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UNITED STATES 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 October 31, 2012


OR


( ) TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the transition period from ______________ to ______________


Commission File Number 333-161997


XIANGTIAN (USA) AIR POWER CO., LTD.

(Exact name of registrant as specified in its charter)


DELAWARE

(State or other jurisdiction of

Incorporation or organization)

98-0632932

(IRS Employer Identification No.)


Unit 602 Causeway Bay Comm Bldg 1
Sugar Street, Causeway Bay

Hong Kong, People’s Republic of China

(Address of principal executive offices)


86 10 859 10 261

(Registrant’s telephone number)


Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 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 [ ] No [X]


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 during the preceding 12 months (or for such shorter period that the registrant was required to submit and post such files). Yes [ ] No [ ]


Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, or a smaller reporting company.


Large accelerated filer

[ ]

Accelerated filer

[ ]

Non-accelerated filer

[ ]

Smaller reporting company

[X]


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


Indicate the number of outstanding of each of the registrant’s classes of common stock, as of the latest practicable date: The registrant had 8,000,000 shares of common stock, $0.001 par value outstanding at October 31, 2012. The registrant has no other class of common equity.









PART I. FINANCIAL INFORMATION

 

 

 

Item 1. Financial Statements

 

 

Consolidated Balance Sheets as of October 31, 2012 and July 31, 2012 (Unaudited)

1

 

Consolidated Statements of Operations for the Three Months Ended October 31, 2012 and 2011 (Unaudited)

2

 

Consolidated Statements of Cash Flows for the Three Months Ended October 31, 2012 and 2011 (Unaudited)

3

 

Notes to Consolidated Financial Statements (Unaudited)

4

Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations

7

Item 3. Quantitative and Qualitative Disclosures About Market Risk

8

Item 4. Controls and Procedures

9

 

 

PART II. OTHER INFORMATION

 

 

 

Item 1. Legal Proceedings

9

Item 1A. Risk Factors

9

Item 2. Unregistered Sales of Equity Securities and Use of Proceeds

9

Item 3. Defaults Upon Senior Securities

9

Item 4. Mine Safety Disclosures

9

Item 5. Other Information

9

Item 6. Exhibits

9

Signatures

10






















PART I. FINANCIAL INFORMATION


Item 1. Financial Statements


Xiangtian (USA) Air Power Co., Ltd.

(A Development Stage Company)

Consolidated Balance Sheets

(Unaudited)

 

 

 

 

 

 

 

 

October 31,

2012

 

 

July 31,

2012

ASSETS

 

 

 

 

 

Current assets

 

 

 

 

 

   Cash

$

60

 

$

97

   Prepaid expenses

 

23,550

 

 

36,463

Total assets

$

23,610

 

$

36,560

 

 

 

 

 

 

LIABILITIES AND STOCKHOLDERS’ DEFICIT

 

 

 

 

 

 

 

 

 

 

 

LIABILITIES

 

 

 

 

 

Current liabilities

 

 

 

 

 

   Accounts payable and accrued liabilities

$

4,700

 

$

1,755

   Advances from related parties

 

55,318

 

 

51,273

Total liabilities

 

60,018

 

 

53,028

 

 

 

 

 

 

Commitments and contingencies

 

 

 

 

 

 

 

 

 

 

 

STOCKHOLDERS’ DEFICIT

 

 

 

 

 

Preferred stock: $0.001 par value, 100,000,000 authorized, 0 issued and outstanding

 

-

 

 

-

Common shares: $0.001 par value, 100,000,000 authorized, 8,000,000 issued and outstanding

 

8,000

 

 

8,000

Additional paid-in capital

 

70,460

 

 

68,960

Deficit accumulated during the development stage

 

(114,868)

 

 

(93,428)

Total stockholders’ deficit

 

(36,408)

 

 

(16,468)

Total liabilities and stockholders’ deficit

$

23,610

 

$

36,560



The accompanying notes are an integral part of these consolidated financial statements.




1




Xiangtian (USA) Air Power Co., Ltd.

(A Development Stage Company)

Consolidated Statements of Operations

(Unaudited)

 

 

 

 

Period From

 

 

 

 

September 2,

 

 

For the Three Months

 

2008 (inception) to

 

 

Ended October 31

 

October 31,

 

 

2012

 

2011

 

2012

Operating expenses

 

 

 

 

 

 

 

 

 

General and administrative

$

21,440

 

$

7,195

 

$

110,769

Loss from continuing operations

 

(21,440)

 

 

(7,195)

 

 

(110,769)

 

 

 

 

 

 

 

 

 

 

Discontinued operations (net of taxes):

 

 

 

 

 

 

 

 

Loss from discontinued operations

 

-

 

 

(98)

 

$

(4,099)

 

 

 

 

 

 

 

 

 

 

Net loss

$

(21,440)

 

$

(7,293)

 

$

(114,868)

 

 

 

 

 

 

 

 

 

 

Net loss per common share - basic and diluted

 

 

 

 

 

 

 

 

 

Continuing operations

$

(0.00)

 

$

(0.00)

 

 

 

 

Discontinued operations

 

(0.00)

 

 

(0.00)

 

 

 

Total

$

(0.00)

 

$

(0.00)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Weighted average number of common shares outstanding - basic and diluted

 

8,000,000

 

 

8,000,000

 

 

 






The accompanying notes are an integral part of these consolidated financial statements.




2




Xiangtian (USA) Air Power Co., Ltd.

(A Development Stage Company)

Consolidated Statements of Cash Flows

(Unaudited)

 

 

 

 

 

Period From

 

 

 

 

 

September 2, 2008

 

 

 

For the Three Months

 

(inception) to

 

 

 

Ended October 31

 

October 31,

 

 

 

 

2012

 

 

2011

 

2012

Cash flows from operating activities

 

 

 

 

 

 

 

 

Net loss

$

(21,440)

 

$

(7,293)

 

$

(114,868)

Net loss from discontinued operations

 

-

 

 

98

 

 

4,099

Net loss from continuing operations

 

(21,440)

 

 

(7,195)

 

 

(110,769)

Adjustment to reconcile net loss to net cash used in operating activities:

 

 

 

 

 

 

 

 

 

Donated rent

 

1,500

 

 

-

 

 

3,000

 

Changes in operating assets and liabilities

 

 

 

 

 

 

 

 

 

 

Prepaid expense

 

12,913

 

 

-

 

 

(23,550)

 

 

Accounts payable and accrued liabilities

 

2,945

 

 

5,325

 

 

21,061

Net cash used in operating activities

 

(4,082)

 

 

(1,870)

 

 

(110,258)

 

 

 

 

 

 

 

 

 

 

 

Cash flows from financing activities

 

 

 

 

 

 

 

 

 

Proceeds from issuance of common stock

 

-

 

 

-

 

 

55,000

 

Advances from related parties

 

4,045

 

 

13,269

 

 

55,318

Net cash provided by financing activities

 

4,045

 

 

13,269

 

 

110,318

 

 

 

 

 

 

 

 

 

 

 

Net change in cash from continuing operations

 

(37)

 

 

11,399

 

 

60

Cash - beginning of period from continuing operations

 

97

 

 

284

 

 

-

 

 

 

 

 

 

 

 

 

 

 

Cash - end of period from continuing operations

$

60

 

$

11,683

 

$

60

 

 

 

 

 

 

 

 

 

 

 

Discontinued operations:

 

 

 

 

 

 

 

 

 

Net cash used in operating activities

$

-

 

$

(98)

 

$

(10,393)

 

Net cash provided by financing activities

 

-

 

 

-

 

 

10,393

 

 

 

 

 

 

 

 

 

 

 

Net change in cash from discontinued operations

 

-

 

 

(98)

 

 

-

Cash - beginning of period from discontinued operations

 

-

 

 

1,134

 

 

-

 

 

 

 

 

 

 

 

 

 

 

Cash - end of period from discontinued operations

$

-

 

$

1,036

 

$

-

 

 

 

 

 

 

 

 

 

 

 

Supplement cash flows information:

 

 

 

 

 

 

 

 

 

Cash paid for interest

$

-

 

$

-

 

$

-

 

Cash paid for income tax

 

-

 

 

-

 

 

-

 

 

 

 

 

 

 

 

 

 

 

Non-cash investing and financing transactions:

 

 

 

 

 

 

 

 

 

Debt forgiveness from sale of Goa Excursion

$

-

 

$

-

 

$

20,460



The accompanying notes are an integral part of these consolidated financial statements.




3




Xiangtian (USA) Air Power Co., Ltd.

(A Development Stage Company)

Notes to Consolidated Financial Statements


NOTE 1 - NATURE OF OPERATIONS


Xiangtian (USA) Air Power Co., Ltd. (the “Company”) was incorporated in the State of Delaware on September 2, 2008 as Goa Sweet Tours Ltd. The Company was originally formed to provide personalized concierge tour packages to tourists who visit the State of Goa, India. On April 17, 2012, the Company entered into Share Purchase Agreements, by and among, Luck Sky International Investment Holdings Limited (“Lucky Sky”), an entity owned and controlled by Zhou Deng Rong, and certain of our former stockholders who owned, in the aggregate, 7,200,000 shares of the Company’s common stock (90% of the at then outstanding shares). Luck Sky purchased all 7,200,000 shares for an aggregate of $235,000. The sale was completed on May 15, 2012.


On May 1, 2012, the Company sold its Indian subsidiary, Goa Excursion Private Limited (“Goa Excursion”), to Iqbal Boga for a total value of $10. Both the purchaser and the seller fully release, discharge, waive, and hold harmless the subsidiary’s debts and liabilities, including related party’s debts.


On May 25, 2012, the Company formed a corporation under the laws of the State of Delaware called Xiangtian (USA) Air Power Co., Ltd. ("Merger Sub") and on the same day, acquired one hundred shares of Merger Sub's common stock for cash. As such, Merger Sub became a wholly-owned subsidiary of the Company.


Effective as of May 29, 2012, Merger Sub was merged with and into the Company. As a result of the merger, the Company’s name was changed to “Xiangtian (USA) Air Power Co., Ltd.”. Prior to the merger, Merger Sub had no liabilities and nominal assets and, as a result of the merger, the separate existence of the Merger Sub ceased. The Company was the surviving corporation in the merger and, except for the name change provided for in the Agreement and Plan of Merger, there was no change in the directors, officers, capital structure or business of the Company.


The Company is a development stage company as defined by ASC 915 and since inception the Company has not generated consistent revenues and has incurred a cumulative net loss as reflected in the consolidated financial statements. The Company has minimal assets and has incurred losses since inception. The Company's limited start-up operations have consisted of the formation of the Company business plan and identification of the Company's target market. The Company's plans to produce air power engine for bus, air power tower, and air power generator sets in fiscal 2013.



NOTE 2 - BASIS OF PRESENTATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES


Basis of Presentation


The consolidated financial statements of the Company have been prepared in accordance with generally accepted accounting principles in the United States of America. This basis of accounting involves the application of accrual accounting and consequently, revenues and gains are recognized when earned, and expenses and losses are recognized when incurred. The Company’s consolidated financial statements are expressed in U.S. dollars.


Use of Estimates and Assumptions


The preparation of consolidated financial statements in conformity with generally accepted accounting principles requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the period. Actual results could differ from those estimates.





4




Consolidation


The consolidated financial statements include the accounts of the Company and its wholly-owned subsidiary, Goa Excursion. All significant intercompany balances and transactions have been eliminated in consolidation. The consolidated financial statements of fiscal year 2012 were restated to reflect the discontinuation of Goa Excursion. See Note 4.


Discontinued Operations


The Company sold out its Indian subsidiary, Goa Excursion, on May 1, 2012. Goa Excursion has been reflected as discontinued operations for periods presented in the Company’s consolidated financial statements. Accordingly, the revenues, costs, expenses, assets, and liabilities of the Goa Excursion have been reported separately in the consolidated statements of operations and consolidated balance sheets for all periods presented. The results of discontinued operations do not reflect any allocation of the Company’s general and administrative expenses.


Cash and Cash Equivalents


The Company considers all highly liquid investments with an original maturity of three months or less when purchased to be cash equivalents.


Income Taxes


A deferred tax asset or liability is recorded for all temporary differences between financial and tax reporting and net operating loss carry forwards. Deferred tax expense (benefit) results from the net change during the year of deferred tax assets and liabilities. Deferred tax assets are reduced by a valuation allowance when, in the opinion of management, it is more likely than not that some portion or all of the deferred tax assets will not be realized. Deferred tax assets and liabilities are adjusted for the effects of changes in tax laws and rates on the date of enactment. At October 31, 2012 and July 31, 2012, a full deferred tax asset valuation allowance has been provided and no deferred tax asset benefit has been recorded.


Foreign Currency Translation


The Company’s functional currency is United States (“U.S.”) dollars as substantially all of the Company’s operations use this denomination. The consolidated financial statements are presented in U.S. dollars. Foreign denominated monetary assets and liabilities are translated into their United States dollar equivalents using foreign exchange rates which prevailed at the balance sheet date. Non-monetary assets and liabilities are translated at the exchange rates prevailing at the transaction date. Revenues and expenses are translated at average rates of exchange during the year. Gains or losses resulting from foreign currency transactions are included in results of operations.


Earnings (Loss) per Share


Basic earnings per common share is computed by dividing net income available to common stockholders by the weighted average number of common shares outstanding during the period, excluding the effects of any potentially dilutive securities. Diluted earnings per common share gives effect to all dilutive potential of shares of common stock outstanding during the period including stock options or warrants, using the treasury stock method (by using the average stock price for the period to determine the number of shares assumed to be purchased from the exercise of stock options or warrants), and convertible debt or convertible preferred stock, using the if-converted method. Earnings per share excludes all potential dilutive shares of common stock if their effect is anti-dilutive. There were no potential dilutive securities outstanding during the three months ended October 31, 2012 or 2011.


Recent Accounting Pronouncements


The Company does not expect the adoption of recently issued accounting pronouncements to have a significant impact on the Company’s results of operations, financial position or cash flows.


Subsequent Events


The Company evaluated events subsequent to October 31, 2012 through the date the consolidated financial statements were issued for disclosure considerations.




5




NOTE 3 - GOING CONCERN


The accompanying consolidated financial statements have been prepared assuming the Company will continue as a going concern. The Company has incurred losses since its inception resulting in an accumulated deficit of $114,868 as of October 31,  2012 and further losses are anticipated in the development of its business raising substantial doubt about the Company’s ability to continue as a going concern. The ability to continue as a going concern is dependent upon the Company generating profitable operations in the future and/or obtaining the necessary financing to meet its obligations and repay its liabilities arising from normal business operations when they become due. These consolidated financial statements do not include any adjustments to the recoverability and classification of recorded asset amounts and classification of liabilities that might be necessary should the Company be unable to continue as a going concern.


Management intends to finance operating costs over the next twelve months with existing cash on hand and loans from directors and/or the private placement of the Company’s common stock.



NOTE 4 - DISCONTINUED OPERATIONS


As discussed in Note 1, on May 1, 2012, the Company sold its Indian subsidiary, Goa Excursion, to Iqbal Boga (a related party) for a total value of $10. As the result of this transaction, accounts payable of $20,460 was forgiven by the related party. The Company recorded $20,460 as additional paid-in capital.


For the three months ended October 31, 2012 and 2011 and the period from September 2, 2008 (inception) to October 31, 2012, the amounts reported in loss from discontinued operations comprised operating expenses of $0, $98 and $4,099, respectively.



NOTE 5 - RELATED PARTY TRANSACTIONS


From time to time, the Company receives advances from its related parties. As of October 31, 2012 and July 31, 2012, the Company had advances from related parties of  $55,318 and $51,273, respectively, and used the funds for its operation. These advances are due on demand, unsecured and non-interest bearing.


The Company neither owns nor leases any real or personal property. Since the completion of its merger in May 2012, the Company uses office spaces provided by a related party free of charge. During the three months ended October 31, 2012, the Company recognized $1,500 in donated rent.



NOTE 6 - CAPITAL STOCK AND EQUITY TRANSACTIONS


Common Stock


The total number of common shares authorized that may be issued by the Company is 100,000,000 shares with a par value of $0.001 per share.


During the year ended July 31, 2009, the Company issued 5,000,000 shares of common stock for total cash proceeds of $25,000 to the Company’s sole director and officer. During the year ended July 31, 2010, the Company sold 3,000,000 shares of common stock for total cash proceeds of $30,000.


Preferred Stock


The total number of preferred shares authorized that may be issued by the Company is 100,000,000 shares with a par value of $0.001 per share. The preferred stock may be issued in one or more series, from time to time, with each series to have such designation, relative rights, preference or limitations, as adopted by the Company’s Board of Directors. No preferred shares have been issued.





6




Item 2. Management's Discussion and Analysis of Financial Conditions and Results of Operations.


Overview


Xiangtian (USA) Air Power Co., Ltd., was originally incorporated at Goa Sweet Tours Ltd. in the State of Delaware on September 2, 2008. We were formed to provide personalized concierge tour packages to tourists who visit the State of Goa, India.


On April 17, 2012, Goa Sweet Tours, Ltd. entered into Share Purchase Agreements (the “Purchase Agreements”), with Luck Sky International Investment Holdings Limited, an entity owned and controlled by Zhou Deng Rong, and certain of our former stockholders who owned, in the aggregate, 7,200,000 shares of our common stock (90% of the outstanding shares). Luck Sky International Investment Holdings Limited purchased such shares for an aggregate of $235,000. The sale of such shares closed on May 15, 2012.


On May 25, 2012, Goa Sweet Tours Ltd, formed a corporation under the laws of the State of Delaware called Xiangtian (USA) Air Power Co., Ltd. ("Merger Sub") and on the same day, acquired one hundred percent of the total outstanding shares of Merger Sub's common stock for cash. As such, Merger Sub became our wholly-owned subsidiary.


Effective as of May 29, 2012, Merger Sub was merged with and into the Company. As a result of the merger, the Company’s corporate name was changed to “Xiangtian (USA) Air Power Co., Ltd.” Prior to the merger, Merger Sub had no liabilities and nominal assets and, as a result of the merger, the separate existence of the Merger Sub ceased. The Company was the surviving corporation in the merger and, except for the name change provided for in the Agreement and Plan of Merger, there was no change in the directors, officers, capital structure or business of the Company.


The Company, as the parent domestic Delaware corporation, owning at least 90 percent of the outstanding shares of Merger Sub, under Delaware law may merge Merger Sub into itself without stockholder approval and effectuate a name change without stockholder approval.


We are a development stage company and since inception, we have not generated consistent revenues and have incurred a cumulative net loss as reflected in the financial statements. We have minimal assets and have incurred losses since inception. We have no employees and own no real estate or personal property. The purpose of the business is to see the acquisition of or merger with, an existing company in the air power industry or to develop such technologies and manufacturing capabilities ourselves. We are specifically seeking companies in the manufacturing, research and development of products which uses engines powered by compressed air, including transportation, electricity generation, etc. as suitable business combination candidates.


Results of Operations


Revenue


Since inception on September 2, 2008 and for the three months ended October 31, 2012 we have not earned any revenues.  We are currently seeking business combination opportunities with companies in the air power industry or sources of capital to allow us to develop such technologies and manufacturing opportunities ourselves. We do not expect to realize any revenues until our business plan is implemented.


Operating Expenses


For the three months ended October 31, 2012, we incurred operating expenses in the amount of $21,440 which mainly comprised of professional fees totaling $10,165 and general and administrative expenses totaling $11,275 relating to transfer agent fees and filing fees.


We incurred total operating expenses in the amount of $110,769 from inception on September 2, 2008 through October 31, 2012.  These operating expenses comprised of professional fees totaling $68,943, and general administrative expenses totaling $41,826.


We incurred expenses from discontinued operations of $0, $98, and $4,099 for the three months ended October 31, 2012 and 2011 and the period from September 2, 2008 (inception) to October 31, 2012, respectively.


Liquidity and Capital Resources


As of October 31, 2012, we had a cash balance of $60.




7




Since inception, we have raised $55,000 through the sale of 8,000,000 shares of our common stock. We do not anticipate generating any revenue for the foreseeable future. No other source of capital has been identified or sought. We have experienced a shortfall in operating capital.


Management intends to continue to finance operating costs over the next twelve months with existing cash on hand and loans from directors.


When additional funds become required, we expect to raise funds through equity financing from the sale of our common stock.  If we are successful in completing an equity financing, existing shareholders will experience dilution of their interest in our company. We do not have any financing arranged and we cannot provide investors with any assurance that we will be able to raise sufficient funding from the sale of our common stock to fund our business plan. In the absence of such financing, our business will fail.


We anticipate to continue to incurring operating losses in the foreseeable future. We base this expectation, in part, on the fact that we are a development stage company.


Our future financial results are also uncertain due to a number of factors, some of which are outside our control. These risk factors are disclosed factors include, but are not limited to:


·  our ability to raise additional funding;

·  the results of our proposed operations


We are in dire need for injection of funds to execute our business, repay advances received and to continue meeting our reporting obligations with the SEC.


Going Concern Consideration


The report of our independent registered accounting firm for the year ended July 31, 2012 raises substantial doubt about our ability to continue as a going concern based on the absence of an established source of revenue, recurring losses from operations, and our need for additional financing in order to fund our operations in fiscal 2013.


Our operations and financial results are subject to numerous various risks and uncertainties that could adversely affect our business, financial condition and results of operations.


Off-Balance Sheet Arrangements


We have no off-balance sheet arrangements including arrangements that would affect our liquidity, capital resources, market risk support and credit risk support or other benefits.


Forward Looking Statements


The information in this quarterly report contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended (the “Exchange Act”). These forward-looking statements involve risks and uncertainties, including statements regarding the Company’s capital needs, business strategy and expectations. Any statements contained herein that are not statements of historical facts may be deemed to be forward-looking statements. In some cases, you can identify forward-looking statements by terminology such as “may,” “will,” “should,” “expect,” “plan,” “intend,” “anticipate,” “believe,” “estimate,” “predict,” “potential” or “continue,” the negative of such terms or other comparable terminology. Actual events or results may differ materially. In evaluating these statements, you should consider various factors, including the risks outlined from time to time, in other reports we file with the Securities and Exchange Commission (the “SEC”). These factors may cause our actual results to differ materially from any forward-looking statement. We disclaim any obligation to publicly update these statements, or disclose any difference between its actual results and those reflected in these statements. The information constitutes forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995.


Item 3. Qualitative and Quantitative Disclosure about Market Risks


We are a smaller reporting company as defined by Rule 12b-2 of the Securities Exchange Act of 1934 and are not required to provide the information under this item.




8




Item 4. Controls and Procedures.


Evaluation of Disclosure Controls and Procedures


Our Principal Executive Officer and Principal Financial Officer, after evaluating the effectiveness of our disclosure controls and procedures (as defined in Rule 13a-15(e) and 15d-15(e) under the Exchange Act) as of the end of the period covered by this report, have concluded that, based on the evaluation of these controls and procedures, that our disclosure controls and procedures were effective.


Controls and Procedures over Financial Reporting


Additionally, there were no changes in our internal controls over financial reporting or in other factors that could significantly affect these controls subsequent to the evaluation date. We have not identified any significant deficiencies or material weaknesses in our internal controls, and therefore there were no corrective actions taken.

 

 

PART II - OTHER INFORMATION


Item 1. Legal Proceedings.


The Company currently is not a party to any legal proceedings and, to the Company’s knowledge; no such proceedings are threatened or contemplated.


Item 1A. Risk Factors


We are a smaller reporting company as defined by Rule 12b-2 of the Securities Exchange Act of 1934 and are not required to provide the information under this item.


Item 2. Unregistered Sales of Equity Securities and Use of Proceeds.


None


Item 3. Default Upon Senior Securities.


None.


Item 4. Mine Safety Disclosures.


Not applicable.


Item 5. Other Information.


None.


Item 6. Exhibits


Exhibit No.

Description

2.1

Agreement and Plan of Merger (incorporated by reference to exhibits to Current Report on 8-K filed May 29, 2012)

3.1

Articles of Incorporation (incorporated by reference to exhibits to Registration Statement on Form S-1 filed on September 18, 2009)

3.2

Bylaws (incorporated by reference to exhibits to Registration Statement on Form S-1 filed on September 18, 2009)

3.3

Articles of Merger (incorporated by reference to exhibits to Current Report on 8-K filed May 29, 2012)

31.1 *

Certification of Principal Executive Officer and Principal Financial Officer pursuant to 18 U.S.C.§ 1350, as adopted pursuant to § 302 of the Sarbanes-Oxley Act of 2002.

32.1 *

Certification of Principal Executive Officer and Principal Financial Officer pursuant to 18 U.S.C. § 1350, as adopted pursuant to § 906 of the Sarbanes-Oxley Act of 2002.


*  Filed herewith.




9




SIGNATURES

 

 

Pursuant to the requirements of Section 13 or 15(d) 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.

 

 

XIANGTIAN (USA) AIR POWER CO., LTD.

 

 

By: /s/ Zhou Deng Rong

Zhou Deng Rong

Principal Executive Officer

Principal Financial Officer


Date: December 7, 2012













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