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    IPW   US46265P1075

IPOWER INC.

(IPW)
  Report
Delayed Nasdaq  -  03:29 2022-12-08 pm EST
0.5040 USD   -4.00%
11/14IPOWER INC. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS (form 10-Q)
AQ
11/14IPower Inc. Reports Earnings Results for the First Quarter Ended September 30, 2022
CI
11/14Transcript : IPower Inc., Q1 2023 Earnings Call, Nov 14, 2022
CI
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IPOWER INC. Management's Discussion and Analysis of Financial Condition and Results of Operations (form 10-Q)

02/14/2022 | 05:01pm EST
The following Management's Discussion and Analysis should be read in conjunction
with our financial statements and the related notes thereto included elsewhere
herein. This Management's Discussion and Analysis ("MD&A") contains
forward-looking statements that involve risks and uncertainties, such as
statements of our plans, objectives, expectations and intentions. Any statements
that are not statements of historical fact are forward-looking statements. When
used, the words "believe," "plan," "intend," "anticipate," "target," "estimate,"
"expect," and the like, and/or future-tense or conditional constructions
("will," "may," "could," "should," etc.), or similar expressions, identify
certain of these forward-looking statements. These forward-looking statements
are subject to risks and uncertainties that could cause actual results or events
to differ materially from those expressed or implied by the forward-looking
statements in this form. Our actual results and the timing of events could
differ materially from those anticipated in these forward-looking statements as
a result of several factors.


Historical results may not indicate future performance. Our forward-looking
statements reflect our current views about future events, are based on
assumptions and are subject to known and unknown risks and uncertainties that
could cause actual results to differ materially from those contemplated by these
statements. We undertake no obligation to publicly update or revise any
forward-looking statements, including any changes that might result from any
facts, events, or circumstances after the date hereof that may bear upon
forward-looking statements. Furthermore, we cannot guarantee future results,
events, levels of activity, performance, or achievements.



Overview



iPower Inc. is an online hydroponic, home and garden equipment supplier based in
the United States. Through the operations of our e-commerce platform,
www.Zenhydro.com, and our combined 72,000 square foot fulfillment centers in Los
Angeles, California, we believe we are one of the leading marketers,
distributors and retailers of grow-light systems, ventilation systems, activated
carbon filters, nutrients, growing media, hydroponic water-resistant grow tents,
trimming machines, pumps, shelving and accessories for hydroponic gardening,
based on management's estimates. We have a diverse customer base that includes
commercial users and individuals. Our core strategy continues to focus on
expanding our geographic reach across the United States through organic growth,
both in terms of expanding customer base as well as brand and product
development.



We are actively developing and acquiring our in-house branded products, which to
date include the iPower and Simple Deluxe brands and consist of more than 4,000
SKUs of products such as grow-light systems, ventilation systems, activated
carbon filters, nutrients, growing media, hydroponic water-resistant grow tents,
trimming machines, pumps and many more hydroponic-related items; some of which
have been designated as Amazon best seller product leaders, among others. For
the quarter ended December 31, 2021, our top five product segments accounted for
64.4% of total sales. While we continue to focus on our top product categories,
we are working to expand our product catalog to include new and adjacent
categories.



Trends and Expectations



Product and Brand Development



We plan to increase investments in product and brand development. We actively
evaluate potential acquisition opportunities of companies and product brand
names that can complement our product catalog and improve on existing products
and supply chain efficiencies.



COVID-19 Outbreak


We are continuing to closely monitor the impact of the COVID-19 outbreak on our
business, results of operations and financial results. The situation surrounding
the COVID-19 outbreak remains fluid and the full extent of the positive or
negative impact of the COVID-19 outbreak on our business will depend on certain
developments including the length of time that the outbreak continues, the
impact on consumer activity and behaviors and the effect on our customers,
employees, suppliers, and stockholders, all of which are uncertain and cannot be
predicted. Our focus remains on promoting the health, safety and financial
security of our employees and serving our customers. As a result, we have taken
a number of precautionary measures, including implementing social distancing and
enhanced cleaning measures in our facilities, suspending all non-essential
travel, transitioning certain of our employees to working-from-home
arrangements, reimbursing certain employee technology purchases, providing
emergency paid time off and targeted hourly pay increases and developing no
contact delivery methods.







  24






In an effort to contain or slow the COVID-19 outbreak, authorities across the
world have implemented various measures, some of which have been subsequently
rescinded or modified, including travel bans, stay-at-home orders and shutdowns
of certain businesses. We anticipate that these actions and the global health
crisis caused by the COVID-19 outbreak, including any resurgences, will continue
to negatively impact global economic activity. While the COVID-19 outbreak has
not had a material adverse impact on our operations to date and we believe the
long-term opportunity that we see for shopping online remains unchanged, it is
difficult to predict all of the positive or negative impacts the COVID-19
outbreak will have on our business.



In the short term, we have continued to see increased sales and order activity
in the market since the COVID-19 outbreak. In order to keep up with the
increased orders, we have hired and are continuing to hire additional personnel.
However, much is unknown and accordingly the situation remains dynamic and
subject to rapid and possibly material change. We will continue to actively
monitor the situation and may take further actions that alter our business
operations as may be required by federal, state, local or foreign authorities,
or that we determine are in the best interests of our customers, employees,
suppliers, stockholders and communities.



Regulatory Environment



We sell hydroponic gardening products to end users that may use such products in
new and emerging industries or segments, including the growing of cannabis. The
demand for hydroponic gardening products depends on the uncertain growth of
these industries or segments due to varying, inconsistent, and rapidly changing
laws, regulations, administrative practices, enforcement approaches, judicial
interpretations, and consumer perceptions. For example, certain countries and a
total of 44 U.S. states plus the District of Columbia have adopted frameworks
that authorize, regulate and tax the cultivation, processing, sale and use of
cannabis for medicinal and/or non-medicinal use, including legalization of hemp
and CBD, while the U.S. Controlled Substances Act and the laws of U.S. states
prohibit growing cannabis. Demand for our products could be impacted by changes
in the regulatory environment with respect to such industries and segments.


RESULTS OF OPERATIONS


For the three months ended December 31, 2021 and 2020

The following table presents certain unaudited condensed consolidated and combined statement of operations information and presentation of that data as a percentage of change from period to period.



                                          Three Months      Three Months
                                              Ended             Ended
                                          December 31,      December 31,
                                              2021              2020            Variance
Revenues                                  $  17,125,663     $  11,254,317           52.17%
Cost of goods sold                            9,568,051         6,306,726           51.71%
Gross profit                                  7,557,612         4,947,591           52.75%
Selling, fulfillment, general and
administrative expenses                       6,422,327         4,094,485           56.85%
Operating income                              1,135,285           853,106           33.08%
Other (expenses)                                (14,709 )         (50,700 )        (70.99% )
Income before income taxes                    1,120,576           802,406           39.65%
Income tax expenses                             322,715           226,930           42.21%
Net income                                $     797,861     $     575,476           38.64%

Gross profit % of revenues                       44.13%            43.96%
Net income % of revenues                          4.66%             5.11%










  25






Revenues



Revenues for the three months ended December 31, 2021 increased 52.17% to
$17,125,663 as compared to $11,254,317 for the three months ended December 31,
2020. While pricing remained stable, the increased revenue mainly resulted from
an increase in sales volume and expansion of sales to other regions, such as
Canada, Europe, Asia, etc. In addition to our organic growth, which we achieved
as a result of improved products and more effective online marketing and
merchandising efforts, the increase in sales was attributable to more people
shopping online and pursuing gardening and growing projects during the COVID-19
pandemic. However, while the revenues for the current quarter remained
consistent with last quarter, we cannot assure that this trend will continue,
and our business may be adversely affected by poor overall economic conditions
and shipping delays caused by the ongoing COVID-19 pandemic.



Costs of Goods Sold


Costs of goods sold for the three months ended December 31, 2021 increased
51.71% to $9,568,051 as compared to $6,306,726 for the three months ended
December 31, 2020. The increase was due to an increase in sales, as discussed
above. In addition, we experienced a decrease in cost of goods sold as a
percentage of revenue as a result of selling more products under in-house brands
as opposed to third party brands. See discussions on gross profit below.



Gross Profit


Gross profit was $7,557,612 for the three months ended December 31, 2021 as
compared to $4,947,591 for the three months ended December 31, 2020. The gross
profit ratio slightly increased to 44.13% for the three months ended December
31, 2021 from 43.96% for the three months ended December 31, 2020. The increase
was mainly due to a combination of an increase in sales, as discussed above, and
a decrease of cost of goods sold resulting from selling more products under
in-house brands as opposed to third party brands. The gross margin for in-house
branded products is, on average, 20% higher than our gross margin for third
party brands.



Selling, Fulfillment, General and Administrative Expenses

Selling, fulfillment, and general and administrative expenses for the three
months ended December 31, 2021 increased 56.85% to $6,422,327 as compared to
$4,094,485 for the three months ended December 31, 2020. The increase was mainly
due to an increase in selling and fulfillment expenses of $0.86 million and
general and administrative expenses of $1.47 million, which included payroll
expenses, stock-based compensation expense, insurance expenses, and other
operating expenses including expenses associated with being a publicly traded
company.



Other (Expenses)



Other (expenses) consists of interest expense, financing fees and other
non-operating income (expenses). Other expenses for the three months ended
December 31, 2021 was ($14,709) as compared to ($50,700) for the three months
ended December 31, 2020. The decrease in other expenses was a combined result of
an increase in other income of $49,948 and an increase in interest, including
amortization of debt discount on the revolving loan, and financing expenses of
13,957 during the period ended December 31, 2021.



Net Income



Net income for the three months ended December 31, 2021 was $797,861 as compared
to net income of $575,476 for the three months ended December 31, 2020,
representing an increase of $222,385. The decrease in net income as percentage
of revenues for the three months ended December 31, 2021 was primarily due to
the increase in operating and non-operating expenses discussed above.









  26





For the six months ended December 31, 2021 and 2020

The following table presents certain unaudited condensed consolidated and combined statement of operations information and presentation of that data as a percentage of change from period to period.



                                           Six Months Ended       Six Months Ended
                                             December 31,           December 31,
                                                 2021                   2020              Variance
Revenues                                  $       34,492,428     $       26,214,252            31.58%
Cost of goods sold                                19,621,114             15,703,873            24.94%
Gross profit                                      14,871,314             10,510,379            41.49%
Selling, fulfillment, general and
administrative expenses                           12,445,714              8,580,900            45.04%
Operating income                                   2,425,600              1,929,479            25.71%
Other (expenses)                                     (74,521 )              (69,133 )           7.79%
Income before income taxes                         2,351,079              1,860,346            26.38%
Income tax expenses                                  665,690                522,874            27.31%
Net income                                $        1,685,389     $        1,337,472            26.01%

Gross profit % of revenues                            43.11%               
 40.09%
Net income % of revenues                               4.89%                   5.1%




Revenues



Revenues for the six months ended December 31, 2021 increased 31.58% to
$34,492,428 as compared to $26,214,252 for the six months ended December 31,
2020. While pricing remained stable, the increased revenue mainly resulted from
an increase in sales volume and expansion of sales to other regions, such as
Canada, Europe, Asia, etc. In addition to our organic growth, which we achieved
as a result of improved products and more effective online marketing and
merchandising efforts, the increase in sales was attributable to more people
shopping online and pursuing gardening and growing projects during the COVID-19
pandemic. However, we cannot assure that this trend will continue, and our
business may be adversely affected by poor overall economic conditions and
shipping delays caused by the ongoing COVID-19 pandemic.



Costs of Goods Sold



Costs of goods sold for the six months ended December 31, 2021 increased 24.94%
to $19,621,114 as compared to $15,703,873 for the six months ended December 31,
2020. The increase was due to an increase in sales as discussed above. In
addition, we experienced a decrease of cost of goods sold as a percentage of
revenue as a result of selling more products under in-house brands as opposed to
third party brands. See discussions on gross profit below.



Gross Profit


Gross profit was $14,871,314 for the six months ended December 31, 2021 as
compared to $10,510,379 for the six months ended December 31, 2020. The gross
profit ratio also increased to 43.11% for the six months ended December 31, 2021
from 40.09% for the six months ended December 31, 2020. The increase was due to
a combination of an increase in sales as discussed above and a decrease of cost
of goods sold resulting from selling more products under in-house brands as
opposed to third party brands. The gross margin for in-house branded products
is, on average, 20% higher than our gross margin for third party brands.









  27





Selling, Fulfillment, General and Administrative Expenses




Selling, fulfillment, general and administrative expenses for the six months
ended December 31, 2021 increased 45.04% to $12,445,714 as compared to
$8,580,900 for the six months ended December 31, 2020. The increase was mainly
due to an increase in selling and fulfillment expenses of $1.31 million and
general and administrative expenses of $2.56 million, which included payroll
expenses, stock-based compensation expense, insurance expenses, and other
operating expenses including expenses associated with being a publicly traded
company.



Other (Expenses)



Other (expenses) consists of interest expense, financing fees and other
non-operating income (expenses). Other expenses for the six months ended
December 31, 2021 was ($74,521) as compared to ($69,133) for the six months
ended December 31, 2020. The slight increase in other expenses was mainly due to
an increase in interest expenses, including amortization of debt discount on the
revolving loan, during the period ended December 31, 2021.



Net Income



Net income for the six months ended December 31, 2021 was $1,685,389 as compared
to net income of $1,337,472 for the six months ended December 31, 2020,
representing an increase of $347,917. While the gross profit as percentage of
revenues increased to 43.11% in the six months ended December 31, 2021 as
compared to 40.09% for the same period in 2020, the slight decrease in net
income as percentage of revenues for the six months ended December 31, 2021 was
primarily due to the increase in operating expenses discussed above.



LIQUIDITY AND CAPITAL RESOURCES



Sources of Liquidity



During the six months ended December 31, 2021 we primarily funded our operations
with cash and cash equivalents generated from operations, as well as through
completion of two private placements in 2020 and 2021, completion of our initial
public offering in May of 2021, and borrowing under our credit facility and
loans from the Small Business Administration and JPMorgan Chase Bank. We had
cash and cash equivalents of $1,091,758 as of December 31, 2021, representing a
$5.56 million decrease from $6,651,705 of cash as of June 30, 2021. The cash
decrease was primarily the result of the decrease in net cash provided by
operating activities, including increased investment in inventory to support our
increasing sales, payment of income taxes, and the increase in accounts
receivable from Amazon resulting from increased sales.



Based on our current operating plan, and despite the current uncertainty resulting from the ongoing COVID-19 pandemic, we believe that our existing cash and cash equivalents and cash flows from operations will be sufficient to finance our operations the next twelve months.




Our cash requirements consist primarily of day-to-day operating expenses and
obligations with respect to warehouse leases. We lease all our office and
warehouse facilities. We expect to make future payments on existing leases from
cash generated from operations. We have credit terms in place with our major
suppliers, however as we bring on new suppliers, we are often required to prepay
our inventory purchases from them. This is consistent with our historical
operating model which allowed us to operate using only cash generated by the
business. Beyond the next twelve months we believe that our cash flow from
operations should improve as supply chains begin to return to normal and new
suppliers we are bringing online transition to credit terms more favorable to
us. In addition, we plan to increase the size of our in-house product catalog,
which will have a net beneficial impact to our margin profile and ability to
generate cash. In addition, we have approximately $8 million unused credit under
the revolving line with JPM. Given our current working capital position an
available funding from our revolving credit line, we believe we will be able to
manage through the current challenges by managing payment terms with customers
and vendors.









  28






Working Capital



As of December 31, 2021 and June 30, 2021, our working capital was $31.96
million and $23.28 million, respectively. The historical seasonality in our
business during the year can cause cash and cash equivalents, inventory and
accounts payable to fluctuate, resulting in changes in our working capital. We
anticipate that past historical trends to remain in place through the balance of
the fiscal year with working capital remaining near this level for the
foreseeable future.



Cash Flows



Operating Activities



Net cash (used in) operating activities for the six months ended December 31,
2021 and December 31, 2020 was $12,243,043 and $1,467,067, respectively. The
increase in use of cash in operating activities was resulted from an increased
purchase of products in order to maintain the higher inventory levels required
to meet our increasing sales volumes, payment of income taxes, and the increase
in accounts receivable resulted from increased sales.



Investing Activities


For the six months ended December 31, 2021 and December 31, 2020, net cash used
in investing activities was the result of additions to property and equipment of
$56,424 and $55,751, respectively, which were mainly related to the purchase of
warehouse fixtures and office equipment.



Financing Activities



Net cash provided by financing activities was $6,739,520 and $1,089,256,
respectively, for the six months ended December 31, 2021 and December 31, 2020.
The main reason for the increase in net cash provided was primarily a result of
proceeds from the asset-based revolving loan with JPMorgan Chase Bank.

























  29






                         OFF-BALANCE SHEET ARRANGEMENTS


We do not have any off-balance sheet arrangements (as that term is defined in
Item 303 of Regulation S-K) that are reasonably likely to have a current or
future material effect on our financial condition, revenue or expenses, results
of operations, liquidity, capital expenditures or capital resources.



                   CRITICAL ACCOUNTING POLICIES AND ESTIMATES


We prepare our consolidated and combined financial statements in accordance with
accounting principles generally accepted in the United States, or GAAP and
pursuant to the rules and regulations of the Securities Exchange Commission
("SEC"). The preparation of consolidated and combined financial statements in
conformity with GAAP requires management to make estimates and assumptions that
affect the amounts reported in the consolidated and combined financial
statements and accompanying notes. Actual results could differ from those
estimates. In some cases, changes in the accounting estimates are reasonably
likely to occur from period to period. Accordingly, actual results could differ
materially from our estimates. To the extent that there are material differences
between these estimates and actual results, our financial condition and results
of operations will be affected. We base our estimates on experience and other
assumptions that we believe are reasonable under the circumstances, and we
evaluate these estimates on an ongoing basis. We refer to accounting estimates
of this type as critical accounting policies, which we discuss further below.
While our significant accounting policies are more fully described in Note 2 to
our audited consolidated and combined financial statements, we believe that the
following accounting policies are critical to the process of making significant
judgments and estimates in the preparation of our audited consolidated and
combined financial statements.



Revenue recognition



The Company recognizes revenue from product sales revenues, net of promotional
discounts and return allowances, when the following revenue recognition criteria
are met: a contract has been identified, separate performance obligations are
identified, the transaction price is determined, the transaction price is
allocated to separate performance obligations and revenue is recognized upon
satisfying each performance obligation. The Company transfers the risk of loss
or damage upon shipment, therefore, revenue from product sales is recognized
when it is shipped to the customer. Return allowances, which reduce product
revenue by the Company's best estimate of expected product returns, are
estimated using historical experience.



The Company evaluates the criteria of ASC 606 - Revenue Recognition Principal
Agent Considerations in determining whether it is appropriate to record the
gross amount of product sales and related costs or the net amount earned as
commissions. Generally, when the Company is primarily responsible for fulfilling
the promise to provide a specified good or service, the Company is subject to
inventory risk before the good or service has been transferred to a customer and
the Company has discretion in establishing the price, revenue is recorded at
gross.


Payments received prior to the shipment of goods to customers are recorded as customer deposits.




The Company periodically provides incentive offers to its customers to encourage
purchases. Such offers include current discount offers, such as percentage
discounts off current purchases and other similar offers. Current discount
offers, when accepted by the Company's customers, are treated as a reduction to
the purchase price of the related transaction.



Sales discounts are recorded in the period in which the related sale is
recognized. Sales return allowances are estimated based on historical amounts
and are recorded upon recognizing the related sales. Shipping and handling costs
are recorded as selling expenses.









  30






Inventory, net



Inventory consists of finished goods ready for sale and is stated at the lower
of cost or market. The Company values its inventory using the weighted average
costing method. The Company's policy is to include as a part of cost of goods
sold any freight incurred to ship the product from its vendors to warehouses.
Outbound freight costs related to shipping costs to customers are considered
period costs and reflected in selling, general and administrative expenses. The
Company regularly reviews inventory and considers forecasts of future demand,
market conditions and product obsolescence.



If the estimated realizable value of the inventory is less than cost, the Company makes provisions in order to reduce its carrying value to its estimated market value. The Company also reviews inventory for slow moving and obsolescence and records allowance for obsolescence.



Leases



Since inception on April 11, 2018, the Company adopted ASC 842 - Leases ("ASC
842"), which requires lessees to record right-of-use, or ROU, assets and related
lease obligations on the balance sheet, as well as disclose key information
regarding leasing arrangements.



ROU assets represent our right to use an underlying asset for the lease terms
and lease liabilities represent our obligation to make lease payments arising
from the lease. Operating lease ROU assets and liabilities are recognized at
commencement date based on the present value of lease payments over the lease
term. As the Company's leases do not provide an implicit rate, the Company
generally uses its incremental borrowing rate based on the estimated rate of
interest for collateralized borrowing over a similar term of the lease payments
at commencement date. The operating lease ROU asset also includes any lease
payments made and excludes lease incentives. Lease expense for lease payments is
recognized on a straight-line basis over the lease term.



Stock-based Compensation



The Company applies ASC No. 718, "Compensation-Stock Compensation," which
requires that share-based payment transactions with employees and nonemployees
upon adoption of ASU 2018-07, be measured based on the grant date fair value of
the equity instrument and recognized as compensation expense over the requisite
service period, with a corresponding addition to equity. Under this method,
compensation cost related to employee share options or similar equity
instruments is measured at the grant date based on the fair value of the award
and is recognized over the period during which an employee is required to
provide service in exchange for the award, which generally is the vesting
period.



The Company will recognize forfeitures of such equity-based compensation as they occur.




Commitments and Contingencies



In the normal course of business, the Company is subject to certain contingencies, including legal proceedings and claims arising out of the business that relate to a wide range of matters, such as government investigations and tax matters. The Company recognizes a liability for such contingency if it determines it is probable that a loss has occurred and a reasonable estimate of the loss can be made. The Company may consider many factors in making these assessments including historical and specific facts and circumstances of each matter.



Earnings per share



Basic earnings per share are computed by dividing net income attributable to
holders of common stock by the weighted average number of shares of common stock
outstanding during the year. Diluted earnings per share reflect the potential
dilution that could occur if securities to issue common stock were exercised.









  31





Recently issued accounting pronouncements




In August 2020, the FASB issued ASU 2020-06, "Debt - Debt with Conversion and
Other Options (Subtopic 470-20) and Derivatives and Hedging - Contracts in
Entity's Own Equity (Subtopic 815-40)." This ASU reduces the number of
accounting models for convertible debt instruments and convertible preferred
stock. As well as amend the guidance for the derivatives scope exception for
contracts in an entity's own equity to reduce form-over-substance-based
accounting conclusions. In addition, this ASU improves and amends the related
EPS guidance. This standard becomes effective for the Company on July 1, 2022,
including interim periods within those fiscal years. Adoption is either a
modified retrospective method or a fully retrospective method of transition. The
Company does not expect the adoption of this standard have a material impact on
the consolidated financial statements.



In December 2019, the FASB issued ASU 2019-12, Income Taxes (Topic 740) -
Simplifying the Accounting for Income Taxes. The update is intended to simplify
the current rules regarding the accounting for income taxes and addresses
several technical topics including accounting for franchise taxes, allocating
income taxes between a loss in continuing operations and in other categories
such as discontinued operations, reporting income taxes for legal entities that
are not subject to income taxes, and interim accounting for enacted changes in
tax laws. The new standard is effective for fiscal years beginning after
December 15, 2020; however, early adoption is permitted. Adoption of this
standard did not have a material impact on the consolidated financial
statements.



The Company does not believe other recently issued but not yet effective
accounting standards, if currently adopted, would have a material effect on the
consolidated and combined financial position, statements of operations and cash
flows.

© Edgar Online, source Glimpses

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Analyst Recommendations on IPOWER INC.
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Financials (USD)
Sales 2023 103 M - -
Net income 2023 -2,80 M - -
Net Debt 2023 - - -
P/E ratio 2023 -5,31x
Yield 2023 -
Capitalization 14,9 M 14,9 M -
Capi. / Sales 2023 0,15x
Capi. / Sales 2024 0,13x
Nbr of Employees 84
Free-Float 45,5%
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Number of Analysts 2
Last Close Price 0,50 $
Average target price 3,00 $
Spread / Average Target 495%
EPS Revisions
Managers and Directors
Chen Long Tan Chairman, President, CEO & Chief Financial Officer
Kevin Dean Vassily Chief Financial Officer
Bennet Price Tchaikovsky Independent Director
Kevin Liles Independent Director
Hanxi Li Independent Director
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