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ALLOWANCES FOR DOUBTFUL RECEIVABLES
 12 Months Ended
Dec. 31, 2013
ALLOWANCES FOR DOUBTFUL RECEIVABLES [Abstract]  
ALLOWANCES FOR DOUBTFUL RECEIVABLES

4. ALLOWANCES FOR DOUBTFUL RECEIVABLES

 

The Company made provisions for doubtful accounts receivables in the aggregate amount of $1,202,940, $359,733 and $5,482,019 during the year ended December 31, 2011, 2012 and 2013, respectively.

 

Analysis of allowances for accounts receivable is as follows:

 

    Year ended December 31,  
    2011     2012     2013  
Beginning of the year   $ -     $ 1,202,940     $ 1,592,467  
Allowances made during the year     1,202,940       359,733       5,482,019  
Foreign exchange effect     -       29,794       86,296  
Closing balance   $ 1,202,940     $ 1,592,467     $ 7,160,782