XML 37 R30.htm IDEA: XBRL DOCUMENT v2.4.1.9
2. BUSINESS ACQUISITION (Tables)
 3 Months Ended
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