v2.4.0.6
CONSOLIDATED BALANCE SHEETS (USD $)
Dec. 31, 2011
Dec. 31, 2010
CURRENT ASSETS    
Cash $ 534,501 $ 23,493,805
Restricted cash   6,537,086
Accounts receivable, trade 19,680,682 55,985,013
Accounts receivable - related parties   49,559
Other receivables and prepayments 756,763 429,864
Consideration receivable from Sale of Honesty Group 57,477,790  
Inventories 1,864,011 17,291,123
Advances to suppliers 4,609,506 23,312,312
Other current assets 60,548 46,615
Total current assets 84,983,801 127,145,377
PLANT AND EQUIPMENT, NET 217,586 16,886,297
OTHER ASSETS    
Intangible assets, net   8,589,215
Total assets 85,201,387 152,620,889
CURRENT LIABILITIES    
Accounts payable, trade 4,608,600 31,958,430
Accrued liabilities 353,147 333,659
Bank overdraft   1,492,226
Notes payable   26,346,505
Short-term loan   18,302,453
Short-term loan - shareholder 208,958 2,545,439
Other payables 343,883 1,679,541
Customer deposits 153,436 3,278,269
Taxes payable 5,552,293 2,526,279
Put option derivative liability   2,000,000
Total current liabilities 11,220,317 90,462,801
OTHER LIABILITIES    
Warrant derivative liability 92,966 1,530,569
Total other liabilities 92,966 1,530,569
Total liabilities 11,313,283 91,993,370
SHAREHOLDERS' EQUITY    
Preferred stock, $0.001 par value, 1,000,000 shares authorized, nil issued and outstanding as of December 31, 2011 and December 31, 2010      
Common stock, $0.001 par value, 50,000,000 shares authorized, 17,258,356shares and 17,428,089 shares issued and outstanding as of December 31, 2011 and 2010, respectively 17,258 17,428
Paid-in-capital 24,555,415 24,182,003
Statutory reserves 54,031 3,560,838
Retained earnings 49,177,643 29,051,779
Accumulated other comprehensive income 83,757 3,815,471
Total shareholders' equity 73,888,104 60,627,519
Total liabilities and shareholders' equity $ 85,201,387 $ 152,620,889