Amendment to Purchase Agreement DaPuAn Coal Mine & SuTsong Coal Mine dated on May 28, 2008 (Translation)Purchase Agreement • September 15th, 2008 • L & L International Holdings, Inc • Finance services
Both Parties signed the Purchased Agreement to formulate a Joint Venture (JV) of the DaPuAn Coal Mine and the SuTsong Coal Mine on May 25, 2008. As the registered capital of the JV company of $10,000,000 USD (approx. 70,000,000 RMB) is lower than the Chinese Independent Auditors audit reports on the net asset value of DaPuAn Coal Mine and SuTsong Coal Mine of approx $12,258,962 USD (or 85,812,738 RMB). In addition, according to Chinese GAAP, intangible assets have been amortized (while in the US GAAP intangible assets, goodwill should not be amortized.)
