Financial Performance - The company reported a total revenue of RMB 1.2 billion for the year 2014, representing a year-on-year increase of 15% compared to 2013[12]. - The net profit attributable to shareholders was RMB 150 million, which is a 10% increase from the previous year[12]. - The company's operating revenue for 2014 was CNY 573,345,378.98, representing a 0.49% increase compared to CNY 570,532,102.35 in 2013[18]. - Operating profit decreased by 6.56% to CNY 63,714,123.39 in 2014 from CNY 68,189,588.99 in 2013[18]. - The total profit for 2014 was CNY 69,060,585.34, down 18.13% from CNY 84,356,596.15 in 2013[18]. - Net profit attributable to shareholders was CNY 63,248,693.24, a decrease of 17.53% from CNY 76,690,059.25 in 2013[18]. - The company reported a net cash flow from operating activities of -CNY 915,132.71, a decline of 100.50% compared to CNY 181,351,246.10 in 2013[18]. - The total assets at the end of 2014 were CNY 1,035,129,546.32, a decrease of 7.28% from CNY 1,116,347,028.76 at the end of 2013[18]. - The total liabilities decreased by 8.01% to CNY 247,970,070.07 in 2014 from CNY 269,572,475.61 in 2013[18]. - The weighted average return on equity for 2014 was 7.47%, down from 9.36% in 2013[18]. Market Expansion and Strategy - User data indicated a growth in customer base, with an increase of 20% in new clients acquired during 2014[12]. - The company plans to expand its market presence in Southeast Asia, targeting a 25% increase in market share by 2016[12]. - Future guidance suggests a revenue target of RMB 1.5 billion for 2015, reflecting a growth rate of 25%[12]. - The company aims to achieve a gross margin of 30% in 2015, up from 28% in 2014[12]. - The company is focusing on high-quality heating projects and large-scale operations, balancing single and multiple project approaches to enhance market resilience[38]. - The company is expanding its market presence by signing cooperation framework agreements with multiple park management committees for exclusive heating operation rights[38]. - The company is actively exploring biomass power generation and combined heat and power applications, optimizing its industrial layout[75]. - The company is focusing on market expansion and strategic partnerships to enhance its competitive edge in the biomass energy sector[162]. Research and Development - The company has allocated RMB 50 million for research and development in new technologies for renewable energy[12]. - Research and development expenses for the year amounted to 22.02 million yuan, representing 3.84% of operating revenue, a slight decrease from 3.93% in 2013[65]. - The company applied for 30 new patents during the reporting period, including 9 invention patents and 21 utility model patents[89]. - The company acquired 100% equity of Disen Equipment, resulting in 22 new authorized patents, including 4 invention patents[90]. - The company is committed to technological innovation, focusing on biomass energy utilization technologies, including low-nitrogen combustion and gasification processes[131]. Acquisitions and Partnerships - A strategic acquisition of a local competitor is anticipated to enhance operational efficiency and is projected to contribute an additional RMB 100 million in annual revenue[12]. - The company completed the acquisition of Disen Equipment in 2014, which was included in the consolidated financial statements[19]. - The company acquired 100% equity of Devotion for RMB 78.53 million, which is expected to contribute 26.94% to the company's net profit from the beginning of the period until the acquisition date[167]. - The company completed the acquisition of 100% equity of Devotion in December 2014, forming a business combination under common control[169]. Sustainability and Environmental Commitment - The company emphasizes its commitment to sustainability and plans to increase its investment in green technologies by 40% over the next two years[12]. - The company aims to reduce coal consumption and increase the share of non-fossil energy to 13% by 2017, in line with national energy policies[113]. - The company is committed to developing clean energy and reducing pollution emissions as part of its long-term strategy[113]. - The national strategy emphasizes the importance of biomass energy as a clean energy alternative to fossil fuels, aiming to reduce reliance on coal[117]. Operational Challenges and Risks - The company faces procurement risks related to BMF fuel, which is influenced by the wood processing and furniture industries[22]. - The company is facing risks from macroeconomic downturns, with GDP growth slowing to 7.4% in 2014, which could impact client operations and energy demand[134]. - The company is considering the impact of rising natural gas prices on its operations and potential benefits[162]. - The company has faced delays in the Taicang project due to insufficient signing of energy service contracts, impacting funding progress[107]. Financial Management and Governance - The company plans to distribute cash dividends of no less than 20% of the distributable profits in the absence of major investment plans or cash expenditures[140]. - The cash dividend represents 30.00% of the net profit attributable to ordinary shareholders, which is RMB 63,248,693.24 for the year 2014[153]. - The company has consistently maintained a cash dividend policy, with previous distributions of RMB 1.50 per 10 shares in 2013 and RMB 2.00 per 10 shares in 2012[149][148]. - The company has established a comprehensive insider information management system to ensure compliance with regulations and protect investor rights[154]. - The company has not reported any significant litigation or arbitration matters during the reporting period[166]. Project Updates and Progress - The company has ongoing projects like the 50MW biomass gas supply station in Zhaoqing and two 12t/h biomass steam boilers in Guangxi, which are progressing as planned[51][52]. - The company is in the design phase for a biomass energy centralized heating station in the Xinhui Economic Development Zone, with initial construction based on an annual steam demand of 220,000 tons[59]. - The company is also preparing for a biomass energy centralized heating project in Beihai, with an initial scale of two 20-ton biomass boilers[60]. - The company has signed multiple biomass energy heating projects, including those in Dongguan and Yichang, enhancing its market presence in the biomass solidification sector[74]. Talent and Workforce Development - The company has launched a talent recruitment initiative called the "Sea Hunting Plan" to enhance its workforce in various technical and managerial roles[128]. - The company is implementing a performance evaluation mechanism to link employee performance with departmental and company efficiency, fostering a motivated workforce[46]. Shareholder Relations and Compliance - The cash dividend distribution plan for 2014 is subject to approval at the annual general meeting[151]. - The company has ensured that minority shareholders have opportunities to express their opinions and that their legal rights are protected[148]. - The company has committed to timely disclosure of any related party transactions and has complied with this commitment[188].

Financial Performance - Net profit attributable to shareholders for Q3 2014 was CNY 9,312,742.01, down 41.23% year-over-year[7]. - Total revenue for Q3 2014 was CNY 103,548,746.61, a decline of 0.73% compared to the same period last year[7]. - Basic earnings per share for Q3 2014 were CNY 0.0297, a decrease of 41.19% year-over-year[7]. - The weighted average return on equity for Q3 2014 was 1.18%, down 0.89% from the previous year[7]. - The total profit for the third quarter of 2014 was 9.78 million yuan, down 41.18% year-on-year[31]. - The company's advance receipts amounted to 5.62 million yuan, a significant decrease of 72.38% due to reduced advance payments for the Hongta project[27]. - Financial expenses for the third quarter were -973.53 thousand yuan, a reduction of 51.42% year-on-year, primarily due to decreased bank loans and lower interest expenses[28]. - Total operating revenue for the current period is CNY 103,548,746.61, a decrease of 0.73% from CNY 104,313,498.98 in the previous period[74]. - Net profit for the current period is CNY 9,273,334.24, down 41.2% from CNY 15,845,648.77 in the previous period[75]. - Basic and diluted earnings per share decreased to CNY 0.0297 from CNY 0.0505[75]. Assets and Liabilities - Total assets as of September 30, 2014, were CNY 849,955,886.11, a decrease of 0.38% compared to the end of 2013[7]. - The accounts receivable balance at the end of the reporting period was 69.31 million RMB, with 92.17% of it aged within one year, indicating a short aging profile but posing cash flow risks due to large receivables[16]. - The prepayment balance as of September 30, 2014, was 6.62 million RMB, a decrease of 82.12% compared to December 31, 2013, primarily due to large fuel prepayments made last year for the Spring Festival[26]. - The construction in progress balance increased by 131.55% to 109.26 million RMB as of September 30, 2014, due to increased project investments[26]. - The accounts payable balance was 28.06 million RMB, reflecting a 35.24% increase compared to December 31, 2013, mainly due to increased project engineering payments[26]. - As of September 30, 2014, the company's cash and cash equivalents amounted to 213.72 million yuan, a decrease of 4.9% from the beginning of the period[67]. - Total current assets decreased from 435.06 million yuan to 367.20 million yuan, a decline of 15.6%[67]. - The company's total liabilities decreased from 65.51 million yuan to 53.13 million yuan, a reduction of 18.8%[69]. - The company's equity attributable to shareholders increased from 785.71 million yuan to 794.98 million yuan, an increase of 1.6%[69]. Projects and Investments - The company has signed contracts for three industrial park heating projects, including Zhaoqing Asia Metal Industrial Park[13]. - The ecological oil project has been completed with an annual production capacity of 10,000 tons, but it faces technical and operational challenges[14]. - The company is actively involved in multiple projects, including a 50MW biomass gas supply station in Zhaoqing Industrial Park, which is nearing completion[34]. - The company is also developing a biomass boiler project in Guangxi, with two 12t/h boilers under construction[35]. - The company reported a total investment commitment of RMB 22,302 million for biomass fuel projects, with the Taicang project at 22.27% completion and the Guangzhou project at 102.15% completion[58]. - The ecological oil industrial demonstration project received RMB 3,165 million in funding, with a progress rate of 67.58%[59]. - The biomass energy heating project was allocated RMB 4,900 million, with only 12.60% of the project completed[59]. Risks and Challenges - The company is facing risks related to BMF fuel procurement due to potential supply issues from upstream industries[11]. - The ecological oil project is positioned as an alternative energy source, with its sales price influenced by fluctuations in the fuel oil market, which has been high recently[15]. - The company is facing risks from macroeconomic downturns, which could impact client operating rates and energy consumption stability, affecting profitability[46]. - The company is also addressing intensified industry competition and is committed to maintaining its leading position through operational and management advantages[47]. - The company is closely monitoring the operational status of Huamei Steel, which has suspended production, potentially impacting the biomass gasification project[62]. Research and Development - Ongoing research includes biomass boiler flue gas energy-saving devices and low NOx combustion technology, focusing on the industrialization of biomass energy[40]. - R&D expenses for the reporting period amounted to 4.5052 million yuan, an increase of 1.4588 million yuan year-on-year, representing a growth of 47.89%[41]. - The company applied for 7 new patents during the reporting period, including 2 invention patents and 5 utility model patents, and received 3 new authorized patents[41]. - As of September 30, 2014, the company held a total of 120 valid patents, including 48 invention patents and 72 utility model patents[41]. Shareholder Information - The total number of shareholders at the end of the reporting period was 6,148[18]. - The top three shareholders held a combined 43.95% of the shares, with the largest shareholder owning 17.62%[18]. - The company has implemented a stock incentive plan to align the interests of shareholders, the company, and key personnel with performance outcomes[45]. Fundraising and Financial Commitments - The total amount of raised funds is 486.58 million CNY, with 48.66 million CNY allocated during the reporting period[57]. - Cumulative amount of raised funds utilized is 277.11 million CNY, with no changes in usage reported[57]. - The company has committed to not using raised funds for high-risk investments such as securities trading or venture capital[55]. - The actual controllers have adhered to commitments regarding the avoidance of related party transactions and competition[54]. - The company has ensured that all commitments regarding social security and employee benefits have been fulfilled[54].

Financial Performance - Total revenue for the first half of 2014 was CNY 197,912,017.02, a decrease of 3.47% compared to CNY 205,034,147.76 in the same period last year[13]. - Net profit attributable to ordinary shareholders was CNY 31,345,355.80, down 24.85% from CNY 41,709,746.04 year-on-year[13]. - Basic earnings per share decreased by 24.83% to CNY 0.0999 from CNY 0.1329 in the same period last year[13]. - The total profit for the period was CNY 33.44 million, down CNY 12.98 million or 27.96% year-on-year[29]. - The net profit attributable to shareholders was CNY 31.35 million, a decrease of CNY 10.36 million or 24.85% compared to the previous year[29]. - The net profit after deducting non-recurring gains and losses was CNY 30.68 million, down CNY 2.02 million or 6.16% year-on-year[29]. - The company's operating revenue for the current period is CNY 169,569,608.18, a decrease of 6.5% compared to CNY 181,893,714.73 in the previous period[149]. - The net profit for the current period is CNY 31,269,154.96, down 25.1% from CNY 41,709,746.04 in the previous period[148]. - The total profit for the current period is CNY 33,437,578.54, which is a decrease of 28.0% from CNY 46,416,026.91 in the previous period[148]. Cash Flow and Financial Management - The net cash flow from operating activities increased by 7.87% to CNY 62,544,179.52, compared to CNY 57,979,093.58 in the previous year[13]. - The company reported a significant increase in net cash flow from investing activities, which amounted to -¥35,262,524.61[30]. - The cash flow from operating activities for the current period is CNY 62,544,179.52, an increase of 7.5% compared to CNY 57,979,093.58 in the previous period[152]. - The company reported a decrease in cash flow from operating activities, which may impact future operational capabilities[155]. - The total cash and cash equivalents at the end of the period was ¥105,075,119.26, a decrease from ¥157,305,764.36 at the end of the previous year[155]. Assets and Liabilities - Total assets at the end of the reporting period were CNY 848,146,858.74, a slight decrease of 0.59% from CNY 853,178,624.68 at the end of the previous year[13]. - The company's equity attributable to ordinary shareholders was CNY 785,667,036.14, showing a negligible decrease of 0.01% from CNY 785,706,667.99[13]. - The company's fixed assets increased to CNY 326,273,165.00, up from CNY 313,046,331.92, reflecting a growth of 4.0%[141]. - Current liabilities decreased slightly to CNY 54,204,691.28 from CNY 54,750,607.58, a reduction of 1.0%[142]. - The total owner's equity at the end of the period was ¥787,671,043.89, reflecting a change due to net profit and other adjustments[158]. Investment and Projects - The company has signed contracts for three industrial park heating projects, indicating a strategic expansion into the industrial park heating market[22]. - The company has completed the construction of a 10,000-ton ecological oil project, which is in the process of technical optimization and stability testing[24]. - The company plans to invest in a biomass energy centralized heating station in the Guangdong Meizhou High-tech Industrial Park, with an estimated total investment of ¥150 million[36]. - The company is constructing a 50MW biomass gas supply station in the Zhaoqing Industrial Park, which is expected to enhance its biomass gas application technology[34]. - The company has initiated several new projects, including the Xuji Food and New Fengzhu Beer projects, which began operations in the second quarter, contributing to incremental revenue[33]. Market and Competition - The company faces risks related to BMF fuel procurement due to reliance on wood-based raw materials, which may be affected by the upstream wood processing industry[21]. - The company is facing intensified competition in the biomass energy sector, which is encouraged by national policies, necessitating continuous improvement in service levels to maintain its leading position[64]. - The company has strengthened its market expansion efforts outside the Pearl River Delta, aiming to enhance its market competitiveness and reduce regional concentration risks[59][65]. Research and Development - Research and development expenses increased by 30.42% year-on-year to ¥7.94 million, with 10 new patent applications filed during the first half of 2014[50]. - The company holds a total of 118 valid patents as of June 30, 2014, including 48 invention patents and 70 utility model patents[51]. - The company is committed to increasing its investment in research and development of biomass gasification technology to improve the quality and cleanliness of biomass gas[61]. Shareholder and Governance - The company plans to distribute a cash dividend of RMB 1.5 per 10 shares, totaling RMB 31,384,987.65, which represents 50.39% of the distributable profit for 2013[90]. - The total share capital will increase from 209,233,251 shares to 313,849,876 shares due to a capital reserve conversion of 5 shares for every 10 shares held[89]. - The company has committed to not planning any share issuance for six months following the resumption of its stock trading, ensuring compliance with regulatory requirements[112]. - The company has made commitments to avoid any related party transactions that could harm the interests of shareholders, ensuring fair and reasonable pricing in any unavoidable transactions[114]. Legal and Compliance - The company is involved in a legal dispute with Guangzhou Qinzong Chemical Fiber Dyeing Co., Ltd. over unpaid fuel fees amounting to RMB 2.6394 million, which has led to litigation[115]. - There were no major litigation or arbitration matters during the reporting period[96]. - The company has not reported any major changes in the feasibility of the fundraising projects as of the end of the reporting period[80].

Financial Performance - The company reported a total revenue of RMB 1.2 billion for the year 2013, representing a year-on-year increase of 15% compared to 2012[3]. - The net profit attributable to shareholders was RMB 150 million, which is a 10% increase from the previous year[3]. - The company's operating revenue for 2013 was CNY 414.91 million, a 1.12% increase from CNY 410.30 million in 2012[16]. - Operating profit rose to CNY 60.30 million, reflecting a 24.43% increase compared to CNY 48.46 million in the previous year[16]. - Net profit attributable to shareholders was CNY 68.89 million, up 16.03% from CNY 59.37 million in 2012[16]. - The total profit for the year was CNY 75.89 million, an increase of CNY 12.48 million, with a growth rate of 19.67% year-on-year[43]. - The company's net profit for 2013 was RMB 68,888,861.36, reflecting a positive financial performance[152]. - The total cash dividend amount for the reporting period was ¥31,384,987.65, representing 100% of the profit distribution[145]. Market Expansion and Strategy - The company plans to expand its market presence by entering two new provinces in 2014, aiming for a 25% increase in market share[3]. - The company aims to enhance project selection and management to ensure high-quality and large-scale projects, while controlling investment and operational costs to improve returns[27]. - The company aims to expand its market presence in the Yangtze River Delta and Beijing-Tianjin-Hebei regions to diversify its revenue sources and reduce regional risks[133]. - The company plans to strengthen its market presence in the biomass solidification sector, focusing on high-quality projects and expanding into second and third-tier cities[127]. - The company is exploring the biomass power generation project in Nepal, considering the region's abundant biomass resources and electricity shortages, with a focus on controllable risks and attractive returns[128]. Research and Development - Research and development expenses increased by 30% in 2013, focusing on new biomass energy technologies[3]. - R&D expenses for the year amounted to approximately ¥15.37 million, representing 4.23% of operating revenue, with 23 new patents applied for during the year[61][62]. - The company applied for 23 new patents during the reporting period, including 8 invention patents and 15 utility model patents, and obtained 28 new authorized patents, comprising 14 invention patents and 14 utility model patents[86]. - The BOF business, which produces a clean liquid fuel from biomass waste, has achieved significant technological advancements and holds multiple patents[38]. Operational Challenges and Risks - The company faces risks related to BMF fuel procurement due to reliance on wood-based raw materials, which may be affected by upstream industry conditions[24]. - The ecological oil project is still in the industrial demonstration phase, with potential risks related to market price fluctuations of fuel oil impacting profitability[25]. - The company is in a business expansion phase, requiring improved internal management and risk control mechanisms to mitigate operational risks[136]. - The accounts receivable balance at the end of the reporting period was ¥68,572,800, with over 88.24% of receivables aged within one year, highlighting potential cash flow risks[134]. Investment and Capital Management - The company implemented a capital reserve conversion plan, increasing total shares from 139.49 million to 209.23 million, a 50% increase[17]. - The total amount of raised funds was CNY 486.58 million, with CNY 120.24 million invested during the reporting period, and a cumulative investment of CNY 173.13 million[93]. - The company allocated CNY 80.24 million directly to fundraising projects and CNY 40 million for permanent working capital during the reporting period[93]. - The company plans to use RMB 4 million of the raised funds for permanent working capital, which has been fully implemented[97]. Corporate Governance and Compliance - The company has established an insider information management system to ensure compliance with regulations and protect investor rights[153]. - During the reporting period, the company did not find any instances of insider trading among its directors and senior management[156]. - The company has ensured that all related party transactions are conducted on an equal and voluntary basis, adhering to fair pricing principles[190]. - The company has maintained compliance with all commitments made regarding the use of raised funds and has not violated any of these commitments[191]. Environmental and Social Responsibility - The government has emphasized the importance of biomass energy as a clean energy source, with policies encouraging its use in industrial heating applications[115]. - The biomass fuel market is supported by abundant raw materials, with an estimated annual production of agricultural waste reaching 600 million tons, of which approximately 300 million tons can be utilized as biomass fuel[116]. - The company aims to increase the utilization of biomass energy, with a target of 2 million tons of solid biomass fuel by 2020, as part of the national strategy to reduce carbon emissions by over 400 million tons annually[119]. Future Outlook - The company has set a performance guidance for 2014, projecting a revenue growth of 20%[3]. - The company aims for an annual growth target of over 30% in the next three years through increased production capacity and market expansion[67]. - The company is focusing on the development and utilization of biomass energy, providing comprehensive energy solutions to industrial boiler users through a BOT or BOO cooperation model[32].

Financial Performance - Total revenue for Q1 2014 was CNY 93,778,463.90, a slight increase of 0.25% compared to CNY 93,546,149.42 in the same period last year[9] - Net profit attributable to ordinary shareholders was CNY 15,711,766.95, representing a growth of 5.71% from CNY 14,862,480.35 year-on-year[9] - Basic earnings per share (EPS) was CNY 0.0751, up by 5.77% from CNY 0.0710 in the same quarter last year[9] - The total profit reached 16.65 million yuan, up by 3.40% year-on-year[31] - The net profit attributable to shareholders was 15.71 million yuan, reflecting a year-on-year increase of 5.71%[31] - The net profit attributable to shareholders after deducting non-recurring gains and losses was 15.54 million yuan, a significant increase of 40.33% compared to the previous year[31] - Net profit for Q1 2014 reached CNY 15,704,383.14, representing a 5.65% increase from CNY 14,862,480.35 in the same period last year[72] - The total profit for Q1 2014 was CNY 16,645,147.30, slightly up from CNY 16,097,316.47 in the previous year[72] Cash Flow and Financial Position - Net cash flow from operating activities reached CNY 36,438,072.52, a significant increase of 142.15% compared to CNY 15,047,610.10 in the previous year[9] - The company's net cash flow from operating activities increased by 21.3905 million RMB, a growth of 142.15% compared to the same period last year[29] - Cash flow from operating activities generated a net amount of CNY 36,438,072.52, significantly higher than CNY 15,047,610.10 in the prior period[76] - The company reported a decrease in sales expenses to CNY 3,493,806.45, down 16.67% from CNY 4,192,674.13 in the previous period[71] - Financial expenses showed a significant improvement, decreasing to CNY -710,679.25 from CNY 94,616.67 in the prior period[72] - The company received tax refunds amounting to $5,491,826.63 during the period[79] - The ending balance of cash and cash equivalents was $171,092,408.07, up from $167,677,969.36 in the previous period[80] Assets and Liabilities - Total assets at the end of the reporting period were CNY 905,235,892.99, reflecting a 6.10% increase from CNY 853,178,624.68 at the end of the previous year[9] - The company's total liabilities amounted to RMB 101,860,465.96, compared to RMB 65,507,580.79 at the beginning of the period, representing a 55.5% increase[66] - Current assets totaled RMB 456,691,118.70, up from RMB 435,060,425.00, indicating a growth of approximately 3.75%[64] - The company's non-current assets totaled RMB 448,544,774.29, up from RMB 418,118,199.68, reflecting a growth of about 7.3%[65] Shareholder Information - As of the end of the reporting period, the total number of shareholders is 8,510[21] - The top three shareholders hold the following percentages: Chang Hou Chun (17.62%), Li Zu Qin (13.27%), and Ma Ge (13.06%) with significant shares pledged[21] - The company proposed a cash dividend of RMB 1.5 per 10 shares, totaling RMB 31,384,987.65, which accounts for 50.39% of the distributable profit for 2013[60] - The company has established a cash dividend plan for the last three years, which can be adjusted based on shareholder feedback[56] Projects and Investments - The company has signed significant projects with clients such as Xu Ji Food and Zhaoqing Industrial Park, indicating ongoing expansion efforts[17] - The company has completed the construction and installation of the biomass boiler project for Xuji Food, expected to be fully operational in Q2 2014[32] - The Zhaoqing Industrial Park project is projected to be operational in Q3 2014, with an estimated total investment of 80 to 110 million yuan[33][34] - The company has allocated RMB 3,165 million for the Ecological Oil Industrial Demonstration Project, with an implementation progress of 55.58%[50] - The cumulative investment in committed investment projects is RMB 9,884.24 million, with a total commitment of RMB 22,302 million[49] Risks and Challenges - The company faced risks from macroeconomic downturns, which could impact client operations and energy consumption stability[13] - The industry is experiencing increased competition, with more companies entering the biomass energy sector, which may affect market dynamics[15] Compliance and Governance - The company has committed to not planning any new financing activities within six months from the stock resumption date, ensuring compliance with previous commitments[45] - The actual controllers of the company have adhered to their commitments regarding stock transfer restrictions, with no violations reported since the company's listing[45] - The company has made a long-term commitment to avoid engaging in competitive activities that could harm shareholder interests, with no violations reported[46] - The company has pledged to use raised funds strictly for specified purposes, avoiding high-risk investments and ensuring no misappropriation of funds[47] - The company has reported compliance with all commitments made regarding the use of raised funds, with no outstanding issues[47]