China Organic’s board of directors concluded, on November 20, 2009, that the Company's consolidated financial statements as of and for the year ended December 31, 2008, which were included in the 2008 Form 10-K, as well as its unaudited consolidated financial statements as of and for the quarterly period ended March 31, 2009, which were included in the 2009 First Quarter Form 10-Q, could no longer be relied upon due to the need to make the adjustments discussed herein. Although in April 2009 when it filed its amendment to the 2008 Third Quarter Form 10-Q CNOA did not believe that manner in which reported the results of ErMa-Pao in the 2008 Third Quarter Form 10-Q were such that the financial statements contained in the 2008 Third Quarter Form 10-Q could not be relied upon, on November 20, 2009, the board of directors concluded that the consolidated financial statements as of and for the three and nine month periods ended September 30, 2008, contained in the 2008 Third Quarter Form 10-Q could no longer be relied upon due to the need to adjust for the manner in which the results of ErMa-Pao were reported. Upon authorization by China Organic’s board of directors, the company authorized officers discussed with the Company's independent accountant the matters disclosed in this Current Report on Form 8-K pursuant to Item 4.02 .
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China Organic Agriculture, Inc. (CNOA), through its subsidiaries, is engaged in the business of distribution of agricultural products in China, including green rice, organic rice, soy beans, ice wine and other agricultural products. The Company distributes its products mainly through large agricultural distributors, including Shen Zhen Shen Jin Da Agricultural By-product Trading Co., Ltd., Beijing Jingu Hengfa Trading Co. Ltd., Shanghai Liang You Group Co. Ltd., Jinyunda Industry Development Co., Ltd., and Guang Dong Guangliang Industry Co. Ltd. As of December 31, 2008, CNOA had seven subsidiaries. CNOA owned 100% of China Organic Agriculture, Ltd. (COA) and Far East Wine Holding Group Ltd. (FEW). Ankang Agriculture (
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