Preferred
stock, par value US$0.001; authorized 100,000,000 shares; none issued
Common
stock, par value US$0.001; authorized
100,000,000 shares; Issued
and outstanding 30,256,000 shares as of September 30, 2010 and December
31, 2009
|
30 | 30 | ||||||
Additional
paid-in capital
|
3,209 | 3,209 | ||||||
Unappropriated
retained earnings
|
1,042 | 1,042 | ||||||
Appropriated
retained earnings
|
31,778 | 32,363 | ||||||
Accumulated
other comprehensive income
|
6,549 | 5,632 | ||||||
Total
stockholders’ equity
|
42,608 | 42,276 | ||||||
$ | 113,307 | $ | 95,754 |
Three months ended
September
30,
|
Nine
months ended
September
30,
|
|||||||||||||||
2010
|
2009
|
2010
|
2009
|
|||||||||||||
Net
sales
|
$ | 5,907 | $ | 19,125 | $ | 19,971 | 62,181 | |||||||||
Cost
of sales
|
5,474 | 17,053 | 18,466 | 53,928 | ||||||||||||
Gross
profit
|
433 | 2,072 | 1,505 | 8,253 | ||||||||||||
Operating
expenses:
|
||||||||||||||||
Selling
expenses
|
21 | 40 | 83 | 213 | ||||||||||||
General
and administrative expenses
|
70 | 164 | 212 | 533 | ||||||||||||
Research
and development expenses
|
4 | 4 | 13 | 32 | ||||||||||||
Depreciation
and amortization
|
6 | 12 | 21 | 54 | ||||||||||||
Allowance
for doubtful accounts
|
- |
-
|
(251 | ) | - | |||||||||||
Total
Operating Expenses
|
101 | 220 | 78 | 832 | ||||||||||||
Income
from operations
|
332 | 1,852 | 1,427 | 7,421 | ||||||||||||
Other
income/(expenses)
|
||||||||||||||||
Interest
expense
|
(215 | ) | (270 | ) | (1,005 | ) | (758 | ) | ||||||||
Other
(expenses)/income, net
|
- | - | (1,252 | ) | 17 | |||||||||||
(Loss)/income
before income tax expense
|
117 | 1,582 | (830 | ) | 6,680 | |||||||||||
Income
tax (expenses)/benefit
|
||||||||||||||||
Current
tax expense
|
- | 212 | - | 868 | ||||||||||||
Deferred
taxes benefit
|
- |
-
|
245 | 0 | ||||||||||||
Net
(loss)/income
|
117 | 1,370 | (585 | ) | 5,812 | |||||||||||
Other
comprehensive income
|
||||||||||||||||
Foreign
currency translation adjustment
|
726 | 59 | 917 | 302 | ||||||||||||
Comprehensive
(loss)/income
|
$ | 843 | 1,429 | $ | 332 | 6,114 | ||||||||||
(Loss)/earnings
per share:
|
||||||||||||||||
Basic
and diluted
|
$ | 0.03 | $ | 0.05 | $ | 0.01 | $ | 0.2 | ||||||||
Weighted
average number of common shares outstanding – basic and
diluted
|
30,256,000 | 29,756,000 | 30,256,000 | 29,756,000 |
Nine
months ended September 30,
|
||||||||
2010
|
2009
|
|||||||
Cash
flows from operating activities
|
||||||||
Net
(loss)/income
|
$ | (585 | ) | $ | 5,812 | |||
Adjustments
to reconcile net (loss)/income to net cash used by operating
activities:
|
||||||||
Deferred
tax
|
(246 | ) | - | |||||
Depreciation
and amortization
|
21 | 54 | ||||||
Loss
due to liability for possible settlement to accounts
payable
|
1,257 | - | ||||||
Changes
in assets and liabilities:
|
||||||||
Accounts
receivable
|
(15,853 | ) | (11,114 | ) | ||||
Notes
receivable
|
2,787 | - | ||||||
Trade
deposits paid, net
|
(2,377 | ) | (13,363 | ) | ||||
Other
current assets, net
|
- | 41 | ||||||
Accounts
payable
|
10,315 | 7,769 | ||||||
Accrued
expenses, other accrued liabilities and other tax payable
|
4,312 | 9,443 | ||||||
Income
tax payable
|
-
|
832 | ||||||
Net
cash flows used by operating activities
|
(369 | ) | (526 | ) | ||||
Cash
flows from financing activities
|
||||||||
Proceeds
from banks and other loans
|
- | 2,821 | ||||||
Repayment
of bank loans
|
- | (2,689 | ) | |||||
Repayment
of mortgage loans
|
-
|
(12 | ) | |||||
Net
cash flows used by financing activities
|
- | 230 | ||||||
Net
change in cash and cash equivalents
|
(369 | ) | (296 | ) | ||||
Effect
of foreign exchange rate changes on cash and cash
equivalent
|
(1 | ) | 226 | |||||
Cash
and cash equivalents - beginning of period
|
374 | 102 | ||||||
Cash
and cash equivalents - end of period
|
$ | 4 | $ | 32 | ||||
Supplemental
disclosure for cash flow information
|
||||||||
Interest
paid
|
$ | - | $ | 43 | ||||
Income
taxes paid
|
$ | - | $ | 41 |
September 30,
2010
|
December 31,
2009
|
|||||||
(US$’000)
|
(US$’000)
|
|||||||
(Unaudited)
|
(Audited)
|
|||||||
Trade
deposits paid
|
$ | 8,545 | $ | 6,004 | ||||
Less:
allowance for doubtful accounts
|
(129 | ) | (129 | ) | ||||
Total
|
$ | 8,416 | $ | 5,875 |
September
30,
2010
|
December 31,
2009
|
|||||||
(US$’000)
|
(US$’000)
|
|||||||
(Unaudited)
|
(Audited)
|
|||||||
Other
current assets
|
$ | 1,822 | $ | 1,816 | ||||
Less:
allowance for doubtful accounts
|
(1,794 | ) | (1,787 | ) | ||||
Total
|
$ | 28 | $ | 29 |
September
30, 2010
|
December
31, 2009
|
|||||||
US$’000
|
US$’000
|
|||||||
(Unaudited)
|
(Audited)
|
|||||||
Moulds
|
4 | 4 | ||||||
Leasehold
improvements
|
131 | 131 | ||||||
Office
equipment
|
323 | 323 | ||||||
Motor
vehicles
|
303 | 303 | ||||||
761 | 761 | |||||||
Less:
Accumulated depreciation
|
(601 | ) | (583 | ) | ||||
160 | 178 |
At
September 30,
2010
|
Amount
(RMB’000)
|
Annual
interest
rate
|
Term
|
Guarantee
provided by
|
||||
(Unaudited)
|
||||||||
Loan
from Beijing Rural Commercial Bank
|
47,000
(US$7,017)
|
10.08%
|
From
September 28, 2008 to September 27, 2009
|
Director
Liu Yu; A guarantee company; pledged deposit of
US$1,290
|
||||
Loan
from Huaxia Bank
|
17,200
(US$2,568)
|
6.3720%
|
From
February 20,2009 to February 20, 2010
|
Director
Liu Yu; Two third party companies; Distributor
Xingwang.
|
||||
Total
|
64,200
(US$9,585)
|
At
December 31,
2009
|
Amount
(RMB’000)
|
Annual
interest
rate
|
Term
|
Guarantee
provided by
|
||||
Loan
from Beijing Rural Commercial Bank
|
47,000
(US$6,874)
|
10.08%
|
From
September 28, 2008 to September 27, 2009
|
Director
Liu Yu; A guarantee company; pledged deposit of
US$1,290
|
||||
Loan
from Huaxia Bank
|
17,200
(US$2,516)
|
6.3720%
|
From
February 20, 2009 to February 20, 2010
|
Director
Liu Yu; Two third party companies; Distributor
Xingwang.
|
||||
Total
|
64,200
(US$9,390)
|
|
(a)
|
Name
and relationship of shareholders
|
Related party
|
Relationship
|
|
Mr.
Liu Yu
|
Director
and shareholder of the Company
|
|
Mr.
Wang Xin
|
Shareholder
and former director of the Company (Resigned on March 27,
2009)
|
|
(b)
|
Summary
of balances due to shareholders and related party
transactions
|
September
30, 2010
|
December
31, 2009
|
|||||||
US$’000
|
US$’000
|
|||||||
(Unaudited)
|
(Audited)
|
|||||||
Due
to shareholders
|
||||||||
Mr.
Liu Yu
|
487 | 402 | ||||||
Mr.
Wang Xin
|
210 | 209 | ||||||
697 | 611 | |||||||
Bank
loans guaranteed by Mr. Liu Yu
|
9,585 | 9,390 |
(a)
|
Operating
lease commitments
|
|
(b)
|
Contingencies
|
Expected
dividend yield
|
-
|
|||
Expected
stock price volatility
|
85.07 | % | ||
Risk
free interest risk
|
3.61 | % | ||
Expected
life of share options
|
10
Years
|
Number
of
share
options
|
||||
(Unaudited)
|
||||
As
of January 1, 2010
|
614,000 | |||
Granted
|
- | |||
Exercised
|
- | |||
Cancelled/lapsed
|
- | |||
As
of September 30, 2010
|
614,000 |
Nine
months ended September 30,
|
||||||||
2010
|
2009
|
|||||||
(Unaudited)
|
(Unaudited)
|
|||||||
Numerator
used in basic net income per share:
|
||||||||
Net
(loss)/income
|
(332 | ) | 6,114 | |||||
|
||||||||
Shares
(denominator):
|
||||||||
Weighted
average common shares outstanding
|
29,756,000 | 29,756,000 | ||||||
Plus:
weighted average incremental shares from assumed exercise of
warrants
|
- | - | ||||||
Weighted
average common shares outstanding used in computing diluted net
income per common share
|
30,256,000 | 29,756,000 | ||||||
Earnings
per ordinary share-basic and diluted
|
$ | 0.01 | $ | 0.2 |
(a)
|
During
the nine months ended September 30, 2010 and 2009, the Company’s operating
revenue was mainly derived from two distributors. For nine months ended
September 30, 2010 and 2009, 93.31% and 90.44%, respectively, of total
revenue was derived from our largest distributor Xingwang. There were no
trade deposits received from Xingwang as of September 30, 2010 and 2009.
Accounts receivable from Xingwang were US$91,927 and US$75,616 as of
September 30, 2010 and December 31, 2009, respectively. As mentioned in
Note 5, “Accounts Receivable”, in the year 2008, a guarantee company
provided a guarantee of up to US$43,829 (RMB300 million) for the accounts
receivable from Xingwang for two years from the date they are due.
The agreement has been renewed and re-signed as of January 20,
2010, and the guaranteed period was extended to the year ended December
31, 2010.
|
(c)
|
Suppliers
accounting for over 10% of the Company’s purchases are as
follows:
|
Three
months ended September 30
|
Nine months
ended September 30
|
|||||||||||||||
2010
|
2009
|
2010
|
2009
|
|||||||||||||
%
|
%
|
%
|
%
|
|||||||||||||
(Unaudited)
|
(Unaudited)
|
(Unaudited)
|
(Unaudited)
|
|||||||||||||
Supplier
A
|
80 | % | 47 | % | 67 | % | 50 | % | ||||||||
Supplier
B
|
20 | % | 44 | % | 26 | % | 40 | % | ||||||||
Total
|
100 | 91 | 93 | 90 |
(c)
|
The
Company’s revenue for the nine months ended September 30, 2010 and 2009,
respectively, were all derived from the PRC. Geographical information of
the carrying amount of long-lived assets is as
follows:
|
30-Sept-10
|
31-Dec-09
|
|||||||
US$’000
|
US$’000
|
|||||||
(unaudited)
|
(audited)
|
|||||||
PRC
|
159 | 176 | ||||||
Hong
Kong
|
1 | 2 | ||||||
Total
long-lived assets
|
160 | 178 |
Item
2.
|
Management
Discussion and Analysis of Financial Conditions and Results of
Operations
|
|
1.
|
Safeguard
our traditional sales channels and explore the possibility of selling more
GSM cell phones in traditional markets. The Company will use
its key ability to create telephone models that respond precisely to
market opportunities to target customer
needs.
|
|
2.
|
Launch
our own 3G products while telecom carriers are promoting the commercial
use of 3G. Based on the relationships we have already built with the
telecom carriers, we believe the Company will be able to establish a
beneficial market share in this new era of the telecom
industry.
|
|
3.
|
Expand
our industrial structure by consummating certain acquisitions using funds
obtained from the capital markets in order to enhance our business
foundation and long-term
development.
|
Nine
months ended
|
Nine
months ended
|
|||||||||||||||||||||||
30-Sep-10
|
30-Sep-09
|
Comparison
|
||||||||||||||||||||||
US$’000
|
%
of Revenue
|
US$’000
|
%
of Revenue
|
US$’000
|
%
|
|||||||||||||||||||
Net
sales
|
19,971 | 100.00 | % | 62,181 | 100.00 | % | (42,210 | ) | (67.88 | )% | ||||||||||||||
Cost
of sales
|
18,466 | 92.46 | % | 53,928 | 86.73 | % | (35,462 | ) | (65.76 | )% | ||||||||||||||
Sales
expenses
|
83 | 0.42 | % | 213 | 0.34 | % | (130 | ) | (61.03 | )% | ||||||||||||||
General
& administrative expenses
|
212 | 1.06 | % | 533 | 0.86 | % | (321 | ) | (60.23 | )% | ||||||||||||||
Research
and development expenses
|
13 | 0.07 | % | 32 | 0.05 | % | (19 | ) | (59.38 | )% | ||||||||||||||
Depreciation
and amortization
|
21 | 0.11 | % | 54 | 0.09 | % | (33 | ) | (61.11 | )% | ||||||||||||||
Allowance
for doubtful accounts
|
251 | 1.26 | % | 0 | 0.00 | % | 251 | N/A | ||||||||||||||||
Interest
expenses
|
1,005 | 5.03 | % | 758 | 1.22 | % | 247 | 32.59 | % | |||||||||||||||
Other
(expenses)/income, net
|
1,252 | 6.27 | % | (17 | ) | (0.03 | )% | 1,269 | 7464.71 | % | ||||||||||||||
Income
before income tax expense
|
(830 | ) | (4.16 | )% | 6680 | 10.74 | % | (7,510 | ) | 112.43 | % | |||||||||||||
Current
tax expense
|
0.00 | % | 868 | 1.40 | % | (868 | ) | (100.00 | )% | |||||||||||||||
Deferred
taxes benefit
|
245 | 1.23 | % | 0 | 0.00 | % | 245 | N/A | ||||||||||||||||
Foreign
currency translation adjustment
|
917 | 4.59 | % | 302 | 0.49 | % | 615 | 203.64 | % | |||||||||||||||
Net
(loss)/income
|
332 | 1.66 | % | 6,114 | 9.83 | % | (5,782 | ) | 94.57 | % |
Three
months ended
|
Three
months ended
|
|||||||||||||||||||||||
30-Sep-10
|
30-Sep-09
|
Comparison
|
||||||||||||||||||||||
US$’000
|
%
of Revenue
|
US$’000
|
%
of Revenue
|
US$’000
|
%
|
|||||||||||||||||||
Net
sales
|
5,907 | 100.00 | % | 19,125 | 100.00 | % | (13,218 | ) | (69.11 | )% | ||||||||||||||
Cost
of sales
|
5,474 | 92.67 | % | 17,053 | 89.17 | % | (11,579 | ) | (67.90 | )% | ||||||||||||||
Sales
expenses
|
21 | 0.36 | % | 40 | 0.21 | % | (19 | ) | (47.50 | )% | ||||||||||||||
General
& administrative expenses
|
70 | 1.19 | % | 164 | 0.86 | % | (94 | ) | (57.32 | )% | ||||||||||||||
Research
and development expenses
|
4 | 0.07 | % | 4 | 0.02 | % | 0 | 0.00 | % | |||||||||||||||
Depreciation
and amortization
|
6 | 0.10 | % | 12 | 0.06 | % | (6 | ) | (50.00 | )% | ||||||||||||||
Allowance
for doubtful accounts
|
0 | 0.00 | % | 0 | 0.00 | % | 0 | N/A | ||||||||||||||||
Interest
expenses
|
215 | 3.64 | % | 270 | 1.41 | % | (55 | ) | (20.37 | )% | ||||||||||||||
Other
(expenses)/income, net
|
0 | 0.00 | % | 0 | 0.00 | % | 0 | 0.00 | % | |||||||||||||||
Income
before income tax expense
|
117 | 1.98 | % | 1582 | 8.27 | % | (1,465 | ) | 92.60 | % | ||||||||||||||
Current
tax expense
|
0 | 0.00 | % | 212 | 1.11 | % | (212 | ) | (100.00 | )% | ||||||||||||||
Deferred
taxes benefit
|
0 | 0.00 | % | 0 | 0.00 | % | 0 | 0 | ||||||||||||||||
Foreign
currency translation adjustment
|
726 | 12.29 | % | 59 | 0.31 | % | 667 | 1130.51 | % | |||||||||||||||
Net
(loss)/income
|
843 | 14.27 | % | 1,429 | 7.47 | % | (586 | ) | 41.01 | % |
Nine
months ended
September
30, 2010
|
|||||||||
Cellular
phones
model
|
|
Amount
(US$’000)
|
%
of total
revenue
|
||||||
DX796
|
5,392 | 26.99 | % | ||||||
DX9188
|
4,038 | 20.21 | % | ||||||
6228 | 2,703 | 13.53 | % | ||||||
Total
|
12,133 | 60.73 |
Nine
months ended
September
30, 2010
|
||||||||
|
Amount
(US$’000)
|
%
of total
sales
|
||||||
Beijing
Xingwang Shidai Tech & Trading Co., Ltd.
|
91,727 | 92.70 | % | |||||
Tianjin
Tongguang
|
7,220 | 7.30 | % | |||||
Total
|
98,947 | 100 | % |
Three
months ended
September
30, 2010
|
||||||||
Cellular
phones
model
|
Amount
(US$’000)
|
%
of total
revenue
|
||||||
HC9999
|
1,246 | 21.1 | % | |||||
DM2068
|
1,943 | 32.9 | % | |||||
6228 | 2,718 | 46.0 | % | |||||
Total
|
5,907 | 100 | % |
Three
months ended
September
30, 2010
|
||||||||
|
Amount
(US$’000)
|
%
of total
sales
|
||||||
Beijing
Xingwang Shidai Tech & Trading Co., Ltd.
|
5,876 | 100 | % | |||||
Total
|
5,876 | 100 | % |
Nine
Months Ended September, 30
|
||||||||||||||||
2010
|
2009
|
|||||||||||||||
Amount
in thousand US dollars
|
||||||||||||||||
Net
cash used in operating activities
|
$ | ’000 | -369 | $ | ’000 | -526 | ||||||||||
Net
cash used in investing activities
|
|
0 |
|
0 | ||||||||||||
Net
cash provided by financing actives
|
|
0 |
|
230 | ||||||||||||
Effect
of foreign currency exchange rate changes on cash and cash
equivalents
|
|
-1 |
|
226 | ||||||||||||
Net
(decrease) / increase in cash and cash equivalents
|
$ | ’000 | -369 | $ | ’000 | -296 |
Item
3.
|
Quantitative
and Qualitative Disclosures About Market
Risk.
|
Item
4.
|
Controls
and Procedures.
|
Item
1.
|
Legal
Proceedings.
|
Item
1A.
|
Risk
Factors.
|
Item
2.
|
Unregistered
Sales of Equity Securities and Use of
Proceeds.
|
Item
3.
|
Defaults
Upon Senior Securities.
|
Item
4.
|
Removed
and Reserved.
|
Item
5.
|
Other
Information.
|
Item
6.
|
Exhibits.
|
Exhibit
Number
|
Exhibit
Description
|
|
3.1
|
Certificate
of Incorporation of Orsus Xelent Technologies, Inc. (incorporated by
reference from Exhibit 3.1 to the Registration Statement on Form SB-2
filed with the Securities and Exchange Commission on July 28, 2004 as
amended by that Plan of Merger and Agreement of Merger attached as Exhibit
2.1 to the Current Report on Form 8-K filed with the SEC on April 20,
2005)
|
|
3.2
|
Amended
and Restated Bylaws of the Registrant (incorporated by reference from
Exhibit 3.2 to the Current Report on Form 8-K filed with the Securities
and Exchange Commission on February 7, 2007, as amended by the Current
Report on Form 8-K filed with the SEC on March 5, 2007)
|
|
4.1
|
Specimen
Certificate of Common Stock (incorporated by reference to Exhibit 4.1 to
Amendment 2 to the Registration Statement on Form SB-2/A filed with the
Securities and Exchange Commission on October 19,
2004)
|
Exhibit
Number
|
Exhibit
Description
|
|
10.1
|
2007
Omnibus Long-Term Incentive Plan (incorporated by reference from Exhibit
10.1 to the Current Report on Form 8-K filed with the Securities and
Exchange Commission on January 11, 2008)
|
|
10.2
|
Master
Distributor Agreement, dated as of August 7, 2008, by and between Beijing
Orsus Xelent Technology & Trading Company Limited and Beijing Xingwang
Shidai Commerce Co., Ltd. (incorporated by reference from Exhibit 10.1 to
the Current Report on Form 8-K filed with the Securities and Exchange
Commission on August 20, 2008)
|
|
31.1
|
Certification
of Principal Executive Officer under Section 302 of the Sarbanes-Oxley Act
of 2002 *
|
|
31.2
|
Certification
of Principal Financial Officer under Section 302 of the Sarbanes-Oxley Act
of 2002 *
|
|
32.1
|
Certification
of Principal Executive Officer under Section 906 of the Sarbanes-Oxley Act
of 2002 *
|
|
32.2
|
Certification
of Principal Financial Officer under Section 906 of the Sarbanes-Oxley Act
of 2002 *
|
*
|
Filed
herewith
|
ORSUS
XELENT TECHNOLOGIES, INC.
|
|||
DATED: November
15, 2010
|
By:
|
/s/ Guoji Liu | |
Guoji
Liu
|
|||
Chief
Executive Officer
|
|||
/s/ Hua
Chen
|
|||
Hua
Chen
|
|||
Chief
Financial Officer
|
Exhibit
Number
|
Exhibit Description
|
|
3.1
|
Certificate
of Incorporation of Orsus Xelent Technologies, Inc. (incorporated by
reference from Exhibit 3.1 to the Registration Statement on Form SB-2
filed with the Securities and Exchange Commission on July 28, 2004 as
amended by that Plan of Merger and Agreement of Merger attached as Exhibit
2.1 to the Current Report on Form 8-K filed with the SEC on April 20,
2005)
|
|
3.2
|
Amended
and Restated Bylaws of the Registrant (incorporated by reference from
Exhibit 3.2 to the Current Report on Form 8-K filed with the Securities
and Exchange Commission on February 7, 2007, as amended by the Current
Report on Form 8-K filed with the SEC on March 5, 2007)
|
|
4.1
|
Specimen
Certificate of Common Stock (incorporated by reference to Exhibit 4.1 to
Amendment 2 to the Registration Statement on Form SB-2/A filed with the
Securities and Exchange Commission on October 19, 2004)
|
|
10.1
|
2007
Omnibus Long-Term Incentive Plan (incorporated by reference from Exhibit
10.1 to the Current Report on Form 8-K filed with the Securities and
Exchange Commission on January 11, 2008)
|
|
10.2
|
Master
Distributor Agreement, dated as of August 7, 2008, by and between Beijing
Orsus Xelent Technology & Trading Company Limited and Beijing Xingwang
Shidai Commerce Co., Ltd. (incorporated by reference from Exhibit 10.1 to
the Current Report on Form 8-K filed with the Securities and Exchange
Commission on August 20, 2008)
|
|
31.1
|
Certification
of Principal Executive Officer under Section 302 of the Sarbanes-Oxley Act
of 2002 *
|
|
31.2
|
Certification
of Principal Financial Officer under Section 302 of the Sarbanes-Oxley Act
of 2002 *
|
|
32.1
|
Certification
of Principal Executive Officer under Section 906 of the Sarbanes-Oxley Act
of 2002 *
|
|
32.2
|
Certification
of Principal Financial Officer under Section 906 of the Sarbanes-Oxley Act
of 2002 *
|
*
|
Filed
herewith
|