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INCOME TAXES (Tables)

12 Months Ended

Dec. 31, 2014

INCOME TAXES [Abstract]

Schedule of Income Tax Expenses

Income tax expenses comprise:

		Year ended December 31,
		2012				2013				2014
Current Tax Expenses (Benefit)		$	(1,894,736	)		$	(162,621	)		$	—
Deferred Tax Expenses (Benefit)			12,148,323				1,434,386				—
Total		$	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,
		2013				2014
Net operating loss carried forward		$	29,784,578			$	27,349,606
Inventory write-down			1,531,750				26,141
Bad debt provision			1,518,953				478,367
Government grants related to assets			423,938				498,582
Long-lived asset impairment & depreciation			23,083,996				21,009,037
Others			290,652				748,018
Sub-total			56,633,867				50,109,751
Valuation Allowance			(56,633,867	)			(50,109,751	)
Total		$	-			$	—
Deferred tax assets are analyzed as:
Current		$	—			$	—
Non-current			—				—

Schedule of Changes of Valuation Allowance

		Year ended December 31,
		2012				2013				2014
Beginning balance		$	—			$	37,682,733			$	56,633,867
Additions (Reversal)			37,238,701				56,697,096				(5,168,917	)
Deconsolidation			—				(39,357,744	)			—
Foreign exchange effect			444,032				1,611,782				(1,355,199	)
Ending Balance		$	37,682,733			$	56,633,867			$	50,109,751

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,
		2012				2013				2014
PRC Enterprise Income Tax			25	%			25	%			25	%
Preferential income tax rate of a subsidiary			(9	)%			(2	)%			(9	)%
Effect of different reversal rate			8	%			3	%			1	%
Additional tax deductions			—	%			(1	)%			(8	)%
Non-deductible expenses			—	%			—	%			—	%
Different tax rate in other jurisdictions			(1	)%			—	%			6	%
Changes in valuation allowance			(35	)%			(26	)%			—	%
Tax credits			—	%			—	%			(15	)%
Prior year adjustment			2	%			—	%			—	%
Effective tax rate			(10	)%			(1	)%			—	%

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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

-Section 50

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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 valuation allowances to reduce deferred tax assets to net realizable value, including identification of the deferred tax asset more likely than not will not be fully realized and the corresponding amount of the valuation allowance.

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