UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, DC 20549

                                                             

 

FORM 6-K

 

REPORT OF FOREIGN PRIVATE ISSUER

PURSUANT TO RULE 13a-16 OR 15d-16 OF THE

SECURITIES EXCHANGE ACT OF 1934

 

For the month of March 2018

 

Commission File Number 333-168496

   

OSSEN INNOVATION CO., LTD.

(Translation of registrant’s name into English)

 

518 SHANGCHENG ROAD, FLOOR 17, SHANGHAI, 200120,

PEOPLE’S REPUBLIC OF CHINA

(Address of principal executive offices)

 

Indicate by check mark whether the registrant files or will file annual reports under cover of Form 20-F or Form 40-F.

Form 20-F  x                                      Form 40-F ¨

 

Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(1): ____

 

Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(7): ____

 

Indicate by check mark whether by furnishing the information contained in this Form, the registrant is also thereby furnishing the information to the Commission pursuant to Rule 12g3-2(b) under the Securities Exchange Act of 1934.

Yes ¨                No x

 

If “Yes” is marked, indicate below the file number assigned to the registrant in connection with Rule 12g3-2(b):  82-______.

    

 

 

 

SIGNATURES

 

Pursuant to the requirements 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.

 

OSSEN INNOVATION CO., LTD.

(Registrant)

 

Date:   March 9, 2018

 

By:   /s/ Wei Hua  
  Name: Wei Hua  
  Title: Chief Executive Officer  

 

 

 

  

EXHIBIT INDEX

                                

Exhibit 
Number
Description
   
99.1

Unaudited consolidated balance sheets of America-Asia Diabetes Research Foundation and Subsidiaries

 

 

 

Exhibit 99.1

 

AMERICA-ASIA DIABETES RESEARCH FOUNDATION AND SUBSIDIARIES

 

UNAUDITED CONSOLIDATED BALANCE SHEETS

 

ASSETS

 

   December 31   December 31   December 31, 
   2017   2016   2015 
CURRENT ASSETS               
Cash and cash equivalents  $138,431   $325,406   $2,792,374 
Short-term investment - time deposits   -    -    81,444 
Accounts receivable, net   139,605    132,988    1,167 
Accounts receivables - related parties   345,183    586,196    - 
Other receivables, net   189,124    208,636    39,927 
Other receivables - related party   -    -    318,493 
Inventories, net   192,128    155,590    295,211 
Advance to vendors   42,484    117,181    256,329 
Prepaid and other current assets   1,060    21,115    89,627 
TOTAL CURRENT ASSETS   1,048,015    1,547,112    3,874,572 
                
PROPERTY AND EQUIPMENT, NET PROPERTY AND EQUIPMENT, NET   247,053    315,110    558,741 
                
OTHER ASSETS               
Intangible assets, net   7,859,376    8,606,942    39,936 
Investment in unconsolidated subsidiary, net at cost   -    -    46,230 
Deposits   21,733    26,920    127,045 
TOTAL OTHER ASSETS   7,881,109    8,633,862    213,211 
                
TOTAL ASSETS  $9,176,176   $10,496,084   $4,646,524 
                
LIABILITIES AND SHAREHOLDERS' EQUITY (DEFICIENCY)
                
CURRENT LIABILITIES               
Short term loan - bank  $-   $575,972   $770,500 
Short term loans - other   -    4,319,790    4,623,000 
Accounts payable   9,996    28,330    13,598 
Other payables and accrued liabilities   1,348,278    4,904,854    546,393 
Other payables - related parties   352,502    4,429,354    397,316 
Customer deposits   559,946    635,455    2,246,066 
Investment payable   -    18,888,317    19,755,188 
TOTAL CURRENT LIABILITIES   2,270,722    33,782,072    28,352,061 
                
OTHER LIABILITIES               
Deferred rent liabilities   -    -    129,413 
                
TOTAL LIABILITIES   2,270,722    33,782,072    28,481,474 
                
COMMITMENTS AND CONTINGENCIES               
                
SHAREHOLDERS' EQUITY (DEFICIENCY)               
Common stock, $1.00 par value, 1,000,000 shares authorized, 29,976, 14,078, and 10,000 shares issued and outstanding as of December 31, 2017, 2016 and 2015, respectively   29,976    14,078    10,000 
Additional paid-in-capital   41,436,177    4,364,510    - 
Statutory reserves   -    -    - 
Accumulated deficit   (36,694,241)   (31,352,404)   (26,038,243)
Accumulated other comprehensive income   3,057,609    4,223,834    2,616,499 
TOTAL AMERICA-ASIA DIABETES RESEARCH FOUNDATION EQUITY (DEFICIENCY)   7,829,521    (22,749,982)   (23,411,744)
                
NONCONTROLLING INTEREST   (924,067)   (536,006)   (423,206)
                
TOTAL SHAREHOLDERS' EQUITY (DEFICIENCY)   6,905,454    (23,285,988)   (23,834,950)
                
TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY (DEFICIENCY)  $9,176,176   $10,496,084   $4,646,524