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13. INCOME TAXES (Tables)

6 Months Ended

Jun. 30, 2013

Income Tax Disclosure [Abstract]

Schedule of components of the provision for income taxes

	Three-Month Period Ended June 30,								Six-Month Period Ended June 30,
	2013				2012				2013				2012
Current taxes – PRC		$	2,048,722			$	1,892,567			$	2,791,042			$	3,148,833
Deferred taxes – PRC			-				82,622				-				160,826
		$	2,048,722			$	1,975,189			$	2,791,042			$	3,309,659

Schedule of income tax expenses reconciliation

	Three-Month Period Ended June 30,								Six-Month Period Ended June 30,
Reconciliations	2013				2012				2013				2012
Statutory income tax rate		25	%			25	%			25	%			25	%
Non-deductible expenses		1	%			0	%			1	%			0	%
US federal net operating loss		2	%			1	%			2	%			2	%
Effective tax rate		28	%			26	%			28	%			27	%

Schedule of deferred tax assets and liabilities

		June 30,				December 31,
		2013				2012
Deferred tax liabilities		$	-			$	-
Deferred tax assets:
Allowance for obsolete and slow-moving inventories		$	7,094			$	6,973
Impairment on property, plant and equipment			472,812				464,778
Exploration costs			1,812,721				1,781,921
Compensation costs of unexercised stock options			1,990,360				1,809,378
US federal net operating loss			8,876,646				8,809,935
Total deferred tax assets			13,159,633				12,872,985
Valuation allowance			(10,867,006	)			(10,619,313	)
Net deferred tax asset		$	2,292,627			$	2,253,672
Current deferred tax asset		$	7,094			$	6,973
Long-term deferred tax asset		$	2,285,533			$	2,246,699

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- Definition

Tabular disclosure of the components of income tax expense attributable to continuing operations for each year presented including, but not limited to: current tax expense (benefit), deferred tax expense (benefit), investment tax credits, government grants, the benefits of operating loss carryforwards, tax expense that results from allocating certain tax benefits either directly to contributed capital or to reduce goodwill or other noncurrent intangible assets of an acquired entity, adjustments of a deferred tax liability or asset for enacted changes in tax laws or rates or a change in the tax status of the entity, and adjustments of the beginning-of-the-year balances of a valuation allowance because of a change in circumstances that causes a change in judgment about the realizability of the related deferred tax asset in future years.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 740

-SubTopic 10

-Section 50

-Paragraph 9

-URI http://asc.fasb.org/extlink&oid=6907707&loc=d3e32639-109319

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Tabular disclosure of the components of net deferred tax asset or liability recognized in an entity's statement of financial position, including the following: the total of all deferred tax liabilities, the total of all deferred tax assets, the total valuation allowance recognized for deferred tax assets.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 740

-SubTopic 10

-Section 50

-Paragraph 2

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Tabular disclosure of the reconciliation using percentage or dollar amounts of the reported amount of income tax expense attributable to continuing operations for the year to the amount of income tax expense that would result from applying domestic federal statutory tax rates to pretax income from continuing operations.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 740

-SubTopic 10

-Section 50

-Paragraph 12

-URI http://asc.fasb.org/extlink&oid=6907707&loc=d3e32687-109319

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