"I write a nice apology to Cai, Toups, Gentry and CVWB and Yahoo blows it away. It didn't even have any naughty works... At any rate, I now believe that Longwei is reporting off a single set of books and always has been. The chopped filings are as good as it gets. Longwei is the first company in this space that I'm aware of that has taken the time and trouble to do this for the public shareholders. And I apologize for my often harsh criticisms of Mssrs. Cai, Toups, Gentry and Child, Van Wagoner & Bradshaw. Doubt removed. Crow eaten. I'll just slink back to my lair, now."
July 2, 2012 was the date the tax reconciliation was published. The tax reconciliation covered the period 2009 to 2012 and verified SAIC/SAT tax filings by direct examination of PRC computers in the state tax office, comparing the earnings to SEC filings. The auditor signed off on this reconciliation, which proved agreement in each case within 1 percent, and no material differences between SEC filings and Chinese tax filings.
This date was the beginning of the uptrend for LPH back from Dante's valuation inferno. The second leg up began with the closing of the promised land of Huajie Petroleum acquisition, 18 months in the making to raise $110 million cash from internal profits with zero shareholder dilution and zero debt on the books.