RAYONT INC. - Quarter Report: 2015 March (Form 10-Q)

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 March 31, 2015

¨ TRANSITION REPORT UNDERSECTION 13 OR 15(d) OF THE EXCHANGE ACT

For the transition period from __________ to _________

SEC File No. 333-179082

A & C United Agriculture Developing Inc.

(Exact name of registrant as specified in its charter)

Nevada

100

27-5159463

(State or other jurisdiction

of incorporation or organization)

(Primary Standard Industrial

Classification Code Number)

IRS I.D.

Oak Brook Pointe, Suite 500,

700 Commerce Drive, Oak Brook, Illinois

60523

(Address of principal executive offices)

(Zip Code)

Issuer’s telephone number: 630-288-2500

N/A

(Former name, former address and former three months, if changed since last report)

Check whether the issuer (1) filed all reports required to be filed by Section 13 or 15(d) of the Exchange Act during the past 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 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 (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit and post such files). Yes x 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. See the definitions of "large accelerated filer," "accelerated filer" and "smaller reporting company" in Rule 12b-2 of the Exchange Act.

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 ¨ No x

As of March 31, 2015 there were 36,731,495 shares issued and outstanding of the registrant’s common stock.

TABLE OF CONTENTS

PART I — FINANCIAL INFORMATION

Item 1.	Financial Statements	3

Item 2.	Management’s Discussion and Analysis or Plan of Operation.	19

Item 3.	Quantitative and Qualitative Disclosure about Market Risk	24

Item 4.	Controls and Procedures.	24

PART II — OTHER INFORMATION

Item 1.	Legal Proceedings.	25

Item 2.	Unregistered Sales of Equity Securities and Use of Proceeds.	25

Item 3.	Defaults Upon Senior Securities	25

Item 4.	Mine Safety Disclosures	25

Item 5.	Other Information	25

Item 6.	Exhibits.	26

PART I — FINANCIAL INFORMATION

Item 1. Financial Statements

A & C United Agriculture Developing Inc

(A Development Stage Enterprise)

Unaudited Financial Statements

As of March 31 2015

Table of Contents

Balance Sheet	4

Statement of Loss		5

Statement of Stockholders Equity		6

Statement of Cash Flows		7

Notes to Financial Statements		8

Exhibit A		18

A & C United Agriculture Developing Inc
(A Development Stage Enterprise)
BALANCE SHEET

				March 31			September 30
				2015			2014
ASSETS							(audited)
	Current assets:
		Cash and cash equivalents		$	61,562		$	69,501
		Accounts receivable			150,000			190,000
		Inventory			124,005			245,525
			Total Current Assets	$	335,567		$	505,026
	Other current assets:
		Prepaid expense		$	60,309		$	309
		Advances to officer			-			25,645
			Total Other Current Assets	$	60,309		$	25,954

	Property, plant and equipment, net			$	14,963		$	17,684

	Other assets:
		Deferred interest expense			94			158
			Total Other Assets	$	94		$	158

			TOTAL ASSETS	$	410,933		$	548,822

LIABILITIES & EQUITY
	Current liabilities:
		Account payable		$	26,466		$	86,000
		Credit card payable			5,160			4,297
			Total current liabilities	$	31,626		$	90,297
	Other current liabilities:
		Loan from shareholders		$	13,246		$	5,406
		Accrued Expenses Liability			1,801			2,119
			Total other current liabilities	$	15,047		$	7,525
	Long term liabilities:
		Car loan			6,896			11,494
			Total long term liabilities	$	6,896		$	11,494

			Total liabilities	$	53,569		$	109,316

	Stockholders' Equity:
		Common stock, $0.001 par value;
			500,000,000 shares authorized;
			36,731,495 shares issued and outstanding.	$	36,732		$	36,612
		Paid-in capital			885,718			873,838
		Deficit accumulated during the development stage			(565,374	)		(471,232	)
		Accumulated other comprehensive income (loss)			288			288
			Total stockholders' equity	$	357,364		$	439,506
			TOTAL LIABILITIES & EQUITY	$	410,933		$	548,822

A & C United Agriculture Developing Inc
(A Development Stage Enterprise)
STATEMENT OF LOSS

			Six Months Ended March 31, 2015			Six Months Ended March 31, 2014			Three Months Ended March 31, 2015			Three Months Ended March 31, 2014			Cumulative from February 7, 2011 (Dateof Inception) Through March 31, 2015


			(Unaudited)			(Unaudited)			(Unaudited)			(Unaudited)			(Unaudited)

Revenues			$	381,636		$	361,870		$	141,636		$	149,027		$	2,139,233
Cost of Goods Sold			$	341,756		$	324,538		$	122,989		$	135,687		$	1,938,878
Gross Profit			$	39,880		$	37,332		$	18,647		$	13,340		$	200,355
Operating expenses:
	Research and development		$	-		$	-		$	-		$	-		$	-

	Selling, general and administrative expenses		$	131,301		$	148,009		$	89,227		$	61,026		$	753,478

	Depreciation and amortization expenses		$	2,721		$	2,721		$	1,360		$	1,361		$	12,243
		Total Operating Expenses	$	134,022		$	150,730		$	90,587		$	62,387		$	765,721

	Operating Income (Loss)		$	(94,142	)	$	(113,398	)	$	(71,940	)	$	(49,047	)	$	(565,366	)

Investment income, net			$	-		$	-		$	-		$	-		$	-
Interest Expense, net			$	-		$	-		$	-		$	-		$	8
Income (Loss) before income taxes			$	(94,142	)	$	(113,398	)	$	(71,940	)	$	(49,047	)	$	(565,374	)
Income (Loss) tax expense			$	-		$	-		$	-		$	-		$	-
Net Income (Loss)			$	(94,142	)	$	(113,398	)	$	(71,940	)	$	(49,047	)	$	(565,374	)

Net income (loss) per common share- Basics			$	(0.00	)	$	(0.00	)	$	(0.00	)	$	(0.00	)	$	(0.02	)
Net income (loss) per common share- Diluted			$	(0.00	)	$	(0.00	)	$	(0.00	)	$	(0.00	)	$	(0.00	)

Other comprehensive income (loss), net of tax:
	Foreign currency translation adjustments		$	-		$	(19	)	$	-		$	(19	)	$	288
		Other comprehensive income (loss)	$	-		$	(19	)	$	-		$	(19	)	$	288
Comprehensive Income (Loss)			$	(94,142	)	$	(113,417	)	$	(71,940	)	$	(49,066	)	$	(565,086	)

A & C United Agriculture Developing Inc
(A Development Stage Enterprise)
STATEMENT OF STOCKHOLDERS EQUITY
The Period February 7, 2011 ( Date of Inception)
through March 31, 2015

							Deficit
							Accumulated			Accumulated
					Additional		During the			Other			Total
	Common Stock				Paid-in		Development			Comprehensive			Stockholders'
	Shares		Amount		Capital		Stage			Income (Loss)			Equity
Issuance of common stocks
to shareholders @0.001 per
share on February 7, 2011		30,000,000	$	30,000	$	-							$	30,000

Issuance of common stocks
to shareholders @0.1 per
share on May 31, 2011		4,449,495	$	4,450	$	440,500							$	444,950

Adjustment for Exchange
rate changes										$	207		$	207

Net loss for the year
ended September 30, 2011							$	(37,543	)				$	(37,543	)
Balance, September 30, 2011		34,449,495	$	34,450	$	440,500	$	(37,543	)	$	207		$	437,614

Issuance of common stocks
to Michael Williams @0.2
per share on July 16, 2012		150,000	$	150	$	29,850							$	30,000

Issuance of common stocks
to Pivo Associates Inc @0.2
per share on July 20, 2012		25,000	$	25	$	4,975							$	5,000

Adjustment for currency rate exchange										$	-		$	-

Net loss for the year
ended September 30, 2012							$	(117,317	)				$	(117,317	)
Balance, September 30, 2012		34,624,495	$	34,625	$	475,325	$	(154,860	)	$	207		$	355,297

Issuance of common stocks
to Shareholders @ 0.2
per share on December 31,2012		1,675,000	$	1,675	$	333,325							$	335,000

Issuance of common stocks
to Shareholders @ 0.25
per share on March 12,2013		50,000	$	50	$	12,450							$	12,500

Issuance of common stocks
to Blue Future @ 0.25
per share on April 29,2013		12,000	$	12	$	2,988							$	3,000

Adjustment for currency rate exchange										$	100		$	100

Net loss for the year
ended September 30, 2013							$	(133,046	)				$	(133,046	)
Balance, September 30, 2013		36,361,495	$	36,362	$	824,088	$	(287,906	)	$	307		$	572,851

Issuance of common stocks
to Griffin Produce @ 0.2
per share on December 26,2013		250,000	$	250	$	49,750							$	50,000

Adjustment for currency rate exchange										$	(19	)	$	(19	)

Net loss for the year
ended September 30, 2014							$	(183,326	)				$	(183,326	)
Balance, September 30, 2014		36,611,495	$	36,612	$	873,838	$	(471,232	)	$	288		$	439,506

Issuance of common stocks
to Michael Williams @0.1
per share on February 1, 2015		60,000	$	60	$	5,940							$	6,000

Issuance of common stocks
to Globex Transfer LLC @0.1
per share on February 2, 2015		60,000	$	60	$	5,940							$	6,000

Adjustment for currency rate exchange										$	-		$	-

Net loss for the period
ended March 31, 2015							$	(94,142	)				$	(94,142	)
Balance, March 31, 2015		36,731,495	$	36,732	$	885,718	$	(565,374	)	$	288		$	357,364

A & C United Agriculture Developing Inc
(A Development Stage Enterprise)
STATEMENT OF CASH FLOWS

		Six Months Ended March 31, 2015			Six Months Ended March 31, 2014			Three Months Ended March 31, 2015			Three Months Ended March 31, 2014			Cumulative from February 7, 2011 (Date of Inception) Through March 31, 2015


		(Unaudited)			(Unaudited)			(Unaudited)			(Unaudited)			(Unaudited)
Operating Activities:
Net income (loss)		$	(94,142	)	$	(113,398	)	$	(71,940	)	$	(49,047	)	$	(565,374	)
Adjustments to reconcile net income to net cash provided by operating activities:
	Non-cash portion of share based legal fee expense		6,000			-			6,000			-			70,450
	Non-cash portion of share based consulting fee expense		6,000			50,000			6,000			-			76,500
	Depreciation expenses		2,721			2,721			1,360			1,361			12,243
	Deferred interest expense		63			63			32			32			(95	)
	Inventory		121,521			(28,284	)		(92,769	)		110,106			(124,004	)
	Accounts Receivable		40,000			(123,262	)		80,000			(39,262	)		(150,000	)
	Prepaid expense		-			(519	)		-			(518	)		(309	)
	Prepaid to supplier		(60,000	)		(92,800	)		(60,000	)		(111,000	)		(60,000	)
	Accrued expense		(318	)		-			(52	)		-			1,801
	Account payable		(59,534	)		10,826			14,894			10,629			26,466
	Credit card payable		863			(2,474	)		697			360			5,160
	Unearned revenue	$	-		$	-			-			-			-
	Net cash provided by operating activities	$	(36,826	)	$	(297,127	)	$	(115,778	)	$	(77,339	)	$	(707,162	)

Investing Activities:
	Purchase of property, plant and equipment		-			-			-			-			(27,206	)
	Net cash provided by investing activities	$	-		$	-		$	-		$	-		$	(27,206	)

Financing Activities:
	Loan from shareholders	$	7,840		$	709		$	3,402		$	(2,088	)	$	13,246
	Advance to shareholders		25,645			(445	)	$	21,084		$	(2,049	)		-
	Long term Loans		(4,598	)		(4,598	)	$	(1,533	)	$	(2,299	)		6,896
	Proceeds from issuance of common stock		-			-			-			-			775,500
	Net cash provided by financing activities	$	28,887		$	(4,334	)	$	22,953		$	(6,436	)	$	795,642

	Effect of Exchange Rate on Cash	$	-		$	(19	)	$	-		$	(19	)	$	288
Net increase (decrease) in cash and cash equivalents		$	(7,939	)	$	(301,480	)	$	(92,825	)	$	(83,794	)	$	61,562
Cash and cash equivalents at beginning of the period		$	69,501		$	384,675		$	154,387		$	166,989		$	-
Cash and cash equivalents at end of the period		$	61,562		$	83,195		$	61,562		$	83,195		$	61,562

A & C UNITED AGRICULTURE DEVELOPING INC

NOTES TO FINANCIAL STATEMENTS

NOTE A - BUSINESS DESCRIPTION

A & C United Agriculture Developing Inc., or the “Company,” is a Nevada corporation formed on February 7, 2011. Our principal executive office is located at Oak Brook Pointe, Suite 500, 700 Commerce Drive, Oak Brook IL 60523. Tel: 630-288-2500.

In addition to the U.S. operation, the Company established a subsidiary A & C Agriculture Developing (Europe) AB in Stockholm, Sweden in October 24, 2013, which is located at Gamla Sodertaljevagen 134A, 141 70 Segeltorp, Sweden.

Since the inception, the Company’s long-term goal has been to solve some of the major challenges in China, such as pollution and food safety issues for the general public, as well as raising funds to grow the business. The Company believes that the best solution is to integrate and manage all links along the food production chain – seeds, farming, processing.

The Company has been and will be putting more resources in the seed business as it is still the main source of the Company’s revenue. However, the Company has also been and will be working to leverage the resources that could be obtained via strategic alliances in the future on both sides of the Pacific Ocean in order to expand the business scope.

Development Stage Company

The Company is considered to be in the development stage as defined in Statement of Financial Accounting Standards (SFAS) ASC 915, “Development Stage Entities”. The Company has devoted substantially all of its efforts to establishing a new business and for which either of the following conditions exists: planned principal operations have not commenced; or the planned principal operations have commenced, and rising of capital and attempting to raise sales.

Basis of accounting

The financial statements reflect the assets, revenues and expenditures of the Company on the accrued basis of accounting. The Company’s fiscal year end is the last day of September 30.

Use of Estimates

The preparation of financial statements in conformity with generally accepted accounting principles in the United States of America requires management to make estimates and assumptions that affect certain amounts reported in the financial statements and disclosures. Accordingly, actual results could differ from those estimates.

A & C UNITED AGRICULTURE DEVELOPING INC

NOTES TO FINANCIAL STATEMENTS

NOTE B - SIGNIFICANT ACCOUNTING POLICIES

Concentration of credit risk

The Company maintains its cash in bank accounts which, at times, may exceed the federally insured limits. The Company has not experienced any losses in such accounts and believes it is not exposed to any significant credit risk on cash.

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. As of March 31, 2015, the company had cash and cash equivalents of $ 61,562.

Property, Plant, and Equipment Depreciation

Property, plant, and equipment are stated at cost. Depreciation is being provided principally by straight line methods over the estimated useful lives of the assets. Expenditures for maintenance and repairs, which do not improve or extend the expected useful lives of the assets, are expensed to operations while major repairs are capitalized.

The vehicle was recorded as fixed asset to depreciate over 5 years with straight line method. On December 5, 2012, the Company purchased a $ 27,206 passenger vehicle.

As of March 31, 2015, the company has property, plant, and equipment at a net cost of $ 14,963, and $ 12,243 of accumulated depreciation expense was recorded.

Account Receivable

As of March 31, 2015, the Company had account receivable of $ 150,000.

Prepaid Expense

As of March 31, 2015, the Company had prepaid expense of $ 309 for rent and other expenses.

A & C UNITED AGRICULTURE DEVELOPING INC

NOTES TO FINANCIAL STATEMENTS

NOTE B - SIGNIFICANT ACCOUNTING POLICIES (Continued)

Inventory

The inventory was valued at cost of purchase from suppliers. As of March 31 2015, the Company has $ 124,005 inventories recorded, which included $ 123,941 various vegetable seeds in stock in USA and has $ 64 tomato seeds in stock in Sweden. And the inventories purchase from USA were stored at the garage of Yidan Liu’s house at no charges and written agreement; and the inventories purchase from Europe were stored at the garage of Jun Huang’s house at Sweden at no charges and written agreement.

Stock-Based Compensation

The Company accounts for stock issued for services using the fair value method. In accordance with FASB ASC 718, Stock-Based Compensation, the measurement date of shares issued for services is the date at which the counterparty’s performance is complete.

On June 30, 2011, 344,495 shares was issued to Michael Williams @ $0.1 per share for legal service value $ 34,450.

On July 16, 2012, 150,000 shares were issued to Michael Williams for legal services of $30,000 at $0.20 per share.

On June 20, 2012, 25,000 shares were issued to Pivo Associates for services of $5,000 at $0.20 per share.

On March 12, 2013, 50,000 shares were issued to three shareholders @ $ 0.25 per share for consulting service value $ 12,500.

On April 29, 2013, 12,000 shares were issued to Blue Future, Inc for consulting and advising services of $3,000 at $0.25 per share.

On December 26, 2013, 250,000 shares were issued to Griffin Produce Company, Inc @ $0.2 per share for consulting and advising service value $ 50,000.

On February 1, 2015, 60,000 shares were issued to Michael Williams for legal services of $ 6,000 at $0.10 per share.

On February 2, 2015, 6,000 shares were issued to Globex Transfer LLC for DTC professional services of $6,000 at $0.10 per share.

A & C UNITED AGRICULTURE DEVELOPING INC

NOTES TO FINANCIAL STATEMENTS

NOTE B - SIGNIFICANT ACCOUNTING POLICIES (Continued)

Basics and Diluted Net Loss per Common Share

The Company computes per share amounts in accordance with Statement of Financial Accounting Standards (SFAS) ASC 260, Earnings per Share (EPS). ASC 260 requires presentation of basis and diluted EPS. Basic EPS is computed by dividing the income (loss) available to Common Shareholders by the weighted-average number of common shares outstanding for the period. Diluted EPS is based on the weighted-average number of shares of common stock and common stock equivalents outstanding during the periods.

The Company only issued one type of shares, i.e., common shares only. There are no other types securities were issued. Accordingly, the diluted and basics net loss per common share are the same.

Long Term Liabilities

In December 5th, 2012, the Company purchased a vehicle at a financing amount of $ 27,585.36 with 36 monthly equal payments. As of March 31, 2015, the Company has a net car loan of $ 6,896.

Revenue Recognition

In accordance with the FASB Accounting Standards Codification (ASC) 605-15-25 “Revenue Recognition for Sales of Product”, the Company recognizes revenue when it is realized or realizable and earned. The revenue from the product sales transaction shall be recognized at time of sale if the following conditions are met:

	·	The seller’s price to the buyer is substantially fixed or determinable at the date of sale.
	·	The buyer has paid the seller, or the buyer is obligated to pay the seller and the obligation is not contingent on resale of the product.
	·	The buyer’s obligation to the seller would not be changed in the event of theft or physical destruction or damage of the product.
	·	The buyer acquiring the product for resale has economic substance apart from that provided by the seller.
	·	The seller does not have significant obligations for future performance to directly bring about resale of the product by the buyer.
	·	The amount of future returns can be reasonably estimated.

Revenues include sales of seeds in Asia, Europe, and North America.

A & C UNITED AGRICULTURE DEVELOPING INC

NOTES TO FINANCIAL STATEMENTS

NOTE B - SIGNIFICANT ACCOUNTING POLICIES (Continued)

Revenue Recognition (Continued)

The Company had total revenue of $ 141,636 and $ 149,027 for the fiscal quarter ended March 31, 2015 and 2014 respectively and $ 2,139,233 for the period of February 7, 2011 to March 31, 2015.

Cost of Goods Sold

The Company’s purchase cost is primarily from supplier, U.S seed companies. Based upon management’s experience in the industry, we believe vegetable seeds supply in United State for the varieties we intend to sell is plenty. We believe that with advanced technology and mature global seed accessibility, U.S seed companies can provide the varieties Chinese end users are looking for. We are focused on finding the right variety. We first will collect specifications from Chinese end users, and then we will match them with the variety here. We ask samples or sometimes we purchase small amount of seed. We will then try them in various locations in China at different planting season. The challenge we have is that not all the varieties we may initially select will prove to work in China. The trial cycle can be over a year in some cases.

We do not anticipate offering any material right of return on our product although we may reimburse buyers on a case-by-case basis if seed which passed our trials does not perform well for a particular grower through no fault of the grower.

The Company had $ 31,235 inventory as of December 31, 2014.

From the period of January 1, 2015 to March 31, 2015, the Company purchase $ 210,788 vegetable seeds from US suppliers and Europe suppliers; and there are $ 124,005 inventories as of March 31, 2015.

For the fiscal quarter ended March 31, 2015, the Company had related cost of goods sold expense and freight cost of $ 4,970.

As a result, a total of $ 122,989 and $ 135,687 cost of goods sold was recorded for the fiscal quarter ended March 31, 2015 and 2014; and $ 1,938,878 cost of goods sold was recorded for the period of February 7, 2011 to March 31, 2015.

A & C UNITED AGRICULTURE DEVELOPING INC

NOTES TO FINANCIAL STATEMENTS

NOTE B - SIGNIFICANT ACCOUNTING POLICIES (Continued)

Operating Leases

The Company entered into a lease for its corporate offices in under terms of non-cancelable operating leases. The lease term is from March 1, 2015 through February 28, 2016 and requires a roughly $170 monthly lease payment, and this office is located at 700 Commerce Drive, STE 500, Oak Brook IL 60523, USA.

Operating Expense

Operation expense consists of selling, general and administrative expenses, and depreciation expense.

For the fiscal quarter ended March 31, 2015 and 2014, there was a total of $ 90,587 and $ 62,387 operating expenses respectively. For the cumulative period from February 7, 2011 (Date of Inception) to March 31, 2015, there was a total of $ 765,721 operating expenses.

The Details were showed in Exhibit A.

Payroll Expense

Started from January 2013, the Company stayed the annually salary amount of Officer Yidan Liu for $ 60,000. The Social Security tax and Medicare tax were paid by both employer and employees in USA; employees also withheld portion of Federal and State tax calculate by each individual’s status. All of the tax was submitted to Internal Revenue Service and local government at a monthly basis.

Started from September 2014, the Company hired an employee to taking care of the office operation in Sweden subsidiary at a cost of SEK 8,000 monthly.

The total payroll expense for the fiscal quarter ended March 31, 2014 and 2013 is $ 20,063 and $ 16,190 respectively, which included the payroll taxes to the government and the net salary to the officer and employee.

Professional Fees

Professional fees are consist of accounting and auditing fee, legal fee, consulting expenses, SEC filing fee, and other professional expenses. The total professional fees were $ 41,859 and $ 22,298 for the fiscal quarter ended March 31, 2015 and 2014 respectively.

A & C UNITED AGRICULTURE DEVELOPING INC

NOTES TO FINANCIAL STATEMENTS

NOTE B - SIGNIFICANT ACCOUNTING POLICIES (Continued)

Recent Accounting Pronouncements

The following pronouncements have become effective during the period covered by these financial statements or will become effective after the end of the period covered by these financial statements:

Pronouncement	Issued	Title
ASC 605	October 2009	Revenue Recognition (Topic 605): Multiple-Deliverable Revenue Arrangements – a consensus of the FASB Emerging Issues Task Force
ASC 860	December 2009	Transfers and Servicing (Topic 860): Accounting for Transfers of Financial Assets
ASC 505	January 2010	Accounting for Distributions to Shareholders with Components of Stock and Cash – a consensus of the FASB Emerging Issues Task Force
ASC 810	January 2010	Consolidation (Topic 810): Accounting and Reporting for Decreases in Ownership of a Subsidiary – a Scope Clarification
ASC 718	January 2010	Compensation – Stock Compensation (Topic 718): Escrowed Share Arrangements and the Presumption of Compensation
ASC 820	January 2010	Fair Value Measurements and Disclosures (Topic 820): Improving Disclosures about Fair Value Measurements
ASC 810	February 2010	Consolidation (Topic 810): Amendments for Certain Investment Funds
ASC 815	March 2010	Derivatives and Hedging (Topic 815): Scope Exception Related to Embedded Credit Derivatives
ASC-310 Receivables	July 2010	For public entities, the disclosure as of the end of a reporting period are effective for interim and annual reporting periods ending on or after December 15, 2010. The disclosures about activity that occurs during a reporting period are effective for interim and annual reporting periods beginning on or after December 15, 2010. For nonpublic entities, the disclosures are effective for annual reporting period ending on or after December 15, 2011.

Management does not anticipate that the adoption of these standards will have a material impact on the financial statements.

A & C UNITED AGRICULTURE DEVELOPING INC

NOTES TO FINANCIAL STATEMENTS

NOTE B - SIGNIFICANT ACCOUNTING POLICIES (Continued)

Comprehensive Income

The company’s comprehensive income is comprised of net income, unrealized gains and losses on marketable securities classified foreign currency translation adjustments, and unrealized gains and losses on derivative financial instruments related to foreign currency hedging.

Foreign Currency Translation

The Company has determined the United States dollars (USD) to be its functional currency for A&C United Agriculture Developing Inc., U.S.A and Swedish Krona (SEK) to be its functional currency in European business. Assets and liabilities were translated to U.S. dollars at the period-end exchange rate. Statement of operations amounts were translated to U.S. dollars using the first date of each month during the year. Gains and losses resulting from translating foreign currency financial statements are accumulated in other comprehensive income (loss), a separate component of shareholders’ equity.

NOTE C - RELATED PARTY TRANSACTIONS

Common Shares Issued to Executive and Non-Executive Officers and Directors

As of March 31, 2014, total 30,235,000 shares were issued to officers and directors as follows:

Name	Title	Share QTY		Amount		Purchase Date	% of Common Share
Jun Huang	Secretary		15,000,000	$	15,000	2/7/2011		40.84	%
Yidan Liu	President		15,000,000	$	15,000	2/7/2011		40.84	%
Ross Rispens	Director		75,000	$	10,000	5/31/2011		0.20	%
Xinyu Wang	Director		10,000	$	1,000	5/31/2011		0.03	%
Manying Chen	Director		50,000	$	5,000	5/31/2011		0.14	%
Minhang Wei	Director		100,000	$	10,000	5/31/2011		0.27	%
Total			30,235,000	$	56,000			82.31	%

____________

*Based upon total outstanding shares 36,731,495 as of March 31, 2015.

A & C UNITED AGRICULTURE DEVELOPING INC

NOTES TO FINANCIAL STATEMENTS

NOTE C - RELATED PARTY TRANSACTIONS (Continued)

Loans from Officers/Shareholders

As of March 31, 2015, the officers loaned $ 13,246 to the Company for purchases and operating expenses. The outstanding balance is due on demand and no agreement was signed.

NOTE D - SHAREHOLDERS’ EQUITY

Under the Company’s Articles of Incorporation of the Company, the Company is authorized to issue 500,000,000 shares of common stock with a par value of $0.001.

On February 7, 2011, the Company was incorporated in the State of Nevada.

On February 7, 2011, two founders of the Company, Jun Huang and Yidan Liu purchased 30,000,000 shares at $0.001 per share. The proceeds of $30,000 were received.

On May 31, 2011, additional 4,105,000 shares were issued to 113 shareholders at price of $0.1 per share or $ 410,500 common stock.

On June 30, 2011, 344,495 shares was issued to Michael Williams @ $0.1 per share for legal service value $ 34,450.

On July 16, 2012, 150,000 shares were issued to Michael Williams @ $0.2 per share for legal service value $ 30,000.

On July 20, 2012, 25,000 shares were issued to Pivo Associate Inc @ $0.2 per share for consulting service value $ 5,000.

On December 2012, additional 1,175,000 shares were issued to 12 shareholders and at price of $0.2 per share or $ 235,000 common stock.

A & C UNITED AGRICULTURE DEVELOPING INC

NOTES TO FINANCIAL STATEMENTS

NOTE D - SHAREHOLDERS’ EQUITY (Continued)

On December 2012, 500,000 shares were issued to 7 new shareholders at price of $0.2 per share or $ 100,000 common stock.

On March 12, 2013, 50,000 shares were issued to three shareholders @ $0.25 per share for consulting service value $ 12,500.

On April 29, 2013, 12,000 shares were issued to Blue Future, Inc @ $0.25 per share for consulting and advising service value $ 3,000.

On December 26, 2013, 250,000 shares were issued to Griffin Produce Company, Inc @ $0.2 per share for consulting and advising service value $ 50,000.

On February 1, 2015, 60,000 shares were issued to Michael Williams for legal services of $ 6,000 at $0.10 per share.

On February 2, 2015, 6,000 shares were issued to Globex Transfer LLC for DTC professional services of $6,000 at $0.10 per share.

Therefore, as of March 31, 2015, there was total of 36,731,495 shares issued and outstanding.

NOTE E - GOING CONCERN

The Company is currently in the development stage and their activities consist solely of raising capital and attempting to sell products to generate and increase sales revenues.

There is no guarantee that the Company will be able to raise enough capital or generate revenues to sustain its operations and carry out its business plan. These conditions raise substantial doubt about the Company’s ability to continue as a going concern.

The financial statements do not include any adjustments relating to the carrying amounts of recorded assets or the carrying amounts and classification of recorded liabilities that may be required should the Company be unable to continue as a going concern.

As of March 31, 2015 the cash and cash equivalent balance was $ 61,562 and there is cumulative net loss of $ 565,374 for the cumulative period from February 7, 2011 (Date of Inception) to March 31, 2015.

Exhibit A

			Three Months Ended		Three Months Ended		Cumulative from February 7, 2011 (Date of Inception) Through
			March 31,		March 31,		March 31,
			2015		2014		2015
Expense
	Bank Service Charges			115		276		1,254
	Business Licenses and Permits			956		814		7,979
	Meals and Entertainment			1,296		3,648		19,874
	Membership fee			-		-		505
	Office Supplies			130		-		11,202
	Postage and Delivery			105		19		937
	Printing and Reproduction			-		-		136
	Auto and Truck Expenses			214		7		1,999
	Payroll Expenses			20,063		16,190		156,252
	Conference & Meeting					-		4,538
	Interest Expense			32		32		284
	Utilities			-		-		41
	Website Expense			453		96		2,634
	Medical Expenses			3,343		-		4,121
	Registration Fees			520		-		520
	Repairs and Maintenance			669		-		2,160
	Research and Survey expenses			-		-		572
	Training & Education Expense			-		-		480
	Telephone Expense			-		-		400
	Depreciation Expense			1,360		1,360		12,243
	Insurance Expense			1,278		3,926		20,170
	Marketing and Promotion Expense			136		1,159		4,137
	Travel Expense			5,864		11,881		101,612
	Professional Fees
		Accounting		18,278		20,717		90,280
		Consulting Fees		-		-		114,660
		Legal Fee		10,500		-		147,750
		Transfer Agent fees		12,300		300		16,095
		SEC & EDGAR Filling Fee		781		1,281		16,469
	Professional Fees			41,859		22,298		385,254
	Software			106		-		501
	Rent Expense			12,089		682		25,915
Total Expense				90,587		62,387		765,721

Item 2. Management’s Discussion and Analysis or Plan of Operation.

The following discussion of our financial condition and results of operations should be read in conjunction with our financial statements and the related notes, and other financial information included in this Form 10-Q.

Our Management’s Discussion and Analysis contains not only statements that are historical facts, but also statements that are forward-looking. Forward-looking statements are, by their very nature, uncertain and risky. These risks and uncertainties include international, national, and local general economic and market conditions; our ability to sustain, manage, or forecast growth; our ability to successfully make and integrate acquisitions; new product development and introduction; existing government regulations and changes in, or the failure to comply with, government regulations; adverse publicity; competition; the loss of significant customers or suppliers; fluctuations and difficulty in forecasting operating results; change in business strategy or development plans; business disruptions; the ability to attract and retain qualified personnel; the ability to protect technology; the risk of foreign currency exchange rate; and other risks that might be detailed from time to time in our filings with the Securities and Exchange Commission.

Although the forward-looking statements in this Report reflect the good faith judgment of our management, such statements can only be based on facts and factors currently known by them. Consequently, and because forward-looking statements are inherently subject to risks and uncertainties, the actual results and outcomes may differ materially from the results and outcomes discussed in the forward-looking statements. You are urged to carefully review and consider the various disclosures made by us in this report as we attempt to advise interested parties of the risks and factors that may affect our business, financial condition, and results of operations and prospects.

Overview

A & C United Agriculture Developing Inc., or the “Company,” is a Nevada corporation formed on February 7, 2011. In addition to the U.S. operation, the Company established a subsidiary A & C Agriculture Developing (Europe) AB in Stockholm, Sweden in October 24, 2014, which is located at Gamla Sodertaljevagen 134A, 141 70 Segeltorp, Sweden.

Since the inception, the Company’s long-term goal has been to solve some of the major challenges in China, such as pollution and food safety issues for the general public, as well as to raise funds to grow our business and better serve our existing customers. In order to reach these goals, the Company believes that, the best solution is to integrate and manage all links along the food production chain – seeds, farming, processing.

The Company’s strategy of implementing the above solution has two tiers:

	1.	Overall, we strive to leverage our existing seeds business as a foundation and a starting point for the entire production chain, and gradually involve the downstream links by engaging other projects simultaneously, such as fertilizer project on the farming side and carrot project that falls into the processing arena.

	2.	Within the seeds sector, we will focus on the research and development. We believe that by developing our own intellectual property on our product, we can transform ourselves from a seed distributor to a more diversified seed company, and thus we hope to be able to obtain higher margins.

We continue to meet vegetable seed breeders, producers, growers, freezers and processors in the U.S., Europe and in China.

As previously reported, we have signed a 4-year agreement with CapGen, a Spanish breeder for which we have already trialed their varieties. We believe based upon our knowledge of our industry that CapGen is regarded by others in the industry as having a strong research and development platform and well-known breeders. As of this the date of this Report, we have found and looked at a few varieties for commercialization, and we have placed a two kilogram production order for one of the red tomato varieties in order to sell to our initial customer base.

We are also working with a number of American breeders, including Dr. Ladd, Integra Hybrids, LLC, with experiment and trialing. We have reviewed the trial results with Dr. Ladd in person and received advice for the future trials. The Letter of Intent we signed in 2014 is still valid. However, we still currently have no binding agreement, commitment or understanding with Dr. Ladd, Integra Hybrids, LLC or any of their affiliates to develop the carrot market in China or undertake any other activities other than set forth in the letter of intent. There is no assurance that we will ever have a binding agreement, commitment or understanding with Dr. Ladd, Integra Hybrids, LLC or any of their affiliates or that we will develop the carrot market in China or undertake any other similar activities.

The Company has also met two, out of many, Chinese agriculture companies that have shown an interest in collaborating with A & C United Agriculture Developing Inc. in order to build/enhance a vegetable production chain. We have verbally agreed to work on with them on projects but have not yet progressed to a discussion of a formal agreement and the terms thereof. As such, there is no assurance that we will ever have a binding agreement, commitment or understanding with these companies.

The Company is currently working on the business plan for our seed R&D project and plan to kick off fund raising campaign in the next three months or so. There is no assurance that we ever be able to raise any funds from these efforts. The Company’s management team believes our own products and our marketing/sales teams are in place for the Company to move up to be able to more fully implement its business plan. Any funds raised will be used to integrate all resources so that we are in a better position to be able to more fully implement our business plan.

As reported in last quarter’s filing, we have obtained the DTC eligibility by end of March 2015.

Results of Operations

For the second quarter end ended March 31, 2015 vs. 2014

Revenue

There was $ 141,636 and $ 149,027 revenue generated for the second quarter ended March 31, 2015 and 2014.

Cost of Revenue

There was $ 122,989 and $ 135,687 cost of goods sold incurred for the second quarter ended March 31, 2015 and 2014 respectively. The cost of goods sold decreased due to the decreasing of revenue.

For the second quarter ended March 31, 2015 and 2014, there was a total of $ 90,587 and $62,387 operating expenses respectively. $ 41,859 out of the total $ 90,587 was professional service fee due to company filling with the SEC, company listing, and consulting.

For the cumulative period from February 7, 2011 (Date of Inception) to March 31, 2015, there was a total of $765,721 operating expenses.

			Three Months Ended		Three Months Ended		Cumulative from February 7, 2011 (Date of Inception) Through
			March 31,		March 31,		March 31,
			2015		2014		2015
Expense
	Bank Service Charges			115		276		1,254
	Business Licenses and Permits			956		814		7,979
	Meals and Entertainment			1,296		3,648		19,874
	Membership fee			-		-		505
	Office Supplies			130		-		11,202
	Postage and Delivery			105		19		937
	Printing and Reproduction			-		-		136
	Auto and Truck Expenses			214		7		1,999
	Payroll Expenses			20,063		16,190		156,252
	Conference & Meeting					-		4,538
	Interest Expense			32		32		284
	Utilities			-		-		41
	Website Expense			453		96		2,634
	Medical Expenses			3,343		-		4,121
	Registration Fees			520		-		520
	Repairs and Maintenance			669		-		2,160
	Research and Survey expenses			-		-		572
	Training & Education Expense			-		-		480
	Telephone Expense			-		-		400
	Depreciation Expense			1,360		1,360		12,243
	Insurance Expense			1,278		3,926		20,170
	Marketing and Promotion Expense			136		1,159		4,137
	Travel Expense			5,864		11,881		101,612
	Professional Fees
		Accounting		18,278		20,717		90,280
		Consulting Fees		-		-		114,660
		Legal Fee		10,500		-		147,750
		Transfer Agent fees		12,300		300		16,095
		SEC & EDGAR Filling Fee		781		1,281		16,469
	Professional Fees			41,859		22,298		385,254
	Software			106		-		501
	Rent Expense			12,089		682		25,915
Total Expense				90,587		62,387		765,721

Income & Operation Taxes

We are subject to income taxes in the U.S.

We paid no income taxes in USA for the second quarter ended March 31, 2015 due to the net operation loss in the USA.

For the six months ended March 31, 2015 vs. 2014

Revenue

There was $ 381,636 and $ 361,870 revenue generated for the six months ended March 31, 2015 and 2014 due to increased sales efforts.

Cost of Revenue

There was $ 341,756 and $ 324,538 cost of goods sold incurred for the six months ended March 31, 2015 and 2014 respectively. The cost of goods sold increased due to the increasing of revenue.

For the six months ended March 31, 2015 and 2014, there was a total of $ 134,022 and $150,730 operating expenses respectively. The decrease was primarily in the reduction of professional fees as follows: $ 44,482 out of the total $ 134,022 was professional service fee due to company filling with the SEC and consulting fees, and $79,998out of the total $150,730 was professional service fee due to company listing, consulting, and filling with the SEC.

For the cumulative period from February 7, 2011 (Date of Inception) to March 31, 2015, there was a total of $765,721 operating expenses.

			Six Months Ended		Six Months Ended		Cumulative from February 7, 2011 (Date of Inception) Through
			March 31,		March 31,		March 31,
			2015		2014		2015
Expense
	Bank Service Charges			166		301		1,254
	Business Licenses and Permits			956		915		7,979
	Meals and Entertainment			3,464		6,673		19,874
	Membership fee			-		-		505
	Office Supplies			130		587		11,202
	Postage and Delivery			109		236		937
	Printing and Reproduction			-		-		136
	Auto and Truck Expenses			442		246		1,999
	Payroll Expenses			40,500		32,337		156,252
	Conference & Meeting			980		-		4,538
	Interest Expense			63		63		284
	Utilities			-		-		41
	Website Expense			453		96		2,634
	Medical Expenses			3,343		-		4,121
	Registration Fees			520		-		520
	Repairs and Maintenance			1,197		-		2,160
	Research and Survey expenses			572		-		572
	Training & Education Expense			-		-		480
	Telephone Expense			-		-		400
	Depreciation Expense			2,721		2,721		12,243
	Insurance Expense			6,534		3,926		20,170
	Marketing and Promotion Expense			136		1,798		4,137
	Travel Expense			14,552		19,640		101,612
	Professional Fees
		Accounting		18,788		20,717		90,280
		Consulting Fees		-		50,000		114,660
		Legal Fee		11,000		7,500		147,750
		Transfer Agent fees		12,600		500		16,095
		SEC & EDGAR Filling Fee		2,094		1,281		16,469
	Professional Fees			44,482		79,998		385,254
	Software			106		-		501
	Rent Expense			12,597		1,193		25,915
Total Expense				134,022		150,730		765,721

Income & Operation Taxes

We are subject to income taxes in the U.S.

We paid no income taxes in USA for the six months ended March 31, 2015 due to the net operation loss in the USA.

Milestone Table

Event	Actions	Anticipated Time Frame	Total estimated cost

Seed R&D project fund raising campaign	Materials prep. Investor conference Road shows	By 8/31/2015	$	40,000
Start commercializing one of the red tomato varieties selected and now owned by the Company	Marketing and sales promotion	By 12/31/2015	$	5,000
Continue trials of carrots and other varieties obtained from Europe and America.	Visit trial fields Collect feedbacks Evaluate results	By 12/31/2015	$	10,000
Continue to work with the Chinese companies on a potential collaboration	Ad hoc business trips	By 12/31/2015	$	5,000

We currently have sufficient cash resources to fund all of our operations for the next 12 months, including the expenses set forth in the chart above.

Liquidity and Capital Resources

	At March 31,		At September 30,
	2015		2014

Current Ratio*		8.48		5.43
Cash	$	61,562	$	69,501
Working Capital***	$	349,203	$	433,158
Total Assets	$	410,933	$	548,822
Total Liabilities	$	53,569	$	109,316

Total Equity	$	357,364	$	439,506

Total Debt/Equity**		0.15		0.25

____________

* Current Ratio = Current Assets /Current Liabilities.

** Total Debt / Equity = Total Liabilities / Total Shareholders’ Equity.

*** Working Capital = Current Assets - Current Liabilities.

The Company had cash and cash equivalents of $ 61,562 and $69,501 at first quarter ended March 31, 2015 and December 31 2014 and the working capital of $ 349,203 and $433,158 with liabilities of $ 53,569 and $ 109,316 for the same periods.

As of March 31, 2015, we have $ 61,562 in cash and $ 150,000 in accounts receivable. As shown in the Milestone Table above, we need a minimum of approximately $60,000 in funds to finance our business development program in the next 12 months. This amount does not include all our costs which we will incur irrespective of our business development activities set forth in the Milestone Table, including general operating costs, bank service fees and those costs associated with SEC requirements associated with staying public, estimated to be approximately $300,000 annually. Accordingly, as we anticipate an average monthly burn rate of no more than $30,000 during the next 12 months, we believe we have sufficient cash available (assuming we continue to realize revenues from sale of products and collect all our existing and anticipated receivables) to fund all of our operational, business development and SEC filing needs during the next 12 months.

Item 3. Quantitative and Qualitative Disclosure about Market Risk

Not applicable.

Item 4. Controls and Procedures.

Evaluation of Disclosure Controls and Procedures

The Company has established disclosure controls and procedures to ensure that information required to be disclosed in this quarterly report on Form 10-Q was properly recorded, processed, summarized and reported within the time periods specified in the Commission's rules and forms. The Company’s controls and procedures are designed to ensure that information required to be disclosed by the Company in the reports that it files or submits under the Act is accumulated and communicated to the Company’s management, including its principal executive and principal financial officers to allow timely decisions regarding required disclosure.

We carried out an evaluation of the effectiveness of the design and operation of our disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) at December 31, 2015 based on the evaluation of these controls and procedures required by paragraph (b) of Rule 13a-15 or Rule 15d-15 under the Exchange Act. This evaluation was carried out under the supervision and with the participation of our Chief Executive Officer/Chief Financial Officer. Based upon that evaluation, our Chief Executive Officer/Chief Financial Officer concluded that, at March 31, 2015, our disclosure controls and procedures are effective.

Changes in Internal Control over Financial Reporting

There have been no changes in the Company's internal control over financial reporting that occurred during the Company's last fiscal quarter that has materially affected, or is reasonably likely to materially affect, the Company's internal control over financial reporting.

PART II — OTHER INFORMATION

Item 1. Legal Proceedings.

None.

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

The Company has issued 60,000 common shares at $0.10/share to Globex Transfer, LLC, a Florida LLC, sole stock transfer agent. This is part of the payment for the DTC eligibility.

The company has issued 60,000 common shares at $0.10/share to Williams Securities Law Firm, P.A. for part of the SEC-related legal services.

As both of these recipients had pre-existing business relationships and were sophisticated investors, we relied upon the available exemption from registration under Section 4(2) of the Securities Act in connection with these two issuances.

Item 3. Defaults Upon Senior Securities.

None.

Item 4. Mine Safety Disclosure.

Not applicable.

Item 5. Other Information.

Not applicable.

Item 6. Exhibits.

(a)

Exhibits.

Exhibit No.		Document Description

31.1		CERTIFICATION of CEO/CFO PURSUANT TO 18 U.S.C. SECTION 1350, AS ADOPTED PURSUANT TO SECTION 302 OF THE SARBANES-OXLEY ACT OF 2002.

32.1 *		CERTIFICATION of CEO/CFO PURSUANT TO 18 U.S.C. SECTION 1350, AS ADOPTED PURSUANT TO SECTION 906 OF THE SARBANES-OXLEYACT OF 2002

Exhibit 101		Interactive data files formatted in XBRL (eXtensible Business Reporting Language): (i) the Consolidated Balance Sheets, (ii) the Consolidated Statements of Operations, (iii) the Consolidated Statements of Cash Flows, and (iv) the Notes to the Consolidated Financial Statements.**

101.INS		XBRL Instance Document**

101.SCH		XBRL Taxonomy Extension Schema Document**

101.CAL		XBRL Taxonomy Extension Calculation Linkbase Document**

101.DEF		XBRL Taxonomy Extension Definition Linkbase Document**

101.LAB		XBRL Taxonomy Extension Label Linkbase Document**

101.PRE		XBRL Taxonomy Extension Presentation Linkbase Document**

____________

* This exhibit shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934 or otherwise subject to the liabilities of that section, nor shall it be deemed incorporated by reference in any filing under the Securities Act of 1933 of the Securities Exchange Act of 1934, whether made before or after the date hereof and irrespective of any general incorporation language in any filings.

** XBRL (Extensible Business Reporting Language) information is furnished and not filed or a part of a registration statement or prospectus for purposes of Sections 11 or 12 of the Securities Act of 1933, as amended, is deemed not filed for purposes of Section 18 of the Securities Exchange Act of 1934, as amended, and otherwise is not subject to liability under these sections.

SIGNATURES

In accordance with the requirements of the Exchange Act, the registrant caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

A & C United Agriculture Developing Inc.,

a Nevada corporation

Title	Name	Date	Signature

Principal Executive Officer	Yidan (Andy) Liu	May 11, 2015	/s/ Yidan (Andy) Liu

In accordance with the Exchange Act, this Report has been signed below by the following persons on behalf of the Registrant and in the capacities and on the dates indicated.

SIGNATURE	NAME	TITLE	DATE

/s/ Yidan (Andy) Liu	Yidan (Andy) Liu	Principal Executive Officer,	May 11, 2015
		Principal Financial Officer and Principal Accounting Officer

EXHIBIT INDEX

Exhibit No.		Document Description

31.1		CERTIFICATION of CEO/CFO PURSUANT TO 18 U.S.C. SECTION 1350, AS ADOPTED PURSUANT TO SECTION 302 OF THE SARBANES-OXLEY ACT OF 2002.

32.1 *		CERTIFICATION of CEO/CFO PURSUANT TO 18 U.S.C. SECTION 1350, AS ADOPTED PURSUANT TO SECTION 906 OF THE SARBANES-OXLEYACT OF 2002

Exhibit 101		Interactive data files formatted in XBRL (eXtensible Business Reporting Language): (i) the Consolidated Balance Sheets, (ii) the Consolidated Statements of Operations, (iii) the Consolidated Statements of Cash Flows, and (iv) the Notes to the Consolidated Financial Statements.**

101.INS		XBRL Instance Document**

101.SCH		XBRL Taxonomy Extension Schema Document**

101.CAL		XBRL Taxonomy Extension Calculation Linkbase Document**

101.DEF		XBRL Taxonomy Extension Definition Linkbase Document**

101.LAB		XBRL Taxonomy Extension Label Linkbase Document**

101.PRE		XBRL Taxonomy Extension Presentation Linkbase Document**

____________