Tarsier Ltd. - FORM 10-Q - April 12, 2012

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U. S. Securities and Exchange Commission

Washington, D. C. 20549

FORM 10-Q

[X] QUARTERLY REPORT UNDER SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended February 29, 2012

[ ] TRANSITION REPORT UNDER SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the transition period from _____ to _____

Commission File No. 0-54205


HUAYUE ELECTRONICS, INC. (Name of Registrant in its Charter)

Delaware	20-2188353
(State of Other Jurisdiction of incorporation or organization)	(I.R.S.) Employer I.D. No.)

51 Huilingxi Road, Zhouhuizheng, Wujin District Changzhou, Jiangsu Province, P.R. China 213022
(Address of Principal Executive Offices)

Issuer's Telephone Number: 86-519-83630688

Indicate by check mark whether the Registrant (1) has filed all reports required to be filed by Sections 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the Registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes [X] No [ ]

Indicate by check mark whether the registrant has submitted electronically and posted on its corporate Web site, if any, every Interactive Data File required to be submitted and posted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit and post such files.) Yes [X] No [ ]

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act) Yes [ ] No [X]

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, or a smaller reporting company. See the definitions of “large accelerated filer,” “accelerated filer” and “smaller reporting company” in Rule 12b-2 of the Exchange Act. (Check One)

Large accelerated filer Accelerated filer __ Non-accelerated filer Smaller reporting company [X]

APPLICABLE ONLY TO CORPORATE ISSUERS: Indicate the number of shares outstanding of each of the Registrant's classes of common stock, as of the latest practicable date:

April 13, 2012

Common Voting Stock: 30,067,741

HUAYUE ELECTRONICS, INC.

QUARTERLY REPORT ON FORM 10Q

FOR THE FISCAL QUARTER ENDED FEDBRUARY 29, 2012

TABLE OF CONTENTS

		Page No
Part I	Financial Information
Item 1.	Financial Statements (unaudited):
	Consolidated Balance Sheet – February 29, 2012 and May 31, 2011	2
	Consolidated Income Statement - for the Three and Nine
	Month Periods Ended February 29, 2012 and 2011	3
	Consolidated Statement of Stockholder Equity - for the
	Nine Months Ended February 29, 2012	4
	Consolidated Statement of Cash Flows – for the
	Nine Months Ended February 29, 2012 and 2011	5
	Notes to Consolidated Financial Statements	6
Item 2.	Management’s Discussion and Analysis of Financial Condition and
	Results of Operations	17
Item 3	Quantitative and Qualitative Disclosures about Market Risk	22
Item 4.	Controls and Procedures	22
Part II	Other Information
Item 1.	Legal Proceedings	23
Items 1A.	Risk Factors	23
Item 2.	Unregistered Sales of Equity Securities and Use of Proceeds	23
Item 3.	Defaults upon Senior Securities	23
Item 4.	Mine Safety Disclosures	23
Item 5.	Other Information	23
Item 6.	Exhibits	24

HUAYUE ELECTRONICS, INC.

CONSOLIDATED BALANCE SHEET

	February 29, 2012		May 31, 2011
	unaudited
Assets
Current assets:
Cash and cash equivalent	$	3,782,346	$	2,701,516
Accounts receivables, net		2,849,495		2,198,669
Prepaid account		4,169,583		3,560,503
Due from related parties		862,245		977,573
Other receivables		1,014,460		290,668
Inventory		2,196,369		2,259,197
Other assets		31,257		-
Total current assets		14,905,756		11,988,126
Plant, property and equipment, net		314,245		356,231
Marketable securities - available for sale		7,835		38,445
Total assets		15,227,836		12,382,803
Liabilities and Stockholders’ Equity (Deficit)
Liabilities:
Current liabilities:
Accounts payable		651,851		299,810
Tax payable		205,156		175,575
Short-term debt		5,928,257		6,523,248
Notes payable		3,178,690		2,930,064
Customer deposit		1,000,220		504,401
Due to related parties		126,508		234,527
Other payable		2,742,279		635,013
Total current liabilities		13,832,962		11,302,638

Total liabilities		13,832,962		11,302,638
Stockholders’ equity
Common stock, par value $0.001 per share; 60,000,000 shares authorized and 30,067,741 shares, and 29,401,500 shares issued and outstanding at February 29, 2011, and May 31, 2011, respectively		30,068		29,402
Additional Paid In Capital		669,932		670,598
Statutory reserve		31,263		31,263
Retained earnings		498,310		281,363
Accumulated other comprehensive income		165,301		67,539
Total stockholders’ equity		1,394,874		1,080,165
Total liabilities and stockholders’ equity	$	15,227,836	$	12,382,803

See Notes to Consolidated Financial Statements

HUAYUE ELECTRONICS, INC. CONSOLIDATED INCOME STATEMENT

UNIT: USD$
	FOR THE THREE MONTHS ENDED FEBRUARY 29,						FOR THE NINE MONTHS ENDED FEBRUARY 29,
	2012			2011			2012			2011

Sales Revenue	$	2,501,290		$	1,693,652		$	5,900,764		$	4,888,917
Cost of Goods Sold		2,120,285			1,512,957			5,277,426			4,247,055
Gross Profit		381,006			180,696			623,339			641,863

Selling Expenses		603			7,360			6,011			37,786
G&A Expense		102,382			48,536			192,485			175,802
Total expense		102,985			55,896			198,496			213,588
Income from operations		278,021			124,800			424,843			428,275
Interest Income (Expense)		(100,269	)		(147,813	)		(278,680	)		(296,057	)
Other income (Expense)		63,797			89,622			143,099			164,416
Profit before tax		241,549			66,609			289,262			296,634
Income tax		60,387			16,652			72,315			74,158

Net income		181,162			49,957			216,946			222,475
Other comprehensive income
Foreign currency translation adjustment		73,557			(394,902	)		97,762			(251,378	)
Comprehensive income	$	254,719		$	-344,945		$	314,708		$	-28,903
Income (Loss) Per Share, Basic and Diluted	$	0.01		$	0.00		$	0.01		$	0.01
Weighted Average Number of Common Shares, Basic and Diluted		30,067,741			29,401,500			30,067,741			29,401,500

See Notes to Consolidated Financial Statements

HUAYUE ELECTRONICS, INC.
CONSOLIDATED STATEMENT OF STOCKHOLDER EQUITY
UNIT: USD$

	Common Stock
	Shares		Amount		Additional Paid In Capital			Statutory Reserve		Accumulated OCI		Retained Earnings		Total

Balance - May 31, 2011		29,401,500	$	29,402	$	670,598		$	0	$	67,539	$	312,626	$	1,080,165
Acquisition of net assets of HXT Holdings, Inc		666,241		666		(666	)								-
Net income for the year													185,684		185,684
Statutory reserve									31,263						31,263
Foreign currency translation adjustment											97,762				97,762
Balance - February 29, 2012		30,067,741		30,068		669,932			31,263		165,301		498,310		1,394,874

See Notes to Consolidated Financial Statements

HUAYUE ELECTRONICS, INC. CONSOLIDATED STATEMENT OF CASH FLOWS
				UNIT: USD$
	FOR THE NINE MONTHS ENDED FEBRUARY 29,
	2012			2011
Cash Flows From Operating Activities:
Net income	$	216,946		$	222,475
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization		88,108			70,345
Changes in operating assets and liabilities:
Accounts receivable		(650,826	)		(632,714	)
Inventory		62,828			(512,943	)
Advance to suppliers		(609,080	)		1,007,878
Other receivable		(723,792	)		882,312
Due from related parties		115,328			(534,435	)
Advance to vendors		(31,257	)		-
Accounts payable		352,041			(367,559	)
Customer deposit		495,819			(1,313,817	)
Due to related parties		(108,019	)		1,462,813
Taxes payable		29,581			87,100
Accrued expenses and other payables		2,107,266			(2,041,725	)
Net cash provided by (used in) operating activities		1,344,943			(1,670,270	)
Cash flows from investing activities:
Addition to plant and equipment		(46,122	)		(93,714	)
Long-term Investment		30,610			(30,417	)
Net cash provided by (used in) investing activities		(15,512	)		(124,131	)
Cash flows from financing activities:
Short term debt		(594,991	)		1,055,636
Notes payable		248,626			1,251,280
Net cash provided by (used in) financing activities		(346,365	)		2,306,916
Effect of exchange rate changes on cash and cash equivalents		97,764			38,226
Net increase (decrease) in cash and cash equivalents		1,080,830			550,741
Cash and cash equivalents at beginning of period		2,701,516			1,659,267

Cash and cash equivalents at end of period	$	3,782,346		$	2,210,008
Supplemental disclosures of cash flow information:
Cash paid during the periods for:
Interest	$	281,105		$	296,057

See Notes to Consolidated Financial Statements

HUAYUE ELECTRONICS, INC.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

FOR THE THREE AND NINE MONTHS ENDED FEBRUARY 29, 2012 AND 2011

NOTE 1 - ORGANIZATION AND BASIS OF PRESENTATION

Huayue Electronics, Inc. (“Huayue Electronics” or the “Company”) is the new name for HXT Holdings, Inc., effective on November 2, 2011. Huayue Electronics, Inc. was incorporated under the laws of the State of Delaware on January 13, 2005.

On September 2, 2011, Huayue Electronics acquired all of the outstanding capital stock of China Metal Holding, Inc. (“China Metal”), a privately owned corporation formed in the State of Delaware, United States of America, through HXT Acquisition Corp., a newly formed Delaware corporation that is wholly owned by the Company. China Metal is a holding company whose only asset is 100% of the registered capital of Changzhou Huayue Electronics Company, Limited (“Changzhou Huayue”), a limited liability company organized under the laws of the People’s Republic of China (“China” or “PRC”). Changzhou Huayue is engaged in developing, manufacturing and selling high frequency induction lights and electrolytic capacitors. Changzhou Huayue’s offices and manufacturing facilities are located in China.

NOTE 2 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

Principles of consolidation

The consolidated financial statements of the Company are prepared in accordance with accounting principles generally accepted in the United States of America (“US GAAP”). The consolidated financial statements of the Company include the accounts of the Company, China Metal Holding, Inc., and Changzhou Huayue. All significant inter-company balances and transactions are eliminated in consolidation.

Use of estimates

In preparing the financial statements in conformity with accounting principles generally accepted in the United States of America, 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 year. Significant estimates, required by management, include the allowance for bad debt, the valuation of inventory, and the useful lives and impairment of long-lived assets. Actual results could differ from those estimates.

Cash and cash equivalents

For purposes of the statement of cash flow, the Company considers all highly liquid investments with an original maturity of three months or less to be cash equivalents.

Accounts receivable

Accounts receivables consist primarily of receivables resulting from sales of products, and are stated at net realizable value. This value includes an appropriate allowance for estimated uncollectible accounts. An allowance for doubtful accounts is calculated based on the management’s assessment of the recoverability of the accounts. A considerable amount of judgment is required in assessing the realization of these receivables, including the current credit worthiness of each customer and the related aging analysis.

HUAYUE ELECTRONICS, INC.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

FOR THE THREE AND NINE MONTHS ENDED FEBRUARY 29, 2012 AND 2011

Inventory

Inventory is composed of raw materials, packing materials, work in process and finished goods. Inventory is valued at the lower of cost or market with cost determined by the weighted average method.

Management periodically compares the cost of inventory with the market value and an allowance is made for writing down the inventory to its market value, if lower than cost. No allowance for inventory is considered necessary for the three months and nine months ended February 29, 2012 and 2011.

Machinery and equipment

Machinery and equipment are stated at cost. The cost of an asset comprises its purchase price and any directly attributable costs of bringing the asset to its present working condition and locations for its intended use. Depreciation is calculated using the straight-line method over the following useful lives:

Machinery, equipment, and automobiles 7 – 15 years

Expenditures for maintenance and repairs are charged to expense as incurred. Additions, renewals and betterments are capitalized.

Advance to suppliers

Advance to suppliers represent the payments made and recorded in advance for goods and services received. The Company makes advances for raw materials purchased from certain domestic vendors. In order to maintain a long-term relationship with the vendors, the Company frequently needs to make advances from one and one-half months to three months ahead. The advances to suppliers were $4,169,583 as of February 29, 2012 and $3,560,503 as of May 31, 2011.

Impairment of long-lived assets

The Company reviews its long-lived assets for impairment whenever events or changes in circumstances indicate that the carrying amount of an asset may no longer be recoverable. An impairment loss, measured based on the fair value of the asset, is recognized if expected future undiscounted cash flows are less than the carrying amount of the assets. No impairment loss is recorded for the three months and nine months ended February 29, 2012 and 2011.

Customer deposit

Revenue from the sale of goods or services is recognized at the time that goods are delivered or services are rendered. Receipts in advance for goods to be delivered or services to be rendered in a subsequent period are carried forward as customer deposit. The customer deposits were $ 1,000,220 as of February 29, 2012 and $ 504,401 as of May 31, 2011.

Revenue recognition

The Company’s revenue recognition policies are in compliance with Staff Accounting Bulletin (“SAB”) 104, included in the Codification as ASC 605, Revenue Recognition. Sales revenue is recognized at the date of shipment to customers when a formal arrangement exists, the price is fixed or determinable, the delivery is completed, no other significant obligations of the Company exist and collectability is reasonably assured. Payments received before all of the relevant criteria for revenue recognition are recorded as customer deposits.

HUAYUE ELECTRONICS, INC.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

FOR THE THREE AND NINE MONTHS ENDED FEBRUARY 29, 2012 AND 2011

Income taxes

The Company accounts for income tax under the asset and liability method as stipulated by Accounting Standards Codification (“ASC”) 740 (formerly Statement of Financial Accounting Standards (”SFAS”) No. 109), “Accounting for Income Taxes”, which requires recognition of deferred tax assets and liabilities for the expected future tax consequences of the events that have been included in the financial statements or tax returns. Deferred income taxes will be recognized if significant temporary differences between tax and financial statements occur. Valuation allowances are established against net deferred tax assets when it is more likely than not that some portion or all of the deferred tax asset will not be realized. There was no deferred tax amounts recognized for the three months and nine months ended at February 29, 2012 and 2011, respectively.

Earnings per share

The Company computes earnings per share (“EPS’) in accordance with ASC 260, “Earnings per Share”, which requires a dual presentation of basic and diluted earnings per share (“EPS”). Basic EPS net income (loss) divided by the weighted average common shares outstanding during a reporting period. Diluted EPS represents the potential dilution that could occur if securities or other contracts to issue common stock, including warrants, stock options, restricted stock units. Potential common shares that have an anti-dilutive effect (i.e., those that increase income per share or decrease loss per share) are excluded from the calculation of diluted EPS.

Concentration of credit risk

Financial instruments that potentially subject the Company to concentration of credit risk consist primarily of accounts receivable and other receivables. The Company does not require collateral or other security to support these receivables. The Company conducts periodic reviews of its clients’ financial condition and customer payment practices to minimize collection risk on accounts receivable.

Fair value of financial instruments

The carrying amounts of certain financial instruments, including cash and cash equivalents, accounts receivable, other receivables, accounts payable, accrued expenses, taxes payable, notes payable and other loans payable approximate fair value due to the short-term nature of these items. The carrying amounts of short-term loans from bank approximate the fair value based on the Company’s expected borrowing rate for debt with similar remaining maturities and comparable risk.

ASC Topic 820, “Fair Value Measurements and Disclosures,” requires disclosure of the fair value of financial instruments held by the Company. ASC Topic 825, “Financial Instruments,” defines fair value, and establishes a three-level valuation hierarchy for disclosures of fair value measurement that enhances disclosure requirements for fair value measures. The carrying amounts reported in the consolidated balance sheets for receivables and current liabilities each qualify as financial instruments and are a reasonable estimate of their fair values because of the short period of time between the origination of such instruments and their expected realization and their current market rate of interest. The three levels of valuation hierarchy are defined as follows:

·		Level 1 inputs to the valuation methodology are quoted prices for identical assets or liabilities in active markets.
·		Level 2 inputs to the valuation methodology include quoted prices for similar assets and liabilities in active markets, and inputs that are observable for the asset or liability, either directly or indirectly, for substantially the full term of the financial instrument.
·		Level 3 inputs to the valuation methodology are unobservable and significant to the fair value measurement.

At February 29, 2012, the securities that the Company held were level 1 type of securities. The prices of these securities were quoted in the active capital marketplace in China.

HUAYUE ELECTRONICS, INC.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

FOR THE THREE AND NINE MONTHS ENDED FEBRUARY 29, 2012 AND 2011

Fair value of financial instruments (continued)

Unrealized holding gains or losses for available-for-sale securities, if any, are recognized in Other Comprehensive Income (OCI), not in earnings. If a decline in fair value for Available-for-sales securities is determined “other than temporary”, impairment losses are recognized in earnings.

As of February 29, 2012, the Company did not identify any financial instruments that are required to be presented on the balance sheet at fair value other than those whose carrying amounts approximate fair value due to their short maturities.

Value-added tax

Sales revenue represents the invoiced value of goods, net of a Value-Added Tax (“VAT”). All of the Company’s products that are sold in the PRC are subject to a Chinese value-added tax at a rate of 17% of the gross sales price. This VAT may be offset by VAT paid by the Company on raw materials and other materials included in the cost of producing their finished product.

The Company recorded $151,802 and $123,805 VAT payable net of payments in the financial statements as of February 29, 2012 and May 31, 2011, respectively.

Advertising costs

Advertising costs for newspaper and television are expensed as incurred. The Company incurred advertising costs of $0 and $1,285 for the three months ended February 29, 2012 and 2011, respectively.

The Company incurred advertising costs of $8,509 and $4,767 for the nine months ended February 29, 2012 and 2011, respectively.

Mailing and handling costs

The Company accounts for mailing and handling fees in accordance with the FASB ASC 605-45. The Company includes shipping and handling fees billed to customers in net revenues. Amounts incurred by the Company for freight are included in cost of goods sold. For the three months ended February 29, 2012 and 2011, the Company incurred $998 and $0 mailing and handling costs, respectively. For the nine months ended February 29, 2012 and 2011, the Company incurred $7,482 and $6,210 mailing and handling costs, respectively.

Risks and uncertainties

The Company’s operations are carried out in the PRC. Accordingly, the Company’s business, financial condition and results of operations may be influenced by the political, economic and legal environments in the PRC, and by the general state of the PRC’s economy. The Company’s operations in the PRC are subject to specific considerations and significant risks not typically associated with companies in the North America and Western Europe. These include risks associated with, among others, the political, economic and legal environments and foreign currency exchange. The Company’s results may be adversely affected by changes in governmental policies with respect to laws and regulations, anti-inflationary measures, currency conversion and remittance abroad, and rates and methods of taxation, among other things.

HUAYUE ELECTRONICS, INC.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

FOR THE THREE AND NINE MONTHS ENDED FEBRUARY 29, 2012 AND 2011

Foreign currency translation

The accounts of the Company’s Chinese subsidiary are maintained in the RMB and the accounts of the U.S. parent company are maintained in the USD. The accounts of the Chinese subsidiary were translated into USD in accordance with Accounting Standards Codification (“ASC”) Topic 830 “Foreign Currency Matters,” with the RMB as the functional currency for the Chinese subsidiary. According to Topic 830, all assets and liabilities were translated at the exchange rate on the balance sheet date; stockholders’ equity is translated at historical rates and statement of income items are translated at the weighted average exchange rate for the period. The resulting translation adjustments are reported under other comprehensive income in accordance with ASC Topic 220, “Comprehensive Income.” Gains and losses resulting from the translations of foreign currency transactions and balances are reflected in the statements of income.

Translation adjustments resulting from this process amounted to $165,301 and $67,539 as of February, 2012 and May 31, 2011, respectively.

The following exchange rates were adopted to translate the amounts from RMB into United States dollars (“USD$”) for the respective years:

	February 29,		May 31,		February, 28
	2012		2011		2011
Quarter End RMB Exchange Rate (RMB/USD$)		6.2919		6.4845		6.5752
Average Year-to-date RMB Exchange Rate (RMB/USD$)		6.3772		6.7096		6.7031

Recent accounting pronouncements or amendments

In June 2011, FASB issued an amendment to the FASB Codification Topic 220 – Presentation of Comprehensive Income. The objective of this Update is to improve the comparability, consistency, and transparency of financial reporting and to increase the prominence of items reported in other comprehensive income. The amendments require that all non-owner changes in stockholders' equity be presented either in a single continuous statement of comprehensive income or in two separate but consecutive statements. The amendments in this Update should be applied retrospectively. For public entities, the amendments are effective for fiscal years, and interim periods within those years, beginning after December 15, 2011. The Company decided to adopt the amendment for the year starting with June 1, 2012. The Company does not expect the adoption of this pronouncement to have a significant impact on its financial condition or results of operations.

In May 2011, FASB issued an amendment to FASB codification Topic 805 - Business Combinations: Fair Value Measurement. The objective of this Update is to achieve common fair value measurement and disclosure requirements in U.S. GAAP and IFRSs. The amendments in this Update apply to all reporting entities that are required or permitted to measure or disclose the fair value of an asset, a liability, or an instrument classified in a reporting entity's shareholders' equity in the financial statements. For public entities, the amendments are effective during interim and annual periods beginning after December 15, 2011. The Company does not expect the adoption of this amendment to have a significant impact on its financial condition or results of operations.

HUAYUE ELECTRONICS, INC.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

FOR THE THREE AND NINE MONTHS ENDED FEBRUARY 29, 2012 AND 2011

Recent accounting pronouncements or amendments (continued)

In April 2011, FASB issued an amendment to FASB Codification Topic 310 – Receivables: A Creditor's Determination of Whether a Restructuring Is a Troubled Debt Restructuring. The amendment requires that, in evaluating whether a restructuring constitutes a troubled debt restructuring, a creditor must separately conclude that both exist: (1) the restructuring constitutes a concession. (2) The debtor is experiencing financial difficulties. The amendments to Topic 310 clarify the guidance on a creditor's evaluation of whether it has granted a concession as well as on a creditor's evaluation of whether a debtor is experiencing financial difficulties. In addition, the amendments to Topic 310 clarify that a creditor is precluded from using the effective interest rate test in the debtor's guidance on restructuring of payables when evaluating whether a restructuring constitutes a troubled debt restructuring. The amendments in this Update are effective for the first interim or annual period beginning on or after June 15, 2011, and should be applied retrospectively to the beginning of the annual period of adoption. The Company decides to adopt the amendment for the year starting from June 1, 2012, and the Company does not expect the adoption of this pronouncement to have a significant impact on its financial condition or results of operations.

NOTE 3 - ACCOUNTS RECEIVABLE

Accounts receivables consist of trade receivables resulting from sales of products during the normal course of business. Account receivables at February 29, 2012 and May 31, 2011 amounted to $3,026,119 and $2,363,235, respectively.

The allowance for bad debt amounts as of February 29, 2012 and May 31, 2011 was $176,624 and $164,566, respectively.

NOTE 4 – INVENTORY

The inventory consists of the following:

	February 29, 2012		May 31, 2011
	USD		USD
Raw materials		593,961		354,099
Packaging		60,311		57,228
Work-in-progress		751,469		1,206,163
Finished goods		790,627		641,706
Total Inventories		2,196,369		2,259,197

No allowance for inventory was made for the three months and nine months ended February 29, 2012.

NOTE 5 - PROPERTY, PLANT AND EQUIPMENT, NET

The detail of property, plant and equipment is as follows:

HUAYUE ELECTRONICS, INC.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

FOR THE THREE AND NINE MONTHS ENDED FEBRUARY 29, 2012 AND 2011

NOTE 5 - PROPERTY, PLANT AND EQUIPMENT, NET (Continued)

	February 29, 2012		May 31, 2011
	USD		USD
Machinery Equipment		657,691		1,077,740
Electronic Equipment		69,908		175,572
Transportation Equipment		600,018		28,182
Subtotal		1,327,617		1,281,495
Less: Accumulated Depreciation		1,013,372		925,264
Total plant, property and equipment, net	$	314,245	$	356,231

Depreciation expense for the three months ended February 29, 2012 and 2011 was $20,863 and $12,148, respectively. Depreciation expense for the nine months ended February 29, 2012 and 2011 was $88,108 and $70,345, respectively.

NOTE 6 - MARKETABLE SECURITIES

Marketable securities primarily consist of available-for-sale marketable equity securities. Available-for-sale marketable securities are classified as long-term, based on their holding period. Marketable securities are carried at fair market value with unrealized appreciation (or depreciation). The unrealized gains (losses) from trading securities are reported as earnings; and the unrealized gains (losses) from Available-for-sale securities are reported as a component of accumulated other comprehensive income (or loss) in shareholders’ equity. The specific identification method is used to determine the cost of disposed marketable securities.

During the quarter and nine months ended February 29, 2012, the Company did not recognize any unrealized gains or losses from the Marketable securities. During the quarter ended February 29, 2012, the Company sold its trading securities in the amount of $30,610 and recognized a loss from the sale in the amount of $1,815.

The Company evaluates the investments periodically for possible other-than-temporary impairment and reviews factors such as the length of time and extent to which fair value has been below cost basis, the financial condition of the issuer, and the Company’s ability and intent to hold the investment for a period of time which may be sufficient for anticipated recovery in market value. If appropriate, the Company records impairment charges equal to the amount that the carrying value of its available-for-sale securities exceeds the estimated fair market value of the securities as of the evaluation date. No impairment losses were identified for the quarter and nine months ended at February 29, 2012.

As of February 29, 2012, the Company’s financial assets are reported as marketable securities, at fair value, in the accompanying balance sheets. The following table summarizes the marketable securities measured at fair value as of February 29, 2012, at each hierarchical level:

HUAYUE ELECTRONICS, INC.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

FOR THE THREE AND NINE MONTHS ENDED FEBRUARY 29, 2012 AND 2011

NOTE 6 - MARKETABLE SECURITIES (Continued)

Class of Financial assets:	Quoted Prices in Active Markets for Identical Assets		Significant Other Observable Inputs		Balance at February 29,2012
	(Level 1)		(Level 2)		2011
Available-for-sale securities	$	7,835	$	0	$	7,835
(Non-Current Assets)
Total financial assets	$	7,835	$	0	$	7,835

NOTE 7 - RELATED PARTY TRANSACTIONS AND BALANCES

An individual or entity is considered to be a related party if the person or the entity has the ability, directly or indirectly, to control the other party or exercise significant influence over the other party in making financial and operational decisions. An individual or entity is also considered to be related if the person or the entity is subject to common control or common significant influence.

The related parties of the company are comprised as follows:

Name of entity or individual	Relationship with the Company
Changzhou Hengchuan Plastics Co, Ltd	Entity controlled by Mr. Pan Sudong and His Wife
Changzhou Shiji Jinyue Packaging Co.,Ltd	Entity controlled by Mr. Pan Sudong’s Sister
Changzhou Jinyue Elctronic Co.,Ltd	Entity controlled by Mr. Pan Sudong’s Sister
Changzhou Leyuan International Trade Co.,Ltd	Entity controlled by Mr. Pan Sudong’s Sister
Mr. Pan Sudong	Controlling person of China Metal Holding, Inc
Ms.Li Xingmei	Mr. Pan Sudong’s Wife and Director of Changzhou Huayue Electronic Co.,Ltd

Due from Related Parties:

Due from Related Parties, at February 29, 2012 and May 31 2011, consisted of the following balances:

HUAYUE ELECTRONICS, INC.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

FOR THE THREE AND NINE MONTHS ENDED FEBRUARY 29, 2012 AND 2011

NOTE 7 - RELATED PARTY TRANSACTIONS AND BALANCES (Continued)

Related party	Transaction	February 29, 2012		May 31, 2011
		USD		USD
Changzhou Hengchuan Plastics Co, Ltd	Accounts receivable	$	69,751	$	237,489
Changzhou Teweile Energy Saving Lighting Technology Co.,Ltd	Accounts receivable		-		620,535
Changzhou Jinyue Electronics Co., Ltd	Accounts receivable		49,619
Changzhou Shiji Jinyue Packaging Co.,Ltd	Accounts receivable		442,875		48,146
Mr. Pan Shudong	Due from Mr. Pan		-		71,403
Total due from related parties		$	862,245	$	977,573

Due to Related Parties

Due to Related Parties at February 29, 2012 and May 31 2011, consisted of the follows:

Related party		February 29, 2012		May 31, 2011
		USD		USD
Changzhou Leyuan International Trade Co.,Ltd	Accounts payable	$	39,123	$	61,686
Changzhou Hengchuan Plastics Co, Ltd	Accounts payable		-		7,711
Changzhou Shiji Jinyue Packaging Co.,Ltd	Customer Deposit		80,577		-
Changzhou Leyuan International Trade Co.,Ltd	Customer Deposit		-		10,917
Payable to Mr. Pan Sudong	Other payable		6,808		154,214
Total due to related parties		$	126,508	$	234,527

On December 2, 2011, Ms. Shanmei Li, Mr. Pan Shudong’s wife sold all her 58% of interest in Changzhou Teweile Energy Saving Lighting Technology Co., Ltd to an unrelated third party, Mr. Zhu Jianfong, for a consideration of ¥580,000. Mr. Zhu Jianfong assumed all the liabilities of Changzhou Teweile. As a result, Changzhou Teweile has no longer been a related party of Huayue Electronics. Correspondingly, Huayue Electronics’ payables and receivables to and from Teweile were reclassified from related party transactions to external transactions.

Changzhou Huayue is currently using the buildings of Changzhou Hengchuan Plastics Co, Ltd. On May 18, 2011, Changzhou Huayue and Changzhou Hengchuan signed a lease agreement, under which Changzhou Huayue pays RMB ¥120,000 annually for using Changzhou Hengchuan’s buildings. The term of the lease is 10 years and the rent payment is due annually. For the nine months ended February 29, 2012, Changzhou Huayue accrued $14,112 rent expense which was due to Changzhou Hengchuan.

HUAYUE ELECTRONICS, INC.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

FOR THE THREE AND NINE MONTHS ENDED FEBRUARY 29, 2012 AND 2011

NOTE 8 - SHORT TERM LOANS

The Company’s short term debt consisted of the following:

	February 29, 2012		May 31, 2011
	USD		USD
Loan from china communication Bank (6% annual interest rate, 5 million is due on 5/9/2012, 5 million is due on 6/6/2012, 6 million is due on 12/21/2012, 4 million is due on 3/2/2012)	$	3,178,690	$	3,084,278
Loan from China Commercial Bank (6% annual interest rate, 3 million is due on 7/12/2012 and 3 million is due on 6/15/2012)		953,607		925,283
Loan from Chinese bank (6% annual interest rate, due on 8/8/2012)		1,795,960		1,742,617
Loan from Changzhou Wujinyintong Agriculture Credit Union (6% annual interest rate, due on 3/18/2012)				771,069
Total short term debt	$	5,928,257		6,523,248

Interest expense for the above short term loans totaled $100,269 and $147,649 for the three months ended February 29, 2012 and 2011, respectively. Interest expense for the above short term loans totaled $278,680 and $296,057 for the nine months ended February 29, 2012 and 2011, respectively.

NOTE 9 - TAX PAYABLE

Tax payable at February 29, 2012 and 2011 are as follows:

Tax Payable	February 29, 2012		May 31, 2011
	USD		USD
Corporate Income Tax	$	52,982	$	51,409
Value-Added Tax		151,802		123,805
Other Tax & Fees		372		361
Total Tax Payable		205,156		175,575

NOTE 10 - NOTES PAYABLE

As of February 29, 2012, the Company has bank acceptance notes payable in the amount of $3,178,690. The notes are guaranteed to be paid by the banks and usually for a short-term period of 3 to 6 months with 6% annual interest rate on the maturity date.

HUAYUE ELECTRONICS, INC.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

FOR THE THREE AND NINE MONTHS ENDED FEBRUARY 29, 2012 AND 2011

NOTE 11 - INCOME TAXES

Corporation income tax (“CIT”)

The Company’s operating subsidiary, Changzhou Huayue, is subject to the corporate income tax at a statutory rate of 25%.

For the quarter ended February 29, 2012, Changzhou Huayue recorded $60,387 income tax provision; for the quarter ended February 28, 2011, Changzhou Huayue recorded $16,652 income tax provision.

For the nine months ended February 29, 2012, Changzhou Huayue recorded $72,315 income tax provision; for the nine months ended February 28, 2011, Changzhou Huayue recorded $74,158 income tax provision.

Although the Company had a negative income for the fiscal year ended May 31, 2009, the tax losses was immaterial and the Company did not expect such tax losses could be "carry forward" to reduce taxable income in future years. Therefore, the Company did not recognize any deferred tax assets.

Value added tax (“VAT”)

Enterprises or individuals who sell commodities, engage in repair and maintenance or import or export goods in the PRC are subject to a value added tax in accordance with the PRC laws. The value added tax standard rate is 17% of the gross sales price. A credit is available whereby VAT paid on the purchases of semi-finished products or raw materials used in the production of the Company’s finished products can be used to offset the VAT due on the sales of the finished products.

NOTE 12 - STOCKHOLDERS’ EQUITY

As of February 29, 2012, and May 31, 2011, for financial reporting purposes, there were 30,067,741 shares and 29,401,500 shares of common stock issued and outstanding, respectively.

NOTE 13 - MAJOR CUSTOMERS AND SUPPLIERS

Three major customers accounted for approximately 21% of the net revenue for the three months ended February 29, 2012, with each customer individually accounting for from 4% to 13% of the net revenue.

Three major customers accounted for approximately 19% of the net revenue for the nine months ended February 29, 2012, with each customer individually accounting for from 5% to 10% of the net revenue.

At February 29, 2012, the total receivable balance due from one major customer was $326,649, representing 11% of total accounts receivable.

One major vendor provided approximately 73% of the Company’s purchases of raw materials for the nine months ended February 29, 2012.

MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULT OF OPERATIONS

Forward-Looking Statements: No Assurances Intended

In addition to historical information, this Quarterly Report contains forward-looking statements, which are generally identifiable by use of the words “believes,” “expects,” “intends,” “anticipates,” “plans to,” “estimates,” “projects,” or similar expressions. These forward-looking statements represent Management’s belief as to the future of Huayue Electronics, Inc. Whether those beliefs become reality will depend on many factors that are not under Management’s control. Many risks and uncertainties exist that could cause actual results to differ materially from those reflected in these forward-looking statements. Factors that might cause such a difference include, but are not limited to, those discussed in the section titled “Risk Factors” in the Company’s Current Report on Form 8-K filed on September 2, 2011. Readers are cautioned not to place undue reliance on these forward-looking statements. We undertake no obligation to revise or publicly release the results of any revision to these forward-looking statements.

Outline of Our Business

Huayue Electronics, Inc. is a Delaware corporation that functions as a holding company. Through a wholly-owned subsidiary, we own all of the registered capital of Changzhou Huayue Electronic Co., Ltd. (“Changzhou Huayue”), a corporation organized and located in The People’s Republic of China (“PRC”). Since 1999 Changzhou Huayue has been engaged in the production and sale of electrolytic capacitors. Since 2008, however, the growing portion of our business has been the production and sale of high frequency induction lights. While recent revenues have been split approximately equally between these two business lines, we anticipate that our future growth will be derived primarily from the sale of induction lights.

In contrast to traditional lamps, induction lights do not involve either filaments or electrodes, and no electrical connection goes on inside the glass tube. Instead, energy is transferred through the glass tube solely by electromagnetic induction. Power to create the light is transferred from outside the glass tube by means of a magnetic field. As with a conventional fluorescent lamp, the power excites mercury or a mercury alloy, producing ultraviolet light which hits the phosphors resulting in visible light.

Our participation in the market for induction lighting benefits from our intellectual property. From 2008 to 2010, we obtained 60 patents from the PRC government, of which 33 are currently in use. All of these patents relate to the induction lighting business. Our induction lighting products also benefit from representing high quality at a low cost. The incorporation of smart cards into our lamps provides constant power control and the ability to automatically adjust brightness. We have the facilities to mass produce 300 watt induction lamps with long lives that do not require frequent maintenance, as backed up by our warranties.

We recently changed our domestic distribution strategy, moving from direct sales to the development of regional sales agents. We have identified 20 agents and plan to increase this number to between 40 and 50 by December 31, 2012. Changzhou Huayue believes that this strategic decision will enable us to expand our market throughout China in the coming year.

Results of Operations

As indicated in Note 7 to our financial statements, Changzhou Huayue has functioned as one of several entities owned and managed by Pan Shudong and his family. With the acquisition of Changzhou Huayue by a U.S. public company on September 2, 2011, the close relationship of Changzhou Huayue to these other entities will be severed, and Changzhou Huayue will operate for the benefit of its own shareholders only. However, during the quarter ended August 31, 2011 a transaction arranged prior to that acquisition had the effect of minimizing the profitability of Changzhou Huayue’s business. It is management’s plan that such related party transactions will not be replicated in the future, except in circumstances where the benefit to Changzhou Huayue equals or exceeds the benefit it would receive from an arms-length transaction.

Changzhou Huayue’s sales revenue for the nine months ended February 29, 2012 increased to $5,900,764, an increase of 21% over sales revenue in the nine months ended February 28, 2011. However, $1,493,830 of the sales revenue in the quarter ended August 31, 2011 - i.e. 44% of the six months revenue - was attributable to a sale to a related party (Changzhou Teweile Energy Saving Lighting Technology Co., Ltd.) in which Changzhou Huayue sold goods to Changzhou Teweile at a loss of $109,193, permitting Changzhou Teweile to resell the goods to the ultimate customer at a profit. As a result of the loss incurred on that sale, Changzhou Huayue’s gross profit for the quarter ended August 31, 2011 was only $98,259, representing a gross margin ratio of 4.1%. As a result of that transaction, despite the 21% increase in revenue for the nine months ended February 29, 2012, our gross profit fell by 3% from the nine months ended February 28, 2011 to the nine months ended February 29, 2012.

More indicative of our current level of operations than the nine month results are our results for the quarter ended February 29, 2012. Our sales increased by 48% from the quarter ended February 28, 2011 to the quarter ended February 29, 2012. Since sales had been modest in the earlier quarters of this fiscal year, primarily because our transition from direct sales to sales through agents was still in its start-up phase, the 48% increase in sales in the recent quarter indicated that the new agents are gaining traction in their marketing efforts.

The margins on our induction lighting sales remain lower than we anticipate for the long term, due to the cost of introducing new induction lighting products. Because we are trying to rapidly grasp a solid position in the induction lighting market, we have been introducing products while they are still in the final development stages. We sell the new products on a small scale basis, while our technicians continue to improve the failure rate and develop efficiencies in the use of materials. This process allows us to market aggressively, but results in a high cost of goods sold. Our gross margin for the three months ended February 29, 2012, then, was 15%, compared to 11% in the three months ended February 28, 2011. We anticipate that as our market position matures, we will be able to fully develop new products before taking them to market, which will improve our margins.

Even though our gross income for the quarter and nine months ended February 29, 2012 was modest, we remained profitable due to the low level of our operating expenses. Contributing to this efficiency, selling expenses declined to $603 in the quarter ended February 29, 2012 from $7,360 in the third quarter of the prior fiscal year, a decrease that reflected our decision to reduce direct sales and replace them with a network of independent agents. General and administrative expenses increased by 111% from the quarter ended February 28, 2011 to the quarter ended February 29, 2012, but increased by only 9% from the nine months ended February 28, 2011 to the nine months ended February 29, 2012. General and administrative expenses will continue to increase in the coming year, however, as we assume the obligations attendant to being a U.S. public company, including legal and accounting expenses and other expenses related to the nurturing of our new shareholder base.

Although we continue to rely on short-term bank debt for our liquidity, our current net interest expense is lower than it was a year ago due to more favorable interest rates plus our own high cash balances that bear interest (albeit at the very low rate currently offered in China’s banks). Our net interest expense for the quarter ended February 29, 2012 decreased to $100,929 from net interest expense of $147,813 in the comparable prior quarter, and to $278,680 for the nine months ended February 29, 2012 from $296,057 for the comparable period of fiscal 2011. As discussed below, we hope to access the U.S. capital markets to obtain equity funding to pay off the debt and further reduce this cost and our exposure to increasing interest rates.

Our net profit before tax for the recent quarter was $241,549, on which we accrued income tax at the Chinese national rate of 25%, yielding a net income for the quarter ended February 29, 2012 of $181,162. Our net income for the quarter ended February 28, 2011 was $49,957. Net income for the nine months ended February 29, 2012 was $216,946, compared to $222,475 in the nine months ended February 28, 2011.

Our business operates primarily in Chinese Renminbi (“RMB”), but we report our results in our SEC filings in U.S. Dollars. The conversion of our accounts from RMB to Dollars will result in translation adjustments. While our net income will be added to the retained earnings on our balance sheet, the translation adjustments will be added to a line item labeled “accumulated other comprehensive income,” since they will be more reflective of changes in the relative values of U.S. and PRC currencies than the success of our business. The amount added to “accumulated other comprehensive income” was $97,762 during the nine months ended February 29, 2012. During the nine months ended February 28, 2011, when the exchange rate was more volatile, our accumulated other comprehensive income decreased by $251,378.

Liquidity and Capital Resources

Until recently the operations of the Company had been funded by contributions and short-term loans from our founder, Mr. Shudong Pan, his family, and entities related to them. In recent periods, however, we have developed bank lending relationships, which are now our primary source of liquidity. Today, our current liabilities are in large part made up of short term debt and notes payable to Chinese banks. Most of these debts have been guaranteed by related entities or secured by property owned by related parties. The proceeds of these loans have been utilized primarily to finance the development of our induction lighting business and the expanded sales effort for new induction lighting products.

As is common in China, all of our bank borrowing is done on a short-term basis. As a result, the entire amount of $11,849,226 that we owed to lending institutions at February 29, 2012 has been classified as short-term debt, although we have every reason to believe that the institutions will replace the loans as they come due. Because our debts are all classified as short-term, at February 29, 2012 we had only $1,072,794 in working capital, an increase of $387,306 from May 31, 2011, the end of our 2011 fiscal year.

Included in our current liabilities at February 29, 2012 was an “other payable” of $2,742,279. This represented an overnight loan that we secured to fund our bank deposit obligation. A significant portion of the bank loans that we have obtained require us, at the end of each month, to maintain deposits with lender equal to a percentage, typically 50%, of the amount loaned. At February 29, 2012, to meet that obligation we borrowed on an overnight basis the funds recorded as “other payable.”

The largest component of our current assets was our prepaid expenses. In China, to secure a guaranteed supply of raw materials and components, it is common practice to make prepayments to your principal suppliers, often to the extent of several months’ requirements. That security is the purpose for the $4,169,583 prepaid account on our February 29, 2012 balance sheet.

Our accounts receivable, which were $2,849,495 at February 29, 2012, are large relative to recent revenue. In our efforts to achieve a substantial beachhead in the induction lighting market, we offer certain customers ninety days after delivery to make payment to us. In general, we do so only after we are assured that the customer has the capability and intent to make payment. This practice reduces our liquidity to some extent, but helps us develop long-term, repeat customers. As our induction lighting business matures, however, we will move toward more conventional payment terms.

The amount due from related parties swelled during the quarter ended August 31, 2011 because of the $1,493,830 sale to Changzhou Teweile discussed in Results of Operations above. The entirely of that debt was satisfied during the third quarter of fiscal 2012, upon Changzhou Teweile’s receipt of payment from its customer. The remaining balance reflects the residual effect of prior related party transactions. As noted above, we do not intend to engage in related party sales in this manner in the future.

Cash flow from operations during the nine months ended February 29, 2012 was $1,344,943, although net income was only $216,946. The primary reason for the disparity was the increase of $2,107,266 in our accrued expenses and other payables. We financed our operations, therefore, by delaying payments to our creditors, which is a short-term only remedy for the cash requirements of our expanding operations. In addition, $495,819 in customer deposits increased our cash balances, leaving us with $3,782,346 in cash on February 29, 2012. This balance should provide us sufficient liquidity to fund our operations for the coming year.

Our business plan is based on obtaining long term financing of $10 million during the next year. $6 million of this amount would be used to build a new production and distribution center for induction lighting, and $4 million would be used to provide additional liquidity. A further capital raise of $20 million is projected for the following year. We hope to raise the new funds through the sale of equity in the Company, although this may prove not to be feasible. If we are forced to finance our capital needs through the issuance of debt or long term borrowing, the interest rates we pay and our interest cost of financing would increase. However, we believe that the incremental sales supported by the increased production capacity financed by the borrowing will more than offset these added expenses.

We believe growth of our production capacity is critical. If we are unable to raise additional funds through any means, we will be forced to postpone our expansion plans and the growth and profitability of the Company would be reduced.

Off-Balance Sheet Arrangements

We do not have any off-balance sheet arrangements that have or are reasonably likely to have a current or future effect on our financial condition or results of operations.

ITEM 3

QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK

Not applicable.

ITEM 4. CONTROLS AND PROCEDURES

Evaluation of Disclosure Controls and Procedures. Our Chief Executive Officer and Chief Financial Officer carried out an evaluation of the effectiveness of the Company’s disclosure controls and procedures (as defined in Rule13a-15(e) promulgated by the Securities and Exchange Commission) as of February 29, 2012. The evaluation revealed that there are material weaknesses in our disclosure controls, specifically:

·	The relatively small number of employees who are responsible for accounting functions prevents us from segregating duties within our internal control system.

·	Our accounting personnel lack expertise in identifying and addressing complex accounting issued under U.S. Generally Accepted Accounting Principles.

Based on their evaluation, our Chief Executive Officer and Chief Financial Officer concluded that the Company’s system of disclosure controls and procedures was not effective as of November 30, 2011.

Changes in Internal Controls. There was no change in internal controls over financial reporting (as defined in Rule 13a-15(f) promulgated under the Securities Exchange Act or 1934) identified in connection with the evaluation described in the preceding paragraph that occurred during the Company’s third fiscal quarter that has materially affected or is reasonably likely to materially affect the Company’s internal control over financial reporting.

PART II - OTHER INFORMATION

Item 1. Legal Proceedings

None.

Item 1A Risk Factors

There have been no material changes from the risk factors included in our Current Report on Form 8-K filed on September 2, 2011.

Item 2. Unregistered Sale of Securities and Use of Proceeds

(a) Unregistered sales of equity securities

None.

The Company did not repurchase any of its equity securities that were registered under Section 12 of the Securities Exchange Act during the 2nd quarter of fiscal 2012.

Item 3. Defaults Upon Senior Securities.

None.

Item 4. Mine Safety Disclosures

None.

Item 5. Other Information.

None.

Item 6. Exhibits

31.1	Rule 13a-14(a) Certification – CEO
31.2	Rule 13a-14(a) Certification – CFO
32	Rule 13a-14(b) Certification

101.INS	XBRL Instance
101.SCH	XBRL Schema
101.CAL	XBRL Calculation
101.DEF	XBRL Definition
101.LAB	XBRL Label
101.PRE	XBRL Presentation

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this Report to be signed on its behalf by the undersigned thereunto duly authorized.

HUAYUE ELECTRONICS, INC.

Date: April 13, 2012	By: /s/ Pan Shudong
	Pan Shudong, Chief Executive Officer

	By: /s/ Gan Liuzhi
	Gan Liuzhi, Chief Financial Officer, Chief Accounting Officer

Tarsier Ltd. - FORM 10-Q - April 12, 2012

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Tarsier Ltd. Reports