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24. Restatement of Financial Statements (Tables)

12 Months Ended

Dec. 31, 2014

Restatement of Financial Statements

The impact of the restatement on the December 31, 2014 financial statements is reflected in the following tables:

CONSOLIDATED BALANCE SHEETS

		December 31, 2014
		As Previously Reported				As Restated
Total Assets			23,686				23,399
Total stockholders’ equity			17,817				17,530
Total liabilities and stockholders’ equity			23,686				23,399

CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME

		For the year Ended December 31, 2014
		As Previously Reported				As Restated
Equity in income of affiliates			892				605
Net Loss			(5	)			(292	)
Comprehensive loss			(20	)			(307	)
Basic and diluted loss per common share		$	US0.08			$	(US0.06	)

CONSOLIDATED STATEMENTS OF CASH FLOW

		For the year Ended December 31, 2014
		As Previously Reported				As Restated
Net Profit / (Loss)			164				(123	)
Equity in profit of affiliates			(892	)			(605	)

ZHEJIANG TIANLAN

Restatement of Financial Statements

The impact of the restatement on the December 31, 2014 financial statements is reflected in the following tables:

CONSOLIDATED BALANCE SHEETS

		December, 2014
		As Previously Reported				As Restated
Total current assets			392,278				379,718
Accounts receivable, net (note 6)			156,618				156,608
Prepayments and other current assets (note 7)			190,409				177,859
Property, plant and equipment (Note 9)			96,524				161,924
Total Assets			500,938				553,778
Other payables and accrued expenses			49,203				113,438
Other taxes payable			10,681				8,902
Income tax payable			805				60
Total liabilities			335,627				397,338
Total stockholders’ equity			165,311				156,440
Total liabilities and stockholders’ equity			500,938				553,778

CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME

		For the year Ended December 31, 2014
		As Previously Reported				As Restated
Revenue			474,265				396,424
Cost of revenue			(380,955	)			(313,776	)
Income taxes			(2,559	)			(768	)
Net income			22,879				14,008

CONSOLIDATED STATEMENTS OF CASH FLOW

		For the year Ended December 31, 2014
		As Previously Reported				As Restated
Net income			22,879				14,008
Accounts receivable, net			(9,491	)			(9,481	)
Prepayments and other current assets			(33,249	)			(20,699	)
Other payables and accrued expenses			(27,160	)			37,075
Other tax payable			2,813				1,034
Income tax payable			296				(449	)
Net cash provided by/(used in) operating activities			34,928				100,328
Purchase of property, plant and equipment			(52,566	)			(117,966	)
Net cash used in investing activities			(51,223	)			(116,623	)

X

- Definition

Tabular disclosure of prior period adjustments to previously issued financial statements including (1) the effect of the correction on each financial statement line item and any per-share amounts affected for each prior period presented (2) the cumulative effect of the change on retained earnings or other appropriate components of equity or net assets in the statement of financial position, as of the beginning of the earliest period presented, and (3) the effect of the prior period adjustments (both gross and net of applicable income tax) on the net income of each prior period presented in the entity's annual report for the year in which the adjustments are made.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 250
-SubTopic 10
-Section 50
-Paragraph 9
-URI http://asc.fasb.org/extlink&oid=56949863&loc=d3e22663-107794

Reference 2: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 250
-SubTopic 10
-Section 50
-Paragraph 7
-URI http://asc.fasb.org/extlink&oid=56949863&loc=d3e22644-107794

Reference 3: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 250
-SubTopic 10
-Section 50
-Paragraph 8
-URI http://asc.fasb.org/extlink&oid=56949863&loc=d3e22658-107794

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