Note 16 - Condensed Financial Information of U.S. Parent

12 Months Ended

Dec. 31, 2011

Condensed Financial Information of Parent Company Only Disclosure [Text Block]

Note 16 – Condensed Financial Information of U.S. Parent

Deer Consumer Products, Inc. is a U.S. holding company and owns no operating assets and has no significant operations independent of its subsidiaries. Set forth below are condensed financial statements for Deer Consumer Products, Inc. (parent) on a stand-alone, unconsolidated basis as of December 31, 2011 and 2010, and for the years ended December 31, 2011, 2010 and 2009.

	2011		2010

ASSETS

Cash and equivalents	$	2,215,212	$	397,872
Investment in subsidiaries		187,555,050		143,012,293
Other current assets		1,313,220		474,902
TOTAL ASSETS	$	191,083,482	$	143,885,067

LIABILITIES AND STOCKHOLDERS' EQUITY

Advances from subsidiaries	$	2,594,067	$	150,070
Tax Payable		1,430,565		-
Dividend payable		1,679,628		-

STOCKHOLDERS' EQUITY:
Common stock		33,593		33,593
Additional paid-in capital		91,187,584		91,084,958
Development funds		4,578,803		3,063,819
Statutory reserve		9,157,606		6,127,639
Other comprehensive income		14,769,957		6,315,475
Retained earnings		65,651,679		37,109,513
Total stockholders' equity		185,379,222		143,734,997
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY	$	191,083,482	$	143,885,067

	2011			2010			2009
Operating expenses
General and administrative expenses	$	1,109,749		$	890,285		$	657,327

Loss from operations		(1,109,749	)		(890,285	)		(657,327)

Non operating income
Other income (expenses)		(29,151)			13,656			10,189
Equity income in subsidiaries		42,440,952			31,225,666			13,016,230
Dividend income from Chinese subsidiary		6,352,678			-			-
Total non-operating income		48,764,479			31,239,322			13,026,419

Income before income tax		47,654,730			30,349,037			12,369,092

Income tax		1,496,424			-			-

Net income	$	46,158,306		$	30,349,037		$	12,369,092

	2011			2010			2009

CASH FLOWS FROM OPERATING ACTIVITIES:
Net income	$	46,158,306		$	30,349,037		$	12,369,092
Adjustments to reconcile net income to net cash
used in operating activities:
Stock-based compensation		102,626			275,698			333,387
Equity income in subsidiaries		(42,440,952	)		(31,225,666	)		(13,016,230	)
Increase in other assets		3,036,244			(463,060	)		(12,500)

Net cash used in operating activities		6,856,224			(1,063,991	)		(326,251)

CASH FLOWS FROM INVESTING ACTIVITIES
Investment in subsidiaries		-			(1,400,000	)		(78,122,399)

CASH FLOWS FROM FINANCING ACTIVITIES:
Proceeds from sale of common stock, net		-			-			81,461,883
Increase in advances from related party		-			-			150,070
Offering costs paid		-			(320,000)			-
Proceeds from the exercise of warrants		-			6,964,510			-
Dividend paid		(5,038,884)			-			-
Purchased of treasure shares		-			(6,945,950)			-

Net cash provided by (used in) financing activities		(5,038,884	)		(301,440)			81,611,953

NET INCREASE (DECREASE) IN CASH & EQUIVALENTS		1,817,340			(2,765,431)			3,163,303

CASH & EQUIVALENTS, BEGINNING BALANCE		397,872			3,163,303			-

CASH & EQUIVALENTS, ENDING BALANCE	$	2,215,212		$	397,872		$	3,163,303

- Definition

The entire disclosure for condensed financial information, including the financial position, cash flows, and the results of operations of the registrant (parent company) as of the same dates or for the same periods for which audited consolidated financial statements are being presented. Alternatively, the details of this disclosure can be reported by the specific parent company taxonomy elements, indicating the appropriate date and period contexts in an instance document.

+ References+ Details