XML 17 R4.htm IDEA: XBRL DOCUMENT v3.7.0.1
CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE LOSS - USD ($)
12 Months Ended
Dec. 31, 2016
Dec. 31, 2015
Revenue    
Revenue $ 15,570,514 $ 20,351,630
Cost of revenue 12,352,004 15,778,243
Inventory obsolescence 0 3,108,826
Gross profit 3,218,510 1,464,561
Operating expenses:    
Selling expenses 4,036,590 4,294,639
General and administrative expenses 2,265,851 1,896,559
Research and development expenses 365,969 961,897
Bad debt expense 1,086,449 10,147,293
Impairment loss 3,962,141 104,544
Total operating expenses 11,717,000 17,404,932
Subsidy income 343,023 1,640,531
Loss from operations (8,155,467) (14,299,840)
Other income (expense):    
Interest income 130,575 119,925
Interest expense (849,557) (1,165,164)
Net other expense (718,982) (1,045,239)
Loss before income taxes (8,874,449) (15,345,079)
Income tax expense; 308,175 60,439
Net loss (9,182,624) (15,405,518)
Other comprehensive income - foreign currency translation adjustment (4,549,391) (4,693,453)
Comprehensive loss $ (13,732,015) $ (20,098,971)
Loss per share:    
Basic and diluted $ (0.21) $ (0.35)
Weighted average shares outstanding 43,579,557 43,579,557