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Lease Agreement between Zhejiang Tantech Bamboo Technology Co., Ltd. and Zhejiang
Tantech Energy Technology Co., Ltd.
Party A: Zhejiang Tantech Energy Technology Co., Ltd.
Party B:Zhejiang Tantech Bamboo Charcoal Co., Ltd.
On December 10, 2021, the two parties signed a Lease Agreement. Party A leases the subject properties to Party B. The leased properties are Buildings No. 3 and No. 4 located at No. 10 Censhan Road, Shuige Industrial Zone, Lishui City, Zhejiang Province, China, with an area of 12,904 square meters. The house is used as production and office space for Party B.
The rental period of the properties is from January 1, 2022 to December 31, 2032. The rent is paid every six months. The total annual rent of the house is 1,238,784 yuan.
The Agreement is made in duplicate with all parties herein holding one copy each with the same legal effect.
Zhejiang Tantech Bamboo Charcoal Co., Ltd.
Zhejiang Tantech Energy Technology Co., Ltd.
Party A: Zhangjiagang Jinmao Investment Development Co. LTD
Party B: Shangchi Automobile Co., Ltd.
After negotiation, both parties reached the following agreement on land, housing and other lease matters:
Party B rents the 11688 ㎡ workshop, 4515 ㎡ land, train operation, transformer, cable, and other facilities of former Chassis Factory of Peony Group located in the Yongli village, Leyu Town, Zhangjiagang City.
The lease period: one year, from August 10, 2021 to August 9, 2022.
The rent is 1 million RMB one year, which is still the preferential rental price determined by the two parties. The rent is paid semiannually.
Party B shall bear all expenses such as electricity, water and sanitation during the lease period.
Party B should not damage the facilities in the Premises. If structural change is necessary in the process of decoration or the installation of the equipment does damage to the Premises，Party B should get the prior written approval from Party A. The cost of such change should be borne by Party B. The structural changes that Party B will carry out to the Premises are indicated in the project attached to this Contract. Party A hereby gives its consent to such changes.
During the lease period，Party B shall be responsible for the safety inspection, use, maintenance and repair of all the leased assets. Party B should be responsible for the reinstatement works and compensation for the economic losses for the damage of the Premises and loss of its facilities due to the mismanagement of Party B.
After the lease expires or the agreement is terminated due to other reasons such as termination of the agreement, Party B must move out within 15 days after the agreement is terminated, and pay all the costs that should be borne by Party B. Party A does not assume any responsibility for compensation, and Party A must be present at the same time as the day of moving out.
When the lease expires, Party B should return the leased house land as scheduled. If Party B needs to continue to lease, it should give the written request to Party A two months before the lease expires. right.
During the lease period, if the plant land leased by Party A to Party B is sold, auctioned, or subject to other sanctions, Party A shall notify Party B two months in advance. Party B shall cooperate, but Party A shall ensure that the asset transferee gives Party B Enjoy the right to lease within the lease period.
If the contractual relationship between the two parties is terminated and Party B does not move out unconditionally within the agreed date, Party A will give Party B a 15-day grace period. The rent for the grace period is calculated at 6000 yuan per day. Party A pays the house usage fee to Party A at twice the original lease price, and it is deemed that Party B authorizes Party A to have the right to move or leave and dispose of all items of Party B, and Party B shall bear the losses incurred.
Party B shall abide by the laws and disciplines in its business activities. In the event of violations of the law, Party B shall be responsible for all consequences.
During the lease period, both parties should abide by the contract and may not cancel the contract at will. For example, due to government planning, urban construction needs, and local government industrial planning needs, the two parties should obey the government's needs, that is, terminate the lease relationship and handle them in accordance with relevant regulations.
If Party B fails to pay the rent or other payables on time during the rental period, Party A has the right to recover from Party B the default penalty of 1% of the daily rent owed; Party A has the right to stop water if it is overdue for more than 10 days. Measures such as power outages can also unilaterally terminate this contract and claim damages in accordance with the aforementioned standards.
Party B voluntarily sublet, lend or transfer the leased house land to others for use, or add the house to the body structure, or privately occupy unused house land, or seriously violate other provisions of this contract. Party A has The unilateral party terminates this contract and claims the costs and compensation that should be borne by Party B.
If Party A realizes its claims through litigation due to the above-mentioned breach of contract by Party B, Party B shall bear the costs of Party A ’s realization of its claims (including litigation fees, attorney fees, security fees, etc.)
Both parties must fully fulfill the obligations stipulated in the contract. If either party breaches the contract, it shall compensate the other party for economic losses in accordance with the law.
This contract is made in duplicate, with each party holding one copy, and the contract becomes effective after being signed by the representatives of both parties.
Lease Agreement between Shenzhen Xinrui Commercial Property Co., Ltd. and Shenzhen Yimao New Energy Sales Co., Ltd.
Party A: Shenzhen Xinrui Commercial Property Co., Ltd.
Party B:Shenzhen Yimao New Energy Sales Co., Ltd.
On January 17, 2022, the two parties signed a Lease Agreement. Party A rented the house to Party B.
The house is located at No. 1108, Tianle Building, No. 1021, Buji Road, Luohu District, Shenzhen China, with an area of 54 square meters.
The house is used as office space for Party B.
The rental period of the house is 1 year, from January 17, 2022 to January 16, 2023. The rent is paid every month. The total annual rent of the house is 45,360 yuan.
The Agreement is made in duplicate with all parties herein holding one copy each with the same legal effect.
Shenzhen Yimao New Energy Sales Co., Ltd.
Shenzhen Xinrui Commercial Property Co., Ltd.
Party A: Shanghai Jiamu Investment Management Co., Ltd.
Party C: Hangzhou Wangbo Investment Management Co., Ltd.
1. Party A, B and C signed the relevant VIE documents on December 10, 2019, making Party C an entity of Tantech Holdings Ltd;
2. According to the “Market Access Negative List (2020 Edition)” issued by the National Development and Reform Commission of China and the Ministry of Commerce of China, the business of Shangchi Automobile Co., Ltd. held by Party C is not included in the negative list. There is no need to make Party C an entity of Tantech Holdings Ltd. through the VIE agreement;
3. Party B, Xinyang Wang and Wangfeng Yan, agree to transfer 100% of the equity of Party C held by them to Party A for free. After the transfer is completed, Party A will obtain 100% of the equity of Party C.
Accordingly, the parties have reached the following agreements through negotiation:
1. Both parties agree that the VIE documents signed on December 10, 2019 (“Equity Pledge Agreement”, “Exclusive Management Consulting and Technical Service Agreement”, “Exclusive Call Option Agreement”, “Proxy Agreement” and supporting documents, etc.) will be terminated on July 28, 2021, and will no longer to be performed.
2. After the signing of this agreement, all parties shall cancel the pledge of the shares of Party C held by Xinyang Wang and Wangfeng Yan at the registration agency as soon as possible, and transfer the released shares from Party B to Party A for free. Tantech Holdings Ltd will directly hold 100% equity of Party C.
3. This agreement will come into effect after being signed and sealed by all parties. The agreement is in quadruplicate, each party holds one copy, all of which have the same effect.
Exhibits are the VIE agreements to be terminated:
2. Exclusive Management Consulting and Technical Service Agreement
Party A: Shanghai Jiamu Investment Management Co., Ltd.
Party C: Hangzhou Wangbo Investment Management Co., Ltd.
Wholly owned subsidiary of Tantech Holdings Ltd
Wholly owned subsidiary of Tantech Holdings Ltd
EAG International Vantage Capitals Limited
Wholly owned subsidiary of Tantech Holdings Ltd
China East Trade Co., Limited
Wholly owned subsidiary of EAG International Vantage Capitals Limited
Tantech Holdings (Lishui) Co., Ltd.
People’s Republic of China
Wholly owned subsidiary of USCNHK Group Limited
Eurasia New Energy Automotive (Jiangsu) Co., Ltd.
People’s Republic of China
Wholly owned subsidiary of EAG International Vantage Capitals Limited
Eurasia Holdings (Zhejiang) Co., Ltd.
People’s Republic of China
Wholly owned subsidiary of EAG International Vantage Capitals Limited
Shangchi (Zhejiang) Intelligent Equipment Co., Ltd.
People’s Republic of China
Wholly owned subsidiary of EAG International Vantage Capitals Limited
Shanghai Jiamu Investment Management Co., Ltd.
People’s Republic of China
Wholly owned subsidiary of EAG International Vantage Capitals Limited
Zhejiang Shangchi New Energy Automobile Co., Ltd.
People’s Republic of China
Wholly owned subsidiary of Tantech Holdings (Lishui) Co., Ltd.
Lishui Smart New Energy Automobile Co., Ltd.
People’s Republic of China
Wholly owned subsidiary of Tantech Holdings (Lishui) Co., Ltd.
Lishui Xincai Industrial Co., Ltd.
People’s Republic of China
Wholly owned subsidiary of Tantech Holdings (Lishui) Co., Ltd.
Zhejiang Tantech Bamboo Charcoal Co., Ltd
People’s Republic of China
Wholly owned subsidiary of Lishui Xincai Industrial Co., Ltd.
Lishui Jikang Energy Technology Co., Ltd.
People’s Republic of China
Wholly owned subsidiary of Lishui Xincai Industrial Co., Ltd.
Hangzhou Tanbo Technology Co., Ltd.
People’s Republic of China
Wholly owned subsidiary of Lishui Xincai Industrial Co., Ltd.
Zhejiang Tantech Bamboo Technology Co., Ltd
People’s Republic of China
Wholly owned subsidiary of Lishui Jikang Energy Technology Co., Ltd.
Hangzhou Wangbo Investment Management Co., Ltd.
People’s Republic of China
Wholly owned subsidiary of Shanghai Jiamu Investment Management Co., Ltd. .
Hangzhou Jiyi Investment Management Co., Ltd.
People’s Republic of China
Wholly owned subsidiary of Shanghai Jiamu Investment Management Co., Ltd.
People’s Republic of China
51%-owned subsidiary of Hangzhou Wangbo Investment Management Co., Ltd., with the remaining equity interest of 19% and 30% owned, respectively, by Hangzhou Jiyi Investment Management Co., Ltd. and an unrelated third party.
Shenzhen Yimao New Energy Sales Co., Ltd.
People’s Republic of China
Wholly owned subsidiary of Shangchi Automobile Co., Ltd.
Hangzhou Eurasia Supply Chain Co., Ltd.
People’s Republic of China
Wholly owned subsidiary of Eurasia Holdings (Zhejiang) Co., Ltd.
Gangyu Trading (Jiangsu) Co., Ltd.
People’s Republic of China
Wholly owned subsidiary of Euroasia New Energy Automotive (Jiangsu) Co., Ltd.
Shanghai Wangju Industrial Group Co., Ltd.
People’s Republic of China
Wholly owned subsidiary of Shanghai Jiamu Investment Management Co., Ltd.
Shenzhen Shangdong Trading Co., Ltd.
People’s Republic of China
Wholly owned by Shanghai Wangju Industrial Group Co., Ltd.
Zhejiang Shangchi Medical Equipment Co., Ltd.
People’s Republic of China
Wholly owned by Shangchi (Zhejiang) Intelligent Equipment Co., Ltd.
First International Commercial Factoring (Shenzhen) Co., Ltd.
People’s Republic of China
75% owned by Shenzhen Shangdong Trading Co., Ltd., 25% owned by China East Trade Co., Limited.
I, Wangfeng Yan, certify that:
1. I have reviewed this annual report on Form 20-F of Tantech Holdings Ltd;
2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;
3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the company as of, and for, the periods presented in this report;
4. The company’s other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the company and have
(a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the company, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;
(b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;
(c) Evaluated the effectiveness of the company’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and
(d) Disclosed in this report any change in the company’s internal control over financial reporting that occurred during the period covered by the annual report that has materially affected, or is reasonably likely to materially affect, the company’s internal control over financial reporting; and
5. The company’s other certifying officer(s) and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the company’s auditors and the audit committee of the company’s board of directors (or persons performing the equivalent functions):
(a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the company’s ability to record, process, summarize and report financial information; and
(b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the company’s internal control over financial reporting.
I, Weilin Zhang, certify that:
1. I have reviewed this annual report on Form 20-F of Tantech Holdings Ltd;
2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;
3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the company as of, and for, the periods presented in this report;
4. The company’s other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the company and have
(a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the company, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;
(b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;
(c) Evaluated the effectiveness of the company’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and
(d) Disclosed in this report any change in the company’s internal control over financial reporting that occurred during the period covered by the annual report that has materially affected, or is reasonably likely to materially affect, the company’s internal control over financial reporting; and
5. The company’s other certifying officer(s) and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the company’s auditors and the audit committee of the company’s board of directors (or persons performing the equivalent functions):
(a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the company’s ability to record, process, summarize and report financial information; and
(b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the company’s internal control over financial reporting.
In connection with the Annual Report of Tantech Holdings Ltd (the “Company”) on Form 20-F for the fiscal year ended December 31, 2021 as filed with the Securities and Exchange Commission on the date hereof (the “Report”), I, Wangfeng Yan, Chief Executive Officer of the Company, certify, pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, that to my knowledge:
(1) The Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and
(2) The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company.
In connection with the Annual Report of Tantech Holdings Ltd (the “Company”) on Form 20-F for the fiscal year ended December 31, 2021 as filed with the Securities and Exchange Commission on the date hereof (the “Report”), I, Weilin Zhang, Chief Financial Officer of the Company, certify, pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, that to my knowledge:
(1) The Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and
(2) The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company.
CONSENT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM
We consent to the incorporation by reference in the Registration Statements on Forms F-3 (File No. 333-213240, 333-248197 and 333-251509) and Forms S-8 (File No. 333-205821 and 333-203387) of our report dated July 18, 2022, with respect to our audits of the consolidated financial statements of Tantech Holdings Ltd and subsidiaries, which appears in this Annual Report on Form 20-F for the years ended December 31, 2021 and 2020. We also consent to the reference to us under the heading “Experts” in such Registration Statements.
Tantech Reports Full Year 2021 Financial Results
Highlights (Full Year 2021 Compared to Full Year 2020)
● 30.7% Increase in Revenue to $55.3 Million
● 133.0% Increase in Gross Profit to $10.4 Million
● 8.3 Percentage Point Expansion in Gross Margin
● $105.8 Million Current Asset Balance with $21.8 Million in Current Liabilities at December 31, 2021, with a $7.2 Million Market Capitalization at July 12, 2022
LISHUI, China, July 18, 2022 – Tantech Holdings Ltd (NASDAQ: TANH) (“Tantech” or the “Company”), a clean energy company, today reported its audited financial results for the twelve months ended December 31, 2021.
Mr. Wangfeng Yan, Chief Executive Officer of Tantech, said, “We achieved a record 30.7% increase in revenue to $55.3 million for the full year 2021 compared to the full year 2020. On top of that we drove a 133.0% increase in gross profit to 10.4 million, with an 8.3 percentage point expansion in gross margin. Our results are even more impressive given our team’s ability to execute and remain focused in the face of the COVID-19 pandemic and closures in China, and global supply chain challenges. This impacted our profitability in 2021 and continues to in 2022 but we are working diligently with our supply chain partners to mitigate costs, secure inventory and best support demand from our customers.”
Mr. Wangfeng Yan, Chief Executive Officer of Tantech, continued, “Overall, we are pleased with our continued execution on multiple fronts as we drove growth in our core business, made major progress in the transformation of our EV and specialty vehicles business, and strengthened our balance sheet. We are excited about opportunities in the specialty EV market based on customer feedback and forecasts for specialty EVs, including electric driverless street sweepers, supported by the global zero-emission vehicle trend, as well as favorable government policies and support in terms of subsidies, grants and tax rebates. Domestically, China has become the largest new energy vehicle market in the world led by the government’s endorsement and its focus on petroleum resource independence, environmental protection and the ‘Made in China 2025’ industrial upgrade. We are already collaborating with technology companies and consultants on developing specialty EVs, and plan to invest heavily in this area in 2022.”
“Finally,” concluded Mr. Wangfeng Yan, Chief Executive Officer of Tantech, “the fact that we ended 2021 with a $105.8 million current asset balance with just $21.8 million in current liabilities – and our recent market capitalization was just $7.2 million – underscores the significant opportunity we believe exists to fund our growth initiatives and build value for shareholders. We are confident that we can achieve our goal by continuing to successfully execute and delivering positive proof points on our EV and speciality vehicle business transformation, while showing a further expansion in revenue and profit growth.”
For the Twelve Months Ended
($ millions, except per share data and percentages)
Net (loss) income attributable to common stockholders of Tantech Holdings Ltd
Basic/Diluted (loss) earnings per share
For the past decade, Tantech has been a highly specialized high-tech enterprise producing, researching and developing bamboo charcoal-based products with an established domestic and international sales and distribution network. Since 2017, when the Company acquired 70% of Shangchi Automobile, a vehicle manufacturer based in Zhangjiagang City, Jiangsu Province, it has manufactured and sold vehicles. The Company established two new subsidiaries, Lishui Smart New Energy Automobile Co., Ltd. and Zhejiang Shangchi New Energy Automobile Co., Ltd., in November 2020, to produce and sell street sweepers and other electric vehicles. The Company is fully ISO 90000 and ISO 14000 certified and has received a number of national, provincial and local honors, awards and certifications for its products and scientific research efforts. The Company’s subsidiary, First International Commercial Factoring (Shenzhen) Co., LTD, is engaged in commercial factoring for businesses in and related to its supply chain. In May 2022, the Company established a wholly-owned subsidiary, EPakia Inc. Based in the Mid-Atlantic region of the United States, EPakia plans
to develop biodegradable packaging business in the United States and other international markets. For more information, please visit: http://ir.tantech.cn.
This news release contains forward-looking statements as defined by the Private Securities Litigation Reform Act of 1995. Forward-looking statements include statements concerning the sales, plans, objectives, goals, strategies, future events or performance, and underlying assumptions and other statements that are other than statements of historical facts. These statements are subject to uncertainties and risks including, but not limited to, product and service demand and acceptance, changes in technology, economic conditions, the impact of competition and pricing, government regulations, and other risks contained in reports filed by the Company with the Securities and Exchange Commission. All such forward-looking statements, whether written or oral, and whether made by or on behalf of the Company, are expressly qualified by this cautionary statement and any other cautionary statements which may accompany the forward-looking statements. In addition, the Company disclaims any obligation to update any forward-looking statements to reflect events or circumstances after the date hereof, except as expressly required by applicable law.
For more information, please contact:
New York Phone: +1-914-337-8801
Tantech Holdings Ltd and Subsidiaries
For the Twelve Months Ended
Advances to suppliers – related party
Prepaid expenses and other receivables, net
Property, plant and equipment, net
Total Assets (Note 3 at VIE)
Loan payable to third parties
Accrued liabilities and other payables
Common stock, $0.01 par value, 60,000,000 shares authorized, 6,399,460 and 3,589,409 shares issued and outstanding as of December 31, 2021 and 2020, respectively*
Accumulated other comprehensive income (loss)
Total Stockholders’ Equity attributable to the Company
Total Liabilities and Stockholders’ Equity
* Retroactively restated for one-for-ten reverse split with effective date of February 25, 2022.
* please see “Note 3: Variable Interest Entities” in the notes accompanying the audited financial statements filed on the Company’s Report of Foreign Private Issuer on Form 20-F dated July 18, 2022.
Tantech Holdings Ltd and Subsidiaries
Consolidated Statements of Comprehensive Loss
For the Twelve Months Ended
Impairment of goodwill and intangible asset
Rental income from related party
Gain from sale property to a related party
Loss before income tax expense
Less: net loss attributable to noncontrolling interest
Net loss attributable to common stockholders of Tantech Holdings Ltd
Less: Comprehensive loss attributable to noncontrolling interest
Comprehensive loss attributable to common stockholders of Tantech Holdings Ltd
Loss per share - Basic and Diluted*
Weighted Average Shares Outstanding - Basic and Diluted Continuing operations and discontinued operations*
* Retroactively restated for one-for-ten reverse split with effective date of February 25, 2022.
Tantech Holdings Ltd and Subsidiaries
Consolidated Statements of Cash Flows
For the Twelve Months Ended,
Cash flows from operating activities
Adjustments to reconcile net income (loss) to net cash provided by operating activities:
Allowance (Reversal of) for doubtful accounts - accounts receivable
Reversal of allowance for doubtful accounts - advance to suppliers
Write off manufacturing rebate receivable
Reversal of allowance for doubtful accounts – other receivables
Impairment of goodwill and intangible asset
Decrease in deferred tax liability
Amortization of right of use assets
(Gain) Loss from disposal of property, plant and equipment
Issuance of common stock for service
Changes in operating assets and liabilities:
Accounts receivable - non-related party
Advances to suppliers - related party
Prepaid expenses and other receivables
Accrued liabilities and other payables
Collection of receivables from discontinued operations
Net cash (used in) provided by operating activities
Cash flows from investing activities
Acquisition of property, plant and equipment
Proceeds from disposal of property, plant and equipment
Net cash provided by (used in) investing activities
Cash flows from financing activities
Proceeds from loans from third parties
Repayment of loans from third parties
Bank acceptance notes payable, net of repayment
Proceeds from (repayment of) loans from related parties, net
Proceeds from issuance of common stock and warrants
Net cash provided by) financing activities
Effect of exchange rate changes on cash, restricted cash and cash equivalents
Net increase in cash, restricted cash and cash equivalents
Cash, restricted cash and cash equivalents, beginning of year
Cash, restricted cash and cash equivalents, end of year
Common shares issued for service
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