Unassociated Document
 
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C.  20549

FORM 8-K

CURRENT REPORT
Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934

Date of Report (Date of earliest event reported):  February 3, 2011
 
China Botanic Pharmaceutical Inc.
(Exact name of registrant as specified in its charter)
 
Nevada
  
001-34808
  
88-1273503
(State or Other Jurisdiction of
Incorporation)
  
(Commission File Number)
  
(IRS Employer
Identification No.)

No. 218, Taiping, Taiping District
Harbin, Heilongjiang Province
P.R. China
  
100016
 (Address of Principal Executive Offices)
  
(Zip Code)
 
+86-451-5762-0378
(Registrant’s telephone number, including area code)

Renhuang Pharmaceuticals, Inc.
(Former Name or Former Address, if Changed Since Last Report)
 
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):

o
Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

o
Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

o
Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

o
Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
 
 
ITEM 4.02.
NON-RELIANCE ON PREVIOUSLY ISSUED FINANCIAL STATEMENTS OR A RELATED AUDIT REPORT OR COMPLETED INTERIM REVIEW.
 
On February 3, 2011, the Audit Committee concluded, after consultation with its independent registered public accounting firm Windes & McClaughry Accountancy Corporation (the “Auditor”) and a review of the pertinent facts, that the previously issued financial statements contained in the Company's Annual Report on Form 10-K for the year ended October 31, 2010 (“Form 10-K”) should not be relied upon because of an error in calculating the weighted average common stock outstanding on a diluted basis  as of October 31, 2010 which affected the calculation of the diluted earnings per share. The Company’s management, in consultation with the Auditor, has determined that as a result of such error, its reported diluted earnings per share was understated by $0.03 for the year ended October 31, 2010. The diluted earnings per share for year ended October 31, 2010 should have been $0.47 based on the weighted average common stock outstanding on a diluted basis of 37,778,028.
 
   
As Reported
10/31/2010
    
Corrected
10/31/2010
  
Net Income
   $ 17,868,942     $ 17,868,942  
Weighted average common stock outstanding - Diluted
     40,174,637       37,778,028  
Earnings per common stock - Diluted
   $ 0.44     $ 0.47  
 
Certain members of the Audit Committee and executive officers of the Company have discussed the matters disclosed herein with the Auditor.
 
The Company intends to file amendments to Form 10-K for the fiscal year ended October 31, 2010 as soon as practicable, which will restate the financial statements previously included therein.
 
 

 
 
SIGNATURE
 
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 hereunto duly authorized.
 
  China Botanic Pharmaceutical Inc.  
  a Nevada Corporation  
       
Dated:  February 8, 2011  
By:
/s/ Shaoming Li  
    Shaoming Li  
    Chief Executive Officer