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2. BUSINESS ACQUISITION (Tables) | 3 Months Ended
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Mar. 31, 2015
Business Combinations [Abstract] |
Schedule of fair value of identifiable assets and liabilities |
Cash | $ | 14,074,720 |
Accounts receivable |  | 19,365,259 |
Inventories |  | 1,646,196 |
Other current assets |  | 82,562 |
Property, plant and equipment, net |  | 17,891,360 |
Prepaid land leases, net of current portion |  | 4,800,404 |
Goodwill |  | 31,452,271 |
Accounts payable and accrued expenses |  | (8,670,568 | )
Taxes payable |  | (963,458 | )
Total purchase price | $ | 79,678,746 |
The net revenue and net income of SCRC since the acquisition date that are included in the condensed consolidated statement of income for the three months ended March 31, 2015 are $10,503,369 and $2,584,760. Goodwill is not expected to be deductible for tax purpose. Costs of $121,512 related to the acquisition, which included audit fee and valuation fees, have been charged directly to operations and are included in general and administrative expenses in the condensed consolidated statement of income for the three months ended March 31, 2015. The following table shows supplemental information of the results of operations on a pro forma basis for the three months ended March 31, 2015 and 2014, as if the acquisition of SCRC had been completed at the beginning of the Company’s interim periods presented:
|  | For the three months ended
|  | March 31, 2015 |  | March 31, 2014
Net Revenue |  | $ | 40,625,092 |  |  | $ | 40,655,098 |
Net Income |  | $ | 6,785,305 |  |  | $ | 7,704,318 |
EARNINGS PER SHARE |  |  |  |  |  |  |  |
-Basic |  | $ | 0.15 |  |  | $ | 0.17 |
-Diluted |  | $ | 0.15 |  |  | $ | 0.17 |

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- Definition Tabular disclosure of a material business combination completed during the period, including background, timing, and recognized assets and liabilities. This table does not include leveraged buyouts. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 805 -SubTopic 10 -Section 50 -Paragraph 2 -URI http://asc.fasb.org/extlink&oid=25497992&loc=d3e1392-128463 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 805 -SubTopic 10 -Section 50 -Paragraph 3 -URI http://asc.fasb.org/extlink&oid=25497992&loc=d3e1486-128463 + Details
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