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NONCONTROLLING INTEREST (Tables) | 3 Months Ended
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Mar. 31, 2013
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 three months ended March 31, 2013 and 2012 (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):
|  | 2013 |  |  | 2012 |
Net Revenue |  | $ | 3,758,993 |  |  | $ | 3,711,425 |
Cost of Revenue |  |  | (2,116,686 | ) |  |  | (2,105,057 | )
Gross Profit |  |  | 1,642,307 |  |  |  | 1,606,368 |
Operating expenses |  |  | 37,977 |  |  |  | 15,506 |
Income from operations |  |  | 1,604,330 |  |  |  | 1,590,862 |
Non-operating income (expense) |  |  | (1,085,990 | ) |  |  | - |
Income tax expense |  |  | (129,585 | ) |  |  | (397,716 | )
Net Income (loss) |  | $ | 388,755 |  |  | $ | 1,193,146 |
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 three months ended March 31, 2013 and 2012:
|  | 2013 |  |  | 2012 |
Net income per PRC GAAP |  | $ | 388,755 |  |  | $ | 1,193,146 |
Adjustments under US GAAP: |  |  |  |  |  |  |  |
Revenue per sales-type lease |  |  | (3,583,659 | ) |  |  | (3,567,238 | )
Cost of revenue |  |  | 2,055,270 |  |  |  | 2,095,199 |
Loss from operations |  |  | (1,528,389 | ) |  |  | (1,472,039 | )
Operating income (expense) |  |  | (44 | ) |  |  | 137 |
Interest income |  |  | 1,832,757 |  |  |  | 673,934 |
Income (loss) before income tax |  |  | 304,324 |  |  |  | (797,968 | )
Deferred income tax benefit (expense) |  |  | (88,474 | ) |  |  | 199,492 |
Net adjustments |  |  | 215,850 |  |  |  | (598,476 | )
Net income per US GAAP |  | $ | 604,605 |  |  | $ | 594,670 |
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 March 31, 2013 and December 31, 2012:
|  | 2013 |  |  | 2012 |
Assets |  |  |  |  |  |  |  |
Cash and equivalents |  | $ | 10,529 |  |  | $ | 12,411 |
Other current assets |  |  | 15,390,766 |  |  |  | 12,774,129 |
Property and equipment |  |  | 46,071,286 |  |  |  | 46,558,041 |
Construction in process |  |  | - |  |  |  | - |
Total Assets |  | $ | 61,472,581 |  |  | $ | 59,344,581 |
Liabilities |  |  |  |  |  |  |  |
Accounts payable |  | $ | - |  |  | $ | 39,774 |
Other current liabilities |  |  | 1,999,030 |  |  |  | 376,649 |
Long term loan |  |  | 38,882,420 |  |  |  | 38,779,731 |
Total liabilities |  |  | 40,881,450 |  |  |  | 39,196,154 |
Equity |  |  |  |  |  |  |  |
Paid in capital |  |  | 17,573,578 |  |  |  | 17,573,578 |
Statutory reserve |  |  | 570,094 |  |  |  | 570,094 |
Other comprehensive income |  |  | 1,807,908 |  |  |  | 1,753,959 |
Retained earnings |  |  | 639,551 |  |  |  | 250,796 |
Total stockholders’ equity |  |  | 20,591,131 |  |  |  | 20,148,427 |
Total liabilities and stockholders’ equity |  | $ | 61,472,581 |  |  | $ | 59,344,581 |

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