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DISCONTINUED OPERATIONS
 12 Months Ended
Dec. 31, 2015
Discontinued Operations and Disposal Groups [Abstract]  
Disposal Groups, Including Discontinued Operations, Disclosure [Text Block]
22.
DISCONTINUED OPERATIONS
 
In accordance with ASU No. 2014-08, Reporting Discontinued Operations and Disclosures of Disposals of Components of an Entity, a disposal of a component of an entity or a group of components of an entity is required to be reported as discontinued operations if the disposal represents a strategic shift that has (or will have) a major effect on an entity’s operations and financial results when the components of an entity meets the criteria in paragraph 205-20-45-1E to be classified as held for sale. When all of the criteria to be classified as held for sale are met, including management, having the authority to approve the action, commits to a plan to sell the entity, the major current assets, other assets, current liabilities, and noncurrent liabilities shall be reported as components of total assets and liabilities separate from those balances of the continuing operations. At the same time, the results of all discontinued operations, less applicable income taxes (benefit), shall be reported as a component of net income (loss) separate from the net income (loss) of continuing operations in accordance with ASC 205-20-45.
 
Reconciliation of the Carrying Amounts of Major Classes of Assets and Liabilities of Discontinued Operations Classified as discontinued operations in the Consolidated Balance Sheets.
 
 
 
December 31,
 
 
 
2015
 
2014
 
 
 
US$
 
US$
 
 
 
 
 
 
(Restated)
 
ASSETS
 
 
 
 
 
 
 
CURRENT ASSETS:
 
 
 
 
 
 
 
Accounts receivable, net
 
 
36,876
 
 
744,628
 
Other receivables, net
 
 
-
 
 
68,350
 
Advances to suppliers – third parties
 
 
33,217
 
 
238,607
 
Inventories, net
 
 
-
 
 
1,611,728
 
Total Current Assets
 
 
70,093
 
 
2,663,313
 
 
 
 
 
 
 
 
 
Property and equipment, net
 
 
-
 
 
1,651
 
Total Assets
 
 
70,093
 
 
2,664,964
 
 
 
 
 
 
 
 
 
LIABILITIES AND EQUITY
 
 
 
 
 
 
 
CURRENT LIABILITIES:
 
 
 
 
 
 
 
Accounts payable
 
 
146,029
 
 
204,047
 
Advances from customers
 
 
75,432
 
 
102,294
 
Accrued expenses and other current liabilities
 
 
185,796
 
 
45,343
 
Total Current Liabilities
 
 
407,257
 
 
351,684
 
 
Reconciliation of the Carrying Amounts of Major Classes of Net Income (Loss) from Operations to be Disposed Classified as discontinued operations in the Consolidated Statements of Operations and Comprehensive Loss.
 
 
 
For the Years Ended
 
 
 
December 31,
 
 
 
2015
 
2014
 
2013
 
 
 
US$
 
US$
 
US$
 
 
 
 
 
 
(Restated)
 
 
 
 
Revenues
 
 
364,490
 
 
14,911,808
 
 
9,455,705
 
 
 
 
 
 
 
 
 
 
 
 
Costs of revenue
 
 
(2,190,140)
 
 
(13,162,235)
 
 
(5,858,208)
 
 
 
 
 
 
 
 
 
 
 
 
Gross profit (loss)
 
 
(1,825,650)
 
 
1,749,573
 
 
3,597,497
 
 
 
 
 
 
 
 
 
 
 
 
Service incomes
 
 
84,774
 
 
233,819
 
 
-
 
Service expenses
 
 
(54,173)
 
 
(10,845)
 
 
-
 
General and administrative expenses
 
 
(693,881)
 
 
(1,464,043)
 
 
-
 
Provision for doubtful accounts
 
 
(618,290)
 
 
(21,960,025)
 
 
(33,556)
 
Impairment loss for property and equipment
 
 
-
 
 
(1,978,711)
 
 
-
 
Impairment loss for intangible assets
 
 
-
 
 
(1,579,495)
 
 
-
 
Selling expenses
 
 
(392,892)
 
 
(946,785)
 
 
(663,193)
 
 
 
 
 
 
 
 
 
 
 
 
Operating Income (loss)
 
 
(3,500,112)
 
 
(25,956,512)
 
 
2,900,748
 
 
 
 
 
 
 
 
 
 
 
 
Income (loss) before provision for income tax and non-controlling interest
 
 
(3,500,112)
 
 
(25,956,512)
 
 
2,900,748
 
 
 
 
 
 
 
 
 
 
 
 
Provision for income tax expense
 
 
-
 
 
-
 
 
-
 
 
 
 
 
 
 
 
 
 
 
 
Net income (loss) from discontinuing operations
 
 
(3,500,112)
 
 
(25,956,512)
 
 
2,900,748