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INCOME TAXES (Tables)

12 Months Ended

Dec. 31, 2014

INCOME TAXES (Tables)

Current Taxes

Under the current tax law in the PRC, the Company is and will be subject to the following enterprise income tax rates:

		Enterprise Income
Year		Tax Rate
2013		15%
2014		15%
2015		15%
2016		15%
2017		25%
Thereafter		25%

Provision For Income Taxes

The provision for income taxes consisted of the following:

		Year Ended December 31,
		2014				2013
		(As restated)
Current		$	-			$	-
Deferred			77,042				1,061,413
Total income tax expense (benefit)		$	77,042			$	1,061,413

Schedule of Income Tax Rate Reconciliation

Following is a reconciliation of income taxes calculated at the federal statutory rates to the provision for income taxes:

		Years Ended December 31,
		2014				2013
		(As restated)
(Benefit) tax at statutory rate of 25%		$	(9,868,430	)		$	(4,736,660	)
Stock based compensation from current and prior years			-				8,534
Effect of tax holiday			3,906,336				1,834,517
Other, primarily the difference in U.S. tax rates			7,815				-
Change in valuation allowance			6,031,321				3,955,022
Income tax expense		$	77,042			$	1,061,413

Schedule of Deferred Tax Assets and Liabilities

The temporary differences which give rise to the deferred income tax assets and liability are as follows:

		December 31,
		2014				2013
		(As restated)
Deferred income tax assets:
Allowance for doubtful trade receivables		$	6,652,118			$	1,995,243
Allowance for doubtful other receivables			9,049				6,460
Inventory obsolescence reserve			1,040,107				1,501,687
Expenses not deductible in current year			31,000				31,143
Deferred revenue			377,457				-
PRC net operating loss carry forward			1,676,852				328,643
U.S. net operating loss carry forward			1,181,679				1,052,784
Total deferred income tax assets			10,968,262				4,915,960
Valuation allowance			(10,968,262	)			(4,915,960	)
Net deferred income tax asset		$	-			$	-

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-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section 50
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-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section 50
-Paragraph 12
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