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INCOME TAXES (Tables)

12 Months Ended

Dec. 31, 2013

INCOME TAXES [Abstract]

Schedule of Income Tax Expenses

Income tax expenses comprise:

		Year ended December 31,
		2011				2012				2013
Current Tax Expenses (Benefit)		$	20,647,400			$	(1,894,736	)		$	(162,621	)
Deferred Tax Expenses (Benefit)			(19,933,128	)			12,148,323				1,434,386
Total		$	714,272			$	10,253,587			$	1,271,765

Schedule of Deferred Tax Assets and Liabilities

The principal components of deferred income tax assets and liabilities are as follows:

		December 31,
		2012				2013
Net operating loss carried forward		$	13,984,909			$	29,784,578
Depreciation of property, plant and equipment			554,227				493,800
Inventory write-down			3,687,349				1,531,750
Bad debt provision			349,466				1,518,953
Government grants related to assets			320,960				423,938
Long-lived asset impairment			19,810,832				22,590,196
Others			390,491				290,652
Sub-total			39,098,234				56,633,867
Valuation Allowance			(37,682,733	)			(56,633,867	)
Total		$	1,415,501			$	-
Deferred tax assets are analyzed as:
Current		$	358,435			$	-
Non-current			1,057,066				-

Schedule of Effective Income Tax Rate Reconciliation

The effective income tax rate of the Group is different from the expected PRC statutory rate as a result of the following items:

		Year ended December 31,
		2011				2012				2013
PRC Enterprise Income Tax			25	%			25	%			25	%
Preferential income tax rate of a subsidiary			(12	)%			(9	)%			(2	)%
Effect of different reversal rate			(14	)%			8	%			3	%
Additional tax deductions			-	%			-	%			(1	)%
Non-deductible expenses			1	%			-	%			-	%
Different tax rate in other jurisdictions			2	%			(1	)%			-	%
Changes in valuation allowance			-	%			(35	)%			(26	)%
Prior year adjustment			-	%			2	%			-	%
Effective tax rate			2	%			(10	)%			(1	)%

Schedule of Effects of Tax Holiday

The aggregate amount and per share effect of the tax holiday are as follows:

		Year ended December 31,
		2011				2012				2013
		$				$				$
The aggregate dollar effect (in thousands)			4,388				-				-
Per share effect-basic			0.02				-				-
Per share effect-diluted			0.02				-				-

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Tabular disclosure of the components of income tax expense attributable to continuing operations for each year presented including, but not limited to: current tax expense (benefit), deferred tax expense (benefit), investment tax credits, government grants, the benefits of operating loss carryforwards, tax expense that results from allocating certain tax benefits either directly to contributed capital or to reduce goodwill or other noncurrent intangible assets of an acquired entity, adjustments of a deferred tax liability or asset for enacted changes in tax laws or rates or a change in the tax status of the entity, and adjustments of the beginning-of-the-year balances of a valuation allowance because of a change in circumstances that causes a change in judgment about the realizability of the related deferred tax asset in future years.

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-Publisher FASB

-Name Accounting Standards Codification

-Topic 740

-SubTopic 10

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Tabular disclosure of the components of net deferred tax asset or liability recognized in an entity's statement of financial position, including the following: the total of all deferred tax liabilities, the total of all deferred tax assets, the total valuation allowance recognized for deferred tax assets.

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Tabular disclosure of the reconciliation using percentage or dollar amounts of the reported amount of income tax expense attributable to continuing operations for the year to the amount of income tax expense that would result from applying domestic federal statutory tax rates to pretax income from continuing operations.

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Tabular disclosure of the income tax exemptions and reductions which have been granted by taxing authorities for a specified period, applicable term of the exemptions and reductions, estimated dollar value of tax benefits, and per share benefits.

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