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WARRANTS (Tables)

12 Months Ended

Dec. 31, 2015

Disclosure of Compensation Related Costs, Share-based Payments [Abstract]

The fair value of the outstanding warrants at December 31, 2015 was calculated using the Black Scholes Model with the following assumptions:

Market price per share (USD/share)		2.2619
Exercise price (USD/share)		$4.00-$11.86
Risk free rate		0.66%-0.91%
Dividend yield		-
Expected term/Contractual life (years)		1.02-1.64
Expected volatility		94.85%-110.13%

Fair Value, by Balance Sheet Grouping [Table Text Block]

The following table sets forth by level within the fair value hierarchy of our financial assets and liabilities that was accounted for at fair value on a recurring basis as of December 31, 2015 and 2014:

	Carrying Value at		Fair Value Measurement at
	December 31, 2015		December 31, 2015
			Level 1		Level 2		Level 3
Warrants liability	$	162,736	$	-	$	162,736	$	-

	Carrying Value at		Fair Value Measurement at
	December 31, 2014		December 31, 2014
			Level 1		Level 2		Level 3
Warrants liability	$	553,060	$	-	$	553,060	$	-

Schedule of Warrant Activity [Table Text Block]

The following is a reconciliation of the beginning and ending balances of warrants liability measured at fair value on a recurring basis using Level 2 inputs:

	December 31,
	2015		2014		2013
		US$	US$		US$
Beginning balance		553,060		720,857		374,166
Warrants issued		-		2,698,374		-
Fair value change of the issued warrants included in earnings		(390,324)		(2,866,171)		346,691
Ending balance		162,736		553,060		720,857

Schedule of Stockholders' Equity Note, Warrants or Rights [Table Text Block]

Following is a summary of the warrants activity:

			Weighted Average		Weighted Average Remaining
	Number		Exercise Price		Contractual Life

Outstanding as of December 31, 2013		257,500	$	7.66		1.97
Granted		293,880
Forfeited		-
Exercised		-
Outstanding as of December 31, 2014		551,380	$	9.90		1.86
Granted		-
Forfeited		-
Exercised		-
Outstanding as of December 31, 2015		551,380	$	9.86		1.49

- Definition

Tabular disclosure of warrants or rights issued. Warrants and rights outstanding are derivative securities that give the holder the right to purchase securities (usually equity) from the issuer at a specific price within a certain time frame. Warrants are often included in a new debt issue to entice investors by a higher return potential. The main difference between warrants and call options is that warrants are issued and guaranteed by the company, whereas options are exchange instruments and are not issued by the company. Also, the lifetime of a warrant is often measured in years, while the lifetime of a typical option is measured in months. Disclose the title of issue of securities called for by warrants and rights outstanding, the aggregate amount of securities called for by warrants and rights outstanding, the date from which the warrants or rights are exercisable, and the price at which the warrant or right is exercisable.

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