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NONCONTROLLING INTEREST (Tables) | 12 Months Ended
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Dec. 31, 2012
Noncontrolling Interest [Abstract] |
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 PRC GAAP for the years ended December 31, 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 |  | $ | 15,041,035 |  |  | $ | 13,664,259 |
Cost of Revenue |  |  | (8,425,034 | ) |  |  | (7,818,027 | )
Gross Profit |  |  | 6,616,001 |  |  |  | 5,846,232 |
Operating expenses |  |  | 64,695 |  |  |  | 29,990 |
Income from operations |  |  | 6,551,306 |  |  |  | 5,816,242 |
Non-operating income (expense) |  |  | (11,275,169 | ) |  |  | 10,473 |
Income tax expense |  |  | (327,524 | ) |  |  | (1,456,679 | )
Net Income (loss) |  | $ | (5,051,386 | ) |  | $ | 4,370,036 |
Reconciliation of Net Income per Chinese GAAP to Net Income per US GAAP | The following is a reconciliation of net income per PRC GAAP to net income per US GAAP for the years ended December 31, 2012 and 2011:
|  | 2012 |  |  | 2011 |
Net income (loss) per PRC GAAP |  | $ | (5,051,386 | ) |  | $ | 4,370,036 |
Adjustments under US GAAP: |  |  |  |  |  |  |  |
Revenue per sales-type lease |  |  | (14,257,426 | ) |  |  | (1,788,667 | )
Cost of revenue |  |  | 8,374,023 |  |  |  | (1,044,251 | )
Loss from operations |  |  | (5,883,403 | ) |  |  | (2,832,918 | )
Operating expense |  |  | (3,587,774 | ) |  |  | - |
Interest income |  |  | 7,369,626 |  |  |  | 3,331,647 |
Income before income tax |  |  | 5,073,997 |  |  |  | 498,729 |
Deferred income tax expense |  |  | (945,064 | ) |  |  | (127,958 | )
Net adjustments |  |  | 4,128,933 |  |  |  | 370,771 |
Net income (loss) per US GAAP |  | $ | (922,453 | ) |  | $ | 4,740,807
Balance Sheet of Erdos TCH, Prepared Under Chinese GAAP | The following is an unaudited balance sheet of Erdos TCH, prepared under PRC GAAP as of December 31, 2012 and 2011:
|  | 2012 |  |  | 2011 |
Assets |  |  |  |  |  |  |  |
Cash and equivalents |  | $ | 12,411 |  |  | $ | 78,243 |
Other current assets |  |  | 12,774,129 |  |  |  | - |
Property and equipment |  |  | 46,558,041 |  |  |  | 49,069,745 |
Construction in process |  |  | - |  |  |  | 23,481,662 |
Total Assets |  | $ | 59,344,581 |  |  | $ | 72,629,650 |
Liabilities |  |  |  |  |  |  |  |
Accounts payable |  | $ | 39,774 |  |  | $ | 442,080 |
Other current liabilities |  |  | 376,649 |  |  |  | 5,009,894 |
Long term loan |  |  | 38,779,731 |  |  |  | 42,017,808 |
Total liabilities |  |  | 39,196,154 |  |  |  | 47,469,782 |
Equity |  |  |  |  |  |  |  |
Paid in capital |  |  | 17,573,578 |  |  |  | 17,573,578 |
Statutory reserve |  |  | 570,094 |  |  |  | 570,094 |
Other comprehensive income |  |  | 1,753,959 |  |  |  | 1,714,014 |
Retained earnings |  |  | 250,796 |  |  |  | 5,302,182 |
Total stockholders’ equity |  |  | 20,148,427 |  |  |  | 25,159,868 |
Total liabilities and stockholders’ equity |  | $ | 59,344,581 |  |  | $ | 72,629,650

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