In this report, we carve through the company’s SEC financial statements and highlight many suspicious features of the company’s ostensible record, including the fact that LLEN easily outperforms its competitors (including Chinese firms) despite its small size and despite the fact that its executive management team had little experience operating a coal mine prior to achieving such spectacular results. We also present compelling evidence that contrary to claims in its SEC filings, the company does not legally own certain assets. Chinese filings indicate that corporate funds were used to acquire a coal coking factory that is currently held in a sole proprietorship under the sole ownership of LLEN’s CEO and chairman.We have also found evidence that LLEN has not properly disclosed the company’s ownership stake in other assets and subsidiaries.