Advances to and Investments in Foreign Joint Ventures' Operations (Tables)

12 Months Ended

Dec. 31, 2015

Equity Method Investments And Joint Ventures [Abstract]

Schedule of Financial Information of Foreign Joint Ventures

Sales to foreign joint ventures’ operations are made on an arm’s length basis and intercompany profits, if any, are eliminated in consolidation.

Summary financial information of BOMAY, MIEFE and AAG in U.S. dollars was as follows at December 31, 2015 and 2014:

	BOMAY				MIEFE					AAG*
	2015		2014		2015			2014		2015		2014
Assets:
Total current assets	$	68,151	$	77,812	$	2,365		$	3,488	$	-	$	-
Total non-current assets		4,131		4,710		70			108		-		-
Total assets	$	72,282	$	82,522	$	2,435		$	3,596	$	-	$	-
Liabilities and equity:
Total liabilities	$	44,415	$	53,277	$	1,930		$	2,128	$	-	$	-
Total joint ventures’ equity		27,867		29,245		505			1,468		-		-
Total liabilities and equity	$	72,282	$	82,522	$	2,435		$	3,596	$	-	$	-


	Twelve Months Ended December 31,
	BOMAY				MIEFE					AAG*
	2015		2014		2015			2014		2015		2014

Revenue	$	47,347	$	73,148	$	5,741		$	5,161	$	-	$	1,078
Gross Profit	$	8,353	$	12,469	$	1,112		$	2,091	$	-	$	154
Earnings	$	2,433	$	5,136	$	(567	)	$	336	$	-	$	4

Schedule of Activity in Investment in Foreign Joint Ventures

The Company’s investments in and advances to its foreign joint ventures’ operations were as follows as of December 31, 2015 and 2014:

	2015											2014
	BOMAY*			MIEFE			AAG		TOTAL			BOMAY*			MIEFE			AAG			TOTAL
	(in thousands)											(in thousands)
Investments in foreign joint ventures:
Balance, beginning of year	$	2,033		$	14		$	-	$	2,047		$	2,033		$	14		$	54		$	2,101
Additional amounts invested and advanced		-			-			-		-			-			-			-			-
Withdrawal from joint venture		-			-			-		-			-			-			(54	)		(54	)
Balance, end of year		2,033			14			-		2,047			2,033			14			-			2,047
Undistributed earnings:
Balance, beginning of year		8,157			358			-		8,515			7,145			870			1,481			9,496
Equity in earnings (loss)		973			(232	)		-		741			2,054			138			2			2,194
Dividend distributions		(1,032	)		(137	)		-		(1,169	)		(1,042	)		(650	)		(830	)		(2,522	)
Withdrawal from joint venture		-			-			-		-			-			-			(653	)		(653	)
Balance, end of year		8,098			(11	)		-		8,087			8,157			358			-			8,515
Foreign currency translation:
Balance, beginning of year		1,358			134			-		1,492			1,431			254			(249	)		1,436
Change, during the year		(593	)		71			-		(522	)		(73	)		(120	)		178			(15	)
Withdrawal from joint venture		-			-			-		-			-			-			71			71
Balance, end of year		765			205			-		970			1,358			134			-			1,492
Investments, end of year	$	10,896		$	208		$	-	$	11,104		$	11,548		$	506		$	-		$	12,054

Accumulated statutory reserves in equity method investments of $2.72 million and $2.10 million at December 31, 2015 and 2014, are included in AETI’s consolidated retained earnings. In accordance with the People’s Republic of China, (“PRC”), regulations on enterprises with foreign ownership, an enterprise established in the PRC with foreign ownership is required to provide for certain statutory reserves, namely (i) General Reserve Fund, (ii) Enterprise Expansion Fund and (iii) Staff Welfare and Bonus Fund, which are appropriated from net profit as reported in the enterprise’s PRC statutory accounts. A non-wholly-owned foreign invested enterprise is permitted to provide for the above allocation at the discretion of its board of directors. The aforementioned reserves can only be used for specific purposes and are not distributable as cash dividends.