csxb-10qa052008.htm
 


U. S. Securities and Exchange Commission
Washington, D. C. 20549

     Amendment No.1 to  FORM 10-Q

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

                                     For the quarterly period ended March 31, 2008

[  ]
TRANSITION REPORT UNDER SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
                                                    
                                                     For the transition period from _____ to _____

Commission File No. 0-27175

CHINA SXAN BIOTECH, INC.
(Name of Small Business Issuer in its Charter)
 
 
 
 
Nevada
95-4755369
(State of Other Jurisdiction of incorporation or organization)
(I.R.S. Employer I.D. No.)
 

c/o American Union Securities, Inc. 100 Wall Street, 15th Floor, New York, NY 10005
(Address of Principal Executive Offices)

Issuer's Telephone Number: 212-232-0120

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 is a shell company (as defined in Rule 12b-2 of the Exchange Act).  Yes __            No   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:
 
May 20, 2008:  Common Stock: 19,542,572 shares

Transitional Small Business Disclosure Format (check one):    Yes            No   X



 
EXPLANATORY NOTE:
 
This Amendment No. 1 (the “Amended Filing”) to the Annual Report on Form 10-Q/A for the quarter ended March 31, 2007 (the “Original  Filing”) of China SXAN Biotech, Inc. (the “Company”) is filed to correct  inadvertent omissions in the Original Filing. Specifically, this Amended Filing amends both Basic and Diluted net income per share for the three and nine months ended March 31, 2008, and Basic weighted average shares of common stock for the three months ended March 31, 2008 and Basic and Diluted weighted average shares of common stock for the nine months ended March 31, 2008. To include not only the outstanding common stock adjusted for the 1:51 stock split, but also the effect of Series A convertible referred stock which reflect the recapitalization with Advance Technologies which would result in the Series A Convertible Preferred Stock to be outstanding. This Amended Filing also includes required certifications relating to the internal control over financial reporting of the Company of Exhibits 31.1 and 32.1.
 
This Form 10-Q/A should be read in conjunction with the original Form 10-Q, which continues to speak as of the date of the Form 10-Q. Except as specifically noted above, this Form 10-Q/A does not modify or update disclosures in the original Form 10-Q. Accordingly, this Form 10-Q/A does not reflect events occurring after the filing of the Form 10-Q or modify or update any related or other disclosures.
 
 
 
 
 
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CHINA SXAN BIOTECH INC.
 
(FORMERLY ADVANCE TECHNOLOGIES INC.)

CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME

(UNAUDITED)


             
             
   
Three Months Ended
    
Nine Months Ended
  
   
March 31,
    
March 31,
  
   
2008
    
2007
    
2008
    
2007
  
                         
REVENUE
   $ 1,015,156     $ 667,447     $ 6,026,038     $ 3,972,621  
                                 
COST OF GOODS SOLD
     600,028       292,398       2,983,402       1,605,531  
                                 
GROSS PROFIT
     415,128       375,049       3,042,636       2,367,090  
                                 
OPERATING EXPENSES
                                
Selling, general and administrative expenses
     221,189       95,608       1,039,681       414,766  
                                 
INCOME FROM OPERATIONS
     193,939       279,441       2,002,955       1,952,324  
                                 
OTHER INCOME (EXPENSE)
                                
Interest income (expense), net
     -       (910 )     -       (2,043 )
Other income (expense), net
     (201 )     393       4,389       13,279  
                                 
Total Other Income (Expense)
     (201 )     (517 )     4,389       11,236  
                                 
INCOME  BEFORE PROVISION FOR
                                
  INCOME TAXES
     193,738       278,924       2,007,344       1,963,560  
                                 
PROVISION FOR INCOME TAXES
     29,060       41,972       301,102       313,442  
                                 
NET INCOME
     164,678       236,952       1,706,242       1,650,118  
                                 
OTHER COMPREHENSIVE INCOME
                                
Foreign currency translation adjustment
     434,226       92,704       853,649       253,599  
                                 
COMPREHENSIVE INCOME
   $ 598,904     $ 329,656     $ 2,559,891     $ 1,903,717  
                                 
NET INCOME PER SHARE
                                
Basic
   $ 0.0084     $ 0.31     $ 0.1644     $ 2.13  
Diluted
   $ 0.0082     $ 0.31     $ 0.1565     $ 2.13  
                                 
WEIGHTED AVERAGE SHARES OF
                                
  COMMON STOCK
                                
Basic
     19,542,572       775,056       10,376,284       775,056  
Diluted
     20,072,209       775,056       10,905,920       775,056  

 
 
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ITEM 6.         EXHIBITS
 
      31
Rule 13a-14(a) Certification
      32              Rule 13a-14(b) Certification


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.

 
CHINA SXAN BIOTECH, INC.

Date: January 6, 2009
By: /s/ Feng Zhen Xing 
 
       Feng Zhen Xing, Chief Executive Officer
 
       and Chief Financial Officer


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