<SEC-DOCUMENT>0001213900-17-006793.txt : 20171020
<SEC-HEADER>0001213900-17-006793.hdr.sgml : 20171020
<ACCEPTANCE-DATETIME>20170623165619
<PRIVATE-TO-PUBLIC>
ACCESSION NUMBER:		0001213900-17-006793
CONFORMED SUBMISSION TYPE:	CORRESP
PUBLIC DOCUMENT COUNT:		2
FILED AS OF DATE:		20170623

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			TDH Holdings, Inc.
		CENTRAL INDEX KEY:			0001684425
		STANDARD INDUSTRIAL CLASSIFICATION:	FOOD & KINDRED PRODUCTS [2000]
		IRS NUMBER:				000000000
		STATE OF INCORPORATION:			D8
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		CORRESP

	BUSINESS ADDRESS:	
		STREET 1:		C/O QINGDAO TIANDIHUI FOODSTUFFS CO. LTD
		STREET 2:		RM. 722-1, B/D. B, WTC ,#6 HK MID RD.
		CITY:			QINGDAO, SHANDONG PROVINCE
		STATE:			F4
		ZIP:			0000
		BUSINESS PHONE:		86-532-85919267

	MAIL ADDRESS:	
		STREET 1:		C/O QINGDAO TIANDIHUI FOODSTUFFS CO. LTD
		STREET 2:		RM. 722-1, B/D. B, WTC ,#6 HK MID RD.
		CITY:			QINGDAO, SHANDONG PROVINCE
		STATE:			F4
		ZIP:			0000
</SEC-HEADER>
<DOCUMENT>
<TYPE>CORRESP
<SEQUENCE>1
<FILENAME>filename1.htm
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    <TD ROWSPAN="4" STYLE="vertical-align: top; width: 33%; text-align: left"><IMG SRC="img_001.jpg" ALT=""></TD>
    <TD STYLE="vertical-align: top; width: 34%">&nbsp;</TD>
    <TD STYLE="vertical-align: top; width: 33%; border-top: black 1.5pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Schiff Hardin LLP</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">901 K Street N.W.</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Suite 700</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="border-bottom: black 1.5pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Washington, DC 20001</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">T 202.778.6400</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="border-bottom: black 1.5pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">F 202.778.6460</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">schiffhardin.com</FONT></TD></TR>
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    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Alec Orudjev</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">202.724.6846</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">aorudjev@schiffhardin.com</FONT></TD></TR>
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<P STYLE="margin: 0; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 252pt">June 23, 2017</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><U>VIA
SEC EDGAR</U></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Division
of Corporation Finance</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">United
States Securities and Exchange Commission</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">100
F Street, N.E.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Washington,
D.C. 20549</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" BORDER="0" STYLE="width: 100%; margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="padding-right: 0pt; padding-left: 0pt; text-indent: 0pt; width: 0.5in; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-left: 0pt; text-indent: 0pt; width: 0.5in; padding-right: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Attn:</FONT></TD>
    <TD STYLE="padding-left: 0pt; text-indent: 0pt; padding-right: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">H.
    Roger Schwall, Assistant Director, Office of Natural Resources</FONT></TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="padding-right: 0pt; padding-left: 0pt; text-indent: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-left: 0pt; text-indent: 0pt; padding-right: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-left: 0pt; text-indent: 0pt; padding-right: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Anuja
    A. Majmudar, Attorney-Advisor</FONT></TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="padding-right: 0pt; padding-left: 0pt; text-indent: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-left: 0pt; text-indent: 0pt; padding-right: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-left: 0pt; text-indent: 0pt; padding-right: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="padding-right: 0pt; padding-left: 0pt; text-indent: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-left: 0pt; text-indent: 0pt; padding-right: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Re:</FONT></TD>
    <TD STYLE="padding-left: 0pt; text-indent: 0pt; padding-right: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>TDH
    Holdings, Inc.</B></FONT></TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="padding-right: 0pt; padding-left: 0pt; text-indent: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-left: 0pt; text-indent: 0pt; padding-right: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-left: 0pt; text-indent: 0pt; padding-right: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Amendment
    No. 1 to Draft Registration Statement on Form F-1 </B></FONT></TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="padding-right: 0pt; padding-left: 0pt; text-indent: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-left: 0pt; text-indent: 0pt; padding-right: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-left: 0pt; text-indent: 0pt; padding-right: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Submitted
    May 24, 2017 </B></FONT></TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="padding-right: 0pt; padding-left: 0pt; text-indent: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-left: 0pt; text-indent: 0pt; padding-right: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-left: 0pt; text-indent: 0pt; padding-right: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>CIK
    No. 0001684425</B></FONT></TD></TR>
</TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-indent: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Dear
Mr. Schwall:</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 36pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">On
behalf of TDH Holdings, Inc. (the &ldquo;<B>Company</B>&rdquo;), we are writing in response to the comments of the staff of the
Commission (the &ldquo;<B>Staff</B>&rdquo;) on the F-1 filing as transmitted by a letter dated June 2, 2017 (the &ldquo;<B>Comment
Letter</B>&rdquo;) to Cui Rongfeng, Chief Executive Officer of the Company. The answers set forth herein refer to each of the
Staff&rsquo;s comments by number. This letter sets forth the Company&rsquo;s proposed disclosures and responses to the Comment
Letter. For your convenience, we have restated the comments from the Comment Letter below, followed by the Company&rsquo;s responses.
An amended filing to the F-1 Filing (the &ldquo;<B>Amended F-1 Filing</B>&rdquo;) reflecting changes in response to your comments
is being filed today via the Commission&rsquo;s EDGAR system.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 36pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>&nbsp;</B></FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">June 23, 2017</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Page 2</P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>&nbsp;</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><U>Post
Offering Ownership, page 29</U></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>1.
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Please add a note to explain how you derived the $8,456,638 total consideration amount,
and the reason for the resulting $1.07 per share, for the existing shareholders.</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B><U>Response</U></B>:
&#9;The above-referenced amount was presented in an advertent error; the total consideration amount and average price per share
for the existing shareholders are $4,687,194 and $0.59 per share, respectively. Therefore, the table on p. 29 of the Amended F-1
Filing has been revised to read as follows:</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; padding-top: 0pt; padding-right: 0pt; padding-left: 0pt; text-indent: 0pt">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding: 0pt 0pt 1.5pt; text-indent: 0pt">&nbsp;</TD>
    <TD COLSPAN="6" STYLE="font: 10pt Times New Roman, Times, Serif; border-bottom: Black 1.5pt solid; padding-top: 0pt; padding-right: 0pt; padding-left: 0pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;<B>Shares Purchased</B> &nbsp;</FONT></TD><TD STYLE="padding: 0pt 0pt 1.5pt; font: 10pt Times New Roman, Times, Serif; text-align: center">&nbsp;</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; padding: 0pt 0pt 1.5pt; text-align: center">&nbsp;</TD>
    <TD COLSPAN="6" STYLE="font: bold 10pt Times New Roman, Times, Serif; border-bottom: Black 1.5pt solid; padding-top: 0pt; padding-right: 0pt; padding-left: 0pt; text-align: center">Total Consideration</TD><TD STYLE="padding: 0pt 0pt 1.5pt; font: bold 10pt Times New Roman, Times, Serif; text-align: center">&nbsp;</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; padding: 0pt 0pt 1.5pt; text-align: center">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font: bold 10pt Times New Roman, Times, Serif; border-bottom: Black 1.5pt solid; padding-top: 0pt; padding-right: 0pt; padding-left: 0pt; text-align: center">Average&nbsp;Price</TD><TD STYLE="padding: 0pt 0pt 1.5pt; font: bold 10pt Times New Roman, Times, Serif; text-align: center">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; padding-top: 0pt; padding-right: 0pt; padding-left: 0pt; text-align: center">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding: 0pt 0pt 1.5pt; text-align: center">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font: 10pt Times New Roman, Times, Serif; border-bottom: Black 1.5pt solid; padding-top: 0pt; padding-right: 0pt; padding-left: 0pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;<B>Amount&nbsp;(#)</B> &nbsp;</FONT></TD><TD STYLE="padding: 0pt 0pt 1.5pt; font: 10pt Times New Roman, Times, Serif; text-align: center">&nbsp;</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; padding: 0pt 0pt 1.5pt; text-align: center">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font: bold 10pt Times New Roman, Times, Serif; border-bottom: Black 1.5pt solid; padding-top: 0pt; padding-right: 0pt; padding-left: 0pt; text-align: center">Percent&nbsp;(%)</TD><TD STYLE="padding: 0pt 0pt 1.5pt; font: bold 10pt Times New Roman, Times, Serif; text-align: center">&nbsp;</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; padding: 0pt 0pt 1.5pt; text-align: center">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font: bold 10pt Times New Roman, Times, Serif; border-bottom: Black 1.5pt solid; padding-top: 0pt; padding-right: 0pt; padding-left: 0pt; text-align: center">Amount&nbsp;($)</TD><TD STYLE="padding: 0pt 0pt 1.5pt; font: bold 10pt Times New Roman, Times, Serif; text-align: center">&nbsp;</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; padding: 0pt 0pt 1.5pt; text-align: center">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font: bold 10pt Times New Roman, Times, Serif; border-bottom: Black 1.5pt solid; padding-top: 0pt; padding-right: 0pt; padding-left: 0pt; text-align: center">Percent&nbsp;(%)</TD><TD STYLE="padding: 0pt 0pt 1.5pt; font: bold 10pt Times New Roman, Times, Serif; text-align: center">&nbsp;</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; padding: 0pt 0pt 1.5pt; text-align: center">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font: bold 10pt Times New Roman, Times, Serif; border-bottom: Black 1.5pt solid; padding-top: 0pt; padding-right: 0pt; padding-left: 0pt; text-align: center">Per&nbsp;Share ($)</TD><TD STYLE="padding: 0pt 0pt 1.5pt; font: bold 10pt Times New Roman, Times, Serif; text-indent: 0pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="width: 40%; font: 10pt Times New Roman, Times, Serif; text-align: left; padding-left: 0pt; padding-top: 0pt; padding-right: 0pt; text-indent: 0pt">Existing shareholders</TD><TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif; padding-top: 0pt; padding-right: 0pt; padding-left: 0pt; text-indent: 0pt">&nbsp;</TD>
    <TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif; text-align: left; padding-top: 0pt; padding-right: 0pt; padding-left: 0pt; text-indent: 0pt">&nbsp;</TD><TD STYLE="width: 9%; font: 10pt Times New Roman, Times, Serif; text-align: right; padding-top: 0pt; padding-right: 0pt; padding-left: 0pt; text-indent: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#12288;&#12288;7,900,000</FONT></TD><TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif; text-align: left; padding-top: 0pt; padding-right: 0pt; padding-left: 0pt; text-indent: 0pt">&nbsp;</TD><TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif; padding-top: 0pt; padding-right: 0pt; padding-left: 0pt; text-indent: 0pt">&nbsp;</TD>
    <TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif; text-align: left; padding-top: 0pt; padding-right: 0pt; padding-left: 0pt; text-indent: 0pt">&nbsp;</TD><TD STYLE="width: 9%; font: 10pt Times New Roman, Times, Serif; text-align: right; padding-top: 0pt; padding-right: 0pt; padding-left: 0pt; text-indent: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#12288;86</FONT></TD><TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif; text-align: left; padding-top: 0pt; padding-right: 0pt; padding-left: 0pt; text-indent: 0pt">%</TD><TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif; padding-top: 0pt; padding-right: 0pt; padding-left: 0pt; text-indent: 0pt">&nbsp;</TD>
    <TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif; text-align: left; padding-top: 0pt; padding-right: 0pt; padding-left: 0pt; text-indent: 0pt">&nbsp;</TD><TD STYLE="width: 9%; font: 10pt Times New Roman, Times, Serif; text-align: right; padding-top: 0pt; padding-right: 0pt; padding-left: 0pt; text-indent: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#12288;4,687,194</FONT></TD><TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif; text-align: left; padding-top: 0pt; padding-right: 0pt; padding-left: 0pt; text-indent: 0pt">&nbsp;</TD><TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif; padding-top: 0pt; padding-right: 0pt; padding-left: 0pt; text-indent: 0pt">&nbsp;</TD>
    <TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif; text-align: left; padding-top: 0pt; padding-right: 0pt; padding-left: 0pt; text-indent: 0pt">&nbsp;</TD><TD STYLE="width: 9%; font: 10pt Times New Roman, Times, Serif; text-align: right; padding-top: 0pt; padding-right: 0pt; padding-left: 0pt; text-indent: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#12288;45</FONT></TD><TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif; text-align: left; padding-top: 0pt; padding-right: 0pt; padding-left: 0pt; text-indent: 0pt">%</TD><TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif; padding-top: 0pt; padding-right: 0pt; padding-left: 0pt; text-indent: 0pt">&nbsp;</TD>
    <TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif; text-align: left; padding-top: 0pt; padding-right: 0pt; padding-left: 0pt; text-indent: 0pt">$</TD><TD STYLE="width: 9%; font: 10pt Times New Roman, Times, Serif; text-align: right; padding-top: 0pt; padding-right: 0pt; padding-left: 0pt; text-indent: 0pt">0.59</TD><TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif; text-align: left; padding-top: 0pt; padding-right: 0pt; padding-left: 0pt; text-indent: 0pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; padding-left: 0pt; padding-top: 0pt; padding-right: 0pt; text-indent: 0pt">New investors</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-top: 0pt; padding-right: 0pt; padding-left: 0pt; text-indent: 0pt">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; padding-top: 0pt; padding-right: 0pt; padding-left: 0pt; text-indent: 0pt">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right; padding-top: 0pt; padding-right: 0pt; padding-left: 0pt; text-indent: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#12288;&#12288;1,325,000 </FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; padding-top: 0pt; padding-right: 0pt; padding-left: 0pt; text-indent: 0pt">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-top: 0pt; padding-right: 0pt; padding-left: 0pt; text-indent: 0pt">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; padding-top: 0pt; padding-right: 0pt; padding-left: 0pt; text-indent: 0pt">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right; padding-top: 0pt; padding-right: 0pt; padding-left: 0pt; text-indent: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#12288;14</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; padding-top: 0pt; padding-right: 0pt; padding-left: 0pt; text-indent: 0pt">%</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-top: 0pt; padding-right: 0pt; padding-left: 0pt; text-indent: 0pt">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; padding-top: 0pt; padding-right: 0pt; padding-left: 0pt; text-indent: 0pt">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right; padding-top: 0pt; padding-right: 0pt; padding-left: 0pt; text-indent: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#12288;5,631,250</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; padding-top: 0pt; padding-right: 0pt; padding-left: 0pt; text-indent: 0pt">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-top: 0pt; padding-right: 0pt; padding-left: 0pt; text-indent: 0pt">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; padding-top: 0pt; padding-right: 0pt; padding-left: 0pt; text-indent: 0pt">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right; padding-top: 0pt; padding-right: 0pt; padding-left: 0pt; text-indent: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#12288;55</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; padding-top: 0pt; padding-right: 0pt; padding-left: 0pt; text-indent: 0pt">%</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-top: 0pt; padding-right: 0pt; padding-left: 0pt; text-indent: 0pt">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; padding-top: 0pt; padding-right: 0pt; padding-left: 0pt; text-indent: 0pt">$</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right; padding-top: 0pt; padding-right: 0pt; padding-left: 0pt; text-indent: 0pt">4.25</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; padding-top: 0pt; padding-right: 0pt; padding-left: 0pt; text-indent: 0pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-left: 0pt; padding-top: 0pt; padding-right: 0pt; text-indent: 0pt">Total</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-top: 0pt; padding-right: 0pt; padding-left: 0pt; text-indent: 0pt">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; padding-top: 0pt; padding-right: 0pt; padding-left: 0pt; text-indent: 0pt">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right; padding-top: 0pt; padding-right: 0pt; padding-left: 0pt; text-indent: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#12288;&#12288;9,225,000</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; padding-top: 0pt; padding-right: 0pt; padding-left: 0pt; text-indent: 0pt">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-top: 0pt; padding-right: 0pt; padding-left: 0pt; text-indent: 0pt">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; padding-top: 0pt; padding-right: 0pt; padding-left: 0pt; text-indent: 0pt">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right; padding-top: 0pt; padding-right: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#12288;100</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; padding-top: 0pt; padding-right: 0pt; padding-left: 0pt; text-indent: 0pt">%</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-top: 0pt; padding-right: 0pt; padding-left: 0pt; text-indent: 0pt">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; padding-top: 0pt; padding-right: 0pt; padding-left: 0pt; text-indent: 0pt">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right; padding-top: 0pt; padding-right: 0pt; padding-left: 0pt; text-indent: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#12288;10,318,444</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; padding-top: 0pt; padding-right: 0pt; padding-left: 0pt; text-indent: 0pt">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-top: 0pt; padding-right: 0pt; padding-left: 0pt; text-indent: 0pt">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; padding-top: 0pt; padding-right: 0pt; padding-left: 0pt; text-indent: 0pt">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right; padding-top: 0pt; padding-right: 0pt; padding-left: 0pt; text-indent: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#12288;100</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; padding-top: 0pt; padding-right: 0pt; padding-left: 0pt; text-indent: 0pt">%</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-top: 0pt; padding-right: 0pt; padding-left: 0pt; text-indent: 0pt">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; padding-top: 0pt; padding-right: 0pt; padding-left: 0pt; text-indent: 0pt">$</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right; padding-top: 0pt; padding-right: 0pt; padding-left: 0pt; text-indent: 0pt">1.12</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; padding-top: 0pt; padding-right: 0pt; padding-left: 0pt; text-indent: 0pt">&nbsp;</TD></TR>
</TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
table above assumes no exercise of the over-allotment option.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"></FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; padding-left: 0pt; text-indent: 0pt">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; padding-left: 0pt; text-indent: 0pt">&nbsp;</TD>
    <TD COLSPAN="6" STYLE="font: 10pt Times New Roman, Times, Serif; border-bottom: Black 1.5pt solid; text-align: center; padding-left: 0pt; text-indent: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;<B>Shares Purchased</B> &nbsp;</FONT></TD><TD STYLE="padding-bottom: 1.5pt; font: 10pt Times New Roman, Times, Serif; text-align: center; padding-left: 0pt; text-indent: 0pt">&nbsp;</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: center; padding-left: 0pt; text-indent: 0pt">&nbsp;</TD>
    <TD COLSPAN="6" STYLE="font: bold 10pt Times New Roman, Times, Serif; border-bottom: Black 1.5pt solid; text-align: center; padding-left: 0pt; text-indent: 0pt">Total Consideration</TD><TD STYLE="padding-bottom: 1.5pt; font: bold 10pt Times New Roman, Times, Serif; text-align: center; padding-left: 0pt; text-indent: 0pt">&nbsp;</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: center; padding-left: 0pt; text-indent: 0pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font: bold 10pt Times New Roman, Times, Serif; border-bottom: Black 1.5pt solid; text-align: center; padding-left: 0pt; text-indent: 0pt">Average&nbsp;Price</TD><TD STYLE="padding-bottom: 1.5pt; font: bold 10pt Times New Roman, Times, Serif; text-align: center; padding-left: 0pt; text-indent: 0pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; text-align: center; padding-left: 0pt; text-indent: 0pt">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: center; padding-left: 0pt; text-indent: 0pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font: 10pt Times New Roman, Times, Serif; border-bottom: Black 1.5pt solid; text-align: center; padding-left: 0pt; text-indent: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;<B>Amount&nbsp;(#)</B> &nbsp;</FONT></TD><TD STYLE="padding-bottom: 1.5pt; font: 10pt Times New Roman, Times, Serif; text-align: center; padding-left: 0pt; text-indent: 0pt">&nbsp;</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: center; padding-left: 0pt; text-indent: 0pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font: bold 10pt Times New Roman, Times, Serif; border-bottom: Black 1.5pt solid; text-align: center; padding-left: 0pt; text-indent: 0pt">Percent&nbsp;(%)</TD><TD STYLE="padding-bottom: 1.5pt; font: bold 10pt Times New Roman, Times, Serif; text-align: center; padding-left: 0pt; text-indent: 0pt">&nbsp;</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: center; padding-left: 0pt; text-indent: 0pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font: bold 10pt Times New Roman, Times, Serif; border-bottom: Black 1.5pt solid; text-align: center; padding-left: 0pt; text-indent: 0pt">Amount&nbsp;($)</TD><TD STYLE="padding-bottom: 1.5pt; font: bold 10pt Times New Roman, Times, Serif; text-align: center; padding-left: 0pt; text-indent: 0pt">&nbsp;</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: center; padding-left: 0pt; text-indent: 0pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font: bold 10pt Times New Roman, Times, Serif; border-bottom: Black 1.5pt solid; text-align: center; padding-left: 0pt; text-indent: 0pt">Percent&nbsp;(%)</TD><TD STYLE="padding-bottom: 1.5pt; font: bold 10pt Times New Roman, Times, Serif; text-align: center; padding-left: 0pt; text-indent: 0pt">&nbsp;</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: center; padding-left: 0pt; text-indent: 0pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font: bold 10pt Times New Roman, Times, Serif; border-bottom: Black 1.5pt solid; text-align: center; padding-left: 0pt; text-indent: 0pt">Per&nbsp;Share ($)</TD><TD STYLE="padding-bottom: 1.5pt; font: bold 10pt Times New Roman, Times, Serif; padding-left: 0pt; text-indent: 0pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="width: 40%; font: 10pt Times New Roman, Times, Serif; text-align: left; padding-left: 0pt; text-indent: 0pt">Existing shareholders</TD><TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif; padding-left: 0pt; text-indent: 0pt">&nbsp;</TD>
    <TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif; text-align: left; padding-left: 0pt; text-indent: 0pt">&nbsp;</TD><TD STYLE="width: 9%; font: 10pt Times New Roman, Times, Serif; text-align: right; padding-left: 0pt; text-indent: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#12288;&#12288;7,900,000</FONT></TD><TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif; text-align: left; padding-left: 0pt; text-indent: 0pt">&nbsp;</TD><TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif; padding-left: 0pt; text-indent: 0pt">&nbsp;</TD>
    <TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif; text-align: left; padding-left: 0pt; text-indent: 0pt">&nbsp;</TD><TD STYLE="width: 9%; font: 10pt Times New Roman, Times, Serif; text-align: right; padding-left: 0pt; text-indent: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#12288;84</FONT></TD><TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif; text-align: left; padding-left: 0pt; text-indent: 0pt">%</TD><TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif; padding-left: 0pt; text-indent: 0pt">&nbsp;</TD>
    <TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif; text-align: left; padding-left: 0pt; text-indent: 0pt">&nbsp;</TD><TD STYLE="width: 9%; font: 10pt Times New Roman, Times, Serif; text-align: right; padding-left: 0pt; text-indent: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#12288;4,687,194</FONT></TD><TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif; text-align: left; padding-left: 0pt; text-indent: 0pt">&nbsp;</TD><TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif; padding-left: 0pt; text-indent: 0pt">&nbsp;</TD>
    <TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif; text-align: left; padding-left: 0pt; text-indent: 0pt">&nbsp;</TD><TD STYLE="width: 9%; font: 10pt Times New Roman, Times, Serif; text-align: right; padding-left: 0pt; text-indent: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#12288;42</FONT></TD><TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif; text-align: left; padding-left: 0pt; text-indent: 0pt">%</TD><TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif; padding-left: 0pt; text-indent: 0pt">&nbsp;</TD>
    <TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif; text-align: left; padding-left: 0pt; text-indent: 0pt">$</TD><TD STYLE="width: 9%; font: 10pt Times New Roman, Times, Serif; text-align: right; padding-left: 0pt; text-indent: 0pt">0.59</TD><TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif; text-align: left; padding-left: 0pt; text-indent: 0pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; padding-left: 0pt; text-indent: 0pt">New investors</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-left: 0pt; text-indent: 0pt">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; padding-left: 0pt; text-indent: 0pt">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right; padding-left: 0pt; text-indent: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#12288;&#12288;1,523,750</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; padding-left: 0pt; text-indent: 0pt">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-left: 0pt; text-indent: 0pt">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; padding-left: 0pt; text-indent: 0pt">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right; padding-left: 0pt; text-indent: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#12288;16</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; padding-left: 0pt; text-indent: 0pt">%</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-left: 0pt; text-indent: 0pt">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; padding-left: 0pt; text-indent: 0pt">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right; padding-left: 0pt; text-indent: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#12288;6,475,938</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; padding-left: 0pt; text-indent: 0pt">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-left: 0pt; text-indent: 0pt">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; padding-left: 0pt; text-indent: 0pt">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right; padding-left: 0pt; text-indent: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#12288;58</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; padding-left: 0pt; text-indent: 0pt">%</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-left: 0pt; text-indent: 0pt">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; padding-left: 0pt; text-indent: 0pt">$</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right; padding-left: 0pt; text-indent: 0pt">4.25</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; padding-left: 0pt; text-indent: 0pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-left: 0pt; text-indent: 0pt">Total</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-left: 0pt; text-indent: 0pt">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; padding-left: 0pt; text-indent: 0pt">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right; padding-left: 0pt; text-indent: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#12288;&#12288;9,423,750</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; padding-left: 0pt; text-indent: 0pt">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-left: 0pt; text-indent: 0pt">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; padding-left: 0pt; text-indent: 0pt">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right; padding-left: 0pt; text-indent: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#12288;100</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; padding-left: 0pt; text-indent: 0pt">%</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-left: 0pt; text-indent: 0pt">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; padding-left: 0pt; text-indent: 0pt">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right; padding-left: 0pt; text-indent: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#12288;11,163,132</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; padding-left: 0pt; text-indent: 0pt">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-left: 0pt; text-indent: 0pt">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; padding-left: 0pt; text-indent: 0pt">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right; padding-left: 0pt; text-indent: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#12288;100</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; padding-left: 0pt; text-indent: 0pt">%</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-left: 0pt; text-indent: 0pt">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; padding-left: 0pt; text-indent: 0pt">$</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right; padding-left: 0pt; text-indent: 0pt">1.18</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; padding-left: 0pt; text-indent: 0pt">&nbsp;</TD></TR>
</TABLE>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"></FONT>&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
table above assumes exercise of the over-allotment option in full.&#9;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
addition, the revised note to the table now reads as follows:</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&ldquo;On
September 30, 2015, TDH Holdings issued 10,000 common shares at $0.001 per share to its incorporator with cash proceeds of $10.
On August 8, 2016, a total of 7,518,908 shares were issued at $0.5 per share, with a consideration of $3,759,454. On December&nbsp;31,
2016, a total of 371,092 common shares were issued at $2.5 per share to Fulcan Capital Partners, LLC, Xiumei Lan and Zhonghua
Liu with a consideration of $927,730. As a result, the Company issued total shares of 7,900,000 with a total consideration of
$4,687,194 for the existing shareholders. Accordingly, the average price per share of $0.59 was the result of total consideration
of $4,687,194 divided by total shares of 7,900,000.&rdquo;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B><U>Management&rsquo;s
Discussion and Analysis of Financial Condition and Results of Operations, page 30</U></B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B><U>Results
of Operations, page 33</U></B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>&nbsp;</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>2.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We
note your disclosure responding to prior comment 15. Please expand your disclosure on page 35 to provide a more detailed and comprehensive
discussion of the business factors and decisions made by management that contributed to your sales growth and net revenue increase
while decreasing your cost of sales as a percentage of your net revenue in 2016. Similarly, expand your explanation of the gross
margin increase to discuss the &ldquo;strong operating performance&rdquo; business drivers and the &ldquo;strict cost control&rdquo;
measures that contributed to your improvement of operating efficiency. </B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B><U>Response</U></B>:
&#9;The revised paragraph on p. 35 included in the Amended F-1 Filing reads as follows:</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 36pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><I>&nbsp;</I></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 36pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><I></I></FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 36pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><I>&nbsp;</I></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-align: left"><IMG SRC="img_001.jpg" ALT="">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 36pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><I></I></FONT></P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">June 23, 2017</P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Page 3</P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 36pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><I>&nbsp;</I></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><I><STRIKE>Gross
margin</STRIKE></I><STRIKE>. Our gross margin increased from 24.66% for the year ended December&nbsp;31, 2015, to 28.95% for the
year ended December&nbsp;31, 2016. This increase was primarily due to the improvement of our operating efficiency, such as our
strong operating performance driven by strict cost control, for the year ended December 31, 2016.</STRIKE></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 27.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><I>&nbsp;</I></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 27.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><I>&ldquo;Gross
margin</I>. Our gross margin increased by 4.29%, from 24.66% for the year ended December&nbsp;31, 2015, to 28.95% for the year
ended December&nbsp;31, 2016. This increase was primarily due to the fact that more products were outsourced in manufacturing
process during the year ended December 31, 2016. In practice, manufacturing process outsourcing was able to improve our production
efficiency, and reduce unit cost of product.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Our
semi-finished goods from outsourcing factories accounted for 39% of our total purchasing amount in 2016, compared to 22% in 2015.
The significant increase in outsourcing production contributed to our conversion cost as a percentage of revenue decreased by
4.97%, from 16.60% for the year ended December 31, 2015, to 11.63% for the year ended December 31, 2016, while the direct materials
cost as percentage of revenue increased by 0.68%, from 58.74% for the year ended December 31, 2015, to 59.42% for the year ended
December 31, 2016.&rdquo;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>3.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We
note that your discussion of changes in selling, general and administrative expenses addresses the absolute dollar change but
does not address that selling, general and administrative expenses expressed as a percentage of sales increased from 16.8% in
2015 to 19.8% in 2016. While we expect that most selling costs track closely with changes in sales, we assume that general and
administrative costs, such as corporate office overhead, are effectively fixed within certain ranges of sales volumes. Therefore,
please expand your disclosure to discuss the specific factors driving the increase of selling, general and administrative expenses
expressed as a percentage of sales. </B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B><U>Response</U></B>:
&#9;The revised paragraph on p. 35 included in the Amended F-1 Filing reads as follows:</Font></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 36pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><I><STRIKE>Selling,
general and administrative expenses</STRIKE></I><STRIKE>. Selling, general and administrative expenses were $4,847,630 for the
year ended December&nbsp;31, 2016, and $2,751,807 for the year of 2015, an increase of $2,095,823, or 76.16%. The increase in
selling, general and administrative expenses is mainly a result of the higher payroll and bonus expenses paid to the administrative
personnel and the management team, the increase in consulting expense and the increase in freight and express expense, both for
domestic and oversea business. Shipping and handling expenses amounted to $836,561 and $516,409 for the years ended December 31,
2016 and 2015, respectively. We anticipate that our administrative expenses, particularly those related to support personnel costs,
professional fees, as well as Sarbanes-Oxley compliance, will continue to increase after we become a publicly traded company in
the United States.</STRIKE></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><I>&ldquo;Selling,
general and administrative expenses</I>. Selling, general and administrative expenses were $4,847,630 for the year ended December&nbsp;31,
2016, and $2,751,807 for the year ended December 31, 2015, an increase of $2,095,823, or 76%. The scale of increase in selling,
general and administrative expenses was larger than the increase in revenue, which increased 50% from the year ended December
31, 2015, to the year ended December 31, 2016. Accordingly the ratio of selling, general and administrative expenses as a percentage
of revenue increased from 16.9% for the year ended December 31, 2015 to 19.8% for the year ended December 31, 2016.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"></FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-align: left"><IMG SRC="img_001.jpg" ALT="">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"></FONT></P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">June 23, 2017</P>




<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Page 4</P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Selling
expense was $3,439,843 for the year ended December&nbsp;31, 2016 and $1,820,700 for the year ended December 31, 2015, an increase
of $1,619,143, or 89%. The increase in selling expense was mainly due to the increase in e-commerce promotion expenses, e-commerce
platform commission, shipping and handling expenses and payroll expenses for marketing personnel. The e-commerce promotion expenses
increased by 155%, from $187,035 for the year ended December 31, 2015, to $477,504 for the year ended December 31, 2016. The e-commerce
commission increased by 129%, from $93,187 for the year ended December 31, 2015, to $213,593 for the year ended December 31, 2016.
The increase was due to the Company&rsquo;s strategy expanding e-commerce business starting 2016. Shipping and handling expenses
increased by 62%, from $516,409 for the year ended December 31, 2015, to $836,561 for the year ended December 31, 2016. The payroll
expenses for marketing personnel increased by 59%, from $465,573 for the year ended December 31, 2015, to $741,080 for the year
ended December 31, 2016. The increase was the result of business expansion and increase in number of employees during the year
ended December 31, 2016, comparing to the year ended December 31, 2015.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">General
and administrative expenses was $1,407,787 for the year ended December&nbsp;31, 2016 and $931,107 for the year ended December
31, 2015, an increase of $476,680, or 51%. The increase was mainly due to the additional professional fee related to the IPO in
the amount of $344,634 incurred in 2016.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
anticipate that our administrative expenses, particularly those related to support personnel costs, professional fees, as well
as Sarbanes-Oxley compliance, will increase when we are a publicly-traded company in the United States.&rdquo;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><U>Liquidity
and Capital Resources, page 36 </U></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>4.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Please
expand your disclosure to state the amount outstanding under each line of credit as of the most recent practicable date. </B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B><U>Response</U></B>:
The following additional disclosures (in <I>italics</I>) have been added at the end of original disclosures on p. 37 in
response to the foregoing comment:</FONT></P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 36pt; text-align: justify">&ldquo;On January 8, 2015, we entered a line
of credit of approximately $576,062 (RMB 4,000,000) from China Postal Savings Bank - Qingdao Branch. The line of credit starts
from January 8, 2015 and ends on January 7, 2017, bearing interest at approximately 125% of the prevailing PRC prime rate. The
borrowings under the line of credit are guaranteed by Rongfeng Cui and his wife, Yanjuan Wang. <I>This line of credit was extended
for another year upon the expiration date and the outstanding balance remained at $576,062 as of May 31, 2017; as of the same date,
the interest rate on this line of credit was 5.655%.</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 36pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 36pt; text-align: justify">On August 10, 2016, we obtained a line of credit of approximately $705,676 (RMB 4,900,000) from Industrial
&amp; Commercial Bank of China - Qingdao Shinan Second Branch. The line of credit starts from August 10, 2016 and ends on July
2, 2017, bearing interest at approximately 120% of the prevailing PRC prime rate. The borrowings under the line of credit are guaranteed
by Rongfeng Cui and his wife, Yanjuan Wang<I>. The outstanding balance for this line of credit agreement remained at $705,676 as
of May 31, 2017; as of the same date, the interest rate on this line of credit was 5.22%.</I></P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 36pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><I>&nbsp;</I></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 36pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><I></I></FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 36pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><I>&nbsp;</I></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0pt"><IMG SRC="img_001.jpg" ALT=""></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 36pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><I></I></FONT></P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">June 23, 2017</P>





<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Page 5</P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 36pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><I>&nbsp;</I></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 36pt; text-align: justify">On March 25, 2017, we obtained a line of
credit of approximately $288,031 (RMB 2,000,000) from China Postal Savings Bank - Qingdao Branch. The line of credit starts from
March 29, 2017 and ends on March 28, 2018, bearing interest at approximately 140% of the prevailing PRC prime rate. The borrowings
under the line of credit are guaranteed by Rongfeng Cui and his wife, Yanjuan Wang. <I>The outstanding balance for this line of
credit agreement remained at $288,031 as of May 31, 2017; as of the same date, the interest rate on this line of credit was 6.09%.&rdquo;</I></P>





<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><U>Financial
Statements</U></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><U>Note
2 &ndash; Summary of Significant Accounting Policies, page F-7 </U></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><U>Revenue
Recognition, page F-10 </U></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>5.
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We note your revised disclosure responding to prior comment 18. Since you continue to
state that you do not provide &ldquo;unconditional&rdquo; right of return, please expand your disclosure to describe the circumstances
under which you would provide &ldquo;conditional&rdquo; right of return. If you do not provide the right of return under any circumstances,
please revise your disclosure and remove the &ldquo;unconditional&rdquo; terminology. </B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B><U>Response</U></B>:
&#9;The <I>Revenue Recognition</I> paragraph under Note 2 in the Amended F-1 Filing has been revised as follows:</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&ldquo;The
Company does not provide right of return, rebate, pricing protection or any other concessions to its customers.&rdquo;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><U>Note
13 &ndash; Segmental and Revenue Analysis, page F-23 </U></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>6.
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We note your revised disclosure responding to prior comment 21, indicating that you
operate in a single operating segment. Please expand your disclosure to state that you also operate in a single reportable segment.
Please note FASB ASC 280-10-50 guidance and distinction between operating segment and reportable segment, wherein companies are
required to provide disclosures about reportable segments, and wherein the analysis of operating segments and aggregation criteria
would help determine the number of reportable segments.</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>&nbsp;</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B><U>Response</U></B>:
&#9;The Company is solely engaged in the business of manufacturing and selling of pet food. All the Company&rsquo;s products are
made of similar raw material, except for baked pet biscuits, from which the revenue generated accounted for 0.5% and 0.5% of total
revenue in the year ended December 31, 2016 and 2015, respectively. Although all the Company&rsquo;s products are classified into
5 product lines (pet chews, dried pet snacks, wet canned pet food, dental health snacks, and baked pet biscuits), they have the
same function as pet food. Thus, the nature of the products is similar. In addition, the products are produced in similar production
processes: shattering meat, stirring meat, twining muddy meat around bone, steaming the semi-products, and packing the steamed
semi-products. Otherwise, the production processes among different products vary very slightly, e.g., such as extra drying process
for dried pet snacks and canning process for wet canned pet food. Furthermore, the Company&rsquo;s products were sold in the same
multiple marketing channels: overseas market, domestic market and electronic commerce platforms, and all the products are manufactured
in the same location, Qingdao City, Shandong Province, China. Finally, in practice, the unit price of the Company&rsquo;s products
are determined by cost plus the expected profit, which led to the gross profit rate of pet chews, dried pet snacks, wet canned
pet food, dental health snacks, and baked pet biscuits were 24%, 25%, 26%, 25% and 24%, respectively for 2015 and 28%, 30%, 27%,
30% and 28%, respectively for 2016. As a consequence, all the products have similar economic characteristics. In conclusion, the
Company operates in a single reportable segment pursuant to ASC 280-10 based on the aforementioned factors.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"></FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><IMG SRC="img_001.jpg" ALT=""></P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">June 23, 2017</p>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Page 6</P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Company also has revised its disclosures under Note 13 in the Amended F-1 Filing to read as follows:</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&ldquo;The
Company is solely engaged in the business of manufacturing and selling of pet food. Since the nature, the production processes
and the marketing channel of the products are substantially similar, the Company is considered as operating in a single reportable
segment with revenues derived from multiple product lines, marketing channels and countries&rdquo;.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>7.
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We note that your revised disclosure responding to prior comment 23 includes a category
of &ldquo;other countries&rdquo; and that revenues associated with these countries increased by $4.9 million in 2016 or 60% of
the total $8.1 million increase. To help us better understand this increase, please provide us with subtotals of geographic information
about groups of other countries to provide further insight of this variance. </B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B><U>Response</U></B>:
&#9;The Company has revised its disclosures under Note 13 to add a line to separately disclose the revenue generated from China
in the Amended F-1 Filing as follows:</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&ldquo;The
net revenues generated from different countries are set forth as following:</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD COLSPAN="6" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid">For the Years Ended<BR> December 31,</TD><TD STYLE="padding-bottom: 1.5pt; font-weight: bold">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid">2016</TD><TD STYLE="padding-bottom: 1.5pt; font-weight: bold">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid">2015</TD><TD STYLE="padding-bottom: 1.5pt; font-weight: bold">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="width: 76%; text-align: left">South Korea</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">$</TD><TD STYLE="width: 9%; text-align: right">5,299,721</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">$</TD><TD STYLE="width: 9%; text-align: right">4,689,733</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD>China</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">5,073,272</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">2,347,190</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left">United Kingdom</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">3,227,619</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">289,228</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD>Germany</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">3,204,314</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">3,309,266</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; padding-bottom: 1.5pt">Other countries</TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; text-align: right">7,668,300</TD><TD STYLE="padding-bottom: 1.5pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; text-align: right">5,699,595</TD><TD STYLE="padding-bottom: 1.5pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-bottom: 1.5pt">Less: Sale tax and addition</TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; text-align: right">(29,490</TD><TD STYLE="padding-bottom: 1.5pt; text-align: left">)</TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; text-align: right">(22,738</TD><TD STYLE="padding-bottom: 1.5pt; text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; padding-bottom: 4pt; padding-left: 10pt">Total revenues</TD><TD STYLE="padding-bottom: 4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 4pt double; text-align: left">$</TD><TD STYLE="border-bottom: Black 4pt double; text-align: right">24,443,736</TD><TD STYLE="padding-bottom: 4pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 4pt double; text-align: left">$</TD><TD STYLE="border-bottom: Black 4pt double; text-align: right">16,312,274</TD><TD STYLE="padding-bottom: 4pt; text-align: left">&nbsp;</TD></TR>
</TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&ldquo;Other
countries&rdquo; is comprised of all countries whose revenues, individually, were less than 10% of the Company&rsquo;s revenues.&rdquo;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
addition, please see below for the subtotals of geographic information about groups of other countries.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"></FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><IMG SRC="img_001.jpg" ALT=""></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">June 23, 2017</P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Page
7</FONT></P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"></FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD COLSPAN="6" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid">For the Years Ended<BR> December 31,</TD><TD STYLE="padding-bottom: 1.5pt; font-weight: bold">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid">2016</TD><TD STYLE="padding-bottom: 1.5pt; font-weight: bold">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid">2015</TD><TD STYLE="padding-bottom: 1.5pt; font-weight: bold">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="width: 76%">Finland</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">$</TD><TD STYLE="width: 9%; text-align: right">1,952,914</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">$</TD><TD STYLE="width: 9%; text-align: right">618,781</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD>Netherland</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">1,431,748</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">1,308,806</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD>Japan</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">1,407,901</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">1,391,930</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">Czech Republic</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">1,108,257</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">644,460</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left">United States</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">371,268</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">599,208</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD>Russia</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">302,254</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">85,429</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD>Poland</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">238,485</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">183,933</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD>Belgium</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">156,367</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">131,078</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left">Hong Kong</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">151,431</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">236,275</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD>Italy</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">133,453</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">149,972</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD>France</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">171,102</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">208,843</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-bottom: 1.5pt">Other Countries *</TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; text-align: right">243,120</TD><TD STYLE="padding-bottom: 1.5pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; text-align: right">140,880</TD><TD STYLE="padding-bottom: 1.5pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; padding-bottom: 4pt">Total revenues from other countries</TD><TD STYLE="padding-bottom: 4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 4pt double; text-align: left">$</TD><TD STYLE="border-bottom: Black 4pt double; text-align: right">7,668,300</TD><TD STYLE="padding-bottom: 4pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 4pt double; text-align: left">$</TD><TD STYLE="border-bottom: Black 4pt double; text-align: right">5,699,595</TD><TD STYLE="padding-bottom: 4pt; text-align: left">&nbsp;</TD></TR>
</TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">*
Other countries is comprised of all countries whose revenues, individually, were immaterial (less than USD100K) during the years
presented.&rdquo;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">**************</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 36pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Please
feel free to contact the undersigned at 202-724-6846 with any questions.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 36pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="padding-right: 0pt; padding-left: 0pt; font: 10pt Times New Roman, Times, Serif; padding-top: 0pt; text-indent: 0pt; width: 60%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
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    truly yours,</FONT></TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
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    <TD STYLE="padding: 0pt 0pt 1.5pt; font: 10pt Times New Roman, Times, Serif; text-indent: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 0pt; padding-left: 0pt; font: 10pt Times New Roman, Times, Serif; padding-top: 0pt; text-indent: 0pt; border-bottom: Black 1.5pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">/s/
    F. Alec Orudjev</FONT></TD></TR>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 36pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

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    <TD STYLE="text-align: justify; padding-left: 0pt; text-indent: 0pt; padding-top: 0pt; padding-right: 0pt; width: 95%; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Cui
    Rongfeng CEO</FONT></TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: justify; padding-left: 0pt; text-indent: 0pt; padding-top: 0pt; padding-right: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: justify; padding-left: 0pt; text-indent: 0pt; padding-top: 0pt; padding-right: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Ralph
    V. De Martino, Esq., Schiff Hardin LLP</FONT></TD></TR>
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end
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
