UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 10-QSB
[X] Quarterly Report under Section 13 or 15(d) of the Securities
Exchange Act of 1934 for the quarterly period ended June 30, 2005.
[ ] Transition report under Section 13 or 15(d) of the Exchange Act
For the transition period from ---- to -----
Commission File Number 0-50834
SIAM IMPORTS, INC.
--------------------------------------------------
(Exact name of registrant as specified in its charter)
Nevada 73-1668122
- -------------------------- -----------------
(State or other jurisdiction (I.R.S. Employer
of incorporation or organization Identification No.)
Suite 1801- 1 Yonge Street
Toronto, Ontario, Canada M5E 1W7
- ---------------------------------------- -------
(Address of principal executive offices) (Zip Code)
Registrant's telephone number, including area code:(416) 214-3492)
None
- ------------------------------------------------------------------
Former Name, Address and Fiscal Year, if Changed Since Last Report
Check whether the issuer: (1) filed all reports required to be filed
by Section 13 or 15(d) of the Exchange Act during the past 12 months
(or for such shorter period that the registrant was required to file
such reports), and (2) has been subject to such filing requirements
for the past 90 days. Yes X No
At June 30, 2005, there were 1,800,000 shares of our common
stock issued and outstanding.
1
TABLE OF CONTENTS
-----------------
PART I: FINANCIAL INFORMATION
Item 1. Financial Statements......................................... 2
Item 2. Management's Discussion and Analysis or Plan of Operation ... 9
Item 3. Controls and Procedures...................................... 11
PART II: OTHER INFORMATION
Item 6. Exhibits..................................................... 11
Signatures............................................................ 11
PART 1. FINANCIAL INFORMATION
-----------------------------
Item 1. Financial Statements
- ----------------------------
The financial statements included herein have been prepared by us,
without audit, pursuant to the rules and regulations of the
Securities and Exchange Commission. Certain information and footnote
disclosures normally included in financial statements prepared in
accordance with generally accepted accounting principles have been
omitted. However, in the opinion of management, all adjustments
(which include only normal recurring accruals) necessary to present
fairly the financial position and results of operations for the period
presented have been made. The results for interim periods are not
necessarily indicative of trends or of results to be expected for the
full year. These financial statements should be read in conjunction
with the audited financial statements and notes thereto included in
our Form 10-SB, which can be found on the SEC website (www.sec.gov)
under SEC File Number 000-50834.
2
SIAM IMPORTS, INC.
(A DEVELOPMENT STAGE COMPANY)
BALANCE SHEET
Unaudited Audited
As of As of
June 30, 2005 December 31, 2004
-------------- -----------------
ASSETS
- ------
Current Assets
Cash $ 1,252 $ 13,036
Deposits - -
--------------------------
Total Current Assets 1,252 13,036
Inventory 4,972 4,972
--------------------------
Total Assets $ 6,224 $ 18,008
==========================
LIABILITIES AND STOCKHOLDERS' EQUITY
- ------------------------------------
Current Liabilities
Accounts Payable $ 2,359 $ 2,987
--------------------------
Total Current Liabilities 2,359 2,987
--------------------------
Total Liabilities 2,359 2,987
Stockholders' Equity
Common stock;$.001 par value;
25,000,000 shares authorized,
1,800,000 shares issued
and outstanding 1,800 1,800
Additional Paid-in-Capital 43,200 43,200
Accumulated Deficit (41,135) (29,979)
--------------------------
Total Stockholders' Equity 3,865 15,021
--------------------------
Total liabilities and
stockholders' equity $ 6,224 $ 18,008
==========================
See accompanying notes to Financial Statements.
3
SIAM IMPORTS, INC.
(A DEVELOPMENT STAGE COMPANY)
STATEMENT OF OPERATIONS
Unaudited
May 27, 2003
6 months ended 3 months ended (Inception)
June 30, June 30, June 30, June 30, through June 30,
2005 2004 2005 2004 2005
----------------------------------------------------------------
<c> <c>
Revenue $ - $ - $ - $ - $ -
Operating expenses
General and
administrative 3,800 6,287 2,199 1,264 26,715
Professional fees 7,280 3,264 - 2,535 14,044
----------------------------------------------------------------
Total operating expenses 11,080 9,551 2,199 3,799 40,759
----------------------------------------------------------------
Loss from operations (11,080) (9,551) (2,199) (3,799) (40,759)
Other income (expenses):
Other expense (76) - - - (376)
----------------------------------------------------------------
Total other income(expenses) (76) - - - (376)
----------------------------------------------------------------
Loss before provision
for income taxes (11,156) (9,551) (2,199) (3,799) (41,135)
Provision for income taxes - - - - -
----------------------------------------------------------------
Net loss $ (11,156) (9,551) (2,199) (3,799) (41,135)
----------------------------------------------------------------
Basic and diluted loss
per common share $ (0.01) $ (0.01) $ (0.00) $ (0.00) $ (0.03)
================================================================
Basic and diluted weighted
average common shares
outstanding 1,800,000 1,800,000 1,800,000 1,800,000 1,638,039
===============================================================
See Accompanying Notes to Financial Statements
3
SIAM IMPORTS, INC.
(A DEVELOPMENT STAGE COMPANY)
STATEMENT OF CASH FLOWS
Unaudited
Unaudited Unaudited May 27, 2003
January 1, 2005 January 1, 2004 (Inception)
through through through
June 30, 2005 December 31, 2004 June 30, 2005
---------------------------------- -------------
Cash flows from operating activities:
Net loss $ (11,156) $ (9,551) $ 41,135
Adjustments to reconcile net loss to
net cash used by operating activities:
Changes in operating assets and liabilities:
(Increase)/Decrease in Inventory - - (4,972)
Increase/(Decrease) in Accounts Payable (628) - 2,359
Change in depostis - - -
----------------------------------------------
Net cash used by operating activities (11,784) (9,551) (43,748)
Cash flows from investing activities:
Purchase of property and equipment - - -
----------------------------------------------
Net cash used by investing activities - - -
Cash flows from financing activities:
Proceeds from issuance of common stock - - -
----------------------------------------------
Net cash provided by financing activities - - -
----------------------------------------------
Net increase in cash (11,784) (9,551) 1,252
Cash, beginning of period 13,036 36,308 -
----------------------------------------------
Cash, end of period $ 1,252 $ 26,757 $ 1,252
==============================================
Supplemental cash flow information:
Cash payments for income taxes $ - $ - $ -
==============================================
Cash payments for interest $ - $ - $ -
==============================================
See accompanying notes to financial statements
5
SIAM IMPORTS, INC.
(A DEVELOPMENT STAGE COMPANY)
NOTES TO FINANCIAL STATEMENTS
1. DESCRIPTION OF BUSINESS, HISTORY AND SUMMARY OF SIGNIFICANT POLICIES
- -----------------------------------------------------------------------
Description of business and history - Siam Imports, Inc., a Nevada
corporation, (hereinafter referred to as the "Company" or "Siam
Imports") was incorporated in the State of Nevada on May 27, 2003.
The Company was formed to engage in the importation and distribution
of SE Asian gifts and decorative items to the North American
marketplace. The Company has sourced the following products in
Thailand and has purchased samples in order to wholesale them to
retail businesses starting around the Ontario region of Canada:
hand made stainless steel cutlery, thai silk products, products made
from mango wood, ornamental wall hangings and all natural skin care
and beauty products. The Company operations have been limited to
general administrative operations, purchasing a limited amount of
sample inventory, establishing its online webs store and is
considered a development stage company in accordance with Statement
of Financial Accounting Standards No. 7.
Management of Company - The company filed its articles of
incorporation with the Nevada Secretary of State on May 27, 2003,
indicating Sandra L. Miller on behalf of Resident Agents of Nevada ,
Inc. as the sole incorporator.
The company filed its annual list of officers and directors with the
Nevada Secretary of State on May 31, 2005, indicating it's President
and Treasurer is Dennis Eldjarnson, it's Secretary is Debbie
Eldjarnson and Nutjaree Saengjan as a director.
Going concern - The Company incurred net losses of approximately
$41,135 from the period of May 27, 2003 (Date of Inception) through
June 30, 2005 and has commenced limited operations, rather, still
in the development stages, raising substantial doubt about the
Company's ability to continue as a going concern. The Company will
seek additional sources of capital through the issuance of debt or
equity financing, but there can be no assurance the Company will be
successful in accomplishing its objectives.
The ability of the Company to continue as a going concern is
dependent on additional sources of capital and the success of the
Company's plan. The financial statements do not include any
adjustments that might be necessary if the Company is unable to
continue as a going concern.
Year end - The Company's year end is December 31.
Use of estimates - The preparation of consolidated financial
statements in conformity with generally accepted accounting
principles requires management to make estimates and assumptions
that affect the reported amounts of assets and liabilities and
disclosure of contingent assets and liabilities at the date of the
financial statements and the reported amounts of revenue and
expenses during the reporting period. Actual results could differ
from those estimates.
6
SIAM IMPORTS, INC.
(A DEVELOPMENT STAGE COMPANY)
NOTES TO FINANCIAL STATEMENTS
1. DESCRIPTION OF BUSINESS, HISTORY AND SUMMARY OF SIGNIFICANT
POLICIES, Continued
- --------------------------------------------------------------
Income taxes - The Company accounts for its income taxes in
accordance with Statement of Financial Accounting Standards No.
109, which requires recognition of deferred tax assets and
liabilities for future tax consequences attributable to differences
between the financial statement carrying amounts of existing assets
and liabilities and their respective tax bases and tax credit carry
forwards. Deferred tax assets and liabilities are measured using
enacted tax rates expected to apply to taxable income in the years
in which those temporary differences are expected to be recovered
or settled. The effect on deferred tax assets and liabilities of
a change in tax rates is recognized in operations in the period
that includes the enactment date.
Management feels the Company will have a net operating loss
carryover to be used for future years. Such losses may not be
fully deductible due to the significant amounts of non-cash service
costs. The Company has not established a valuation allowance for
the full tax benefit of the operating loss carryovers due to the
uncertainty regarding realization.
Net loss per common share - The Company computes net loss per share
in accordance with SFAS No. 128, Earnings per Share (SFAS 128) and
SEC Staff Accounting Bulletin No. 98 (SAB 98). Under the provisions
of SFAS 128 and SAB 98, basic net loss per share is computed by
dividing the net loss available to common stockholders for the
period by the weighted average number of shares of common stock
outstanding during the period. The calculation of diluted net loss
per share gives effect to common stock equivalents; however,
potential common shares are excluded if their effect is
antidilutive. For the period from May 27, 2003 (Date of Inception)
through June 30, 2005, no options and warrants were excluded from
the computation of diluted earnings per share because their effect
would be antidilutive.
Revenue recognition - The Company has no revenues to date from its
operations.
Stock-based compensation - The Company applies Accounting Principles
Board ("APB") Opinion No. 25, Accounting for Stock Issued to
Employees, and Related Interpretations, in accounting for stock
options issued to employees. Under APB No. 25, employee
compensation cost is recognized when estimated fair value of the
underlying stock on date of the grant exceeds exercise price of the
stock option. For stock options and warrants issued to non-
employees, the Company applies SFAS No. 123, Accounting for Stock-
Based Compensation, which requires the recognition of compensation
cost based upon the fair value of stock options at the grant date
using the Black-Scholes option pricing model.
The following table represents the effect on net loss and loss per
share if the Company had applied the fair value based method and
recognition provisions of Statement of Financial Accounting
Standards (SFAS) No. 123, "Accounting for Stock-Based Compensation",
to stock-based employee compensation for the period ended June 30,
2005:
2005
-----------
Net loss, as reported $ (2,199)
Other comprehensive income --
Add: Stock-based employee compensation
expense included in reported loss,
net of related tax effects --
Deduct: Total stock-based employee
compensation expense determined
under fair value based methods
for all awards, net of related
tax effects --
--------
Pro forma net loss $ (2,199)
========
Net loss per common share:
Basic and fully diluted loss
per share, as reported $ (0.00)
========
Basic and fully diluted loss per
share, pro forma $ (0.00)
========
7
SIAM IMPORTS, INC.
(A DEVELOPMENT STAGE COMPANY)
NOTES TO FINANCIAL STATEMENTS
1. DESCRIPTION OF BUSINESS, HISTORY AND SUMMARY OF SIGNIFICANT
POLICIES, Continued
- --------------------------------------------------------------
There were no stock options granted for the period ended June 30,
2005. There are additionally no written or verbal agreements
related to the sale of any stock, option or warrants of the
Company's common stock.
Recent Accounting Pronouncements - In December 2002, the FASB
issued SFAS No. 148, "Accounting for Stock-Based Compensation-
Transition and Disclosure". SFAS No. 148 amends the transition
and disclosure provisions of SFAS No. 123. The Company is currently
evaluating SFAS No. 148 to determine if it will adopt SFAS No. 123
to account for employee stock options using the fair value method
and, if so, when to begin transition to that method.
In November 2004, the FASB issued SFAS No. 151, Inventory Costs,
an amendment of ARB No. 43, Chapter 4. SFAS No. 151 amends the
guidance in ARB No. 43, Chapter 4, Inventory Pricing, to clarify
the accounting for abnormal amounts of idle facility expense,
freight, handing costs, and spoilage. This statement requires that
those items be recognized as current period charges regardless of
whether they meet the criterion of "so abnormal" which was the
criterion specified in ARB No. 43. In addition, this Statement
requires that allocation of fixed production overheads to the
cost of production be based on normal capacity of the production
facilities. This pronouncement is effective for the Company
beginning October 1, 2005. The Company has not yet assessed the
impact on adopting this new standard.
In December 2004, the FASB issued SFAS No. 123 (revised 2004).
Share-Based Payment, which is a revision of SFAS No. 123,
Accounting for Stock-Based Compensation. SFAS No. 123(R)
supersedes APB Opinion No. 25, Accounting for Stock Issued to
Employees, and amends SFAS No. 95, Statement of Cash Flows.
Generally, the approach in SFAS No. 123(R) is similar to the
approach described in SFAS No. 123. However, SFAS No. 123(R)
requires all share-based payments to employees, including grants
of employee stock options, to be recognized in the income
statement based on their fair values. Pro forma disclosure is no
longer an alternative. The new standard will be effective for
the Company in the first interim or annual reporting period
beginning after December 15, 2005. The Company expects the
adoption of this standard will have a material impact on its
financial statements.
In December 2004, the FASB issued SFAS No. 153, "Exchanges of
Nonmonetary Assets, an amendment of APB Opinion No. 29 "effective
for nonmonetary asset exchanges occurring in the fiscal year
beginning January 1, 2006. SFAS No. 153 requires that exchanges
of productive assets be accounted for at fair value unless fair
value cannot be reasonably determined or the transaction lacks
commercial substance. SFAS No. 153 is not expected to have a
material effect on the company's Consolidated Financial Statements.
In May 2005, the FASB issued SFAS 154, "Accounting Changes and
Error Corrections - a Replacement of APB Opinion No. 20 and FASB
Statement No. 3". SFAS 154 requires retrospective application to
prior period financial statements of changes in accounting
principle, unless it is impracticable to determine either the
period-specific effects or the cumulative effect of the change.
SFAS 154 also redefines "restatement" as the revising of
previously issued financial statements to reflect the correction
of an error. This statement is effective for accounting changes
and corrections of errors made in fiscal years beginning after
December 15, 2005. The Company does not believe that the adoption
of SFAS 154 will have a significant impact on the financial
statements.
8
SIAM IMPORTS, INC.
(A DEVELOPMENT STAGE COMPANY)
NOTES TO FINANCIAL STATEMENTS
2. PROPERTY AND EQUIPMENT
- -------------------------
As of June 30, 2005, the Company does not own any property and/or
equipment.
3. STOCKHOLDER'S EQUITY
- -----------------------
The Company has 25,000,000 shares authorized and 1,800,000 issued
and outstanding as of June 30, 2005. The issued and outstanding
shares were issued as follows:
500,000 common shares were issued to Dennis Eldjarnson on May 27,
2003 for the sum of $2,500 in cash.
500,000 common shares were issued to Debbie Eldjarnson on May 27,
2003 for the sum of $2,500 in cash.
800,000 common shares were issued to 32 investors in the Company's
Regulation D - Rule 504 offering for the sum of $40,000 in cash.
The Regulation D - Rule 504 offering was declared effective by the
State of Nevada on August 22, 2003, sold in September 2003 and a
Form D was filed with the Securities and Exchange Commission.
4. LOAN FROM STOCKHOLDER
- ------------------------
As of June 30, 2005, there is a total of $2,359 that has been
forwarded by Dennis Eldjarnson to the Company with no specific
repayment terms.
5. RELATED PARTY TRANSACTIONS
- -----------------------------
The Company has no significant related party transactions and/or
relationships with any individuals or entities.
6. STOCK OPTIONS
- ----------------
As of June 30, 2005, the Company does not have any stock options
outstanding, nor does it have any written or verbal agreements for
the issuance or distribution of stock options at any point in the
future.
7. LITIGATION
- -------------
As of June 30, 2005, the Company is not aware of any current or
pending litigation which may affect the Company's operations.
8. SUBSEQUENT EVENTS
- --------------------
There have been no subsequent events after the period on June 30,
2005, which are material to operations.
8
ITEM 2. MANAGEMENT'S DISCUSSION AND ANALYSIS OR PLAN OF OPERATION.
- -----------------------------------------------------------------
The following discussion should be read in conjunction with the information
contained in the audited financial statements and notes thereto set forth in
our Annual Report on Form 10-KSB for the year ended December 31, 2004, which
can be found in its entirety on the SEC website at www.sec.gov.
Note Regarding Forward-Looking Statements
- -----------------------------------------
The statements contained in this Form 10-QSB that are not purely historical
are forward-looking statements within the meaning of Section 27A of the
Securities Act of 1933, as amended, and Section 21E of the Securities
Exchange Act of 1934, as amended. These include statements about our
expectations, beliefs, intentions or strategies for the future, which are
indicated by words or phrases such as anticipate, expect, intend, plan, will,
the Company believes, management believes and similar words or phrases. The
forward-looking statements are based on our current expectations and are
subject to certain risks, uncertainties and assumptions. Our actual results
could differ materially from results anticipated in these forward-looking
statements. All forward-looking statements included in this document are
based on information available to us on the date hereof, and weassumes no
obligation to update any such forward-looking statements.
Overview
- --------
We are a development stage company and have not yet generated any revenues.
Since our cash reserves have been depleted and we are basically relying on
contributions from our officers and directors for operating expenses, we
may be forced to seek other sources of capital to continue operations.
We may need to raise additional capital in the future through equity or
debt financings or capitalize on other business opportunities in order
to continue operations. There can be no assurance that we will be able
to raise additional financing on favorable terms or that we will generate
any interest in our proposed operations sufficient to provide the funds
we require to continue with our current business plans.
Results of Operations
- ---------------------
Three Months Ended June 30, 2005 compared to Three Months Ended June
30, 2004
- ---------------------------------------------------------------------
We are a development stage company and have not yet generated any revenues
since inception.
Operating expenses were $2,199 for the three months ended June 30, 2005,
all consisting of general and administrative expenses, as compared to
$3,799 for the three months ended June 30, 2004. The decrease in expenses
from June 30, 2004 was attributed to no professional fees incurred
during the three months ended June 30, 2005.
Net loss was $2,199 or $0.00 per share for the three months ended June 30,
2005, as compared to $3,799 or $0.01 per share for the three months ended
June 30, 2004.
Liquidity and Capital Resources
- -------------------------------
Three Months Ended June 30, 2005 compared to Three Months Ended June 30,
2004
- ------------------------------------------------------------------------
At June 30, 2005, our only source of liquidity consisted of $1,252 in
cash in the bank and $4,972 in unsold inventory.
Net cash used in operating activities for the six months ended June 30,
2005 was $11,784.
9
There was no cash provided by financing or investing activities for the
three or six months ended June 30, 2005.
Our stockholders' equity was $3,865 at June 30, 2005.
In the next 12 months, we do not intend to spend any substantial funds on
research and development and do not intend to purchase any major equipment.
We do not intend to hire any new employees during the ensuing year, unless
our business operations expand sufficiently to warrant additional staff.
We do not anticipate any material commitments for capital expenditures
in the near term. We are not aware of any trend in our industry or capital
resources which may have a negative impact on our income or revenues.
Off-Balance Sheet Arrangements
- ------------------------------
We have no off-balance sheet arrangements or contractual or commercial
commitments..
Critical Accounting Policies
- ----------------------------
The financial statements included herein have been prepared pursuant to
the rules and regulations of the Securities and Exchange Commission.
Certain information and footnote disclosures normally included in
financial statements prepared in accordance with generally accepted
accounting principles have been condensed or omitted pursuant to such
rules and regulations for interim financial statements. Management
believes the disclosures made are adequate to make the information not
misleading and recommends that these unaudited interim financial
statements be read in conjunction with the audited financial statements
and notes included in our Form 10K-SB as of December 31, 2004, which can
be found on the SEC Website at www.sec.gov under SEC File Number
000-50834.
The financial statements and accompanying notes included herein were
prepared in accordance with generally accepted accounting principles.
Preparing financial statements requires our Management to make estimates
and assumptions that affect the reported amounts of assets and
liabilities and disclosure of contingent assets and liabilities at the
date of the financial statements and the reported amounts of revenues
and expenses during the reporting period. These estimates and
assumptions are affected by management's application of accounting
policies. These important accounting policies include the successful
efforts method of accounting for property and equipment, revenue
recognition, accounting for income taxes, accounting for environmental
matters, and foreign currency translation.
We also apply SFAS No. 128, Earnings Per Share, for the
calculation of "Basic" and "Diluted" earnings per share. Basic
earnings per share includes no dilution and is computed by dividing
income available to common stockholders by the weighted average
number of common shares outstanding for the period. Diluted earnings
per share reflects the potential dilution of securities that could
share in our earnings.
We have also adopted SFAS No. 52, Foreign Currency Translation,
which requires that the translation of the applicable foreign currency
into U.S. dollars be performed for balance sheet accounts using current
exchange rates in effect at the balance sheet date and for revenue and
expense accounts using a weighted average exchange rate during the
period. The gains or losses resulting from such translation are
included in the consolidated statements of stockholders' equity
and comprehensive income.
10
ITEM 3. CONTROLS AND PROCEDURES
- --------------------------------
Under the supervision and with the participation of our management, including
our principal executive officer and the principal financial officer, we have
conducted an evaluation of the effectiveness of the design and operation of
our disclosure controls and procedures, as defined in Rules 13a-15(e) and
15d-15(e) under the Securities Exchange Act of 1934, as of the end of the
period covered by this report. Based on this evaluation, our principal
executive officer and principal financial officer concluded as of the
evaluation date that our disclosure controls and procedures were effective
such that the material information required to be included in our Securities
and Exchange Commission reports is recorded, processed, summarized and
reported within the time periods specified in SEC rules and forms relating to
our company, including any consolidating subsidiaries, and was made known to
us by others within those entities, particularly during the period when this
report was being prepared.
Additionally, there were no significant changes in our internal controls or
in other factors that could significantly affect these controls subsequent
to the evaluation date. We have not identified any significant deficiencies
or material weaknesses in our internal controls, and therefore there were no
corrective actions taken.
PART II - OTHER INFORMATION
---------------------------
ITEM 6. EXHIBITS AND REPORTS ON FORM 8-K
- ----------------------------------------
A) The following exhibits marked with an asterisk and required to
be filed herein are incorporated by reference and can be found in
their entirety in our original Form 10-SB registration statement,
filed on July 6, 2004, under SEC File Number 000-50834:
<s> <c>
Exhibit No. Description
- ---------- -----------
* 3(a) Articles of Incorporation
* 3(b) Bylaws
31 Sec. 302 Certification
32 Sec. 906 Certification
B) There were no reports on Form 8-K filed during the three months
ended June 30, 2005.
SIGNATURES
----------
Pursuant to the requirements of Section 13(a) or 15(d) of the Securities
Exchange Act of 1934, the Registrant has duly caused this report to be
signed on its behalf by the undersigned, thereunto duly authorized.
SIAM IMPORTS, INC.,
a Nevada corporation (Registrant)
Dated: August 13, 2005 By: /s/ Dennis Eldjarnson, President,
CEO, Treasurer, CFO, Principal
Accounting Officer and Director
Pursuant to the requirements of the Securities Exchange Act
of 1934, the Registrant has duly caused this report to be
signed on its behalf the undersigned thereunto duly authorized.
SIAM IMPORTS, INC.,
a Nevada corporation (Registrant)
Dated: August 13, 2005 By: /s/ Dennis Eldjarnson, President,
CEO, Treasurer, CFO, Principal
Accounting Officer and Director
Dated: August 13, 2005 By:/s/ Deborah Eldjarnson, Secretary
Dated: August 13, 2005 By:/s/ Nutjaree Saengjan, Vice President
11