The statements contained in this report with respect to our financial condition,
results of operations and business that are not historical facts are
forward-looking statements. Forward-looking statements can be identified by the
use of forward-looking terminology, such as "anticipate," "believe," "expect,"
"plan," "intend," "seek," "estimate," "project," "could," or the negative
thereof or other variations thereon, or by discussions of strategy that involve
risks and uncertainties. Management wishes to caution the readers that any such
forward-looking statements contained in this report reflect our current beliefs
with respect to future events and involve known and unknown risks, uncertainties
and other factors, including, but not limited to, economic, competitive,
regulatory, technological, key employees, and general business factors affecting
our operations, markets, growth, services, products, licenses and other factors,
some of which are described in this report and some of which are discussed in
our other filings with the Securities and Exchange Commission (the "SEC"). These
forward-looking statements are only estimates or predictions. No assurances can
be given regarding the achievement of future results, as actual results may
differ materially as a result of risks facing our company, and actual events may
differ from the assumptions underlying the statements that have been made
regarding anticipated events.
These risk factors should be considered in connection with any subsequent
written or oral forward-looking statements that we or persons acting on our
behalf may issue. All written and oral forward-looking statements made in
connection with this report that are attributable to our company or persons
acting on our behalf are expressly qualified in their entirety by these
cautionary statements. Given these uncertainties, we caution investors not to
unduly rely on our forward-looking statements. We do not undertake any
obligation to review or confirm analysts' expectations or estimates or to
release publicly any revisions to any forward-looking statements to reflect
events or circumstances after the date of this report or to reflect the
occurrence of unanticipated events, except as required by applicable law or
regulation.
Business Overview & Recent Developments
We are principally engaged in the development, manufacture and marketing of
pharmaceutical products for human use in connection with a variety of
high-incidence and high-mortality diseases and medical conditions prevalent in
the People's Republic of China (the "PRC"). All of our operations are conducted
in the PRC, where our manufacturing facilities are located. We manufacture
pharmaceutical products in the form of dry powder injectables, liquid
injectables, tablets, capsules, and cephalosporin oral solutions. The majority
of our pharmaceutical products are sold on a prescription basis and all of them
have been approved for at least one or more therapeutic indications by the
National Medical Products Administration (the "NMPA", formerly China Food and
Drug Administration, or CFDA) based upon demonstrated safety and efficacy.
China's consistency evaluation of generic drugs continues to proceed in the
first six months ended June 30, 2022. The supporting policies from central and
provincial governments are constantly issued, including polices regarding
consistency evaluation for injectable products. We have always taken the task of
promoting the consistency evaluation as our top priority, and worked on them
actively. However, due to the continuous dynamic changes of the detailed
policies, future market, expected investment, and return of investment ("ROI")
for each drug's consistency evaluation, entities in the whole industry,
including us, have been making slow progresses in terms of the consistency
evaluation. We have a product that passed biological equivalents experiments of
consistency evaluation in March 2021. We have submitted application documents to
NMPA at the end of 2021, and we passed the clinical verification of the drug by
NMPA in June 2022.
15
We have taken a more cautious and flexible attitude towards initiating and
progressing any project for existing products' consistency evaluation to cope
with the changing macro environment of drug sales in China. Since "4 + 7"
(refers to 11 selected pilot cities, including 4 municipalities and 7 other
cities) trial Centralized Procurement ("CP") activities initiated in 2018, seven
rounds of CP activities have been carried out by July 2022, which significantly
reduced the price of the drugs that won the bids. In addition, the consistency
evaluation has been adopted as one of the qualification standards for
participating in the CP activities. As a result, we need to balance at least the
two factors above (namely, the investment of financial resources and time to
obtain the qualification of CP, and the sharp decline in the price of drugs
included in CP) before making decisions for any products.
In addition, we continue to explore the field of comprehensive healthcare.
Comprehensive healthcare is a general concept proposed according to the
development of the times, social needs and changes in disease spectrum.
According to the Outline of "Healthy China 2030" issued by Chinese government in
October 2016, the total size of China's health service industry will reach RMB
16 trillion (approximately 2.5 trillion) by 2030. This industry focuses on
people's daily life, aging and disease, pays attention to all kinds of risk
factors and misunderstandings affecting health, calls for self-health
management, and advocates the comprehensive care throughout the entire process
of life. It covers all kinds of health-related information, products and
services, as well as actions taken by various organizations to meet the health
needs. We launched Noni enzyme, a natural, Xeronine-rich antioxidant food
supplement at the end of 2018. We also launched wash-free sanitizers and masks
in 2020 to address the market needs caused by COVID-19 in China. With the impact
of COVID-19 continuing, masks and sanitizers have become long-time anti-epidemic
materials. We have sufficient production capacity for medical masks, surgical
masks and KN95 masks, which meets the personal needs for protection against the
epidemic outbreak.
We will continue to optimize our product structure and actively respond to the
current health needs of human beings.
Market Trends
As a generic drug company, we are presented with a huge domestic market. We
believe that through further upgrades and better conformity with Chinese
consistency evaluations based on European and American production standards, we
will be able to export our products to overseas markets. In China's market, we
believe that in the future, cost management and control ability will gradually
become an important factor in determining the competitiveness of generic
pharmaceutical enterprises. Although price control leads to a decline in the
profitability, the CP's winning enterprise has a good chance of achieving
price-for-volume to increase its market share and support its continuous
innovation transformation. On a separate note, consumption upgrading in China
drives the increase of optional consumption. With the improvement of residents'
quality of life, the healthcare demand is also changing. We believe that there
is a large number of unmet demands in comprehensive healthcare and Internet
healthcare sectors.
In addition, the Office of the State Council issued "Pilot Plan for Marketing
Authorization Holders" on May 24, 2016, allowing eligible drug research and
development institutions and scientific researchers to become Marketing
Authorization Holders ("MAH") by obtaining drug marketing authorization and drug
approval numbers from the State Council. This policy uses a management model of
separating drug marketing authorization and drug production licenses, thereby
allowing an MAH to produce pharmaceuticals themselves or to consign production
to other pharmaceutical manufacturers. This policy not only transits China's
production practices to meet the European and United States standards by
separating drug approval and production qualifications, thereby changing the
existing model of bundling drug approval numbers to pharmaceutical manufacturers
in China, but also serves as a supplement to the ongoing consistency evaluations
policy.
In general, demand for pharmaceutical products is still experiencing steady
growth in China. We believe the ongoing generic drug consistency evaluations and
reform of China's drug production registration and review policies will have
major effects on the future development of our industry and may change its
business patterns. We will continue to actively adapt to the national policy
guidance and further evaluate market conditions for our existing products, then
adjust and compete in the market in order to optimize our development strategy.
16
Results of Operations for the three months ended June 30, 2022
Revenue
Revenue decreased by 33.2% to $1.6 million for the three months ended June 30,
2022, as compared to $2.4 million for the three months ended June 30, 2021. This
decrease was mainly due to the decline in the sales price of our main products
caused by the promotion of China's drug Centralized Procurement policy, as well
as the negative impact on drug sales triggered by quarantine, lagged logistics
and transportation, and drug-sales-control polices caused by the scattered
outbreak COVID-19 in the second quarter of 2022 in China.
Set forth below are our revenues by product category in millions (USD) for the
three months ended June 30, 2022 and 2021:
Three Months Ended
June 30,
Product Category 2022 2021 Net Change % Change
CNS Cerebral & Cardio Vascular 0.55 0.89 -0.34 -38 %
Anti-Viral/ Infection & Respiratory 0.69 1.10 -0.41 -37 %
Digestive Diseases 0.11 0.09 0.02 22 %
Others 0.27 0.33 -0.06 -18 %
The most significant revenue decrease in terms of dollar amount was in our
"Anti-Viral/ Infection & Respiratory" product category, which generated $0.69
million in sales revenue in the three months ended June 30, 2022 compared to
$1.10 million for the same period a year ago, which is a decrease of $0.41
million. This decrease was mainly due to the decrease in sales of Cefaclor
Dispersible Tablet, which was caused by the price and sales volume pressure from
Centralized Procurement on this products.
Sales in "CNS Cerebral & Cardio Vascular" product category generated $0.55
million in sales revenue in the three months ended June 30, 2022 compared to
$0.89 million for the same period a year ago, which is a decrease of $0.34
million. This decrease was mainly due to the decrease in sales of Alginic Sodium
Diester Injection, which was caused by market volatility.
Our "Others" product category generated $0.27 million in sales revenue in the
three months ended June 30, 2022, compared to $0.33 million in the same period
in 2021. This decrease was mainly due to the decrease in sales of Vitamin B6 for
injection, which was caused by market volatility.
Our "Digestive Diseases" product category sales was $0.11 million in the three
months ended June 30, 2022, as compared to $0.09 million for the same period in
2021, the increase was mainly due to the increase in sales of Tiopronin that was
caused by market volatility.
Three Months Ended
June 30,
Product Category 2022 2021
CNS Cerebral & Cardio Vascular 34 % 37 %
Anti-Viral/ Infection & Respiratory 43 % 45 %
Digestive Diseases 7 % 4 %
Others 16 % 14 %
For the three months ended June 30, 2022, revenue breakdown by product category
showed certain changes to that of the same period in 2021. Sales of the
"Anti-Viral/Infection & Respiratory" products category represented 43% and 45%
of total sales in the three months ended June 30, 2022 and 2021, respectively.
The "CNS Cerebral & Cardio Vascular" product category represented 34% and 37% of
total revenue in the three months ended June 30, 2022 and 2021, respectively.
The "Others" product category represented 16% and 14% of revenues in the three
months ended June 30, 2022 and 2021, respectively. The "Digestive Diseases"
product category represented 7% and 4% of total revenue in the three months
ended June 30, 2022 and 2021, respectively.
17
Cost of Revenue
For the three months ended June 30, 2022, our cost of revenue was $1.8 million,
or 114.2% of total revenue, while cost of revenue was $2.4 million, or 97.1% of
total revenue, for the same period in 2021. The increase in the proportion of
cost to revenue in this quarter was mainly due to the fact that the amount of
fixed cost does not decrease with the decline of revenue.
Gross Profit (Loss) and Gross Margin
Gross loss for the three months ended June 30, 2022 was $0.23 million, as
compared to a gross profit of $0.07 million during the same period in 2021. For
the three months ended June 30, 2022, we had a gross loss margin of 14.2% as
compared to a gross profit margin of 2.9% during the same period in 2021.
Selling Expenses
Our selling expenses for the three months ended June 30, 2022 and 2021 were
$0.27 million and $0.45 million, respectively. Selling expenses accounted for
16.5% of the total revenue in the three months ended June 30, 2022, as compared
to 18.4% during the same period in 2021. As a result of the adjustment of many
policies of healthcare reform, we had reduced the number of personnel and
expenses to efficiently support our sales and the collection of accounts
receivable.
General and Administrative Expenses
Our general and administrative expenses were $0.27 million and $0.33 million for
the three months ended June 30, 2022 and 2021, respectively. It accounted for
16.9% and 13.7% of our total revenues in the three months ended June 30, 2022
and 2021, respectively.
Research and Development Expenses
Our research and development expenses for the three months ended June 30, 2022
were $0.02 million, as compared to $0.05 million in the same period in 2021.
Research and development expenses accounted for 0.9% and 2.2% of our total
revenues in the three months ended June 30, 2022 and 2021, respectively. These
expenditures were mainly for the consistency evaluations of our existing
products.
Bad Debt (Benefit)
Our bad debt benefit was $4,358 for the three months ended June 30, 2022, and
$4,744 for the three months ended June 30, 2021.
In general, our normal customer credit or payment terms are 180 days. This has
not changed in recent years. Due to the peculiar environment affecting the
Chinese pharmaceutical market, deferred payments to pharmaceutical companies by
state-owned hospitals and local medicine distributors are common.
The amount of accounts receivable that was past due (or the amount of accounts
receivable that was more than 180 days old) was $0.05 million and $0.11 million
as of June 30, 2022 and December 31, 2021, respectively.
The following table illustrates our accounts receivable aging distribution in
terms of percentage of total accounts receivable as of June 30, 2022 and
December 31, 2021:
June 30, December 31,
2022 2021
1 - 180 Days 1.51 % 2.68 %
180 - 360 Days 0.29 % 0.17 %
360 - 720 Days 0.10 % 0.41 %
> 720 Days 98.10 % 96.74 %
Total 100.00 % 100.00 %
Our bad debt allowance estimate practice is that we consider accounts receivable
balances aged within 180 days current, except for any individual uncollectible
account assessed by management. We account for the following respective
percentage as bad debt allowance based on age of the accounts receivables: 10%
of accounts receivable that is between 180 days and 365 days old, 70% of
accounts receivable that is between 365 days and 720 days old, and 100% of
accounts receivable that is greater than 720 days old.
18
We recognize bad debt expenses per actual write-offs as well as changes of
allowance for doubtful accounts. To the extent that our current allowance for
doubtful accounts is higher than that of the previous period, we recognize a bad
debt expense for the difference during the current period, and when the current
allowance is lower than that of the previous period, we recognize a bad debt
credit for the difference. The allowance for doubtful account balances were
$17.4 million and $18.2 million as of June 30, 2022 and December 31, 2021,
respectively. The changes in the allowances for doubtful accounts during the
three months ended June 30, 2022 and 2021 were as follows:
For the Three Months Ended
June 30,
2022 2021
Balance, Beginning of Period 18,384,642 $ 18,013,339
Bad debt expense (benefits) (4,358 ) (4,744 )
Foreign currency translation adjustment (995,400 ) 308,395
Balance, End of Period 17,384,884 $ 18,316,990
Loss from Operations
Our operating loss for the three months ended June 30, 2022 was $0.78 million,
compared to an operating loss of $0.75 million during the same period in 2021.
Net Interest Expense
Net interest expense for the three months ended June 30, 2022 was $0.11 million,
as compared to $0.07 million for the same period in 2021.
Net Loss
Net Loss for the three months ended June 30, 2022 was $0.89 million, as compared
to a net loss of $0.82 million for the same period a year ago. The increase in
net loss was mainly the result of decreased revenue and increased cost in this
period.
Loss per basic and diluted common share were both $0.02 for the three months
ended June 30, 2022 and 2021, respectively.
The number of basic and diluted weighted-average outstanding shares used to
calculate loss per share was 48,488,671 and 45,579,557 for the three months
ended June 30, 2022 and 2021.
Results of operations for the six months ended June 30, 2022
Revenue
Revenue was $3.2 million and $4.8 million for the six months ended June 30, 2022
and 2021, respectively. This decrease was mainly due to the decline in the sales
price of our main products caused by the promotion of China's drug Centralized
Procurement policy, as well as the negative impact on drug sales triggered by
quarantine, lagged logistics and transportation, and drug-sales-control polices
caused by the scattered outbreak COVID-19 in the first half of 2022 in China.
19
Set forth below are our revenues by product category in millions (USD) for the
six months ended June 30, 2022 and 2021, respectively:
Six Months Ended
June 30,
Product Category 2022 2021 Net Change % Change
CNS Cerebral & Cardio Vascular 0.84 1.39 -0.55 -40 %
Anti-Viral/ Infection & Respiratory 1.74 2.59 -0.85 -33 %
Digestive Diseases 0.17 0.17 0.00 2 %
Others 0.47 0.62 -0.15 -24 %
The most significant revenue decrease in terms of dollar amount was our
"Anti-Viral/ Infection & Respiratory" product category, which generated $1.74
million in sales revenue in the six months ended June 30, 2022 compared to $2.59
million in the same period a year ago, represented a decrease of $0.85 million
that was mainly caused by the decrease in sales of Cefaclor Dispersible Tablets.
Sales of our "CNS Cerebral & Cardio Vascular" was $0.84 million in sales revenue
in the six months ended June 30, 2022, compared to $1.39 million in the same
period a year ago, which represented a decrease of $0.55 million. This decrease
was mainly due to sales decrease of Alginic Sodium Diester Injection.
Sales of "Others" product category generated $0.47 million and $0.62 million in
sales revenue in the six months ended June 30, 2022 and 2021, respectively. The
decrease was mainly caused by the decrease in sales of Vitamin B6.
Sales of our "Digestive Diseases" product category generated $0.17 million in
each of the six months ended June 30, 2022 and 2021, respectively.
Six Months Ended
June 30,
Product Category 2022 2021
CNS Cerebral & Cardio Vascular 26 % 29 %
Anti-Viral/ Infection & Respiratory 54 % 54 %
Digestive Diseases 5 % 4 %
Other 15 % 13 %
For the six months ended June 30, 2022, revenue breakdown by product category
remained similar to that of the same period in 2021. Sales of the
"Anti-Viral/Infection & Respiratory" products category represented both 54% of
total sales in the six months ended June 30, 2022 and 2021. The "CNS Cerebral &
Cardio Vascular" category represented 26% and 29% of total revenue in the six
months ended June 30, 2022 and 2021, respectively. The "Others" category
represented 15% and 13% of revenues in the six months ended June 30, 2022 and
2021, respectively. And the "Digestive Diseases" category represented 5% and 4%
of total revenue in the six months ended June 30, 2022 and 2021, respectively.
Cost of Revenue
For the six months ended June 30, 2022, our cost of revenue was $3.6 million, or
112.4% of total revenue, comparing to $4.4 million, or 92.8% of total revenue,
in the same period in 2021. The increase in the proportion of cost to revenue in
this period was mainly due to the fact that the amount of fixed cost does not
decrease with the decline of revenue.
Gross Profit (Loss) and Gross Margin
Gross loss for the six months ended June 30, 2022 was $0.4 million, compared to
$0.3 million in the same period in 2021. Our gross loss margin in the six months
ended June 30, 2022 was 12.4% compared to a gross profit margin of 7.2% in the
same period in 2021.
20
Selling Expenses
Our selling expenses for the six months ended June 30, 2022 and 2021 were $0.4
million and $0.8 million, respectively. Selling expenses accounted for 13.9% of
the total revenue in the six months ended June 30, 2022 compared to 17.3% in the
same period in 2021.
General and Administrative Expenses
Our general and administrative expenses for the six months ended June 30, 2022
were $0.8 million, as compared to $0.7 million in the same period in 2021. Our
general and administrative expenses accounted for 24.5% and 15.5% of our total
revenues in the six months ended June 30, 2022 and 2021, respectively.
Research and Development Expenses
Our research and development expenses for the six months ended June 30, 2022 and
2021 were $0.07 million and $0.24 million, respectively. The decrease in
research and development costs is mainly due to the fact that most of the
consistency evaluation of our key product, Candesartan, was completed at the end
of last year.
Bad Debt Benefit
Our bad debt benefit was $9,879 for the six months ended June 30, 2022, and
$12,965 for the six months ended June 30, 2021.
The changes in the allowances for doubtful accounts during the six months ended
June 30, 2022 and 2021 were as follows:
For the Six Months Ended
June 30,
2022 2021
Balance, Beginning of Period $ 18,312,707 $ 18,150,493
Bad debt expense (benefits) (9,879 ) (12,965 )
Foreign currency translation adjustment (917,944 ) 179,462
Balance, End of Period $ 17,384,884 $ 18,316,990
Loss from Operations
Our operating loss for the six months ended June 30, 2022 was $1.7 million,
compared to $1.4 million in the same period in 2021.
Net Interest Expense
Net interest expense for the six months ended June 30, 2022 was $0.23 million,
compared to $0.14 million for the same period in 2021.
Net Loss
Net loss for the six months ended June 30, 2022 was $1.9 million, as compared to
net loss of $1.6 million for the six months ended June 30, 2021. The decrease of
net loss was mainly a result of decreased revenue and increased cost in this
period.
For the six months ended June 30, 2022, loss per basic and diluted common share
was $0.04, compared to loss per basic and diluted common share of $0.03 for the
six months ended June 30, 2021.
The number of basic and diluted weighted-average outstanding shares used to
calculate loss per share was 47,931,487 for the six months ended June 30, 2022,
and 45,579,557 for the six months ended June 30, 2021.
Liquidity and Capital Resources
Our principal source of liquidity is cash generated from operations, bank lines
of credit and the Convertible Note Payable. Currently the Company has not
witnessed or expected to encounter any difficulties to refinance those line of
credit this year. In addition to the aggregated advance of $1,425,123 from our
CEO as of December 31,2021, we received some temporary advances from and made
several repayments to her in the three months ended June 30, 2022. As of June
30, 2022, the aggregated advance from our CEO was $1,147,252 for use in
operations. Our cash and cash equivalents were $2.2 million, representing 12.5%
of our total assets, as of June 30, 2022, as compared to $4.9 million,
representing 21.5% of our total assets as of December 31, 2021. All of the $2.2
million of cash and cash equivalents as of June 30, 2022 are considered to be
reinvested indefinitely in the Company's Chinese subsidiary, Helpson and are not
expected to be available for payment of dividends or for other payments to its
parent company or to its shareholders.
The Company obtained various lines of credit in details described under Note 7
to its condensed consolidated financial statements contained in this report
which is incorporated by reference herein.
21
The Company issued a convertible note to an institutional accredited investor as
disclosed in Note 8 to the condensed consolidated financial statements contained
in this report which is incorporated by reference herein.
Although the Company obtained the convertible note and additional lines of
credit in 2021, there can be no assurance that the Company will be able to
achieve its future strategic goal to accelerate the launch of nutrition
products. This raises substantial doubt about the Company's ability to continue
as a going concern. Although our Chairperson and Chief Executive Officer had
advanced funds for working capital during the year ended December 31, 2021,
there can be no assurances that this will be the case in the future. We may seek
additional debt or equity financing as necessary when we believe the market
conditions are the most advantageous to us and/or require us to reduce certain
discretionary spending, which could have a material adverse effect on our
ability to achieve our business objectives. There can be no assurance that any
additional financing will be available on acceptable terms, if at all.
Operating Activities
Net cash used by operating activities was $1.2 million in the six months ended
June 30, 2022, compared to net cash flow of $0.4 million generated in operating
activities in the same period in 2021.
As of June 30, 2022, our net accounts receivable was $0.3 million, compared to
$0.7 million as of December 31, 2021.
Total inventory was $3.5 million and $3.3 million as of June 30, 2022 and
December 31, 2021, respectively.
Investing Activities
There was $0.18 million cash flow under investing activities during the six
months ended June 30, 2022, compared to $ 0.02 million for the same period in
2021. Investing activities in the first half of 2022 was mainly for the purchase
of equipment.
Financing Activities
Cash flow used in financing activities was $1.13 million in the six months ended
June 30, 2022; compared to $0.40 million cash generated in the same period in
2021. The financing activities cash flow used in this period was mainly for the
repayment of loans.
According to relevant PRC laws, companies registered in the PRC, including our
PRC subsidiary, Helpson, are required to allocate at least ten percent (10%) of
their after-tax net income, as determined under the accounting standards and
regulations in the PRC, to statutory surplus reserve accounts until the reserve
account balances reach fifty percent (50%) of the companies' registered capital
prior to their remittance of funds out of the PRC. Allocations to these reserves
and funds can only be used for specific purposes and are not transferrable to
the parent company in the form of loans, advances or cash dividends. As of June
30, 2022, and December 31, 2021, Helpson's net assets totaled $1,511,000 and
$3,447,000, respectively. Due to the restriction on dividend distribution to
overseas shareholders, the amount of Helpson's net assets that was designated
for general and statutory capital reserves, and thus could not be transferred to
our parent company as cash dividends, was 50% of Helpson's registered capital,
which is both $8,145,000 as of June 30, 2022 and December 31, 2021,
respectively. Since the amount that Helpson must set aside for the statutory
surplus fund only accounts for 539% and 236%, respectively, of its total net
assets, this reserve does not have a major impact on our liquidity. There were
no allocations to the statutory surplus reserve accounts during the six months
ended June 30, 2022.
The Chinese government also imposes controls on the conversion of RMB into
foreign currencies and the remittance of currencies out of China. Our businesses
and assets are primarily denominated in RMB. All foreign exchange transactions
take place either through the People's Bank of China or other banks authorized
to buy and sell foreign currencies at the exchange rates quoted by the People's
Bank of China. Approval of foreign currency payments by the People's Bank of
China or other regulatory institutions requires the submission of a payment
application form together with certain invoices and executed contracts. The
currency exchange control procedures imposed by Chinese government authorities
may restrict Helpson, our Chinese subsidiary, from transferring its net assets
to our parent company through loans, advances or cash dividends.
Off-Balance Sheet Arrangements
As of June 30, 2022, we did not have any off-balance sheet arrangements.
Critical Accounting Policies
Management's discussion and analysis of our financial condition and results of
operations are based upon our consolidated financial statements, which have been
prepared in accordance with United States generally accepted accounting
principles. Our financial statements reflect the selection and application of
accounting policies which require management to make significant estimates and
judgments. The discussion of our critical accounting policies contained in Note
1 to our consolidated financial statements, "Organization and Significant
Accounting Policies", is incorporated herein by reference.
22
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CHINA PHARMA HOLDINGS, INC. 
