trf - if you have been around since 2008, you will know what this company has gone through, what they have lost and what they have gained. The market may say it is worth only 3 million or less, but that is largely because of perception and there are not enough marginal buyers for the stock as more bad news has come out in the last two years than good. So, if more shares are offered than bid on average each day, the stock will go down, no matter what the intrinsic value of the company is. The major issue that prevents the company from buying back shares, is the restriction on Chinese Yuan to be converted to US dollars. Tianyin needs US dollars to buy back stock, but they haven't been able to sell enough offshore to raise millions in US dollars. Roughly 30% of the company is owned by insiders and management.
If Shandong Buchang is making money on GMOL, then there is value for Tianyin.
Why do they keep paying their attorneys and accountants, and answering the SEC and NYSE/AMEX? Why does anyone invest in China, if they can just run off with the assets?
All they need to do is show a decent quarter, pay a fine or get cleared of any wrong doing and put Dr. Jiang back in the drivers seat.
Last 10Q had roughly $15 million in cash or roughly 0.50/share as of March 31, 2015. Total Current Assets of roughly $27 million. Tangible Book Value of $2.75/share
The CEO signed the SEC filing. He is not in jail. There are hundreds of employees at Tianyin. It could be a rogue employee who sabotaged the drug. There is no indication the company is out of business or what the fine/penalty might be.
Take a shot at James Tong - ex CFO. He may still hold a position in the stock and has plenty of contacts.
Any new drugs purchased from the university system or developed within TPI over the last year? Does anyone have a good understanding of the long term strategy here?
On October 29, 2014, Shandong Buchang Pharmaceutical Co., Ltd. (“Shandong Buchang”), Chengdu Tianyin Pharmaceutical Co., Ltd. (“Chengdu Tianyin”), which is the Company’s indirect wholly-owned subsidiary, Grandway Group Holdings Ltd. (“Grandway Group”), which is the Company’s indirect wholly-owned subsidiary and Guoqing Jiang (“Jiang”), the Company’s Chairman and CEO, (each, a “Party”, and collectively “Parties) entered into a Cooperation Framework Agreement Regarding Chengdu Tianyin Pharmaceutical Co., Inc. (“Cooperation Framework Agreement”). Pursuant to the Cooperation Framework Agreement, the Parties agreed to establish a joint venture, Qionglai Tianyin Pharmaceutical Co., Ltd. (“Qionglai Tianyin”), with the total registered capital of RMB 200,000,000 (approximately US$32.3 million), with Chengdu Tianyin owning 95% and Shandong Buchang owning 5%. Shandong Buchang’s capital investment in Qionglai Tianyin took the form of RMB 10 million (approximately US$1.6 million), which was remitted on January 26, 2015, and Chengdu Tianyin’s capital investment in Qionglai Tianyin took the form of its buildings, land use rights, machineries and equipment of its plant located at Longquan and Qionglai, all of its patents and trademarks, and its portfolio drugs (the “Assets”).
In July 2014, the Company’s subsidiary, Chengdu Tianyin, entered into a research and development agreement with a pharmaceutical research company, Kang Lu Biomedical Co. (KL). KL is a reputable TCM research company that specializes in the product development and CFDA application process for mTCM extracts and healthcare products. Persuant to the agreement, KL will provide research and development expanding formulation varieties from Gingko Mihuan Oral Liquid (GMOL) to Capsule formulation. The total contract price is RMB 65 million (approximately $10.5 million). The first payment of RMB 39 million (approximately $6.3 million) was paid in July 2014. The project is expected to be completed before August 2017. The total contract price will be amortized over the term of the agreement which is a period of three years on a straight line basis.