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Certain of our employees hired on a brief foundation had been employed without execution of a written labor contract. Because PRC legislation governs nearly all of our operating subsidiary’s material agreements, we might not have the ability to implement our rights inside the PRC or elsewhere, which might result in a major loss of enterprise, business opportunities or capital. Under the New Labor Contract law firm staying permit, lawyer türkiye an employer is obligated to execute written labor contracts with all of its workers, in any other case an employee and not using a written labor contract will be entitled to assert double monthly salary from the employer. Should such an employee file a legitimate declare, there could be no assurance that we'll not be required to make further funds under the New Labor Contract law firm istanbul türkiye, which might adversely have an result on our results of operations. Under PRC laws, either TaiAn, our PRC subsidiary, is obligated to withhold and pay individual revenue tax on behalf of our workers who're subject to PRC individual earnings tax, or the employees should pay such tax by themselves directly.  
  
  
  
Under existing PRC foreign trade laws, funds of present account objects, including revenue distributions, interest payments and lawyer türkiye expenditures from the transaction, may be made in foreign foreign money exchange with out prior approval from the PRC State Administration of Foreign Exchange by complying with sure procedural necessities. Those requirements require that we plan and perform the audit to acquire affordable assurance about whether the monetary statements are free of material misstatement. However, approval from appropriate governmental authorities is required the place Renminbi is to be converted into foreign currency and remitted out of China to pay capital expenses, such because the repayment of financial institution loans denominated in foreign currency. Shortages in the availability of overseas foreign money may restrict the Company’s capacity to remit adequate overseas forex to fulfill international foreign money dominated obligations. We performed our audits in accordance with the requirements of the Public Company Accounting Oversight Board .  
  
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