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Noncontrolling Interest (Tables) | 6 Months Ended
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Jun. 30, 2012
Profit and Loss Statement of Erdos TCH, Prepared Under Chinese GAAP | The following is an unaudited profit and loss statement of Erdos TCH, prepared under Chinese GAAP for the six months ended June 30, 2012 and 2011 (note: Erdos TCH’s US GAAP basis financial statements are part of the Company’s consolidated financial statements discussed in Note 2 – Basis for Consolidation):
|  | 2012 |  |  | 2011 |
Net Revenue |  | $ | 7,510,614 |  |  | $ | 6,387,265 |
Cost of Revenue |  |  | (4,215,028 | ) |  |  | (3,663,910 | )
Gross Profit |  |  | 3,295,586 |  |  |  | 2,724,355 |
Operating expenses |  |  | 28,075 |  |  |  | 10,907 |
Income from operations |  |  | 3,267,511 |  |  |  | 2,713,448 |
Non-operating income (expense) |  |  | (2,361,930 | ) |  |  | 4,477 |
Income tax expense |  |  | (226,395 | ) |  |  | (679,481 | )
Net Income |  | $ | 679,186 |  |  | $ | 2,038,444 |
Reconciliation of Net Income per Chinese GAAP to Net Income per US GAAP | The following is a reconciliation of net income per Chinese GAAP to net income per US GAAP for the six months ended June 30, 2012 and 2011:
|  | 2012 |  |  | 2011 |
Net income per Chinese GAAP |  | $ | 679,186 |  |  | $ | 2,038,444 |
Adjustments under US GAAP: |  |  |  |  |  |  |  |
Revenue per sales-type lease |  |  | (7,134,477 | ) |  |  | 5,125,394 |
Cost of revenue |  |  | 4,190,397 |  |  |  | (5,072,460 | )
Income from operation |  |  | (2,264,894 | ) |  |  | 2,091,378 |
Interest income |  |  | 3,703,026 |  |  |  | 1,785,208 |
Income before income tax |  |  | 1,438,132 |  |  |  | 3,876,586 |
Deferred income tax expense |  |  | (193,443 | ) |  |  | (460,095 | )
Net income per US GAAP |  | $ | 1,244,689 |  |  | $ | 3,416,491 |
Balance Sheet of Erdos TCH, Prepared Under Chinese GAAP | The following is an unaudited balance sheet of Erdos TCH, prepared under Chinese GAAP as of June 30, 2012 and December 31, 2011:
|  | 2012 |  |  | 2011 |
Assets |  |  |  |  |  |  |  |
Cash and equivalents |  | $ | 19,676 |  |  | $ | 78,243 |
Other current assets |  |  | 1,275,179 |  |  |  | - |
Property and equipment |  |  | 47,575,714 |  |  |  | 49,069,745 |
Construction in process |  |  | 23,413,713 |  |  |  | 23,481,662 |
Total Assets |  | $ | 72,284,282 |  |  | $ | 72,629,650 |
Liabilities |  |  |  |  |  |  |  |
Accounts payable |  | $ | 39,526 |  |  | $ | 442,080 |
Other current liabilities |  |  | 4,644,682 |  |  |  | 5,009,894 |
Long term loan |  |  | 41,858,369 |  |  |  | 42,017,808 |
Total liabilities |  |  | 46,542,577 |  |  |  | 47,469,782 |
Equity |  |  |  |  |  |  |  |
Paid in capital |  |  | 17,573,578 |  |  |  | 17,573,578 |
Statutory reserve |  |  | 570,094 |  |  |  | 570,094 |
Other comprehensive income |  |  | 1,616,665 |  |  |  | 1,714,014 |
Retained earnings |  |  | 5,981,368 |  |  |  | 5,302,182 |
Total stockholders’ equity |  |  | 25,741,705 |  |  |  | 25,159,868 |
Total liabilities and stockholders’ equity |  | $ | 72,284,282 |  |  | $ | 72,629,650 |

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