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Note 2 - Summary of Significant Accounting Policies
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| Significant Accounting Policies [Text Block] |
Note
2 – Summary of Significant Accounting Policies
Use of
Estimates
The
preparation of financial statements in conformity with US
GAAP 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 revenues and expenses during the reporting period.
Actual results could differ from those estimates. Areas
that require estimates and assumptions include valuation of
accounts receivable and inventory, determination of useful
lives of property and equipment, estimation of certain
liabilities and sales returns.
Cash
and Equivalents
Cash
and equivalents include cash in hand and cash in time
deposits, certificates of deposit and all highly liquid
debt instruments with original maturities of three months
or less.
Restricted
Cash and Certificate of Deposit
Restricted
cash consists of guarantee deposit in the bank for issuing
letters of credit and bank acceptances. As of June 30,
2012, Company had certificate of deposits $474,316 expiring
on March 28, 2014. This certificate of deposit had an
annual interest rate of 13%. As of December 31, 2011, the
Company had restricted cash of $127,235.
Accounts
Receivable
The
Company maintains reserves for potential credit losses on
accounts receivable. Management reviews the composition of
accounts receivable and analyzes historical bad debts,
customer concentrations, customer credit worthiness,
current economic trends and changes in customer payment
patterns to evaluate the adequacy of these reserves. The
Company has not incurred any bad debts to date. If the
Company finds it may incur a bad debt, the Company
will accrue the appropriate allowance based on the aging of
our accounts receivable. The Company’s policy is to
accrue the full amount of accounts receivable when their
aging exceeds one year. Based on historical
collection activity, the Company did not record any bad
debt allowance at June 30, 2012 and December 31,
2011.
The
Company sells products in the China domestic market through
regional and national wholesalers and third party
distributors. The standard term of payment of accounts
receivable for several of the Company’s large and
established China domestic retailer customers is 180 days
from the close of the billing cycle, which is 30 – 45
days after the Company’s products are delivered to
the customer. This accounts receivable term is customary
for large and established China domestic retailers.
Historically, the Company has not experienced late payments
or bad debts under such terms from these retailers. The
term of payment of accounts receivable for the
Company’s other China domestic customers is 30
– 90 days from the close of the billing cycle. The
Company provides its major customers with payment terms
based on their payment history, amount they have purchased
in the past, and upon any strategic agreement the Company
may have with them.
As
the Company continues to focus on expanding sales to the
China domestic market, the Company’s sales to the
China domestic market may represent a larger percentage of
the Company’s total revenue. The Company anticipates
that its accounts receivable will remain in line with
standard industry practice relating to accounts receivable
in China, which could be up to seven months.
The
Company sells products to overseas customers under letters
of credit, prepaid arrangements, certain short credit terms
or direct customer purchase orders. The Company's export
sales-related accounts receivable typically are less than
three months, depending on customer shipment schedules.
Historically, the Company has not experienced significant
bad debts from export sales. The Company also maintains
export insurance that covers losses arising from
customers’ rejection of its products, political risk,
losses arising from business credit and other credit risks
including bankruptcy, insolvency and delay in
payment.
The
Company believes its accounts receivable will be collected
in the ordinary course of business within seven months as
the Company has established relationships with many of its
major customers. In addition, the
Company’s domestic customers typically pay according
to the Company’s payment terms and the Company
maintains insurance for its accounts receivable with
respect to its international customers.
The
table below provides account receivable roll forward
schedules for our three largest customers ---- Gome,
Tianhong and Reed Sea.
VAT
Receivables
VAT
receivables are VAT rebates which arise from our purchase
of raw materials. VAT receivables are returned to the
Company or offset against VAT payable. The Company
anticipates collecting its VAT receivables within one year.
The Company does not experience credit losses with respect
to VAT receivables because they are owed to the Company by
the government. The Company classifies VAT receivables as a
current asset because it is an asset that is reasonably
expected to be realized (or sold or consumed) within one
year or within the Company’s normal operating
cycle.
Advances
to Suppliers
The
Company makes advances to certain vendors to purchase
material and equipment. The advances are interest-free and
unsecured.
Inventories
Inventories
are valued at the lower of cost (determined on a weighted
average basis) or market. The Company compares the cost of
inventories to their market value and allowance is made to
write down inventories to their market value, if
lower.
Notes
Receivable
The
Company sold goods to its customers and received commercial
notes (bank acceptance) from them in lieu of payments for
accounts receivable. The Company discounted the commercial
notes with bank or endorsed the commercial notes to vendors
for payment of their own obligations or to get cash from
third parties. Most of the commercial notes have a maturity
of less than six months.
Property
and Equipment
Property
and equipment are stated at cost. Expenditures for
maintenance and repairs are charged to earnings as incurred;
additions, renewals and betterments are capitalized. When
property and equipment are retired or otherwise disposed of,
the related cost and accumulated depreciation are removed
from the respective accounts, and any gain or loss is
included in operations. Depreciation of property and
equipment is provided using the straight-line method for
substantially all assets with estimated lives as
follows:
The
following are the details of property and equipment at June
30, 2012 and December 31, 2011:
Depreciation
for the six months ended June 30, 2012 and 2011, was
$1,744,894 and $1,095,850, respectively; for the three
months ended June 30, 2012 and 2011, it was $872,022 and
$555,537, respectively.
Construction
in Progress
Construction
in progress consists of molds under construction of $3.1
million for Winder as of June 30, 2012, and December 31,
2011, with no major additional costs to be incurred. These
molds need to be examined by the Company before they are
used for production.
Construction
in progress also includes costs for the construction of a
new plant, office building and power distribution station
for Deer Technology. Total estimated cost for
this project is $36.11 million. As of June 30,
2012, construction in progress was $17.99 million (See note
13). This phase of construction is anticipated to be
completed in September 2012.
Long-Lived
Assets
The
Company follows ASC Topic 360, “Property, Plant, and
Equipment,” which governs financial accounting and
reporting for the impairment or disposal of long-lived
assets. ASC 360 requires impairment losses to be recorded
on long-lived assets used in operations when indicators of
impairment are present and the undiscounted cash flows
estimated to be generated by those assets are
less than the assets’ carrying amounts. In that
event, a loss is recognized based on the amount by which
the carrying amount exceeds the fair value of the
long-lived assets. Loss on long-lived assets to be disposed
of is determined in a similar manner, except that fair
values are reduced for the cost of disposal. Based on its
review, the Company believes that as of June 30, 2012 and
December 31, 2011, there was no significant impairment of
its long-lived assets.
Intangible
Assets
Intangible
assets consist of rights to use land and computer software.
The Company evaluates intangible assets for impairment at
least annually and whenever events or changes in
circumstances indicate that the carrying value may not be
recoverable from its estimated future cash flows.
Recoverability of intangible assets is measured by
comparing their net book value to the related projected
undiscounted cash flows from these assets, considering
factors including past operating results, budgets, economic
projections, market trends and product development cycles.
If the net book value of the asset exceeds the related
undiscounted cash flows, the asset is considered impaired
and a second test is performed to measure the amount of
impairment loss.
The
following are the details of intangible assets at June 30,
2012 and December 31, 2011:
Pursuant
to PRC regulations, the PRC government owns all land. The
Company recorded the amounts paid for the land use rights
as an intangible asset. The Company amortizes these rights
over their respective periods, which range from 45 to 50
years. Computer software is amortized over one to two
years.
In
2010, Deer Technology acquired the land use rights for two
parcels of land with a total of 439,640 square meters
located in east central China in the city of Wuhu, AnHui
Province. The purchase price of the land use rights for
these two parcels of land was approximately $34.5
million, RMB 4.95 million ($743,000) per hectare and
including a 4% PRC government land transfer tax and other
government charges. The use right for the first parcel of
land covering 289,416 square meters was purchased for
approximately RMB 149 million ($22.7 million). The land use
right for the second parcel of land covering 150,224 square
meters was purchased for RMB 77.37 million ($11.8 million).
The Company has received the land use right certificates
from the PRC government on these two parcels of
land.
The
deposit of $10.5 million (RMB 67,901,400) paid in 2010 to
acquire a land use right was returned to the Company in the
first quarter of 2011, as it failed to win the auction for
the land.
The
Company paid an additional $4.3 million (RMB 27,934,381) in
first quarter of 2011 to make payment in full for the land
use rights it acquired in December 2010. As of
December 31, 2010, the Company prepaid (RMB 22,300,000)
$3,367,207 for land use rights acquired in December 2010.
This prepayment was transferred into intangible assets in
the first quarter of 2011 when the Company received the
land use right certificate.
A
summary of Company’s land use rights are as
follows:
In
addition, as of June 30, 2012, the Company prepaid RMB 5.34
million ($0.8 million) for the land use rights for 60,000
square meters of land in Yangjiang City, or Site use right
Phase III. The total cost for the land use rights is
approximately RMB 21.3 million ($3.3 million), which the
Company is required to pay in full in 2012.
There
are no regulatory deadlines or commitments to develop the
land.
Amortization
for the six months ended June 30, 2012 and 2011 was
$368,880 and $343,011, respectively; for the three months
ended June 30, 2012 and 2011, was $184,704 and $179,869,
respectively.
The
following table summarizes the expected amortization over
the next five years as of June 30, 2012:
Fair
Value of Financial Instruments
Certain
of the Company’s financial instruments, including
cash and equivalents, restricted cash, accounts receivable,
accounts payable, accrued liabilities and short-term loans
and notes payable, have carrying amounts that approximate
their fair values due to their short maturities.
ASC
Topic 820, “Fair Value Measurements and
Disclosures,” requires disclosure of the fair value
(“FV”) of financial instruments held by the
Company. ASC Topic 825, “Financial
Instruments,” defines FV and establishes a
three-level valuation hierarchy for disclosures of FV
measurement that enhances disclosure requirements for FV
measures. The carrying amounts reported in the consolidated
balance sheets for receivables and current liabilities each
qualify as financial instruments and are a reasonable
estimate of their fair values because of the short period
of time between the origination of such instruments and
their expected realization and their current market rate of
interest. The three levels of valuation hierarchy are
defined as follows:
The
Company analyzes all financial instruments with features of
both liabilities and equity under ASC Topic 480,
“Distinguishing Liabilities from Equity,” and
ASC Topic 815, “Derivatives and
Hedging.”
As
of June 30, 2012 and December 31, 2011, the Company did not
identify any assets and liabilities that are required to be
presented on the balance sheet at FV.
Concentration
of Credit Risk
Cash
includes cash on hand and demand deposits in accounts
maintained within China. Certain financial instruments,
which subject the Company to concentration of credit
risk, consist of cash. Balances at financial institutions
within China are not covered by insurance. The Company has
not experienced any losses in such accounts.
Revenue
Recognition
The
Company’s revenue recognition policies are in
compliance with SEC Staff Accounting Bulletin (SAB) 104
(codified in FASB ASC Topic 480).
Sales
revenue from export customers is recognized at the date of
shipment when the price is fixed or determinable, no other
significant obligations of the Company exist and
collectability is reasonably assured. The
Company records payments for goods before all relevant
criteria for revenue recognition are satisfied as advance
from customers.
Sales
revenue from domestic customers is recognized at FOB
destination when the price is fixed or determinable, no
other significant obligations of the Company exist and
collectability is reasonably assured. Company pays for the
cost of freight and insurance and risk of loss passes when
customers receive the goods. The Company records payments
for goods before all relevant criteria for revenue
recognition are satisfied as advance from customers.
Sales
revenue is the invoiced value of goods, net of value-added
tax. All of the Company’s products sold in the PRC
are subject to a VAT of 17% of the sales price. This VAT
may be offset by the VAT paid by the Company on raw
materials and other materials included in the cost of
producing the Company’s finished product. The Company
recorded VAT payable and VAT receivable net of payments in
the financial statements. The VAT tax return is filed
offsetting the payables against the receivables.
Sales
and purchases are recorded net of VAT collected and paid as
the Company acts as an agent for the government. VAT taxes
are not affected by the income tax holiday.
Sales
returns and allowances were $0 for the six and three months
ended June 30, 2012 and 2011. The Company does not provide
a right of unconditional return, price protection or any
other concessions to its customers.
Cost
of Revenue and Selling, General and Administrative
Expenses
Cost
of revenue includes expenses associated with the
acquisition, inspection, manufacturing and receiving of
materials for use in the manufacturing process. These costs
include inbound freight , purchasing and receiving costs,
inspection costs, warehousing costs, internal transfer
costs as well as depreciation, amortization, wages,
benefits and other costs that are incurred directly or
indirectly to support the manufacturing process. Selling,
general and administrative expenses includes expenses
associated with the distribution of our products, sales
efforts including commissions payable to in store
promotional staff, administration and other
costs that are not incurred to support the manufacturing
process. The Company records distribution costs associated
with the sale of inventory as a component of selling,
general and administrative expenses in the Statements of
Consolidated Income. These expenses include warehousing ,
outbound freight , insurance and costs associated with
distribution personnel.
Advance
from Customers
The
Company records payments received from customers in advance
of their future orders to an advance
account. These orders are normally delivered
within a reasonable period of time based upon contract
terms with the customers.
Advertising
Costs
The
Company expenses the cost of advertising as incurred or, as
appropriate, the first time the advertising takes place.
Advertising costs for the six month ended June 30, 2012 and
2011 were $1,429,774 and $71,439, respectively. Advertising
costs for the three months ended June 30, 2012 and 2011,
were $1,412,308 and $48,360, respectively.
Research
and Development
The
Company expenses its research and
development (“R&D”) costs as
incurred. R&D costs for the six months ended
June 30, 2012 and 2011, were $5,001 and $186,284,
respectively. For the three months ended June
30, 2012 and 2011, were $5,001 and $2,442,
respectively. R&D costs are included in
general and administrative expenses.
Subsidy
Income
The
Company was awarded grants from local government bureaus to
encourage the development of its business. As
a policy of municipal governments in the PRC,
local government bureaus commonly provide grants
to local companies to encourage
greater economic development and employment. The grants are
typically based on certain standards that are reviewed
periodically. The grants set forth below were awarded to
the Company based on its progress in technological
innovation and building of a standardized plant and
factory. As the exact amount of a grant is uncertain until
the local government makes its final determination, the
Company records income only when the grant is received or
approved. The grants set forth below were made without any
conditions and restrictions, and were not required to be
repaid.
Set
forth below are the grants recorded in the six months ended
June 30, 2012. The Company did not
receive subsidiary income in the three months
ended June 30, 2012.
Set
forth below are the grants recorded in the six months ended
June 30, 2011. Subsidy income for the three months ended
June 30, 2011 was $7,960, and was received from Guangdong
Strategy Special Fund for Technology
Implementation.
The
above subsidy income attributable to the grants specified
was received in full and could be used without any
restrictions.
Stock-Based
Compensation
The
Company records stock-based compensation in accordance with
ASC Topic 718 & 505, “Compensation – Stock
Compensation.” ASC 718 requires companies to measure
compensation cost for stock-based employee compensation at
FV at the grant date and recognize the expense over the
employee’s requisite service period. The Company
recognizes in its statement of operations the grant-date FV
of stock options and other equity-based compensation issued
to employees and non-employees. There were 50,000 options
outstanding as of June 30, 2012.
Income
Taxes
The
Company utilizes Statement of Financial Accounting
Standards ("SFAS") No. 109, “Accounting for Income
Taxes” (codified in FASB ASC Topic 740), which
requires recognition of deferred tax assets and liabilities
for expected future tax consequences of events included in
the financial statements or tax returns. Under this method,
deferred income taxes are recognized for the tax
consequences in future years of differences between the tax
bases of assets and liabilities and their financial
reporting amounts at each period end based on enacted tax
laws and statutory tax rates applicable to the periods in
which the differences are expected to affect taxable
income. Valuation allowances are established, when
necessary, to reduce deferred tax assets to the amount
expected to be realized.
The
Company follows FASB Interpretation No. 48 (“FIN
48”), Accounting for Uncertainty in Income Taxes
(codified in FASB ASC Topic 740). When tax returns are
filed, it is likely that some positions taken would be
sustained upon examination by the taxing authorities, while
others are subject to uncertainty about the merits of the
position taken or the amount of the position that would be
ultimately sustained. The benefit of a tax position is
recognized in the financial statements in the period during
which, based on all available evidence, management believes
it is more likely than not that the position will be
sustained upon examination, including the resolution of
appeals or litigation processes, if any. Tax positions
taken are not offset or aggregated with other positions.
Tax positions that meet the more-likely-than-not
recognition threshold are measured as the largest amount of
tax benefit that is more than 50% likely of being realized
upon settlement with the applicable taxing authority. The
portion of the benefits associated with tax positions taken
that exceeds the amount measured as described above is
reflected as a liability for unrecognized tax benefits in
the accompanying balance sheets along with any associated
interest and penalties that would be payable to the taxing
authorities upon examination.
Interest
associated with unrecognized tax benefits is classified as
interest expense and penalties are classified as selling,
general and administrative expense in the statements of
income. At June 30, 2012 and December 31, 2011, the Company
had not taken any significant uncertain tax position on its
tax returns for 2011 and prior years or in computing its
tax provision for 2012.
Foreign
Currency Transactions and Comprehensive
Income
The
financial statements of the Company’s PRC
subsidiaries were translated into USD in accordance with
SFAS No. 52, “Foreign Currency Translation”
(codified in FASB ASC Topic 830), with the RMB as the
Company’s China subsidiaries’ functional
currency. According to SFAS No. 52 , all assets and
liabilities were translated at the exchange rate on the
balance sheet date, stockholders’ equity is
translated at the historical rates and statement of
operations items are translated at the average exchange
rate for the period. The resulting translation adjustments
are reported under other comprehensive income in accordance
with SFAS No. 130, “Reporting Comprehensive
Income” (codified in FASB ASC Topic
220).
Basic
and Diluted Earnings Per Share
Earnings
per share (“EPS”) are calculated in accordance
with the ASC Topic 260, “Earnings per Share.”
Basic EPS are based upon the weighted average number of
common shares outstanding. Diluted EPS are based on the
assumption that all dilutive convertible shares and stock
options were converted or exercised. Dilution is calculated
by applying the treasury stock method. Under this method,
options and warrants are assumed to be exercised at the
beginning of the period (or at the time of issuance, if
later), and as if funds obtained thereby were used to
purchase common stock at the average market price during
the period.
The
following is a reconciliation of the number of shares
(denominator) used in the basic and diluted EPS
calculations:
Statement
of Cash Flows
In
accordance with ASC Topic 230, “Statement of Cash
Flows,” cash flows from the Company’s
operations are calculated based upon the local currencies
using the average translation rates. As a result, amounts
related to assets and liabilities reported on the
consolidated statements of cash flows will not necessarily
agree with changes in the corresponding balances on the
consolidated balance sheets.
Segment
Reporting
SFAS
No. 131, “Disclosures about Segments of an Enterprise
and Related Information” (codified in FASB ASC Topic
280) requires use of the “management approach”
model for segment reporting. The management approach model
is based on the way a company's management organizes
segments within the company for making operating decisions
and assessing performance. Reportable segments are based on
products and services, geography, legal structure,
management structure or any other manner in which
management disaggregates a company.
SFAS
No. 131 has no effect on the Company's financial statements
as substantially all of the Company's operations are
conducted in one industry segment. All of the Company's
assets are located in the PRC.
Recent
Pronouncements
In
July 2012, the FASB issued ASU 2012-02, Intangibles-Goodwill
and Other (Topic 350) - Testing Indefinite-Lived Intangible
Assets for Impairment. The ASU provides entities with
an option to first assess qualitative factors to determine
whether events or circumstances indicate that it is more
likely than not that the indefinite-lived intangible asset is
impaired. If an entity concludes it is more
than 50% likely that an indefinite-lived intangible asset is
not impaired, no further analysis is required. However,
if an entity concludes otherwise, it would be required to
determine the FV of the indefinite-lived intangible asset to
measure the amount of actual impairment, if any, as currently
required under US GAAP. The ASU is effective for
annual and interim impairment tests performed for fiscal
years beginning after September 15, 2012. Early
adoption is permitted. The adoption of this pronouncement
will not have a material impact on our financial
statements.
As
of June 30, 2012, there are no other recently issued
accounting standards not yet adopted that would have a
material effect on the Company’s consolidated
financial statements.
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